AGM Statement

SMALL COMPANIES DIVIDEND TRUST PLC

The Company announces the results of the Annual General Meeting held on 29
September 2004, as follows:

Resolution 1, to receive the Report of the Directors and the audited financial
statements for the year ended 30 April 2004, was passed.

Resolution 2, to receive and approve the Directors' remuneration report, was
passed.

Resolution 3, to re-elect Mr B N Lenygon as a Director, was passed.

Resolution 4, to re-elect Mr J E Chappell as a Director, was passed.

Resolution 5, to re-appoint Baker Tilly as Auditors and to authorise the
Directors to determine their remuneration, was passed.

Resolution 6, authority to allot shares under Section 80 of the Companies Act
1985, was passed.

Resolution 7, authority to allot shares under Section 95 of the Companies Act
1985, was passed. The Board of Directors advise that this power will not be
used unless such shares are allotted at a price which stands at a premium to
the Net Asset Value.

Resolution 8, seeking authority for the Directors to issue shares, previously
held in treasury, at a discount to net asset value, was withdrawn.

Resolution 9, authority to buyback shares, was passed.

The Board wishes to inform shareholders that they are currently reviewing the
investment management fee (and performance fee) arrangement(s) and that until
the completion of the review, which will involve consultation with
shareholders, the investment management fee will remain unchanged at an annual
rate of 0.85% of the value of the gross assets under management of the Group
(and not increased to an annual rate of 1% as indicated in the Report of
Directors).

30 September 2004