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JPMorganFlemJapSmllr (JPS)

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Friday 16 June, 2006


Final Results

JPMorgan Fleming Japanese Smllr Cos
16 June 2006

                           STOCK EXCHANGE ANNOUNCEMENT

                              INVESTMENT TRUST PLC

Results for the year ended 31st March 2006

Investment Performance

I am delighted to report that, following the encouraging signs during the latter
half of last year, to which I made reference in my last Chairman's Statement,
the Company has had a highly successful year.

Over the period, the Company delivered a substantial return to shareholders and
has outperformed its benchmark index by a pleasing margin. In the year to 31st
March 2006, the Company produced a total return on net assets of +63.3% compared
with the total return of the Company's benchmark, the Citigroup Equity Index
Japan Extended Market (in sterling terms), of +45.0%. The return to
shareholders, which takes into account the reduction in discount to net assets
from 9.2% to 4.5%, was better still at +70.7%.

The Company's favourable performance was due mainly to the positive effect of
stock selection. The Company's long term holdings in Japanese domestic
demand-related stocks in retailing, banks, real estate and construction were
particularly strong.


The Company has a Japanese Yen 5bn credit facility with The Royal Bank of
Scotland plc which was increased from Japanese Yen 3bn in December 2005. The
Board has given the Investment Manager the flexibility to set gearing within the
range of 90% to 120% invested, which scope has been successfully utilised,
assisting performance.

Corporate Governance

The Company operates in accordance with corporate governance best practice and
the Board is committed to high standards of corporate governance, as applicable
to investment trust companies. During the year the Nomination Committee of the
Board met to evaluate the performance of the Board, its Committees and
individual Directors, including those due to retire by rotation this year. These
deliberations take place yearly to ensure that the Board is equipped to
discharge fully its responsibilities to shareholders. At the forthcoming Annual
General Meeting, Ben Grigsby and I will be offering ourselves for re-election.

The Board also held private meetings to evaluate the performance of the
Investment Manager, JF Asset Management ('JFAM'), who are based in Tokyo. The
Board reviewed the investment decision making process and its effective
operation, how risks are analysed and controlled and the depth of resources
committed to the management of the Company. Following this review, the Board
confirms that it is satisfied that the continuing appointment of the Investment
Manager is in the best interest of shareholders as a whole. In addition, the
Board finds the overall business management and administrative support provided
by JPMorgan Asset Management (UK) Limited ('JPMAM') to be very satisfactory.

Share Repurchase and Treasury Facility

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation. Although no such
repurchases took place during the year the Board believes that, given the
volatile markets in which the Company invests, this facility is a valuable tool
whose use when circumstances warrant is to the benefit of shareholders as a
whole. The Board therefore is seeking approval from shareholders to renew this
authority at the forthcoming AGM.

Following changes to Company law, the Company can now hold up to 10% of its
share capital as 'Treasury Shares' following share buybacks. Treasury Shares
provide the Board with increased flexibility as shares held in Treasury do not
need to be cancelled immediately and can be reissued at a later date. The Board
believes the effective use of Treasury Shares could improve the management of
the liquidity and discount of the Company's shares and be in the best long term
interests of shareholders.

When circumstances permit, the Company would purchase shares at a discount to
their prevailing net asset value, hold them in Treasury, available for reissue
when market demand is identified. Reissues would only be made at a discount
narrower than the weighted average discount at which purchases were made.

This process would ensure that the enhancement in net asset value associated
with share purchases exceeded the dilution in net asset value connected with the
reissue of Treasury Shares at a discount. The Company's ability to reissue
shares will be constrained in order to strictly limit the dilution associated
with the reissue of Treasury Shares at a discount to a maximum of 0.5% of net
asset value in any year.

Board of Directors

During the course of last year, the Board decided to appoint an additional
Director. After a rigorous selection exercise Mr Christopher Russell, was
invited to join the Board and shareholders will be asked to approve this
appointment at the forthcoming AGM.

In order to accommodate this strengthening of the Board and any future increase
in Directors' fees, shareholders will be asked to approve a rise in the maximum
aggregate total of Directors' fees from £100,000 to £150,000.


Since the Company's year-end on 31st March 2006, there has been a widespread
setback in world stock-markets with the Japanese smaller company market being
particularly affected. Some investors have become concerned about the outlook
for inflation and interest rates and have been selling assets which are
perceived to be of a higher risk. The market in which we invest has
traditionally been more volatile than that of the larger Japanese market.

As at the time of writing the share price is 301.5p which is a fall of 22% from
the end of March. This is against a benchmark fall of 18%. However, since 31st
March 2005 to date the share price shows an increase of 33%. The Board and the
investment manager have reviewed the underlying portfolio of investments in the
light of the severity of the market decline and believe the outlook for the
investee companies is still strong with earning and profits in line with

Annual General Meeting

The Directors and I very much look forward to welcoming you to the Company's AGM
which will be held at the offices of JPMorgan at the Library, 60 Victoria
Embankment, London EC4Y 0JP on 26th July 2006 at 1.30 p.m. The format of the
meeting will be the same as last year, and will include the investment manager's
review of the past period together with comment on the outlook for the current
year. There will also be the usual opportunity for shareholders to meet the
Board, investment manager and representatives of JPMAM after the meeting.

If you have any detailed questions, you may wish to raise these in advance with
the Company Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ.
Shareholders who are unable to attend the AGM in person are encouraged to use
their proxy votes. Shareholders who hold their shares through CREST are able to
lodge their proxy votes electronically. I look forward to welcoming as many
shareholders as possible to the annual meeting this year.

Alan Clifton
16th June 2006

For further information, please contact:

Hilary Lowe
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Year ended 31st March 2006

Income Statement
                                                      Year ended 31st March 2006         Year ended 31st March 2005
                                                      Revenue   Capital     Total   Revenue     Capital       Total
                                                       Return    Return    Return    Return      Return      Return
                                                        £'000     £'000     £'000     £'000       £'000       £'000

Realised gains/(losses) on investments                      -    30,179    30,179         -     (5,794)     (5,794)
Unrealised gains/(losses) on investments                    -    32,157    32,157         -     (3,482)     (3,482)
Currency (losses)/gains on cash and short-term
deposits held during the year
                                                            -      (13)      (13)         -         252         252
Realised gain on repayment of Yen loan                      -        31        31         -         363         363
Unrealised gain/(loss) on Yen loan                          -       339       339         -        (10)        (10)
Other capital charges                                       -      (47)      (47)         -        (43)        (43)
Income from investments                                 1,043         -     1,043       715           -         715
Other income                                              223         -       223       308           -         308
                                                      _______   _______   _______   _______     _______     _______

Gross revenue and capital return/(loss)                 1,266    62,646    63,912     1,023     (8,714)     (7,691)

Management fee                                        (1,619)         -   (1,619)   (1,361)           -     (1,361)
Administrative expenses                                 (270)         -     (270)     (250)           -       (250)
                                                      _______   _______   _______   _______     _______     _______

Net (loss)/return before finance costs and              (623)    62,646    62,023     (588)     (8,714)     (9,302)

Finance costs                                              62         -        62     (114)           -       (114)
                                                      _______   _______   _______   _______     _______     _______

Net (loss)/return before taxation                       (561)    62,646    62,085     (702)     (8,714)     (9,416)

Taxation                                                 (73)         -      (73)      (43)           -        (43)
                                                      _______   _______   _______   _______     _______     _______

Total (loss)/return attributable to ordinary
shareholders                                            (634)    62,646    62,012     (745)     (8,714)     (9,459)

(Loss)/return per ordinary share                      (1.61)p   158.96p   157.35p   (1.89)p    (22.11)p    (24.00)p

JPMorgan  Fleming Japanese Smaller Companies Investment Trust plc
Year ended 31st March 2006
Reconciliation of Movements in Shareholders' Funds

                                        Called up       Capital
                                            share    redemption      Capital         Other    Revenue
                                          capital       reserve     reserves       reserve    reserve      Total
                                            £'000         £'000        £'000         £'000      £'000      £'000
At 31st March 2004                          3,940         1,784    (205,426)       315,620    (7,985)    107,933
Net capital loss from ordinary
activities                                      -             -      (8,714)             -          -    (8,714)
Net revenue loss from ordinary
activities                                      -             -            -             -      (745)      (745)
                                          _______       _______     ________       _______    _______   ________
At 31st March 2005                          3,940         1,784    (214,140)       315,620    (8,730)     98,474
Adjustment to opening shareholders'
funds at 1st April 2005 to reflect the
adoption of bid prices                          -             -        (534)             -          -      (534)
Net capital return from ordinary
activities                                      -             -       62,646             -          -     62,646
Net revenue loss from ordinary
activities                                      -             -            -             -      (634)      (634)
                                          _______       _______     ________       _______    _______   ________
At 31st March 2006                          3,940         1,784    (152,028)       315,620    (9,364)    159,952

JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Year ended 31st March 2006

                                                                          31st March          31st March
BALANCE SHEET                                                                   2006                2005
                                                                               £'000               £'000
Fixed assets
Investments at fair value through profit and loss                            185,358              96,703

Net current (liabilities)/assets                                            (25,406)               6,719
                                                                             _______             _______
Total assets less current liabilities                                        159,952             103,422

Creditors amounts falling due after more than one year                             -             (4,948)
                                                                             _______             _______
Total net assets                                                             159,952              98,474
                                                                               =====               =====

NAV per ordinary share                                                        405.9p              249.9p

                                                                                2006                2005
                                                                               £'000               £'000

Net cash outflow from operating activities                                     (878)               (565)

Net cash outflow from servicing of finance                                   (1,278)             (1,244)

Net cash (outflow)/inflow from financial investment                         (24,106)              12,931

Net cash inflow /(outflow) from financing                                     21,151             (7,774)
                                                                             _______             _______
(Decrease)/ increase in cash for the year                                    (5,111)               3,348
                                                                               =====               =====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The statutory accounts for the
year ended 31 March 2006, on which the auditors have issued an unqualified audit
opinion, will be delivered to the Registrar of Companies following the Company's
Annual General Meeting. The comparative financial information has been derived
from the statutory accounts for the year ended 31st March 2005. Those accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies. Neither year's auditors' reports contained
statements under s237(2) or 237(3) of the Companies Act 1985.

The announcement has been prepared in accordance with the accounting policies
set out in the previous year's accounts, subject to changes required to comply
with recent accounting pronouncements.


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