AGM Statement

JPMorgan Fleming Japanese Smllr Cos
28 July 2003


STOCK EXCHANGE ANNOUNCEMENT



JPMORGAN FLEMING JAPANESE SMALLER COMPANIES

INVESTMENT TRUST PLC


Following the Annual General Meeting of the Company which was held on 25th July
2003, the Board are pleased to announce that all the ordinary resolutions put to
shareholders were passed.  Two special resolutions were also put to the meeting,
which:

a)     will allow the Company to allot relevant securities up to an aggregate
       nominal amount of £198,197; and



b)     will allow the Company to make market purchases of ordinary shares up to 
       a maximum number of 5,907,472 representing 14.99% of the Company's issued
       ordinary share .

However, only the later resolution regarding the purchases of ordinary shares
was passed by the shareholders.


28th July 2003



For further information, please contact:

Hilary Lowe (Company Secretary)

J.P. Morgan Fleming Asset Management (UK) Ltd ...................020 7742 3274




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