Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                      
                                                                        
The Company announces:

Total Assets (including unaudited revenue reserves at 31 March 2014) of £40.28m

Net Assets (including unaudited revenue reserves at 31 March 2014) of £30.95m

The Net Asset Value (NAV) at 31 March 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                187.01p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          181.36p
Ordinary share price                             181.25p
Discount to NAV                                  (3.08)%
Ordinary shares have an undated life
ZDP share                                         109.71p            8,500,000
ZDP share  price                                  117.00p         
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 31 March 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 31 March 2014 was:                                                                        
                                                                        
                                                                        
            Name of company                         % of portfolio                              
                                                                        
1           S & U                                   2.32                                
2           Jarvis Securities                       2.28                                
3           KCOM Group                              2.22                                
4           St Ives                                 2.22                                
5           Marshalls                               2.20                                
6           Clarke (T)                              2.19                                
7           Braemar Shipping                        2.17                                
8           Personal Group                          2.13                                
9           Smiths News                             2.08                                
10          Cineworld Group                         2.04                                
11          Wilmington Group                        2.03                                
12          Photo-Me                                2.03                                
13          Stadium Group                           1.99                                
14          MacFarlane Group                        1.91                                
15          Morgan Sindall                          1.90                                
16          GVC Holdings                            1.85                                
17          Tritax Big Box                          1.85                                
18          Alumasc Group                           1.83                                
19          Dairy Crest Group                       1.80                                
20          Town Centre Securities                  1.79                                
                                                                        
            Balance held in 54 holdings            59.17                               
                                                  100.00