Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                      
                                                                        
The Company announces:

Total Assets (including unaudited revenue reserves at 02 May 2014) of £41.16m

Net Assets (including unaudited revenue reserves at 02 May 2014) of £31.78m

The Net Asset Value (NAV) at 02 May 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                192.04p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          185.11p
Ordinary share price                             189.00p
Discount to NAV                                  (1.58)%
Ordinary shares have an undated life
ZDP share                                        110.27p             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 02 May 2014,
 including a one off special dividend from Avesco PLC of £500,500 equivalent 
 to 3.02 pence per Ordinary share.