Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 15 January 2004 were:

per Ordinary share                       145.67p
                                                
per Preference share                     143.34p
                                                
per Zero Dividend Preference share       143.34p

As at 15 January 2004 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �4.92m bank overdraft facility) were
�41.87m.



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