Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 28 September 2012) of £
27.28m

Net Assets (including unaudited revenue reserves at 28 September 2012) of £
18.03m

The Net Asset Value (NAV) at 28 September 2012 was:

                                                              Number of shares
                                                                      in issue
                                                                              
Per Ordinary share (bid price) -                   110.96p          16,250,000
including                                                                     
                                                                              
unaudited current period revenue*                                             
                                                                              
Per Ordinary share (bid price) -                    109.41p                   
excluding                                                                     
                                                                              
current period revenue*                                                       
                                                                              
Ordinary share price                               95.50p                     
                                                                              
Discount to NAV                                   (13.93)%                    
                                                                              
Ordinary shares have an undated life                                          
                                                                              
ZDP share                                         100.54p            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 28 September 2012.

Top 20 Holdings as at 28 September 2012

      Company                         % of
                                 portfolio
                                          
  1   Macfarlane Group                3.07
                                          
  2   GVC Holdings                    2.58
                                          
  3   St Ives                         2.41
                                          
  4   Personal Group                  2.39
                                          
  5   Wilmington Group                2.37
                                          
  6   Avesco Group                    2.37
                                          
  7   Smiths News                     2.35
                                          
  8   Sanderson Group                 2.29
                                          
  9   Portmeirion Group               2.22
                                          
 10   Chesnara                        2.21
                                          
 11   Vp                              2.17
                                          
 12   Abbey Protection                2.14
                                          
 13   Office2Office                   2.12
                                          
 14   Morgan Sindall Group            2.04
                                          
 15   Intermediate Capital Group      1.99
                                          
 16   Interior Services               1.99
                                          
 17   Dairy Crest Group               1.98
                                          
 18   Marshalls                       1.98
                                          
 19   Arbuthnot Banking               1.94
                                          
 20   Beazley                         1.93
                                          
      Balance held in 53             55.46
      holdings                            
                                          
                                    100.00