SMALL COMPANIES DIVIDEND TRUST PLC - Net Asset Value(s)

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 31 August 2014)
of £40.24m

Net Assets (including unaudited revenue reserves at 31 August 2014) of £30.32m

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

                                                              Number of shares
                                                                      in issue
Per Ordinary share (bid price) - including
unaudited current period revenue*                183.22p            16,550,000
Per Ordinary share (bid price) - excluding
current period revenue*                          180.40p
Ordinary share price                             172.25p
Discount to NAV                                  (5.99)%
Ordinary shares have an undated life

ZDP share                                        112.42p            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 August 2014


Top 20 Holdings as at 31 August 2014 was:


            Name of company                         % of portfolio

1           Braemar Shipping                            2.80
2           KCOM Group                                  2.50
3           Marshalls                                   2.37
4           Acal                                        2.35
5           Stadium Group                               2.21
6           GVC Holdings                                2.20
7           Jarvis Securities                           2.18
8           St Ives                                     2.05
9           Marstons                                    2.05
10          Connect Group                               2.02
11          Alumasc Group                               1.96
12          Tritax Big Box                              1.88
13          Personal Group                              1.87
14          Avesco Group                                1.86
15          MacFarlane Group                            1.85
16          Clarke (T)                                  1.84
17          Town Centre Securities                      1.78
18          Randall & Quilter                           1.76
19          Shoe Zone                                   1.74
20          Wilmington Group                            1.73


            Balance held in 55 holdings                 59.00
                                                       100.00