Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the quarter ended 31 January 2012

INVESTMENT OBJECTIVE

The investment objective of the Company is to provide Ordinary shareholders
with a high income and opportunity for capital growth.

INVESTMENT POLICY

The Company's funds will be invested principally in companies with a market
capitalisation of up to £500 million; a maximum of 20 per cent of the Company's
portfolio may be invested in companies without reference to their market
capitalisation at the discretion of the Investment Manager. The Company'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 Company will not invest in preference shares, loan stock or notes,
convertible securities or fixed interest securities or any similar securities
convertible into shares. The Company will not invest in other investment trusts
or unquoted companies.

KEY FACTS

Net asset value (NAV) per Ordinary          103.00p
share*                                             
                                                   
Ordinary share price                         90.50p
                                                   
Discount                                     12.14%
                                                   
Gearing                                     128.93%
                                                   

PERFORMANCE - TOTAL RETURN

For the quarter ended 31 January 2012

NAV total return**                            5.94%
                                                   
Share Price total return                      0.37%
                                                   
FTSE All Share Index (capital return)         2.52%
                                                   
FTSE Small-Cap Index (capital return)         2.20%
                                                   

* Based on NAV including current period revenue.

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

MATERIAL DEVELOPMENTSANDTRANSACTIONS

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

The Directors are not aware of any significant events or transactions which
have occurred between the date of the financial information and the date of
publication, which would have a material impact on the financial position of
the Company.

The Company has borrowing facilities from Lloyds TSB plc represented by a £4
million fixed loan and a £2 million overdraft facility with HSBC Bank plc. At
the period end £4 million of the borrowing facility with Lloyds TSB and £0.71
million of the overdraft facility with HSBC Bank plc was being utilised.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 31 January 2012

                                                            £m              % 
Listed and AIM traded investments                                            
                                                                             
Ordinary Shares                                          21.32         127.36
                                                                             
Net current assets                                        0.26           1.55
                                                                             
Bank overdraft                                           (0.71)         (4.24)
                                                                             
Loan borrowings***                                       (4.13)        (24.67)
                                                                             
Net assets                                               16.74         100.00
                                                                             

*** The Company has borrowings of £4 million and the fair value of the interest
rate SWAP is £0.13 million.

20 LARGEST HOLDINGS                      %

As at 31 January 2012                     
                                          
  1   Sinclair (William) Holdings     4.42
                                          
  2   Sanderson Group                 3.66
                                          
  3   Macfarlane Group                3.57
                                          
  4   Avesco Group                    3.19
                                          
  5   S & U                           3.16
                                          
  6   Portmeirion Group               2.59
                                          
  7   Office2Office                   2.52
                                          
  8   Victoria                        2.37
                                          
  9   GVC Holdings                    2.35
                                          
 10   Alumasc Group                   2.32
                                          
 11   Arbuthnot Banking               2.31
                                          
 12   Hansard Global                  2.27
                                          
 13   Smiths News                     2.22
                                          
 14   Braemar Shipping                2.22
                                          
 15   Personal Group Holdings         2.22
                                          
 16   Marshalls                       2.19
                                          
 17   Morgan Sindall                  2.18
                                          
 18   Park Group                      2.11
                                          
 19   Chesnara                        2.07
                                          
 20   Abbey Protection                2.02
                                          
      Balance held in 42 holdings    48.04
                                          
                                    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 2011             
                                                                             
                                       Final - July 2012                     

Dividend payments: July, October, January and April.

A fourth interim dividend for the year ended 30 April 2011 of 2.30p per
Ordinary share was paid on 8 July 2011. For the year ended 30 April 2012, a
first interim dividend of 1.35p was paid on 3 October 2011 and a second interim
dividend of 1.35p was paid on 6 January 2012.

Price information is published in the Financial Times under 'Investment
Companies'.

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]