Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 22 September 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £49.62m

Net Assets * (including audited revenue reserves at 30 April 2005) of £40.43m

The Net Asset Values excluding current period revenue as at 22 September 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   191.61p             15,750,000
                                                                               
Per Ordinary share (bid price)                   188.95p             15,750,000
                                                                               
Per Zero Dividend Preference share               163.21p              6,250,000
                                                                               
Per Preference share                             163.21p                 31,260

Bank loan £5.00m

Overdraft £4.19m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.