Daily Gearing Announcement

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

THE COMPANY ANNOUNCES THE INDICATIVE GEARING RATIOS OF THE BUSINESS As of: 19-Apr-2016

4.2%

The above ratios are for indicative purposes only and may differ to the ratios disclosed at month end and in the report & accounts due to slightly different methodologies applied

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Rhys Williams 0044 207 742 5073 - Company Secretary

Date: 20 April 2016