Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

The Net Asset Value (NAV) excluding current period revenue announced as 108.00p
at 31 July 2008 should not have included the fourth interim dividend payment of
4.05p per Ordinary share. Therefore the NAV announced should have been 103.95p
per Ordinary share, details of which are set out below.

Total Assets (including unaudited revenue reserves at 31 July 2008) of £24.72m

Net Assets (including unaudited revenue reserves at 31 July 2008) of £17.48m

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

Per Ordinary share (bid price)                       107.54p
                                                            
Ordinary share price                                  95.50p
                                                            
Discount to NAV                                     (11.20%)

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   103.95p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £7.00m

Fair value of interest rate SWAP £0.25m

Overdraft £0.00m

This NAV has been calculated with debt at fair value.

Top 20 Holdings

      Company                            %
                                          
  1   ATH Resources                   3.78
                                          
  2   Arbuthnot Banking Group         3.56
                                          
  3   Chesnara                        3.56
                                          
  4   Dee Valley Group                3.31
                                          
  5   Highway Insurance               3.22
                                          
  6   Alumasc Group                   3.17
                                          
  7   Clarke (T)                      3.09
                                          
  8   TT Electrics                    2.97
                                          
  9   Macfarlane Group                2.96
                                          
 10   Sanderson                       2.89
                                          
 11   Victoria                        2.85
                                          
 12   THB Group                       2.84
                                          
 13   Hilton Food Group               2.84
                                          
 14   Portmeirion Group               2.69
                                          
 15   Dawson Holdings                 2.68
                                          
 16   Nichols                         2.62
                                          
 17   Trifast                         2.60
                                          
 18   Zotefoams                       2.43
                                          
 19   Low and Bonar                   2.42
                                          
 20   Jarvis Securities               2.38
                                          
      Balance held in 41 holdings    41.14
                                          
                                    100.00