Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 April 2007:

Total Assets (including audited revenue reserves at 30 April 2006) of £59.11m

Net Assets (including audited revenue reserves at 30 April 2006) of £54.20m

The Net Asset Values (NAV) excluding current period revenue as at 30 April 2007
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   262.90p             16,250,000
                                                                               
Ordinary share price                             238.75p                       
                                                                               
Discount to NAV                                  (9.19%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £6.45m

This NAV has been calculated with debt at par value.