Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 30 September 2008) of £
22.52m

Net Assets (including unaudited revenue reserves at 30 September 2008) of £
15.18m

The Net Asset Value (NAV) including unaudited current period revenue at 30
September 2008 was:

Per Ordinary share (bid price)                        93.44p
                                                            
Ordinary share price                                  92.25p
                                                            
Discount to NAV                                       -1.27%

The Net Asset Values (NAV) excluding current period revenue for the period 1
May 2008 to 30 September 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    91.30p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £7.00m

Fair value of interest rate SWAP £0.34m

Overdraft £0.00m

This NAV has been calculated with debt at fair value.

Top 20 Holdings

      Company                            %
                                          
  1   Highway Insurance               4.72
                                          
  2   Arbuthnot Banking Group         4.23
                                          
  3   ATH Resources                   4.15
                                          
  4   Chesnara                        3.86
                                          
  5   Dee Valley Group                3.52
                                          
  6   Alumasc Group                   3.48
                                          
  7   Macfarlane Group                3.21
                                          
  8   Clarke (T)                      3.16
                                          
  9   Hilton Food Group               2.92
                                          
 10   THB Group                       2.89
                                          
 11   Victoria                        2.82
                                          
 12   TT Electronics                  2.76
                                          
 13   Portmeirion Group               2.71
                                          
 14   Nichols                         2.66
                                          
 15   Zotefoams                       2.42
                                          
 16   Brit Insurance                  2.42
                                          
 17   Marshalls Group                 2.41
                                          
 18   Jarvis Securities               2.28
                                          
 19   Dawson Holdings                 2.28
                                          
 20   Low & Bonar                     2.25
                                          
      Balance held in 39 holdings    38.85
                                          
                                    100.00