Net Asset Value(s)

Small Companies Dividend Trust PLC                                              
                                                                                
The Company announces:                                                          
                                                                                
Total Assets (including unaudited revenue reserves at 31/05/2015) of £44.68m    
                                                                                
Net Assets (including unaudited revenue reserves at 31/05/2015) of £34.7m       
                                                                                
The Net Asset Value (NAV) at 31/05/2015 was:                                    
                                                                                
                                                                       Number of
                                                                       shares in
                                                                          issue:
                                                                                
Per Ordinary share (bid price) - including unaudited         209.66p  16,550,000
current period revenue*                                                         
                                                                                
Per Ordinary share (bid price) - excluding current           204.43p            
period revenue*                                                                 
                                                                                
Ordinary share price                                         175.00p            
                                                                                
Discount to NAV                                             (16.53)%            
                                                                                
Ordinary shares have an undated life                                            
                                                                                
ZDP share                                                    117.42p   8,500,000
                                                                                
ZDP share price                                              125.25p            
                                                                                
Premium to NAV                                                 6.67%            
                                                                                
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 31/05/2015              
                                                                                

   

       Name of company                           % of
                                            portfolio
                                                     
  1    Acal Plc Ordinary 5p                      2.71
                                                     
  2    Clarke (T.) Plc Ordinary 10p              2.66
                                                     
  3    Connect Group Plc Ordinary 5p             2.44
                                                     
  4    Dairy Crest Group Plc Ordinary 25p        2.35
                                                     
  5    Braemar Shipping Services Plc GBp 10      2.29
                                                     
  6    Avesco Group Plc Ordinary 10p             2.25
                                                     
  7    Alumasc Group (The) Plc Ordinary          2.23
       12.5p                                         
                                                     
  8    Kcom Group Plc Ordinary 10p               2.21
                                                     
  9    Wilmington Plc Ordinary 5p                2.12
                                                     
 10    GVC Holdings Plc Common EUR0.01           2.11
                                                     
 11    Marston's Plc Ordinary 7.375p             2.11
                                                     
 12    Epwin Group Plc Ordinary 10p              2.10
                                                     
 13    Intermediate Capital Group Plc            2.06
       Ordinary 20p                                  
                                                     
 14    Town Centre Securities Plc REIT 25p       2.04
                                                     
 15    Moss Bros Group Plc Ordinary 5p           1.96
                                                     
 16    DX Group Plc GBP0.01                      1.84
                                                     
 17    Stadium Group Plc Ordinary 5p             1.80
                                                     
 18    Macfarlane Group Plc Ordinary 25p         1.73
                                                     
 19    Personal Group Holdings Plc Ordinary      1.65
       5p                                            
                                                     
 20    St.Ives Plc Ordinary 10p                  1.65