Ten Largest Investments

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

Legal Entity Identifier: 54930049CEWDI46Y3U28

THE COMPANY ANNOUNCES THE TEN LARGEST INVESTMENTS IN % OF TOTAL ASSETS As at: 31 December 2019

Falck Renewables

2.3%

Alten

2.3%

SPIE

2.3%

SIG

2.3%

Prysmian

2.2%

ANIMA

2.2%

AAK

2.2%

Bravida

2.1%

Stroer

2.1%

Aalberts Industries

2.1%

Total

22.1%

Name of contact and telephone number for queries:

Paul Ainger 0044 207 742 6524

Name of authorised company official responsible for making this notification:

Faith Pengelly 0044 207 742 8627 - Company Secretary

Date: 13 January 2020