Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 16 January 2009) of £
14.19m

Net Assets (including unaudited revenue reserves at 16 January 2009) of £9.99m

The Net Asset Value (NAV) including unaudited current period revenue at 16
January 2009 was:

Per Ordinary share (bid price)                        61.48p
                                                            
Ordinary share price                                  47.00p
                                                            
Discount to NAV                                      -23.55%

The Net Asset Value (NAV) excluding current period revenue for the period 1 May
2008 to 16 January 2009 was:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                    59.52p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £4.20m

This NAV has been calculated with debt at par value.