Director/PDMR Shareholding

SMALL COMPANIES DIVIDEND TRUST PLC

The Company has been advised that Lord Lamont of Lerwick, a Director of the
Company, purchased on 17 December 2008, 1,173 Ordinary shares at a price of
50.5p each. The shares were purchased pursuant to a regular monthly standing
order through the Alliance Trust.

Lord Lamont is now deemed to have a disclosable interest in 11,074 Ordinary
shares, representing 0.07% of the issued share capital.

23 December 2008