Initial Accounts - Amendment

BFS SMALL COMPANIES DIVIDEND TRUST PLC
1 September 1999


The company wishes to correct notes 5 and 6 contained within the Preliminary
Announcement of Unaudited Initial Results made on 31 August 1999.

The full text of the notes in question should have read :-

5. The capital return per Ordinary share is based on net capital profits of
£1,742,000 on 15,000,000 ordinary shares in issue  throughout the period.

6. An amount of £632,000 has been charged to capital in respect of management
fees and interest in accordance with accounting policy.