Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
15 November 2001


                         STOCK EXCHANGE ANNOUNCEMENT

                    THE FLEMING JAPANESE SMALLER COMPANIES
                             INVESTMENT TRUST PLC

                REPURCHASE OF ORDINARY SHARES FOR CANCELLATION

The Fleming Japanese Smaller Companies Investment Trust plc announces that on
Thursday 9th November 2001 in the market it purchased for cancellation 250,000
ordinary shares at 192p per share representing 0.52% of the ordinary shares in
issue.

The number of shares repurchased at this date totals 9,760,000.

The remaining shares in issue following this announcement are 47,484,423.

15th November 2001

For further information, please contact:

Fraser Easton
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited
020 7742 3274

Alan Brierley
Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company
020 7475 6672