Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 11 December 2003 were:

per Ordinary share                       143.00p
                                                
per Preference share                     142.28p
                                                
per Zero Dividend Preference share       142.28p

As at 11 December 2003 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �4.37m bank overdraft facility) were
�40.83m.



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