Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                              
                                                                             
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 02 November 2012)               
of £28.00m                                                                            
                                                                                      
Net Assets (including unaudited revenue reserves at 02 November 2012) of     
£18.97m                                                                                
                                                                                      
The Net Asset Value (NAV) at 02 November 2012 was:                                    
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                116.77p            16,250,000    
    
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          114.51p                              

Ordinary share price                             100.25p                              

Discount to NAV                                  (14.15)%                             

Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        101.07p            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 02 November 2012