Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC
 ESTIMATED NET ASSET VALUE CALCULATION AS AT 
 5 September 2008

The Company announces:

Total Assets (including unaudited revenue reserves at 5 September 2008) of £25.56m

Net Assets (including unaudited revenue reserves at 5 September 2008) of £18.55m

The Net Asset Value (NAV) including unaudited current period revenue at 5
September 2008 was:

Per Ordinary share (bid price)                       114.12p
                                                            
Ordinary share price                                 103.00p
                                                            
Discount to NAV                                      (9.74%)

The Net Asset Values (NAV) excluding current period revenue for the period 1
May 2008 to 5 September 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   113.22p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £7.00m

Overdraft £0.00m

This NAV has been calculated with debt at par value.