Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 April 2008:

Total Assets * (including audited revenue reserves at 30 April 2007) of £33.86m

Net Assets * (including audited revenue reserves at 30 April 2007) of £23.86m

The Net Asset Values (NAV) as at 30 April 2008 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               146.82p             16,250,000
                                                                               
Ordinary share price                             124.50p                       
                                                                               
Discount to NAV                                 (15.20%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               150.78p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £0.00m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Braemar Shipping Services       4.75
                                          
  2   Chesnara                        3.68
                                          
  3   ATH Resources                   3.32
                                          
  4   Nichols                         3.06
                                          
  5   Macfarlane Group                2.77
                                          
  6   Clarke (T)                      2.72
                                          
  7   TDG                             2.70
                                          
  8   Alumasc Group                   2.64
                                          
  9   Highway Insurance Holdings      2.64
                                          
 10   Dawson Holdings                 2.63
                                          
 11   Hilton Food Group               2.59
                                          
 12   Arbuthnot Banking Group         2.58
                                          
 13   THB Group                       2.52
                                          
 14   TT Electrics                    2.40
                                          
 15   Dee Valley Group                2.39
                                          
 16   Victoria                        2.35
                                          
 17   Portmeirion Group               2.34
                                          
 18   Marshalls Group                 2.24
                                          
 19   Brit Insurance Holdings         2.16
                                          
 20   Cattles                         2.11
                                          
      Balance held in 39 holdings    45.41
                                          
                                    100.00