Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                             
                                                                                            
                                                                                            
                                                                                            
1. Identity of the issuer or the underlying issuer                                          
of existing shares to which voting rights are             Small Companies Dividend Trust Plc
attached:                                                                                
                                                                                            
2 Reason for the notification (please tick the appropriate box or boxes):                   
                                                                                            
An acquisition or disposal of voting rights                                           Yes   
                                                                                            
An acquisition or disposal of qualifying financial instruments which may result             
in the acquisition of shares already issued to which voting rights are attached             
                                                                                            
An acquisition or disposal of instruments with similar economic effect to                   
qualifying financial instruments                                                            
                                                                                            
An event changing the breakdown of voting rights                                            
                                                                                            
Other (please                                                                               
specify):                                                                                   
                                                                                            
3. Full name of person(s) subject to the      Funds under the management of Midas Investment
notification obligation:                                                      Management Ltd
                                                                                            
4. Full name of shareholder(s)                                     Pershing Nominees Limited
 (if different from 3.):                                                                  
                                                                                            
5. Date of the transaction and date on                                                      
which the threshold is crossed or                                           10 November 2011
reached:                                                                                   
                                                                                            
6. Date on which issuer notified:                                           10 November 2011
                                                                                            
7. Threshold(s) that is/are crossed or                                            9 per cent

8. Notified details:                                                                                  
                                                                                                      
A: Voting rights attached to shares                                                           
                                                                                                      
Class/type of    Situation previous         Resulting situation after the triggering transaction      
shares           to the triggering                                                                    
                 transaction                                                                          
                                                                                                      
if possible      Number        Number       Number      Number of voting      % of  voting rights    
using            of            of           of shares   rights                                        
the ISIN CODE    Shares        Voting                                                                 
                               Rights       Direct      Direct      Indirect  Direct       Indirect   
                                                                                         
GB0006615826     1,443,701     1,443,701    1,463,701   1,463,701   9.01%     9.01%                   
                                                                                          
B: Qualifying Financial Instruments                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of financial       Expiration  Exercise/               Number of voting        % of voting       
instrument              date        Conversion Period       rights that may be      rights            
                                                            acquired if the                           
                                                            instrument is                             
                                                            exercised/ converted.                     
                                                                              
                                                                                                      
C: Financial Instruments with similar economic effect to Qualifying Financial                         
Instruments                                                                                  
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of financial  Exercise    Expiration Exercise/     Number of voting rights  % of voting rights   
instrument         price       date       Conversion    instrument refers to                  
                                          period                                                
                                                                                                      
                                                                                                      
                                                                                 Nominal      Delta   
                                                                                              
Total (A+B+C)                                                                                         
                                                                                                      
Number of voting rights                            Percentage of voting rights                        
                                                                                                      
1,463,701                                          9.01%                                                   

9. Chain of controlled undertakings through which the voting rights and/or the            
financial instruments are effectively held, if applicable:                           

Proxy Voting:                                                                             
                                                                                          
10. Name of the proxy holder:                                                             
                                                                                          
11. Number of voting rights proxy holder will cease                                       
to hold:                                                                                  
                                                                                          
12. Date on which proxy holder will cease to hold                                         
voting rights:                                                                            
                                                      
                                                                                          
13. Additional information:                                                               
                                                                                          
14. Contact name:                                                          David Rodrigues
                                                                                          
15. Contact telephone number:                                                0161 228 1709