Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                       
                                                                                                         
The Company announces:                                                                                   
                                                                                                         
Total Assets (including unaudited revenue reserves at 31 October 2013)                                   
of £38.89m                                                                                               
                                                                                                         
Net Assets (including unaudited revenue reserves at 31 October 2013) of £29.79m                          
                                                                                                         
The Net Asset Value (NAV) at 31 October 2013 was:                                                        
                                                                                                         
                                                              Number of shares                           
                                                                      in issue                           
Per Ordinary share (bid price) - including                                                               
unaudited current period revenue*                183.29p            16,250,000                           
Per Ordinary share (bid price) - excluding                                                               
current period revenue*                          180.01p                                                 
Ordinary share price                             162.75p                                                 
Discount to NAV                                  (11.21)%                                                
Ordinary shares have an undated life                                                                     
                                                                                                         
ZDP share                                        107.10p            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 October 2013                                 
                                                                                                         
                                                                                                         
Top 20 Holdings as at 31 October 2013 was:                                                               
                                                                                                         
                                                                                                         
                  Name of company                      % of portfolio                                    
                                                                                                         
1                 Avesco Group                         2.64                                              
2                 Photo-Me International               2.60                                              
3                 Jarvis Securities                    2.50                                              
4                 St Ives                              2.36                                              
5                 Randall & Quilter                    2.35                                              
6                 Braemar Shipping                     2.31                                              
7                 Chesnara                             2.28                                              
8                 Marshalls                            2.27                                              
9                 Wilmington Group                     2.25                                              
10                Smiths News                          2.19                                              
11                Alumasc Group                        2.13                                              
12                Clarke (T)                           2.09                                              
13                ISG                                  2.07                                              
14                Morgan Sindall                       2.06                                              
15                Macfarlane Group                     2.01                                              
16                Hansard Global                       1.97                                              
17                Cineworld Group                      1.93                                              
18                Personal Group                       1.89                                              
19                Dairy Crest Group                    1.89                                              
20                Kier Group                           1.89                                              
                  Balance held in 54 holdings          56.32                                             
                                                       100.00