Portfolio Update

SMALL COMPANIES DIVIDEND TRUST PLC

In accordance with UKLA Listing Rule 15.6.8R(2), the following list represents
the Company's 10 largest investments as at 31st January 2008. There are no
investments with a value greater than 5% of the Company's gross assets:

Name of company                        Class of share                        
                                                                             
Alumasc Group                          Ordinary                              
                                                                             
Arbuthnot Banking Group                Ordinary                              
                                                                             
ATH Resources                          Ordinary                              
                                                                             
Braemar Shipping Services              Ordinary                              
                                                                             
Chesnara                               Ordinary                              
                                                                             
Dawson Holdings                        Ordinary                              
                                                                             
Dee Valley Group                       Ordinary                              
                                                                             
Highway Insurance Holdings             Ordinary                              
                                                                             
Macfarlane Group                       Ordinary                              
                                                                             
Nichols                                Ordinary