Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 12 December 2008) of £
13.82m

Net Assets (including unaudited revenue reserves at 12 December 2008) of £9.62m

The Net Asset Value (NAV) including unaudited current period revenue at 12
December 2008 was:

Per Ordinary share (bid price)                        59.23p
                                                            
Ordinary share price                                  47.50p
                                                            
Discount to NAV                                       -19.8%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 12 December 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    57.67p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4.20m

Overdraft £0.00m

This NAV has been calculated with debt at par value.