Substantial Acquisitions of Shares Disclosure

BFS Small Co Div Tst PLC
26 May 2000



NOTIFICATION OF DISPOSAL - DISCLOSURE UNDER RULE 5 OF 'SARs'

STOCK:  BFS SMALL COMPANIES DIVIDEND TRUST

Exeter Asset Management Limited on behalf of clients disposed on 26 May 2000 of
750,000 BFS Small Companies Ordinary Shares.

Exeter Asset Management now holds 3,150,000 voting shares representing in
aggregate 21.0% of the voting capital of the company.