Change In Gearing Range

JPMORGAN AMERICAN INVESTMENT TRUST PLC (the 'Company')

CHANGE IN GEARING RANGE

Legal Entity Identifier: 549300QNAI4XRPEB4G65

The Board of JPMorgan American Investment Trust plc announces a change in the Company's gearing range effective from 9 June 2020.The Company has a strategic gearing level of 10%. As announced on 16 March 2020 it has operated with a tactical gearing level of 10%, plus or minus 4%.

Following a review of market conditions, the Board has decided that while the strategic gearing level will remain unchanged at 10%, the tactical level of gearing will be amended to 5% while the permitted range around this level will be widened from plus or minus 4% to plus or minus 5%. This means over the short term gearing may vary between 0% and 10%.There is no change to the Company's available borrowing facilities, the strategic gearing level or to the gearing policy which is to operate within the range of 5% net cash to 20% geared in normal market conditions.9 June 2020

For further information, please contact:Richard PlaskettPriyanka Vijay AnandJPMorgan Funds Limited - Company SecretaryTelephone 0207 742 4000