Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 18 January 2008:

Total Assets (including audited revenue reserves at 30 April 2007) of £36.24m

Net Assets (including audited revenue reserves at 30 April 2007) of £24.24m

The Net Asset Values (NAV) excluding current period revenue as at 18 January
2008 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   149.17p             16,250,000
                                                                               
Ordinary share price                             133.00p                       
                                                                               
Discount to NAV                                 (10.84%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £2.00m