Net Asset Value(s)

JPMORGAN JAPAN SMALLER COMPANIES TRUST PLC (the 'Company')

THE COMPANY ANNOUNCES THE UNAUDITED NET ASSET VALUES (NAV) As at: 01 December 2016

THE CAPITAL ONLY NET ASSET VALUE PER SHARE IN PENCE, WITH DEBT AT PAR VALUE: 1

350.32

THE CAPITAL ONLY NET ASSET VALUE PER SHARE IN PENCE, WITH DEBT AT PAR VALUE:

365.91

THE NET ASSET VALUE PER SHARE IN PENCE, INCLUDING INCOME WITH DEBT AT PAR VALUE: 1

349.65

THE NET ASSET VALUE PER SHARE IN PENCE, INCLUDING INCOME WITH DEBT AT PAR VALUE:

365.14

1The above NAV assumes that the 7,029,133 Subscription shares rights have been exercised at 243p (monthly closing strike price until Nov 2016).

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Rhys Williams 0044 207 742 5073 - Company Secretary

Date: 02 December 2016