Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC          
                                                                                                                      
The Company announces:

Total Assets (including unaudited revenue reserves at 04 July 2014)
of £40.66m

Net Assets (including unaudited revenue reserves at 04 July 2014) of £30.92m

The Net Asset Value (NAV) at 04 July 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                186.81p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          184.53p
Ordinary share price                             183.00p
Discount to NAV                                  (2.04)%
Ordinary shares have an undated life

ZDP share                                        111.38p            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 04 July 2014.