LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INDIA GROWTH & INCOME PLC

HALF YEAR REPORT & FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31st MARCH 2026

Legal Entity Identifier: 549300OHW8R1C2WBYK02

Information disclosed in accordance with the DTR 4.1.3

CHAIRMAN'S STATEMENT

Performance

The Indian equity market experienced further weakness over the six months ended 31st March 2026, weighed down by several adverse influences, including softening earnings, ongoing high valuations and fears of AI-led disruption, especially to IT companies. In addition, conflict in the Middle East fuelled concerns about the adverse economic impact of rising oil prices, given India's heavy reliance on imported energy. These factors, especially rising energy costs and depressed market sentiment, saw foreign sales of Indian equities reach a record high in March 2026.

Against this unfavourable backdrop, the Company's benchmark, the MSCI India Index, declined 12.4% over the period in sterling terms. The Company's return on net assets was -16.5% in sterling terms. Despite a meaningful reversal of the Indian CGT deferred tax liability over the period, this benefit to return on net assets was outweighed by weaker portfolio performance. In addition, its share price declined by 17.6% as the discount to NAV widened slightly during the period. This underperformance was due in large part to the Company's focus on higher quality, small and mid-cap names, which have lagged cyclical value stocks over the past year. Our overweight to so-called 'AI losers' amongst IT companies and platform-based businesses also detracted from relative returns.

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 therefore more meaningful to judge their performance over a longer time frame. On this basis, the portfolio made an annualised return of +2.0% in NAV terms over the five years to end March 2026 and averaged a return of +4.7% per annum over the corresponding ten-year period. This performance lagged the benchmark's annualised returns of +5.5% over five years and +8.7% over ten years. This underperformance is in significant part caused by 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 2026 Half Year Report.

The Portfolio Managers provide a detailed commentary on performance over the six-month review period in their report on pages 13 to 17 of the 2026 Half Year Report. They also discuss portfolio activity and their outlook for the Indian market over the remainder of this year and beyond.

Discount and Share Repurchases

It is the Board's view that it is in shareholders' interests that the Company's share price should not differ excessively from the underlying NAV under normal market conditions. 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 past year the Company adopted a policy to target a single digit discount through active market buybacks.

In the six months ended 31st March 2026, the Company repurchased 776,263 ordinary shares into Treasury, equating to 1.7% of the Company's issued share capital (excluding the shares held in Treasury) at the start of the period. Since the half year end, a further 798,343 ordinary shares have been bought back for holding in Treasury.

Over the six months ended 31st March 2026, the Company's shares traded at an average discount of 8.1% to NAV. The discount widened from 8.9% at the prior financial year end to 10.2% at the half-year end, reflecting increased market volatility driven by factors like the conflict in the Middle East. As at 12th June 2026, the discount was 9.2%.

Triennial Tender Offer

As previously announced, 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, with the first offer expected 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.

Enhanced Dividend Distribution Policy

During 2025 the Company 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.

For the 2026 financial year, each quarterly dividend has been set at 11.08 pence per ordinary share. The first three quarterly dividends have been declared. A fourth and final quarterly dividend of 11.08 pence per ordinary share is planned for declaration on or around 1st July 2026, bringing the total annual dividend for the 2026 financial year to 44.32 pence per ordinary share.

Commencing with the second quarterly interim dividend declared in January 2026, the Company introduced a Dividend Reinvestment Plan ('DRIP') for shareholders. For details on the DRIP, please contact the Company's Registrar, Computershare Investor Services PLC on +44 (0)370 707 1516 or by visiting www.investorcentre.co.uk.

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 www.tinyurl.com/JIGI-Sign-Up or by scanning the QR code on this page. Shareholders are also encouraged to visit the Company's website at jpmindiagrowthandincome.co.uk, which contains detailed information on the Company's performance, and monthly commentaries, as well as interviews and recordings with the Portfolio Managers.

Outlook

Despite the market's recent setbacks, the Board remains convinced that the investment case for Indian equities is compelling. Our conviction is based on India's very positive long-term growth trajectory, which is underpinned by several major structural trends, including 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. Meanwhile, India's nearer-term growth is being supported by the government and the central bank. Both have implemented policies to boost domestic activity, protect consumers from rising oil prices and bolster sectors such as automotives, clothing and electronics, most adversely impacted by US tariffs.

India's favourable long-term prospects should keep generating many exciting opportunities to invest in quality companies, with superior growth prospects, at reasonable valuations. Indeed, the market's underperformance versus other emerging markets has increased the number of such opportunities and we share the Portfolio Managers' view that recent share price declines create an ideal environment for patient, long-term investors such as your Company to position their portfolios for recovery. My fellow board members and I welcome the Portfolio Managers' efforts to this end, and we remain confident that their approach, backed by the deep research resources of J.P. Morgan Asset Management, will continue to uncover interesting opportunities and 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                                                                                                                                         15th June 2026

INVESTMENT MANAGER'S REPORT

Market Review

During the six months ended 31st March 2026, the MSCI India Index (the 'Index') declined by 12.4% in sterling terms (-8.3% in local currency), compared to the MSCI Emerging Markets Index, which rose by 6.6% in sterling terms. At the beginning of the period, economic conditions had started to turn more constructive for Indian equities with credit growth picking up and pockets of consumption gradually improving because of a government policy push to reduce taxes and rate cuts by the central bank. Encouragingly, there were early signs that the earnings downgrade cycle was also bottoming out after a period of normalisation from cyclical highs.

This momentum, however, reversed sharply in March as geopolitical risk escalated post the outbreak of the US-Iran conflict and consequent closure of the Strait of Hormuz. The outbreak triggered a significant spike in crude oil prices and tightened financial conditions given India's high energy import dependence. The closure also raised concerns around natural gas and LPG availability which temporarily disrupted industrial activity. This had a cascading effect on currency with the INR depreciating c.5% versus the US dollar over the 6-month period and accelerated selling by foreign institutional investors. Elevated starting valuations, particularly in small and mid-cap names amplified the drawdown.

While March has been characterised by external shocks, policy setting by the Reserve Bank of India (RBI) had been an important counterweight through the period. Last year the RBI pivoted to a monetary easing stance and, since February 2025, has delivered a cumulative 125 basis points of rate cuts. This brought the repo rate to 5.25% and injected substantial surplus liquidity into the banking system. While inflation at 3.4% is comfortably within the RBI guardrails of 2-6%, the easing cycle has been paused since Oct 2025 with the central bank now maintaining a neutral stance. It is in wait and watch mode until conflict-related inflation risks becomes clearer.

In summary, near-term external risks remain elevated, but valuations have reset in pockets of the market which has expanded our investment opportunity set meaningfully. While we maintain a cautious stance on the immediate macro path, the portfolio remains constructively positioned for medium-to-long-term compounding driven by a forecast recovery in earnings growth and a more reasonable starting point on valuations.

Economic Activity

Economic activity during the six months ended 31st March 2026 has seen an uptick in certain pockets of domestic capex and consumption although the external macro risks remain heightened until the conflict in the Middle East is resolved:

-   Government capex stable with changes in underlying allocation: The FY27 budget highlighted that capital expenditure is expected to grow largely in line with nominal GDP of ~10-12% with higher allocations to defence, railways and loans for capex to states.

-   Power and manufacturing to drive private capex pickup: Investments in energy infrastructure and electrification remain the key drivers of private capex with good momentum across power generation, transmission and data centers. The US-India tariff reduction from 50% to 18% is also a meaningful structural positive for Indian manufacturing, further supported by government subsidies to incentivise the setting up of an electronic component supply chain in India.

-   Policy action supporting consumption: The combination of income tax cuts, goods and service tax (GST) rationalisation, and lower interest rates had started to result in improving demand for select consumer categories like autos, fashion retail and consumer durables. However, the near term outlook for the sustainability of this demand is slightly clouded by the Indian consumers' ability to absorb price hikes driven by commodity inflation.

-   Balance of Payments under strain as oil shock compounds current account and capital account vulnerabilities: The economy's acute dependence on imported energy - 85% of crude oil, 50% of natural gas, and 62% of LPG with significant volumes transiting the Strait of Hormuz - has driven a near-term external shock. The current account deficit (estimated at ~$35 billion or 1.3% of GDP in FY26) faces compounding pressures from rising oil prices, gold deficit and a potential slowdown in remittances from the Middle East. This is being partially offset by strong growth in services exports which limits the damage from a higher-for longer oil price. On the financial side, the capital account offers little relief, with FIIs pulling a record $20 billion+ from equities in FY26 and net FDI turning negative, pressuring the currency. The RBI has been proactive about addressing this through various interventions which have helped stabilise the rupee more recently.

The trajectory of the ongoing war and crude oil prices creates uncertainty in the near term. However, assuming oil prices normalise eventually and supply chains recalibrate, corporate earnings growth, which is likely to be temporarily compressed by input cost inflation and margin pressure, should recover, aided by an acceleration in credit growth, an improving consumer environment and ongoing power-driven capex cycle. We view the external headwinds as a cyclical rather than structural impairment to India's economy. The economy is far more resilient than before with a robust services export engine and a proactive and coordinated effort from the government and RBI that is cushioning some of the external impact. India's FY27 real growth is projected at 6.5%, making it one of the few major economies to receive an upward revision in the IMF's April 2026 World Economic Outlook despite the ongoing geopolitical turmoil, which underpins our confidence in the country's economic fundamentals.

Performance Review

The six months ended 31st March 2026 was a uniquely challenging environment for investors, driven by the war and subsequent external shocks. Your Company experienced a -16.5% decline in its net asset value (NAV), which includes the impact of capital gains tax (CGT). This compares unfavourably to the benchmark decrease of -12.4% over the period (which does not reflect CGT). Performance was also disappointing relative to the India ETF¹, which, like your Company, benefitted from the reduction in previously accrued CGT liabilities, yet only fell by -9.8%.

¹     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, 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 Company's share price fell by 17.6% with the share price discount at c.10% at the end of the six month period, an improvement from the previous half year.

The positive drivers of relative performance were:

1)  Our long-standing overweight in out-of benchmark name MCX a commodities exchange that benefitted from higher transaction volumes and value amidst a strong commodity rally.

2)  We participated in the IPOs of ICICI Prudential Asset management, a leading player in the asset management industry, and Lenskart, a leading tech-focused eyewear manufacturer and retailer. Both names performed well post listing.

3)  Defensive names Dr Reddy (a pharmaceutical company) and Embassy REIT (commercial office real estate investment trust) held up well in a weak market with resilient earnings and a reasonable starting valuation.

4)  Stock selection in the consumer discretionary and industrial sectors - Tata Motors CV (a leading commercial vehicle maker) benefitted from pick up in industrial activity while ABB (diversified industrial products company) was a key beneficiary of improved order inflow in electrification and railway projects. Not owning expensive names like Maruti Suzuki, IndiGo airlines, and Dixon further contributed to performance.

In terms of detractors, our overweight in perceived AI losers in IT/BPO services and platform businesses (MakeMyTrip and Info Edge) underperformed the market following Anthropic's launch of new AI agents that threatened to disrupt these business models. Our overweight in ITC hurt as the company saw a regulatory headwind from higher taxation on cigarettes while our overweight in Syngene - a contract manufacturer for innovative medicines lost an important revenue stream as a key client faced issues with their drug. Our underweight in Shriram Finance and State Bank of India hurt performance as lower quality financials rallied.

Select Portfolio Activity

The portfolio changes made over the past six months have been a function of a reset in valuations for several names with the Indian market selling off, giving us an opportunity to take advantage and invest in names where high valuations previously precluded us from participating.

New Initiations

Select portfolio acquisitions we made during the review period include:

SBI Life Insurance

SBI Life is one of India's largest private life insurance companies with strong demand tailwinds due to under penetration of life products in the country. Its distribution moat is protected by access to the bancassurance channel via its parent State Bank of India's extensive branch network and through its own agency network. The company has demonstrated its ability to grow at a faster pace than peers via a more balanced channel strategy. Valuations were attractive both on an absolute basis and relative to peers.

Eternal (Zomato)

Eternal is India's leading online food delivery and quick commerce platform, operating through Zomato and Blinkit respectively. The recent reset in valuation amidst concerns from competitor Swiggy's capital raise offered an attractive entry point into this high-quality name. The food delivery business operates in a stable duopoly with favourable market share and profit pool dynamics while quick commerce is growing at break-neck pace. Strong unit economics, cohort data, and execution prowess in building out the supply chain support a path to profitability in quick commerce, which is rapidly disrupting the traditional fast moving consumer goods (FMCG) distribution moat in India.

Embassy REIT

Embassy is India's leading listed office REIT with approximately 75% of its assets concentrated in Bangalore and a growing presence in Chennai. The portfolio sits on the right side of the demand-supply curve post-Covid, underpinned by strong GCC-led leasing tailwinds and excellent micro-market dynamics in both cities. The stock offers ~6% dividend yield with 5% annual rent escalations, supplemented by occupancy upside and a de-risked development pipeline - collectively pointing to teens' total returns underpinned by demand-supply holding up over the next couple of years. The recent elevation of the long-standing COO to CEO (effective August 2025) also addresses prior governance concerns.

Varun Beverages

Varun Beverages is India's largest PepsiCo bottler, operating in one of the country's fastest-growing consumer segments - soft beverages- an underpenetrated category where Varun has demonstrated an exceptional execution track record. Concerns around competition from Reliance's Campa was overstated in our opinion and provided a reasonable entry point with limited downside. This is one of the few consumer staples names in India that offers strong growth visibility.

Lenskart - IPO

Lenskart is a tech-driven eyewear company with a vertically integrated business model covering design, manufacturing, branding, and retail operations. Duration is strong within an industry that cannot be easily disrupted due to the customisable nature of prescription eyewear and fragmented industry structure with low penetration levels.

Lenskart is the largest player yet still has only ~5% market share with headroom to grow substantially, driven by strong cost advantage, superior economics and positive customer experiences. Valuations were reasonable, if not cheap. We participated in the IPO.

Complete Sales

These acquisitions, and some top-ups to existing holdings where valuations merited, were funded by several disposals and trims to positions where valuations are not supportive anymore or we have seen a thesis drift.

Select disposals included:

Hindustan Unilever

Hindustan Unilever is India's largest consumer staples company with a dominant portfolio spanning home care, personal care, and foods & beverages. We sold our position given high valuations, tepid growth, and elevated market expectations from the newly appointed CEO. We believe the operational turnaround will take longer than expected and the risk-reward appears unfavourable to us.

Tata Motors (PV)

Tata Motors is one of India's largest automobile manufacturers with operations spanning passenger vehicles (PV) and commercial vehicles (CV) in India, and the global luxury segment through Jaguar Land Rover (JLR). While the Indian PV business continues to perform well, our original thesis on JLR did not come through - the business faces multiple headwinds including tariffs, China luxury tax, a cybersecurity-led production shutdown, and is running behind on the EV transition. Margins and cash flows at JLR are at risk, and the turnaround now rests on the new CEO's ability to right the ship. Post the separation of the PV and CV business, we exited the position in the PV business and chose to keep the CV business only.

Bajaj Auto

Bajaj Auto is one of India's leading two and three-wheeler manufacturers with a significant export presence. The company continues to lose domestic market share as its success remains largely tied to one sub-brand, Pulsar, and execution has been an issue in creating multiple brands across price segments - capping potential market share gains. Its dominance in the three-wheeler market will be tested by the launch of electric three-wheelers by multiple players and exports remain structurally a cyclical business with FX and tariff risk. Post the run up in the name after the positive GST announcement we decided to exit our position.

Supreme Industries

Supreme Industries is India's largest plastic processor, manufacturing a diversified range of plastic products including pipes, packaging, and industrial components. While it remains an excellent business, the stock was expensive. Profitability had become under pressure as the company digests its recent acquisition, and volume growth remains subdued. The risk reward did not support holding the position at current valuations.

Outlook

Indian equities have experienced a challenging period, with underperformance versus emerging market peers accelerating over the half year owing to two distinct headwinds. The first, which has been in place for some time, is the absence of direct AI beneficiaries in the Indian market at a time when global equity flows have been heavily concentrated in the AI value chain. The second, which represents a greater vulnerability, is India's structural dependence on imported energy, which left the market acutely vulnerable to the oil supply shock triggered by the Middle East conflict in late February 2026. Together, these factors have driven record foreign institutional selling and weighed heavily on sentiment.

What makes the current situation particularly noteworthy is that, heading into the March quarter, we were beginning to see tangible signs of the policy measures implemented by the government and the RBI starting to bear fruit - credit growth was picking up, pockets of consumption and capex were improving and an interim trade agreement with the US had been reached. The Middle East conflict and resultant spike in crude oil prices have disrupted this nascent recovery. However, the underlying policy support remains firmly in place - cumulative rate cuts of 125 basis points, income tax relief, GST rationalisation and surplus liquidity injection should collectively underpin a recovery in domestic demand, albeit one that is now likely to come through with a lag as the economy absorbs the impact of higher energy costs.

The correction has nonetheless created opportunities. Foreign institutional ownership sits at cycle lows, which means any normalisation in global risk appetite could drive a sharp reversal in flows. Domestic flows, particularly through systematic investment plans, have remained remarkably resilient, providing a natural floor to the market. Pockets of genuine value are emerging - private sector banks are trading at valuations not seen relative to their public sector counterparts since the Global Financial Crisis despite superior profitability: life insurance offers a structural growth opportunity at reasonable valuations given still-low penetration, and parts of the IT services sector are being priced as if AI will destroy their business model when we believe the opposite is true - these companies are essential enablers of AI adoption at enterprise scale.

We have used this period to consolidate the portfolio into fewer, higher-conviction holdings where we see the most attractive upside over the medium-to-long-term. The long-term structural investment case for India remains compelling - underpinned by political stability, a rapidly expanding middle class, deepening financial markets and one of the strongest growth outlooks among major economies. In our view, periods such as this, uncomfortable as they are to endure, are precisely when patient, long-term investors should be positioning for the eventual recovery. We remain focused on owning high-quality businesses at attractive valuations with the intention of delivering substantial positive returns over the medium to long term. The recovery in India has been delayed by the Middle East crisis, not derailed, and the correction is finally creating the kind of bottom-up opportunities that elevated valuations had denied us for the past two years.

We would like to thank shareholders for their continued support.

For and on behalf of

JPMorgan Asset Management

Investment Manager

Sandip Patodia

Amit Mehta

Portfolio Managers                                                                                                                          15th June 2026

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its Half Year Report.

Principal and Emerging Risks and Uncertainties

The principal and emerging risks facing the Company are substantially unchanged since the date of the Annual Report for the financial period ended 30th September 2025 and continue to be as set out in that report on pages 29 to 32. Risks faced by the Company include: poor and ineffective execution of the strategy; discount - share price significantly lags the NAV; geopolitical tensions; cyber incidents and breach of legal/regulatory rules.

Related Parties Transactions

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

Going Concern

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

Directors' Responsibilities

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

(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with UK-Adopted International Accounting Standards 34 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st March 2026, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and

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

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

•   select suitable accounting policies and then apply them consistently;

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

•   state whether applicable UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

and the Directors confirm that they have done so.

For and on behalf of the Board

Jeremy Whitley

Chairman                                                                                                                                              15^th June 2026

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

¹     During the six months ended 31st March 2026, the Directors resolved to allocate 85% of the management fee and finance costs to capital, effective from 1st October 2025 (previously wholly allocated to revenue).

The Company does not have any income or expense that is not included in the net profit/(loss) for the period. Accordingly the
'Net profit/(loss) for the period', is also the 'Total comprehensive income' for the period, 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 period.
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.
All the profit/(loss) and total comprehensive income is attributable to the equity shareholders of the Company. There are no
minority interests.

CONDENSED STATEMENT OF CHANGES IN EQUITY

¹     These reserves form the distributable reserve of the Company and may be used to fund distributions to investors where there are reserves available.

CONDENSED STATEMENT OF FINANCIAL POSITION

CONDENSED STATEMENT OF CASH FLOWS

¹     For the six months ended 31st March 2025, the Indian capital gains tax paid has been reclassified from 'operating activities' to 'investing activities' in accordance with the presentation for the year ended 30th September 2025. This reclassification has been made to comply with the requirements of International Accounting Standard (IAS) 7 - Statement of Cash Flows. The impact on the 31st March 2025 comparative is as follows: the 'Net cash outflow from operating activities' has been restated from £(4,675,000) to £(481,000), and the 'Net cash inflow from investing activities' has been restated from £22,529,000 to £18,335,000. There is no overall impact on the 'Decrease in cash and cash equivalents' or the 'Cash and cash equivalents' as reported at 31st March 2025.

²     Including stamp duty payable on the repurchase of shares.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st March 2026

1.  Principal activity

The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.

2.  Financial Statements

The financial information for the six months ended 31st March 2026 and 2025 has not been audited or reviewed by the Company's auditors.

The financial information contained in these half year financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The information for the Company for the year ended 30th September 2025 has been extracted from the latest published audited financial statements. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006.

3.  Material Accounting Policies and Basis of Preparation

(i) Basis of accounting

The financial statements of the Company have been prepared 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 (the 'SORP') for investment trusts issued by the Association of Investment Companies in July 2023 is consistent with the requirements of IFRS, the financial statements have been prepared on a basis compliant with the recommendations of the SORP.

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th September 2025.

(ii)     Allocation of management fee and finance costs

During the six months ended 31st March 2026, the Directors undertook a review of the allocation of expenses between revenue and capital, which included their expectations of long term returns predominantly from capital. As a result, the Directors elected to allocate 85% of the management fee and finance costs to capital, with effect from 1st October 2025. According to the SORP, the change in the allocation of expenses is not considered to be a matter of accounting policy and consequently no restatement of either the prior period or capital and revenue reserve balances at the beginning of the prior period is required.

4.  Earnings/(loss) per ordinary share

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

5.  Dividends paid

A third quarterly interim dividend of 11.08p has been declared for payment on 1st June 2026 for the financial year ending 30th September 2026. Dividend payments have been funded out of the Company's distributable capital reserves. Prior to 1st October 2025, the Company did not pay any dividends.

6.  Net asset value per ordinary share

The Company will only re-issue shares held in Treasury at a premium and therefore these shares have no dilutive potential.

7.  Disclosures regarding financial instruments measured at fair value

The disclosures required by the IFRS 13: 'Fair Value Measurement' are given below. The Company's financial instruments within the scope of IFRS 13 that are held at fair value comprise its investment portfolio.  

The investments are categorised into a hierarchy consisting of the following three levels:

Level 1 - valued using unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 - valued by reference to valuation techniques using other observable inputs not included within Level 1.

Level 3 - valued by reference to valuation techniques using unobservable inputs.

The recognition and measurement policies for financial instruments measured at fair value are consistent with those disclosed in the last annual financial statements.

The following tables set out the fair value measurements using the IFRS 13 hierarchy at the relevant period end:

JPMORGAN FUNDS LIMITED

16^th June 2026

For further information, please contact:

Graham Fenwick

For and on behalf of

JPMorgan Funds Limited

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

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

ENDS

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

The Half Year 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.