Final Results

JPMorgan Fleming Japanese Smllr Cos
24 June 2005


                          STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING JAPANESE SMALLER COMPANIES
                              INVESTMENT TRUST PLC

Unaudited Results for the year ended 31st March 2005

Investment Performance

This has been a year of two halves, the first very disappointing and the second,
more happily, quite encouraging. In the first six months the Company
considerably underperformed the market and other Japanese smaller company
investment funds. This was due to our investment managers retaining their favour
of cyclical stocks for rather too long, instead of shifting more speedily into
growth companies. This resulted in our missing out on the first quarter growth
rally, and this was compounded by the adverse impact on the Company of the
market's correction in May, and its subsequent fall over the summer months. The
underperformance was a result of missed opportunities, which is disappointing to
report.

On a more positive note, the Company's performance was greatly improved in the
second half of the year as the investment managers took advantage of the summer
buying opportunities, and relative stronger performance took place from November
through to the end of the financial year. However, due to the very disappointing
start to the year the Company was unable to make up its losses and ended the
year with a negative return on net assets of 8.8% against a positive benchmark
total return of 3.9%.

I am pleased to report, however, that the current year has started well and the
Board has been reassured by the more stable performance trend now established,
which reflects the greater depth of resources being applied by our managers to
the management of the Company.

Corporate Governance

The Company aims to operate in accordance with corporate governance best
practices and the Board is committed to the highest standards of corporate
governance, as applicable to investment trust companies.

During the year a performance evaluation was undertaken by the Board on its
committees and individual Directors. The Board also rigorously appraised the
investment performance of the Company during its recent visit to Tokyo. This
visit gave the Board the opportunity to discuss at first hand investment issues
with the managers and with the JF Asset Management Limited ('JFAM') investment
management team, who are all based in Tokyo. The Board also took the opportunity
to review the investment processes used by the investment managers to ascertain
their capabilities, and also to suggest additional disciplines with regards to
decision making and risk management.

It must be remembered that the Company operates within a volatile asset class
and therefore performance needs to be reviewed carefully and considered over a
range of time periods. Following the review of the investment process, the Board
is satisfied that the continuing appointment of the Manager is in the 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 excellent.

Share Repurchase Facility

At last year's Annual General Meeting ('AGM'), shareholders granted the
Directors authority to repurchase the Company's shares for cancellation, such
authority to expire at the earlier of 14th January 2006 or the conclusion of the
AGM of the Company in 2005. In the event, the Company did not repurchase any
shares for cancellation during the year. However, the Board recommends that the
repurchase authority be kept in place to be used as and when appropriate in the
interests of shareholders, and is seeking approval from shareholders to renew
the authority at the forthcoming AGM.

Re-election of Directors

In accordance with the Company's Articles of Association, George Long and John
Gibbon are required to retire from the Board by rotation at this year's Annual
General Meeting, and they are seeking re-election. Following the review of the
performance of individual directors, the Board recommends that shareholders vote
in favour of their re-election.

Annual General Meeting

The AGM will be held at 10 Aldermanbury, London ECV 7RF at 12.30 p.m. on 4th
August 2005.


Alan Clifton
Chairman        24th June 2005


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 31 March 2005

Statement of Total Return

                                                       Year ended 31 March 2005         Year ended 31 March 2004
                                                    Revenue     Capital       Total   Revenue   Capital       Total
                                                      £'000       £'000       £'000     £'000     £'000       £'000

Realised (losses)/gains on investments                    -     (5,794)     (5,794)         -    25,138      25,138
Unrealised (losses)/gains on investments                  -     (3,482)     (3,482)         -    21,657      21,657
Currency gains/(losses)on cash and short-term
deposits held during the year                             -         252         252         -     (393)       (393)     
Realised gains on Repayment of Yen loan                   -         363         363         -        20          20
Unrealised (losses)/gains on Yen loan                     -        (10)        (10)         -       147         147
Other capital charges                                     -        (43)        (43)         -      (42)        (42)
Overseas dividends                                      715           -         715       863         -         863
Stock lending fees                                      305           -         305       109         -         109
Deposit interest                                          3           -           3         2         -           2
                                                    _______    ________     _______   _______   _______     _______
Gross return/(loss)                                   1,023     (8,714)     (7,691)       974    46,527      47,501
Management fee                                      (1,361)           -     (1,361)   (1,156)         -     (1,156)
Other administrative expenses                         (250)           -       (250)     (200)         -       (200)
Interest payable and similar charges                  (114)           -       (114)     (400)         -       (400)
                                                    _______     _______     _______   _______   _______     _______
(Loss)/return before taxation                         (702)     (8,714)     (9,416)     (782)    46,527      45,745
Taxation                                               (43)           -        (43)      (52)         -        (52)
                                                    _______     _______     _______   _______   _______     _______
Total (loss)/return attributable to ordinary          (745)     (8,714)     (9,459)     (834)    46,527      45,693
shareholders

(Loss)/return per ordinary share                    (1.89)p    (22.11)p    (24.00)p   (2.11)p   117.77p     115.66p

Dividend per ordinary share                             Nil                               Nil


JPMorgan Fleming Japanese Smaller Companies Investment Trust plc
Unaudited figures for the year ended 31 March 2005


BALANCE SHEET                                                                    31 March         31 March
                                                                                     2005             2004
                                                                                    £'000            £'000

Investments at valuation                                                           96,703          123,013

Net current assets                                                                  6,719              260

Long term liabilities                                                             (4,948)         (15,340)

                                                                                  _______          _______
Total net assets                                                                   98,474          107,933
                                                                                  =======          =======

Share capital and reserves                                                         98,474          107,933
                                                                                  _______          _______
Total net assets                                                                   98,474          107,933
                                                                                  =======          =======

Net asset value per ordinary share                                                 249.9p           273.9p

CASH FLOW STATEMENT
                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash outflow from operating activities                                          (565)            (373)

Net cash outflow from servicing of finance                                        (1,244)          (1,315)

Net cash inflow/(outflow) from capital expenditure and financial
investment                                                                         12,931         (15,293)

Net cash (outflow)/inflow from financing                                          (7,774)           11,150
                                                                                  _______          _______
Increase/(decrease) in cash for the period                                          3,348          (5,831)
                                                                                  =======          =======
The above financial information does not constitute the Company's statutory
accounts for the years ended 31 March 2005 or 2004. The financial information
for the year ended 31 March 2004 is derived from the statutory accounts for that
year that have been delivered to the Registrar of Companies. The auditors
reported on those accounts; their report was unqualified and did not contain a
statement under S237(2) or (3) Companies Act 1985. The statutory accounts for
the year ended 31 March 2005 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.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED
24th June 2005


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