Small Companies Dividend Trust PLC

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

per Ordinary share                       144.47p
                                                
per Preference share                     142.88p
                                                
per Zero Dividend Preference share       142.88p

As at 31 December 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �5.03m bank overdraft facility) were
�41.76m.



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