Portfolio update

F&C Smaller Companies PLC
21 November 2005


F&C Smaller Companies PLC

Portfolio Update

On 14 November 2005 the Company announced details of a Tender Offer to be made
subject to shareholder approval at an EGM to be held on 9 December 2005.

On the basis that the Board expects shareholders to approve the Resolutions
being put forward, the process of realising cash is underway.

The Board is ensuring that the Manager maintains appropriate exposure to equity
markets throughout the process via derivative contracts. To date approximately
80% of the funding requirement on a full take-up of the Tender Offer has been
realised.

Enquiries:

Peter Ewins                                          020 7628 8000
F&C Asset Management


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