Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 January 2008:

Total Assets * (including audited revenue reserves at 30 April 2007) of £34.42m

Net Assets * (including audited revenue reserves at 30 April 2007) of £24.00m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               147.66p             16,250,000
                                                                               
Ordinary share price                             132.00p                       
                                                                               
Discount to NAV                                 (10.61%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               150.73p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £0.42m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Braemar Shipping Services       4.26
                                          
  2   Chesnara                        3.54
                                          
  3   Alumasc Group                   3.46
                                          
  4   ATH Resources                   3.37
                                          
  5   Highway Insurance Holdings      3.13
                                          
  6   Arbuthnot Banking Group         2.93
                                          
  7   Dawson Holdings                 2.86
                                          
  8   Nichols                         2.79
                                          
  9   Dee Valley Group                2.73
                                          
 10   Macfarlane Group                2.70
                                          
 11   Clarke(T)                       2.48
                                          
 12   Cattles                         2.43
                                          
 13   THB Group                       2.34
                                          
 14   Marshalls Group                 2.33
                                          
 15   TDG                             2.33
                                          
 16   Hilton Food Group               2.32
                                          
 17   Portmeirion Group               2.23
                                          
 18   BT Group                        2.22
                                          
 19   Sanderson Group                 2.17
                                          
 20   Davenham Group                  2.13
                                          
      Balance held in 40 holdings    45.25
                                          
                                    100.00