Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 04 January 2013)                
of £29.26m                                                                            
                                                                                      
Net Assets (including unaudited revenue reserves at 04 January 2013) of £20.40m       
                                                                                      
The Net Asset Value (NAV) at 04 January 2013 was:                                     
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                125.51p            16,250,000        
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          123.70p                              
Ordinary share price                             104.75p                              
Discount to NAV                                  (16.54)%                             

Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        102.10p            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 04 January 2013