Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 16 May 2008:

Total Assets (including audited revenue reserves at 30 April 2007) of £34.48m

Net Assets (including audited revenue reserves at 30 April 2007) of £24.48m

The Net Asset Values (NAV) excluding current period revenue as at 16 May 2008
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   150.63p             16,250,000
                                                                               
Ordinary share price                             135.75p                       
                                                                               
Discount to NAV                                  (9.88%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £0.00m