Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                                                  
                                                                                                    
The Company announces:

Total Assets (including unaudited revenue reserves at 06 June 2014)
of £41.50m

Net Assets (including unaudited revenue reserves at 06 June 2014) of £32.07m

The Net Asset Value (NAV) at 06 June 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                       193.80p       16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                                 185.69p
Ordinary share price                                    190.50p
Discount to NAV                                         (1.70)%
Ordinary shares have an undated life
ZDP share                                               110.89p        8,500,000
ZDP share  price                                        118.50p         
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 06 June 2014, including 
a one off special dividend from Avesco PLC of £500,500 equivalent to 3.02 pence 
per Ordinary share.