Transaction in Own Shares

F&C U.S. Smaller Companies PLC
29 June 2004


                          F&C US SMALLER COMPANIES PLC

                             PURCHASE OF OWN SHARES



1) Date of purchase:

28 June 2004

2) Number of Ordinary Shares purchased:

50,000

3) Highest and lowest price paid per share (excluding expenses):

211P

4) The issued share capital of the Company following this buy-back will be:

Ordinary Shares - 26,574,769

5) Name and telephone number of contact for queries:

Mrs Rowan Hostler

Tel: [phone]

6) Name of authorised Company official responsible for this notification:

Mrs Rowan Hostler

For and on behalf of F&C Management Limited, Secretary

7) Date of notification

29 June 2004


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