Transaction in Own Shares

F&C U.S. Smaller Companies PLC
08 October 2004

                          F&C US SMALLER COMPANIES PLC

                             PURCHASE OF OWN SHARES




1) Date of purchase:

7 October 2004

2) Number of Ordinary Shares purchased:

20,000

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

219p

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

Ordinary Shares - 25,939,769

5) Name and telephone number of contact for queries:

Mrs R Hostler

Tel: [phone]

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

Miss S A Cox

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

7) Date of notification

7 October 2004



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