Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                      
The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 10 January 2014)                
of £39.97m                                                                            
                                                                                      
Net Assets (including unaudited revenue reserves at 10 January 2014) of £30.77m       
                                                                                      
The Net Asset Value (NAV) at 10 January 2014 was:                                     
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                189.33p            16,250,000        
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          186.52p                              
Ordinary share price                             187.25p                              
Discount to NAV                                  (1.10)%                              
Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        108.32p            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 10 January 2014