Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 24 November 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £52.95m

Net Assets * (including audited revenue reserves at 30 April 2005) of £42.40m

The Net Asset Values excluding current period revenue as at 24 November 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   196.99p             16,250,000
                                                                               
Per Ordinary share (bid price)                   194.18p             16,250,000
                                                                               
Per Zero Dividend Preference share               165.39p              6,250,000
                                                                               
Per Preference share                             165.39p                 31,260

Bank loan £5.00m

Overdraft £5.55m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.