Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                         
                                                                                           
The Company announces:                                                                     
                                                                                           
Total Assets (including unaudited revenue reserves at 24 May 2013)                         
of £32.81m                                                                                 
                                                                                           
Net Assets (including unaudited revenue reserves at 24 May 2013) of £23.93m                
                                                                                           
The Net Asset Value (NAV) at 24 May 2013 was:                                              
                                                                                           
                                                              Number of shares             
                                                                      in issue             
Per Ordinary share (bid price) - including                                                 
unaudited current period revenue*                147.25p            16,250,000             
Per Ordinary share (bid price) - excluding                                                 
current period revenue*                          143.55p                      
Ordinary share price                             134.00p                      
Discount to NAV                                  (9.00)%                      
Ordinary shares have an undated life                                          
                                                                              
ZDP share                                        104.40p             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 24 May 2013