Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 31 October 2003 were:

per Ordinary share                       142.29p
                                                
per Preference share                     141.06p
                                                
per Zero Dividend Preference share       141.06p

As at 31 October 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and �4.22m of a �5.00m bank overdraft
facility) were �40.49m.



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