Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 September 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £58.92m

Net Assets * (including audited revenue reserves at 30 April 2006) of £49.10m

The Net Asset Values (NAV) as at 30 September 2006 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               233.93p             16,250,000
                                                                               
Ordinary share price                             213.75p                       
                                                                               
Discount to NAV                                  (8.63%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               235.05p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               176.56p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             176.56p                 31,260

Bank loan £5.00m

Overdraft £4.82m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.45
                                          
  2   Dee Valley Group                3.07
                                          
  3   Hill & Smith Holdings           3.04
                                          
  4   Abacus Group                    2.87
                                          
  5   Flying Brands                   2.64
                                          
  6   Arbuthnot Banking Group         2.53
                                          
  7   TT Electronics                  2.49
                                          
  8   Alumasc Group                   2.45
                                          
  9   United Utilities                2.43
                                          
 10   Chesnara                        2.30
                                          
 11   Davenham Group                  2.29
                                          
 12   Acertec                         2.18
                                          
 13   Salvesen (Christian)            2.18
                                          
 14   THB Group                       2.14
                                          
 15   Wagon                           2.03
                                          
 16   Nichols                         1.94
                                          
 17   Fenner                          1.91
                                          
 18   Pendragon                       1.89
                                          
 19   ATH Resources                   1.75
                                          
 20   Highway Insurance Holdings      1.74
                                          
      Balance held in 55 holdings    52.68
                                          
                                    100.00