Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 May 2007:

Total Assets * (including audited revenue reserves at 30 April 2006) of £58.42m

Net Assets * (including audited revenue reserves at 30 April 2006) of £42.24m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               260.28p             16,250,000
                                                                               
Ordinary share price                             240.00p                       
                                                                               
Discount to NAV                                  (7.79%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               266.81p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               

Bank loan £10.00m

Overdraft £6.18m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.77
                                          
  2   Alumasc Group                   3.05
                                          
  3   United Utilities                2.59
                                          
  4   Arbuthnot Banking Group         2.40
                                          
  5   TT Electronics                  2.37
                                          
  6   Davenham Group                  2.30
                                          
  7   Chesnara                        2.24
                                          
  8   Nichols                         2.20
                                          
  9   Highway Insurance Holdings      2.19
                                          
 10   Personal Group                  2.17
                                          
 11   Acertec                         2.16
                                          
 12   Abacus Group                    2.11
                                          
 13   TDG                             2.09
                                          
 14   Dee Valley Group                2.08
                                          
 15   Hilton Food Group               1.96
                                          
 16   Brit Insurance Holdings         1.94
                                          
 17   Johnson Service                 1.93
                                          
 18   ATH Resources                   1.83
                                          
 19   Breamar Seascope                1.81
                                          
 20   THB Group                       1.79
                                          
      Balance held in 51 holdings    55.02
                                          
                                    100.00