Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 January 2007:

Total Assets * (including audited revenue reserves at 30 April 2006) of £61.39m

Net Assets * (including audited revenue reserves at 30 April 2006) of £52.38m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               252.29p             16,250,000
                                                                               
Ordinary share price                             233.75p                       
                                                                               
Discount to NAV                                  (7.35%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               254.20p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               181.20p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             181.20p                 31,260

Bank loan £5.00m

Overdraft £4.01m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.17
                                          
  2   Abacus Group                    3.03
                                          
  3   Alumasc Group                   2.68
                                          
  4   United Utilities                2.47
                                          
  5   TT Electronics                  2.47
                                          
  6   Hill & Smith Holdings           2.31
                                          
  7   Arbuthnot Banking Group         2.29
                                          
  8   Highway Insurance Holdings      2.21
                                          
  9   Davenham Group                  2.18
                                          
 10   Acertec                         2.16
                                          
 11   Chesnara                        2.13
                                          
 12   Dee Valley Group                2.06
                                          
 13   Nichols                         2.00
                                          
 14   THB Group                       1.99
                                          
 15   Fenner                          1.98
                                          
 16   City Lofts Group Pendragon      1.91
                                          
 17   Salvesen (Christian)            1.82
                                          
 18   Cattles                         1.77
                                          
 19   Personal Group                  1.73
                                          
 20   Brit Insurance Holdings         1.73
                                          
      Balance held in 58 holdings    55.93
                                          
                                    100.00