Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
05 September 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 166,000
ordinary shares for cancellation at 552 pence per share.

Following the transaction the remaining shares in issue total 21,082,983.

5th September 2007


For further information, please contact:

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

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








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