Transaction in Own Shares

F&C Smaller Companies PLC
06 July 2004

                           F&C SMALLER COMPANIES PLC

                             PURCHASE OF OWN SHARES



1) Date of purchase:

5 July 2004

2) Number of Ordinary Shares purchased:

125,000

3) Highest and lowest price paid per share (excluding expenses):

220.5p

4) The issued share capital of the Company following this buy-back will be:

Ordinary Shares - 84,925,082

5) Name and telephone number of contact for queries:

Mr D. Fallon
Tel: [phone]

6) Name of authorised Company official responsible for this notification:

Mr D. Fallon
For and on behalf of F&C Management Limited, Secretary

7) Date of notification

5 July 2004




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