Net Asset Value(s)

Small Companies Dividend Trust PLC                            
                                                              
The Company announces:                                        
                                                              

Total Assets (including unaudited revenue reserves at 30/01/2015) of £40.43m                                              
Net Assets (including unaudited revenue reserves at 30/01/2015) of £30.64m                                              
                                                              
The Net Asset Value (NAV) at 30/01/2015 was:                  
                                                              
                                                     Number of
                                                     shares in
                                                        issue:
                                                              
Per Ordinary share (bid price) -          185.13p   16,550,000
including unaudited current period                            
revenue*                                                      
                                                              
Per Ordinary share (bid price) -          181.94p             
excluding current period revenue*                             
                                                              
Ordinary share price                      154.00p             
                                                              
Discount to NAV                          (16.81)%             
                                                              
Ordinary shares have an undated life                          
                                                              
                                                              
                                                              
ZDP share                                 115.18p    8,500,000
                                                              
ZDP share price                           126.13p             
                                                              
Discount to NAV                             9.50%             
                                                              
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 30/01/2015                                                          

    Name of company                                       % of
                                                     portfolio
                                                              
  1 Clarke (T.) Plc Ordinary 10p                          2.90
                                                              
  2 Stadium Group Plc Ordinary 5p                         2.61
                                                              
  3 Acal Plc Ordinary 5p                                  2.54
                                                              
  4 Connect Group Plc Ordinary 5p                         2.38
                                                              
  5 GVC Holdings Plc Common EUR0.01                       2.26
                                                              
  6 Shoe Zone (Holdings) Limited Ordinary 1p              2.21
                                                              
  7 Kcom Group Plc Ordinary 10p                           2.05
                                                              
  8 Town Centre Securities Plc REIT 25p                   2.04
                                                              
  9 Braemar Shipping Services Plc GBp 10                  2.02
                                                              
 10 Avesco Group Plc Ordinary 10p                         2.00
                                                              
 11 Marston's Plc Ordinary 7.375p                         2.00
                                                              
 12 Alumasc Group (The) Plc Ordinary 12.5p                1.95
                                                              
 13 Jarvis Securities Plc Ordinary 1p                     1.92
                                                              
 14 Tritax Big Box REIT Plc                               1.90
                                                              
 15 Wilmington Group Plc Ordinary 5p                      1.87
                                                              
 16 Intermediate Capital Group Plc Ordinary 20p           1.84
                                                              
 17 Marshalls Plc Ordinary 25p                            1.82
                                                              
 18 Dairy Crest Group Plc Ordinary 25p                    1.82
                                                              
 19 Personal Group Holdings Plc Ordinary 5p               1.81
                                                              
 20 St.Ives Plc Ordinary 10p                              1.77


  ND