Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 19 December 2008) of £
13.65m

Net Assets (including unaudited revenue reserves at 19 December 2008) of £9.45m

The Net Asset Value (NAV) including unaudited current period revenue at 19
December 2008 was:

Per Ordinary share (bid price)                        58.13p
                                                            
Ordinary share price                                  48.50p
                                                            
Discount to NAV                                      -16.57%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 19 December 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    56.44p             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.