Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 31 July 2006:

Total Assets * (including audited revenue reserves at 30 April 2006) of £56.92m

Net Assets * (including audited revenue reserves at 30 April 2006) of £47.09m

The Net Asset Values (NAV) as at 31 July 2006 were:

Excluding current period revenue                           Issued share capital
                                                                               
Per Ordinary share                               222.40p             16,250,000
                                                                               
Ordinary share price                             209.50p                       
                                                                               
Discount to NAV                                  (5.80%)                       
                                                                               
Including current period revenue                                               
                                                                               
Per Ordinary share                               226.01p                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               174.31p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             174.31p                 31,260

Bank loan £5.00m

Overdraft £4.84m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.

Top 20 Holdings

      Company                            %
                                          
  1   Dee Valley Group                3.50
                                          
  2   Hitachi Capital UK              3.39
                                          
  3   Hill & Smith Holdings           3.21
                                          
  4   United Utilities                2.89
                                          
  5   Abacus Group                    2.64
                                          
  6   Arbuthnot Banking Group         2.52
                                          
  7   TT Electronics                  2.33
                                          
  8   Chesnara                        2.32
                                          
  9   Flying Brands                   2.30
                                          
 10   Salvesen (Christian)            2.27
                                          
 11   Pendragon                       2.21
                                          
 12   Davenham Group                  2.20
                                          
 13   Alumasc Group                   2.09
                                          
 14   Wagon                           2.05
                                          
 15   Fenner                          1.95
                                          
 16   Lloyds TSB Group                1.90
                                          
 17   Highway Insurance Holdings      1.86
                                          
 18   Nichols                         1.81
                                          
 19   THB Group                       1.80
                                          
 20   Acertec                         1.80
                                          
      Balance held in 54 holdings    52.96
                                          
                                    100.00