Management Fee Arrangements

RNS Number : 1336U

JPMorgan US Smaller Co. IT

21 December 2012

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN US SMALLER COMPANIES INVESTMENT TRUST PLC

(the 'Company')

Simplification of the Company's Management Fee Arrangements

The Board and JPMorgan Asset Management (UK) Limited (the 'Manager') have agreed to simplify the Company's management fee arrangements by removing the performance fee element and reverting to a basic management fee only. The Manager was previously able to earn up to 2.0% of total net assets in any one year. This was made up of a basic management fee of 1.0% of gross assets plus the potential of earning a performance fee of up to 1.0%.

With effect from 1^st January 2013, the Manager will receive a basic management fee of 1.2% per annum of the Company's gross assets up to £100 million and 1.0% on any gross assets in excess of that amount. The Manager will no longer be entitled to earn a performance fee.

The Board believes the revised management fee arrangement significantly simplifies the basis on which the Company remunerates its Manager whilst remaining competitive and in best interests of shareholders over the long term.

Any amount of performance fee provided for by the Company, including provisions carried forward at 31^st December 2012, will be paid in full once the Company's accounts for the financial year ended 31^st December 2012 have been approved by the Board.

21st December 2012

For further information, please contact:

Davina Walter

Chairman, JPMorgan US Smaller Companies Investment Trust plc

020 7742 3735

Nathan Brown

Numis Securities Limited, Corporate Broker

020 7260 1426

Simon Crinage

JPMorgan Asset Management (UK) Limited, Manager

020 7742 3445