LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INDIA GROWTH & INCOME PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Legal Entity Identifier: 549300OHW8R1C2WBYK02

Information disclosed in accordance with the DTR 4.1.3

JPMorgan India Growth & Income plc ('JIGI' or the 'Company') reports its annual results for the year ended 30th September 2025.

Highlights

·      NAV total return of -11.4% compared with -13.5% for the MSCI India Index in Sterling terms (the 'Benchmark'). Share price total return of -1.8%.

·      For three years cumulative ended 30th September 2025, NAV total return of +5.9% compared with +11.3% for the Benchmark. Share price total return of +20.8%.

·      For five years cumulative ended 30th September 2025, NAV total return of +61.2% (annualised +10%) compared with +77.7% (annualised +12.2%) for the Benchmark. Share price total return of +76.7%.

·      For ten years cumulative ended 30th September 2025, NAV total return of +93.5% (annualised +6.8%) compared with +168.6% for the Benchmark (annualised +10.4%). Share price total return of +101.2%.

·      The Company outperformed the benchmark, primarily due to positive stock selection and the favourable effect of capital gains tax credits arising from the market's decline.

·      First quarterly interim dividend of 11.08p per share was declared and paid to shareholders on 1st December 2025. Enhanced dividend policy targets annual dividends of at least 4% of prior year-end NAV, paid in four equal instalments.

·      The Company completed a 30% tender offer, repurchasing 19.7 million shares, and bought back an additional 3.9 million shares during the year, significantly narrowing the share price discount to NAV to 8.9% at year-end (2024: 17.8%).

Jeremy Whitley, Chairman, commented:

"The Board considers that the investment case for Indian equities remains very strong. My fellow board members and I are confident that the Portfolio Managers' approach, supported by the deep research resources of the Investment Manager, will provide shareholders with consistent, attractive returns and a competitive income as India realises its significant long-term potential."

Amit Mehta & Sandip Patodia, Portfolio Managers

"While in the near-term markets may continue to remain range-bound, the longer-term outlook for India is attractive. The country should remain one of the fastest growing economies globally backed by political stability and an excellent supply-side macro-economic set-up. We are watching for signs of policy actions translating into a pick-up in growth thereby allowing the mid-cycle pause to transition into a reacceleration in earnings growth…India is a high quality, defensive and growing haven amidst a volatile and uncertain global environment."

CHAIRMAN'S STATEMENT

Performance

Over the 12 months ending 30th September 2025, the Company's return on net assets was -11.4% in sterling terms. Its share price return declined by 1.8%. This compares with a return of -13.5% for the Company's benchmark, the MSCI India Index. The Company, therefore, outperformed the benchmark, thanks to positive stock selection and the favourable effect of capital gains tax credits arising from the market's decline.

Given that the Portfolio Managers have a long-term investment focus and make investment decisions on the expectation that positions will be maintained for five or more years, it is more meaningful to judge their performance over a longer time frame. On this basis, the portfolio made an annualised return of +10.0% in NAV terms over the five years to end September 2025 and averaged a return of +6.8% per annum over the corresponding ten-year period. These are solid returns, but this performance nonetheless lagged the benchmark's annualised returns of +12.2% over five years and +10.4% over ten years. This is in significant part due to the fact that the benchmark does not include the adverse effects of capital gains tax during periods of market strength, the accrual of which has depressed the Company's net asset value. The impact of capital gains tax is detailed on page 7 of the Annual Report.

In their report on pages 13 to 17 of the Annual Report, the Portfolio Managers provide a detailed commentary on performance over the 12-month review period. They also discuss portfolio activity and their outlook for the Indian market over the coming year and beyond.

Outcome of a comprehensive review of the Company's future strategy and options

During the financial year, the Board undertook a detailed review of options for the future of the Company, exploring a number of initiatives to help identify and address the drivers of underperformance and the persistent discount at which the Company's shares traded relative to its net asset value. Working closely with the Company's advisers, Manager, and through engagement with shareholders, on 19th May 2025 we announced a series of proposals aimed at enhancing the Company's appeal to both current and prospective shareholders, with the goal of reducing the discount to a consistently lower level.

Tender offer

A tender offer for up to 30% of the Company's outstanding share capital (excluding shares held in treasury), providing a cash exit at the tender price (the 'First Tender Offer') was approved by shareholders at a General Meeting held on 8th July 2025. A total of 19,678,346 shares were repurchased by the Company under the Tender Offer, at a price of 1,167.22 pence per share.

Triennial Tender Offer

A triennial tender offer for 100% of the Company's outstanding share capital at a 3% discount to the prevailing NAV (the 'Triennial Tender Offers') will be made to shareholders. The first offer is expected to be launched in Q2 2028. Feedback from shareholders has made it clear that maintaining the Company's size and scale is crucial for their continued engagement. Accordingly, the Board reserves the right to withdraw the Triennial Tender Offer if the level of shares tendered would result in the Company's NAV falling below £150 million. Should this occur, the Board would expect to propose resolutions to shareholders to wind up the Company. Additionally, the Board notes that the next continuation vote will be presented to shareholders at the Company's AGM in 2029.

Single Digit Discount Target

The Company has made a commitment to target a single digit discount through active market buybacks, utilising the 14.99% buyback authority approved by shareholders at the AGM in February 2025. Since completion of the First Tender Offer in July 2025 as at the period end the Company has bought back 553,262 shares.

Enhanced Dividend Distribution Policy

The Company has implemented an enhanced dividend distribution policy to pay dividends each financial year totalling at least 4% of the NAV of the Company at the end of the preceding financial year.

Dividends will be paid by way of four equal interim dividends in December, March, June and September each year. A first quarterly interim dividend of 11.08 pence per share has been declared by the Board, which was paid on 1st December 2025 to shareholders on the register at the close of business on 7th November 2025.

The Board believes that the enhanced dividend distribution policy, funded by a combination of available net income each financial year and other reserves, will make effective use of the Company's investment structure and set it apart from its peers. It is noteworthy that the Company is currently the only Indian investment trust paying a dividend. The Board hopes that the enhanced dividend distribution policy will attract a broader range of investors and is mindful of the success that other JPMF managed investment trusts have experienced in generating increased investor demand for their shares after adopting similar enhanced dividend distribution policies.

The Board is pleased to announce that, starting with the second quarterly interim dividend to be declared in January 2026, the Company will introduce a Dividend Reinvestment Plan ('DRIP') for shareholders. Further details about the DRIP scheme will be provided to shareholders in due course by the Company's Registrar, Computershare Investor Services PLC.

Revised Management Fee Arrangements

With effect from 1st October 2025 the annual investment management fee is now calculated as 0.65% on the first £300 million of the lower of the Company's market capitalisation or net assets, and 0.55% in excess of £300 million, instead of 0.75% on the first £300 million of market capitalisation and 0.60% in excess of £300 million.

Name Change to JPMorgan India Growth & Income plc

In line with the Company's enhanced dividend distribution policy, the Board resolved to change the name of the Company to JPMorgan India Growth & Income plc and its ticker to JIGI. The changes were effective from 2nd October 2025.

Discount and Share Repurchases

As mentioned above, at the AGM held in February 2025 shareholders gave approval for the Company to renew the Directors' authority to repurchase up to 14.99% of the Company's shares for cancellation or transfer into Treasury.

The Board is cognisant that it is in shareholders' interests that the Company's share price should not differ excessively from the underlying NAV under normal market conditions, and, as such, it constantly considers the merits of buying back shares, in line with the Company's share buyback policy, to manage the absolute level and volatility of the discount. During the year the Company adopted a policy to target a single digit discount. Over the 12 months to 30th September 2025, 3,862,881 shares were repurchased, in addition to those bought back through the tender offer. This represents 4.8% of the shares in issue, including the shares held in Treasury. Since the financial year end the Company has purchased a further 359,663 shares. As shares are only repurchased at a discount to the prevailing net asset value, share buybacks benefit shareholders, as they increase the net asset value per share of the remaining shares.

Over the review period, the discount at which the Company's shares trade versus its NAV narrowed significantly to 8.9% (2024: 17.8%). The discount on 15th December 2025 stands at 7.2%.

The Board believes that the share buyback facility is an important tool in the management of both the level and the volatility of the discount and is, therefore, seeking approval from shareholders to renew the authority to repurchase the Company's shares at the forthcoming AGM in February 2026.

Board

The Board reviews its composition on a regular basis, taking into account the need to refresh its membership and maintain diversity, whilst also ensuring the necessary degree of continuity of Board experience. Charlotta Ginman assumed the role of Chair of the Audit and Risk Committee at the end of the Company's 2025 AGM, succeeding Jasper Judd upon his retirement. On behalf of the Board, I would like once again to express our gratitude to Jasper for his commitment and for the consistently valuable and constructive contributions he has made.

The Board supports the annual re-election for all Directors, as recommended by the AIC Corporate Governance Code, and therefore all the Directors will stand for re-election at the forthcoming AGM in 2026.

Stay Informed

The Company delivers email updates on the Company's progress with regular news and views, as well as the latest performance data. If you have not already signed up to receive these communications and you wish to do so, you can opt in via tinyurl.com/JIGI-Sign-Up or by scanning the QR code on page 11 of the Annual Report.

Annual General Meeting

The Company's thirty-second AGM will be held at 60 Victoria Embankment, London EC4Y 0JP on 10th February 2026 at 1.00 p.m. We are delighted to invite shareholders to join us in person for the Company's AGM, to hear directly from the Portfolio Managers. Their presentation will be followed by a question-and-answer session. Shareholders wishing to follow the AGM proceedings but choosing not to attend in person will be able to view proceedings live and ask questions (but not vote) through conferencing software. Details on how to register, together with access details, will be available shortly on the Company's website at jpmindiagrowthandincome.co.uk, or by contacting the Company Secretary at [email protected].

My fellow Board members, representatives of JPMorgan and I look forward to the opportunity to meet and speak with shareholders after the formalities of the meeting have been concluded.

As is best practice, all voting on the resolutions will be conducted on a poll. Your Board encourages all shareholders to support the resolutions proposed. Please note that shareholders viewing the meeting via conferencing software will not be able to vote on the poll and we therefore encourage all shareholders, and particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy. Proxy votes can be lodged in advance of the AGM either by post or electronically; detailed instructions are included in the Notes to the Notice of Annual General Meeting on pages 90 to 92 of the Annual Report.

If there are any changes to the above AGM arrangements, the Company will update shareholders through an announcement to the London Stock Exchange, and on the Company's website.

Outlook

The Indian equity market has faced several challenges over the past year - most notably, disappointing corporate earnings and punitive US tariffs. Nonetheless, the Board considers that the investment case for Indian equities remains very strong. Despite recent events, the economy is still forecast to outpace almost all other major economies over the next few years. In addition, the Indian government and central bank have implemented policies to boost the domestic economy and ease the burden on sectors most affected by US tariffs such as automotives, clothing and electronics.

More importantly, the market's very positive long-term growth trajectory remains in place, supported by several major structural changes such as increased lifestyle upgrades by the country's growing middle class, rising demand for financial services and ongoing investment in technology and infrastructure. China is the only other major economy with any prospect of achieving comparable rates of growth over the next decade.

This positive outlook will keep generating many exciting opportunities for patient, long-term investors such as your Company to invest in quality companies, with superior growth prospects, at the right price. Indeed, the market's recent underperformance versus other emerging markets has increased the number of such opportunities. My fellow board members and I remain confident that the Portfolio Managers' approach, supported by the deep research resources of JPMorgan Asset Management, will continue to provide shareholders with consistent, attractive returns, and a competitive income, as India realises its significant long-term potential.

We thank you for your ongoing support.

Jeremy Whitley

Chairman                                                                                                                                    16th December 2025

INVESTMENT MANAGER'S REPORT

Market review

During the 12 months to end September 2025, the MSCI India Index (the 'Index') delivered a negative return of -13.5% in GBP and -6% in local currency. Small and mid-cap stocks (SMID) saw modest underperformance vs the broader market. The period witnessed elevated levels of global uncertainty induced by the imposition of tariffs by the US, geopolitical tensions, weak outlook on global trade, high US bond yields and a negative outlook on inflation in the US. However, equity markets in the US and most of the emerging markets fared much better, mainly on account of the strength of the share prices of names exposed to Artificial Intelligence ('AI') related capex/value chain in the US and selectively in Asian markets, coupled with a resurgence in the Chinese markets. India witnessed headwinds from the normalisation in economic growth from a high base, earnings downgrades, unexpectedly high tariff pressure from the US and subdued consumption and corporate capex trends. The Indian government and the RBI (Reserve Bank of India) undertook several policy measures to support growth, including income tax cuts, 100bps of rate cuts, injection of surplus liquidity into the banking system, GST (indirect tax) rationalisation and reduction of risk weights for bank loans to Non-Banking Financial Companies (NBFCs), etc.

Despite the weak year, the valuation of the Indian stock market remains elevated versus historical levels and fundamentals, with the magnitude of earnings downgrades outpacing price and time correction. Financial services and communication services were the only two major sectors to deliver a (marginal) positive return over the last 12 months in local currency. Meanwhile, utilities, IT and real estate sectors witnessed more than 20% declines in local currency. Domestic mutual funds continue to witness strong inflows from households' savings shift to equities, supporting the markets and acting as a 'domestic put' amidst large FII (Foreign Institutional Investors) outflows, while absorbing substantial selling by private equity investors and promoters.

Indian markets may remain range-bound in the near-term given a mix of headwinds and tailwinds that will largely balance each other out. We remain cautious in the short term given the uncertain external environment, delay in the private investment cycle picking up, unrealistically high earnings growth projections for FY27 and elevated valuations. On the positive side, a stable domestic macro environment, an improvement in earnings sentiment, the likely recovery in consumption aided by GST rationalisation, income tax cuts and lower interest rates, FII flows coming back and any reduction in US-India tariff rates, along with any potential actions on policy reforms that the policymakers may additionally implement, should be able to more than offset the headwinds to a large extent. The long-term structural investment case for India remains on track and any correction might create opportunities for us to buy names where demanding valuations have previously precluded us from investing.

Against this backdrop, over the year your company made a negative outright return of -11.4% but outperformed the Index on a net asset value basis. The share price return over the period was -1.8%, reflecting a significant narrowing of the discount to NAV.

In this report we review the main drivers of recent performance, discuss portfolio positioning, and consider the long-term outlook for Indian equities.

Performance review

In a weak market, we outperformed the benchmark index by 2.1%. However, we underperformed by 0.7% the India ETF (Exchange Traded Fund). As we said in the last annual report, capital gains tax (CGT) in India is a real cost to the Company's net asset value, which does not impact the benchmark. As such, we believe the India ETF is a more realistic comparison for the Company because it replicates the returns of the underlying Index while accounting for the CGT impact.

The drivers of underperformance against the ETF can be broken down into three areas (a) continued style rotation away from the 'quality' and 'growth' stocks we favour to 'value', possibly due to a step change in interest rates as inflation rose dramatically post-Covid, (b) stock selection - both errors of omission and commission particularly in the auto sector and (c) errors of omission in a few high quality names (more on this below).

With regards to specific stock impact, we would highlight three names which have been disappointing on a relative basis:

•        Bajaj Auto: The domestic two-wheeler market saw underwhelming growth over the year given cyclical challenges amid urban inflationary pressure. In a weak market Bajaj Auto lost market share to peers and supply chain disruptions for its electric two wheelers compromised production timelines. Weak domestic performance was exacerbated by volatility in export markets. All these factors, together with a high starting valuation, contributed to its underperformance.

•        Tata Motors: Negative implications on the Jaguar Land Rover business from US/EU tariffs and weaker demand for premium SUVs in China tempered the outlook for free cash flow generation from this business. A loss of market share in the domestic EV segment, the cyclical slowdown in the domestic commercial vehicle business and question marks on capital allocation after the announcement of their acquisition of Iveco, the Italian commercial vehicle business, also weighed on the share price.

•        Colgate-Palmolive: A slowdown in urban demand and aggressive pricing from competitors led to weak operating performance. This, combined with elevated valuations, led to the stock underperforming versus the broader index.

On the positive side, our stock selection in out of favour sectors like IT/BPO (Coforge, ExlService and WNS), banking (ICICI Bank, Kotak Mahindra Bank), life insurance (Max Financial) and logistics (Delhivery) generated strong returns. Our long-standing positions in Multi Commodity Exchange (MCX) and Mahindra & Mahindra continued to deliver positive returns on the back of strong execution and new product launches.

Performance Attribution

For the year ended 30th September 2025

¹ See note 8 and 14 in the Annual Report for the decrease in the deferred tax liability for Indian capital gains tax which has had a positive impact on performance. The benchmark index does not take into account the effect of capital gains tax.

Source: Factset, Morningstar and 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 index.

A glossary of terms and alternative performance measures is provided on pages 93 to 95 of the Annual Report.

Select Portfolio changes

Before we delve into changes made to the portfolio, a reminder of our investment strategy - we invest in high quality businesses led by outstanding management teams that trade at reasonable/attractive valuations. We think about our investments in that order, by first answering the question whether it's a good business and only then looking at valuation. With that in mind, below are select portfolio changes we made since we last reported at the half year end.

New initiations

•        Bharti Airtel: The consolidation of the telecom market has benefited the second largest player, Airtel, immensely given its profit pool mindset and ROE focus. The anticipated increase in industry average revenue per user (ARPU) should further improve its financials. Any reduction in capex intensity over the medium term offers visibility for an improving free cash flow trajectory. The stock was trading at a reasonable free cash flow yield, which we took advantage of to start a position.

•        Trent: This brick & mortar fashion retailer with two main brands Westside and Zudio is expanding via an asset-light and vertically integrated business model. We started a small active position given the steep fall in share price since September last year that led to a sharp multiple de-rating. This is just a starting position with room to top up if valuations become more palatable.

•        Bajaj Finance: We added to this holding to increase our underlying aggregate active exposure to Bajaj Finance given that we already have indirect exposure to the stock via Bajaj Finserv (the holding company) which derives roughly 80% of its value from Bajaj Finance. The latter has strong visibility on AUM growth in the medium term especially given the consumption boost from the government, without compromising on asset quality.

•        Shree Cement: Shree is a cost-efficient, innovative and higher-margin cement player with a focus on return on invested capital (ROIC), lean operations and unit level profitability. Over the medium-to-long-term Shree--s brownfield capacity expansion, with limestone reserves backing, should ensure low capex-intensity expansion. While Shree is experiencing some market share loss due to its focus on value over volume, its strategy is deliberate in an oversupplied market. Despite Shree's potential near-term market share loss, its focus on ROIC and lower capex intensity positions it well for medium to long-term profitable growth.

•        SBFC Finance: SBFC is a small, fast-growing non-banking financial company (NBFC) focused on lending against property (LAP) collateral to micro, small and medium enterprise (MSME) customers located in tier-2/3 cities. It has a large total addressable market in an underpenetrated market with a leader formerly at HDFC Bank, who is focused on strong unit level economics. SBFC Finance has a decent track-record on underwriting and its high capital ratio can support high growth expectations.

•        ABB India: We started a position in this quality diversified industrials name with exposure to the broader capex theme, including fast-growing areas like electrification and data centre-related investments. Normalisation of margins from previous cyclical highs had led to a correction in multiples, making valuations reasonable for this strong ROE company with medium-to-long-term growth tailwinds.

Complete sales

•        Tata Steel: We sold out of this lower quality commodity producer where prices are decided globally as it has a material exposure in lower return European markets.

•        United Breweries: The company's premiumisation strategy is leading to margin dilution; in addition, there are regulatory headwinds in place. These factors, together with high valuations, makes the company an unattractive proposition.

•        Shriram Finance: Given asset quality issues in the SME space, we sold the holding to consolidate our position in higher quality NBFCs and financials.

•        WNS: We sold the position given the takeover of the company by Cap Gemini.

•        Vishal Mega Mart: Having initiated a position in this quality value retailer at its IPO, we exited our holding following strong stock price performance and the lack of upside to intrinsic value. Valuations were looking stretched even as the company has delivered an exceptional operating performance since listing and the outlook is positive.

•        Cummins: We sold the holding to start a position in ABB. This is a more diversified industrials business compared to Cummins, which has a narrower end market and product exposure.

•        Kajaria: We exited the holding given our low conviction on the quality of business and elevated valuations after the recent rally in its share price.

Indian markets taking a mid-cycle breather

The upswing in domestic economic activity, and consequently in Indian equity markets post Covid, was driven by structural reforms along with counterintuitive yet effective supply-side measures by the government. This started running out of steam from September 2024 onwards. Domestic growth slowed down as fiscal stimulus in the form of government spending transitioned into fiscal consolidation. A lack of pick up in private consumption has meant that corporates have not fully increased spending on capex yet. Added to these factors are external pressures from (1) global trade and tariff tantrums with India being at the receiving end of the bargain, (2) elevated valuations and (3) a dearth of AI-beneficiary investment themes. This perfect storm exerted downward pressure on the economy and markets. However, structural and strong domestic flows into equities from households came to the rescue ensuring a sideways consolidation of the market rather than a full-blown correction. The Indian economy is currently taking a mid-cycle breather before on-going actions by policymakers should translate into a reacceleration in growth.

Tariff tantrums have induced urgency amongst policymakers

The external environment for India remains challenging on two fronts with the US focused on cutting its trade deficit and China offloading its excess capacity to the rest of the world, leading to dampeners on growth from weak exports, a price deflator to GDP growth and likely pressures on the capital account. To negate the impact of external pressures and slowing domestic growth, policymakers in India have been pro-active, implementing 100bps of rate cuts and putting through an estimated $60 billion of demand stimulus via indirect plus direct tax cuts and some handouts. The stimulus should boost consumption in the near-term but sustenance has to be seen given the government's stance on fiscal consolidation. Corporate capex recovery amidst a weak trade situation and Chinese excess capacity is primarily predicated on domestic demand recovery. Broad-based recovery will likely take time to come through as the government implements more reforms and potentially further loosens its purse strings with a more pragmatic stance on fiscal measures (given India's supply side is supportive) along with potentially additional rate cuts from the central bank. In summary, despite a challenging trade environment, recent policy actions and prospective measures by policymakers should lift growth in India, albeit with a lag.

AI and India

Unlike the US and most of the Emerging Markets, which are benefiting from exuberance in AI-theme stocks, India currently has a dearth of companies directly benefiting from AI. In fact, IT service companies in India are widely expected to be disrupted by AI with news of machines replacing people. However, it reminds us of the famous quote from Mark Twain - "The reports of my death have been greatly exaggerated". We believe that while the IT services sector may face some revenue pressures in the near-term on account of having to pass on productivity benefits from AI, over the medium-to-long-term they will most likely benefit from AI delivering stronger growth for them as any new technology requires a large pool of skilled IT labour force for successful implementation and IT service budgets of companies will inevitably have to increase. Growth in IT services as an enabler for AI implementation will come with a lag, in our opinion.

Consumption and capex

India has experienced weak aggregate consumption over the last few years with a K-shaped recovery post Covid. This has been a function of 1) flat exports of goods and services as a percentage of GDP 2) the lack of job creation from manufacturing as corporates have been reluctant to spend on capex until visibility on demand comes through and 3) the government's fiscal consolidation agenda, which means it has been spending less than tax receipts collected, effectively pulling demand from the system. However, this construct is now changing - 100bps of rate cuts will provide some relief to households' interest payments, and lower income tax and GST will mean more income in the hands of consumers and cheaper goods. All these actions and the reform agenda should start to lift consumption. However, for consumption to sustain job creation will have to follow. Ultimately, any pickup in domestic consumption and incentive/reforms by the government should lead to private capex improving. There are pockets of capex activity in India that are seeing strong growth including electronics, defence and power. Over time, we expect more broad-based capex and fixed capital creation not only to absorb the large labour force in the hinterland doing agricultural work currently but also to deliver productivity benefits for the economy.

Flows that keep giving

Indian equity markets have been supported by the significant increase in household savings going into equities. This is the 'domestic put' providing a cushion or floor on valuations. SIP or Systematic Investment Plans in India provide a disciplined, sticky stream of retail flows of around $3 billion/month; this is akin to the 401k movement in the US. There has been a significant shift in households' allocation of financial savings away from bank deposits to equities - currently at 7% of total household savings in the country - with considerable room to expand from current levels. In our view, the implications and effects of this are: (1) lower volatility and greater resilience of the equity markets despite relentless selling by FIIs this year; (2) higher valuations sustaining for longer despite some time correction; and (3) demand for equities has attracted a supply of equity from issuers leading to elevated levels of capital markets activity in the form of IPOs and capital raisings by corporates and stake sales by promoters and private equity sponsors. The equity raising has been a blessing because it is largely absorbing the excess retail flows into mutual funds, absent which valuations would have gone up further.

Outlook

While in the near-term markets may continue to remain range-bound, the longer-term outlook for India is attractive. The country should remain one of the fastest growing economies globally backed by political stability and an excellent supply-side macro-economic set-up. We are watching for signs of policy actions translating into a pick-up in growth thereby allowing the mid-cycle pause to transition into a reacceleration in earnings growth. Expected time correction to valuations should offer us opportunities to add high quality names that we have been waiting to include in the portfolio. We worry about risks of global exuberance in AI stocks and geopolitical tensions playing spoilsport. However, India is a high quality, defensive and growing haven amidst a volatile and uncertain global environment.

For and on behalf of

J.P. Morgan Asset Management (UK) Limited

Investment Manager

Amit Mehta

Sandip Patodia

Portfolio Managers                                                                                                                     16th December 2025

PRINCIPAL AND EMERGING RISKS

The Board has overall responsibility for reviewing the effectiveness of the Company's system of risk management and internal controls. The Board is supported by the Audit and Risk Committee in the management of risk. The risk management process is designed to identify, evaluate, manage, and mitigate the risks faced by the Company. Although the Board believes that it has a robust framework of internal controls in place, this can provide only reasonable, and not absolute, assurance against material financial misstatement or loss and is designed to manage, not eliminate, risk.

The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of the Manager, the Audit and Risk Committee has drawn up a risk matrix and heatmap, which identifies the principal and emerging risks to the Company. These are reviewed and noted by the Board through the Audit and Risk Committee, which includes the ways in which these risks are managed or mitigated.

During the review period, the Audit and Risk Committee acknowledged the new AIC Corporate Governance Code published in August 2024, with particular attention to Provision 34, which takes effect for financial periods starting on or after 1st January 2026. Provision 34 requires boards to monitor and annually review the effectiveness of the company's risk management and internal control framework, covering all material controls-financial, reporting, operating, and compliance. The Annual Report must include: a description of how the Board has monitored and reviewed the framework's effectiveness; a declaration of the effectiveness of material controls at the balance sheet date; and details of any material controls that have not operated effectively, along with actions taken or proposed to address these issues.

In preparation for reporting against Provision 34, the Audit and Risk Committee has scrutinised the Company's principal risk matrix and narrowed it down to five principal risks impacting the Company. Additionally, the Audit and Risk Committee has also introduced a risk appetite statement assessing the appetite and tolerance for each principal risk. The risk appetite framework guides the Company's approach to risk by categorising appetite into four levels: Open, Flexible, Minimal, and Averse. Each level defines the willingness to accept risk, from fully anticipated and justified risks to strong avoidance and extremely low tolerance. This structure supports decision-making by clearly outlining the Company's risk preferences and tolerances.

EMERGING RISKS

The AIC Code of Corporate Governance also requires the Audit and Risk Committee to put in place procedures to identify emerging risks. Emerging risks, which are not deemed to represent an immediate threat, are considered by the Audit and Risk Committee as they come into view and are incorporated into the existing review of the Company's risk register. The Board considers the following to be an emerging risk:

Climate Change

Climate change is increasingly recognised as an emerging risk that could significantly impact the operations of the Company's investee companies, the Investment Manager, and third-party service providers. There is the risk that the climate change position of the Company does not align to peer group or shareholder expectations. The risk also includes JPMorgan not meeting regulatory disclosure requirements on behalf of the Company. In addition there is the risk of negative reputational impact of being invested in a company which undergoes poor climate press coverage, which could also result in a reduction in the Company's market rating. Although India remains committed to UN goals on net emissions, the key benchmark of global climate mitigation, the country, in particular, faces growing vulnerability to severe weather conditions, including extreme heat, shifting rainfall patterns, and droughts. A rise in temperature could fuel environmental degradation, more frequent natural disasters, and weather extremes, which in turn may lead to food and water insecurity and economic disruption. As these risks continue to evolve they have the potential to affect the resilience and performance of the Company's investments and operations.

TRANSACTION WITH THE MANAGER AND RELATED PARTIES

Details of the management contract are set out in the Directors' Report on page 41 of the Annual Report.

The management fee payable to the Manager for the year was £4,325,000 (2024: £5,321,000) of which £nil (2024: £nil) was outstanding in the financial statements at the year end.

Included in other administration expenses in note 6 on page 72 of the Annual Report are safe custody fees payable to JPMorgan Chase Bank, N.A. as custodian of the Company amounting to £504,000 (2024: £557,000) of which £62,000 (2024: £151,000) was outstanding at the year end.

The Manager carries out some of its dealing transactions through group subsidiaries. These transactions are carried out at arms' length. The commission payable to JPMorgan Securities for the year by the Company was £11,000 (2024: £12,000) of which £nil (2024: £nil) was outstanding in Company's financial statements at the year end.

Other capital charges payable on dealing transactions undertaken by overseas sub custodians on behalf of the Company amounted to £20,000 (2024: £14,000) during the year, of which £3,000 (2024: £3,000) was outstanding at the year end.

At the year end, the Company did not hold cash in the JPMorgan GBP Liquidity Fund a triple A-rated money market fund managed by JPMorgan Asset Management (Europe) S.à r.l. (2024: £13,700,000). During the year, the Company made purchases in this fund amounting to £48,527,000 (2024: £217,680,000) and sales on this fund amounting to £62,227,000 (2024: £225,190,000). Income receivable from this fund amounted to £75,000 (2024: £1,170,000) of which £nil (2024: £nil) was outstanding at the year end. JPMorgan earns no management fee on this fund.

At the year end, the Company held bank balances of £23,000 and a short-term settlement overdraft of £342,000, resulting in net overdrawn amount of £319,000 (2024: bank balances of £509,000 and £nil overdraft) with JPMorgan Chase Bank N.A.A net amount of interest of £36,000 (2024: £9,000) was receivable by the Company during the year, of which £nil (2024: £nil) was outstanding at the year end.

Details of the Directors' shareholdings and the remuneration payable to Directors are given in the Directors' Remuneration Report on pages 52 to 54 of the Annual Report.

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 UK-adopted international accounting standards.

Under company law, 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 UK-adopted international accounting standards 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.

The Directors are 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 Directors are also 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.

The Directors have delegated the maintenance and integrity of the Company's website (jpmindiagrowthandincome.co.uk) to the Company's Manager. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Directors' confirmations

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

•        the company financial statements, which have been prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and result of the company; and

•        the Strategic Report and 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 and uncertainties that it faces.

The Board confirms that it is satisfied that the annual report and financial statements taken as a whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

For and on behalf of the Board

Jeremy Whitley

Chairman

16th December 2025

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30th September 2025

The Company does not have any income or expense that is not included in the net profit/(loss) for the year. Accordingly the 'Net profit/(loss)' for the year, is also the 'Total comprehensive income' for the year, as defined in IAS1 (revised).

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 represents the Company's Statement of Comprehensive Income, prepared in accordance with IFRS.

The supplementary 'Revenue' and 'Capital' columns are prepared under guidance published by the Association of Investment Companies.

Details of revenue and capital items, together with the associated reserves are contained in note 16 of the Annual Report.

All of the Net profit/(loss) and total comprehensive income is attributable to the equity shareholders of the Company. There are no minority interests.

The notes on pages 69 to 84 of the Annual Report form an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

For the year ended 30th September 2025

¹     These reserves form the distributable reserves of the Company and may be used where there are reserves available.

STATEMENT OF FINANCIAL POSITION

At 30th September 2025

STATEMENT OF CASH FLOWS

For the year ended 30th September 2025

¹     The Indian capital gains tax paid has been reclassified from 'operating activities' to 'investing activities', with the 2024 comparative figures adjusted accordingly. This reclassification has been made to comply with the requirements of International Accounting Standard (IAS) 7 - Statement of Cash Flows. The impact on the prior year comparative is as follows: the 'Net cash outflow from operating activities' has been restated from £(9,283,000) to £2,554,000, and the 'Net cash inflow from investing activities' has been restated from £43,809,000 to £31,972,000. There is no overall impact on the 'Decrease in cash and cash equivalents' or the 'Cash and cash equivalents' as reported at 30th September 2024.

²     Including stamp duty payable on the repurchase of shares.

NOTES TO THE FINANCIAL STATEMENTS

1.       Material Accounting Policies and Basis of Preparation

(a)     Basis of accounting

The financial statements of the Company have been prepared under historical cost convention, modified to include fixed asset investments at fair value, and in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Where presentational guidance set out in the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies ('AIC') in July 2022 is consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. The accounting policies adopted are consistent with those of the previous financial year. The principal accounting policies adopted are set out below.

The financial statements have been prepared on the going concern basis. The disclosures on going concern in the Audit and Risk Committee's Report on page 50 of the Annual Report form part of these financial statements. The Board has, in particular, considered the nature of the portfolio and the Company's expenditure projections, taking into account the heightened market volatility, and concluded that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place, and does not believe the Company's going concern status is affected.

In preparing these financial statements the Directors have considered the impact of climate change risk as set out on page 32 of the Annual Report, under Principal and Emerging Risks, and have concluded that there was no impact of climate change to be taken into account as the investments are valued based on market pricing, which incorporates the market's perception of climate risk.

The Company's share capital is denominated in sterling and this is the currency in which its shareholders operate and expenses are generally paid. The Directors have therefore determined the functional currency to be sterling.

2.       Non current assets

(a)     Investments held at fair value through profit or loss

The Company received £444,668,000 (2024: £297,186,000) from investments sold in the year. The book cost of these investments when they were purchased was £367,083,000 (2024: £219,402,000).

These investments have been revalued over time and until they were sold, any unrealised gains/losses are included in the fair value of the investments.

(b)    Transaction costs

The above costs comprise mainly brokerage commission.

(c)     Gains/(Losses) on investments held at fair value through profit or loss

3.       Earnings/(loss) per ordinary share

¹     Represents both the basic and diluted earnings per ordinary share and excludes shares held in Treasury.

4.       Net asset value per ordinary share

JPMORGAN FUNDS LIMITED

17th December 2025

For further information, please contact:

Sachu Saji

For and on behalf of

JPMorgan Funds Limited

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

E-mail: [email protected]

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 Annual Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

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