Ten Largest Investments

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

Legal Entity Identifier: 54930049CEWDI46Y3U28

THE COMPANY ANNOUNCES THE TEN LARGEST INVESTMENTS IN % OF TOTAL ASSETS As at: 31 Dec 2017

Amplifon

2.6%

IMCD

2.5%

Sopra Steria

2.4%

FinecoBank

2.4%

Skandiabanken

2.3%

SimCorp

2.3%

Forbo Holding

2.3%

Huhtamaki

2.3%

Husqvarna

2.2%

ROYAL UNIBREW A/S COMMON STOCK DKK 2

2.2%

Total

23.5%

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Faith Pengelly 0044 207 742 8627 - Company Secretary

Date: 11 January 2018