Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
22 May 2006



                          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 today in
the market it purchased for cancellation 57,000 ordinary shares at 420.39 pence
per share representing 0.24% of the ordinary shares in issue.

The current repurchase authority for 3,519,080 shares was approved by
shareholders on 28th November 2005.  To date 262,000 shares have been
repurchased under this authority.

The remaining shares in issue following this repurchase totals 23,214,186.


22nd May 2006


For further information, please contact:

Lucy Sullivan
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
0207 623 8000



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