Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 21 November 2008) of £
15.09m

Net Assets (including unaudited revenue reserves at 21 November 2008) of £
10.09m

The Net Asset Value (NAV) including unaudited current period revenue at 21
November 2008 was:

Per Ordinary share (bid price)                        62.06p
                                                            
Ordinary share price                                  49.00p
                                                            
Discount to NAV                                      -21.04%

The Net Asset Value (NAV) excluding current period revenue for the period 1
May 2008 to 21 November 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    59.40p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £5.00m

Overdraft £0.00m

This NAV has been calculated with debt at par value.