SMALL COMPANIES DIVIDEND TRUST PLC - Net Asset Value(s)

Small Companies Dividend Trust PLC

The Company announces:

Total Assets (including unaudited revenue reserves at 02/01/2015) of £39.74m

Net Assets (including unaudited revenue reserves at 02/01/2015) of £29.99m



The Net Asset Value (NAV) at 02/01/2015 was:

                                                                      Number of
                                                                      shares in
                                                                         issue:

Per Ordinary share (bid price) - including unaudited      181.23p    16,550,000
current period revenue*

Per Ordinary share (bid price) - excluding current         178.4p
period revenue*

Ordinary share price                                      158.00p

Discount to NAV                                          (12.82)%

Ordinary shares have an undated life



ZDP share                                                 114.67p     8,500,000

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 02/01/2015