Investment Policy

JPMorgan Fleming Japanese Smllr Cos
16 October 2003


                           STOCK EXCHANGE ANNOUNCEMENT

         JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

                        ANNOUNCEMENT OF INVESTMENT POLICY


Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
JPMorgan Fleming Japanese Smaller Companies Investment Trust plc (the 'Company')
notes and announces that it is the Company's policy to invest no more than 15%
of its gross assets in other listed investment companies (including listed
investment trusts).

16 October 2003


J.P. Morgan Fleming Asset Management (UK) Limited - Secretary

For further information, please contact:

Hilary Lowe......................................... 020 7742 3274



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