Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 25 July 2014)
of £39.33m

Net Assets (including unaudited revenue reserves at 25 July 2014) of £29.83m

The Net Asset Value (NAV) at 25 July 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price)  including
unaudited current period revenue*                180.25p            16,550,000
Per Ordinary share (bid price)  excluding
current period revenue*                          177.56p
Ordinary share price                             181.00p
Premium to NAV                                   0.42%
Ordinary shares have an undated life

ZDP share                                        111.76p            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 25 July 2014