Director Shareholding

F&C Smaller Companies PLC
23 November 2004

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

F&C Smaller Companies PLC

2) Name of director

John Anthony Victor Townsend

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

In respect of individual named in 2) above

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

Lion Nominees Limited a/c RB

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

In respect of individual named in 2) above

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general / single co PEP and if discretionary / non
discretionary

Market purchase in respect of Mr Townsend's Self Invested Pension Scheme.

7) Number of shares/amount of stock acquired

10,000

8) Percentage of issued class

0.01%

9) Number of shares/amount of stock disposed

n/a

10) Percentage of issued class

n/a

11) Class of security

Ordinary Shares of 25p

12) Price per share

244p

13) Date of transaction

23 November 2004

14) Date company informed

23 November 2004

15) Total holding following this notification

10,000

16) Total percentage holding of issued class following this notification

0.01%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

n/a

18) Period during which or date on which exercisable

n/a

19) Total amount paid (if any) for grant of the option

n/a

20) Description of shares or debentures involved: class, number

n/a

21) Exercise price (if fixed at time of grant) or indication that
price is to be fixed at time of exercise

n/a

22) Total number of shares or debentures over which options held
following this notification

n/a

23) Any additional information

n/a

24) Name of contact and telephone number for queries

Mr D. Fallon
Tel: [phone]

25) Name and signature of authorised company official responsible for
making this notification

Mr D. Fallon
For and on behalf of F&C Management Limited, Secretary

Date of Notification

23 November 2004


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