Change of Advisor

JPMorgan Fleming Japanese Smllr Cos
06 February 2004

                           STOCK EXCHANGE ANNOUNCEMENT

         JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                       CHANGE OF NAMED INVESTMENT ADVISOR


6th February 2004


The Manager of the Company's assets is JF Asset Management Limited and the
current named investment advisor is Mr. David Scott. The Company advises that
Mr. Scott has resigned from JF Asset Management Limited.



The Company is pleased to announce that Mr. Tadashi Ohta will be replacing Mr.
Scott as the named investment manager with immediate effect. Mr. Ohta is a
senior investment manager and a Japan smaller company specialist with the Japan
Portfolio Group in Tokyo.  He joined Jardine Fleming Securities (now JPMorgan
Securities) in 1997 as a senior small cap analyst before taking up his current
position in 2003.  Prior to joining the firm, Mr. Ohta spent three years with DB
Morgan Grenfell Asset Management as a small cap fund manager.  He began his
career with Daiichi Securities responsible for small cap research in 1988.




For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary


For further information, please contact:
Hilary Lowe.............................................020 7742 6000


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