Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 15 December 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £52.78m

Net Assets * (including audited revenue reserves at 30 April 2005) of £43.09m

The Net Asset Values excluding current period revenue as at 15 December 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   200.93p             16,250,000
                                                                               
Per Ordinary share (bid price)                   198.72p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               166.13p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             166.13p                 31,260

Bank loan £5.00m

Overdraft £4.70m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.