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SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05

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

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SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05

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  1. SMALL COMPANIES DIVIDEND TRUST PLC Trust facts Septemebr 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 Septemeber 2012 SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05 • Fund Manager’s comments as at 30.9.12 • After a strong start for ‘risk’ assets driven by the policies of both the ECB and the Fed the momentum turned negative in the latter half of the month as the problems in the Eurozone once again became headline news. At the same time the balance of corporate earnings revisions was downwards, notably in the industrial sectors, although some of the more domestically orientated, consumer related, sectors held up relatively well. There has been no real change in the ‘cautious’ feedback from our investee companies and the outlook for dividend growth remains positive. • One feature of the last month was that although there was a definite size bias to the relative performance statistics there continues to be no discernible style bias to UK equity performance. We retain a ‘balanced’ approach to portfolio construction which was highlighted in the month as we started to invest the new monies raised from the recent zero issue across a broad range of stocks. These included Abbey Protection, St Ives, T.Clarke, Greencore, Alumasc and Wilmington. We also added a number of new holdings to the portfolio : Acal, a European distributor of specialist, low volume, electronic components, Centaur Media a business information, publishing and events business, Kier a building and construction Company, Numis, a stockbroker and NWF an agricultural and distribution business. 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 Marketmakers: 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 Septemeber 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

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