Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 December 2007:

Total Assets * (including audited revenue reserves at 30 April 2007) of £39.86m

Net Assets * (including audited revenue reserves at 30 April 2007) of £27.74m

The Net Asset Values (NAV) as at 31 December 2007 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               170.72p             16,250,000
                                                                               
Ordinary share price                             152.75p                       
                                                                               
Discount to NAV                                 (10.53%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               173.26p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £2.12m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Braemar Shipping Services       4.01
                                          
  2   Alumasc Group                   3.62
                                          
  3   ATH Resources                   3.30
                                          
  4   Personal Group                  3.29
                                          
  5   Chesnara                        3.08
                                          
  6   Arbuthnot Banking Group         2.99
                                          
  7   Highway Insurance Holdings      2.87
                                          
  8   Dawson Holdings                 2.81
                                          
  9   Macfarlane Group                2.56
                                          
 10   Hilton Food Group               2.53
                                          
 11   Nichols                         2.52
                                          
 12   Dee Valley Group                2.47
                                          
 13   THB Group                       2.37
                                          
 14   Sanderson Group                 2.31
                                          
 15   Portmeirion Group               2.26
                                          
 16   Clarke(T)                       2.19
                                          
 17   Cattles                         2.17
                                          
 18   Davenham Group                  2.16
                                          
 19   Avesco Group Plc                2.15
                                          
 20   TDG                             2.04
                                          
      Balance held in 41 holdings    46.30
                                          
                                    100.00