Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 30 September 2014)
of £39.89m

Net Assets (including unaudited revenue reserves at 30 September 2014) of £30.26m

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

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                182.81p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          180.78p
Ordinary share price                             163.00p
Discount to NAV                                  (10.84)%
Ordinary shares have an undated life

ZDP share                                        112.96p            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 September 2014      
                                                                       
                                                                                
                                                                                
                                                                              
Top 20 Holdings as at 30 September 2014 was:                                     
                                           
                                                                                
                                                                                
            Name of company                         % of portfolio              
                                                                                
1           Marshalls                               2.53                                        
2           GVC Holdings                            2.50                                        
3           Acal                                    2.48                                        
4           KCOM Group                              2.38                                        
5           Alumasc Group                           2.22                                        
6           Stadium Group                           2.18                                        
7           Jarvis Securities                       2.18                                        
8           Braemar Shipping                        2.18                                        
9           Marstons                                2.04                                        
10          Connect Group                           1.97                                        
11          Go-Ahead Group                          1.92                                        
12          Town Centre Securities                  1.91                                        
13          Avesco Group                            1.90                                        
14          Shoe Zone                               1.90                                        
15          Tritax Big Box                          1.90                                        
16          Wilmington Group                        1.90                                        
17          St Ives                                 1.88                                        
18          Personal Group                          1.85                                        
19          Chesnara                                1.79                                        
20          MacFarlane Group                        1.74                                        
                                                                                
            Balance held in 56 holdings             58.65                                       
                                                   100.00