Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 16 November 2007:

Total Assets (including audited revenue reserves at 30 April 2007) of £47.55m

Net Assets (including audited revenue reserves at 30 April 2007) of £31.87m

The Net Asset Values (NAV) excluding current period revenue as at 16 November
2007 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   196.12p             16,250,000
                                                                               
Ordinary share price                             187.00p                       
                                                                               
Discount to NAV                                  (4.65%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £5.68m