DSC, polarizing optical microscopy and X-ray diffractometry were used to investigate the mesomorphic behaviour of 4-n-butyl-4'-acetyl-biphenyl, which resulted to exhibit a smectic E and, possibly, a smectic K phase. Additionally, H-2 NMR spectroscopy was applied on a selectively deuterated sample to study the properties of alignment of the mesophases within a magnetic field, as well as to characterize molecular dynamics. Two motional processes were found to be active in the smectic E phase, namely fast pi-flips of the benzene rings and molecular self-diffusion about the herringbone bidimensional lattice of the layers. No molecular overall diffusional motions were observed by either 2 H NMR spectroscopy or dielectric relaxation measurements.