Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 30 November 2014)
of £40.26m

Net Assets (including unaudited revenue reserves at 30 November 2014) of £30.28m

The Net Asset Value (NAV) at 30 November 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                182.94p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          179.17p
Ordinary share price                             169.50p
Discount to NAV                                  (7.35)%
Ordinary shares have an undated life

ZDP share                                        114.06p            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 30 November 2014                                                                              
                                                                                         
                                                                               
Top 20 Holdings as at 30 November 2014 was:                                                                             
                                                                                
                                                                                
            Name of company                         % of portfolio                                      
                                                                                
1           Connect Group                           2.51                                        
2           GVC Holdings                            2.41                                        
3           Stadium Group                           2.21                                        
4           Jarvis Securities                       2.16                                        
5           KCOM Group                              2.14                                        
6           Town Centre Securities                  2.08                                        
7           Acal                                    2.07                                        
8           Clarke(T)                               2.06                                        
9           Alumasc Group                           2.03                                        
10          Marshalls                               2.03                                        
11          Marstons                                2.00                                        
12          Shoe Zone                               1.95                                        
13          Cineworld Group                         1.93                                        
14          Wilmington Group                        1.91                                        
15          Dairy Crest Group                       1.91                                        
16          Braemar Shipping                        1.89                                        
17          St Ives                                 1.88                                        
18          Tritax Big Box                          1.86                                        
19          Photo-Me-Intl                           1.80                                        
20          Avesco Group                            1.80                                        
                                                                                
            Balance held in 56 holdings            59.37                                       
                                                  100.00