Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 14 December 2012)               
of £27.85m                                                                            
                                                                                      
Net Assets (including unaudited revenue reserves at 14 December 2012) of 
£19.19m                                                                                
                                                                                      
The Net Asset Value (NAV) at 14 December 2012 was:                                    
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                118.06p            16,250,000        
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          116.35p                              
Ordinary share price                             102.00p                              
Discount to NAV                                  (13.60)%                             
Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        101.75p            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 14 December 2012