Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 21 July 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £56.52m

Net Assets * (including audited revenue reserves at 30 April 2006) of £46.68m

The Net Asset Values (NAV) excluding current period revenue as at 21 July 2006
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   220.06p             16,250,000
                                                                               
Ordinary share price                             208.50p                       
                                                                               
Discount to NAV                                  (5.25%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               173.94p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             173.94p                 31,260

Bank loan £5.00m

Overdraft £4.84m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.