Exercise of Warrants

Foreign & Colonial U.S.Smllr.Co PLC
8 December 2000

EXERCISE OF WARRANTS

158 warrantholders exercised their right to subscribe for ordinary shares on
30th November 2000.

This resulted in the allotment of 107,004 ordinary shares of 25p ranking pari
passu with the existing ordinary shares in issue.

The number of issued ordinary shares outstanding is now therefore 32,474,002 and
the number of warrants has decreased to 4,235,480 accordingly.