Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
18 April 2007

                          STOCK EXCHANGE ANNOUNCEMENT





                JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC





                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION





JPMorgan Smaller Companies Investment Trust plc announces that today in the
market it purchased for cancellation 100,000 ordinary shares at 591 pence per
share representing 0.45% of the ordinary shares in issue.



The current repurchase authority for 3,438,883 shares was approved by
shareholders on 29th November 2006.  To date 700,000 shares have been
repurchased under this authority.



The remaining shares in issue following this repurchase totals 22,241,186.






18th April 2007





For further information, please contact:



Lucy Dina

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000





Gavin Tooke

Dresdner Kleinwort - Stockbrokers to the Company

0207 623 8000








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