Balance Sheet/Cash Flow Stmt.

Fleming Japanese Smaller Cos IT PLC
22 December 2000



THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

The Company is required to publish the balance sheet and cash flow statement of
the Company for the period ended 31st March 2000.

The Fleming Japanese Smaller Companies Investment Trust plc was incorporated on
26th January 2000 with a share capital of £50,000.  Following two Special
General Meetings of JF Fledgeling Japan Limited, its assets and undertakings
were transferred to The Fleming Japanese Smaller Companies Investment Trust plc
on 11th April 2000. Dealings in this Company commenced on the London Stock
Exchange on 12th April 2000.

For further information, please contact:

Hilary Lowe
Chase Fleming Asset Management (UK) Limited 020 7742 3274



BALANCE SHEET (Unaudited)
31st March 2000                                                 


                                                                   2000
                                          Note                      £
ASSETS EMPLOYED

Fixed assets

Investments at valuation                                            -

 
Current Assets

Debtors                                                           50,000
                                 
Cash and short-term deposits                                           2

Total net assets                                                  50,002


FINANCED BY

Capital and Reserves

Ordinary Shareholders' funds

Called up share capital
 Ordinary Shares                                                       2
 Redeemable shares                         1                      50,000 

Total shareholders' funds                                         50,002


Attributable to

Redeemable shares - non equity                                    50,000
Ordinary shares - equity                                               2
Total Shareholders' funds                                         50,002


1. Share Capital Note

The authorised share capital of the Company on incorporation on 26th January
2000 was £50,000 represented by 50,000 ordinary shares of £1 each of which    
two shares were issued and fully paid.

On 22nd February 2000, each issued and unissued ordinary share of £1 each was
subdivided and redesignated as 10 ordinary shares of 10p each in the capital of
the Company.  It was also resolved that the authorised share capital of the
Company be increased from £50,000 to £10,000,000 by the creation of 99,000,000
ordinary shares of 10p each and 50,000 redeemable shares of £1 each.

To enable the Company to obtain a trading certificate under Section 117, on 29th
February 2000, 50,000 redeemable shares were allotted to Robert Fleming
Investment Trust Limited against its irrevocable undertaking to pay £1 in cash
for each redeemable share on the date of admission.  The Company was listed on
the London Stock Exchange on 12th April 2000 and on that date these shares were
redeemed, and were automatically subdivided and redesignated as 10 ordinary
shares of 10p each in the authorised share capital of the Company.

This £50,000 payable by Robert Fleming Investment Trust Limited is represented
by the debtor amount on the balance sheet.


CASH FLOW STATEMENT (Unaudited)
for the period 26th January 2000 to 31st March 2000
                                                                      2000
                                                                        £

Operating activities                                                    -

Returns on investments and servicing of finance                         -

Taxation                                                                -

Capital Expenditure and financial investment                            -

Financing
Issue of ordinary shares                                                2

Net cash inflow from financing                                          2

Increase in cash and cash equivalents                                   2