Holding in Company

Foreign & Colonial U.S.Smllr.Co PLC
25 July 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     FOREIGN & COLONIAL U.S. SMALLER COMPANPIES PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     F&C MANAGEMENT LIMITED (INCLUDING FOREIGN
     & COLONIAL INVESTMENT TRUST PLC)

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

      AS IN 2

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

      CHASE NOMINEES LIMITED

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY SHARES OF 25P EACH

10)  Date of transaction

      NOT SPECIFIED

11)  Date company informed

     25 JULY 2001

12)  Total holding following this notification

      3,341,470 ORDINARY SHARES FOR F&C MANAGEMENT LIMITED
      INCLUDING 2,718,169 SHARES HELD BY FOREIGN & COLONIAL INVESTMENT
      TRUST PLC
               
              
13)  Total percentage holding of issued class following this notification

     10.3% FOR F&C MANAGEMENT LIMITED INCLUDING 8.4% FOR
     FOREIGN & COLONIAL INVESTMENT TRUST PLC

14)  Any additional information



15)  Name of contact and telephone number for queries

     MRS R.T. HOSTLER - 020 7825 2318

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

     Date of Notification 25 JULY 2001