Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 October 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £59.86m

Net Assets * (including audited revenue reserves at 30 April 2006) of £50.52m

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

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               242.18p             16,250,000
                                                                               
Ordinary share price                             220.00p                       
                                                                               
Discount to NAV                                  (9.16%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               244.58p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               177.72p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             177.72p                 31,260

Bank loan £5.00m

Overdraft £4.34m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hitachi Capital UK              3.61
                                          
  2   Hill & Smith Holdings           3.36
                                          
  3   Abacus Group                    3.26
                                          
  4   TT Electronics                  2.70
                                          
  5   Flying Brands                   2.59
                                          
  6   Alumasc Group                   2.42
                                          
  7   Dee Valley Group                2.40
                                          
  8   United Utilities                2.36
                                          
  9   Arbuthnot Banking Group         2.30
                                          
 10   Acertec                         2.25
                                          
 11   Chesnara                        2.23
                                          
 12   Davenham Group                  2.14
                                          
 13   Fenner                          2.05
                                          
 14   THB Group                       1.96
                                          
 15   Pendragon                       1.92
                                          
 16   Salvesen (Christian)            1.91
                                          
 17   Highway Insurance Holdings      1.89
                                          
 18   City Lofts Group                1.87
                                          
 19   Brit Insurance Holdings         1.79
                                          
 20   Nichols                         1.74
                                          
      Balance held in 55 holdings    53.25
                                          
                                    100.00