Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 18 July 2008:

Total Assets (including audited revenue reserves at 30 April 2008) of £24.96m

Net Assets (including audited revenue reserves at 30 April 2008) of £17.96m

The Net Asset Values (NAV) excluding current period revenue as at 18 July 2008
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   111.21p             16,250,000
                                                                               
Ordinary share price                              86.00p                       
                                                                               
Discount to NAV                                 (22.67%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £7.00m

Overdraft £0.00m