Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 08 August 2014)
of £38.64m

Net Assets (including unaudited revenue reserves at 08 August 2014) of £28.99m

The Net Asset Value (NAV) at 08 August 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                175.15p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          172.43p
Ordinary share price                             163.75p
Discount to NAV                                  (6.51)%
Ordinary shares have an undated life

ZDP share                                        112.01p            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 08 August 2014