Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 October 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £49.58m

Net Assets * (including audited revenue reserves at 30 April 2005) of £40.50m

The Net Asset Values excluding current period revenue as at 31 October 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   185.63p             16,250,000
                                                                               
Per Ordinary share (bid price)                   183.09p             16,250,000
                                                                               
Per Zero Dividend Preference share               164.56p              6,250,000
                                                                               
Per Preference share                             164.56p                 31,260

Bank loan £5.00m

Overdraft £4.08m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.