Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 18 May 2007:

Total Assets (including audited revenue reserves at 30 April 2006) of £59.04m

Net Assets (including audited revenue reserves at 30 April 2006) of £42.67m

The Net Asset Values (NAV) excluding current period revenue as at 18 May 2007
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   262.93p             16,250,000
                                                                               
Ordinary share price                             240.25p                       
                                                                               
Discount to NAV                                  (8.63%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £6.37m