Holding(s) in Company

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

JPMorgan Japan Smaller Companies Trust plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

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

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

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

Lazard Asset Management LLC

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

JP Morgan Chase - SWIFT

Mellon Trust

Northern Trust Co.

State Street Bank - Custody Master Trust

State Street Bank - Custodian ETC

State Street Bank - Master Tr - ETC

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23 January 2017

6. Date on which issuer notified:

24 January 2017

7. Threshold(s) that is/are crossed orreached: vi, vii

Increase from 22% to 24%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB0003165817

12,480,706

13,396,403

24.216 %

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

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

13,396,403

24.216 %

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

Lazard Asset Management LLC controls all the voting rights held of this issuer.

Proxy Voting:

10. Name of the proxy holder:

N/A

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

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

13. Additional information:

14. Contact name:

Legal & Compliance Department

15. Contact telephone number:

0207 448 2085

Note: Annex should only be submitted to the FCA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Lazard Asset Management LLC

Contact address

(registered office for legal entities)

30 Rockefeller Plaza,

57th Floor,

New York,

NY, 10112-6300

Phone number & email

0207 448 2085

[email protected]

Other useful information

(at least legal representative for legal persons)

Reporting for UK issuers is undertaken on behalf of Lazard Asset Management companies by Lazard Asset Management in London

B: Identity of the notifier, if applicable

Full name

Lazard Asset Management Limited

Contact address

50 Stratton Street

London W1J 8LL

Phone number & email

0207 448 2085

[email protected]

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

Contact Legal & Compliance Department of Lazard Asset Management in London

C: Additional information

For notes on how to complete form TR-1 please see the FCA website.