Annual Financial Report

JPMorgan Emerg Mkts Growth & Income

25 September 2026

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EMERGING MARKETS GROWTH & INCOME PLC (JMGI)

FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2026

Legal Entity Identifier: 5493001VPQDYH1SSSR77

Information disclosed in accordance with the DTR 4.1.3

The Directors of JPMorgan Emerging Markets Growth & Income plc (JMGI or the "Company") announce the Company's results for the year ended 30th June 2026.

Highlights:

·    JMGI achieved a share price total return of +55.9% and a net asset value ("NAV") total return of +54.5%, outperforming the Benchmark total return of +48.2% (MSCI Emerging Markets Index)

·    The 10-year share price cumulative total return was +225.0% and 10-year cumulative NAV total return was +196.3%, compared with the Benchmark's +163.0%

·    Total dividends for FY26 were 3.783p per ordinary share, following implementation of a 4% enhanced dividend policy in November 2025. For FY27 the company expects to pay four quarterly dividends of 1.882p per ordinary share (total expected 7.528p) with the first paid on 14th August 2026

·    The discount to NAV at 30th June 2026 was 7.7%, narrowing from 8.2% at 30^th June 2025. During the year, JMGI repurchased 69,334,463 shares (6.9% of opening share capital less shares in Treasury) at an average discount of 8.8% and a total cost of £94.8m

·    The management fee has been reduced, effective 1st July 2026, to 0.70% on first £500m of net assets, 0.60% on next £500m, 0.55% over £1bn. The Ongoing Charges Ratio remains highly competitive at 0.78% (0.79% at FY 30^th June 2025).

Aidan Lisser, the Chair of JMGI, commented:

"I'm pleased to report that JMGI has delivered a standout year for shareholders - achieving a share price return of 55.9%, outperforming the Benchmark, enhancing dividends and making further progress on narrowing the discount.

"These are exciting times for emerging markets and despite persistent geopolitical tensions and recent energy price rises it is gratifying to see investors recognising the quality of good companies available outside developed markets. Asian technology companies occupy a dominant position in the vanguard of the AI revolution and will keep benefiting from the unprecedented levels of infrastructure investment. Emerging market economies are forecast to continue to grow faster than developed market economies over 2026 and 2027, while favourable structural trends such as youthful populations, rising incomes, aspirational consumption, and public infrastructure spending will foster growth over the longer term.

"While the board remains mindful of the volatile nature of emerging markets, we feel positive about the prospects for JMGI and our shareholders in the coming year,"

Austin Forey and John Citron, Portfolio Managers, commented:

"By any standards, this has been a good year for emerging market equities. Behind that headline result, however, it has been a year of divergent trends. A narrow set of companies, all associated with the development of artificial intelligence, drove the aggregate return to a disproportionate extent… The good news is that we had a lot of exposure to technology hardware producers, especially to the semiconductor industry, and even though we reduced some of these holdings gradually as the year went on, the net effect was still strongly positive for investment performance."

NON-STATUTORY ACCOUNTS

The financial information set out below does not constitute the Company's statutory accounts for the year ended 30th June 2026 but is derived from those accounts. Statutory accounts for the year ended 30th June 2026 will be delivered to the Registrar of Companies in due course. The Auditors have reported on those accounts; their report was (i) unqualified, (ii) did not include a reference to any matters to which the Auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. The text of the Auditors' Report can be found in the Company's full Annual Report and Accounts on the Company's website at www.jmgi.co.uk.

CHAIR'S STATEMENT

Highlights

•      Vintage year for emerging markets

•      JMGI achieved a net asset value (NAV) return of 54.5% and a share price return of 55.9%

•      Total dividends of 3.783 pence per ordinary share paid in quarterly instalments, under the new enhanced dividend policy

•      Management fee reduced from 1st July 2026

•      Strong progress on strategic priorities, including discount reduction

Dear Shareholders,

The past year has been a period of stellar performance for emerging markets, the best result for more than 10 years. Our benchmark, the MSCI Emerging Markets Index rose by 48.2% for the year to the end of June. Yet this was not a result of the largest markets such as India and China growing strongly - far from it - with much of the outperformance concentrated in Korea, Taiwan and the technology sector, as you will read in our Portfolio Managers' report. This was supported by the wave of investment in Artificial Intelligence (AI) infrastructure, which is benefiting Asian semiconductor manufacturers and others in the AI supply chain.

At the same time, the macro trading environment was characterised by multiple challenges and risks to navigate including market concentration, energy shocks, geopolitical and trade tensions and sadly further conflict in the Middle East.

Against this volatile and uncertain setting, I am delighted to report strong progress for the Company (JMGI), both in terms of investment performance and in the strategic priorities set out by the board in last year's Annual Report.

A year of strengthened investment performance

JMGI performed very strongly, delivering a NAV total return of +54.5% in the year to 30th June 2026 (FY26), outpacing the Benchmark by 6.3 percentage points. The share price total return was +55.9%, slightly higher than NAV returns, as the discount narrowed.

Technology was a major driver of both absolute and relative returns, however this has not been solely a 'tech story'. The main contributors during the year were TSMC, SK Hynix, Samsung Electronics, Delta Electronics and ASE Technology. Other strong performers included BBVA and OTP as examples of non-tech contributors over the last year. Your Portfolio Managers remain highly alert to concentration risk, both at the stock and thematic level, and have taken deliberate steps to manage exposures accordingly.

Further detail on performance drivers and positioning is provided in the Investment Managers' Report on page 12, of the Company's Annual Report and Financial Statements for the year ended 30th June 2026 -'2026 Annual Report') where Austin and John set out their views with great clarity, and I encourage you to read this in full.

Transitional year for dividends

Following the introduction of the enhanced dividend policy in November 2025, FY26 was a transitional year in terms of dividends. Three quarterly dividends of 1.261 pence per ordinary share were paid on 14th November 2025, 13th February 2026 and 15th May 2026, each based on 1% of the NAV at 30th June 2025 (FY25). Total dividends for FY26 were 3.783 pence per ordinary share, an 80.1% increase on the 2.10 pence paid in respect of FY25.

For FY27 (commencing 1st July 2026), the enhanced dividend policy will operate throughout the full year. As a result, the Company expects to pay four quarterly dividends of 1.882 pence per ordinary share (each equal to 1% of NAV at 30th June 2026), with the first paid on 14th August 2026 and the remaining instalments expected in November 2026, February 2027 and May 2027. The total dividend for FY27 is therefore expected to be 7.528 pence per ordinary share.

The enhanced dividend policy was introduced to broaden JMGI's appeal to investors seeking both capital growth and a reliable, regular income, without changing JMGI's investment mandate or strategy in any way or requiring a tilt to higher-yielding stocks. It is not a progressive dividend, and shareholders should note that dividends may fall if NAV declines year on year.

Management fee reduction

The Board continues to monitor the Company's cost base closely, and I am pleased to announce a reduction in the management fee, effective 1st July 2026, of five basis points across all three existing fee tiers. The revised annual fee rates will be 0.70% per annum on the first £500 million of net assets, 0.60% per annum on the next £500 million of net assets and 0.55% per annum on net assets in excess of £1 billion. Had the new arrangements been in place for the last financial year, this would represent a saving of 7.5%. I would like to acknowledge JPMorgan's constructive and fair approach to the negotiations over recent months.

This fee reduction builds on the revised fee arrangements agreed by the Board in 2023 and strengthens the Company's competitive position relative to comparable managed investment companies and similar savings products.

The Ongoing Charges Ratio ('OCR') for FY26 was 0.78% (2025: 0.79%) and the Company remains one of the most competitively priced, actively managed emerging markets funds available to UK investors in the closed-ended sector.

Proactive discount management

The Board maintained its share buyback policy, as set out in last year's Annual Report. I am happy to report that this approach, alongside the improvement in emerging market sentiment, led to a further narrowing of the discount over the past year. After starting the year at a discount of 8.2%, the Company´s shares ended the period at a discount of 7.7%.

During the FY26, the Company repurchased 69,334,463 shares into Treasury at a total cost of £94.8 million, at an average discount of 8.8%. No shares were issued. These disciplined buybacks were NAV accretive, adding 0.9 pence per ordinary share, equivalent to 0.7% to the NAV return over the year, reflecting the Board's conviction that the Company's shares represented attractive value at prevailing levels. In FY26, the Company's shares traded at a narrower discount to net asset value, ranging from 5.9% to 11.3% and averaging 8.4%, compared with 12.1% in FY25. This meaningful improvement highlights stronger market recognition of the Company's underlying value.

Since the end of the year, a further 3,915,508 shares have been repurchased. At the time of writing, the discount stands at 9.1%.

The Board believes that share buybacks remain an effective tool for managing both the level and volatility of the Company's share price discount and will continue to authorise meaningful purchases when appropriate and in shareholders' best interests.

Our buyback strategy forms part of a broader framework that includes a focus on long-term performance, competitive fees, active marketing, three-yearly continuation votes (next due at the 2026 AGM in November, see below), and a five-year performance-related conditional tender offer (covering the five-year period to 30th June 2029). Together, these measures are designed to align the Company´s share price with its portfolio value and support its long-term success.

Engaging with new and existing shareholders

This year the Board agreed an additional strategic priority to deepen understanding and better address the needs of our growing base of private investors. Investors are managing and monitoring their investments in increasingly diverse ways and we must respond, particularly with future generations in mind. Against a widening range of alternatives to closed-ended funds, the Board is determined to differentiate the Company and enhance its attractiveness.

It is of course essential both to engage with existing shareholders and to attract new investors. To this end, we have increased our communications with retail investors, including through portfolio manager webinars, podcasts and live events, while continuing to maintain an active investor relations programme for wealth managers, institutions and other professional investors.

We encourage shareholders to meet the Board and our Portfolio Managers in person at the Annual General Meeting (AGM) or to join online. Our website is regularly updated to provide information, including videos, commentary, and monthly performance and portfolio updates at www.jmgi.co.uk. You can subscribe for regular email updates via https://tinyurl.com/JMGI-Sign-Up or by scanning the QR code on page 2 of the 2026 Annual Report. Shareholders can contact the Board via the Company Secretary at jpmam.investment.trusts@jpmorgan.com.

Board succession planning

Following this year's AGM, Ruary Neill will retire from the Board, having served as a Director since 2017. Ruary has been a constant source of wisdom and insight, particularly on geopolitical matters but also in challenging the Board to think differently. I'd like to thank him on behalf of the Board and also personally for his wholehearted support and good counsel, since I took on the role of Chair in 2022.

We also say farewell to Simon Crinage who has led JPMAM's investment trust business for the last 13 years and served as JMGI's Client Director. We have benefited from his huge experience and knowledge and much valued his advice. He has also championed the wider investment trust sector during a period of significant change and complexity.

On behalf of the Board I would like to wish them both well for the future.

Next year will be my last year as Chair, before stepping down at the AGM in 2027. The Board, led by our Audit Committee Chair, Zoe Clements, embarked on a structured process to consider the Chair succession and determine the optimal outcome. As a result, I am delighted to announce that Helena Coles will succeed me as Chair. Helena is currently our Senior Investment Director (SID) and brings a wide range of skills and capabilities to the role, including very extensive investment trust experience. I have no doubt she will be an outstanding Chair. Dean Buckley will succeed Helena as SID when she takes on the Chair role in November 2027. The Board and the Company will benefit enormously, given Dean's experience as an existing Chair and Director.

Annual General Meeting ('AGM')

JMGI's 35th AGM will be held at 60 Victoria Embankment, London EC4Y 0JP on 3rd November 2026 at 2:30 p.m. The Portfolio Managers will present on recent performance, portfolio changes and their outlook for emerging markets. The meeting will be followed by afternoon tea, giving shareholders the opportunity to meet the Directors and the Portfolio Managers. Shareholders may also follow the AGM remotely and ask questions (but not vote) via a weblink. Further details about the AGM are provided on page 98 of the 2026 Annual Report.

Continuation vote to take place in November

At the forthcoming AGM, an ordinary resolution will be put to shareholders that the Company continue in existence as an investment trust for a further three-year period.

The Board believes that the long-term outlook for emerging markets remains favourable and that the Investment Manager has the resources and processes to continue delivering strong outcomes for shareholders, as demonstrated by the Company's long-term performance. We believe that these considerations, alongside the Company's ongoing efforts to attract new investors, mean that the continuation of the Company is in the best interests of all shareholders. The Board therefore strongly recommends that shareholders vote in favour of the Company continuing as an investment trust for a further three-year period.

The last continuation vote took place at the Company's AGM in November 2023, when shareholders approved the continuation of the Company for a further three years. This resolution received the full support of voting shareholders, representing 99.97% of the Company's issued share capital at the time.

Outlook

These are exciting times for emerging markets and despite persistent geopolitical tensions and recent energy price rises it is gratifying to see an increasing number of investors recognising the quality of good companies available outside developed markets.

There are compelling reasons to believe this sentiment can continue. Asian technology companies occupy a dominant position in the vanguard of the AI revolution and will keep benefiting from the unprecedented levels of infrastructure investment. Emerging market economies are forecast to continue to grow faster than developed market economies over 2026 and 2027, while favourable structural trends such as youthful populations, rising incomes, aspirational consumption, and public infrastructure spending will foster growth over the longer term. Furthermore, relative valuations remain attractive even after the gains of the past year, and the Board is fully confident in the Portfolio Managers' ability to capitalise on the numerous opportunities on offer in these markets.

While we remain mindful of the volatile nature of emerging markets, as a board we feel positive about the prospects for the coming year, and I look forward to reporting back to you on the Company's further progress.

Aidan Lisser

Chair                                                                                                                                          24^th September 2026

PORTFOLIO MANAGERS' REPORT

Purpose and approach

Each year we try to find new words to describe the same things, and it's not getting easier. The purpose of your company, certainly from our perspective as investment managers, really does not change - it is simply to achieve good investment outcomes for you as shareholders. The way we approach this challenge does not change significantly either, though it does evolve as we avail ourselves of new tools and try always to refine and improve our investment process. Shareholders should know, that at the core of our approach remains the pursuit of exceptional companies which will compound their intrinsic value over many years, often thought of as a pursuit of high-quality businesses. The power of compounding, when successfully achieved, produces outcomes that hugely outstrip all others, which is why we make it the central focus of our process.

This approach requires a relatively long-term perspective for our investment decisions, and we don't invest in companies expecting or intending to sell them a few weeks later. We like instead to start by thinking that we are in for the long haul. This also means that owning a company's shares becomes part of the activity of investing; it's not only the buy and sell decisions, it's the ongoing engagement and dialogue in between those points which becomes important to us, and this engagement can carry on for many years. Readers will find more details of our activity in this regard as well as a wider assessment of sustainability issues in a separate section of this report on page 26 of the 2026 Annual Report.

Investment results

By any standards, this has been a good year for emerging market equities: the benchmark index which measures returns from the asset class was up 48.2% in the 12 months to 30th June 2026, and it's pleasing to be able to report that your portfolio more than matched that result, returning 54.5% in terms of net asset value per ordinary share; the return on the share price was better still at 55.9%.

Behind that headline result, however, it has been a year of divergent trends. A narrow set of companies, all associated with the development of artificial intelligence, drove the aggregate return to a disproportionate extent: if we excluded technology hardware producers, the index would only have returned around 8%, so the vast majority of the gains for the asset class as a whole came from one sector. If we were to add on adjacent areas which are also required to enable the development of AI, this would be even more pronounced; these 'AI enablers' ranged from power equipment companies to basic commodity producers of critical metals and beyond. On the other side, companies in several other industries came to be seen as 'AI losers', their business models potentially threatened by the development of AI models, even though in some cases there is little in their results so far to suggest this is the case.

How did your portfolio fare in this rather bifurcated market? The good news is that we had a lot of exposure to technology hardware producers, especially to the semiconductor industry, and even though we reduced some of these holdings gradually as the year went on, the net effect was still strongly positive for investment performance. Two stocks of particular note were Taiwan Semiconductor (TSMC), an irreplaceable part of the semiconductor industry with a virtual monopoly in the production of leading-edge logic chips, and SK Hynix, a Korean producer of DRAM¹ memory chips. TSMC has been a significant investment in your trust's portfolio for over two decades and has long been one of the most impressive companies in emerging markets. SK Hynix, by contrast, was a second-tier producer of memory chips regularly over-shadowed by the industry leader, Samsung Electronics; we added this stock to the portfolio roughly 18 months ago as two things became clear: first, that a technology shift in DRAM design uniquely favoured Hynix against the two other leading producers, and second, that the scale of investment in AI capabilities was producing a spectacular price cycle for Hynix's products which was really not reflected in its share price. This turned out to be a fortunate decision since SK Hynix was by far the biggest contributor to the trust's results during the year as its stock rose more than seven-fold.

If these two stocks and others like them added a lot of alpha to the trust's results, the bad news is that there were inevitably others which cancelled some of it out as well. We lost performance in IT services companies which were seen as some of the more immediate potential victims of AI development; we had poor stock selection more widely in India in particular, and lost performance in Latin America in spite of some individual successes there. In the next section we will comment briefly on some of the more important issues that shaped both markets and your company's portfolio throughout its latest financial year.

¹    DRAM or Dynamic Random Access Memory, is a type of volatile semiconductor memory used to temporarily store data for high-speed access in computing and    electronic devices.

The year and the portfolio

War, oil and gold

The defining political event of the year as far as equity markets were concerned was the war in Iran, which not surprisingly caused a rise in oil prices with wider inflationary consequences everywhere. Late in 2025 we added some exposure to oil to the portfolio by buying Petrobras simply because the sector seemed very out of favour, the oil price was hovering around US$60, and the stock looked really undervalued. We had no way of knowing that a conflict would start a few months later, nor was the investment predicated on a rise in the oil price, but the decision certainly helped protect the portfolio, and the stock has been a good contributor to overall performance since we bought it.

This was a rare and so far successful investment for us in the field of commodities, but there were other trends in the sector that we failed to capture, notably gold. The gold price has risen strongly in the last couple of years, taking the share prices of gold miners up with it. Ordinarily gold is viewed as a hedge against inflation, and so it seemed strange that enthusiasm for gold rose at the same time as adoption of AI was accelerating: one might expect the latter to be a deflationary influence, as most technological innovations have been, yet for a while both seemed to run at the same time. For investors, predicting commodity prices is difficult if not impossible, and whenever we make investments in the sector we tend to make the judgement as much as possible on corporate fundamentals - what returns are generated, what growth is possible, what dividends are likely, what price are we paying, and so on - rather than trying to forecast a variable like the price of a commodity. Even so, commodities are back on the radar in a world in which physical assets are at least largely immune from potential disruption by AI, so we are open to other opportunities in this area as long as they are attractively priced and not overwhelmingly bid up by collective investor optimism.

Technology: thanks for the memory!

There are many cyclical industries, but the production of DRAM chips for the computing industry must be among the most cyclical of all. It meets several of the criteria for cyclicality - a product that is somewhat commoditised, ensuring the fungibility of supply; an investment cycle that makes it hard to bring on additional capacity quickly when demand rises, and a market not heavily locked into long-term contracts, but open to the mercy of supply and demand in the moment. When it rains in the memory industry, it pours. This last 12 months has seen a cycle for the ages as soaring demand from AI datacentres has collided with finite capacity, driving product prices up four times in 12 months and hoisting SK Hynix's margins to such an extent that its net income in 2026 is likely to be over twice its market capitalisation in 2024. That is such an extraordinary set of circumstances that we absolutely should not assume it can continue indefinitely.

We reduced the trust's investment in Hynix several times during the year, costing performance every time, yet such was the scale of the share price move that it still ended the year as a far bigger part of the portfolio. Our reaction? To keep reducing the position; at some stage returns in the industry will normalise, and even if we cannot predict when this will happen, it does not pay either to be too greedy, or to run a one-bet portfolio. We can report that the portfolio's dependency on returns from technology is now much lower, and although we still own a sizeable position in Hynix, we are now mostly taking risk on individual stocks within the sector, rather than running a large aggregate overweight as we were a year ago, and we're happy to be doing that.

China: a tale of two economies

China's export machine goes from strength to strength, irrespective of tariffs or other attempts to constrain it. This is a major political challenge for many countries, each of which will react in a different way; but it is also the result of decisions made by customers, who often find Chinese products offering a compelling trade-off between quality and price. China remains a formidably competitive place to manufacture everything from basic goods to sophisticated products like electric vehicles, medical equipment or advanced machine tools, with an industrial base that is unmatched, highly efficient infrastructure, and a government prepared to subsidise industrial development to devastating competitive effect. There are already many examples of manufacturing sectors in which Chinese companies are emerging not just as globally competitive players, but as industry leaders.

If the export economy in China powers onwards, the same cannot be said of the domestic economy, where the consequences of past policies are now becoming evident and all the signs are that demand remains weak. An economy addicted to fixed capital investment, and to the savings rates required to fund it, is simply failing to pivot towards consumption-led growth. Past over-investment and the excess capacity that resulted from it now produce deflationary pressures and depress returns on investment assets, whether they be government bonds, real estate, or corporate equity. Paradoxically, the same factors that make China such a competitive exporter make the domestic economy such a struggle. Our response to these circumstances has been to sell some of the domestic companies we previously owned in China, and own more exposure to manufacturing businesses with the opportunity to grow through exports.

India

Finally, a word on India. For the longest time, the portfolio has been overweight in India because we could find real compounding of value there in good companies with strong economics, long duration and good governance, available at valuations we could tolerate. It's not so easy today. Two factors have led to the change; the first is that stock valuations are generally high and have not come down meaningfully in spite of disappointing returns from the market; if you start from a really high valuation it takes more than a marginal adjustment to shift the balance of risk and reward. India remains a relatively fast-growing economy and companies are for the most part well-run and focused on shareholder outcomes; but they don't control their share prices, and while we see many companies in India that we like fundamentally, too often we don't like their valuations in the equity market.

Meanwhile the two areas which have dominated our exposure to India over the last decade - banks and IT services - have both struggled. To some extent both are victims of prior success: in the IT services industry India has built large, globally competitive companies, and growth inevitably slows as companies become large. But the development of AI is changing the way software is written and represents a considerable challenge to this industry; profit growth is much harder to come by, and valuations have declined accordingly; we were too slow to recognise this trend, and have reduced our exposure in the course of the year.

As for banks, our largest investment, HDFC Bank has grown to become the leading private sector bank in the country, but has also continued to digest the merger with its original parent, and to some extent lost ground competitively in the process; it has also suffered some rather self-inflicted management issues. Our judgement thus far is that the intrinsic quality of the franchise endures, and that the valuations are now low enough for the risk/reward to be appealing, but the stock, along with much of the Indian market, has performed poorly during the last year. For a long time, India was a source of both good ideas and good results for the portfolio: we need to improve on this last year to restore that outcome.

Capital allocation: still waiting

Last year we identified capital allocation as an important potential driver of equity returns in emerging markets, if more companies decide (or are allowed) to use it to optimise value for shareholders. It would be nice to be able to point to widespread progress in this regard, but in reality the track record remains patchy. In many countries we can already expect that companies will make rational decisions, especially where growth is moderate and there is a long history of returning capital to shareholders through dividends in particular. This has long been the case in most of Latin America, for example. In countries in which there is plenty of scope for companies to reinvest capital profitably, we should prefer them to do that instead, which is one reason why this debate is perhaps less relevant in places like India; the economy there still requires significant fixed capital investment, and companies can maximise their long-term value not by distributing the majority of their earnings but by reinvesting them profitably in an economy that continues to grow strongly.

As we noted last year, the challenge comes when economies and companies reach an inflection point and start to generate cash in excess of their need or ability to invest it at satisfactory returns. This moment presents a number of questions for corporate managements: what kind of balance sheet do you want to have? If you are piling up cash, is it because you have a good reason to do so, or simply because you don't know what to do with it? Are you using an appropriate hurdle rate for making decisions about investment? Are you using a hurdle rate that you have ever actually achieved in the past? Have you under-invested in the business? And so on. Our job is not to give companies our answers to these questions, but it is to push corporate managers to answer them and to probe their reasoning and decision-making in the process.

Two examples serve to illustrate why this matters so much. Not so long ago, companies in Taiwan mostly paid 'stock dividends', a misleading euphemism for having a stock split. Shareholders received more shares, but the value of each share declined exactly in proportion to the payout because of the resultant increase in the share count. A stock dividend transferred no money at all from the company to the shareholders, for the simple reason that it was not a dividend in the first place. A combination of shareholder pressure and changes in the government's tax policy were enough to move companies towards real cash distribution to shareholders, and Taiwan became a sensible, dividend-oriented equity market in spite of the continued growth of investment in the technology sector. It's not entirely coincidental, then, that the market has significantly out-paced the broader emerging markets index over the last 15 years. Yes, of course, the success of the technology sector in Taiwan and the positive underlying demand trends globally for Taiwanese electronic manufacturing are a big part of this. But dividends reinvested account for almost half of the total return from the market since 2010, and that speaks to the value of effective capital allocation.

China provides something of a contrasting example; despite high rates of economic growth, the country has not been a particularly happy destination for equity investors; the MSCI China Index has provided only about half the return of the EM index since 2010. Admittedly most of that return came as dividends, but this masks a more inconvenient trend in corporate balance sheets which comes straight back to capital allocation. Corporate profits captured by the MSCI China Index are up 38% since 2010: that's a low rate of growth over 16 years. But shareholders' funds have doubled, and overall returns on capital have halved over the same period. Simply put, Chinese companies have continuously retained incremental capital in their businesses without generating adequate returns on it; that's not good for value creation; shareholders would have been better served by more dividends and less capital retention. Changing this state of affairs, especially when the government plays such a large role in the commercial sector by acting simultaneously as owner, competitor and regulator, will not be easy.

As we look forwards, identifying companies which will add value through capital allocation from those which will fail to do so will be really important. Our long-standing underweight in China summarises our current view of the likelihood of significant improvement there in this respect; but we have to keep looking and indeed encouraging companies to do better in this regard.

New investments

We added a diverse set of stocks to the portfolio during the year, though it should be noted that the things we sold, especially in the technology area, may well turn out to be equally significant. Without going through every company, we can highlight a couple of areas where we were able to add new names.

The first is Chinese industrial companies, where we bought the impressively-named Contemporary Amperex Technology (CATL), the world's leading producer of batteries for use in energy storage and electric vehicles, and also Fuyao Glass, which is the world's largest manufacturer of auto glass. Both of these companies are well on their way to becoming global corporations, having expanded beyond China first with exports and later with production bases in various other countries. They join our other manufacturing investments in China, Midea (domestic appliances) and Hongfa Technology (electrical relays).

The second area is the Middle East, where the trust has not had any investments for a long time; we invested in two leading banking franchises, Al Rajhi and ADIB, based respectively in Saudi Arabia and the United Arab Emirates. Both are the kind of bank that we like to own, exhibiting a leading retail presence and resilient deposit franchise which translate in both instances into strong profitability and good returns on equity.

As explained above, we also added Petrobras, which returns to the portfolio more than a decade after we last owned it. It brings some exposure to the oil price, but our rationale was originally purely based on the company's cash generation and dividend potential - at the time of purchase the annual yield on the shares was over 10%, and a reasonable rate of return seemed likely from that alone; any growth, let alone any rerating of the shares, would be a bonus on top.

The portfolio today

Looking at the portfolio today, we see a collection of investments which in aggregate are valued by the market at just under 10x the profits they are expected to generate in the next 12 months, with an expected dividend yield just above 3%. The price/earnings ratio in particular is lower than we have seen for at least a decade. These valuations also compare favourably with the index as a whole, which now trades at a higher P/E ratio and lower yield than the portfolio does. The companies we invest in are also growing their dividends - the income received by your company from its investments was 17% higher than in the prior year, though this number is of course affected by changes in the portfolio as well as by changes in the dividends paid by portfolio companies.

Have we changed our process to achieve these outcomes? No - the portfolio still exhibits an underlying return on equity of 20% compared to 14% for the index, and apart from our financial holdings, is in a net cash position as far as its underlying holdings' balance sheets are concerned; so the general portfolio trend of owning companies with superior returns and stronger balance sheets continues. We would hope that if we can find and own companies with superior underlying economics without paying any premium for that versus the average, there must be a good chance of this translating into good investment outcomes in the long term.

There is one more consideration worth mentioning, though, which is the cyclicality of portfolio earnings. We commented earlier on the cyclical nature of some parts of the technology sector; since these stocks have performed well and become larger parts of the portfolio, it is inevitable that the underlying earnings of the portfolio have become more cyclical as well. That has some bearing on portfolio valuations: SK Hynix is probably the stock with the lowest P/E ratio in the entire portfolio, because the market is already pricing an earnings cycle into its stock price. So we need to be careful that we are not achieving low valuations for the portfolio simply by taking earnings risk instead. That awareness of the cycle is a major reason why we have continued to reduce the portfolio's technology investments throughout the last financial year, and since: it just seems sensible to decrease the portfolio's dependency on one area, especially when it has contributed so significantly to performance.

What comes next? It's hard to see into the future: 10 years ago, did we realise that AI might transform business models, potentially leading to a new industrial age, just as mobile telephony and the internet have in past decades? No, we didn't. But in a way, that does not matter; the job of investors is not to predict the future with certainty, but to evaluate probabilities and the way that the market is pricing them today, and to take informed risks while operating in a condition of uncertainty. Often, it is how you react to what you don't know that matters, more than what you do know. We are lucky to have a great team of analysts and other portfolio managers to help us sift through the potential opportunities, and a process that is well-established and tested in multiple market environments. No investor will outperform in every year, but if we concentrate on applying a consistent approach, on making judgements as well as we can, and on taking investment risk appropriately, then we can be hopeful that future results achieved for shareholders will match the long-term record of value creation that the company has achieved up to now.

Austin Forey

John Citron

Portfolio Managers                                                                                                                     24^th September 2026

PERFORMANCE ATTRIBUTION

Contributions to total returns as at 30th June 2026

	12 months to 30th June 2026
	%	%
Benchmark Total return		48.2
Asset allocation	7.5
Stock selection	(1.5)
Currency effect	0.0
Gearing/Cash effect1	0.0
Manager contribution		6.0
Portfolio total return		54.2
Management fees and other expenses	(0.8)
Share repurchases	0.7
Impact of Indian capital gains tax2	0.4
Other effects		0.3
Return on net assetsAPM		54.5
Return on share priceAPM		55.9

Source: Morningstar/J.P.Morgan. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its Benchmark.

¹         The Company does not have any borrowings.

²     The positive impact of the Indian capital gains tax results from the decrease in the deferred tax liability as a percentage of total assets, driven by reduced exposure to the Indian capital gains tax.

^APM  Alternative Performance Measure ('APM').

A list of APMs, with explanations and calculations, and a glossary of terms are provided on pages 102 to 104 of the 2026 Annual Report.

PRINCIPAL AND EMERGING RISKS

The Board has overall responsibility for reviewing the effectiveness of the system of risk management and internal control which is operated by the Manager and the Company's third-party service providers. Through delegation to the Audit Committee, the Company's ongoing risk management process is designed to identify, evaluate and mitigate the significant risks that the Company faces.

In order to monitor and manage risks facing the Company, with the assistance of the Manager, the Audit Committee maintains a risk matrix, which, as part of the risk management and internal controls process, details the principal and emerging risks that have been identified to face the Company at any given time, together with measures put in place to monitor, manage or mitigate against them as far as practicable. The Audit Committee considers the Company's risk matrix at each meeting, and furthermore holds a third meeting each year dedicated to a thorough review of the risk matrix.

The Directors, through the Audit Committee, confirm that they have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

The principal and emerging risks facing the Company, how they have changed during the year, and how the Board aims to manage or mitigate these risks are set out below.

Principal risk	Description	Mitigating activities	Change in risk status during the year
Political and Economic	Geopolitical volatility, including armed conflict, regional tensions, sanctions, trade restrictions and regulatory changes may adversely affect economic growth, market confidence, liquidity and financial markets. Current risks include the Middle East conflict, the Russia/Ukraine conflict and US/China tensions, including in relation to Taiwan. These events may require or restrict divestment from certain markets, issuers or sectors due to sanctions, market disruption, capital controls, trading suspensions, settlement disruption, invasion or other geopolitical events. Economic issues, including recession globally or in emerging market economies and its impact on the world economy, and the attractiveness and returns of the emerging market regions. UK political or structural changes such as change in financial or tax legislation that may affect onshore and offshore businesses.	The Manager's investment process incorporates non-financial measures and risks in the assessment of investee companies to allow the portfolio to adapt to changing competitive and political landscapes. The Board actively monitors the political, economic and regulatory environment and reviews portfolio sector allocation and diversification with the Portfolio Managers. The Board engages frequently with the Portfolio Managers on these matters. Although there is little direct control of this risk and it cannot fully mitigate the associated risks, the Company and its Manager have the ability to reduce stock, sector and market exposure. The Board reviews appropriate industry literature (AIC, broker notes, financial press) and seeks advice from relevant advisers. The Board also regularly invites external experts to present their views on geopolitical and economic issues particularly relevant to the Company.	The risk continues to remain high.
Investment Under-performance	Performance of the Company's investment portfolio is fundamental to the success of the company. Prolonged and substantial underperformance of emerging markets as an asset class or of the Company resulting from various risks, including restrictions on the free movement of capital, sanctions or restrictions imposed by the UK or other governments on overseas investments, exchange controls, taxation issues, or geopolitical tensions causing disruptions.	The Board manages these risks by diversification of investments and through its investment restrictions and guidelines, which are monitored and reported on by the Manager. The Manager provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. An independent annual review is conducted by the Investment Director, whose role sits within an independent JPMorgan oversight function that is separate from and independent of, the Manager. The Board maintains proactive engagement and clear communication with shareholders in relation to performance issues, actions and expectations.	The risk continues to remain high.
Strategy and Business Management	The Company's current business or investment strategy may become outdated or no longer appropriate. Although it may outperform the Benchmark, increasing competition and the promotion of other competing JPMorgan or third-party products, such as Model Portfolios active ETFs, and other collective investment schemes could lead to diminished investor demand for the Company's shares. Competition can also come from other investment trusts in the form of mergers & acquisitions and consolidation unfavourable to the Company. Risk of failure to market features of investment trusts and failure to market to new audiences including younger audiences. Poor implementation of the investment strategy, for example as to thematic exposure, sector allocation, stock selection, undue concentration of holdings, or the degree of total portfolio risk, may lead to failure to outperform the Company's Benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. Investment trust shares often trade at discounts to their underlying NAVs; they can also trade at a premium. Discounts and premiums can fluctuate considerably leading to volatile returns for shareholders. A sudden departure of one or more of the Portfolio Managers could result in deterioration of investment performance.	The Board considers at regular intervals if the rationale for the Company remains appropriate along with the position of competitors and feedback from major shareholders. The Board regularly reviews and monitors the Company's objective and investment policy and strategy, the investment portfolio and its performance. The Board can, with shareholder approval, look to amend the investment policy and objectives of the Company to avoid exposure to, or mitigate, these risks. The Board monitors the implementation and results of the investment process with the Portfolio Managers, whose representatives attend all Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Board holds a separate meeting devoted to strategy each year. The Board monitors the Company's premium/ discount at which the share price trades to NAV on both an absolute level and relative to its peers and the wider investment trust sector. The Board reviews sector relative performance and sales and marketing activity to enhance the Company's appeal. The Trust has undertaken marketing to raise awareness and engagement among retail investors, supported by J.P. Morgan Asset Management activity and events. The Board has recently implemented an enhanced dividend policy. The Board regularly meets additional members of the management team. The Manager has a strong bench of portfolio managers and is active in raising the whole team's profile with investors. The Board notes the emphasis placed in marketing and communications about the well-established, repeatable investment process and the breadth/depth of resources supporting the Portfolio Managers. The team-based process and approach would mitigate the impact of any individual personnel changes or departures.	The risk continues to remain high.
Operational and Counterparty and Legal	Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the custodian's or depositary's records could prevent accurate reporting and monitoring of the Company's financial position. The threat of cyber attack, in all its guises such as hacking, malware, phishing (social engineering), disrupted-denial-of-service attacks, etc., is regarded as at least as important as more traditional physical threats to reputation, business continuity and security. The increased use of AI by cyber criminals may further increase the scale, sophistication and speed of such cyber attacks.	The Board keeps the services of the Manager and third-party service providers under continuous review, and the Management Engagement Committee undertake a formal evaluation of their performance on an annual basis. The information technology controls around the physical security of the Manager's data centres, security of its networks and security of its trading applications are tested by independent reporting accountants and reported every six months against the AAF Standard. The Board receives updates from JPMF's information security manager. The Manager has procedures in place to maintain the best practices in the fight against cybercrime. To date, the Manager's cyber security arrangements have proven robust and the Company has not been impacted by any cyber attacks threatening its operations. JPMF has assured the Directors that the Company benefits directly or indirectly from all elements of J.P. Morgan Chase & Co's comprehensive Cyber Security programme. The Manager ensures all third party providers have appropriate cyber protection in place.	The risk is medium and has marginally increased.
Corporate Governance and Shareholder Relations	Concentration of the share register, and inability to affect its composition, i.e., diversification and the balance between institutional and retail holders, may impact market liquidity, the discount, and voting, including failure to pass continuation vote. This is further complicated by activist shareholder(s) requisitioning the Company, diverting attention from normal business.	The Board monitors the share register via receipt of formal disclosures of significant transactions. The Manager regularly undertakes discussions with the Broker. The Board monitors the Manager's Sales, Marketing and PR efforts and their effectiveness and it challenges the Manager where it feels it is appropriate. The Board allocates a budget for such activities. The Board and Manager monitor and review activist activity in the market, including scenario planning utilising the experience of the Manager and specialist advisers.	The risk is medium and stable.

Emerging Risks

The Board has considered and kept under review, emerging risks, including but not limited to the impact of deglobalisation/conflicts, climate change, changes to MSCI EM Benchmark, artificial intelligence ('AI'), digitalisation/fund tokenisation and a new world order. The key emerging risks identified are as follows:

Deglobalisation/Conflicts

Global trade dislocation continues as protectionist policies intensify alongside escalating conflict in the Middle East, where ongoing instability threatens energy flows and shipping routes. Rising insurance costs, persistent oil market uncertainty, and broader supply-chain fragility are fuelling volatility across asset classes as markets reprice growth and geopolitical risk.

Climate change

At the portfolio level this may disrupt business models and profitability of investee companies, affecting operations of the Company and its service providers. Furthermore, a major rollback of climate efforts, particularly led by the US, increases the likelihood of climate and humanitarian catastrophes, exacerbating these risks. 

Energy transition risks include stranded fossil assets, higher compliance costs, volatile power prices, and supply-chain shifts. Emerging market companies may face financing constraints, policy uncertainty, weaker grids, and export losses from carbon taxes. 

Changes to the MSCI EM Benchmark

Potential reclassification of South Korea by MSCI from Emerging Market to Developed Market status could trigger index rebalancing, forcing the company to disinvest from a major source of EM equities. With FTSE already removing Korea and the government seeking developed-market status, this would shrink the investable opportunity set reducing diversification and increasing concentration. Similar upgrades elsewhere could amplify these drawbacks and single country risks.

Artificial intelligence ('AI')

While it might be deemed a great opportunity and force for good, there is an increasing risk to business and society more widely from AI. Advances in computing power means that AI has become a powerful tool that will impact a huge range of areas and with a wide range of applications that include the potential to disrupt and even to harm. In addition, the use of AI could be a significant disrupter to business processes and whole companies, leading to added uncertainty in corporate valuations.

The rapid adoption of AI in investment management could introduce meaningful operational risk, as AI can produce confident but fundamentally flawed outputs-known as hallucinations-that may go undetected without robust human oversight. Without rigorous governance, firms risk embedding systematic errors into decision-making at a scale and speed that outpace traditional controls.

Digitalisation/Fund tokenisation

Challenges in adapting to technological advancements, including blockchain integration and digital asset management, potentially affecting operational efficiency and investor engagement. Increased competition from tech-savvy firms may lead to pressure on traditional investment companies, impacting market share, regulatory compliance, and the ability to attract younger, tech-oriented investors.

New world order

Political leadership and foreign policy changes in the US and the developing relationships between China, Russia and other countries, leading to a deterioration in international relationships, a rise in protectionist policies and a pullback in global trade which has a disproportionate impact on emerging markets. Growing intra-Asia trade patterns as supply chains regionalise, and periods where Taiwan appears more relaxed about the risk of a China invasion, influencing regional risk sentiment.

TRANSACTIONS WITH THE MANAGER

Details of the management contract are set out in the Directors' Report on page 47 of the 2026 Annual Report. The management fee payable to the Manager for the year was £9,786,000 (2025: £8,920,000) of which £nil (2025: £nil) was outstanding at the year end.

Safe custody fees amounting to £688,000 (2025: £547,000) payable during the year to JPMorgan Chase Bank, N.A. of which £118,000 (2025: £138,000) was outstanding at the year end.

The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. The commission payable to JPMorgan Securities Limited for the year was £nil (2025: £nil) of which £nil (2025: £nil) was outstanding at the year end.

Handling charges (other capital charges) on dealing transactions amounting to £38,000 (2025: £17,000) were payable to JPMorgan Chase Bank, N.A. during the year of which £6,000 (2025: £12,000) was outstanding at the year end.

The Company invests in the JPMorgan USD Liquidity Fund, which is managed by JPMorgan Asset Management (Europe) S.à r.l. At the year end this was valued at £32,000 (2025: £14,070,000). Interest amounting to £294,000 (2025: £228,000) was received during the year of which £nil (2025: £nil) was outstanding at the year end.

At the year end, total cash of £1,641,000 (2025: £4,349,000) was held with JPMorgan Chase Bank, N.A. A net amount of interest of £14,000 (2025: £36,000) was receivable by the Company during the year of which £nil (2025: £nil) was outstanding at the year end.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Directors are required to:

•        select suitable accounting policies and then apply them consistently;

•        state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

•        make judgements and accounting estimates that are reasonable and prudent; 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.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The accounts are published on the Company's website: www.jmgi.co.uk., which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The Directors are responsible for the maintenance and integrity of the corporate and financial information on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Under applicable law and regulations the Directors are also responsible for preparing a Strategic Report, a Directors' Report and Directors' Remuneration Report that comply with the law and those regulations.

Each of the Directors, whose names and functions are listed in the Directors' Report confirm that, to the best of their knowledge:

•      the Company's financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law), give a true and fair view of the assets, liabilities, financial position and profit of the Company; and

•      the Directors' Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks that it faces.

The Directors consider that the annual report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

For and on behalf of the Board

Aidan Lisser

Chair

24^th September 2026

STATEMENT OF COMPREHENSIVE INCOME

	For the year ended                 30th June 2026			For the year ended                 30th June 2025
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Net gains on investments held at fair value through profit or loss	-	618,639	618,639	-	34,763	34,763
Net foreign currency exchange losses	-	(1,018)	(1,018)	-	(668)	(668)
Income from investments	35,991	115	36,106	30,747	125	30,872
Interest receivable	308	-	308	264	-	264
Gross return	36,299	617,736	654,035	31,011	34,220	65,231
Management fee	(2,936)	(6,850)	(9,786)	(2,676)	(6,244)	(8,920)
Other administrative expenses	(1,769)	-	(1,769)	(1,541)	-	(1,541)
Net return before finance costs and taxation	31,594	610,886	642,480	26,794	27,976	54,770
Finance costs	(3)	(9)	(12)	(6)	(15)	(21)
Net return before taxation	31,591	610,877	642,468	26,788	27,961	54,749
Taxation (charge)/credit	(2,746)	3,939	1,193	(2,254)	(3,016)	(5,270)
Net return after taxation	28,845	614,816	643,661	24,534	24,945	49,479
Net return per ordinary share (Note 3)	2.97p	63.35p	66.32p	2.30p	2.33p	4.63p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

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.

Net return after taxation represents the profit for the year and also total comprehensive income.

STATEMENT OF CHANGES IN EQUITY

For the year ended 30th June

	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other reserve £'000	Capital reserves1 £'000	Revenue reserve1 £'000	Total £'000
At 30th June 2024	33,091	173,631	1,665	69,939	1,046,311	29,392	1,354,029
Repurchase of ordinary shares into Treasury	-	-	-	(69,939)	(37,087)	-	(107,026)
Net return after taxation	-	-	-	-	24,945	24,534	49,479
Dividends paid in the year (note 2)	-	-	-	-	-	(21,059)	(21,059)
At 30th June 2025	33,091	173,631	1,665	-	1,034,169	32,867	1,275,423
Repurchase of ordinary shares into Treasury	-	-	-	-	(94,803)	-	(94,803)
Net return after taxation	-	-	-	-	614,816	28,845	643,661
Dividends paid in the year (note 2)	-	-	-	-	-	(50,888)	(50,888)
At 30th June 2026	33,091	173,631	1,665	-	1,554,182	10,824	1,773,393

¹   These reserves form the distributable reserves of the Company and, to the extent that they are realised, may be used to fund distributions to shareholders. Further details on distributable reserves are provided in note 16 on page 84 of the 2026 Annual Report.

STATEMENT OF FINANCIAL POSITION

	At 30th June 2026 £'000	At 30th June 2025 £'000
Fixed assets
Investments held at fair value through profit or loss	1,774,695	1,283,313
Current assets
Debtors	4,190	6,843
Current asset investments	32	14,070
Cash at bank	1,641	4,349
	5,863	25,262
Current liabilities
Creditors: amounts falling due within one year	(466)	(20,776)
Net current assets	5,397	4,486
Total assets less current liabilities	1,780,092	1,287,799
Provision for liabilities	(6,699)	(12,376)
Net assets	1,773,393	1,275,423
Capital and reserves
Called up share capital	33,091	33,091
Share premium account	173,631	173,631
Capital redemption reserve	1,665	1,665
Capital reserves	1,554,182	1,034,169
Revenue reserve	10,824	32,867
Total shareholders' funds	1,773,393	1,275,423
Net asset value per ordinary share	188.2p	126.1p

STATEMENT OF CASH FLOWS

	For the year ended	For the year ended
	30th June 2026	30th June 2025
	£'000	£'000
Cash flows from operating activities
Net return before finance costs and taxation	642,480	54,770
Adjustment for:
Net gains on investments held at fair value through profit or loss	(618,639)	(34,763)
Net foreign currency losses	1,018	668
Dividend income	(36,085)	(30,851)
Interest income	(308)	(264)
Scrip dividends received as income	(21)	(21)
Realised losses on foreign currency exchange transactions	(1,128)	(503)
Realised foreign currency exchange losses on JPMorgan USD Liquidity Fund	(224)	(152)
Decrease/(increase) in other debtors	23	(41)
Increase/(decrease) in accrued expenses	107	(20)
Net cash outflow from operating activities before dividends, interest
and taxation	(12,777)	(11,177)
Dividends received	32,467	28,869
Interest received	308	264
Overseas withholding tax recovered	685	1,080
Indian capital gains tax paid	(1,738)	(3,172)
Net cash inflow from operating activities	18,945	15,864
Purchases of investments	(210,599)	(293,754)
Sales of investments	320,974	418,823
Net cash inflow from investing activities	110,375	125,069
Equity dividends paid	(50,888)	(21,059)
Repurchase of ordinary shares into Treasury	(95,500)	(106,944)
Bank overdraft interest paid	(12)	(21)
Net cash outflow from financing activities	(146,400)	(128,024)
(Decrease)/increase in cash and cash equivalents1	(17,080)	12,909
Cash and cash equivalents at start of year1	18,419	5,523
Foreign currency exchange movements	334	(13)
Cash and cash equivalents at end of year1	1,673	18,419
Cash and cash equivalents consist of:1
Cash at bank	1,641	4,349
Investment in JPMorgan USD Liquidity Fund	32	14,070
Total	1,673	18,419

¹     The term 'cash and cash equivalents' is used for the purposes of the Statement of Cash Flows, and represents Cash at bank and investment in the JPMorgan USD Liquidity Fund (shown as Current asset investments in the Condensed Statement of Financial Position).

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 30th June 2026

1.       Accounting policies

(a)     Basis of accounting

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

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

The Directors believe that having considered the Company's investment objective (see page 30 of the 2026 Annual Report), risk management policies (see pages 87 to 92 of the 2026 Annual Report), capital management policies and procedures (see page 92 of the 2026 Annual Report), the nature of the portfolio and expenditure projections, the forthcoming continuation vote at the 2026 AGM (for more details see page 10 of the 2026 Annual Report), the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements. They have not identified any material uncertainties to the Company's ability to continue to do so over a period of at least 12 months from the date of these financial statements.

The policies applied in these financial statements are consistent with those applied in the preceding year.

2.       Dividends

(a)     Dividends paid and declared

	2026		2025
	Pence	£'000	Pence	£'000
Dividend paid
Final dividend in respect of prior year	1.450	14,272	1.300	14,249
Interim dividend	-	-	0.650	6,810
First quarterly dividend	1.261	12,411	-	-
Second quarterly dividend	1.261	12,223	-	-
Third quarterly dividend	1.261	11,982	-	-
Total dividends paid in the year	5.233	50,888	1.950	21,059
Dividend declared
First quarterly dividend declared in respect of
2027	1.882	17,733	-	-
Final dividend in respect of the year	-	-	1.450	14,668

All dividends paid and declared in the year have been funded from the revenue reserve.

The final dividend in respect of the year ended 30th June 2025 amounted to £14,668,000. However, the amount paid amounted to £14,272,000 due to ordinary shares repurchased after the balance sheet date but prior to the record date.

A first quarterly dividend of 1.882 pence has been declared and was paid on 14th August 2026 for the financial year ended 30th June 2027.

The Company adopted an enhanced dividend policy effective from 7th November 2025, whereby annual dividends will be paid at 4% of Net Asset Value (NAV) as at the end of the preceding financial year. The dividends are payable in four equal quarterly instalments. During the year ended 30th June 2026, to transition to this approach, the first three quarterly payments of 1% each were paid in November 2025, February 2026 and May 2026, based on the NAV as at 30th June 2025 (i.e. 1.261 pence per ordinary share each). Thereafter, 4% of NAV as at 30th June 2026 (i.e. 1.882 pence per ordinary share each) will be paid as dividends via equal quarterly instalments in August 2026, November 2026, February 2027 and May 2027.

(b)    Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year, shown below.

	2026		2025
	Pence	£'000	Pence	£'000
Interim dividend paid	-	-	0.650	6,810
First quarterly dividend paid	1.261	12,411	-	-
Second quarterly dividend paid	1.261	12,223	-	-
Third quarterly dividend paid	1.261	11,982	-	-
Final dividend paid	-	-	1.450	14,668
Total	3.783	36,616	2.100	21,478

The revenue available for distribution by way of dividend for the year is £28,845,000 (2025: £24,534,000). Brought forward revenue reserves amounting to £7,771,000 (2025: £nil) have been utilised in order to finance the dividends paid for the year.

3.  Net return per ordinary share

	2026	2025
	£'000	£'000
Net revenue return	28,845	24,534
Net capital return	614,816	24,945
Net return	643,661	49,479
Weighted average number of ordinary shares in issue during the year	970,515,431	1,068,231,058
Net revenue return per ordinary share	2.97p	2.30p
Net capital return per ordinary share	63.35p	2.33p
Net return per ordinary share	66.32p	4.63p

The net return per ordinary share represents both basic and diluted return per ordinary share as the Company has no dilutive shares.

4.  Net asset value per ordinary share

	2026	2025
Net assets (£'000)	1,773,393	1,275,423
Number of ordinary shares in issue	942,220,167	1,011,554,630
Net asset value per ordinary share	188.2p	126.1p

5.  Analysis of change in net cash

			Foreign currency
	As at		exchange	As at
	30th June 2025	Cash flows	movements	30th June 2026
	£'000	£'000	£'000	£'000
Cash and cash equivalents
Cash at bank	4,349	(3,041)	333	1,641
Current asset investments1	14,070	(14,039)	1	32
Net cash	18,419	(17,080)	334	1,673

¹     JPMorgan USD Liquidity Fund, a AAA rated money market fund which seeks to achieve a return in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.

JPMORGAN FUNDS LIMITED

24^th September 2026

DETAILED INFORMATION

JPMorgan Emerging Markets Growth & Income plc's Annual Report and Accounts for the year ended 30^th June 2026 with the Notice of Meeting for the Company's AGM will also shortly be available on the Company's website at www.jmgi.co.uk.where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 It has also been submitted in full unedited text to the Financial Conduct Authority's National Storage Mechanism and is available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please contact:

Anmol Dhillon

For and on behalf of

JPMorgan Funds Limited

Telephone: 0800 20 40 20 or or +44 1268 44 44 70

E-mail:jpmam.investment.trusts@jpmorgan.com

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

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