Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
12 October 2007




                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC

                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Smaller Companies Investment Trust plc has today purchased 50,000
ordinary shares for cancellation at 551 pence per share.

Following the transaction the remaining shares in issue total 20,982,983.


12th October 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
020 7623 8000




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