Net Asset Value(s)

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

Legal Entity Identifier: 549300KP3CRHPQ4RF811

THE COMPANY ANNOUNCES THE UNAUDITED NET ASSET VALUE (NAV) As at: 01 November 2017

THE NET ASSET VALUE PER SHARE IN PENCE, INCLUDING INCOME WITH DEBT AT FAIR VALUE:

451.6

Please note, as previously announced, with effect from today only one NAV will be released to the market on a daily basis, being the cum income NAV with debt at fair.

The other NAVs will still be calculated on a daily basis and will be published on the Company's website on a monthly basis. The first publication will be on 1 December 2017.

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Alison Vincent 0044 207 742 6216 - Company Secretary

Date: 02 November 2017