Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 19 December 2014)
of £39.29m

Net Assets (including unaudited revenue reserves at 19 December 2014) of £29.57m

The Net Asset Value (NAV) at 19 December 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                178.65p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          175.95p
Ordinary share price                             158.50p
Discount to NAV                                  (11.28)%
Ordinary shares have an undated life

ZDP share                                        114.41p            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 19 December 2014