Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 10 November 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £50.56m

Net Assets * (including audited revenue reserves at 30 April 2005) of £41.66m

The Net Asset Values excluding current period revenue as at 10 November 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   192.62p             16,250,000
                                                                               
Per Ordinary share (bid price)                   190.05p             16,250,000
                                                                               
Per Zero Dividend Preference share               164.91p              6,250,000
                                                                               
Per Preference share                             164.91p                 31,260

Bank loan £5.00m

Overdraft £3.90m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.