Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
23 July 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 581 pence per share.

Following the transaction the remaining shares in issue total 21,391,483.



23rd July 2007



For further information, please contact:



Lucy Dina
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000



Dominic Walters
Dresdner Kleinwort - Stockbrokers to the Company
020 7623 8000





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