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 December 2019

Taiyo Yuden

2.9%

Benefit One

2.8%

Raito Kogyo

2.6%

DTS

2.5%

MIURA

2.2%

Bengo4.com

2.1%

FP Corporation

2.1%

Misumi Group

2.0%

Nohmi Bosai

1.9%

Mitsubishi UFJ Lease & Finance

1.8%

Total

22.7%

Name of contact and telephone number for queries:

Paul Ainger 0044 207 742 6524

Name of authorised company official responsible for making this notification:

Divya Amin 0044 207 742 1025 - Company Secretary

Date: 13 January 2020