Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the Period Ended 28 February 2009

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
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          50.64p*
share                                              
                                                   
Ordinary share price                         43.00p
                                                   
(Discount)/Premium                         (15.09)%

PERFORMANCE - TOTAL RETURN

For the Period Ended 28 February 2009

NAV total return                         (60.81)%**
                                                   
Share Price total return                 (58.67)%  
                                                   
FTSE All Share Index                     (37.75)%  
                                                   
FTSE Small-Cap Index                     (45.84)%  
                                                   

* 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.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 28 February 2009

                                                           £m              % 
                                                                             
Listed and AIM traded investments                                            
                                                                             
Ordinary Shares                                           12.5          152.4
                                                                             
Current assets                                             0.4            4.9
                                                                             
Net liabilities***                                       (4.7)         (57.3)
                                                                             
Net assets                                                 8.2          100.0
                                                                             

*** The Company has borrowings of £4.0 million, included in the above figures.

20 LARGEST HOLDINGS                         %   
                                                
As at 28 February 2009                          
                                                
1      THB Group                            5.61
                                                
2      Clarke (T)                           5.29
                                                
3      Brit Insurance                       4.56
                                                
4      Macfarlane Group                     4.48
                                                
5      Dee Valley Group                     4.34
                                                
6      Dawson Holdings                      3.85
                                                
7      Hilton Food Group                    3.61
                                                
8      Nichols                              3.34
                                                
9      Jarvis Securities                    3.24
                                                
10     Arbuthnot Banking Group              3.17
                                                
11     Stadium Group                        3.02
                                                
12     S & U                                2.97
                                                
13     Victoria                             2.95
                                                
14     Sinclair (W) Holdings                2.86
                                                
15     Cineworld                            2.82
                                                
16     Alumasc Group                        2.76
                                                
17     Chesnara                             2.54
                                                
18     Hansard Global                       2.44
                                                
19     Portmeirion Group                    2.36
                                                
20     Zotefoams                            2.30
                                                
                                           68.51
                                                
       Balance held in 35 holdings         31.49
                                                
                                          100.00

Note: 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 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                     Interim - December 2008               
                                                                             
                                       Final - July 2009                     

A fourth interim dividend for the year ended 30 April 2008 of 4.05p per
Ordinary share was paid on 30 June 2008. For the year ended 30 April 2009, a
first interim dividend of 3.20p was paid on 30 September 2008 and a second
interim dividend of 1.20p was paid on 9 January 2009.

A third interim dividend was declared today of 1.20p net per Ordinary share
payable on 6 April 2009 to the holders of Ordinary shares on the register at 27
March 2009.

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]

19 March 2009