Net Asset Value(s)

Small Companies Dividend Trust PLC                                              
                                                                                
The Company announces:                                                          
                                                                                
Total Assets (including unaudited revenue reserves at 22/05/2015) of £44.25m    
                                                                                
Net Assets (including unaudited revenue reserves at 22/05/2015) of £34.29m      
                                                                                
The Net Asset Value (NAV) at 22/05/2015 was:                                    
                                                                                
                                                                       Number of
                                                                       shares in
                                                                          issue:
                                                                                
Per Ordinary share (bid price) - including unaudited         207.18p    16550000
current period revenue*                                                         
                                                                                
Per Ordinary share (bid price) - excluding current           202.28p            
period revenue*                                                                 
                                                                                
Ordinary share price                                         175.00p            
                                                                                
Discount to NAV                                             (15.53)%            
                                                                                
Ordinary shares have an undated life                                            
                                                                                
ZDP share                                                    117.25p     8500000
                                                                                
ZDP share price                                              125.25p            
                                                                                
Premium to NAV                                                 6.82%            
                                                                                
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 22/05/2015              
                                                                                

   

       Name of company                           % of
                                            portfolio
                                                     
  1    Clarke (T.) Plc Ordinary 10p              2.62
                                                     
  2    Acal Plc Ordinary 5p                      2.50
                                                     
  3    Connect Group Plc Ordinary 5p             2.45
                                                     
  4    Dairy Crest Group Plc Ordinary 25p        2.27
                                                     
  5    Braemar Shipping Services Plc GBp 10      2.22
                                                     
  6    Alumasc Group (The) Plc Ordinary          2.21
       12.5p                                         
                                                     
  7    Avesco Group Plc Ordinary 10p             2.19
                                                     
  8    Kcom Group Plc Ordinary 10p               2.17
                                                     
  9    Marston's Plc Ordinary 7.375p             2.16
                                                     
 10    GVC Holdings Plc Common EUR0.01           2.13
                                                     
 11    Epwin Group Plc Ordinary 10p              2.10
                                                     
 12    Town Centre Securities Plc REIT 25p       2.02
                                                     
 13    Wilmington Plc Ordinary 5p                2.01
                                                     
 14    Intermediate Capital Group Plc            2.00
       Ordinary 20p                                  
                                                     
 15    Majestic Wine Plc Ordinary 7.5p           1.93
                                                     
 16    Moss Bros Group Plc Ordinary 5p           1.87
                                                     
 17    Stadium Group Plc Ordinary 5p             1.78
                                                     
 18    DX Group Plc GBP0.01                      1.72
                                                     
 18    Macfarlane Group Plc Ordinary 25p         1.72
                                                     
 20    Novae Group Plc Ordinary 100p             1.70