Interim Management Statement

F&C Global Smaller Companies PLC
30 July 2007


Date:           30 July 2007

Contact:        Peter Ewins
                F&C Management Limited
                020 7628 8000


F&C Global Smaller Companies PLC

Unaudited Interim Management Statement
For the period from 1 May 2007 to 24 July 2007

Objective

The objective of F&C Global Smaller Companies PLC is to secure a high total
return by investing in smaller companies worldwide.

Performance Summary

Attributable to ordinary shareholders                 24 July     30 April 2007
                                                         2007                                   Change

Share price                                           469.00p           473.25p                  -0.9%

Net asset value per share (debenture                  507.79p           512.21p                  -0.9%
at nominal value)

Net asset value per share (debenture                  501.20p           505.14p                  -0.8%
at market value)

Source: F&C Management Limited, Datastream.


Manager's Review

Globally, smaller company shares have slightly underperformed in the early part
of the financial year.

NAV total return of -0.2% outperformed the benchmark total return of -1.0%.

The main reason for the outperformance has been positive stock selection in the
UK portfolio. Performance was also ahead of local small cap indices in Europe
and the US, but behind in Japan and Asia.

No major asset allocation changes have been made, though the overweight position
in the UK has been trimmed, and exposure to the US is now closer to the
benchmark level. In overall terms, the portfolio is currently still overweight
in the UK and Europe, approximately neutral against benchmark in Japan, and
underweight in the US and Asia.

Effective gearing has been slightly reduced to 2.1% from 2.7% at 30 April 2007.

Discount of 6.2% (based on NAV ex-income with debenture at market value) against
6.3% at the end of April 2007.

A total of 652,000 of the Company's shares have been bought back for
cancellation over the period to 24 July 2007.

Ten Largest Equity Holdings at 24 July 2007

24 July         30 April        Company                                                          % of total investments

2007            2007
1               (1)             Aveva Group                                                                         1.6
2               (2)             Omega International                                                                 1.2
3               (3)             Bank of Cyprus                                                                      1.1
4               (11)            Allianz Little Dragons                                                              1.1
5               (17)            AXA Rosenberg Pacific ex Japan                                                      1.0
6               (10)            SDL                                                                                 1.0
7               (5)             Hill & Smith Holdings                                                               1.0
8               (20)            Utilico Emerging Markets                                                            0.9
9               (7)             Australian New Horizons Fund                                                        0.9
10              (16)            Aberdeen GL Asia Small Cap                                                          0.9
Total                                                                                                              10.7

Source: F&C Management Limited

Geographical Distribution of the Investment Portfolio

                                                         24 July 2007                      30 April 2007
Region                                         % of total investments             % of total investments
UK                                                               43.8                               44.1
North America                                                    27.7                               27.4
Europe ex UK                                                     14.4                               14.8
Japan                                                            10.2                               10.4
Asia Pacific ex Japan                                             3.9                                3.3
Total                                                           100.0                              100.0

Source: F&C Management Limited



The Board is not aware of any significant events or transactions which have
occurred between 24 July 2007 and the date of publication of this statement
which would have a material impact on the financial position of the Company.

Annual General Meeting

The Directors announce that all resolutions proposed at the Annual General
Meeting held earlier today were duly passed.

Daily and Key Information

Further information regarding the Company, including monthly factsheets and
daily net asset values published since the end of the period, can be found at
the Company's website on www.fandc.com

By order of the Board
F&C Management Limited, Secretary
30 July 2007


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