Dividend Declaration

BFS SMALL COMPANIES DIVIDEND TRUST PLC

The Company has today declared a fourth interim dividend in respect of the
period 1 May 2001 to 30 April 2002.

The fourth interim dividend of 3.3p (2001: 3.2p) per Ordinary share will be
paid on 28 June 2002 to the holders of Ordinary shares on the register as at 7
June 2002. This makes a total dividend for the period 1 May 2001 to 30 April
2002 of 9.75p (2001: 9.5p) per Ordinary share, an increase of 2.6% over the
previous year.

28 May 2002