Net Asset Value(s)

    Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 30 November 2003 were:

per Ordinary share                       142.28p
                                                
per Preference share                     141.95p
                                                
per Zero Dividend Preference share       141.95p

As at 30 November 2003 gross assets less current liabilities (before deducting
for the term loan facility of £5.00m and a £4.02m bank overdraft facility) were
£40.35m.



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