Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 May 2006:

Total Assets * (including audited revenue reserves at 30 April 2005) of £56.47m

Net Assets * (including audited revenue reserves at 30 April 2005) of £47.12m

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

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   223.48p             16,250,000
                                                                               
Ordinary share price                             210.00p                       
                                                                               
Discount to NAV                                  (6.03%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               172.08p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             172.08p                 31,260

Bank loan £5.00m

Overdraft £4.35m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Hill & Smith Holdings           3.21
                                          
  2   Dee Valley Group                3.15
                                          
  3   Hitachi Capital UK              3.11
                                          
  4   United Utilities                2.86
                                          
  5   Abacus Group                    2.84
                                          
  6   Arbuthnot Banking Group         2.38
                                          
  7   Davenham Group                  2.38
                                          
  8   Wagon                           2.29
                                          
  9   Chesnara                        2.29
                                          
 10   Flying Brands                   2.22
                                          
 11   TT Electronics                  2.21
                                          
 12   Pendragon                       2.15
                                          
 13   Highway Insurance Holdings      2.05
                                          
 14   Fenner                          2.00
                                          
 15   Acertec                         1.90
                                          
 16   Metalrax Group                  1.89
                                          
 17   Dawson Holdings                 1.79
                                          
 18   Lloyds TSB Group                1.75
                                          
 19   Alumasc Group                   1.72
                                          
 20   THB Group                       1.67
                                          
      Balance held in 57 holdings    54.14
                                          
                                    100.00