Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                      
                                                                  
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 29 November 2013) of £38.98m  
                                                                                      
Net Assets (including unaudited revenue reserves at 29 November 2013) of £29.83m       
                                                                                      
The Net Asset Value (NAV) at 29 November 2013 was:                                    
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                183.59p            16,250,000        
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          179.89p                              
Ordinary share price                             171.75p                              
Discount to NAV                                  (6.45)%                              
Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        107.61p            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 29 November 2013             
                                                                           
                                                                                      
Top 20 Holdings as at 29 November 2013 was:                                           
                                                                                      
                                                                                      
                Name of company                   % of portfolio                      
                                                                                      
1               Photo-Me International            2.58                                
2               Randall & Quilter                 2.56                                
3               Avesco Group                      2.56                                
4               Jarvis Securities                 2.43                                
5               Wilmington Group                  2.37                                
6               Braemar Shipping                  2.33                                
7               Chesnara                          2.32                                
8               St Ives                           2.32                                
9               Smiths News                       2.29                                
10              Marshalls                         2.28                                
11              ISG                               2.08                                
12              Macfarlane Group                  2.03                                
13              Clarke (T)                        2.02                                
14              Alumas Group                      2.01                                
15              Morgan Sindall                    2.00                                
16              Personal Group                    1.95                                
17              Cineworld Group                   1.94                                
18              Sanderson Group                   1.89                                
19              Portmeiron Group                  1.87                                
20              Acal                              1.87                                
                Balance held in 53 holdings       56.30                               
                                                  100.00