Holding in Company

Fleming Japanese Smaller Cos IT PLC
10 October 2000

                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     THE FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     THE VALUE CATALYST FUND LIMITED

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

     IN RESPECT OF SHAREHOLDER IN 2 ABOVE

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

     THE VALUE CATALYST FUND LIMITED

5)   Number of shares/amount of stock acquired.



6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

      NOT STATED

8)   ( N/A %) of issued Class

      NOT STATED

9)   Class of security

     ORDINARY SHARES OF 10p

10)  Date of transaction

     NOT STATED

11)  Date company informed

     09-OCT-00

12)  Total holding following this notification

      0
               
              
13)  Total percentage holding of issued class following this notification

      0.0%

14)  Any additional information



15)  Name of contact and telephone number for queries

     HILARY LOWE 020 7742 3274

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification     10-OCT-00