Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces that as at 30 November 2005:

Total Assets * (including audited revenue reserves at 30 April 2005) of £52.17m

Net Assets * (including audited revenue reserves at 30 April 2005) of £42.57m

The Net Asset Values excluding current period revenue as at 30 November 2005
were:

                                                           Issued share capital
                                                                               
Per Ordinary share (mid price)                   197.96p             16,250,000
                                                                               
Per Ordinary share (bid price)                   195.05p             16,250,000
                                                                               
Ordinary shares have an undated life                                           
                                                                               
Per Zero Dividend Preference share               165.60p              6,250,000
(ZDP's)                                                                        
                                                                               
ZDP's which are held in a subsidiary have a redemption date of 30 April 2007    
                                                                               
Per Preference share                             165.60p                 31,260

Bank loan £5.00m

Overdraft £4.60m

This NAV has been calculated with debt at par value.

* Figures based on mid prices.

TOP 10 HOLDINGS

      Company                         % of
                                 portfolio
                                          
1     Savills                         3.89
                                          
2     Dee Valley Group                3.64
                                          
3     Hill & Smith Holdings           3.36
                                          
4     United Utilities                2.99
                                          
5     Hitachi Capital UK              2.96
                                          
6     Lookers                         2.69
                                          
7     Fenner                          2.29
                                          
8     Chesnara                        2.24
                                          
9     Morgan Sindall                  2.22
                                          
10    Pendragon                       2.16
                                          
      Balance held in 65             71.56
      holdings                            
                                          
      Total                         100.00