Jpmorgan Emea Regulatory News (JEMA)

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EMERGING EUROPE, MIDDLE EAST & AFRICA SECURITIES PLC ('the Company' or 'JEMA')

Legal Entity Identifier: 549300II3MHI98ZLVH37

Russian Court Oder

The Board announce that the Company's Manager has today informed the Board of the following (in italics):

"JEMA has been named as a defendant to civil proceedings being brought by VTB in the Russian courts which were commenced on 17 April. The claim has been brought against certain J.P. Morgan entities and relates to $439m held in a correspondent banking account with JPMCB (NY Branch) which has been blocked due to sanctions. We are not aware of any nexus between JEMA and amounts owing to VTB.

VTB has also applied for and obtained interim relief in the form of a freezing order in support of its claim. The order applies to the onshore funds in the bank accounts and securities owned by the relevant J.P. Morgan defendants, including JEMA, up to the value of VTB's claim. All such assets must remain frozen until further notice from the court. In response to the claim, JPMBI, the firm's Russian subsidiary, has applied to the court for the freezing order to be lifted and JPMCB has obtained an urgent order from the New York courts (the contractually agreed forum) requiring VTB to discontinue the proceedings. We will continue to monitor the proceedings and update you on relevant developments."

The proceedings referred to above includes JEMA's holdings in 26 Russian securities and the cash held in the Company's 'S' Account. As at 31st October 2023 the Russian securities were valued at £1.6m in the Company's accounts. The funds in the Company's 'S' Account have no value in the Company's accounts because the sum of £19.3m in the 'S' Account (as at 31st October 2023) is not recognised as an asset in the Company's balance sheet. This is because the funds in the 'S' Account were 'frozen', following the introduction of sanctions arising from Russia's invasion of Ukraine in 2022.

For more details about the Company's Russian securities, 'S' Account and its other assets, please see the Company's Annual Report and Financial Statements to 31st October 2023 available on the Company's website www.jpmeemeasecurities.com

25 April 2024

 For further information:

Paul Winship

Neil Martin

JPMorgan Funds Limited 020 7742 4000

Hugh Jonathan 

Numis Securities plc 020 7260 1000