Ten Largest Investments

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

Legal Entity Identifier: 549300KP3CRHPQ4RF811

THE COMPANY ANNOUNCES THE TEN LARGEST INVESTMENTS IN % OF TOTAL ASSETS As at: 31 Jan 2018

Asahi Intecc

2.8%

Misumi Group

2.2%

SUMCO

2.2%

Benefit One

2.2%

Nittoku Engineering

2.0%

Sanwa

1.9%

Persol Holdings

1.7%

Yamabiko Corporation

1.7%

Chiba Bank

1.7%

Taiheiyo Cement

1.7%

Total

20.1%

Name of contact and telephone number for queries:

Debbie Sarfas 0044 207 742 3449

Name of authorised company official responsible for making this notification:

Divya Amin 0044 207 742 1025 - Company Secretary

Date: 12 February 2018