Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 22 January 2004 were:

per Ordinary share                       147.14p
                                                
per Preference share                     143.55p
                                                
per Zero Dividend Preference share       143.55p

As at 22 January 2004 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �4.27m bank overdraft facility) were
�41.46m.



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