Net Asset Value(s)

Small Companies Dividend Trust PLC
The Company announces:
Total Assets (including unaudited revenue reserves at 18/12/2015) of £46.36m
Net Assets (including unaudited revenue reserves at 18/12/2015) of £36.06m
The Net Asset Value (NAV) at 18/12/2015 was:
		Number of shares in issue:
Per Ordinary share (bid price) - including unaudited current period revenue*	217.86p	16,550,000
Per Ordinary share (bid price) - excluding current period revenue*	213.76p
Ordinary share price	192.50p
Discount to NAV	(11.64)%
Ordinary shares have an undated life
ZDP share	121.25p	8,500,000
ZDP share price	126.75p
Premium to NAV	4.54%
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 18/12/2015

	Name of company		% of portfolio
1	Avesco Group Plc Ordinary 10p		3.29
2	Clarke (T.) Plc Ordinary 10p		2.50
3	Connect Group Plc Ordinary 5p		2.47
4	Alumasc Group (The) Plc Ordinary 12.5p		2.35
5	Moss Bros Group Plc Ordinary 5p		2.23
6	Town Centre Securities Plc REIT 25p		2.11
7	Marston's Plc Ordinary 7.375p		2.11
8	Kcom Group Plc Ordinary 10p		2.09
9	St.Ives Plc Ordinary 10p		2.09
10	Coral Products Plc Ordinary 1p		2.06
11	Kier Group PLC Ordinary 1p		2.05
12	Jarvis Securities Plc Ordinary 1p		1.95
13	GVC Holdings Plc Common EUR0.01		1.94
14	Braemar Shipping Services Plc GBp 10		1.94
15	Shoe Zone (Holdings) Limited Ordinary 1p		1.93
16	Belvoir Lettings Plc Ordinary		1.90
17	Games Workshop Group Plc Ordinary 5p		1.87
18	Personal Group Holdings Plc Ordinary 5p		1.85
19	Acal Plc Ordinary 5p		1.80
20	Wilmington Plc Ordinary 5p		1.72