Conversion of Securities

2 December 2019

JPMORGAN ELECT PLC

(the "Company")

Share Conversion Update

Further to the announcement released on 25th November 2019, the conversion of 51,923 Managed Growth Shares, 160,803 Managed Income Shares and 6,786 Managed Cash Shares in respect of which Conversion Notices had been received is now expected to take place at 8.00 a.m. on 6th December 2019.

In connection with the conversion, the Company has applied for 13,160 Managed Growth Shares, 392,849 Managed Income Shares and 89,389 Managed Cash Shares, to be admitted to the Official List and to trading on the London Stock Exchange. Dealings in such shares are expected to commence at 8.00 a.m. on 6th December 2019. It is expected that Certificates in respect of the resulting shares will be posted by 13th December 2019.

There has been no change to the timing and process of the repurchase of the 303,777 Managed Cash Shares, as announced on 25th November 2019.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.

Priyanka Vijay Anand 020 7742 4000

For and on behalf of

JPMorgan Funds Limited

2 December 2019