Interim Results

JPMorgan Fleming Japanese Smllr Cos 18 December 2006 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2006 The Japanese smaller company market experienced an extremely difficult period over the last six months and it is disappointing to report that the return on net assets is -25.9%. The benchmark return was a dispiriting -19.4% for the same period. The shares of our Company had fallen by 29.4% at the half year stage, reflecting a widening in the discount to net assets at which the shares trade from 4.5% as at 31st March 2006 to 9.1% as at 30th September 2006. There have been extremes of performance over the past twelve months, with the Japanese smaller cap market rising strongly in the period from September 2005 to March 2006, and then falling sharply, as noted, in the latest six months. This volatility, coupled with substantial mood swings by investors in this sector, has posed significant challenges for our investment managers. As you will see from the report of the Investment Manager (on pages 3 and 4), the strategy followed by our Company has been consistent throughout this difficult recent period. Your Board remains satisfied that the emphasis on identifying companies with strong earnings momentum and attractive valuations is correct, notwithstanding that, at times, companies with more overtly defensive characteristics may perform better. In our first half year, your Company has maintained its bias towards long term, secularly growing stocks and is overweight in the real estate, retailing and financial and commercial service sectors. To conclude, and despite the most disappointing performance so far this year, the Board is confident that your Company is well positioned, in terms of its investment holdings, for long term growth. There is also a strong belief that the Japanese smaller cap market will respond more enthusiastically in due course to the better earnings statements emanating from the sector. The combination of good profits growth and undemanding valuations is an attractive investment proposition which should lead to better overall returns for our Company. Alan Clifton Chairman 18th December 2006 For further information please contact: Hilary Lowe JPMorgan Asset Management (UK) Limited Telephone 0207 742 6000 JPMorgan Fleming Japanese Smaller Companies Investment Trust plc Unaudited figures for the six months ended 30th September 2006 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 30th Six months ended 30th Year ended 31st September 2006 September 2005 March 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total return return return return return return return return return £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains from investments held at fair value through profit or loss - (40,873) (40,873) - 13,068 13,068 - 62,646 62,646 Income from investments 518 - 518 318 - 318 1,043 - 1,043 Other interest receivable and similar income 150 - 150 108 - 108 223 - 223 _______ _______ ______ _____ _______ _______ _____ ______ _______ Gross revenue and capital gains/(losses) 668 (40,873) (40,205) 426 13,068 13,494 1,266 62,646 63,912 Management fee (925) - (925) (665) - (665) (1,619) - (1,619) Other administrative expenses (171) - (171) (129) - (129) (270) - (270) _______ _______ ______ ______ ______ _______ ______ ______ _______ Net (loss)/return before finance costs and taxation (428) (40,873) (41,301) (368) 13,068 12,700 (623) 62,646 62,023 Finance costs (70) - (70) (50) - (50) 62 - 62 _______ _______ ______ ______ ______ _______ ______ ______ _______ Net (loss)/return before taxation (498) (40,873) (41,371) (418) 13,068 12,650 (561) 62,646 62,085 Taxation (36) - (36) (22) - (22) (73) - (73) ______ _______ ______ ______ _______ _______ _______ ______ _______ Net (loss)/return after taxation (534) (40,873) (41,407) (440) 13,068 12,628 (634) 62,646 62,012 ====== ======= ====== ====== ======= ======= ======= ====== ======= (Loss)/return per share (1.36)p (103.71)p (105.07)p (1.12)p 33.16p 32.04p (1.61)p 158.96p 157.35p JPMorgan Fleming Japanese Smaller Companies Investment Trust plc Unaudited figures for the six months ended 30th September 2006 Reconciliation of Movements in Shareholders' Funds (unaudited) Called up Capital share redemption Other Capital Revenue capital reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 At 31st March 2005 3,940 1,784 315,620 (214,140) (8,730) 98,474 Adjustment to opening shareholders' funds at 1st April 2005 to reflect the adoption of bid prices - - - (534) - (534) Total return/(loss) from ordinary activities - - - 62,646 (634) 62,012 _______ ________ _______ ________ _______ ________ At 31st March 2006 3,940 1,784 315,620 (152,028) (9,364) 159,952 Total loss from ordinary activities - - (40,873) (534) (41,407) _______ ________ _______ ________ _______ ________ At 30th September 2006 3,940 1,784 315,620 (192,901) (9,898) 118,545 ======= ======== ======= ======== ======= ======== JPMorgan Fleming Japanese Smaller Companies Investment Trust plc Unaudited figures for the six months ended 30th September 2006 Balance Sheet (Unaudited) (Unaudited) (Audited) 30th September 30th September 31st March 2006 2005 2006 £'000 £'000 £'000 Non current assets Investments at fair value through profit or loss 134,380 119,635 185,358 Net current (liabilities) / assets (15,835) 1,442 (25,406) _______ _______ _______ Total assets less current liabilities 118,545 121,077 159,952 Creditors : amounts falling due after more than one year - (9,975) - _______ _______ _______ Total net assets 118,545 111,102 159,952 ======= ======= ======= Net asset value per share 300.8p 281.9p 405.9p Cash Flow Statement (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th September 30th September 31st March 2006 2005 2006 £'000 £'000 £'000 Net cash outflow from operating activities (253) (257) (878) Net cash outflow from returns on investments and servicing of finance (59) (624) (1,278) Net cash inflow/(outflow) from capital expenditure and financial investment 9,165 (6,839) (24,106) Net cash (outflow)/inflow from financing (6,028) 5,084 21,151 _______ ______ ______ Increase/(decrease) in cash for the period 2,825 (2,636) (5,111) ======= ====== ====== The figures and financial information for the year ended the 31st March 2006 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 237(2) or 237 (3) of the Companies act 1985. JPMORGAN ASSET MANAGEMENT (UK) LIMITED 18th December 2006 This information is provided by RNS The company news service from the London Stock Exchange

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