Purchase of Own Securities

JPMorgan Fleming Japanese Smllr Cos
20 January 2003








                        STOCK EXCHANGE ANNOUNCEMENT


        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc announces that
on 17 January 2003 in the market they purchased for cancellation 120,000
ordinary shares at 130p per share representing 0.28% of the ordinary shares in
issue.



The remaining shares in issue following this repurchase total 43,059,423.




20 January 2003


For further information, please contact:


Hilary Lowe  (Company Secretary)
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3274


Gavin Tooke
Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company
020 7475 6685






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