Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
02 January 2008

                          STOCK EXCHANGE ANNOUNCEMENT


                JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC


                 REPURCHASE OF ORDINARY SHARES FOR CANCELLATION



JPMorgan Smaller Companies Investment Trust plc has today purchased 75,000
ordinary shares for cancellation at 437.00 pence per share.



Following the transaction the remaining shares in issue total 20,504,983.





2nd January 2008





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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