Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 October 2008) of £
16.71m

Net Assets (including unaudited revenue reserves at 31 October 2008) of £11.12m

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

Per Ordinary share (bid price)                        68.44p
                                                            
Ordinary share price                                  67.50p
                                                            
Discount to NAV                                       -1.37%

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    65.07p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £5.00m

Fair value of interest rate SWAP £0.593m

Overdraft £0.00m

This NAV has been calculated with debt at fair value.

Top 20 Holdings

      Company                            %
                                          
  1   Arbuthnot Banking Group         4.87
                                          
  2   ATH Resources                   4.21
                                          
  3   Dee Valley Group                4.09
                                          
  4   Abacus Group                    3.94
                                          
  5   THB Group                       3.94
                                          
  6   Clarke (T)                      3.92
                                          
  7   Alumasc Group                   3.68
                                          
  8   Brit Insurance                  3.38
                                          
  9   Hilton Food Group               3.19
                                          
 10   Dawson Holdings                 3.09
                                          
 11   Portmeirion Group               3.08
                                          
 12   Macfarlane Group                3.04
                                          
 13   Victoria                        3.02
                                          
 14   Zotefoams                       2.98
                                          
 15   Stadiums Group                  2.83
                                          
 16   S & U                           2.52
                                          
 17   Nichols                         2.49
                                          
 18   Sanderson Group                 2.48
                                          
 19   Trifast                         2.47
                                          
 20   Jarvis Securities               2.14
                                          
      Balance held in 37 holdings    34.64
                                          
                                    100.00


 END