Holding in Company

Foreign & Colonial Smaller Co's PLC
31 July 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

FOREIGN & COLONIAL SMALLER COMPANIES PLC


2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

AEGON UK PLC GROUP OF COMPANIES

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

BENEFICIAL


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

CHASE NOMINEES LIMITED


5)   Number of shares/amount of stock acquired.

N/A


6)   (    %) of issued Class


7)   Number of shares/amount of stock disposed

N/A


8)   (    %) of issued Class


9)   Class of security

ORDINARY SHARES OF 25P EACH


10)  Date of transaction

N/A


11)  Date company informed

27TH JULY 2001


12)  Total holding following this notification

3,750,000
               
              
13)  Total percentage holding of issued class following this notification

4%


14)  Any additional information

CHANGE IN PERCENTAGE HOLDING DUE TO REDUCTION IN NUMBER OF SHARES IN ISSUE

15)  Name of contact and telephone number for queries

D. HARDING
TEL: [phone]

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

     Date of Notification .....31ST JULY 2001.......