Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 October 2007:

Total Assets * (including audited revenue reserves at 30 April 2007) of £50.70m

Net Assets * (including audited revenue reserves at 30 April 2007) of £34.92m

The Net Asset Values (NAV) as at 31 October 2007 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               214.87p             16,250,000
                                                                               
Ordinary share price                             201.50p                       
                                                                               
Discount to NAV                                  (6.22%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               219.25p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £5.78m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Alumasc Group                   3.37
                                          
  2   Breamar Shipping                3.17
                                          
  3   United Utilities                2.84
                                          
  4   Arbuthnot Banking Group         2.81
                                          
  5   Chesnara                        2.56
                                          
  6   Personal Group                  2.53
                                          
  7   Highway Insurance Holdings      2.43
                                          
  8   ATH Resources                   2.33
                                          
  9   Davenham Group                  2.30
                                          
 10   THB Group                       2.24
                                          
 11   Macfarlan Group                 2.21
                                          
 12   Dawson Holdings                 2.15
                                          
 13   Nichols                         2.14
                                          
 14   Dee Valley Group                2.07
                                          
 15   Hilton Food Group               2.07
                                          
 16   Marshalls Group                 2.06
                                          
 17   Abacus Group                    2.04
                                          
 18   TT Electronics                  2.01
                                          
 19   Cattles                         1.99
                                          
 20   BT Group                        1.90
                                          
      Balance held in 46 holdings    52.78
                                          
                                    100.00