Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 18 December 2003 were:

per Ordinary share                       142.10p
                                                
per Preference share                     142.49p
                                                
per Zero Dividend Preference share       142.49p

As at 18 December 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �4.5m bank overdraft facility) were
�40.83m.



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