Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 31 August 2003 were:

per Ordinary share                       140.82p
                                                
per Preference share                     139.26p
                                                
per Zero Dividend Preference share       139.26p

As at 31 August 2003 gross assets less current liabilities (before deducting
for the bank overdraft of �7.04m) were �37.97m.



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