Transaction in Own Shares

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN JAPAN SMALLER COMPANIES TRUST PLC

REPURCHASE OF ORDINARY SHARES INTO TREASURY

('the Company')

On 21 December 2016 the Company purchased into Treasury 100,000 Ordinary shares at 301.28 pence per share.

Following the transaction the Company holds 624,500 ordinary shares in Treasury. The shares in issue less the total number of Treasury shares is 55,320,060. The Company will only re-issue shares held in Treasury at a premium to Net Asset Value.

21 December 2016

For further information, please contact:

Rhys Williams

JPMorgan Funds Limited - Secretary

Telephone 020 7742 4000