Substantial Acquisitions of Shares Disclosure

BFS Small Co Div Tst PLC
29 June 2000

TO:  COMPANY ANNOUNCEMENTS OFFICE

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

STOCK:  BFS SMALL COMPANIES DIVIDEND TRUST

PLEASE ACCEPT THIS AS NOTIFICATION THAT EXETER ASSET MANAGEMENT LIMITED ON
BEHALF OF CLIENTS DISPOSED ON 28 JUNE 2000 OF 150,000, BFS SMALL COMPANIES
DIVIDEND ORDINARY SHARES.

EXETER ASSET MANAGEMENT NOW HOLDS 3,000,000 VOTING SHARES REPRESENTING IN
AGGREGATE 20.00% OF THE VOTING CAPITAL OF THE COMPANY.
   
FROM:  KATE GREGORY
       EXETER INVESTMENT GROUP PLC