Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
05 February 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 554 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 600,000 shares have been
repurchased under this authority.



The remaining shares in issue following this repurchase totals 22,341,186.






5th February 2007





For further information, please contact:



Andrew Norman

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000





Gavin Tooke

Dresdner Kleinwort - Stockbrokers to the Company

0207 623 8000








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