Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
16 May 2006


                          STOCK EXCHANGE ANNOUNCEMENT

            JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION


JPMorgan Fleming Smaller Companies Investment Trust plc announces that today in
the market it purchased for cancellation 30,000 ordinary shares at 440.0 pence
per share representing 0.13% of the ordinary shares in issue.

The current repurchase authority for 3,519,080 shares was approved by
shareholders on 28th November 2005.  To date 80,000 shares have been repurchased
under this authority.

The remaining shares in issue following this repurchase totals 23,396,186.


16th May 2006


For further information, please contact:

Lucy Sullivan
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
0207 623 8000



                      This information is provided by RNS
            The company news service from the London Stock Exchange