Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
24 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 150,000 ordinary shares at 585 pence per
share representing 0.67% 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 850,000 shares have been
repurchased under this authority.

The remaining shares in issue following this repurchase totals 22,091,186.



24th 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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