Purchase of Own Securities

Fleming Japanese Smaller Cos IT PLC
31 October 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
Tuesday 30th October 2001 in the market it purchased for cancellation 100,000
ordinary shares at 197p per share representing 0.21% of the ordinary shares in
issue.

The number of shares repurchased to date now totals 9,510,000.

The remaining shares in issue following this announcement are 47,734,423.

31st October 2001

For further information, please contact:

Hilary Lowe
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