Final Results

JPMorgan Fleming Japanese Smllr Cos
18 June 2003


        JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT



18th June 2003

The Board today announces the preliminary results of the Company for the year
ended 31st March 2003.



Investment Performance



The year to 31st March, 2003 was the third year of unremitting gloom for
investors in Japan and in particular for those investing in the Japanese Smaller
companies sector. The Net Asset Value fell by 25.3% and this compares
unfavourably to a decline of 12.8% by the Company's benchmark index. David
Scott, the investment manager, sets out in detail the background to this
substantial fall in his report in the Annual Report and Accounts. During the
year the Board examined further the investment methodology, reflecting in-house,
research based, individual stock selection and sale discipline techniques, put
in place by the investment manager since the establishment of the Company and
concluded that the process was robust and would stand the Company in good stead
should conditions improve.

Share Buybacks



During the year the Company repurchased a total of 4,155,000 shares for
cancellation, which enhanced the net asset value by 2.2%. The Board considers it
is in the interest of shareholders to maintain an option to repurchase shares
and a resolution to renew this authority will be put to shareholders at the
forthcoming Annual General Meeting.

The Board



The Board has undergone several changes during the year, as in March 2003,
Patrick Gifford, Piers Litherland and Christopher Purvis resigned as Directors
from the Board. I would very much like to thank Patrick, Piers and Christopher
for their contributions to the Board during their time as Directors. I would
especially like to thank Patrick and Piers for their contributions in
establishing the Company when it was brought on shore in March 2000, and Patrick
for his significant contribution to the establishment of its predecessor, JF
Fledgeling Japan. I am pleased to welcome Alan Clifton and John Gibbon to the
Board. Alan and John were both appointed in March 2003. We look forward to
receiving the benefit of their contributions in the future. I would also like to
announce that having been on the Boards of both the Company and its predecessor
since their inception, I plan to retire from the Board on 20th June 2003, on the
occasion of my 65th Birthday. I have very much enjoyed my time on the Board but
twenty years is probably long enough. I am also pleased to announce that Alan
Clifton will be taking over the Chairmanship of the Company from that date.

Annual General Meeting



The Annual General Meeting will be held at 10.00 am on 25th July 2003, at 10
Aldermanbury, London EC2V 7RF. My colleagues on the Board and the investment
manager, David Scott, who will be making a formal presentation, look forward to
welcoming shareholders to the meeting and to answering any questions. All
questions will of course be welcome but, in the case of those expecting a
detailed response it would be helpful to have them submitted to the Company
Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ, as soon as
possible.

I wish my colleagues on the Board and fellow shareholders every success in the
future.



Nicholas Sibley

Chairman            18th June 2003


JPMorgan Fleming Japanese Smaller Companies  Investment Trust plc
Unaudited figures for the year ended 31st March 2003

Statement of Total Return (Unaudited)


                                                  Year ended 31 March 2003          Year ended 31 March 2002
                                                  Revenue   Capital     Total       Revenue   Capital    Total
                                                  £'000     £'000       £'000       £'000     £'000      £'000

Realised losses on investments                    -         (6,837)     (6,837)     -         (15,337)   (15,337)
Change in unrealised depreciation                 -         (16,033)    (16,033)    -         (19,280)   (19,280)
Currency gains/(losses) on cash and short-term
deposits held during the period                   -         156         156         -          (239)      (239)
Realised loss on repayment of Yen loan            -         (326)       (326)       -         (55)       (55)
Other capital charges                             -         (35)        (35)        -         -          -
Income from investments                           707       -           707         629       -          629
Deposit interest                                  1         -           1           6         -          6
                                                  _______   ________    _______     _______   _______    _______

Gross return                                      708       (23,075)    (22,367)    635       (34,911)   (34,276)
Management fee                                    (1,079)   -           (1,079)     (1,643)   -          (1,643)
Other administrative expenses                     (214)     -           (214)       (255)     -          (255)
Interest payable                                  (832)     -           (832)       (860)     -          (860)
                                                  _______   _______     _______     _______   _______    _______

Return before taxation                            (1,417)   (23,075)    (24,492)    (2,123)   (34,911)   (37,034)
Taxation                                          (106)     -           (106)       (94)      -          (94)
                                                  _______   _______     _______     _______   _______    _______

Total return attributable to ordinary             (1,523)   (23,075)    (24,598)    (2,217)   (34,911)   (37,128)
shareholders

Return per ordinary share                         (3.51)p   (53.10)p    (56.61)p    (4.62)p   (72.69)p   (77.31)p
Dividend per ordinary share                       Nil                               Nil





JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31 March 2003


BALANCE SHEET                                                                    31 March         31 March
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                           62,365          100,925

Net current assets/(liabilities)                                                    4,566          (3,276)

Long term liabilities                                                             (3,190)          (3,587)

                                                                                  _______          _______
Total net assets                                                                   63,741           94,062
                                                                                    =====            =====
Net asset value per ordinary share                                                 157.2p           210.4p


CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash outflow from operating activities                                          (816)          (1,348)

Net cash outflow from servicing of finance                                        (1,227)          (1,461)

Net cash inflow from capital expenditure and financial investment                  18,710            5,758

Net cash outflow from financing                                                  (10,775)         (40,386)
                                                                                  _______          _______
Increase/(Decrease) in cash for the period                                          5,892         (37,437)
                                                                                    =====            =====




The above financial information for the year ended 31st March 2003 does not
constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The comparative financial information is based on the statutory accounts
for the year ended 31st March 2002. These accounts, upon which the auditors
issued an unqualified opinion, have been delivered to the Registrar of
Companies.  The statutory accounts for the year ended 31st March 2003 will be
finalised on the basis of the financial information presented by the directors
in this preliminary announcement and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

18th June 2003


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