Transaction in Own Shares

JPMorgan Fleming Smaller Cos IT PLC
22 June 2005


                          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 on
Wednesday 22nd June 2005 it purchased for cancellation 140,000 ordinary shares
in the market at 310 pence per share representing a total of 0.58% of the
ordinary shares in issue.

The number of shares repurchased under the current authority now totals
1,320,000.

The remaining shares in issue, following the above repurchases, is 24,096,186.

22nd June 2005

For further information, please contact:

Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

Gavin Tooke
Dresdner Kleinwort Wasserstein - Stockbrokers to the Company
020 7623 8000


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