Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 19 October 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £49.24m

Net Assets * (including audited revenue reserves at 30 April 2005) of £39.26m

The Net Asset Values excluding current period revenue as at 19 October 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   183.83p             15,750,000
                                                                               
Per Ordinary share (bid price)                   180.82p             15,750,000
                                                                               
Per Zero Dividend Preference share               164.14p              6,250,000
                                                                               
Per Preference share                             164.14p                 31,260

Bank loan £5.00m

Overdraft £4.98m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.