ASSET ANALYSIS

JPMorgan Fleming Japanese Smllr Cos
8 July 2003

ASSET ANALYSIS AS AT 30th June 2003

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                         % funds as at 30/06/03
UK                                                                            3
Japan 1st section                                                            70
Japan 2nd section                                                             7
Japan OTC/regional                                                           22
Japan bonds                                                                   0
Cash and non Japanese fixed interest                                         -2
                                                                            100



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