JPMorgan Global Growth & Income Regulatory News (JGGI)

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL GROWTH & INCOME PLC ('the Company')

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31ST DECEMBER 2023

Legal Entity Identifier: 5493007C3I0O5PJKR078

Information disclosed in accordance with DTR 4.2.2

CHAIRMAN'S STATEMENT

Performance

Global stock markets ended the year on an upbeat note. Investors were excited by the possibilities of artificial intelligence (AI). They were also relieved that inflation pressures are subsiding, and that recession has been avoided, at least in the US, and there is hope that central banks will begin cutting interest rates this year.

Against this positive backdrop, I am pleased to report that our strong performance continued over the six months to 31st December 2023, with the Company ending the period comfortably ahead of its benchmark, the MSCI AC World Index (in sterling terms) (the 'Benchmark') as shown in the table below. The total return on the Company's net assets was +9.2%, compared with the Benchmark return of +7.0%. The return to shareholders over the same period was +10.0%. It is particularly gratifying to note that the drivers of this strong performance were broadly-based across many sectors and stocks, which illustrates the consistency of the Portfolio Managers' disciplined approach to stock selection and overall management of the portfolio.

This consistency - and the skills of the Company's Portfolio Managers - are further demonstrated by the Company's long-term track record, which is a more meaningful way to assess performance given the Portfolio Managers' focus on the longer term. The Board is very pleased that the Company has delivered returns in excess of the Benchmark over the three, five and 10-year periods ended 31st December 2023.

The table below sets out recent performance figures in more detail and highlights the particular success of stock selection over the period. The Investment Manager's Report provides a detailed commentary on market developments, portfolio activity and the outlook.

Performance attribution

Six months ended 31st December 2023

Source: JPMAM and Morningstar.

All figures are on a total return basis.

Proposed Rollover of Assets from JPMorgan Multi-Asset Growth & Income plc

On 23rd February 2024, the Company issued a circular in respect of a proposed rollover of assets from JPMorgan Multi-Asset Growth & Income plc ('MATE') to the Company, to be effected by way of a section 110 scheme of reconstruction by MATE and the issuance of new shares of the Company to MATE shareholders as consideration for that transfer of assets (the 'Transaction'). The circular is available on the Company's website; https://am.jpmorgan.com/gb/en/asset-management/per/products/jpmorgan-global-growth-income-plc-gb00bymky695#/documents.

The Board believes that the Transaction will provide additional scale to the Company, building on recent similar transactions and ongoing share issuance, all of which contributes to cost savings for shareholders, as the Company benefits from a tiered management fee structure and the fixed costs are spread over a larger asset base. In addition, the Board believes that the Transaction represents a further opportunity to raise the Company's profile and grow the shareholder base.

A General Meeting to approve the Transaction has been convened for 11th March 2024, and your Board is recommending that you vote in favour of the proposed resolutions.

Share Issuance

The Company's strong performance over both the short and long term, combined with its attractive dividend policy, have continued to generate strong demand for its shares over the past six months. With the Company's share price having traded at a premium to its NAV over the period, the Company has issued a total of 23,715,000 shares, raising a total £113,160,000.

Placing and Retail Offer

The Board is pleased that the placing and retail offer of shares in the Company via the Winterflood Retail Access Platform ('WRAP') was very successful, raising gross proceeds of £34.5 million. The WRAP offer was materially oversubscribed indicating demand for the Company's shares. The new shares were admitted to trading on 23rd February 2024 and I am delighted to welcome new shareholders on to the register as well the continued support from existing shareholders.

The Board

As announced on 15th December 2023, the Board is delighted that Sarah Laessig joined the Board on 2nd January 2024. Sarah has wide-ranging experience in financial services across banking, asset management and pensions. Following her appointment, the Board meets the FTSE Women Leaders target of having 40% female representation on the Board.

As part of the Board's ongoing succession plans, and as announced in the Company's Annual Report, both Mick Brewis and I will be stepping down from the Board at this year's Annual General Meeting, and James Macpherson will succeed me as Chairman. The Board recognises the value and importance of diversity in the boardroom. As we refresh the Board in an orderly manner, as well as ensuring that we have a range of diverse individuals with the necessary skills and knowledge, we will aim to improve the Board's ethnic diversity.

Stay in Touch

Your Board likes to ensure shareholders have regular information about the Company's progress. Please consider signing up for our email updates featuring news and views, as well as the latest performance of the portfolio. You can opt in via the QR Code contained in the half year report or via the website: https://web.gim.jpmorgan.com/emea_investment_trust_subscription/welcome/JGGI

Outlook

The improvement in market sentiment evident at the end of 2023 is clearly good news, but the Board notes the Portfolio Managers' caution about the near-term economic and equity market outlook. Some leading indicators across the US, Europe and the UK are pointing to slower growth, and earnings in some sectors appear unsustainable now that supply bottlenecks, and the impact of massive, pandemic-induced fiscal support, are dissipating. Geopolitics cast a further shadow over markets. In addition to two troubling military conflicts, November's US presidential election raises even broader concerns.

The Board welcomes the Portfolio Managers' efforts to protect the Company's portfolio from any adverse near-term developments, while also ensuring that it maintains exposure to cyclical growth and to the structural trends most likely to drive global equity returns over the longer term - the emergence of AI, the spread of cloud computing, the transition to renewable energy and shifting consumption patterns. The Company's long-term performance track record attests to the Portfolio Managers' ability to steer the portfolio through challenging times and differing market conditions, while also consistently to identify 'tomorrow's winners'. Consequently, the Board is confident that the Company is in competent hands and well-positioned to continue its strong performance over the longer term.

Tristan Hillgarth

Chairman 28th February 2024

INVESTMENT MANAGER'S REPORT

In the six months to 31st December 2023, the Company generated a total return to shareholders of +10.0%, compared with a 7.0% increase in the MSCI AC World Index (in sterling terms) (the 'Benchmark'). This performance extends the Company's long-term track record of strong outright gains and outperformance. Over the past three years, it has delivered cumulative returns on net assets of +47.6%, well ahead of the comparable Benchmark return of +26.8%. It has delivered outperformance against the Benchmark on a cumulative return on net assets over five and 10-years, please see the full half year report.

During this three-year period the market has been driven by several significant, but very different and unusual factors, including a pandemic in which technology and growth stocks outperformed, a post-pandemic rebound in activity that boosted cyclical names, and war in Eastern Europe, which saw energy stocks lead the market in 2022. The resultant surge in inflation and aggressive monetary policy response from major central banks fuelled fears of recession that have only recently dissipated. A handful of US technology stocks have been the other key focus for the market over the past year. We believe the Company's consistent outperformance through these challenging times demonstrates our ability to deliver excess returns regardless of market circumstances.

The Global Market Backdrop

One of the key market drivers during the six-month review period was the ongoing rally in the select group of growth stocks known as the 'Magnificent Seven'1. Together these stocks accounted for most of the market gains over the period, due to optimism about the potential for Artificial Intelligence (AI) to foster growth and productivity gains. Investor sentiment was further supported by the improvement in the inflation outlook, as the stringent monetary tightening implemented by the US Federal Reserve during 2022 and 2023 began to take effect, apparently without tipping the economy into recession. As inflation established a downward trajectory, the market became increasingly confident that interest rates have peaked and will begin to fall soon.

In this report we discuss the main contributors to the Company's recent outperformance, our market outlook and how we have positioned the portfolio to benefit from both expected near-term developments and longer-term structural trends such as the emergence of AI and the transition to renewable energy.

Six-Month Performance

The Company's outperformance in the second half of 2023 was due to both asset allocation and stock selection decisions - a good indicator of the consistency of performance. Our positioning in 13 of the 19 index sectors (representing 70% of the sectors) contributed to excess returns.

With the technology sector, we recognise the long-term potential for AI to radically transform the way companies operate, but we have been very discerning in our investment in the 'Magnificent Seven1', the main beneficiaries of this theme to date. We have sought to identify those companies we believe will be most successful in monetising AI, and on this basis, only four of the 'Magnificent Seven1' - Meta, Microsoft, Nvidia and Amazon - have earned a place in the portfolio. All contributed to relative returns over the review period.

We believe that AI can improve the fundamentals of each of these companies. For instance, Meta has been one of the first companies to incorporate AI into its business processes, allowing it to deliver tangible productivity gains and improvements in several areas. For example, the company has upgraded its user engagement by personalising content. This has raised the time users spend on the platform and increased purchases related to the adverts they receive. Aside from this, there has also been a marked improvement in Meta's capital discipline. It has significantly reduced its workforce, implemented share buybacks and offered investors greater insight into their capital allocation policy.

AI is helping Microsoft become a market leader in cloud computing. After focusing on cost cutting in 2022, last year Microsoft's clients stepped up investment in cloud computing services, as businesses need all their data in one location to implement AI effectively. This has benefited Microsoft given its integrated cloud offering in which Windows, Office 365 and Microsoft's security software work in tandem. We believe the company has scope to continue gaining market share as more businesses migrate to Microsoft systems. Further to this, Microsoft's joint ownership of OpenAI gives it access to ChatGPT, arguably the best large language model in the market, which should further cement its position as the market leader in this arena.

Meanwhile, Nvidia continues to offer the most effective Graphics Processing Unit (GPU) in the market. Over the fourth quarter of last year (Q4 2023), it became clear that the company's growth runway remains reasonably long, with both data centres and gaming set to continue delivering significant revenue growth, and we see demand exceeding supply for many years to come.

Outside of picking what we believe to be the biggest long-term winners amongst the tech sector's 'Magnificent Seven1', we have also had a lot of success within the Media sector. We especially like Uber, the world's largest ride hailing app, due to its high-quality characteristics and the capital-disciplined approach of its management team. Uber's share price weakened in 2022 due to a broad sell off in high growth stocks, but during Q1 2023, our patience was rewarded when Uber realised a positive operating profit for the first time. This stock has contributed to portfolio performance/relative performance since then.

We have also talked in previous reports about what we believe to be the excess earnings of many companies supplying physical goods to consumers and other businesses (see further discussion below). This view underlies our preference for services, rather than goods, a view that has enhanced returns over the review period. For example, we have benefited from holding hoteliers such as Hilton. Labour market conditions have been tight for some time, as companies are unwilling to shed staff after struggling to hire them during the Covid era. This has led to wage growth exceeding consumer price inflation, resulting in robust consumer spending. After several years of over-spending on household goods and personal items, consumers are now showing a preference for experiences such as travel and attendance at cultural and sporting events, all of which has benefited hotel companies such as Hilton.

However, elsewhere in the portfolio, our general caution about the near-term economic outlook (discussed further below) led us to adopt an overall defensive position, and this created a headwind for performance. For instance, the utilities sector was one of the most significant detractors at the sectoral level, due to the portfolio's overweight to renewable energy producers. The Company has exposure to renewable energy players RWE and Nextera Energy, which were adversely impacted by several factors. Early in H2 2023, we saw the cost of producing wind turbines increase by around 40%, well above inflation uplifts in power price contracts. This resulted in the UK government receiving no bids in its annual offshore wind auction in 2023. Renewable energy stocks also experienced some selling pressure on concerns that the growth in offshore wind generators had inflated valuations to excessive levels. These events were followed in the latter part of the period by a fall in demand for natural gas due to mild winter weather and weak industrial production across Europe. As a result, energy reserves held by battery storage facilities were around 50% higher than their average seasonally adjusted levels, causing natural gas and electricity prices to decline. As always, we constantly assess our underperformers, and in this case, we have decided to retain the positions in both RWE and Nextera Energy, due to attractive valuations and long term growth opportunities.

Market Outlook and Positioning

Despite some bright spots in areas such as travel and leisure, the prospect of interest rate falls, and the potentially very positive long-term impact of AI, we believe near-term macroeconomic uncertainties remain elevated. In our view, European industrial production has entered a prolonged decline and consumer and business confidence readings in Europe and the US are signalling a contraction ahead. We therefore remain cautious about the outlook for global growth and believe market expectations of increasing profit margins are unrealistic and headed for disappointment.

However, our concerns are not equally distributed across all stocks. We view the physical goods economy as most at risk. We believe profit margins are above cycle levels post-Covid due to a combination of supply chain disruption and the demand boost spurred by record levels of fiscal stimulus. But global supply chain issues began to ease from mid-2022 onwards and margins are moving back towards pre-Covid levels. With some possible weakness in demand ahead, corporate earnings in these sectors still look excessive and will most likely continue to normalise.

In view of these ongoing concerns about the near-term economic outlook, and its impact on physical goods producers in particular, we kept our portfolio positioning relatively consistent over the past six months. We remain underweight low growth cyclicals, while being overweight high growth cyclicals and defensives.

Within low growth cyclical industries such as banks, life insurance, autos, and industrials, earnings are above trend. Banks and life insurance companies have benefited from increased interest rates, but our expectation is that loan losses will begin to accelerate. We are still early in this cycle, but the riskiest parts of the lending market are usually the first to register pressure and there are early signs of trouble in these areas: US credit card delinquencies have risen more than 50% over the past year; and auto loan delinquencies are already above pre-Covid levels.

Looking ahead, it's difficult to be positive on the prospects for banks. If interest rates remain elevated, credit conditions will continue to worsen, especially if the labour market also deteriorates, and bank margins will decline. However, falling rates will also adversely impact earnings and margins. We have therefore maintained our underweight position to this sector. However, amongst the names we do hold, we prefer the largest US banks, where we believe valuations are most compelling and the quality and profitability of business models are superior to those of international banks. One example is Bank of America, which offers a yield of around 6%, when buybacks and dividends are included.

Our underweights to cyclical businesses within the industrial and consumer sectors are motivated by our concern that earnings are not sustainable. Both areas have been significant beneficiaries of the fiscal largesse bestowed by western governments during the pandemic, as discussed above, but as demand normalises, earnings will contract. These worries notwithstanding, we are still finding some high-quality attractive businesses, such as Deere, which is the number one farm equipment manufacturer. The business is currently in a downturn, due to a 25% decline in corn and other crop prices. However, this offered us the chance to buy a long-term winner in precision equipment at an attractive valuation. Among the consumer businesses, we still like the world's largest luxury brand company, LVMH. This company has long-term structural growth potential due to the rapid expansion of the Asian middle class and benefits from the relative resilience of its higher income customer base.

The portfolio's largest overweight at the industry level is to semiconductor manufacturers, via holdings in names such as Taiwan Semiconductor Manufacturing Company and Analog Devices. Both these high-growth cyclical businesses have increased capital expenditure significantly over the past few years, while volumes are cyclically low due to a reset in inventory levels. However, we expect AI to drive demand for semiconductor units higher over time, while capex spending by these businesses is likely to ease. Both these factors will result in superior cash flow generation.

We are also overweight in the defensive sectors, as they are at least risk of near-term earnings declines. In particular, we are overweight in the higher quality financial services such as Chicago Mercantile Exchange, which we believe will benefit from increased interest rate volatility until the trajectory of rates becomes clearer and macro uncertainties abate. Despite our concerns about the risk of a deterioration in overall credit conditions, we also still like payment companies such as Mastercard, where we see long-term growth opportunities as society shifts from cash to cashless transactions. This transition is likely to be most marked within emerging markets, but with cash and cheques still comprising about 30% of all payment transactions even in a digitalised economy like the US, we see scope for further growth in developed markets too.

Global stock picking across the core investment universe remains attractive and rewarding

In sum, the Company remains exposed to a number of long-term trends which will drive market gains over time, while also being well-positioned to cope with any adverse near-term macro developments. But whatever market conditions we encounter, we will continue our search for companies that offer superior quality earnings and growth which outpaces the market, at similar or lower valuations. We still see many opportunities to acquire such companies across our broad investment universe, so we are confident our process and philosophy can keep on delivering excess returns to shareholders.

1. The 'Magnificent Seven' includes: Microsoft, Amazon, Alphabet, Nvidia, Meta, Tesla and Apple.

Helge Skibeli

Tim Woodhouse

James Cook

Portfolio Managers 28th February 2024

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its half year report:

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company have not changed and fall into the following broad categories: investment and strategy; loss of Portfolio Manager; operational; cyber crime; climate change and ESG requirements from investors; and, geopolitical and market risk. Information on principal and emerging risks faced by the Company is given in the Strategic Report within the 2023 Annual Report and Financial Statements.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.

Going Concern

The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operation existence for at least 12 months from the date of the approval of this half yearly financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2023, as required by the Disclosure Guidance and Transparency Rules 4.2.4R; and

(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the Disclosure Guidance and Transparency Rules.

In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

? select suitable accounting policies and then apply them consistently;

? make judgements and accounting estimates that are reasonable and prudent;

? state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

? prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;

and the Directors confirm that they have done so.

For and on behalf of the Board

Tristan Hillgarth

Chairman

28th February 2024

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

1 The figures for the six months to 31st December 2022 include the returns and losses for both the Ordinary shares and the C shares, which were created on 19th December 2022 as part of the JPE Combination, and which were subsequently converted into Ordinary shares on 17th March 2023.

2 The 5.75% secured bond acquired as part of the Company's combination with SCIN was initially recorded at its original amortised cost of £82,122,000 and reflected in the Company's Half Year Report for the six months to 31st December 2022, (the '2022 HYR') with an amortised value of £82,154,000. Under FRS 102, the secured bond acquired from SCIN is required to be recorded initially at its fair value of £90,617,000 therefore the above figures for 31st December 2022 have been restated to reflect the amortised acquired fair value of £90,262,000 This revision resulted in a decrease in finance costs due to change in amortisation of £388,000 and a net decrease in gains on investments of £612,000 comprising of the cost of revaluing the secured bond by £8,496,000 less the Manager's contribution towards the costs of the combination of £5,328,000 and the gain on reclassification of the C shares from equity to debt of £2,556,000.

All revenue and capital items in the above statement derive from continuing operations. The Company acquired the assets of The Scottish Investment Trust plc ('SCIN') and JPMorgan Elect plc ('JPE') in August 2022 and December 2023 respectively, following schemes of reconstruction. No other operations were acquired or discontinued in the period.

The 'Total' column of this statement is the profit and loss account of the Company, and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.

The net return after taxation represents the profit for the period and also the total comprehensive income.

CONDENSED STATEMENT OF CHANGES IN EQUITY

1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors via dividend payments.

2 The 5.75% secured bond acquired as part of the Company's combination with SCIN was initially recorded at its original amortised cost of £82,122,000 and reflected in the 2022 HYR with an amortised value of £82,154,000. Under FRS 102, the secured bond acquired from SCIN is required to be recorded initially at its fair value of £90,617,000 therefore the above figures for 31st December 2022 have been restated to reflect the amortised acquired fair value of £90,262,000. This revision resulted in a decrease in finance costs due to change in amortisation of £388,000 and a net decrease in gains on investments of £612,000 comprising of the cost of revaluing the secured bond by £8,496,000 less the Manager's contribution towards the costs of the combination of £5,328,000 and the gain on reclassification of the C shares from equity to debt of £2,556,000.

CONDENSED STATEMENT OF FINANCIAL POSITION

1 The C Share class was created on 19th December 2022 following the transfer of assets from the JPE Managed Growth Portfolio in accordance with the scheme of reconstruction as detailed in the Prospectus and Circular published by the Company on 21st November 2022. It was subsequently converted into Ordinary shares on 17th March 2023 on a NAV-for-NAV basis, which ranked pari passu in all respects with the existing issued ordinary shares. In accordance with FRS102, the initial recognition of the C shares issued should have been classified as debt, as their conversion into ordinary shares would require the Company to issue a variable number of ordinary shares (i.e. it is not a fixed-for-fixed conversion). Therefore, the comparative figures for the 2022 HYR have been restated to show the C shares of £255,858 as debt (previously shown as equity).

2 The 5.75% secured bond acquired as part of the Company's combination with SCIN was initially recorded at its original amortised cost of £82,122,000 and reflected in the 2022 HYR with an amortised value of £82,154,000. Under FRS 102, the secured bond acquired from SCIN is required to be recorded, initially, at its fair value of £90,617,000 and subsequently amortised. Therefore, the above figures for 31st December 2022 have been restated to reflect the amortised cost since acquisition of £90,262,000. This revision resulted in a decrease in finance costs due to change in amortisation of £388,000 and a net decrease in gains on investments of £612,000 comprising of the cost of revaluing the secured bond by £8,496,000 less the Manager's contribution towards the costs of the combination of £5,328,000 and the gain on reclassification of the C shares from equity to debt of £2,556,000.

CONDENSED STATEMENT OF CASH FLOWS

1 The presentation of the Cash Flow Statement, as permitted under FRS 102, has been changed so as to present the 'reconciliation of net return before finance costs and taxation' to 'Net cash inflow from operating activities' on the face of the Cash Flow Statement. Previously, this was shown by way of note to the Cash Flow Statement. Interest paid has also been reclassified to financing activities as it relates to interest paid on the loan notes and secured bond.Other than consequential changes in presentation of the certain cash flow items, there is no change to the cash flows as presented in previous periods.

2 The 5.75% secured bond acquired as part of the Company's combination with SCIN was initially recorded at its original amortised cost of £82,122,000 and reflected in the 2022 HYR with an amortised value of £82,154,000. Under FRS 102, the secured bond acquired from SCIN is required to be recorded initially at its fair value of £90,617,000 therefore, the above figures for 31st December 2022 have been restated to reflect the amortised acquired fair value of £90,262,000. This revision resulted in a decrease in finance costs due to change in amortisation of £388,000 and a net decrease in gains on investments of £612,000 comprising of the cost of revaluing the secured bond by £8,496,000 less the Manager's contribution towards the costs of the combination of £5,328,000 and the reclassification of the C shares from equity to debt of £2,556,000.

Analysis of change in net cash

NOTES TO THE FINANCIAL STATEMENTS

For the six months ended 31st December 2023.

1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditor.

The figures and financial information for the year ended 30th June 2023 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditor which is unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' of the United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in July 2022.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015, and updated in March 2018 has been applied in preparing this condensed set of financial statements for the six months ended 31st December 2023.

All of the Company's operations are of a continuing nature.

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th June 2023.

Restatement of the comparative financial statements for the six months ended 31st December 2022

In the preparation of the Company's Annual Report for the year ended 30th June 2023, the Manager became aware that the accounting treatment of certain items relating to the Company's combinations with Scottish Investment Trust plc (SCIN) and JPMorgan Elect Trust plc (JPE) respectively, had been incorrectly recorded in the Company's financial statements in the Half Year Report for the six months to 31st December 2022 (the '2022 HYR'). The following restatements have therefore been made to the comparative figures for the 2022 HYR:

i) On 31st August 2022, as part of the Company's combination with SCIN, the Company acquired 5.75% secured bonds in the nominal amount of £82,827,000, which are repayable on 17th April 2030. Under FRS 102, the secured bond acquired from SCIN is required to be recorded initially at its fair value of £90,617,000 in the Company's financial statements and thereafter amortised to its redemption value of £82,827,000 over the period to 17th April 2030. This was inaccurately reflected in the Company's 2022 HYR at its original amortised cost of £82,154,000 instead of the fair value on acquisition and subsequent amortised cost, of £90,262,000. Therefore, the figures for the 2022 HYR have been restated accordingly.

ii) On 19th December 2022, the Company issued new ordinary shares and C shares to shareholders of JPE in consideration for the receipt by the Company of assets pursuant to a scheme of reconstruction and liquidation of JPE. In accordance with FRS102, the initial recognition of the C shares issued should have been classified as debt, as their conversion into ordinary shares would require the Company to issue a variable number of ordinary shares (i.e. it is not a fixed-for-fixed conversion). Therefore, the figures for the 2022 HYR have been restated to show the C shares of £255,858,000 as debt instead of equity.

Management fee and finance costs

Management fees and finance costs are allocated 25% to revenue and 75% to capital in line with the Board's expected long-term split of revenue and capital return from the Company's investment portfolio.

The Manager waived its management fees in lieu of its contribution towards the costs associated with the combination of the Company with JPE ('Manager's Contribution') to 16th August 2023.

Finance costs are payable on the £82.8 million 5.75% bond, £30 million 2.93% unsecured loan notes and £20 million 2.36% unsecured loan note.

3. Return per share

1 Restated to reflect the following adjustments:

- decreased finance costs by £388,000 for the correct amortisation since take on of the 5.75% secured bond that was acquired as part of the Company's combination with SCIN, being the fair value of the bond on date of combination of £90,617,000 and amortised to £90,262,000 as at 31st December 2022;

- increase in gains on investments by £2,556,000 from the reclassification of the C shares as a liability, previously accounted for as equity; and

- net decrease in gains on investments of £3,168,000, comprising of increase in the cost of acquiring the secured bond liability by £8,496,000 and reclassification of the Manager's contribution towards the costs of the combination of £5,328,000 from share premium, reducing the cost of acquisition of the assets within gains and losses.

4. Dividends paid on Ordinary shares

A second interim dividend of 4.61p has been paid on 5th January 2024 for the financial year ending 30th June 2024, amounting to £18,909,000.

A third interim dividend of 4.61p per share has been declared for payment on 16th April 2024 for the financial year ending 30th June 2024.

5. Net asset value per share

The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the period end are shown below. These were calculated using 418,758,169 (30th June 2023: 395,043,169, 31st December 2022: 320,702,087) Ordinary shares in issue at the period/year end (excluding Treasury shares).

1 The 5.75% secured bond acquired as part of the Company's combination with SCIN was initially recorded at its original amortised cost of £82,122,000 and reflected in the 2022 HYR with an amortised value of £82,154,000. Under FRS 102, the secured bond acquired from SCIN is required to be initially recognised at its fair value on acquisition of £90,617,000 and subsequently amortised. Therefore, the above figures for 31st December 2022 have been restated to reflect the amortised cost since acquisition of £90,262,000.

 6. Fair valuation of instruments

The fair value hierarchy disclosures required by FRS 102 are given below:

1Forward foreign currency contracts.

JPMORGAN FUNDS LIMITED

29 February 2024

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Funds Limited

020 7742 4000

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

ENDS

A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The half year will also shortly be available on the Company's website at www.jpmglobalgrowthandincome.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.