Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 24 October 2008) of £17.88m

Net Assets (including unaudited revenue reserves at 24 October 2008) of £11.88m

The Net Asset Value (NAV) including unaudited current period revenue at 24
October 2008 was:

Per Ordinary share (bid price)                        73.11p
                                                            
Ordinary share price                                  65.50p
                                                            
Discount to NAV                                      -10.41%

The Net Asset Values (NAV) excluding current period revenue for the period 1
May 2008 to 24 October 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    70.46p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £6.00m

Overdraft £0.00m

This NAV has been calculated with debt at par value.