Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 11 July 2014) of £39.76m

Net Assets (including unaudited revenue reserves at 11 July 2014) of £29.89m

The Net Asset Value (NAV) at 11 July 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price)  including
unaudited current period revenue*                180.58p            16,550,000
Per Ordinary share (bid price)  excluding
current period revenue*                          178.29p
Ordinary share price                             180.00p
Discount to NAV                                  (0.32)%
Ordinary shares have an undated life

ZDP share                                        111.51p            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 11 July 2014