Chelverton Small Companies Dividend Trust plc (the "Company")

    Financing structure of the Group

    The Directors of Chelverton Small Companies Dividend Trust PLC and Chelverton
    Small Companies ZDP PLC (together the "Group") have been considering the
    options for a refinancing of the Zero Dividend Preference shares, which are due
    for repayment on 8 January 2018. The Board believes that given the current
    economic environment a ZDP refinancing could be achieved at an attractive
    interest rate which would enable the Company to continue to provide Ordinary
    shareholders with an attractive level of income, supported by the Company's
    material revenue reserve, as well as the opportunity for further capital growth
    driven principally by the well-established and diversified mid - small
    companies portfolio. Subject to stock market conditions, the Company will also
    be considering the potential to issue further Ordinary shares at the time of
    the issuance of any new Zero Dividend Preference Shares.

    Enquiries:

    George Bayer, Maitland Administration Services Ltd, Corporate Secretary - 01245
    398984