Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                                         
                                                                                                                           
The Company announces:                                                                                                     
                                                                                                                           
Total Assets (including unaudited revenue reserves at 31 May 2013)                                                         
of £32.96m                                                                                                                 
                                                                                                                           
Net Assets (including unaudited revenue reserves at 31 May 2013) of £24.08m                                                
                                                                                                                           
The Net Asset Value (NAV) at 31 May 2013 was:                                                                              
                                                                                                                           
                                                              Number of shares                                             
                                                                      in issue                                             
Per Ordinary share (bid price) - including                                                                                 
unaudited current period revenue*                148.18p            16,250,000                                             
Per Ordinary share (bid price) - excluding                                                                                 
current period revenue*                          144.10p                                                                   
Ordinary share price                             135.25p                                                                   
Discount to NAV                                  (8.73)%                                                                   
Ordinary shares have an undated life                                                                                       
                                                                                                                           
ZDP share                                        104.52p            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 May 2013                                                       
                                                                                                                           
Top 20 Holdings as at 31 May 2013 was:                                                                                     
                                                                                                                           
                                                                                                                           
       Name of company                                               % of portfolio                                        
                                                                                                                           
1      Macfarlane Group                                              3.03                                                  
2      Avesco Group                                                  2.84                                                  
3      GVC Holdings                                                  2.61                                                  
4      Marshalls                                                     2.58                                                  
5      Intermediate Capital Group                                    2.50                                                  
6      St Ives                                                       2.45                                                  
7      Portmeirion Group                                             2.35                                                  
8      Chesnara                                                      2.34                                                  
9      Jarvis Securities                                             2.33                                                  
10     Sanderson Group                                               2.22                                                  
11     Dairy Crest Group                                             2.22                                                  
12     ISG                                                           2.18                                                  
13     Braemar Shipping                                              2.16                                                  
14     Randall & Quilter                                             2.15                                                  
15     Abbey Protection                                              2.14                                                  
16     Smiths News                                                   2.09                                                  
17     Personal Group                                                2.05                                                  
18     Hansard Global                                                2.00                                                  
19     Wilmington Group                                              1.99                                                  
20     Clarke (T)                                                    1.98                                                  
       Balance held in 50 holdings                                   53.79                                                 
                                                                     100.00