Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 31 December 2014)
of £39.89m

Net Assets (including unaudited revenue reserves at 31 December 2014) of £30.15m

The Net Asset Value (NAV) at 31 December 2014 was:

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                182.17p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          179.34p
Ordinary share price                             159.50p
Discount to NAV                                  (12.44)%
Ordinary shares have an undated life

ZDP share                                        114.63p            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 31 December 2014 
                                                                             
                                                                                    
Top 20 Holdings as at 31 December 2014 was:                                                                             
                                                                                
                                                                                
            Name of company                         % of portfolio                                      
                                                                                
1           Connect Group                           2.60                                        
2           Acal                                    2.40                                        
3           GVC Holdings                            2.39                                        
4           Stadium Group                           2.32                                        
5           KCOM Group                              2.25                                        
6           Clarke(T)                               2.11                                        
7           Cineworld Group                         2.08                                        
8           Marshalls                               2.05                                        
9           Jarvis Securities                       2.04                                        
10          Alumasc Group                           2.02                                        
11          Town Centre Securities                  2.01                                        
12          Marstons                                1.98                                        
13          Avesco Group                            1.96                                        
14          St Ives                                 1.90                                        
15          Wilmington Group                        1.90                                        
16          Tritax Big Box                          1.89                                        
17          Dairy Crest Group                       1.87                                        
18          Shoe Zone                               1.86                                        
19          Braemar Shipping                        1.81                                        
20          Photo-Me-International                  1.76                                        
                                                                                
            Balance held in 56 holdings             58.80                                       
                                                   100.00