Investment Policy

F&C Smaller Companies PLC
22 October 2003

The Board of F&C Smaller Companies PLC (the 'Company') notes the publication of
the Investment Entities (Listing Rules and Conduct of Business) Instrument 2003
and announces that, while the Company may from time to time hold shares in other
listed investment companies (including investment trusts), it is the Company's
policy to invest no more than 15 per cent of its gross assets in other listed
investment companies (including listed investment trusts). The implementation of
this policy will not require the Company to dispose of any existing
shareholding.


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