Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 April 2006:

Total Assets * (including audited revenue reserves at 30 April 2005) of £59.25m

Net Assets * (including audited revenue reserves at 30 April 2005) of £49.83m

The Net Asset Values (NAV) excluding current period revenue as at 30 April 2006
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   240.55p             16,250,000
                                                                               
Ordinary share price                             222.25p                       
                                                                               
Discount to NAV                                  (7.61%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               170.96p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             170.96p                 31,260

Bank loan £5.00m

Overdraft £4.42m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hill & Smith Holdings           3.35
                                          
  2   Hitachi Capital UK              3.29
                                          
  3   Dee Valley Group                3.25
                                          
  4   Abacus Group                    2.90
                                          
  5   United Utilities                2.80
                                          
  6   Arbuthnot Banking Group         2.59
                                          
  7   Wagon                           2.52
                                          
  8   Davenham Group                  2.31
                                          
  9   Highway Insurance Holdings      2.26
                                          
 10   Pendragon                       2.23
                                          
 11   Chesnara                        2.18
                                          
 12   TT Electronics                  2.12
                                          
 13   Fenner                          2.11
                                          
 14   Flying Brands                   2.07
                                          
 15   Savills                         1.96
                                          
 16   Lloyds TSB Group                1.79
                                          
 17   Metalrax Group                  1.71
                                          
 18   Alumasc Group                   1.69
                                          
 19   Personal Group Holdings         1.68
                                          
 20   Waterman Group                  1.65
                                          
      Balance held in 57 holdings    53.54
                                          
                                    100.00