Sector/Geographical Breakdown

Fleming Japanese Smaller Cos IT PLC
10 December 2001



SECTOR/GEOGRAPHIC BREAKDOWNS BY % AND TEN LARGEST INVESTMENTS, November 2001

THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                                        %
BY SECTOR

Assets/Liabilities                                                           14
Cyclical Services                                                            29
Financials                                                                   20
General Industrials                                                          25
Information Technology                                                        4
Non Cyclical Consumer Goods                                                   3
Non Cyclical Services                                                         3
Basic Industries                                                              2

Total                                                                       100


BY TERRITORY                                                            %

Japan                                                                        86
Assets/Liabilities                                                           14
United Kingdom                                                                0

Total                                                                       100


TEN LARGEST INVESTMENTS

Aeon Credit Service                                                         7.5
Otsuka Kagu                                                                 5.8
Shohkoh Fund                                                                3.3
Venture Link                                                                4.2
Avex                                                                        3.9
ARRK                                                                        2.7
Hosiden                                                                     2.8
Union Tool                                                                  4.4
Yanmada Denki                                                               7.4
Eneserve                                                                    3.6

Total                                                                      45.6