Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                 
                                                                                                   
The Company announces:                                                                             
                                                                                                   
Total Assets (including unaudited revenue reserves at 31 October 2012)                             
of £27.54m                                                                                         
                                                                                                   
Net Assets (including unaudited revenue reserves at 31 October 2012) of £18.90m                    
                                                                                                   
The Net Asset Value (NAV) at 31 October 2012 was:                                                  
                                                                                                   
                                                              Number of shares                     
                                                                      in issue                     
Per Ordinary share (bid price) - including                                                         
unaudited current period revenue*                116.30p            16,250,000                     
Per Ordinary share (bid price) - excluding                                                         
current period revenue*                          114.03p                                           
Ordinary share price                             100.25p                                           
Discount to NAV                                  (13.80)%                                          
Ordinary shares have an undated life                                                               
                                                                                                   
ZDP share                                        101.04p            8,500,000                      
ZDP shares are held in a subsidiary and have a redemption date                                     
of 8 January 2018                                                                                  
                                                                                                   
*Current period revenue covers the period 01 May 2012 to 31 October 2012                           
                                                                                                   
                                                                                                   
Top 20 Holdings as at 31 October 2012 was:                                                         
                                                                                                   
                                                                                                   
                     Name of company             % of portfolio                                    
                                                                                                   
1                    Macfarlane Group            3.10                                              
2                    St Ives                     3.03                                              
3                    Smiths News                 2.87                                              
4                    Sanderson Group             2.57                                              
5                    GVC Holdings                2.57                                              
6                    Wilmington Group            2.36                                              
7                    Avesco Group                2.33                                              
8                    Abbey Protection            2.28                                              
9                    Personal Group              2.19                                              
10                   Arbuthnot Banking           2.14                                              
11                   Vp                          2.13                                              
12                   Portmeirion Group           2.10                                              
13                   Interior Services           2.10                                              
14                   Braemar Shipping            2.09                                              
15                   Chesnara                    2.07                                              
16                   Marshalls                   1.99                                              
17                   Brown (N) Group             1.98                                              
18                   Dairy Crest Group           1.97                                              
19                   Intermediate Capital Group  1.97                                              
20                   Morgan Sindall Group        1.95                                              
                     Balance held in 52 holdings 54.21                                             
                                                 100.00