Net Asset Value(s)

Small Companies Dividend Trust PLC                                          
                                                                            
The Company announces:                                                      
                                                                            
Total Assets (including unaudited revenue reserves at 31/03/2015) of £41.51m
                                                                            
Net Assets (including unaudited revenue reserves at 31/03/2015) of £31.63m  
                                                                            
                                                                            
                                                                            
The Net Asset Value (NAV) at 31/03/2015 was:                                
                                                                            
                                                                   Number of
                                                                   shares in
                                                                      issue:
                                                                            
Per Ordinary share (bid price) - including              191.11p     16550000
unaudited current period revenue*                                           
                                                                            
Per Ordinary share (bid price) - excluding              188.03p             
current period revenue*                                                     
                                                                            
Ordinary share price                                    170.00p             
                                                                            
Discount to NAV                                        (11.04)%             
                                                                            
Ordinary shares have an undated life                                        
                                                                            
                                                                            
                                                                            
ZDP share                                               116.29p      8500000
                                                                            
ZDP share price                                         126.25p             
                                                                            
Discount to NAV                                           8.57%             
                                                                            
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 31/03/2015          

                                                                            
                                                                            
      Name of company                                                   % of
                                                                   portfolio
                                                                            
    1 Clarke (T.) Plc Ordinary 10p                                      2.55
                                                                            
    2 Connect Group Plc Ordinary 5p                                     2.52
                                                                            
    3 Acal Plc Ordinary 5p                                              2.50
                                                                            
    4 Alumasc Group (The) Plc Ordinary 12.5p                            2.40
                                                                            
    5 GVC Holdings Plc Common EUR0.01                                   2.29
                                                                            
    6 Kcom Group Plc Ordinary 10p                                       2.21
                                                                            
    7 Town Centre Securities Plc REIT 25p                               2.17
                                                                            
    8 Avesco Group Plc Ordinary 10p                                     2.10
                                                                            
    9 Braemar Shipping Services Plc GBp 10                              2.08
                                                                            
   10 Stadium Group Plc Ordinary 5p                                     2.04
                                                                            
   11 Marston's Plc Ordinary 7.375p                                     2.03
                                                                            
   12 Wilmington Plc Ordinary 5p                                        1.97
                                                                            
   13 Shoe Zone (Holdings) Limited Ordinary 1p                          1.89
                                                                            
   14 Dairy Crest Group Plc Ordinary 25p                                1.88
                                                                            
   15 Personal Group Holdings Plc Ordinary 5p                           1.87
                                                                            
   16 Intermediate Capital Group Plc Ordinary 20p                       1.83
                                                                            
   17 Macfarlane Group Plc Ordinary 25p                                 1.79
                                                                            
   18 Photo-Me International Plc Ordinary 0.5p                          1.78
                                                                            
   19 Novae Group Plc Ordinary 100p                                     1.72
                                                                            
   20 Marshalls Plc Ordinary 25p                                        1.68