Change to investment management fee

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EUROPEAN SMALLER COMPANIES TRUST PLC

CHANGE TO INVESTMENT MANAGEMENT FEE ARRANGEMENTS

Legal Entity Identifier: 54930049CEWDI46Y3U28

The Board of JPMorgan European Smaller Companies Trust plc is pleased to announce that, following a review, the Company's investment management fee arrangements with JPMorgan Funds Limited ('JPMF') will change.With effect from 1st April, 2020 the annual management fee, currently 1.0% per annum on net assets up to £400 million and 0.85% on net assets over £400 million, will be charged at an amended annual rate of 0.85% of net assets.

The Chairman, Marc van Gelder, commented:

"This reduction in management fee ensures that the Company's fee arrangements remain competitive, provides a saving for our existing shareholders and should make the Company more attractive for investors."

16th March 2020

For further information, please contact:

Faith Pengelly

For and on behalf of

JPMorgan Funds Limited - Secretary

020 7742 4000

Rob Naylor

Cenkos Securities Limited - Broker

020 7397 1922