Result of AGM

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces the results of the Annual General Meeting held on 24
September 2008, as follows:

Resolution 1, to receive the Report of the Directors and the audited financial
statements for the year ended 30 April 2008, was passed.

Proxy votes received on resolution 1 were:

For 4,125,623, 5,400 against, 3,000 discretionary and no votes withheld.

Resolution 2, to receive and approve the Directors' remuneration report, was
passed.

Proxy votes received on resolution 2 were:

For 4,123,051, 7,972 against, 3,000 discretionary and no votes withheld.

Resolution 3, to re-elect Mr W van Heesewijk as a Director, was passed.

Proxy votes received on resolution 3 were:

For 4,125,623, 5,400 against, 3,000 discretionary and no votes withheld.

Resolution 4, to re-appoint Hazlewoods LLP as Auditors and to authorise the
Directors to determine their remuneration, was passed.

Proxy votes received on resolution 4 were:

For 4,131,023, none against, 3,000 discretionary and no votes withheld.

Resolution 5, authority to allot shares under Section 80 of the Companies Act
1985, was passed.

Proxy votes received on resolution 5 were:

For 4,130,121, 902 against, 3000 discretionary and no votes withheld.

Resolution 6, authority to allot securities under Section 95 of the Companies
Act 1985, was passed.

Proxy votes received on resolution 6 were:

For 4,130,121, 902 against, 3,000 discretionary and no votes withheld.

Resolution 7, authority to make market purchases under section 166 of the
Companies Act 1985 was passed.

Proxy votes received on resolution 7 were:

For 4,130,121, 902 against, 3,000 discretionary and no votes withheld.

Resolution 8, to adopt the Articles of Association produced to the meeting was
passed.

Proxy votes received on resolution 8 were:

For 4,131,023, none against, 3,000 discretionary and no votes withheld.

24 September 2008