Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                          
                                                                                            
                                                                                            
The Company announces:                                                                      
                                                                                            
Total Assets (including unaudited revenue reserves at 28 February 2013)                     
of £31.07m                                                                                  
                                                                                            
Net Assets (including unaudited revenue reserves at 28 February 2013) of 
£22.15m                                                                                      
                                                                                            
The Net Asset Value (NAV) at 28 February 2013 was:                                          
                                                                                            
                                                              Number of shares              
                                                                      in issue              
Per Ordinary share (bid price) - including                                                  
unaudited current period revenue*                136.29p            16,250,000              
Per Ordinary share (bid price) - excluding                                                  
current period revenue*                          133.89p                                    
Ordinary share price                             119.75p                                    
Discount to NAV                                  (12.14)%                                   
Ordinary shares have an undated life                                                        
                                                                                            
ZDP share                                        102.99p            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 28 February 2013                   
                                                                                                                                                                                                             
  Top 20 Holdings as at 28 February 2013 was:                                               
                                                                                            
                                                                                            
        Name of company            % of portfolio                                           
                                                                                            
  1     Macfarlane Group           3.17                                                     
  2     Sanderson Group            2.63                                                     
  3     Avesco Group               2.61                                                     
  4     Wilmington Group           2.60                                                     
  5     Photo-Me International     2.48                                                     
  6     St Ives                    2.35                                                     
  7     Randall & Quilter          2.31                                                     
  8     Smiths News                2.30                                                     
  9     GVC Holdings               2.30                                                     
  10    Chesnara                   2.27                                                     
  11    Intermediate Capital Group 2.23                                                     
  12    Abbey Protection           2.21                                                     
  13    Marshalls                  2.11                                                     
  14    Dairy Crest Group          2.08                                                     
  15    Braemar Shipping           2.07                                                     
  16    Portmeirion Group          2.05                                                     
  17    Jarvis Securities          1.99                                                     
  18    Interior Services          1.98                                                     
  19    Personal Group             1.90                                                     
  20    Brown (N) Group            1.81                                                     
        Balance held in 51         54.55                                                    
        holdings                                                   
                                   100.00