Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer              Small Companies Dividend Trust plc
of existing shares to which voting rights are                                  
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
notification obligation:                                             of Midas Investment
                                                                          Management Ltd

                                                                                        
                                                               
4. Full name of shareholder(s)                                 Pershing Nominees Limited
 (if different from 3.):                                       [MDCLT] -1,262,164 shares

                                                               Pershing Nominees Limited
                                                                [MDISA] - 801,178 shares
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                       28 December 2012
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                                       31 December 2012
                                                                                        
7. Threshold(s) that is/are crossed or                                 Under 13 per cent
reached:                                                                                
                                                                                        

8. Notified details:                                                                                          
                                                                                                              
A: Voting rights attached to shares                                                                           
                                                                                                              
Class/type   Situation previous        Resulting situation after the triggering transaction          
of           to the triggering                                                                                
shares       transaction                                                                                      
                                                                                                              
if possible   Number       Number      Number        Number of voting      % of voting rights 
using         of           of          of shares     rights                                    
the ISIN      Shares       Voting                                                                    
CODE                       Rights                                                                    
                                       Direct        Direct     Indirect   Direct   Indirect     
                                                                                                              
GB0006615826  2,119,461    2,119,461   2,063,342     2,063,342                      12.7%        

                                                                                                              
B: Qualifying Financial Instruments                                                                           
                                                                                                              
Resulting situation after the triggering transaction                                                          
                                                                                                              
Type of        Expiration            Exercise/                       Number of voting           % of voting   
financial      date                  Conversion Period               rights that may be         rights        
instrument                                                           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       Exercise price        Expiration Exercise/            Number of voting rights  % of voting      
financial                           date       Conversion period    instrument refers to     rights           
instrument                                                                                                    
                                                                                                              
                                                                                                              
                                                                                             Nominal Delta       
                                                                                                              
                                                                                                              
                                                                                                              
Total (A+B+C)                                                                                                 
                                                                                                              
Number of voting rights                                  Percentage of voting rights                          
                                                                                                              
2,063,342                                                12.7%                                                
                                                                                                              

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:                                                        Mike Waddington
                                                                                        
15. Contact telephone number:                                              0161 228 1709