Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                       
                                                                                                      
The Company announces:                                                                                   
                                                                                                         
Total Assets (including unaudited revenue reserves at 31 December 2013)of £38.96m   
                                                                                                         
Net Assets (including unaudited revenue reserves at 31 December 2013) of £29.77m   
                                                                                                
The Net Asset Value (NAV) at 31 December 2013 was:                                                       
                                                                                                         
                                                              Number of shares                           
                                                                      in issue                           
Per Ordinary share (bid price) - including                                                               
unaudited current period revenue*                183.20p            16,250,000                           
Per Ordinary share (bid price) - excluding                                                               
current period revenue*                          180.52p                                                 
Ordinary share price                             176.00p                                                 
Discount to NAV                                  (3.93)%                                                 
Ordinary shares have an undated life                                                                     
                                                                                                         
ZDP share                                        108.15p            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 2013 to 31 December 2013                                
                                                                                                      
Top 20 Holdings as at 31 December 2013 was:                                                              
                                                                                                         
                                                                                                         
                  Name of company                      % of portfolio                                    
                                                                                                         
1                 Jarvis Securities                    2.58                                              
2                 Avesco Group                         2.58                                              
3                 Randall & Quilter                    2.51                                              
4                 Chesnara                             2.48                                              
5                 Wilmington Group                     2.47                                              
6                 Smiths News                          2.43                                              
7                 Braemar Shipping                     2.38                                              
8                 Marshalls                            2.27                                              
9                 St Ives                              2.22                                              
10                Personal Group                       2.15                                              
11                Photo-Me International               2.14                                              
12                ISG                                  2.03                                              
13                Clarke (T)                           1.98                                              
14                Cineworld Group                      1.96                                              
15                Alumasc Group                         1.95                                              
16                Morgan Sindall                       1.94                                              
17                Kier Group                           1.89                                              
18                Dairy Crest Group                    1.88                                              
19                S & U                                1.82                                              
20                GVC Holdings                         1.82                                              
                  Balance held in 54 holdings          56.52                                             
                                                       100.00