Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 November 2007:

Total Assets * (including audited revenue reserves at 30 April 2007) of £44.78m

Net Assets * (including audited revenue reserves at 30 April 2007) of £29.64m

The Net Asset Values (NAV) as at 30 November 2007 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               182.38p             16,250,000
                                                                               
Ordinary share price                             165.00p                       
                                                                               
Discount to NAV                                  (9.53%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               187.33p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £5.14m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Alumasc Group                   3.88
                                          
  2   Breamar Shipping                3.33
                                          
  3   United Utilities                3.32
                                          
  4   Personal Group                  2.92
                                          
  5   Chesnara                        2.91
                                          
  6   Arbuthnot Banking Group         2.84
                                          
  7   ATH Resources                   2.75
                                          
  8   Highway Insurance Holdings      2.55
                                          
  9   Dee Valley Group                2.48
                                          
 10   THB Group                       2.40
                                          
 11   Nichols                         2.39
                                          
 12   Davenham Group                  2.34
                                          
 13   Dawson Holdings                 2.28
                                          
 14   Macfarlan Group                 2.17
                                          
 15   Hilton Food Group               2.13
                                          
 16   Marshalls Group                 2.11
                                          
 17   Abacus Group                    2.10
                                          
 18   Sanderson Group                 2.08
                                          
 19   Clarke(T)                       2.06
                                          
 20   Christian Salvesen              2.02
                                          
      Balance held in 43 holdings    48.94
                                          
                                    100.00