SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05

1. SMALL COMPANIES DIVIDEND TRUST PLC Trust facts July 2012 SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05 ASSET ALLOCATION % www.chelvertonam.com

2. SMALL COMPANIES DIVIDEND TRUST PLC Trust facts July 2012 SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05 More of the same was the overriding message of the last month as the macro indicators continued to suggest that the timing of an economic recovery was moving further to the right and the problems in the  Euro zone dominated  headlines.  In the UK the last quarter GDP numbers were significantly worse than expectations with some commentators even calling into question their authenticity. Against such a macro environment it was no real surprise to see the ratio of earnings upgrades to downgrades deteriorate, led by the economically sensitive resources and financial sectors.  Our fund has little exposure to resources, no exposure to clearing banks and a proportion of our financials weighting is in the insurance sector, in stocks such as Beazley, where results have been improving as underlying rates have been rising. One other catalyst for earnings downgrades for stocks with European exposure was the recent strength of sterling relative to the euro which whilst being unhelpful is not at the stage yet where it will affect dividend decisions in our investee companies. Importantly for our fund, whilst the earnings outlook has continued to remain volatile dividend payments have proved to be much more resilient and remain on an upward path. Company boards tend look to the longer term cash flow strengths of their  business’s rather than short term earnings profile when deciding their dividend policies and this is reflected in continued increases which they are still happy to recommend despite earnings being somewhat ‘becalmed’.   As the macro environment remains uncertain the income and ‘value’ characteristics of our portfolio should continue to provide support to valuations. • Fund Manager’s comments as at 31.7.12 Portfolio breakdown by market capitalisation Small Companies Dividend Trust PLC is registered in England Company No: 3749536 Price Information: Financial Times Reuters: SDV.L (Ords); SEDOL: 0661582 Marketmakers: Fairfax I.S, JP Morgan Cazenove and Winterflood HOW TO CONTACT US Telephone : 01225 483 030 Email: cam@chelvertonam.com By Post: Chelverton Asset Management Limited 12b George Street Bath BA1 2EH www.chelvertonam.com

3. SMALL COMPANIES DIVIDEND TRUST PLC Trust facts July 2012 SM • Risk Factors • The value of investments and the income from them may go down as well as up and you may not get back your original investment. Investment trusts can borrow money to make additional investments on top of shareholders funds (gearing). If the value of these investments fall in value, gearing will magnify the negative impact on performance. Particular share classes may also be structurally geared by other share classes that have earlier entitlement to the Company’s assets up to a predetermined limit. If an investment trust incorporates a large amount of gearing the value of its shares may be subject to sudden and large falls in value and you could get back nothing at all. Some split capital shares have higher risk characteristics than conventional equities which can result in capital erosion. An investor could lose all of their capital. Smaller companies are riskier and less liquid than larger companies which means their share price may be more volatile. Some of the annual management fee is currently charged to the capital of the Fund. Whilst this increases the yield, it will restrict the potential for capital growth. The level of yield may be subject to fluctuation and is not guaranteed. Net Asset Value (“NAV”) performance is not the same as share price performance and investors may not realise returns the same as NAV performance. Risk rating of Shares Ordinary shares High The information contained in this document has been obtained from sources that Chelverton Asset Management Limited (“CAM”) considers to be reliable. However, CAM cannot guarantee the accuracy or completeness of the information provided, and therefore no investment decision should be based solely on this data. This document is issued by CAM, authorised and regulated by the Financial Services Authority. This document does not represent a recommendation by CAM to purchase shares in this Trust. We recommend private investors seek the services of a Financial Adviser. www.chelvertonam.com