Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
14 December 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 10,000
ordinary shares for cancellation at 445.00 pence per share.

Following the transaction the remaining shares in issue total 20,579,983.

14th December 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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