Net Asset Value(s)

Small Companies Dividend Trust PLC                                                                   
                                                                                                     
The Company announces:                                                                               
                                                                                                     
Total Assets (including unaudited revenue reserves at 23/01/2015) of £40.47m                         
                                                                                                     
Net Assets (including unaudited revenue reserves at 23/01/2015) of £30.69m                           
                                                                                                     
                                                                                                     
                                                                                                     
The Net Asset Value (NAV) at 23/01/2015 was:                                                         
                                                                                                     
                                                                                  Number of shares in
                                                                                               issue:
                                                                                                     
Per Ordinary share (bid price) - including unaudited current period                                  
revenue*                                                             185.45p               16,550,000
                                                                                                     
Per Ordinary share (bid price) - excluding current period revenue*   182.31p                         
                                                                                                     
Ordinary share price                                                 158.25p                         
                                                                                                     
Discount to NAV                                                     (14.67)%                         
                                                                                                     
Ordinary shares have an undated life                                                                 
                                                                                                     
                                                                                                     
                                                                                                     
ZDP share                                                            115.05p                8,500,000
                                                                                                     
ZDP share price                                                      126.00p                         
                                                                                                     
Discount to NAV                                                        9.52%                         
                                                                                                     
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 23/01/2015                                   
                                                                                                     
                                                                                                     
                                                                                                     
           Name of company                                 % of portfolio                            
                                                                                                     
        1  Stadium Group Plc Ordinary 5p                             2.68                            
                                                                                                     
        2  Clarke (T.) Plc Ordinary 10p                              2.66                            
                                                                                                     
        3  Acal Plc Ordinary 5p                                      2.55                            
                                                                                                     
        4  Connect Group Plc Ordinary 5p                             2.37                            
                                                                                                     
        5  GVC Holdings Plc Common EUR0.01                           2.18                            
                                                                                                     
        6  Shoe Zone (Holdings) Limited Ordinary 1p                  2.14                            
                                                                                                     
        7  Avesco Group Plc Ordinary 10p                             2.10                            
                                                                                                     
        8  Town Centre Securities Plc REIT 25p                       2.05                            
                                                                                                     
        9  Marston's Plc Ordinary 7.375p                             2.02                            
                                                                                                     
       10  Kcom Group Plc Ordinary 10p                               1.97                            
                                                                                                     
       11  Jarvis Securities Plc Ordinary 1p                         1.96                            
                                                                                                     
       12  Alumasc Group (The) Plc Ordinary 12.5p                    1.94                            
                                                                                                     
       13  Braemar Shipping Services Plc GBp 10                      1.93                            
                                                                                                     
       14  Tritax Big Box REIT Plc                                   1.92                            
                                                                                                     
       15  Wilmington Group Plc Ordinary 5p                          1.86                            
                                                                                                     
       16  Dairy Crest Group Plc Ordinary 25p                        1.82                            
                                                                                                     
       17  Intermediate Capital Group Plc Ordinary 20p               1.81                            
                                                                                                     
       18  Personal Group Holdings Plc Ordinary 5p                   1.80                            
                                                                                                     
       19  Marshalls Plc Ordinary 25p                                1.79                            
                                                                                                     
       20  Photo-Me International Plc Ordinary 0.5p                  1.76