Holding in Company

Fleming Smaller Co's Inv. Trust PLC
25 September 2000


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC



2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

REFUGE ASSURANCE PLC      1,154,500



3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

IN RESPECT OF SHAREHOLDER IN 2 ABOVE


4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

REFUGE LONG TERM BUSINESS FUND


5)   Number of shares/amount of stock acquired.

NOT STATED


6)   ( N/A %) of issued Class


7)   Number of shares/amount of stock disposed

NOT STATED


8)   ( N/A %) of issued Class


9)   Class of security

ORDINARY SHARES OF 25p


10)  Date of transaction

NOT STATED


11)  Date company informed

22-SEP-00


12)  Total holding following this notification

1,154,500

               
              
13)  Total percentage holding of issued class following this notification

4.33%


14)  Any additional information



15)  Name of contact and telephone number for queries

FRASER EASTON 0207 880 3425


16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ... 25 SEPTEMBER 2000 ...