Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC           
                                                      
The Company announces:

Total Assets (including unaudited revenue reserves at 30 May 2014)
of £41.02m

Net Assets (including unaudited revenue reserves at 30 May 2014) of £31.60m

The Net Asset Value (NAV) at 30 May 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                       190.94p        16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                                 183.21p
Ordinary share price                                    189.75p
Discount to NAV                                          (0.62)%
Ordinary shares have an undated life
ZDP share                                               110.78p         8,500,000
ZDP share  price                                        117.75p         
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 May 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 30 May 2014 was:                                           

            Name of company                      % of portfolio 
                                                                                                    
1           Connect Group                           2.52                                                            
2           Clarke (T)                              2.35                                                            
3           KCOM Group                              2.28                                                            
4           Personal Group                          2.26                                                            
5           Jarvis Securities                       2.24                                                            
6           Cineworld Group                         2.23                                                            
7           GVC Holdings                            2.20                                                            
8           Braemar Shipping                        2.14                                                            
9           Marshalls                               2.08                                                            
10          St Ives                                 2.07                                                            
11          S & U                                   2.05                                                            
12          Marstons                                2.04                                                            
13          Ladbrokes                               1.88                                                            
14          Tritax Big Box                          1.83                                                            
15          Town Centre Securities                  1.80                                                           
16          Randall & Quilter                       1.78                                                            
17          MacFarlane Group                        1.78                                                            
18          Alumasc Group                           1.73                                                            
19          Dairy Crest Group                       1.72                                                            
20          Stadium Group                           1.72                                                            
                                                                                                    
                                                                                                    
            Balance held in 55 holdings            59.30                                                           
                                                  100.00