Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC         

The Company announces:

Total Assets (including unaudited revenue reserves at 30 June 2014)
of £40.06m

Net Assets (including unaudited revenue reserves at 30 June 2014) of £30.60m

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

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                184.89p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          181.25p
Ordinary share price                             183.75p
Discount to NAV                                  (0.62)%
Ordinary shares have an undated life

ZDP share                                        111.31p            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 June 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 June 2014 was:  
                                                         

       Name of company      %  of portfolio    

1         KCOM Group                       2.32
2         Connect Group                    2.28
3         Jarvis Securities                2.25
4         GVC Holdings                     2.19
5         Braemar Shipping                 2.17
6         Clarke (T)                       2.16
7         Marshalls                        2.15
8         Personal Group                   2.08
9         S & U                            2.03
10        St Ives                          2.03
11        Marstons                         1.99
12        Cineworld Group                  1.96
13        Town Centre Securities           1.93
14        Randall & Quilter                1.85
15        Tritax Big Box                   1.82
16        Go-Ahead Group                   1.78
17        Dairy Crest Group                1.77
18        MacFarlane Group                 1.76
19        Ladbrokes                        1.75
20        Alumasc Group                    1.75
          Balance held in 57 holdings      59.98
                                          100.00