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JPMorganFlemJapSmllr (JPS)

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Wednesday 20 June, 2007

JPMorganFlemJapSmllr

Final Results

JPMorgan Fleming Japanese Smllr Cos
20 June 2007


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                                 FINAL RESULTS

The Board of JPMorgan Fleming Japanese Smaller Companies Investment Trust plc is
pleased to announce the Company's results for the year ended 31st March 2007.
Commenting on the results, the Chairman has made the following statement:

CHAIRMAN'S STATEMENT

Investment Performance

This has been a difficult year for Japanese equities, particularly the smaller
companies in the market, which has had an adverse effect on the Company's
investment performance. It is disappointing to report that over the year to 31st
March 2007 the Company's total return on net assets was -33.6%, which, when
compared to the return of - 19.6% from the Company's benchmark, the Citigroup
Equity Index Japan Extended Market (in sterling terms), highlights what a
difficult period it has been for investing in smaller Japanese companies.

The period of underperformance has in part been influenced by the investment
manager's style, which focuses principally on growth stocks considered to be
attractively priced. This section of the smaller companies market has suffered
harshly over the year. Over longer time periods, however, this style of
investment has demonstrated that it can deliver substantial outperformance.
There now appears to be a strengthening case for investment in the Japanese
smaller company market and the Company is well placed to benefit from an
improvement in sentiment towards this sector.

I might add that since the present investment manager, David Mitchinson, took
charge of the portfolio in October 2005 our net asset value performance has been
broadly similar to the benchmark Index, notwithstanding the difficult volatile
market conditions encountered. With the investment management resources
supporting David in Tokyo having recently been strengthened, the Board is
confident that the investment management team is well equipped to deliver robust
performance.

Gearing

The Company has a Japanese Yen 6bn credit facility with The Royal Bank of
Scotland plc, which was increased from Japanese Yen 5bn in December 2006. The
Board has given the investment manager the flexibility to set gearing within the
range of 90% to 120% invested, subject to certain Board restrictions. As at the
time of writing, the Company was 114% geared.

Corporate Governance

The Board undertook a formal review of the Investment Manager, JF Asset
Management ('JFAM') which is based in Tokyo, and the Company Secretary, JPMorgan
Asset Management ('JPMAM'), during the year. This covered the investment
management, company secretarial, administrative and marketing services provided
to the Company. The Board also held a private meeting in order to review the
appointment of JFAM. This review encompassed its investment performance record,
management processes, investment style, resources and risk control mechanisms.
After full consideration, the Board concluded that the continued appointment of
the Investment Manager on the terms agreed for the provision of its services is
in the best interests of shareholders as a whole. In addition, the Board found
the overall business management and administrative support provided by JPMAM to
be satisfactory.

Board of Directors

At its Nomination Committee meeting, held earlier this year, the Board carried
out an annual evaluation of its own and its Committee's effectiveness.
Individual Directors' and my own performance were also considered at this time.
The Board takes this review process seriously and regards it as an important
means of evaluating the continuing efficacy of the Board. In accordance with the
Company's Articles of Association, the Directors retiring by rotation at this
year's Annual General Meeting will be George Long and John Gibbon.  Whilst John
Gibbon, the Audit Committee Chairman, offers himself for re-election, George
Long has decided that his increasing business commitments preclude him from
standing again for re-election.  On all our behalves, I would like to express
our gratitude to George for his substantial contribution to the Company's
development since joining the Board at its inception in April 2000.

Share Repurchase and Treasury Facility

At the Annual General Meeting in 2006 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 your Company invests, this facility is a valuable tool
which can be utilised when circumstances warrant it to the benefit of
shareholders as a whole. The Board is therefore seeking approval from
shareholders to renew this authority at this year's Annual General Meeting.

During the year, the Board has reviewed the merits of establishing a treasury
share facility which would enable the Company to buy shares into treasury and to
reissue them at a later date. The Board believes that the ability to hold and
reissue shares from treasury is in the interests of shareholders in assisting
the Company in managing any imbalance between the supply and demand for the
Company's shares and in reducing volatility. Accordingly, the Board will be
seeking shareholders' approval to issue shares from treasury at a discount to
net asset value. The Board is aware that this continues to be a controversial
matter for certain groups of shareholders. In view of this, the Board believes
that it is important to establish firm criteria for the issuance of treasury
shares at a discount to net asset value. Thus, shares will only be sold from
treasury at a discount narrower than the weighted average of those currently
held in treasury, and the aggregate dilution associated with the reissues from
treasury will not exceed 0.5% of the net asset value over the one year period of
the authority. This, in the Board's view, represents a balanced and considered
approach to this matter.

Outlook

The Japanese economy is once more growing, aided by strong exports and
increasing capital investment spending. Recovery from an extended period of
deflation looks to be entrenched. For the stock market, however, anxieties
persist. Corporate earnings expectations have been edging lower and there is
concern that the Japanese consumer remains subdued. For the smaller company
section of the market, which is typically more susceptible to domestic worries,
these considerations are weighing heavily on sentiment. On the other hand,
smaller companies traditionally achieve more rapid growth than their larger
company counterparts and, as a consequence, tend to enjoy higher earnings
valuations. The latter characteristic, however, is presently absent from the
Japanese market. For smaller companies with outstanding growth prospects, such
as those featuring prominently in your Company's portfolio, one can have
confidence that in due course a strong earnings progression will be rewarded
with a higher rating. Such recognition is long overdue for smaller growth
companies in Japan, but I am

confident it will return and will be reflected in a very satisfactory net asset
performance by our Company.

Annual General Meeting

The Company's Annual General Meeting will be held on 25th July 2007 at 1.30 p.m.
The venue will be The Library, JPMorgan, 60 Victoria Embankment, London EC4Y
0JP. The investment manager will review the past year and comment on the outlook
for the current year.

Alan Clifton
Chairman        20th June 2007


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
Unaudited figures for the  year ended 31st March 2007

Income Statement
                                                (Unaudited)                          (Audited)
                                         Year ended 31st March 2007         Year  ended 31st March 2006
                                       Revenue      Capital         Total    Revenue    Capital      Total
                                         £'000        £'000         £'000      £'000      £'000      £'000


(Losses)/gains from investments
held at fair value through profit
or loss                                      -     (54,956)      (54,956)          -     62,289     62,289
Net foreign currency gains                   -        2,149         2,149          -        357        357
Income from investments                  1,282            -         1,282      1,043          -      1,043
Other interest receivable and
similar income                             165            -           165        223          -        223
Gross return/(loss)                      1,447     (52,807)      (51,360)      1,266     62,646     63,912

Management fee                         (1,714)            -       (1,714)    (1,619)          -    (1,619)
Other administrative expenses            (331)            -         (331)      (270)          -      (270)
Net (loss)/return on ordinary
activities before finance costs
and taxation                             (598)     (52,807)      (53,405)      (623)     62,646     62,023
Finance costs                            (154)            -         (154)         62          -         62

Net (loss)/return on ordinary
activities before taxation               (752)     (52,807)      (53,559)      (561)     62,646     62,085
Taxation                                  (90)            -          (90)       (73)          -       (73)

Total (loss)/return on ordinary
activities after taxation                (842)     (52,807)      (53,649)      (634)     62,646     62,012


(Loss)/return per  share               (2.14)p    (133.99)p     (136.13)p    (1.61)p    158.96p    157.35p
(note 2)


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.
The total column of this statement is the profit and loss account of the Company
and the revenue and capital columns represent supplementary information. The 
total column represents all the information that is required to be disclosed in 
a 'Statement of Total Recognised Gains and Losses (STRGL)'. For this reason a
STRGL has not been presented.


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31st March 2007

Reconciliation of Movements in Shareholders' Funds
For the year ended 31st March 2007


                                    Called up                   Capital       
                                        Share        Other   redemption       Capital     Revenue           
                                      capital      reserve      reserve       reserve     reserve      Total            
                                        £'000        £'000        £'000         £'000       £'000      £'000            
           
At 31st March 2005                      3,940      315,620        1,784     (214,140)     (8,730)     98,474
Adjustment to opening
shareholders' funds at 1st April
2005 to reflect the adoption of
bid prices                                  -            -            -         (534)           -      (534)
Net return/(loss) from ordinary                                                62,646       (634)     62,012
activities                                  -            -            -
At 31st March 2006                      3,940      315,620        1,784     (152,028)     (9,364)    159,952
Net loss from ordinary activities           -            -            -      (52,807)       (842)   (53,649)
At 31st March 2007                      3,940      315,620        1,784     (204,835)    (10,206)    106,303



JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31st March 2007


BALANCE SHEET                                                           (Unaudited)            (Audited)
                                                                    31st March 2007      31st March 2006
                                                                              £'000                £'000
Fixed assets
Investments at fair value through profit or loss                            122,977              185,358

Current assets
Debtors                                                                         676                1,787
Cash at bank and in hand                                                      1,789                   80
                                                                            _______              _______
                                                                              2,465                1,867

Creditors : amounts falling due within one year                            (19,139)             (27,273)
                                                                            _______              _______
Net current liabilities                                                    (16,674)             (25,406)
                                                                            _______              _______
Total assets less current liabilities                                       106,303              159,952
                                                                            _______              _______
Total net assets                                                            106,303              159,952
                                                                            =======              =======

Capital and reserves
Called up share capital                                                       3,940                3,940
Other reserve                                                               315,620              315,620
Capital redemption reserve                                                    1,784                1,784
Capital reserve                                                           (204,835)            (152,028)
Revenue reserve                                                            (10,206)              (9,364)
                                                                            _______              _______
Shareholders' funds                                                         106,303              159,952
                                                                            =======              =======


Net asset value per  share (note 3)                                          269.7p               405.9p



CASH FLOW STATEMENT                                                     (Unaudited)            (Audited)
                                                                    31st March 2007      31st March 2006
                                                                              £'000                £'000

Net cash outflow from operating activities                                    (797)                (878)

Net cash outflow from returns on investments and servicing of                 (138)              (1,278)
finance

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                          8,952             (24,106)

Net cash (outflow)/inflow from financing                                    (6,029)               21,151
                                                                            _______               ______
Increase/(decrease) in cash for the year                                      1,988              (5,111)
                                                                            =======              =======

Notes to the Accounts
     
1.   Accounting policies

     The accounts are prepared in accordance with the Companies Act 1985, United
     Kingdom Generally

     Accepted Accounting Practice ('UK GAAP') and with the Statement of  
     Recommended Practice 'Financial Statements of Investment Trust Companies' 
     (the 'SORP') issued by the AIC in December 2005.

     All of the Company's operations are of a continuing nature.

2.   (Loss)/return per share

                                                                           (Unaudited)            (Audited)
                                                                       31st March 2007      31st March 2006
                                                                                 £'000                £'000
(Loss)/Return per share is based on the following:

Revenue loss                                                                     (842)                (634)

Capital (loss)/return                                                         (52,807)               62,646

Total (loss)/return                                                           (53,649)               62,012

Weighted average number of shares in issue                                  39,409,423           39,409,423


Revenue loss per ordinary share                                                (2.14)p              (1.61)p

Capital (loss)/return per ordinary share                                     (133.99)p              158.96p

Total (loss)/return per ordinary share                                       (136.13)p              157.35p

     
3.   Net asset value per share

     The net asset value per share is based on the net assets attributable to
     shareholders of £106,303,000 (2006: £159,952,000) and on the 39,409,423 
     (2006: 39,409,423) shares in issue at the year end.

4.   Status of preliminary announcement

     The financial information set out in this preliminary announcement does not
     constitute the Company's statutory accounts for the years ended 31st March 
     2007 or 2006. The statutory accounts for the year ended 31st March 2007 
     have not been delivered to the Registrar of Companies, nor have the 
     auditors yet reported on them. The statutory accounts for the year ended 
     31st March 2007 will be finalised on the basis of the information presented 
     by the directors in this preliminary announcement and will be delivered to 
     the Registrar of Companies following the approval of the accounts by the 
     Board of Directors.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED



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