Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                          
                                                                                                                
The Company announces:                                                                                          
                                                                                                                
Total Assets (including unaudited revenue reserves at 31 December 2012)                                         
of £28.52m                                                                                                      
                                                                                                                
Net Assets (including unaudited revenue reserves at 31 December 2012)
of £19.85m                                                                                                          
                                                                                                                
The Net Asset Value (NAV) at 31 December 2012 was:                                                              
                                                                                                                
                                                              Number of shares                                  
                                                                      in issue                                  
Per Ordinary share (bid price) - including                                                                      
unaudited current period revenue*                122.13p            16,250,000                                  

Per Ordinary share (bid price) - excluding                                                                      
current period revenue*                          120.39p                                                        

Ordinary share price                             103.00p                                                        

Discount to NAV                                  (15.66)%                                                       

Ordinary shares have an undated life                                                                            
                                                                                                                
ZDP share                                        102.03p             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 31 December 2012                                       
                                                                                                              
                                                                                                                
                                                                                                                
Top 20 Holdings as at 31 December 2012 was:                                                                     

   Name of company                             % of portfolio    
         
1  Macfarlane Group                                   3.45                       
2  St Ives                                            2.87                       
3  Smiths News                                        2.82                       
4  Sanderson Group                                    2.80                       
5  Wilmington Group                                   2.70                       
6  Avesco Group                                       2.58                       
7  GVC Holdings                                       2.45                       
8  Portmeirion Group                                  2.28                       
9  Abbey Protection                                   2.24                       
10 Photo Me International                             2.24                       
11 Arbuthnot Banking                                  2.15                       
12 Marshalls                                          2.06                       
13 Chesnara                                           2.04                       
14 Dairy Crest Group                                  2.03                       
15 Personal Group Holdings                            1.99                       
16 Interior Services                                  1.97                       
17 Intermediate Capital Group                         1.95                       
18 Beazley                                            1.87                       
19 Cineworld Group                                    1.84                       
20 Brown (N) Group                                    1.82                       
   Balance held in 51 holdings                       53.85                      
                                                    100.00