Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 11 September 2003 were:

per Ordinary share                       142.24p
                                                
per Preference share                     139.58p
                                                
per Zero Dividend Preference share       139.58p

As at 11 September 2003 gross assets less current liabilities (before deducting
for the bank overdraft of �1.91m and the term loan facility of �5.00m) were �
38.08m.



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