Holding in Company

Fleming Smaller Co's Inv. Trust PLC
5 January 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     JP MORGAN CHASE & CO

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 SHARHOLDER 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.

     FLEMING INVESTMENT MANAGEMENT LTD:        1,616,670
     FLEMING INVESTMENT TRUST MANAGEMENT LTD:  1,088,127
     FLEMING PRIVATE ASSET MANAGEMENT LTD:     3,580,938
     SAVE & PROSPER EQUITY MANAGERS LTD:         614,607
     SAVE & PROSPER GROUP LTD:                   832,957

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 25p SHARES

10)  Date of transaction

     NOT STATED

11)  Date company informed

     03-JAN-01

12)  Total holding following this notification

     7,733,299
               
              
13)  Total percentage holding of issued class following this notification

     29.00%

14)  Any additional information



15)  Name of contact and telephone number for queries

     JONATHAN LATTER,  020 7742 3408

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

     Date of Notification ......05-JAN-01.............................