Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC
INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 January 2013

INVESTMENT OBJECTIVE

The investment objective of the Group 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.

INVESTMENT POLICY

The Group's funds are invested principally in companies with a market
capitalisation of up to £500 million; a maximum of 20 per cent of the Group's
portfolio may be invested in companies without reference to their market
capitalisation at the discretion of the Investment Manager. The Group's
portfolio will comprise companies listed on the Official List and traded on the
London Stock Exchange's Main Market and companies admitted to trading on AIM.
The Group will not invest in preference shares, loan stock or notes,
convertible securities or fixed interest securities or any similar securities
convertible into shares. The Group will not invest in other investment trusts
or unquoted companies.

KEY FACTS

Net asset value (NAV) per Ordinary share*      129.58p 
Mid-market price per Ordinary share            113.50p 
Discount                                        12.41%
NAV per Zero Dividend Preference share         102.54p 
Mid-market price per Zero Dividend Preference  
share                                          109.00p                                                            
Premium                                          6.30%
Gearing (calculated as per AIC guidelines)      41.39%
                                                       

* Based on NAV including current period revenue.

PERFORMANCE - TOTAL RETURN

For the quarter ended 31 January 2013

Total return on Group's net assets**            12.18%
Share price total return                        14.09%
MSCI UK Small Cap Index total return             9.12%
                                                       
** Based on NAV including current period revenue, adding back dividends paid in
the period.

MATERIAL DEVELOPMENTS AND TRANSACTIONS

On 11 January 2013 the Company ceased using HSBC as custodian. Jarvis
Investment Management Ltd is now acting as custodian for the Company.

DISTRIBUTION OF ASSETS AND LIABILITIES
As at 31 January 2013
                                                          £m              % 
Listed and AIM traded investments - Ordinary Shares     29.60         140.55 
Investment in subsidiary                                 0.01           0.05 
Net current assets                                       0.17           0.81 
Zero dividend preference shares                         (8.72)        (41.41)
Net assets                                              21.06         100.00 


20 LARGEST HOLDINGS                                 
As at 31 January 2013                         %  
                                             
  1    Macfarlane Group                     3.31                                             
  2    St Ives                              3.16
  3    Smiths News                          2.77 
  4    GVC Holdings                         2.63
  5    Wilmington Group                     2.50
  6    Sanderson Group                      2.36
  7    Abbey Protection                     2.27
  8    Photo-Me International               2.24
  9    Marshalls                            2.22
  10   Chesnara                             2.19
  11   Avesco Group                         2.19
  12   Portmeirion Group                    2.19
  13   Arbuthnot Banking                    2.13
  14   Interior Services                    2.13
  15   Dairy Crest Group                    2.11
  16   Intermediate Capital Group           2.09
  17   Personal Group Holdings              1.97
  18   Randall & Quilter                    1.96
  19   Braemar Shipping                     1.95
  20   Morgan Sindall Group                 1.92
       
       Balance held in 50 holdings         53.71
                                                
                                          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 payments: June, September, December and March.

The fourth interim dividend for the year ended 30 April 2012 of 2.35p per
Ordinary share was paid on 9 July 2012. For the year ending 30 April 2013, a
first interim dividend of 1.40p per Ordinary share was paid on 28 September
2012 and a second interim dividend of 1.40p per Ordinary share was paid on 7
January 2013. A third interim dividend of 1.40p per Ordinary share has been 
declared and will be paid on 15 April 2013.

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.

Other than as detailed above, the Board is not aware of any significant events
or transactions that have occurred between 31 January 2013 and the date of
publication of this statement which would have a material impact on the
financial position of the Company.

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.