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SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05

SMALL COMPANIES DIVIDEND TRUST PLC Trust facts August 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 August 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 August 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 August 2012 SMALL COMPANIES DIVIDEND TRUST PLC Trust facts as at 30.6.05 • Fund Manager’s comments as at 31.8.12 • The last month saw a continuation of the gradual recovery in the UK equity market since the dramatic sell off in May. Ironically the macro news has got worse over this period, and continued to do so in August, but investors continue to be attracted to equities by their valuation relative to other asset classes and in particular by the dividend yield and the prospects for growth in dividend payouts. Whilst it is now consensus that there will be further earnings downgrades as we move towards the end of this year investors have taken the view that these are already ‘priced in’ to current valuations and they appear to have largely discounted the raft of recent currency driven downgrades. • We have commentated frequently on the ability of our companies to generate cash and estimates suggest that corporate balance sheets are now at their strongest since the late nineties. The average dividend cover in our portfolio of around twice combined with robust balance sheets gives our income prospects a healthy degree of resilience to any further earnings downgrades next year. We are also encouraged as more and more boards appear to be adopting a predictable dividend growth strategy to attract the marginal investor in the face of a volatile earnings environment. 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 August 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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