Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC
INTERIM MANAGEMENT STATEMENT
For the quarter ended 31 January 2014

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 ("SCZ").

The Group's funds are invested principally in smaller 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*       187.52p

Mid-market price per Ordinary share             177.00p

Discount                                          5.61%

Net Asset Value (NAV) per Zero Dividend         
Preference share                                108.68p

Mid-market price per Zero Dividend
Preference share                                116.00p

Premium                                           6.74%

* Based on NAV including current period revenue.


PERFORMANCE - TOTAL RETURN

For the quarter ended 31 January 2014

Total return on Group's net assets**              4.88%

Share Price total return                          9.44%

MSCI UK Small Cap Index total return              2.66%

** Based on NAV including current period revenue, adding back dividends paid in
the period.


MATERIAL DEVELOPMENTS AND TRANSACTIONS

On 14 January 2014 the Company issued 300,000 Ordinary shares at an issue price
of 189.50p. The new Ordinary shares rank pari passu in all respects with the
Ordinary shares already in issue. There have been no other material events or
transactions in the period.

The Board is not aware of any significant events or transactions that have
occurred between 31 January 2014 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 January 2014

                                                            £m              % 
                                                                             
Listed and AIM traded investments - Ordinary shares      39.75         128.10
                                                                             
Investment in subsidiary                                  0.01           0.03
                                                                             
Net current assets                                        0.51           1.65
                                                                             
Zero Dividend Preference shares                          (9.24)        (29.78)
                                                                             
Net assets                                               31.03         100.00


20 LARGEST HOLDINGS
As at 31 January 2014                          %

  1    Wilmington Group                     2.82
                                                
  2    Jarvis Securities                    2.35
                                                
  3    Randall & Quilter                    2.24
                                                
  4    KCOM Group                           2.24
                                                
  5    Photo-Me                             2.23
                                                
  6    Marshalls                            2.22
                                                
  7    St. Ives                             2.17
                                                
  8    Personal Group                       2.17
                                                
  9    Alumasc Group                        2.14
                                                
  10   Braemar Shipping                     2.09
                                                
  11   Smiths News                          2.08
                                                
  12   Clarke (T)                           2.07
                                                
  13   S & U                                2.03
                                                
  14   Morgan Sindall                       2.01
                                                
  15   Kier Group                           1.89
                                                
  16   Numis                                1.88
                                                
  17   Tritax Big Box                       1.84
                                                
  18   Portmeiron Group                     1.82
                                                
  19   Avesco Group                         1.79
                                                
  20   Cineworld Group                      1.78
                                                
       Balance held in 54 holdings         58.14
                                                
                                          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 2013             
                                                                             
                                       Final - July 2014                     

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. For the year ended 30 April 2014,
a first interim dividend of 1.475p per Ordinary share was paid on 4 October
2013 and a second interim dividend of 1.475p per Ordinary share was paid on 
6 January 2014.

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.