Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                      
                                                                        
"The Company announces:

Total Assets (including unaudited revenue reserves at 28 February 2014)
of £41.38m

Net Assets (including unaudited revenue reserves at 28 February 2014) of £32.10m

The Net Asset Value (NAV) at 28 February 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                193.96p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          187.84p
Ordinary share price                             180.75p
Discount to NAV                                  (6.81)%
Ordinary shares have an undated life

ZDP share                                        109.17p            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 28 February 2014,
 including a one off special dividend from Avesco PLC of £500,500 equivelant
 to 3.02 pence per Ordinary share."                                                          
                                                                            
                                                                        
                                                                        
Top 20 Holdings as at 28 February 2014 was:                                                                     
                                                                        
                                                                        
            Name of company                         % of portfolio                              
                                                                        
1           Wilmington Group                            2.44                                
2           Jarvis Securities                           2.34                                
3           Marshalls                                   2.25                                
4           Personal Group                              2.19                                
5           Photo-Me                                    2.16                                
6           KCOM Group                                  2.13  
7           Stadium  Group                              2.13                                
8           St Ives                                     2.11                                
9           Clarke (T)                                  2.08                                
10          Braemar Shipping                            2.04                                
11          Cineworld Group                             2.04                                
12          Alumasc Group                               2.01                                
13          Smiths News                                 2.01                                
14          S & U                                       2.00                                
15          Numis                                       2.00                                
16          MacFarlane Group                            1.94                                
17          Randall & Quilter                           1.92                                
18          Town Centre Securities                      1.89                                
19          Morgan Sindall                              1.85                                
20          Kier Group                                  1.85                                
                                                                        
            Balance held in 54 holdings                58.62                               
                                                      100.00