Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 August 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £56.96m

Net Assets * (including audited revenue reserves at 30 April 2006) of £47.57m

The Net Asset Values (NAV) as at 31 August 2006 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               224.93p             16,250,000
                                                                               
Ordinary share price                             209.75p                       
                                                                               
Discount to NAV                                  (6.75%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               227.98p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               175.45p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             175.45p                 31,260

Bank loan £5.00m

Overdraft £4.39m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.37
                                          
  2   Dee Valley Group                3.35
                                          
  3   Hill & Smith Holdings           3.12
                                          
  4   United Utilities                2.98
                                          
  5   Abacus Group                    2.79
                                          
  6   Arbuthnot Banking Group         2.62
                                          
  7   Chesnara                        2.30
                                          
  8   TT Electronics                  2.28
                                          
  9   Flying Brands                   2.25
                                          
 10   Salvesen (Christian)            2.20
                                          
 11   Alumasc Group                   2.15
                                          
 12   Davenham Group                  2.15
                                          
 13   Acertec                         2.14
                                          
 14   Wagon                           2.06
                                          
 15   Fenner                          2.00
                                          
 16   Pendragon                       1.99
                                          
 17   Highway Insurance Holdings      1.91
                                          
 18   THB Group                       1.88
                                          
 19   Nichols                         1.82
                                          
 20   Lloyds TSB Group                1.82
                                          
      Balance held in 53 holdings    52.82
                                          
                                    100.00