Net Asset Value(s)

Announcement Page
Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 04/12/2015) of £46.87m
Net Assets (including unaudited revenue reserves at 04/12/2015) of £36.59m
The Net Asset Value (NAV) at 04/12/2015 was:
			Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue*		221.07p	16,550,000
Per Ordinary share (bid price) - excluding current period revenue*		215.64p
Ordinary share price		195.00p
Discount to NAV		(11.79)%
Ordinary shares have an undated life
ZDP share		120.98p	8,500,000
ZDP share price		126.50p
Premium to NAV		4.56%
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 04/12/2015

	Name of company	% of portfolio
1	Avesco Group Plc Ordinary 10p	3.34
2	Clarke (T.) Plc Ordinary 10p	2.55
3	Connect Group Plc Ordinary 5p	2.51
4	Coral Products Plc Ordinary 1p	2.47
5	Alumasc Group (The) Plc Ordinary 12.5p	2.29
6	Marston's Plc Ordinary 7.375p	2.25
7	Moss Bros Group Plc Ordinary 5p	2.15
8	Kcom Group Plc Ordinary 10p	2.14
9	St.Ives Plc Ordinary 10p	2.11
10	Town Centre Securities Plc REIT 25p	2.07
11	Kier Group PLC Ordinary 1p	2.01
12	Shoe Zone (Holdings) Limited Ordinary 1p	2.00
13	Jarvis Securities Plc Ordinary 1p	1.97
14	Wilmington Plc Ordinary 5p	1.97
15	Games Workshop Group Plc Ordinary 5p	1.92
16	Brown (N) Group Ordinary 11.052p	1.91
17	Belvoir Lettings Plc Ordinary	1.86
18	Braemar Shipping Services Plc GBp 10	1.83
19	Acal Plc Ordinary 5p	1.81
20	Personal Group Holdings Plc Ordinary 5p	1.76