Small Companies Dividend Trust PLC

The Company announces that the Net Asset Values at 8 January 2004 were:

per Ordinary share                       144.90p
                                                
per Preference share                     143.13p
                                                
per Zero Dividend Preference share       143.13p

As at 8 January 2004 gross assets less current liabilities (before deducting
for the term loan facility of �5.00m and a �4.99m bank overdraft facility) were
�41.80m.



END