Small Companies Dividend Trust PLC

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

per Ordinary share                       142.53p
                                                
per Preference share                     141.03p
                                                
per Zero Dividend Preference share       141.03p

As at 30 October 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and �4.23m of a �5.00m bank overdraft
facility) were �40.54m.



END