Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 03 January 2014) of £39.28m
                                                                            
Net Assets (including unaudited revenue reserves at 03 January 2014) of £30.08m       
                                                                                      
The Net Asset Value (NAV) at 03 January 2014 was:                                     
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                185.10p            16,250,000        
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          182.44p                              
Ordinary share price                             178.50p                              
Discount to NAV                                  (3.57)%                              
Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        108.20p            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 03 January 2014