Modification to Investment Guidelines

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN UK SMALLER COMPANIES INVESTMENT TRUST PLC

MODIFICATION TO INVESTMENT GUIDELINES

Legal Entity Identifier: 549300PXALXKUMU9JM18

14 July 2022

JPMorgan UK Smaller Companies Investment Trust plc's (the "Company") investment objective and policy is to achieve capital growth from a diversified portfolio of UK listed smaller companies. The benchmark index is the Numis Smaller Companies plus AIM (excluding Investment Companies) Index (the "Benchmark").

AIM stocks currently comprise 37% of the Benchmark, up from c. 27% at the time the new Benchmark was adopted in January 2019.  Since adoption of the new Benchmark, the Company has seen the proportion of its assets invested in AIM stocks increase to 47.9% of gross assets, as at 12 July 2022.

With more small cap companies choosing to list on AIM and fewer moving from AIM to the Main Market of the London Stock Exchange, the Company has agreed with its Managers, JPMorgan Asset Management, to increase the percentage of assets which the Company can hold in AIM stocks. In addition, reflecting the composition of the Benchmark, a minimum holding of AIM stocks relative to the Benchmark is being introduced. The Managers will continue to focus on investing in quality smaller companies and continue to pay very close attention to the corporate governance of all investments.

Currently, there is an investment restriction that the Company will not normally invest more than 50% of its gross assets in AIM stocks. With immediate effect, the Company will amend this investment restriction to "The Company may invest in AIM stocks up to a maximum and minimum exposure limit of +/-20% relative to the Benchmark".

14 July 2022

Enquiries:

For further information, please contact

Lucy Dina

Company Secretary

For and on behalf of

JPMorgan Funds Limited

020 7742 4000