Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 28 February 2007:

Total Assets * (including audited revenue reserves at 30 April 2006) of £60.10m

Net Assets * (including audited revenue reserves at 30 April 2006) of £52.42m

The Net Asset Values (NAV) as at 28 February 2007 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               252.15p             16,250,000
                                                                               
Ordinary share price                             235.50p                       
                                                                               
Discount to NAV                                  (6.60%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               254.02p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               182.27p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             182.27p                 31,260

Bank loan £5.00m

Overdraft £2.67m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.28
                                          
  2   Abacus Group                    3.14
                                          
  3   Alumasc Group                   2.82
                                          
  4   United Utilities                2.40
                                          
  5   TT Electronics                  2.40
                                          
  6   Arbuthnot Banking Group         2.30
                                          
  7   Davenham Group                  2.26
                                          
  8   Chesnara                        2.25
                                          
  9   Acertec                         2.22
                                          
 10   Highway Insurance Holdings      2.07
                                          
 11   Dee Valley Group                2.03
                                          
 12   Nichols                         2.02
                                          
 13   Personal Group                  2.01
                                          
 14   Pendragon                       1.95
                                          
 15   THB Group                       1.94
                                          
 16   ATH Resources                   1.84
                                          
 17   Cattles                         1.79
                                          
 18   ACAL                            1.76
                                          
 19   Metalrax Group                  1.75
                                          
 20   Salvesen (Christian)            1.73
                                          
      Balance held in 59 holdings    56.04
                                          
                                    100.00