Exercise of Warrants

Foreign & Colonial U.S.Smllr.Co PLC
6 December 2001


                              EXERCISE OF WARRANTS

Please note that 86 warrantholders exercised their right to subscribe for 
ordinary shares on 30th November 2001.

This resulted in the allotment of 370,338 ordinary shares of 25p ranking pari 
passu with the existing ordinary shares in issue.

The number of issued ordinary shares outstanding is now therefore 32,844,340 and
the number of warrants has decreased to 2,537,929 accordingly.