Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 July 2013

INVESTMENT OBJECTIVE AND POLICY

The investment objective of Small Companies Dividend Trust plc (the "Company")
is to provide Ordinary shareholders with a high income and opportunity for
capital growth, having provided a capital return sufficient to repay the
capital entitlement of the Zero Dividend Preference shares issued by the
subsidiary company, Small Companies ZDP Plc.

The Group's funds are invested principally in small capitalised UK companies.
The portfolio comprises companies listed on the Official List and companies
admitted to trading on AIM. The Group does not invest in other investment
trusts or in unquoted companies. No investment is made in preference shares,
loan stock or notes, convertible securities or fixed interest securities.

KEY FACTS

Net Asset Value (NAV) per Ordinary share*        154.52p 
                                                       
Mid-market price per Ordinary share              138.00p 
                                                        
Discount                                          10.69%
                                                       
Net Asset Value (NAV) per Zero Dividend          104.54p 
Preference share                                       
                                                       
Mid-market price per Zero Dividend Preference    114.50p 
share                                                  
                                                       
Premium                                            9.53%
                                                       
* Based on NAV including current period revenue.


PERFORMANCE - TOTAL RETURN

For the quarter ended 31 July 2013

Total return on Group's net assets**              12.94%
                                                       
Share Price total return                           9.26%
                                                       
MSCI UK Small Cap Index total return               8.65%
                                                       
** Based on NAV including current period revenue, adding back dividends paid in
the period.


MATERIAL DEVELOPMENTS AND TRANSACTIONS

There have been no material events or transactions in the period.

The Board is not aware of any significant events or transactions that have
occurred between 30 April 2013 and the date of publication of this statement
which would have a material impact on the financial position of the Company.


DISTRIBUTION OF ASSETS AND LIABILITIES

As at 31 July 2013

                                                           £m              % 
                                                                             
Listed and AIM traded investments - Ordinary shares     33.93          135.12
                                                                             
Investment in subsidiary                                 0.01            0.04
                                                                             
Net current assets                                       0.14            0.56
                                                                             
Zero Dividend Preference shares                         (8.97)         (35.72)
                                                                             
Net assets                                              25.11          100.00 


20 LARGEST HOLDINGS                            %
                                                
As at 31 July 2013                              
                                                
  1    Macfarlane Group                      2.9
                                                
  2    Avesco Group                          2.8
                                                
  3    Jarvis Securities                     2.8
                                                
  4    GVC Holdings                          2.8
                                                
  5    Marshalls Group                       2.7
                                                
  6    St Ives                               2.4
                                                
  7    ISG                                   2.3
                                                
  8    Chesnara                              2.3
                                                
  9    Cineworld Group                       2.2
                                                
  10   Morgan Sindall Group                  2.2
                                                
  11   Sanderson Group                       2.2
                                                
  12   Intermediate Capital Group            2.2
                                                
  13   Personal Group                        2.1
                                                
  14   Dairy Crest Group                     2.1
                                                
  15   Braemar Shipping                      2.1
                                                
  16   Photo-Me International                2.1
                                                
  17   Alumasc Group                         2.0
                                                
  18   Randall & Quilter                     2.0
                                                
  19   Smiths News                           2.0
                                                
  20   Abbey Protection                      1.9
                                                
       Balance held in 51 holdings          53.9
                                                
                                          100.00
                                                

The net asset value is published on a weekly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at
www.chelvertonam.com.

COMPANY INFORMATION

Launch date: 12 May 1999               Results announced:                    
                                                                             
Year end: 30 April                     Half Year - December 2012             
                                                                             
                                       Final - July 2013                     

Dividend ex dividend dates: June, September, December and March.

For the year ended 30 April 2013, three interim dividends of 1.40p each and a
fourth of 2.40p per Ordinary share were paid.

A first interim dividend was declared on 27 August 2013 of 1.475p net per
Ordinary share payable on 4 October 2013 to the holders of Ordinary shares on
the register at 6 September 2013, with an ex dividend date of 4 September 2013.

It is the Board's intention, over time, to move the dividend profile gradually
to a position where the four interim dividends paid are equal. This will be
achieved by maintaining the fourth interim dividend at the same level and
increasing the first, second and third dividends in future years to reflect
earnings.

This interim management statement has been produced solely to provide
additional information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and Transparency rules.
It should not be relied upon by any other party or for any other purposes. In
addition, the views, information and data in this publication should not be
deemed as a financial promotion or recommendation.

Contact:

William van Heesewijk - Chelverton Asset Management Limited

Tel: [phone]

Neither the contents of Chelverton Asset Management Limited's website nor the
contents of any website accessible from hyperlinks on the website (or any other
website) is incorporated into, or forms part of this announcement.