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