Substantial Acquisitions of Shares Disclosure

BFS Small Co Div Tst PLC
30 June 2000


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

STOCK:  BFS SMALL COMPANIES DIVIDEND TRUST

PLEASE ACCEPT THIS NOTIFICATION THAT EXETER ASSET MANAGEMENT LIMITED ON BEHALF
OF CLIENTS DISPOSED ON 28 JUNE 2000 OF 250,000 BFS SMALL COMPANIES DIVIDEND
ORDINARY SHARES.

EXETER ASSET MANAGEMENT NOW HOLDS 2,750,000 VOTING SHARES REPRESENTING IN
AGGREGATE 17.46% OF THE VOTING CAPITAL OF THE COMPANY.