Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                        
                                                                                          
                                                                                          
                                                                                          
The Company announces:                                                                    
                                                                                          
Total Assets (including unaudited revenue reserves at 30 November 2012) of £27.26m

Net Assets (including unaudited revenue reserves at 30 November 2012) of £18.63m

The Net Asset Value (NAV) at 30 November 2012 was:                                        
                                                                                          
                                                              Number of shares            
                                                                      in issue            
Per Ordinary share (bid price) - including                                                
unaudited current period revenue*                114.63p            16,250,000            
Per Ordinary share (bid price) - excluding                                                
current period revenue*                          111.86p                                  
Ordinary share price                             100.50p                                  
Discount to NAV                                  (12.33)%                                 
Ordinary shares have an undated life                                                      
                                                                                          
ZDP share                                        101.53p            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 30 November 2012                 
                                                                                          

 
                                                              
Top 20 Holdings as at 30 November 2012 was:                   
                                                              
                                                              
                                                              
                                                              
                                                              
                    Name of company             % of portfolio
                                                              
                                                              
                                                              
   1                Macfarlane Group                      3.26
                                                              
   2                St Ives                               3.11
                                                              
   3                Sanderson Group                       2.85
                                                              
   4                Smiths News                           2.80
                                                              
   5                Wilmington Group                      2.69
                                                              
   6                GVC Holdings                          2.61
                                                              
   7                Avesco Group                          2.26
                                                              
   8                Marshalls                             2.25
                                                              
   9                Vp                                    2.23
                                                              
  10                Portmeirion Group                     2.22
                                                              
  11                Abbey Protection                      2.19
                                                              
  12                Chesnara                              2.17
                                                              
  13                Brown (N) Group                       2.15
                                                              
  14                Personal Group Holdings               2.14
                                                              
  15                Photo Me International                2.12
                                                              
  16                Dairy Crest Group                     2.10
                                                              
  17                Interior Services                     2.07
                                                              
  18                Arbuthnot Banking                     2.02
                                                              
  19                Beazley                               1.98
                                                              
  20                Intermediate Capital Group            1.91
                                                              
                    Balance held in 51 holdings          52.87
                                                              
                                                        100.00