Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                    
                                                                                    

The Company announces:                                                                
                                                                                      
Total Assets (including unaudited revenue reserves at 30 September 2013) of £37.55m

Net Assets (including unaudited revenue reserves at 30 September 2013) of £28.16m

The Net Asset Value (NAV) at 30 September 2013 was:                                   
                                                                                      
                                                              Number of shares        
                                                                      in issue        
Per Ordinary share (bid price) - including                                            
unaudited current period revenue*                173.28p            16,250,000        
Per Ordinary share (bid price) - excluding                                            
current period revenue*                          170.77p                              
Ordinary share price                             159.25p                              
Discount to NAV                                  (8.10)%                              
Ordinary shares have an undated life                                                  
                                                                                      
ZDP share                                        106.57p            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 30 September 2013            
                                                                                      
                                                                                     
Top 20 Holdings as at 30 September 2013 was:                                          
                                                                                      
                                                                                      
                Name of company                  % of portfolio                       
                                                                                      
1               Macfarlane Group                 2.94                                 
2               GVC Holdings                     2.73                                 
3               ISG                              2.61                                 
4               Avesco Group                     2.56                                 
5               Jarvis Securities                2.48                                 
6               Marshalls                        2.43                                 
7               St Ives                          2.36                                 
8               Photo-Me International           2.28                                 
9               Morgan Sindall                   2.24                                 
10              Braemar Shipping                 2.24                                 
11              Smiths News                      2.23                                 
12              Wilmington Group                 2.23                                 
13              Alumac Group                     2.19                                 
14              Chesnara                         2.19                                 
15              Randall & Quilter                2.15                                 
16              Clarke(T)                        2.12                                 
17              Personal Group                   2.07                                 
18              Cineworld Group                  2.07                                 
19              VP                               2.01                                 
20              Abbey Protection                 1.96                                 
                Balance held in 53 holdings      53.91                                
                                                 100.00