JPS.L Regulatory News (JPS)

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN JAPAN SMALLER COMPANIES TRUST PLC

(the 'Company')

DIVIDEND DECLARATION AND NEW DIVIDEND POLICY

The Board of JPMorgan Japan Smaller Companies Trust plc announces that, subject to shareholder approval of relevant resolutions at the Annual General Meeting to be held on 31st July 2018, a dividend of 4.9 pence per share will be paid on 8th August 2018 to shareholders on the register at the close of business on 13th July 2018.

As previously announced to shareholders on 28th June 2018, the Board is proposing a new dividend policy under which it aims to pay, in the absence of unforeseen circumstances, a regular quarterly dividend equivalent to 1% of the Company's NAV on the last business day of the preceding financial quarter, being the end of June, September, December and March. This dividend will be paid from a combination of the revenue and capital reserves. The Board will propose a resolution at the Annual General Meeting to be held on 31st July 2018 to amend the Company's Articles of Association to allow the Company to distribute capital as dividends. It will also propose a separate resolution to approve the new dividend policy.

Should the relevant resolutions be approved at the forthcoming Annual General Meeting, the revised dividend policy will be effective for the year which started on 1st April 2018. The first dividend payable on the new basis will be calculated by reference to the Company's net assets on 30th June 2018 (29th June 2018 due to the weekend). This first quarterly dividend will be payable on 8th August 2018 to shareholders on the register at the close of business on 13th July 2018. As the Company's cum income NAV on 30th June 2018 was 488.70 pence per share, this first new quarterly dividend will amount to 4.9 pence per share.

Please refer to the Chairman's Statement in the Company's Annual Report and Accounts for the year ended 31st March 2018 for full details of the new dividend policy.

The Annual Report and Accounts are available on the Company's website at

www.jpmjapansmallercompanies.co.uk, where up-to-date information on the Company can also be found.

3rd July 2018

Legal Entity Identifier: 549300KP3CRHPQ4RF811

Information disclosed in accordance with DTR 6.1.13

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Funds Limited

020 7742 4000