Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 03 October 2014) of £39.67m

Net Assets (including unaudited revenue reserves at 03 October 2014) of £30.07m

The Net Asset Value (NAV) at 03 October 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                181.66p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          179.23p
Ordinary share price                             161.63p
Discount to NAV                                  (11.03)%

Ordinary shares have an undated life

ZDP share                                        113.01p            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 03 October 2014