Net Asset Value(s)

F&C U.S. Smaller Companies PLC
27 July 2005


                                                                                      27-Jul-05


Below is shown the net asset value per share for
F&C US Smaller Companies PLC at                               26-Jul-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)                                           313.85

F&C US Smaller Companies PLC
(Prior charges at book value cum income)                                                 314.08






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