Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 August 2012) of £
26.55m

Net Assets (including unaudited revenue reserves at 31 August 2012) of £17.55m

The Net Asset Value (NAV) at 31 August 2012 was:

                                                              Number of shares
                                                                      in issue
                                                                              
Per Ordinary share (bid price) -                   108.01p          16,250,000
including                                                                     
                                                                              
unaudited current period revenue*                                             
                                                                              
Per Ordinary share (bid price) -                    105.90p                   
excluding                                                                     
                                                                              
current period revenue*                                                       
                                                                              
Ordinary share price                               94.50p                     
                                                                              
Discount to NAV                                   (12.51)%                    
                                                                              
Ordinary shares have an undated life                                          
                                                                              
ZDP share                                         100.06p            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 1 May 2012 to 31 August 2012.

The bank loan was repaid on 31 August 2012.

Top 20 Holdings as at 31 August 2012

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                3.14
                                          
  2   Personal Group                  2.97
                                          
  3   Avesco Group                    2.80
                                          
  4   Portmeirion Group               2.60
                                          
  5   Smiths News                     2.54
                                          
  6   Sanderson Group                 2.48
                                          
  7   Office2Office                   2.43
                                          
  8   St Ives                         2.37
                                          
  9   Vp                              2.31
                                          
 10   Chesnara                        2.24
                                          
 11   Braemar Shipping                2.19
                                          
 12   Beazley                         2.18
                                          
 13   Wilmington Group                2.17
                                          
 14   GVC Holdings                    2.17
                                          
 15   Cineworld Group                 2.16
                                          
 16   Marshalls                       2.15
                                          
 17   Jarvis Securities               2.13
                                          
 18   Arbuthnot Banking               2.11
                                          
 19   Abbey Protection                2.09
                                          
 20   Sinclair(W) Holdings            2.07
                                          
      Balance held in 45             52.70
      holdings                            
                                          
                                    100.00