Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 August 2007:

Total Assets * (including audited revenue reserves at 30 April 2007) of £52.40m

Net Assets * (including audited revenue reserves at 30 April 2007) of £36.71m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               225.93p             16,250,000
                                                                               
Ordinary share price                             214.75p                       
                                                                               
Discount to NAV                                  (4.95%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               230.86p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £5.68m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Alumasc Group                   3.37
                                          
  2   Arbuthnot Banking Group         2.62
                                          
  3   United Utilities                2.58
                                          
  4   Personal Group                  2.50
                                          
  5   Breamar Shipping                2.45
                                          
  6   Davenham Group                  2.42
                                          
  7   Chesnara                        2.30
                                          
  8   THB Group                       2.22
                                          
  9   Brit Insurance Holdings         2.20
                                          
 10   Highway Insurance Holdings      2.13
                                          
 11   Hilton Food Group               2.13
                                          
 12   Nichols                         2.12
                                          
 13   Acertec                         2.12
                                          
 14   TT Electronics                  2.12
                                          
 15   Dawson Holdings                 2.08
                                          
 16   ATH Resources                   2.05
                                          
 17   Cattles                         2.04
                                          
 18   Dee Valley Group                2.01
                                          
 19   Abacus Group                    1.97
                                          
 20   TDG                             1.96
                                          
      Balance held in 47 holdings    54.62
                                          
                                    100.00