Interim Management Statement

SMALL COMPANIES DIVIDEND TRUST PLC

INTERIM MANAGEMENT STATEMENT

For the period from 1 May 2011 to 31 July 2011

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 share*          111.95p                                             
                                                   
Ordinary share price                               102.75p
                                                   
Discount                                            (8.22)%
                                                   
Gearing                                               129%
                                                   

PERFORMANCE - TOTAL RETURN

For the period from 1 May 2011 to 31 July 2011

NAV total return**                            1.95%
                                                   
Share Price total return                      4.53%
                                                   
FTSE All Share Index (capital return)        (4.09)%
                                                   
FTSE Small-Cap Index (capital return)        (1.50)%
                                                   

* Based on NAV including current period revenue.

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

MATERIAL DEVELOPMENTS AND TRANSACTIONS

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 £0.94
million of the overdraft facility with HSBC Bank plc was being utilised.

DISTRIBUTION OF ASSETS AND LIABILITIES

As at 31 July 2011

                                                           £m              % 
                                                                             
Listed and AIM traded investments                                            
                                                                             
Ordinary Shares                                          23.40         128.64
                                                                             
Bank overdraft                                           (0.94)         (5.17)
                                                                             
Loan borrowings***                                       (4.27)        (23.47)
                                                                             
Net assets                                               18.19         100.00 
                                                                             

*** The Company has borrowings of £4 million and the fair value of the interest
rate SWAP is £0.27 million.

20 LARGEST HOLDINGS                      %
                                          
As at 31 July 2011                        
                                          
  1   Sinclair (W) Holdings           4.37
                                          
  2   Macfarlane Group                3.63
                                          
  3   Victoria                        3.30
                                          
  4   Sanderson Group                 2.99
                                          
  5   Holidaybreak                    2.93
                                          
  6   S & U                           2.89
                                          
  7   Stadium Group                   2.58
                                          
  8   Office2Office                   2.57
                                          
  9   Portmeirion Group               2.49
                                          
 10   Chesnara                        2.48
                                          
 11   Cineworld Group                 2.40
                                          
 12   Hansard Global                  2.39
                                          
 13   Avesco Group                    2.37
                                          
 14   Alumasc Group                   2.34
                                          
 15   Marshalls                       2.33
                                          
 16   Beazley                         2.21
                                          
 17   Telecom Plus                    2.21
                                          
 18   Randall & Quilter               2.14
                                          
 19   Personal Group Holding          2.08
                                          
 20   Jarvis Securities               2.03
                                          
      Balance held in 39 holdings    47.27
                                          
                                    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 2010             
                                                                             
                                       Final - July 2011                     

Dividend payments: July, October, January and April.

For the year ended 30 April 2011, three interim dividends of 1.30p each and a
fourth of 2.30p per Ordinary share were paid.

A first interim dividend was declared on 26 August 2011 of 1.35p net per
Ordinary share payable on 3 October 2011 to the holders of Ordinary shares on
the register at 9 September 2011.

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]