Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                               
                                                                                                 
The Company announces:                                                                           
                                                                                                 
Total Assets (including unaudited revenue reserves at 28 March 2013)                             
of £31.32m                                                                                       
                                                                                                 
Net Assets (including unaudited revenue reserves at 28 March 2013) of £22.52m                    
                                                                                                 
The Net Asset Value (NAV) at 28 March 2013 was:                                                  
                                                                                                 
                                                              Number of shares                   
                                                                      in issue                   
Per Ordinary share (bid price) - including                                                       
unaudited current period revenue*                138.60p            16,250,000                   
Per Ordinary share (bid price) - excluding                                                       
current period revenue*                          135.20p                                         
Ordinary share price                             121.75p                                         
Discount to NAV                                  (12.16)%                                        
Ordinary shares have an undated life                                                             
                                                                                                 
ZDP share                                        103.46p            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 March 2013                           
                                                                                                 
  Top 20 Holdings as at 28 March 2013 was:                                                       
                                                                                                 
                                                                                                 
       Name of company               % of portfolio                                              
                                                                                                 
  1    Macfarlane Group              3.21                                                        
  2    Avesco Group                  2.70                                                        
  3    St Ives                       2.64                                                        
  4    Wilmington Group              2.64                                                        
  5    Sanderson Group               2.63                                                        
  6    GVC Holdings                  2.54                                                        
  7    Randall & Quilter             2.53                                                        
  8    Photo-Me International        2.45                                                        
  9    Marshalls                     2.44                                                        
  10   Intermediate Capital Group    2.41                                                        
  11   Smiths News                   2.41                                                        
  12   Chesnara                      2.30                                                        
  13   Jarvis Securities             2.25                                                        
  14   Abbey Protection              2.21                                                        
  15   Portmeirion Group             2.13                                                        
  16   Braemar Shipping              2.12                                                        
  17   Dairy Crest Group             2.10                                                        
  18   Interior Services             1.98                                                        
  19   Personal Group                1.88                                                        
  20   Brown (N) Group               1.86                                                        
       Balance held in 51 holdings   52.57                                                       
                                     100.00