SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 17 January 2014) of £40.87m

Net Assets (including unaudited revenue reserves at 17 January 2014) of £31.06m

The Net Asset Value (NAV) at 17 January 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                187.68p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          184.93p
Ordinary share price                             193.25p
Premium to NAV                                   2.97%
Ordinary shares have an undated life

ZDP share                                        108.44p             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 17 January 2014