Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 21 July 2005:

                                                                 £m            
                                                                               
Total Assets * (including audited revenue reserves at 30        49.97   100.00%
April 2005)                                                                    
                                                                               
Net Assets * (including audited revenue reserves at 30 April    39.53          
2005)                                                                          

The Net Asset Values excluding current period revenue as at 21 July 2005 were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                     186.74p           15,750,000
                                                                               
Per Ordinary share (bid price)                     183.85p           15,750,000
                                                                               
Per Zero Dividend Preference share                 161.06p            6,250,000
                                                                               
Per Preference share                               161.06p               31,260

                     £m   
                          
Bank loan           5.00  
                          
Overdraft           5.44  

This NAV has been calculated with debt at par value.

* Figures based on mid prices.