Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 December 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £61.95m

Net Assets * (including audited revenue reserves at 30 April 2006) of £52.46m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               253.26p             16,250,000
                                                                               
Ordinary share price                             230.00p                       
                                                                               
Discount to NAV                                  (9.18%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               254.53p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               180.02p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             180.02p                 31,260

Bank loan £5.00m

Overdraft £4.48m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.55
                                          
  2   Abacus Group                    3.04
                                          
  3   TT Electronics                  2.72
                                          
  4   Alumasc Group                   2.69
                                          
  5   Hill & Smith Holdings           2.62
                                          
  6   United Utilities                2.51
                                          
  7   Arbuthnot Banking Group         2.28
                                          
  8   Acertec                         2.23
                                          
  9   Davenham Group                  2.20
                                          
 10   Chesnara                        2.12
                                          
 11   Dee Valley Group                2.05
                                          
 12   Highway Insurance Holdings      2.01
                                          
 13   THB Group                       1.98
                                          
 14   Fenner                          1.92
                                          
 15   Salvesen (Christian)            1.82
                                          
 16   Pendragon                       1.77
                                          
 17   Cattles                         1.77
                                          
 18   Nichols                         1.76
                                          
 19   City Lofts Group                1.74
                                          
 20   TDG                             1.72
                                          
      Balance held in 58 holdings    55.50
                                          
                                    100.00