Holding(s) in Company

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

JPMorgan Japan Smaller Companies Trust Plc

2. Reason for notification (yes/no)

An acquisition or disposal of voting rights

No

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

No

An event changing the breakdown of voting rights

Yes

Other (please specify):______________

No

3. Full name of person(s) subject to notification obligation:

MAM Funds plc

4. Full name of shareholder(s) (if different from 3):

See section 9 below

5. Date of transaction (and date on which the threshold is crossed or reached if different):

31/12/2012

6. Date on which issuer notified:

08/01/2013

7. Threshold(s) that is/are crossed or reached:

Was 9.99%, Now 10.03%

8: Notified Details

A: Voting rights attached to shares viii, ix

Class/type of shares

If possible use ISIN code

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GB0003165817

3,932,000

3,932,000

3,932,000

n/a

3,932,000

n/a

10.03%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date xiii

Exercise/ conversion period/date xiv

No. of voting rights that may be acquired (if the instrument exercised/converted)

Percentage of voting rights

n/a

n/a

n/a

n/a

n/a

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

3,932,000

10.03%

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

CF Miton Special Situations

Bank of New York Nominees Ltd a/c 392474

3,215,000

Miton Worldwide Growth Investment Trust

Bank of New York Nominees Ltd a/c 178055

517,000

CF Miton Select Assets Portfolio

Bank of New York Nominees Ltd a/c 391998

200,000

Proxy Voting:

10. Name of proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

n/a

12. Date on which proxy holder will cease to hold voting rights:

n/a

13. Additional information:

Miton Capital Partners Ltd and Miton Asset Management Ltd are both subsidiaries of MAM Funds plc

14 Contact name:

Ian Borrows

15. Contact telephone name:

0151 906 2476