Purchase of Own Securities

FOREIGN & COLONIAL U.S. SMALLER COMPANIES PLC
16 July 1999

Foreign & Colonial U.S. Smaller Companies PLC has today purchased for
cancellation, through Cazenove & Co, 5,250,000 ordinary shares in the market at
a price of 202p per share.

The directors intend to continue to implement the programme of purchasing the
Company's own shares for cancellation until the commencement of the 'close
period' on 23rd July 1999.