Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 March 2006:

Total Assets * (including audited revenue reserves at 30 April 2005) of £59.37m

Net Assets * (including audited revenue reserves at 30 April 2005) of £49.27m

The Net Asset Values (NAV) excluding current period revenue as at 31 March 2006
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   237.55p             16,250,000
                                                                               
Ordinary share price                             217.00p                       
                                                                               
Discount to NAV                                  (8.65%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               169.88p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             169.88p                 31,260

Bank loan £5.00m

Overdraft £5.10m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hill & Smith Holdings           3.30
                                          
  2   Dee Valley Group                3.18
                                          
  3   Hitachi Capital UK              2.93
                                          
  4   United Utilities                2.87
                                          
  5   Abacus Group                    2.46
                                          
  6   Wagon                           2.44
                                          
  7   Pendragon                       2.39
                                          
  8   Arbuthnot Banking Group         2.38
                                          
  9   Fenner                          2.37
                                          
 10   Davenham Group                  2.33
                                          
 11   Chesnara                        2.29
                                          
 12   Highway Insurance Holdings      2.15
                                          
 13   TT Electronics                  2.02
                                          
 14   Savills                         1.89
                                          
 15   Flying Brands                   1.88
                                          
 16   Lloyds TSB Group                1.84
                                          
 17   Lookers                         1.82
                                          
 18   Waterman Group                  1.74
                                          
 19   Metalrax Group                  1.72
                                          
 20   Alumasc Group                   1.68
                                          
      Balance held in 59 holdings    54.32
                                          
                                    100.00