Asset Analysis

JPMorgan Fleming Japanese Smllr Cos
8 January 2003


ASSET ANALYSIS AS AT 31st December 2002

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST plc

                                                      % funds as at 31/12/02
UK                                                                         0
Japan 1st section                                                         55
Japan 2nd section                                                          9
Japan OTC/regional                                                        24
Japan bonds                                                                1
Cash and non Japanese fixed interest                                      11
                                                                         100

                      This information is provided by RNS
            The company news service from the London Stock Exchange