Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 11 May 2007:

Total Assets (including audited revenue reserves at 30 April 2006) of £58.58m

Net Assets (including audited revenue reserves at 30 April 2006) of £42.61m

The Net Asset Values (NAV) excluding current period revenue as at 11 May 2007
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   262.55p             16,250,000
                                                                               
Ordinary share price                             240.50p                       
                                                                               
Discount to NAV                                  (8.40%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £5.97m

This NAV has been calculated with debt at par value.