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 March 2017

Asahi Intecc

2.3%

Iriso Electronics

2.0%

Misumi Group

2.0%

Benefit One

1.9%

Sanwa

1.9%

Seria

1.9%

Temp Holdings

1.8%

Anicom

1.8%

Chiba Bank

1.8%

Cosmos Pharmaceutical

1.8%

Total

19.2%

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: 12 April 2017