Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                           

The Company announces:

Total Assets (including unaudited revenue reserves at 20 June 2014)
of £41.08m

Net Assets (including unaudited revenue reserves at 20 June 2014) of £31.63m

The Net Asset Value (NAV) at 20 June 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                191.13p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          182.60p
Ordinary share price                             190.75p
Discount to NAV                                  (0.20)%
Ordinary shares have an undated life

ZDP share                                        111.14p            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 2013 to 20 June 2014, including
a one off special dividend from Avesco PLC of £500,500 equivalent to 3.02 pence 
per Ordinary share.