Net Asset Value(s)

F&C U.S. Smaller Companies PLC
23 September 2005


                                                                                      23-Sep-05


Below is shown the net asset value per share for
F&C US Smaller Companies PLC at                               22-Sep-05

NAV per share (at mid market values) in £ sterling with prior charges at nominal value:
                                                                                          pence

F&C US Smaller Companies PLC
(Prior charges at book value excluding income)                                           293.48

F&C US Smaller Companies PLC
(Prior charges at book value cum income)                                                 293.42





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