Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 2 November 2007:

Total Assets (including audited revenue reserves at 30 April 2007) of £50.08m

Net Assets (including audited revenue reserves at 30 April 2007) of £34.42m

The Net Asset Values (NAV) excluding current period revenue as at 2 November
2007 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   211.79p             16,250,000
                                                                               
Ordinary share price                             199.50p                       
                                                                               
Discount to NAV                                  (5.80%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £5.66m