Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 December 2008) of £13.80m

Net Assets (including unaudited revenue reserves at 31 December 2008) of £9.00m

The Net Asset Value (NAV) including unaudited current period revenue at 31
December 2008 was:

Per Ordinary share (bid price)*                       55.40p
                                                            
Ordinary share price                                  48.25p
                                                            
Discount to NAV                                      -12.91%

The Net Asset Values (NAV) excluding current period revenue for the period 1
May 2008 to 31 December 2008 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    53.78p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4.2m

Fair value of interest rate SWAP £593,000

Overdraft £0.00m

*This NAV has been calculated with debt at fair value.

Top 20 Holdings

      Company                            %
                                          
  1   Dawson Holdings                 5.73
                                          
  2   Brit Insurance                  4.82
                                          
  3   Dee Valley Group                4.50
                                          
  4   Arbuthnot Banking Group         4.43
                                          
  5   Macfarlane Group                4.21
                                          
  6   Clarke (T)                      4.19
                                          
  7   THB Group                       4.16
                                          
  8   Hilton Food Group               3.76
                                          
  9   Nichols                         2.92
                                          
 10   ATH Resources                   2.75
                                          
 11   Jarvis Securities               2.74
                                          
 12   Stadium Group                   2.69
                                          
 13   Sanderson Group                 2.63
                                          
 14   Victoria                        2.52
                                          
 15   BT Group                        2.47
                                          
 16   Zotefoams                       2.45
                                          
 17   Chesnara                        2.42
                                          
 18   S & U                           2.40
                                          
 19   Portmeirion Group               2.38
                                          
 20   Hansard Global                  2.31
                                          
      Balance held in 35 holdings    33.52
                                          
                                    100.00