Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 19 May 2006:

Total Assets * (including audited revenue reserves at 30 April 2005) of £56.46m

Net Assets * (including audited revenue reserves at 30 April 2005) of £46.21m

The Net Asset Values (NAV) excluding current period revenue as at 19 May 2006
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (bid price)                   218.05p             16,250,000
                                                                               
Ordinary share price                             213.00p                       
                                                                               
Discount to NAV                                  (2.32%)                       
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               171.64p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007   
                                                                               
Per Preference share                             171.64p                 31,260

Bank loan £5.00m

Overdraft £5.25m

This NAV has been calculated with debt at par value.

* Figures based on bid prices.