Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                                                                                                                  
                                                                                                                                                                    
The Company announces:

Total Assets (including unaudited revenue reserves at 31 July 2014) of £39.51m

Net Assets (including unaudited revenue reserves at 31 July 2014) of £30.00m

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

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                181.30p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          178.53p
Ordinary share price                             175.50p
Discount to NAV                                  (3.20)%
Ordinary shares have an undated life

ZDP share                                        111.87p            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 31 July 2014.


Top 20 Holdings as at 31 July 2014 was:

Name of company                    % of portfolio 

1 Braemar Shipping                 2.86
2 KCOM Group                       2.55
3 Jarvis Securities                2.25
4 GVC Holdings                     2.21
5 Acal                             2.20
6 Stadium Group                    2.11
7 Marshalls                        2.04
8 St Ives                          2.03
9 Marstons                         2.01
10 Clarke (T)                      1.99
11 Randall & Quilter               1.98
12 Connect Group                   1.96
13 Personal Group                  1.90
14 MacFarlane Group                1.86
15 Tritax Big Box                  1.85
16 Town Centre Securities          1.84
17 Photo-Me international          1.83
18 ISG                             1.80
19 Sanderson Group                 1.78
20 Wilmington Group                1.74



Balance held in 56 holdings        59.21
                                  100.00