Correction : Net Asset Value(s)

This announcement replaces the 31 March 2015 NAV announcement (release
reference PRNUK-0204151513-FD85 announced on 2 April 2015 at 15:13) which didn't
incorporate an adjustment for the estimated management fee as at the end of
March 2015.

Small Companies Dividend Trust PLC                                             
                                                                               
The Company announces:                                                         
                                                                               
Total Assets (including unaudited revenue reserves at 31/03/2015) of £41.51m   
                                                                               
Net Assets (including unaudited revenue reserves at 31/03/2015) of £31.63m     
                                                                               
                                                                               
                                                                               
The Net Asset Value (NAV) at 31/03/2015 was:                                   
                                                                               
                                                                      Number of
                                                                      shares in
                                                                         issue:
                                                                               
Per Ordinary share (bid price) - including                   191.1p  16,550,000
unaudited current period revenue*                                              
                                                                               
Per Ordinary share (bid price) - excluding current          188.03p            
period revenue*                                                                
                                                                               
Ordinary share price                                        170.00p            
                                                                               
Discount to NAV                                            (11.04)%            
                                                                               
Ordinary shares have an undated life                                           
                                                                               
                                                                               
                                                                               
ZDP share                                                   116.29p   8,500,000
                                                                               
ZDP share price                                             126.25p            
                                                                               
Premium to NAV                                                8.57%            
                                                                               
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018   
                                                                               
                                                                               
                                                                               
*Current period revenue covers the period 01/05/2014 to 31/03/2015             
                                                                               
                                                                               

        Name of company                           % of
                                             portfolio
                                                      
    1   Clarke (T.) Plc Ordinary 10p              2.55
                                                      
    2   Connect Group Plc Ordinary 5p             2.52
                                                      
    3   Acal Plc Ordinary 5p                      2.50
                                                      
    4   Alumasc Group (The) Plc Ordinary          2.40
        12.5p                                         
                                                      
    5   GVC Holdings Plc Common EUR0.01           2.29
                                                      
    6   Kcom Group Plc Ordinary 10p               2.21
                                                      
    7   Town Centre Securities Plc REIT 25p       2.17
                                                      
    8   Avesco Group Plc Ordinary 10p             2.10
                                                      
    9   Braemar Shipping Services Plc GBp 10      2.08
                                                      
   10   Stadium Group Plc Ordinary 5p             2.04
                                                      
   11   Marston's Plc Ordinary 7.375p             2.03
                                                      
   12   Wilmington Plc Ordinary 5p                1.97
                                                      
   13   Shoe Zone (Holdings) Limited              1.89
        Ordinary 1p                                   
                                                      
   14   Dairy Crest Group Plc Ordinary 25p        1.88
                                                      
   15   Personal Group Holdings Plc Ordinary      1.87
        5p                                            
                                                      
   16   Intermediate Capital Group Plc            1.83
        Ordinary 20p                                  
                                                      
   17   Macfarlane Group Plc Ordinary 25p         1.79
                                                      
   18   Photo-Me International Plc Ordinary       1.78
        0.5p                                          
                                                      
   19   Novae Group Plc Ordinary 100p             1.72
                                                      
   20   Marshalls Plc Ordinary 25p                1.68