Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
08 May 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 40,000 ordinary shares at 590 pence per
share representing 0.18% 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 890,000 shares have been
repurchased under this authority.

The remaining shares in issue following this repurchase totals 22,051,186.

8th May 2007


For further information, please contact:

Jonathan Latter
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

Gavin Tooke
Dresdner Kleinwort - Stockbrokers to the Company
0207 623 8000




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