Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                      
                                                                        
The Company announces:

Total Assets (including unaudited revenue reserves at 30 April 2014)
of £41.08m

Net Assets (including unaudited revenue reserves at 30 April 2014) of £31.71m

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

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                191.57p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          184.63p
Ordinary share price                             188.00p
Discount to NAV                                  (1.86)%
Ordinary shares have an undated life
ZDP share                                        110.24p             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 30 April 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 April 2014 was:                                                                        
                                                                        
                                                                        
            Name of company                         % of portfolio                              
                                                                        
1           Connect Group                           2.43                                
2           Clarke (T)                              2.40                                
3           Jarvis Securities                       2.26                                
4           St Ives                                 2.18                                
5           Marshalls                               2.17                                
6           MacFarlane Group                        2.14                                
7           Braemar Shipping                        2.11                                
8           Cineworld Group                         2.09                                
9           Personal Group                          2.08                                
10          KCOM Group                              2.07                                
11          S & U                                   2.01                                
12          Photo-Me                                1.98                                
13          Wilmington Group                        1.95                                
14          Morgan Sindall                          1.94                                
15          GVC Holdings                            1.90                                
16          Ladbrokes                               1.88                                
17          Tritax Big Box                          1.86                                
18          Sanderson Group                         1.84                                
19          Town Centre Securities                  1.82                                
20          Randall & Quilter                       1.81                                
                                                                        
            Balance held in 54 holdings            59.08                               
                                                  100.00