Month End Portfolio Info

F&C Smaller Companies PLC
13 February 2004


F&C SMALLER COMPANIES PLC ALL DATA AS AT 30th January 2004 THIS DATA WILL BE
AVAILABLE ON THE F&C MANAGEMENT WEB-SITE, www.fandc.com FROM APPROXIMATELY 18th
February 2004

GEOGRAPHICAL ASSET ALLOCATION                                    %

UK                                                               46
USA                                                              24
Japan                                                            10
Far East                                                         9
Europe                                                           6
Cash & Fixed Interest                                            5
                                                                 ----
Total                                                            100
                                                                 ====

TOP 10 HOLDINGS                                                  %

Cairn Energy                                                     1.45
Utilico Investment Trust                                         1.07
Kirby Corp                                                       0.99
Infratil Ltd                                                     0.89
Topps Tiles                                                      0.86
Lambert Howarth                                                  0.86
CLS                                                              0.83
American Capital Strategies                                      0.82
Graphite Enterprise Tst                                          0.82
Cousins Prop                                                     0.79
                                                                 -----
Total                                                            9.38
                                                                 =====
EFFECTIVE GEARING                                                6%


                      This information is provided by RNS
            The company news service from the London Stock Exchange