Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC                                                                              
                                                                                
The Company announces:

Total Assets (including unaudited revenue reserves at 31 October 2014 of £39.49m

Net Assets (including unaudited revenue reserves at 31 October 2014) of £29.84m

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

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                180.31p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          176.90p
Ordinary share price                             168.50p
Discount to NAV                                   (6.55)%
Ordinary shares have an undated life

ZDP share                                        113.52p            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 October 2014                                                                               
                                                                                
                                                                                
                                                                                                               
Top 20 Holdings as at 31 October 2014 was:                                                                              
                                                                                
                                                                                
            Name of company                         % of portfolio                                      
                                                                                
1           GVC Holdings                            2.44                                        
2           KCOM Group                              2.36                                        
3           Connect Group                           2.36                                        
4           Stadium Group                           2.33                                        
5           Marshalls                               2.27                                        
6           Alumasc Group                           2.16                                        
7           Acal                                    2.13                                        
8           Marstons                                2.11                                        
9           Braemar Shipping                        2.08                                        
10          Jarvis Securities                       2.04                                        
11          Shoe Zone                               2.04                                        
12          Town Centre Securities                  1.99                                        
13          St Ives                                 1.96                                        
14          Wilmington Group                        1.94                                        
15          Tritax Big Box                          1.94                                        
16          Go-Ahead Group                          1.87                                        
17          Avesco Group                            1.78                                        
18          Sanderson Group                         1.78                                        
19          Chesnara                                1.75                                        
20          Randall & Quilter                       1.71                                        
                                                                                
            Balance held in 57 holdings             58.96                                       
                                                   100.00