Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 27 November 2003 were:

per Ordinary share                       141.40p
                                                
per Preference share                     141.86p
                                                
per Zero Dividend Preference share       141.86p

As at 27 November 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �3.99m bank overdraft facility) were
�40.18m.



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