Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
16 December 2004


                          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
Wednesday 15th December 2004 in the market it purchased for cancellation 100,000
ordinary shares at 258 pence per share representing a total of 0.39% of the
ordinary shares in issue.

The number of shares repurchased under the current authority now totals 100,000.

The remaining shares in issue, following the above repurchases, is 25,316,186.




16th December 2004



For further information, please contact:

Andrew Norman
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 6000



Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
020 7623 8000



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