Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 18 July 2014)
of £39.49m

Net Assets (including unaudited revenue reserves at 18 July 2014) of £29.60m

The Net Asset Value (NAV) at 18 July 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price)  including
unaudited current period revenue*                178.86p            16,550,000
Per Ordinary share (bid price)  excluding
current period revenue*                          176.31p
Ordinary share price                             182.50p
Discount to NAV                                  2.04%
Ordinary shares have an undated life

ZDP share                                        111.63p            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 2014 to 18 July 2014