Trading Update

Jupiter Emerging & Frontier Income Trust plc (the 'Company')

Legal Entity Identifier: 213800RLXLM87NO26S30

Trading Update

Emerging markets and, to an even greater extent, Frontier markets offer investors the potential for higher returns over the longer term, while exposing investors to greater volatility, both in terms of upward spikes and rapid declines in the valuations of companies, in the short term. As such, the markets in which your Company invests are inherently volatile. This volatility has been particularly pronounced since the middle of February as the threats posed by Covid-19 to the health of societies and the well-being of economies become better understood and as governments and central banks around the world have responded with unprecedented stimulus packages.

Notwithstanding the swings in capital market valuations, the Board believes that the prospects for the underlying earnings of many of the holdings in the Company's portfolio remain good. In part this reflects the fact that the companies operate in countries with youthful populations which are better able to recover from the effects of the pandemic. And, in part, this also reflects the fact that the investment adviser has selected companies with robust franchises and strong balance sheets which are capable of withstanding a temporary contraction in demand for goods and services, as well as the supply side disruption caused by Covid-19. As an example, approximately one third of the portfolio is in companies that have no net debt (borrowings less cash) and over 75% of the holdings have either paid, or are expected to pay, dividends this year. Some holdings may even pay a higher dividend than last year.

As a result of this assessment, in the short term it is the Board's intention to maintain the level of dividends for the year ending 30th September 2020 at least at the same level of pay-out as for the previous financial year. Further ahead, it is difficult to make predictions about the level of pay-out with any measure of certainty given the fast-moving and ever-changing nature of the virus and the government responses to it. However, your Company holds a portfolio of resilient companies, the majority of which have so far proven capable of maintaining dividend payments to shareholders.

For further information, please contact:

Magnus Spence

Head of Investment Trusts and Alternatives

Jupiter Asset Management Limited, Company Secretary

020 3817 1000

13 May 2020

www.jupiteram.com/JEFI