Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 August 2008) of 
£26.16m

Net Assets (including unaudited revenue reserves at 31 August 2008) of £18.87m

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

Per Ordinary share (bid price)                       116.11p
                                                            
Ordinary share price                                  97.50p
                                                            
Discount to NAV                                     (16.03%)

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   112.20p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £7.00m

Fair value of interest rate SWAP £0.29m

Overdraft £0.00m

This NAV has been calculated with debt at fair value.

Top 20 Holdings

      Company                            %
                                          
  1   Highway Insurance               4.29
                                          
  2   ATH Resources                   4.13
                                          
  3   Chesnara                        3.97
                                          
  4   Macfarlane Group                3.61
                                          
  5   Arbuthnot Banking Group         3.37
                                          
  6   Clarke (T)                      3.27
                                          
  7   Alumasc Group                   3.11
                                          
  8   Dee Valley Group                3.10
                                          
  9   TT Electronics                  2.79
                                          
 10   Victoria                        2.69
                                          
 11   THB Group                       2.55
                                          
 12   Nichols                         2.54
                                          
 13   Dawson Holdings                 2.48
                                          
 14   Hilton Food Group               2.45
                                          
 15   Portmeirion Group               2.41
                                          
 16   Zotefoams                       2.38
                                          
 17   Trifast                         2.28
                                          
 18   Marshalls Group                 2.28
                                          
 19   Brit Insurance                  2.27
                                          
 20   Jarvis Securities               2.26
                                          
      Balance held in 39 holdings    41.77
                                          
                                    100.00