Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 25 September 2003 were:

per Ordinary share                       139.83p
                                                
per Preference share                     139.99p
                                                
per Zero Dividend Preference share       139.99p

As at 25 September 2003 gross assets less current liabilities (before deducting
for the bank overdraft of �3.56m and the term loan facility of �5.00m) were �
39.38m.



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