Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 23 October 2003 were:

per Ordinary share                       141.80p
                                                
per Preference share                     140.82p
                                                
per Zero Dividend Preference share       140.82p

As at 23 October 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and �4.14m of a �5.00m bank overdraft
facility) were �40.32m.



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