Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
13 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 124,000
ordinary shares for cancellation at 444.10 pence per share.

Following the transaction the remaining shares in issue total 20,589,983.

13th 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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