Net Asset Value(s)

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

Legal Entity Identifier: 54930049CEWDI46Y3U28

THE COMPANY ANNOUNCES THE UNAUDITED NET ASSET VALUES (NAV) As at: 23 January 2017

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

353.55

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

356.68

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Jonathan Latter 0044 207 742 3408 - Company Secretary

Date: 24 January 2017