Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 17 November 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £51.53m

Net Assets * (including audited revenue reserves at 30 April 2005) of £41.98m

The Net Asset Values excluding current period revenue as at 17 November 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   194.51p             16,250,000
                                                                               
Per Ordinary share (bid price)                   191.58p             16,250,000
                                                                               
Per Zero Dividend Preference share               165.15p              6,250,000
                                                                               
Per Preference share                             165.15p                 31,260

Bank loan £5.00m

Overdraft £4.55m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.