SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05

1. SMALL COMPANIES DIVIDEND TRUST PLC Trust facts October 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 October 2012 SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05 • Fund Manager’s comments as at 31.10.12 • The key to the performance of the fund over the last month was a combination of falling equity risk premiums and a more optimistic outlook for the UK, both of which helped domestic small and mid caps outperform. The irony is that just as we have had the first pick up in the top down macro indicators both here and in the US for a number of months so investors worries have switched to the relatively disappointing corporate earnings news. It is important to stress here that the message to us from our investee companies has remained consistent throughout i.e. life is not easy but we continue to generate cash and pay growing dividends. As ever the ‘disappointment’ has arisen from ‘market’ expectations running ahead of themselves. This happened at the same time last year and precipitated a sell off in risk assets but this time it appears that another year on from the depths of the financial crisis investors are more inclined to be looking at downgrades as an opportunity to buy rather than a signal to sell. Indeed for a number of our holdings analysts have noted that whilst it is too early to upgrade the ‘risk’ to forecasts is now on the upside. • At the stock level there were positive contributions from three of our holdings that released figures, namely, Smiths News, N Brown and St Ives all of which have subsequently held on to the gains they made. This is potentially significant as over the past couple of years as well as our stocks have performed over results periods, when they are able to highlight their attractions to the investment community, they have all tended to drift off as investor sentiment has proved to be volatile. It will be interesting to see how sustained the reaction to good bottom up news turns out to be as we move into the new year. We added to a number of our existing holdings, funded partially from the proceeds of the takeover of Psion including Acal , Alumasc, Kcom and NWF. Portfolio breakdown by market capitalisation Small Companies Dividend Trust PLC is registered in England Company No: 3749536 Price Information: ZDPORDS Reuters: SDVZ.L (ZDP’s) SDV.L (Ords); SEDOL: 88fj5797 0661582 Market makers: JP Morgan, Canacord 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 October 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 Zero Dividend Preference shares Medium 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