Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                      
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 23 November 2012) of £27.07m                                                                            
                                                                                      
Net Assets (including unaudited revenue reserves at 23 November 2012) of £18.45m                                                                                
                                                                                      
The Net Asset Value (NAV) at 23 November 2012 was:                                    
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                113.54p            16,250,000        

Per Ordinary share (bid price) - excluding                                            
current period revenue*                          111.02p                              

Ordinary share price                             100.50p                              

Discount to NAV                                  (11.48)%                             

Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        101.41p            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 23 November 2012