Net Asset Value(s)

Announcement Page
Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 31/05/2016) of £45.44m
Net Assets (including unaudited revenue reserves at 31/05/2016) of £34.85m
The Net Asset Value (NAV) at 31/05/2016 was:
			Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue*		210.6p	16,550,000
Per Ordinary share (bid price) - excluding current period revenue*		203.36p
Ordinary share price		192.25p
Discount to NAV		(8.71)%
Ordinary shares have an undated life
ZDP share		124.48p	8,500,000
ZDP share price		129.75p
Premium to NAV		4.23%
ZDP shares are held in a subsidiary and have a redemption date of 08/01/2018
*Current period revenue covers the period 01/05/2015 to 31/05/2016

	Name of company	% of portfolio
1	Avesco Group Plc Ordinary 10p	3.30
2	GVC Holdings Plc Common EUR0.01	2.67
3	Coral Products Plc Ordinary 1p	2.67
4	Belvoir Lettings Plc Ordinary	2.58
5	Connect Group Plc Ordinary 5p	2.48
6	Moss Bros Group Plc Ordinary 5p	2.36
7	Shoe Zone (Holdings) Limited Ordinary 1p	2.26
8	Games Workshop Group Plc Ordinary 5p	2.23
9	GLI Finance Ltd	2.19
10	Mucklow (A&J) Group Plc REIT 25p	2.05
11	Marston's Plc Ordinary 7.375p	2.04
12	Braemar Shipping Services Plc GBp 10	1.95
13	Brown (N) Group Ordinary 11.052p	1.94
14	Kcom Group Plc Ordinary 10p	1.93
15	Kier Group PLC Ordinary 1p	1.92
16	Jarvis Securities Plc Ordinary 1p	1.87
17	Alumasc Group (The) Plc Ordinary 12.5p	1.84
18	Clarke (T.) Plc Ordinary 10p	1.82
19	Photo-Me International Plc Ordinary 0.5p	1.78
20	Acal Plc Ordinary 5p	1.74