Final Results

Fleming Smaller Co's Inv. Trust PLC
22 October 2002

                The Fleming Smaller Companies Investment Trust plc

                          Stock Exchange Announcement



The Board of The Fleming Smaller Companies Investment Trust plc today release
the unaudited results for the year to 31st July 2002 as follows:



Year Under Review

It has been a disappointing year for equity investors, with UK equity markets
performing particularly poorly in the latter part of the year under review.
Against this background. The Fleming Smaller Companies Investment Trust produced
a net asset value total return for the year of -26.8% compared with -21.8% for
the benchmark index, the FTSE Small Cap Index ex Investment Trusts.  The
underperformance on a total return basis can be attributed partly to the
Company's gearing, and partly to a small number of unexpectedly poor results
announced by portfolio companies.

Nonetheless, it should be noted that the underlying performance of the portfolio
excluding gearing, was in fact ahead of the benchmark index over the period.
The widening of the discount at which the shares trade to their net asset value
during the year was broadly in line with other investment trusts in this sector,
but is disappointing and reflects a move by some institutional investors to the
more liquid, larger stocks in difficult market conditions.

Since the year-end the share price has continued to fall in particularly
difficult market conditions from 164p to 146p at the time of writing, and the
net asset value per share from 207p to 183p.  The discount to net asset value
remained broadly unchanged over the period at 20.5%.  It is however encouraging
that over this two-month period the investment managers outperformed the
benchmark index by some 2.3% on a total return basis.

The sector weightings have not changed significantly since the year-end, but on
balance the portfolio is marginally more defensive with reduced weightings in
general industrials and information technology and a reduction in the
under-weighting in cyclical services.

Gearing

The total borrowings of the Company have as a percentage of gross assets been
kept within a 10-16% range over the last 3 years and this reflects the Board's
view that strategic gearing should be beneficial to shareholders in the long
term.

Although the investment manager has access to borrowings that would, if they had
been fully utilised at the year-end, enable the Company to be 23% geared, the
Board has historically set guidelines to the extent that they can be used.
These guidelines currently restrict the maximum gearing to 20% of gross assets.



The Board has made arrangements for the £7.5m loan that is due to be repaid in
January to be renewed for a further 3-year period in addition to retaining the
other loan facilities of £10m that are currently not being utilised, for use
when market conditions improve.



It should be noted that all the loan facilities incur floating rates of interest
and the loans could, if the Board so wished, be cancelled in part or in whole
with no penalty costs.

Revenue and Dividends

With earnings per share for the year at 3.10p, the Directors are recommending a
final dividend of 3.00p per share (2001: 2.30p), an increase of 30.4% which, if
approved by shareholders, will be payable on 25th November 2002 to shareholders
on the register at the close of business on 1st November 2002.

Investment Policy

The investment policy remains unchanged. It is to achieve returns for
shareholders consistently above the stated benchmark index over the medium term
from a diversified portfolio of UK smaller companies while retaining a lower
quartile risk profile.

Continuation Vote

As the Company is approaching its third continuation vote which is required in
the Articles of Association every three years, the Board has been evaluating the
performance and progress of the Company over the last year and over a longer
period, particularly since JPMF were appointed managers (Feb 1996) and since the
last continuation vote (July 1999).

The table below shows that the Company has been a consistent out-performer over
these periods, and was ranked 11th out of 24 funds since July 1999 as measured
by the Association of Investment Trust Companies (AITC).  The AITC do not
provide performance figures over the longer period shown but over five years to
31st July 2002 it is ranked 7th out of 24, and over 10 years 7th out of 16.

                                       29th February 1996 to 31st July   31st July 1999  to 31st July 2002
                                                     2002
Net asset value - total return                      +41.3%                             -14.9%
Benchmark- total return                             +23.0%                             -16.8%
Share price - total return                          +44.1%                             -16.9%



In the period since the last continuation vote the net asset value performance
each year against the benchmark has been as follows:-

1999-2000:            +19.5%

2000-2001:            -4.7%

2001-2002:            -5.0%

The Directors recommend that shareholders vote in favour of the resolution that
will be put to shareholders at the Annual General Meeting that the Company
continue in existence for a further three year period, as they intend to do so
in respect of their own holdings.

Investment Philosophy

The investment philosophy employed by the investment managers has remained
unchanged over the whole period.  The Company has been run in a consistent style
by a stable team of portfolio managers.  The investment process is one of bottom
up stock selection, combined with disciplined portfolio construction and risk
controls.  The investment managers look for securities that exhibit a
combination of factors that are proven to outperform over time.  Examples of
these factors include value, high earnings growth rates, and stocks where
earnings expectations are being upgraded.  The investment managers validate that
these factors exist for each stock through their own research, and that the
companies they invest in are financially sound.  Tight risk controls are
maintained, and the final portfolio is diversified, with no single security or
sector being allowed to rise to too great a proportion of the fund.  An effect
of this is that while less risk is represented by individual stocks, more is
embodied by the style factors such as value, and earnings momentum.  The number
of stocks in the portfolio over the period has been approximately 140.

Directors

In August 2002, the Board was pleased to announce that David Thompson had been
appointed to the Board. Mr Thompson is chairman of The Wolverhampton & Dudley
Breweries PLC and shareholders will be asked to confirm his appointment at the
Annual General Meeting.

Authority to Repurchase the Company's Shares

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation.  No such repurchases took
place during the year under review, but following the year end the Directors
took advantage of the widening discount and purchased 50,000 shares for
cancellation at a discount of 25%.  This transaction enhanced the net asset
value per share, albeit only by a small amount due to the small number of shares
concerned.  The Board will continue to use the authority as and when
appropriate.

The renewal of this authority will be proposed at the Annual General Meeting.

Proposal to Change the Company's Name

Following the take-over of Flemings by Chase Manhattan and the subsequent merger
with JPMorgan, shareholders will have noticed the change in the name of the
Manager of the Company's assets and the subsequent promotion of the new brand
name.  The Directors propose that the Company change its name to 'JPMorgan
Fleming Smaller Companies Investment Trust plc' to align the management of the
Company with the new brand, to ensure the Company benefits from the increasing
strength of the JP Morgan Fleming brand.

Annual General Meeting

The Annual General Meeting this year will be held at 60 Victoria Embankment,
London EC4Y at 11am on Thursday 28th November 2002.  The format of the meeting
will be similar to those of recent years and will include an investment
presentation from the representatives of the managers, Ross Hollyman and
Georgina Brittain as well as an opportunity for shareholders to meet and
question the Directors.

Outlook

The volatility within stockmarkets has not reduced and is not expected to
decline in the near future.  However, the outlook for the UK economy is
relatively benign, with both interest rates and inflation set to remain low, and
GDP growth set to continue at a steady pace.  While investor confidence
generally has undoubtedly been undermined by the wave of accounting scandals in
the US and by the prospect of hostilities against Iraq, there are signs of good
investment value emerging in the smaller company sector.  The Company is well
placed and has the flexibility to take advantage of the expected improvement in
values.



Strone Macpherson

Chairman

22nd October 2002






The Fleming Smaller Companies Investment Trust plc

Unaudited figures for the year ended 31  July 2002



Statement of Total Return (Unaudited)


                                                  Year ended 31 July 2002               Year ended 31 July 2001

                                                    Revenue     Capital       Total   Revenue    Capital       Total

                                                      £'000       £'000       £'000     £'000      £'000       £'000


Realised losses on investments                            -     (9,874)     (9,874)         -    (8,088)     (8,088)
Decrease in unrealised depreciation                       -    (10,367)    (10,367)         -   (12,422)    (12,422)
Net losses on currency transactions                       -           -           -         -        (4)         (4)
Other capital charges                                     -        (20)        (20)         -          -           -
Income from investments                               1,664           -       1,664     1,705          -       1,705
Other Income                                            157           -         157        99          -          99
                                                    _______    ________     _______    ______    _______    ________

Gross return                                          1,821    (20,261)    (18,440)     1,804  (20,514)     (18,710)

Management fee                                        (386)       (386)       (772)     (493)      (493)       (986)

Other administrative expenses                         (228)           -       (228)     (204)          -       (204)

Interest payable                                      (359)       (359)       (718)     (467)      (467)       (934)

                                                    _______     _______     _______    ______    _______     _______

Return before taxation                                  848    (21,006)    (20,158)       640  (21,474)     (20,834)

Taxation                                               (21)          21           -      (13)         13           -

                                                    _______     _______     _______    ______    _______     _______

Return after taxation                                   827    (20,985)    (20,158)       627  (21,461)     (20,834)

Dividends payable                                     (800)           -       (800)     (613)          -       (613)

                                                    _______     _______     _______    ______    _______     _______

Return attributable to ordinary shareholders             27    (20,985)    (20,958)        14  (21,461)     (21,447)

                                                    _______     _______     _______    ______    _______     _______



Return per ordinary share                             3.10p    (78.70)p    (75.60)p     2.35p   (80.48)p    (78.13)p












The Fleming Smaller Companies Investment Trust plc

Unaudited figures for the year ended 31 July 2002


BALANCE SHEET                                                                     31 July          31 July
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                           65,963           91,021

Net current (liabilities)assets                                                   (5,759)            2,641

Long term loan                                                                    (5,000)         (17,500)
                                                                                  _______          _______
Total net assets                                                                   55,204           76,162
                                                                                    =====            =====
Net asset value per share
Ordinary shares                                                                    207.0p           285.6p

CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow  from operating activities                                            719              542

Net cash outflow from servicing of finance                                          (780)            (919)

Net cash inflow/(outflow) from capital expenditure and financial
investment                                                                          6,037          (2,770)
                                                                                    

Dividends paid                                                                      (613)            (613)

Net cash (outflow)/inflow from financing                                          (5,000)            6,000
                                                                                  _______           ______
Increase in cash for the period                                                       363            2,240
                                                                                    =====             ====


The above financial information does not constitute statutory accounts for the
years ended 31 July 2002 or 2001.  The financial information for the year ended
31 July 2001 is derived from the statutory accounts for that year that have been
delivered to the Registrars of Companies.  The auditors reported on those
accounts; their report was unqualified and did not contain a statement under
s237(2) or (3) Companies 1985.  The statutory accounts for the year ended 31
July 2002 will be finalised on the basis of the financial information presented
by the directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the company's annual general meeting.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

22nd October 2002




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