Substantial Shareholder

BFS Small Co Div Tst PLC
28 December 2000


BFS SMALL COMPANIES DIVIDEND TRUST PLC

The Company has today been informed that Aberdeen Asset Managers, on behalf of
Danae Investment Trust plc, purchased 756,000 Ordinary shares of 25p on 21
December 2000. Danae Investment Trust plc now holds 853,000 Ordinary shares of
25p, representing 5.42% of the issued share capital.

The Company has also been informed that Aberdeen Asset Managers, on behalf of
Leveraged Income Fund, sold 756,000 Ordinary shares of 25p on 21 December
2000. Leveraged Income Fund are no longer interested in the issued share
capital of the Company.

The total number of Ordinary shares now managed by Aberdeen Asset Managers
Limited and its associated companies remains at 3,550,000 shares, representing
22.54% of the issued share capital.