Transaction in Own Shares

JPMorgan Smaller Cos IT PLC
01 April 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 29,000
ordinary shares for cancellation at 410.00 pence per share.

Following the transaction the remaining shares in issue total 20,366,983.



1st April 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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