Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 18 September 2003 were:

per Ordinary share                       143.00p
                                                
per Preference share                     139.79p
                                                
per Zero Dividend Preference share       139.79p

As at 18 September 2003 gross assets less current liabilities (before deducting
for the bank overdraft of �2.03m and the term loan facility of �5.00m) were �
38.33m.



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