SDV SAAB AB

    Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 20 November 2003 were:

per Ordinary share                       142.46p
                                                
per Preference share                     141.65p
                                                
per Zero Dividend Preference share       141.65p

As at 20 November 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �3.89m bank overdraft facility) were
�40.23m.



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