Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 January 2006:

Total Assets * (including audited revenue reserves at 30 April 2005) of £56.76m

Net Assets * (including audited revenue reserves at 30 April 2005) of £45.98m

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   218.11p             16,250,000
                                                                               
Ordinary share price                             193.25p                       
                                                                               
Discount to NAV                                 (11.40%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               167.78p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             167.78p                 31,260

Bank loan £5.00m

Overdraft £5.77m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top Ten Holdings

     Company                           % of
                                  portfolio
                                           
   1 Dee Valley Group                  3.56
                                           
   2 Hitachi Capital UK                3.15
                                           
   3 United Utilities                  3.02
                                           
   4 Savills                           3.01
                                           
   5 Hill & Smith Holdings             2.85
                                           
   6 Davenham Group                    2.67
                                           
   7 Abacus Group                      2.66
                                           
   8 Fenner                            2.53
                                           
   9 Chesnara                          2.33
                                           
  10 Arbuthnot Banking Group           2.29
                                           
Balance held in 65 holdings           71.93
                                           
                                     100.00