Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 July 2007:

Total Assets * (including audited revenue reserves at 30 April 2007) of £54.07m

Net Assets * (including audited revenue reserves at 30 April 2007) of £38.07m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               234.26p             16,250,000
                                                                               
Ordinary share price                             221.75p                       
                                                                               
Discount to NAV                                  (5.34%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               238.36p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £6.00m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Alumasc Group                   3.28
                                          
  2   Arbuthnot Banking Group         2.71
                                          
  3   Breamar Shipping                2.57
                                          
  4   Davenham Group                  2.52
                                          
  5   Personal Group                  2.51
                                          
  6   United Utilities                2.46
                                          
  7   Chesnara                        2.40
                                          
  8   THB Group                       2.27
                                          
  9   ATH Resources                   2.25
                                          
 10   Nichols                         2.23
                                          
 11   Acertec                         2.22
                                          
 12   TT Electronics                  2.14
                                          
 13   Highway Insurance Holdings      2.12
                                          
 14   Brit Insurance Holdings         2.08
                                          
 15   Dee Valley Group                2.06
                                          
 16   Cattles                         2.03
                                          
 17   Alpha Airports                  2.01
                                          
 18   TDG                             1.98
                                          
 19   Hilton Food Group               1.98
                                          
 20   Macfarlane Group                1.88
                                          
      Balance held in 48 holdings    54.30
                                          
                                    100.00