Director Shareholding

F&C U.S. Smaller Companies PLC
12 March 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

F&C US Smaller Companies PLC

2) Name of director

Gordon David Grender

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

Beneficial

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

Not Specified

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

It relates to the Director himself

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

Exercise of Warrants

7) Number of shares/amount of
stock acquired

3,000

8) Percentage of issued class

0.01%

9) Number of shares/amount
of stock disposed

3,000 warrants

10) Percentage of issued class

n/a

11) Class of security

Ordinary Shares of 25p/Warrants to subscribe for ordinary shares

12) Price per share

Subscription price of £1.00 paid to exercise warrants in final exercise and
shares issued on the basis of 1 share for each warrant

13) Date of transaction

4 December 2002

14) Date company informed

12 March 2003

15) Total holding following this notification

18,000

16) Total percentage holding of issued class following this notification

0.07%

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

Mrs R Hostler - 020 7825 2318

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


Mrs R Hostler

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


Date of Notification

12 July 2002


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