Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 March 2008:

Total Assets * (including audited revenue reserves at 30 April 2007) of £32.69m

Net Assets * (including audited revenue reserves at 30 April 2007) of £22.69m

The Net Asset Values (NAV) as at 31 March 2008 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               139.64p             16,250,000
                                                                               
Ordinary share price                             121.00p                       
                                                                               
Discount to NAV                                 (13.35%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               141.31p                       
                                                                               
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       4.66
                                          
  2   Chesnara                        3.82
                                          
  3   ATH Resources                   3.36
                                          
  4   Arbuthnot Banking Group         3.13
                                          
  5   Nichols                         3.02
                                          
  6   Highway Insurance Holdings      2.97
                                          
  7   TDG                             2.85
                                          
  8   Dawson Holdings                 2.79
                                          
  9   Clarke (T)                      2.70
                                          
 10   Alumasc Group                   2.67
                                          
 11   Macfarlane Group                2.67
                                          
 12   Marshalls Group                 2.56
                                          
 13   Dee Valley Group                2.50
                                          
 14   Hilton Food Group               2.47
                                          
 15   Portmeirion Group               2.38
                                          
 16   Victoria                        2.24
                                          
 17   Brit Insurance Holdings         2.21
                                          
 18   Lloyds TSB Group                2.20
                                          
 19   Trifast                         2.15
                                          
 20   Cattles                         2.12
                                          
      Balance held in 39 holdings    44.53
                                          
                                    100.00