Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 28 November 2008) of £
14.07m

Net Assets (including unaudited revenue reserves at 28 November 2008) of £9.35m

The Net Asset Value (NAV) including unaudited current period revenue at 28
November 2008 was:

Per Ordinary share (bid price)                        57.56p
                                                            
Ordinary share price                                  52.00p
                                                            
Discount to NAV                                       -9.66%

The Net Asset Values (NAV) excluding current period revenue for the period 1
May 2008 to 28 November 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    55.03p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4.2m

Fair value of interest rate SWAP £515,250

Overdraft £0.00m

This NAV has been calculated with debt at fair value.

Top 20 Holdings

      Company                            %
                                          
  1   Arbuthnot Banking Group         4.99
                                          
  2   Brit Insurance                  4.41
                                          
  3   Macfarlane Group                4.30
                                          
  4   THB Group                       4.12
                                          
  5   Dee Valley Group                4.00
                                          
  6   Clarke (T)                      3.97
                                          
  7   ATH Resources                   3.86
                                          
  8   Hilton Food Group               3.53
                                          
  9   Dawson Holdings                 3.42
                                          
 10   Alumasc Group                   3.17
                                          
 11   S & U                           2.89
                                          
 12   Nichols                         2.87
                                          
 13   Stadiums Group                  2.82
                                          
 14   Sanderson Group                 2.60
                                          
 15   Victoria                        2.60
                                          
 16   Jarvis Securities               2.60
                                          
 17   Portmeirion Group               2.58
                                          
 18   BT Group                        2.45
                                          
 19   Zotefoams                       2.39
                                          
 20   Sinclair (W) Holdings           2.20
                                          
      Balance held in 35 holdings    34.23
                                          
                                    100.00