Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 December 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £53.49m

Net Assets * (including audited revenue reserves at 30 April 2005) of £43.66m

The Net Asset Values (NAV) excluding current period revenue as at 31 December
2005 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   204.25p             16,250,000
                                                                               
Ordinary share price                             183.25p                       
                                                                               
Discount to NAV                                 (10.28%)                       
                                                                               
Per Ordinary share (mid price)                   206.46p             16,250,000
                                                                               
Ordinary share price                             183.25p                       
                                                                               
Discount to NAV                                 (11.24%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               166.69p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             166.69p                 31,260

Bank loan £5.00m

Overdraft £4.83m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.

Top Ten Holdings

     Company                         % of
                                portfolio
                                         
   1 Dee Valley Group                3.59
                                         
   2 Savills                         3.46
                                         
   3 Hitachi Capital UK              3.19
                                         
   4 United Utilities                3.06
                                         
   5 Hill & Smith Holdings           3.04
                                         
   6 Lookers                         2.35
                                         
   7 Fenner                          2.32
                                         
   8 Davenham Group                  2.15
                                         
   9 Chesnara                        2.14
                                         
  10 Pendragon                       2.06
                                         
Balance held in 67 holdings         72.64
                                         
                                   100.00