Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the Period Ended 28 February 2010

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          83.81p*
share                                              
                                                   
Ordinary share price                         74.75p
                                                   
(Discount)/Premium                         (10.81)%

PERFORMANCE - TOTAL RETURN

For the Period Ended 28 February 2010

NAV total return                           37.43%**
                                                   
Share Price total return                   48.26%  
                                                   
FTSE All Share Index                       25.94%  
                                                   
FTSE Small-Cap Index                       25.62%  
                                                   

* 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 2010

                                                           £m              % 
                                                                             
Listed and AIM traded investments                                            
                                                                             
Ordinary Shares                                     18,180,374         133.49
                                                                             
Net current assets and liabilities (including           35,457           0.26
cash)                                                                        
                                                                             
Loan borrowings***                                 (4,597,000)        (33.75)
                                                                             
Net assets                                          13,618,831         100.00
                                                                             

*** The Company has borrowings of £4,000,000, plus a fair value interest rate
swap of £597,000

20 LARGEST HOLDINGS                         %   
                                                
As at 28 February 2010                          
                                                
1      Portmeirion Group                    4.37
                                                
2      Clarke (T)                           4.13
                                                
3      S & U                                3.93
                                                
4      Macfarlane Group                     3.75
                                                
5      Victoria                             3.71
                                                
6      Sinclair (W) Holdings                3.56
                                                
7      Nichols                              3.12
                                                
8      Chesnara                             2.90
                                                
9      Dee Valley Group                     2.89
                                                
10     Zotefoams                            2.84
                                                
11     Alumasc Group                        2.68
                                                
12     Cineworld Group                      2.62
                                                
13     Arbuthnot Banking                    2.61
                                                
14     TT Electronics                       2.41
                                                
15     Office2Office                        2.37
                                                
16     ATH Resources                        2.36
                                                
17     Jarvis Securities                    2.36
                                                
18     Stadium Group                        2.33
                                                
19     Hilton Food Group                    2.30
                                                
20     Acal                                 2.27
                                                
                                           59.51
                                                
       Balance held in 40 holdings         40.49
                                                
       Total                              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 2009               
                                                                             
                                       Final - July 2010                     

A fourth interim dividend for the year ended 30 April 2009 of 1.70p per
Ordinary share was paid on 15 July 2009. For the year ended 30 April 2010, a
first interim dividend of 1.25p was paid on 7 October 2009 and a second interim
dividend of 1.25p was paid on 7 January 2010.

A third interim dividend was declared on 25 February 2010 of 1.25p net per
Ordinary share payable on 1 April 2010 to the holders of Ordinary shares on the
register at 5 March 2010.

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]

18 March 2010