Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 28 February 2006:

Total Assets * (including audited revenue reserves at 30 April 2005) of £57.24m

Net Assets * (including audited revenue reserves at 30 April 2005) of £47.55m

The Net Asset Values (NAV) excluding current period revenue as at 28 February
2006 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   227.37p             16,250,000
                                                                               
Ordinary share price                             212.50p                       
                                                                               
Discount to NAV                                  (6.54%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               168.77p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             168.77p                 31,260

Bank loan £5.00m

Overdraft £4.69m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Dee Valley Group                3.36
                                          
  2   Hill & smith Holdings           3.11
                                          
  3   United Utilities                2.93
                                          
  4   Hitachi Capital UK              2.74
                                          
  5   Savills                         2.64
                                          
  6   Abacus Group                    2.48
                                          
  7   Davenham Group                  2.44
                                          
  8   Fenner                          2.36
                                          
  9   Pendragon                       2.30
                                          
 10   Arbuthnot Banking Group         2.28
                                          
 11   Chesnara                        2.13
                                          
 12   TT Electronics                  2.13
                                          
 13   Highway Insurance Holdings      2.11
                                          
 14   Wagon                           2.06
                                          
 15   Lookers                         2.03
                                          
 16   Lloyds TSB Group                1.91
                                          
 17   Alumasc Group                   1.90
                                          
 18   Brit Insurance Holdings         1.84
                                          
 19   THB Group                       1.80
                                          
 20   Flying Brands                   1.79
                                          
      Balance held in 57 holdings    53.66
                                          
                                    100.00