Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 9 October 2003 were:

per Ordinary share                       141.18p
                                                
per Preference share                     140.41p
                                                
per Zero Dividend Preference share       140.41p

As at 9 October 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and �3.68m of a �5.00m bank overdraft
facility) were �39.73m.



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