Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 30 September 2003 were:

per Ordinary share                       136.10p
                                                
per Preference share                     140.14p
                                                
per Zero Dividend Preference share       140.14p

As at 30 September 2003 gross assets less current liabilities (before deducting
for the bank overdraft of �3.51m and the term loan facility of �5.00m) were �
38.75m.



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