Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 September 2007:

Total Assets * (including audited revenue reserves at 30 April 2007) of £51.02m

Net Assets * (including audited revenue reserves at 30 April 2007) of £34.58m

The Net Asset Values (NAV) as at 30 September 2007 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               212.82p             16,250,000
                                                                               
Ordinary share price                             209.00p                       
                                                                               
Discount to NAV                                  (1.79%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               215.77p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £6.44m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Alumasc Group                   3.49
                                          
  2   Breamar Shipping                2.76
                                          
  3   United Utilities                2.73
                                          
  4   Arbuthnot Banking Group         2.63
                                          
  5   Personal Group                  2.59
                                          
  6   Chesnara                        2.57
                                          
  7   THB Group                       2.30
                                          
  8   Davenham Group                  2.25
                                          
  9   Highway Insurance Holdings      2.21
                                          
 10   ATH Resources                   2.19
                                          
 11   Hilton Food Group               2.15
                                          
 12   Macfarlan Group                 2.15
                                          
 13   Salvesen                        2.09
                                          
 14   Cattles                         2.04
                                          
 15   Dawson Holdings                 2.03
                                          
 16   Brit Insurance Holdings         2.00
                                          
 17   Portmeirion Group               2.00
                                          
 18   Dee Valley Group                1.98
                                          
 19   Abacus Group                    1.97
                                          
 20   Nichols                         1.92
                                          
      Balance held in 47 holdings    53.95
                                          
                                    100.00