Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 15 February 2008:

Total Assets (including audited revenue reserves at 30 April 2007) of £34.56m

Net Assets (including audited revenue reserves at 30 April 2007) of £24.26m

The Net Asset Values (NAV) excluding current period revenue as at 15 February
2008 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   149.29p             16,250,000
                                                                               
Ordinary share price                             131.25p                       
                                                                               
Discount to NAV                                 (12.08%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £0.30m