Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 June 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £56.82m

Net Assets * (including audited revenue reserves at 30 April 2006) of £47.04m

The Net Asset Values (NAV) as at 30 June 2006 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               222.56p             16,250,000
                                                                               
Ordinary share price                             210.50p                       
                                                                               
Discount to NAV                                  (5.42%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               225.45p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               173.17p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             173.17p                 31,260

Bank loan £5.00m

Overdraft £4.78m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Dee Valley Group                3.41
                                          
  2   Hitachi Capital UK              3.21
                                          
  3   Hill & Smith Holdings           3.17
                                          
  4   United Utilities                2.79
                                          
  5   Abacus Group                    2.54
                                          
  6   TT Electronics                  2.37
                                          
  7   Arbuthnot Banking Group         2.36
                                          
  8   Davenham Group                  2.35
                                          
  9   Wagon                           2.35
                                          
 10   Chesnara                        2.35
                                          
 11   Pendragon                       2.30
                                          
 12   Alumasc Group                   2.16
                                          
 13   Flying Brands                   2.15
                                          
 14   Salvesen (Christian)            2.05
                                          
 15   Highway Insurance Holdings      2.02
                                          
 16   Fenner                          1.91
                                          
 17   Lloyds TSB Group                1.86
                                          
 18   Acertec                         1.85
                                          
 19   Nichols                         1.75
                                          
 20   Metalrax Group                  1.68
                                          
      Balance held in 55 holdings    53.37
                                          
                                    100.00