SMALL COMPANIES DIVIDEND TRUST PLC - Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi


1. Identity of the issuer or the underlying issuer                       Small Companies
of existing shares to which voting rights are                         Dividend Tst (SDV)
attached:ii

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights                                            X

An acquisition or disposal of qualifying financial instruments which may result
in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the                               Philip J Milton &
notification obligation:iii                                                  Company Plc

4. Full name of shareholder(s)
 (if different from 3.):iv

5. Date of the transaction and date on
which the threshold is crossed or                                         8 January 2015
reached: v

6. Date on which issuer notified:                                        14 January 2015

7. Threshold(s) that is/are crossed or                                                4%
reached: vi, vii




8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type   Situation previous             Resulting situation after the triggering transaction
of           to the triggering
shares       transaction


if possible  Number          Number         Number           Number of voting         % of  voting rights x
using        of              of             of shares        rights
the ISIN     Shares          Voting
CODE                         Rights
                                            Direct           Direct xi  Indirect xii  Direct  Indirect


GB0006615826 656784          656784         667494           667494                   4.03%



B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial  Expiration      Exercise/                   Number of voting              % of voting
instrument         date xiii       Conversion Period xiv       rights that may be            rights
                                                               acquired if the
                                                               instrument is
                                                               exercised/ converted.




C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments xv, xvi

Resulting situation after the triggering transaction

Type of       Exercise price Expiration    Exercise/         Number of voting rights   % of voting rights
financial                    date xvii     Conversion period instrument refers to      xix, xx
instrument                                 xviii


                                                                                       Nominal Delta



Total (A+B+C)

Number of voting rights                            Percentage of voting rights

667494                                             4.03%



9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi





Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease
to hold:

12. Date on which proxy holder will cease to hold
voting rights:




13. Additional information:

14. Contact name:

15. Contact telephone number: