Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 March 2007:

Total Assets * (including audited revenue reserves at 30 April 2006) of £60.90m

Net Assets * (including audited revenue reserves at 30 April 2006) of £53.00m

The Net Asset Values (NAV) as at 30 March 2007 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               255.23p             16,250,000
                                                                               
Ordinary share price                             236.75p                       
                                                                               
Discount to NAV                                  (7.24%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               258.92p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               183.43p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             183.43p                 31,260

Bank loan £0.00m

Overdraft £7.90m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.24
                                          
  2   Alumasc Group                   2.97
                                          
  3   TT Electronics                  2.59
                                          
  4   United Utilities                2.52
                                          
  5   Abacus Group                    2.41
                                          
  6   Arbuthnot Banking Group         2.38
                                          
  7   Chesnara                        2.31
                                          
  8   Nichols                         2.29
                                          
  9   Davenham Group                  2.28
                                          
 10   Pendragon                       2.22
                                          
 11   Acertec                         2.05
                                          
 12   Personal Group                  2.04
                                          
 13   Dee Valley Group                2.02
                                          
 14   THB Group                       1.96
                                          
 15   TDG                             1.93
                                          
 16   ATH Resources                   1.90
                                          
 17   Highway Insurance Holdings      1.89
                                          
 18   Metalrax Group                  1.87
                                          
 19   Brit Insurance Holdings         1.79
                                          
 20   Premier Foods                   1.71
                                          
      Balance held in 59 holdings    55.63
                                          
                                    100.00