Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 29 February 2008:

Total Assets * (including audited revenue reserves at 30 April 2007) of £35.09m

Net Assets * (including audited revenue reserves at 30 April 2007) of £24.79m

The Net Asset Values (NAV) as at 29 February 2008 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               152.53p             16,250,000
                                                                               
Ordinary share price                             134.00p                       
                                                                               
Discount to NAV                                 (12.15%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               155.72p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £0.30m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Braemar Shipping Services       4.40
                                          
  2   Alumasc Group                   4.37
                                          
  3   ATH Resources                   3.49
                                          
  4   Highway Insurance Holdings      3.37
                                          
  5   Chesnara                        3.36
                                          
  6   Arbuthnot Banking Group         3.13
                                          
  7   Nichols                         2.80
                                          
  8   TDG                             2.75
                                          
  9   Dee Valley Group                2.74
                                          
 10   Dawson Holdings                 2.70
                                          
 11   Marshalls Group                 2.45
                                          
 12   Macfarlane Group                2.44
                                          
 13   Clarke (T)                      2.34
                                          
 14   Portmeirion Group               2.27
                                          
 15   Hilton Food Group               2.23
                                          
 16   THB Group                       2.13
                                          
 17   Victoria                        2.09
                                          
 18   Lloyds TSB Group                2.03
                                          
 19   Holidaybreak                    1.97
                                          
 20   Avesco Group Plc                1.97
                                          
      Balance held in 40 holdings    55.03
                                          
                                    100.00