Directors' Dealings

BFS SMALL COMPANIES DIVIDEND TRUST PLC
23 July 1999

The Company has today been informed that the following transaction has taken
place on behalf of Mr Anthony Arthur Reid, a Director of the Company :

- purchase of 7,182 ordinary 25p shares on 14 May 1999 at 100p per share for
Mr. Reid's discretionary managed pension portfolio.

As a result of this transaction, Mr. Reid is now interested in 14,182 ordinary
25p shares, representing 0.09% of the issued class of capital