Purchase of Own Securities

JPMorgan Fleming Smaller Cos IT PLC
05 March 2003

                        STOCK EXCHANGE ANNOUNCEMENT


          JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Smaller Companies Investment Trust plc announces that on 4
March 2003 in the market they purchased for cancellation 1,200,000 ordinary
shares at 134.5p per share representing 4.51% of the ordinary shares in issue.

The number of shares repurchased under the current authority now totals
1,200,000.

The remaining shares in issue following this repurchase total 25,416,186.


5 March 2003



For further information, please contact:

Fraser Easton  (Company Secretary)
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3425

Alan Brierley
Dresdner Kleinwort Wasserstein Securities Limited- Stockbrokers to the Company
020 7475 6672


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