Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                      
                                                                        
The Company announces:

Total Assets (including unaudited revenue reserves at 09 May 2014)
of £41.18m

Net Assets (including unaudited revenue reserves at 09 May 2014) of £31.80m

The Net Asset Value (NAV) at 09 May 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                192.15p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          185.14p
Ordinary share price                             191.50p
Discount to NAV                                  (0.34)%
Ordinary shares have an undated life
ZDP share                                        110.39p            8,500,000
ZDP share price                                  117.00p         
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 09 May 2014,
 including a one off special dividend from Avesco PLC of £500,500 equivalent
 to 3.02 pence per Ordinary share.