Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                      
                                                                        
The Company announces:

Total Assets (including unaudited revenue reserves at 16 May 2014)
of £40.73m

Net Assets (including unaudited revenue reserves at 16 May 2014) of £31.33m

The Net Asset Value (NAV) at 16 May 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                189.32p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          182.28p
Ordinary share price                             194.50p
Discount to NAV                                     2.74%
Ordinary shares have an undated life
ZDP share                                           110.52p            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 16 May 2014
 including a one off special dividend from Avesco PLC of £500,500 equivalent
 to 3.02 pence per Ordinary 
share.