Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                        
                                                                                 
The Company announces:                                                    
                                                                          
Total Assets (including unaudited revenue reserves at 31 January 2014)of £40.97m
                                                                                                                                        
Net Assets (including unaudited revenue reserves at 31 January 2014) of £31.04m
                                                                          
The Net Asset Value (NAV) at 31 January 2014 was:                         
                                                                   
       
                                                              Number of shares            
                                                                 in issue      

Per Ordinary share (bid price) - including                                
unaudited current period revenue*                187.56p          16,550,000        
Per Ordinary share (bid price) - excluding                                
current period revenue*                          181.66p                  
Ordinary share price                             177.00p                  
Discount to NAV                                  (5.63)%                  
Ordinary shares have an undated life                                                                            
                         
                                                                          
ZDP share                                        108.68p           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 January 2014, 
including a one off special dividend from Avesco PLC of £500,500          
equivalent to 3.02 pence per Ordinary share.                              
                                                         
                                                                          
Top 20 Holdings as at 31 January 2014                                     
was:                                                                      
                                                                          
                                                                          
         Name of company                    % of portfolio                
                                                                          
1        Wilmington Group                   2.82                          
2        Jarvis Securities                  2.35                          
3        Randall & Quilter                  2.24                          
4        KCOM Group                         2.24                          
5        Photo-Me                           2.23                          
6        Marshalls                          2.22                          
7        St Ives                            2.17                          
8        Personal Group                     2.17                          
9        Alumasc Group                      2.14                          
10       Braemar Shipping                   2.09                          
11       Smiths News                        2.08                          
12       Clarke (T)                         2.07                          
13       S & U                              2.03                          
14       Morgan Sindall                     2.01                          
15       Kier Group                         1.89                          
16       Numis                              1.88                          
17       Tritax                             1.84                          
18       Portmeiron Group                   1.82                          
19       Avesco Group                       1.79                          
20       Cineworld Group                    1.78                          
         Balance held in 55 holdings       58.14                         
                                          100.00