Asset Analysis

Fleming Japanese Smaller Cos IT PLC
4 January 2002

ASSET ANALYSIS AS AT 31st December 2001

THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                         % funds as at 31/12/01
UK                                                                            0
Japan 1st section                                                            63
Japan 2nd section                                                             2
Japan OTC/regional                                                           20
Japan bonds                                                                   0
Cash and non Japanese fixed interest                                         15
                                                                            100