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 Dec 2017

Asahi Intecc

2.7%

Misumi Group

2.4%

SUMCO

2.3%

Sanwa

2.1%

Seria

2.0%

Benefit One

1.9%

Nittoku Engineering

1.9%

Persol Holdings

1.9%

Shoei

1.8%

Taiheiyo Cement

1.8%

Total

20.8%

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: 11 January 2018