Final Results

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN CLAVERHOUSE INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 31st DECEMBER 2025

Legal Entity Identifier: 49300NFZYYFSCD52W53

Information disclosed in accordance with the DTR 4.1.3

The Directors of JPMorgan Claverhouse Investment Trust plc (the "Company") announce the Company's results for the year ended 31st December 2025.

Highlights:

· Net asset value (NAV) total return (with debt at fair value) for the year ended 31st December 2025 was +27.6%, outperforming the FTSE All-Share Index (the "Benchmark") total return of +24.0%. Share price total return for the period was +28.9%.

· Five-year cumulative NAV total return was +74.9% outperforming the Benchmark's +73.6%; five-year share price cumulative total return was +69.3%.

· The three best performing sectors in the FTSE All-Share during 2025 were aerospace, defence, banks and insurance. The portfolio benefitted from being overweight all three of these sectors over the course of the year and was a key driver of the Company's performance versus the benchmark.

· Four quarterly interim dividends totalling 36.2p per share were paid for the year ended 31st December 2025, representing a 2.3% increase over the previous year (35.4p). This marks the 53rd consecutive year of dividend increases. 

· The Company repurchased 1,565,648 shares into Treasury at a total cost of £12.1 million during the year, helping to narrow the discount and add value for shareholders, ending the year at a discount of 4.9% from 5.6% in the previous year.

· For the financial year commencing 1st January 2026, the Board intends to pay the first three quarterly interim dividends at 8.50p per share (up from 8.40p), with the fourth to be announced in January 2027. 

· Since 2015, the dividend has increased by 68.4% (from 21.5p to 36.2p per share), significantly outpacing inflation over the same period.

Victoria Stewart, Chair, commented:

"My fellow Board members and I are pleased with the performance of the new portfolio management team and the total return generated in the 18 months since the team assumed control of the portfolio. The Board also welcomes their efforts to refocus the portfolio more towards dividend growth opportunities and we remain confident this approach will ensure the Company continues to deliver attractive returns and a growing income for shareholders over the long term."

Anthony Lynch, Katen Patel and Callum Abbot, Portfolio Managers, commented:

"UK equities remain attractively valued…making it one of the few markets globally that does not look over-valued by historic standards. We therefore see plenty of scope for attractive future returns, particularly if the momentum in sectors such as financials and defence can be sustained, or if earnings growth broadens out across the market. We are confident that the portfolio is very well-positioned to continue to meet its objective to deliver capital and income growth to its shareholders in coming years."

CHAIR'S STATEMENT

This is my first Annual Report as Chair of your Company and it is my pleasure to be able to report that the Company has delivered strong returns to shareholders and outperformed its benchmark, the FTSE All-Share Index, over the 12 months to 31st December 2025.

Performance and Manager Review

The investment environment for UK stocks was very favourable over the past year. The Company's benchmark returned +24.0% over the 12 months to end December 2025, outpacing the S&P500 Index. While domestic economic activity remained lacklustre, UK equities drew support from several other sources. The most notable market boost was provided by global investors rotating away from the US due to concerns about the unpredictable economic policies of the new administration, US Dollar weakness and a potential AI investment bubble. Support also came from an increase in mergers and acquisitions activity (M&A) which gathered momentum in 2025, with both corporate and private equity investors targeting underpriced UK businesses. These developments suggested investors were beginning to appreciate the value on offer in this market.

Against this supportive backdrop, the Company's total return net asset value (NAV) (with debt at fair value) increased by 27.6%, outperforming its Benchmark by 3.6 percentage points. Its share price rose 28.9%, leading to a further narrowing of the share price discount relative to NAV. Relative performance was enhanced by both sector allocation and stock selection decisions which are discussed in the Investment Manager's Report on pages 12 to 15 of the 2025 Annual Report, along with details of portfolio changes over the past year and the Portfolio Managers' assessment of the market outlook.

This pleasing performance enhances the Company's strong longer-term track record.

As at 31st December 2025, the Company's NAV per share (with debt at fair value) was 911.0p and the share price was 866.0p. Since the end of the review period, the NAV per share (with debt at fair value) has decreased to 880.1p and the share price has fallen to 836.0p as at 23rd March 2026.

Revenue and Dividends

The Board's dividend policy seeks to increase the total dividend each year and, taking a run of years together, to increase dividends at a rate close to or above inflation. Consistent with this policy, the Directors declared a fourth quarterly interim dividend of 11.00p per share for the year ended 31st December 2025, paid on 2nd March 2026, which brought the total dividend per share for the year to 36.2p (2024 total: 35.4p), an increase of 2.3% on the prior year. I am pleased to report that this is the 53rd successive year in which the dividend has been raised, a record which only very few investment trusts have attained.

Following the payment of the fourth interim dividend for 2025, taking a run of years together, the Company will have paid dividends above inflation over the past ten years. Since 2015 the dividend has increased from 21.5p per share to 36.2p per share in 2025, an increase of 68.4%. During the same period inflation has been 39.7%.

Turning to the dividend for the current year, the Board intends to raise the first three quarterly interim dividends for 2026 to 8.50p per share, from the 8.40p per share dividends paid during each of the first three quarters of the previous financial year. The fourth quarterly dividend will be announced in January 2027, in accordance with usual practice.

At the time of writing, UK inflation has now fallen sharply from the 30-year high seen in October 2022. The Board will continue to monitor the outlook of dividend income and may continue to draw prudently on revenue reserves, if necessary, as it has done in 2024 and 2025, to assist the Company in meeting its dividend policy objectives. Revenue return per share for the 12 months to 31st December 2025 was 33.71p, compared with 30.15p earned in 2024 and the Company's revenue reserves remain substantial, having been accumulated over many years. After the payment of the fourth interim dividend for 2025, revenue reserves will represent 19.39p per share, as at 23rd March 2026.

As I stated in the Half Year Report, your Board is very focused on returning the Company to a fully covered dividend, over time. Income generated by the portfolio is the key to achieving this goal. The Board welcomes the Portfolio Managers' ongoing efforts to enhance income generation by adding more investee companies with positive dividend growth prospects, as well as maintaining their focus on businesses already paying high and growing dividends. This approach, which was adopted in mid-2024 when the new portfolio management team assumed responsibility for the portfolio, has already begun to narrow the differential between the Company's revenue return and dividends per share and this should further improve dividend cover over the next few years. In addition to revenue reserves, the Company also has other distributable reserves of £117.1 million and the Board is confident that it can continue to fulfil the dividend policy.

Discount, Share Repurchases

During the review period, the discount at which the Company's shares traded relative to its NAV (with debt at fair value) ranged between 3.7% and 7.1% and averaged 5.5%. The Board believes it is in the best interest of shareholders to use its repurchase and allotment authorities to manage short-term imbalances between the supply and demand of the Company's shares, with the intention of reducing the volatility of the discount or premium, in normal market conditions. During the reporting period, the Company repurchased a total of 1,565,648 shares, at a cost of £12.1 million. As at 31st December 2025, the Company's discount (to its cum-income, debt at fair value NAV) was 4.9%, compared to a discount of 5.6% at the end of the previous year.

Since then, the Board has continued to make targeted repurchases, buying a further 60,054 shares, at a cost of £ 0.5 million, as at 23rd March 2026 and the discount has slightly widened to 5.0%.Regardless of the effectiveness of share buybacks in underpinning the share price, the Board recognises that strong and consistent investment performance is essential to ensure the Company's shares trade close to NAV over the long term. Good progress was made in this respect in 2025.

Gearing/Long-Term Borrowing

The Board believes that a moderate level of gearing is an efficient way to enhance shareholder returns over the long term and is a valuable feature of the investment company structure. The Company's gearing policy (excluding the effect of any futures) is to operate within a range of 5% net cash and 20% geared in normal market conditions. The Portfolio Managers have discretion to vary the gearing level between 5% net cash and 17.5% geared and their decision whether and to what extent to utilise gearing is based on bottom-up stock selection opportunities. The Company ended the review period 5.4% geared, compared to 7.6% at 31st December 2024. Historically, gearing has averaged 6.0%.

The Company implements gearing through long term fixed rate debt and Contracts for Difference (CFDs). It holds £30 million of 3.22% private placement notes maturing in March 2045. The £40 million revolving loan facility with The Royal Bank of Scotland International Limited, originally due to mature in May 2025, was temporarily reduced to £20 million for a further four months and now has been fully repaid and not renewed in September 2025, as Contracts for Difference are now used.

Contracts for Difference are a flexible, low-cost, capital efficient derivative and thus offer equity exposure without owning the individual shares. As such, Contracts for Difference provide the investor with leveraged exposure to the underlying asset. The Board will closely monitor the use and cost effectiveness of this form of gearing.

Board succession

Your board has continued to evolve over 2025 adding new areas of experience and expertise and will continue to do so over 2026 as valued members retire.

Tom Smethers was appointed to the Board as a non-executive director in February 2025. He is currently Chief Financial Officer of Carlsberg Britvic and brings considerable experience of finance, risk and the consumer environment. I assumed the Company's Chairmanship at the conclusion of the Annual General Meeting (AGM) held on 1st May 2025, following the retirement of former Chairman, David Fletcher. Concurrent with my appointment to this position, I stepped down as Chair of the Remuneration Committee and I no longer serve as a member of the Audit Committee, although I attend Audit Committee meetings by invitation. Joanne Fintzen was unanimously appointed to succeed me as Chair of the Remuneration Committee and I have been unanimously appointed by the Board to succeed Jill May as Chair of the Nomination Committee, with effect from the conclusion of the 2026 AGM.

Looking to the future, the Board is delighted to announce the appointment of Graham Oldroyd as a non-executive director with effect from the conclusion of the 2026 AGM. He will assume the roles of Senior Independent Director (SID) and Chair of the Management Engagement Committee (MEC) following the 2026 AGM.

Jill May, the Board's SID, Chair of Nomination Committee and Chair of MEC, will step down at the 2026 AGM. I would like to take this opportunity to thank Jill for her significant contribution to the effective functioning of the Board during her tenure and wish her all the best for the future. I would also like to reiterate the Board's thanks to David Fletcher for his many years on the Board as a non-executive director and latterly for his significant contribution as Chairman.

Environmental, Social and Governance issues

Financially material Environmental, Social and Governance ('ESG') factors have been integrated into the Investment Manager's investment process over recent years and these issues are considered as part of the decision making in whether to invest in a stock. The Board receives regular ESG updates from the Investment Manager. See page 21 of the 2025 Annual Report for details on the development and integration of ESG factors into the Investment Manager's process.

Outlook

As we began 2026, the positive market developments which bolstered UK equities over the past year suggested there were good reasons to be upbeat about the prospects for the market and the Company, in 2026. The factors that drove the rotation out of US equities into the UK and other markets in 2025 remained in place. Furthermore, despite the strength of the market over the past year, UK equity valuations remained attractive, relative to both history and to other markets. This should help sustain recent investor interest and M&A activity in this market, as well as provide continued motivation for companies to re-purchase their own shares, as they have done over the past year.

My fellow Board members and I are pleased with the performance of the new portfolio management team and the total return generated in the 18 months since the team assumed control of the portfolio. The Board also welcomes their efforts to refocus the portfolio more towards dividend growth opportunities and we remain confident this approach will ensure the Company continues to deliver attractive returns and a growing income for shareholders over the long term.

As investors will be aware, in addition to growing concerns regarding shadow banking, there have been significant recent developments in the Middle East which add a further source of uncertainty for markets. Whilst at the time of writing, there is still little clarity on the likely duration of disruption, particularly with respect to energy supply and the eventual impact on economies, companies and consumers, there is scope for further fall out and significant disparity between the performance of different markets, sectors and stocks.

Prior to this uncertainty, the UK economy looked likely to provide a more conducive backdrop for domestic stock prices this year. There were early signs of some improvement in consumer and business sentiment once the 2025 budget was behind us and with inflation well below its late 2022 highs and interest rates on a downward trajectory, household incomes, domestic demand and corporate profit margins looked set to strengthen.

Besides a continual focus on the oversight of the portfolio management process and performance, your board is committed to using all of the investment company levers, including share buybacks, gearing and a smoothing of the dividend distribution, to deliver a cost-efficient income strategy for shareholders. This year investment performance has been strong, buybacks have helped maintain a stable and slightly narrower share price discount to NAV, while a switch to using Contracts for Difference rather than debt finance should reduce the cost of gearing.

Annual General Meeting

The Company's sixty-third Annual General Meeting will be held at 60 Victoria Embankment, London EC4Y 0JP, on Thursday 7th May 2026, at 12 noon. The Company's Portfolio Managers, Anthony Lynch, Callum Abbot and Katen Patel, will give a presentation to shareholders, reviewing the past year and commenting on the outlook for the current year. The meeting will be followed by refreshments, providing shareholders with the opportunity to meet the Directors and the Portfolio Managers. My fellow directors and I look forward to welcoming as many shareholders as possible to the Annual General Meeting.

Shareholders wishing to follow the Annual General Meeting proceedings without attending in person can do so via conferencing software. Registration and access details will be available on the Company's website: http://www.jpmclaverhouse.co.uk, or by contacting the Company Secretary at [email protected].

As is normal practice, all voting on the resolutions will be conducted by a poll. 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 physically attend, to exercise their votes in advance of the meeting by completing and submitting their form of proxy either by post or electronically. Detailed instructions are included in the Notes to the Notice of Annual General Meeting on page 95 of the 2025 Annual Report. Completion of a proxy card and its return will not preclude you from attending the meeting and voting in person. If your shares are held through a platform, platform providers often provide shareholders with the ability to receive company documentation, to vote their shares and to attend general meetings, at no cost. Please refer to your investment platform for more details or visit the Association of Investment Companies' ('AIC') website at http://www.theaic.co.uk/aic/shareholder-voting-consumer-platformsfor information on which platforms provide these services and how to utilise them.

We would like to ensure we answer all your questions fully, so if you have any detailed or technical questions, it would be helpful if you could raise them in advance with the Company Secretary either in writing to 60 Victoria Embankment, London EC4Y 0JP, via email at [email protected]  or via the 'Ask a Question' link on the Company's website.

Keeping in touch

During the past year, the Portfolio Managers held regular calls with shareholders, including webinars and provided portfolio and market updates on the Company's website. In addition, the Company now delivers email updates 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, please click here or scan the QR code on page 11 of the 2025 Annual Report.

Victoria Stewart

Chair 24th March 2026

INVESTMENT MANAGER'S REPORT

Market review

In 2025, international trade frictions and elevated security tensions were central drivers for global markets. However, despite this mixed geopolitical backdrop, 2025 proved to be a strong year for UK equities, with the FTSE All-Share delivering an impressive +24.0% return.

Domestically, GDP growth remains challenging, with the rate of growth decelerating sequentially in each quarter, constrained by low consumer and business confidence as well as persistently stubborn inflation. Public policy has yet to deliver on the government's promises to boost growth and was also therefore a drag on the economy. This was reflected in a muted, albeit still positive, performance from the more domestically orientated medium and smaller sized companies in the Company's benchmark. However, the UK equity market's high exposure to sectors such as aerospace, defence, banks and insurance ensured the delivery of strong returns for investors, with defence companies benefitting from the prospect of increased defence spending and financial companies enjoying a healthy yield environment.

In addition, the UK's compelling valuation discount versus other regions provided some support to returns at a time where investors are becoming increasingly concerned about stretched valuations in sectors such as US Technology as well as the broader outlook for the US economy. The FTSE All-Share began the year on just 11.5x price/earnings versus the MSCI World on 19x. As well as attracting takeover approaches, the UK market's compelling valuations encouraged UK listed companies to continue repurchasing their stock via share buy backs at accretive valuations.

Performance

In the 12 months to 31st December 2025, the Company delivered a total return on net assets (including dividends re-invested, with debt at fair value) of +27.6%, compared to the Benchmark's return of +24.0%. The total return on share price was +28.9%, with the discount narrowing to 4.9% (NAV with debt at fair value).

The three best performing sectors in the FTSE All-Share during 2025 were aerospace & defence, banks and insurance. The portfolio benefitted from being overweight all three of these sectors over the course of the year. This was a key driver of the trust's performance versus the benchmark, more than offsetting the performance drag from the portfolio's overweight to more domestically orientated medium and small sized companies, which lagged the overall index.

In particular, relative performance over the 12-month review period benefitted from overweight positions in banks such as NatWest and Barclays. Both these institutions saw their share prices perform well as interest rates remained higher for longer than the market had previously expected. In addition, a relatively stable UK economy reduced the need to make provision for credit risks. These overweight holdings more than offset the negative relative contribution from our decision to be underweight Lloyds Banking Group and Standard Chartered within the sector, which we view as less attractively valued. The portfolio's overweight position in Telecom Plus also detracted. This is a capital-light, multi-utility company that trades as the 'Utility Warehouse' and has experienced intensified competition for energy customers over the year relative to expectations. Investors were also unsettled by a change in the timing of the company's cost recognition, which pushed the reporting of some profits into the second-half of the year.

The portfolio's holding in Serco also contributed positively to returns, as this outsourced services company delivered strong order intake from defence related contracts across the UK, US and Europe, which now account for the bulk of its order book. Relative performance also benefited from our decision not to hold Diageo, which faced ongoing destocking and weak consumer demand in its North American markets.

Top contributors and detractors to performance vs FTSE All-Share Index

Source: JPMAM, 12 months to 31st December 2025.

Performance attribution

Year ended 31st December 2025

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 Reflects the effect of fair value of the 3.22% £30 million private placement loan. The fair value has been calculated using discounted cash flow techniques, using the yield from similar dated gilt plus a margin based on the five year average for the AA Barclays Sterling Aggregate Corporate Bond spread. Please refer to Note 18 on page 83 of the 2025 Annual Report, for fair value details.

A Alternative Performance Measure ('APM').

A list of Alternative Performance Measures, with explanations and calculations and a glossary of terms are provided on pages 99 to 102 of the 2025 Annual Report.

Purchases

During the review period, the purchases we made were focused on businesses where we believe the dividend is not only secure, but also likely to grow over time. By adding more companies with good dividend growth prospects as well as maintaining an emphasis on businesses already paying high and growing dividends, we intend to enhance portfolio income generation over time. For example, Softcat, the UK's leading IT value-added reseller, was a new addition to the portfolio during the review period. Technology vendors rely on businesses such as Softcat to extend their sales reach into the small and medium-sized business segment allowing Softcat to deliver double digit gross profit growth every year since its IPO in 2015, as it benefitted from market share gains in this growing, yet highly fragmented market. Having increased its basic dividend at a 12% annualised growth rate over the past five years and paid a special dividend every year since its IPO, we expect this stock to continue to deliver significant dividend growth in coming years, boosting its dividend yield from its current level of 2.4%.

We also increased the portfolio's overweight position in NatWest, which now represents the portfolio's largest overweight position relative to benchmark. Notwithstanding a number of small interest cuts in 2025, this bank is a significant beneficiary of the current higher interest rate environment since 2022 and is well-positioned to earn an attractive spread between the interest paid on deposits and the rate received on loans. Additionally, we believe that NatWest's track-record for generating efficiencies is likely to deliver profit growth at a faster rate than income growth. This in turn is likely to result in strong dividend growth, which would lift the already high dividend yield of 5.7%.

Sales

We sold out of the portfolio's holdings in two home construction companies, Barratt Redrow and Taylor Wimpey. The recovery in sales rates has lagged our expectations and the pressure from build cost inflation has also weighed on earnings progression. The proceeds of these sales were redeployed into SEGRO and LondonMetric Property within the Real Estate Investment Trust (REIT )sector, where we see a similar level of interest rate sensitivity to housebuilders, but with higher conviction in earnings progression, underpinned by contractual rental uplifts and new developments and more attractive dividend yields.

We also significantly reduced our active weights in two information services businesses, RELX and London Stock Exchange Group, selling out of the latter entirely. These disposals were motivated by elevated valuations and we reallocated the capital into more attractively-rated areas of the market. Our timing proved fortuitous, as the shares of both these businesses have underperformed since our sales, reflecting market concerns that they could be 'AI losers'. However, we are not convinced of this argument and will continue to monitor their performance, against the possibility that valuations drop sufficiently to justify re-purchasing these names.

Portfolio positioning

The portfolio held 63 stocks at the end of December, towards the lower end of the target range of 60-80 holdings. Nonetheless, we believe this level of diversification is sufficient to allow us to take full advantage of the breadth of our investment universe, while also reducing reliance on any one company to generate a disproportionate portion of our income.

One of the benefits of the investment trust structure is the ability to gear the portfolio, which has the potential to enhance returns over the medium to longer term. We achieved our chosen level of gearing on a stock-by-stock basis, assessing the prospects for potential investments relative to the cost of that gearing. We believe that economic momentum is improving and with many valuations continuing to sit near historic lows, we see plenty of opportunities to invest in high quality, growing businesses at lower than usual valuation multiples. We are therefore using gearing to increase our exposure to these opportunities. The portfolio is currently 5.4% geared.

Top over-weight positions vs FTSE All-Share Index

Source: JPMAM, as at 31st December 2025.

As discussed above, the portfolio remains overweight banks, with NatWest, Barclays and HSBC all featuring among our five largest investments. We have added to the portfolio's holdings in this sector through the year, primarily by increasing our holding in NatWest. In addition to the still supportive rate environment, the valuations of all these companies remain attractive, cost and capital discipline is good and we expect a further strengthening in returns on equity, underpinned by lending growth. Together these factors should result in strong dividend growth from already attractive dividend yields.

We also have a significant overweight holding in Serco. This business has undergone a material turnaround in recent years and has significantly reorientated its business towards defence, which now accounts for around 80% of the company's recent order intake. Despite this, the shares still trade at a material valuation discount to other businesses with defence exposure.

Finally, we have an overweight holding in ICG, an alternative asset manager focused on private market investments. ICG has demonstrated a very good track record for fundraising, attracting investors to recently seeded strategies, as well as successfully scaling up subsequent vintage tranches of well-established strategies. With fundraising now more broadly spread across a greater range of strategies, we are confident that this momentum can be maintained, as evidenced by the group's continued strong performance despite the more difficult fundraising environment seen since 2022. Furthermore, ICG's investors commit capital on a multi-year basis and in our view, the market currently under-appreciates the duration of associated management fees. We also see potential for significant operating leverage, which should feed through to attractive levels of dividend growth from an already high 4.4% dividend yield.

Market outlook

We are positive about the outlook for the UK market and for the Company's portfolio holdings. While the UK economy has been stuck in a 'holding pattern' of below trend growth and sticky inflation for some time, with around 70% of the FTSE All-Share's earnings being derived from overseas, this is potentially more of a problem for domestic activity and UK policymakers, than it is for the UK stock market. The past year is a case in point, when the market performed very well, with strong earnings growth delivered by certain pockets of the market, despite the economy's lacklustre performance.

Markets have begun 2026 on uncertain footing, with a revived geopolitical risk premium shaping sentiment. This year has already seen regime change in Venezuela, the country with the largest oil reserves globally and war in Iran, which has disrupted shipping through the Strait of Hormuz, through which c.20% of global petroleum liquids transit. Beyond geopolitics, markets have focused on risks in private credit markets, driven by concerns over the impact that generative and agentic AI may have on the business models of perceived 'AI losers' such as software companies. The longer-term impacts of these events and themes could lead to a wide range of outcomes for markets and may throw up opportunities for stock pickers along the way.

UK equities remain attractively valued on just 13x price to earnings, making it one of the few markets globally that does not look over-valued by historic standards and we therefore see plenty of scope for attractive future returns, particularly if the momentum in sectors such as financials and defence can be sustained, or if earnings growth broadens out across the market. We are confident that the portfolio is very well-positioned to continue to meet its objective to deliver capital and income growth to its shareholders in coming years.

For and on behalf of the Investment Manager

Anthony Lynch

Callum Abbot

Katen Patel

Portfolio Managers 24th March 2026

PRINCIPAL AND EMERGING RISKS

The Board, through delegation to the Audit Committee, has undertaken a robust assessment and review of the principal risks facing the Company, together with a review of any new and emerging risks that may have arisen during the year to 31st December 2025, including those that would threaten its business model, future performance, solvency or liquidity.

With the assistance of the Manager, the Audit Committee has drawn up a risk matrix, which identifies the key risks to the Company, as well as emerging risks. The risk matrix, including emerging risks, are reviewed formally by the Audit Committee every six months or more regularly as appropriate. During the year under review, the Audit Committee worked extensively with the Manager to review and update the risk matrix. At each meeting, the Board considers emerging risks which it defines as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of occurrence probability and possible effects on the Company. As the impact of emerging risks is understood, they may be entered on the Company's risk matrix and mitigating actions considered as necessary. In assessing the risks and how they can be mitigated, the Board has given particular attention to those risks that might threaten the viability of the Company. 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.

At the end of 2026 the Company will be required to adopt Provision 29 of the Governance Code 2024 requiring the Directors to make an annual declaration covering the effectiveness of material controls at the year-end date (31st December). To this end, the Board and Audit Committee has begun working with the Manager to further review and revise the risk register linking principal risks to principal controls where relevant.

These principal risks are listed below:

EMERGING RISKS:

The Board has considered and kept under review emerging risks, including but not limited to the impact of armed conflict and heightened geopolitical tension in the Middle East, technology adoption risk and private credit systemic risk. The key emerging risks identified are as follows:

Armed conflict and heightened geopolitical tension in the Middle East have introduced elevated uncertainty for global growth, inflation and risk premia. The region's role in energy production and transport, combined with the potential for escalation or supply‑route disruption, creates a wide distribution of macro-economic outcomes.

Accelerating adoption of artificial intelligence (AI), automation and digital platforms is reshaping competitive dynamics, productivity and capital allocation across sectors. While these technologies can expand addressable markets and improve efficiency, they also create disruption risk, regulatory uncertainty and execution challenges. Portfolio companies may face margin pressure and valuation de‑rating if they fail to adapt, while early adopters may enjoy a transitory advantage that is costly to sustain. The route to generating revenue from these technologies, alongside the evolution of standards and guardrails, remains uncertain, clouding earnings visibility and increasing the risk of mis‑priced growth or stranded assets.

Private credit markets have grown rapidly in recent years, with financing increasingly provided outside traditional banks through private funds, business development companies, direct lenders and securitized vehicles. While this has supported credit availability, it also shifts risk into parts of the financial system with lighter transparency, variable liquidity management and fewer backstops. In a stress scenario, correlated losses or funding strains could spread across these non‑bank channels, amplifying market volatility and impairing the real economy via tighter credit conditions.

TRANSACTIONS WITH THE MANAGER

Details of the management contract are set out in the Directors' Report on page 40 of the 2025 Annual Report.. The management fee payable to the Manager for the year was £1,978,000 (2024: £1,838,000) of which £nil (2024: £nil) was outstanding at the year end.

Included in administration expenses in note 6 on page 77 of the 2025 Annual Report are safe custody fees amounting to £8,000 (2024: £7,000) payable to JPMorgan Chase Bank N.A. of which £1,000 (2024: £1,000) 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 (2024: £nil) of which £nil (2024: £nil) was outstanding at the year end.

Other capital charges (handling charges) on dealing transactions amounting to £9000 (2024: £11,000) were payable to JPMorgan Chase Bank N.A. during the year of which £1,000 (2024: £2,000) was outstanding at the year end.

The Company also invests in the JPMorgan GBP Liquidity Fund, which is managed by JPMorgan Asset Management (Europe) S.à r.l. At the year end this was valued at £11.2 million (2024: £8.3 million). Interest amounting to £343,000 (2024: £583,000) was receivable during the year, of which £nil (2024: £nil) was outstanding at the year end.

At the year end, total cash of £324,000 (2024: £243,000) was held with JPMorgan Chase Bank N.A. A net amount of interest of £3,000 (2024: £48,000) was receivable by the Company during the year from JPMorgan Chase Bank N.A. of which £nil (2024: £nil) was outstanding at the year end.

Full details of Directors' remuneration and shareholdings can be found on pages 54 to 57 of the 2025 Annual Report and in note 6 on page 77 of the 2025 Annual Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulations.

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, 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.

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 are responsible for the maintenance and integrity of the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Financial Statements are published on the www.jpmclaverhouse.co.uk website, 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 work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and accordingly, the Auditor accepts no responsibility for any changes that have occurred to the Financial Statements since they were initially presented on the website. The financial statements are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

The Strategic Report and Directors' Report include 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 the Company faces.

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

Each of the directors, whose names and functions are listed on page 38 and 39 of the 2025 Annual Report , confirm that to the best of their knowledge:

• the Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets, liabilities, financial position and return 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 performance, business model and strategy of the Company.

For and on behalf of the Board

Victoria Stewart

Chair 24th March 2026

Statement of Comprehensive Income

1 These relate to CFDs. Please see page 102 of the 2025 Annual Report for definition.

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 return for the year and also Total Comprehensive Income.

Statement of Changes in Equity

For the year ended 31st December

1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors. Refer to note 17 on page 82 of the 2025 Annual Report for further details of the distributable reserves of the Company, which may be used to fund distributions to investors.

2 During 2024, the Company undertook an Asset Reunification Program to reunite inactive shareholders with their shares and unclaimed dividends. Pursuant to the Company's Articles of Association, the Company has exercised its right to reclaim the shares of shareholders whom the Company, through its previous Registrar, has been unable to locate for a period of 12 years or more. These forfeited shares were sold in the open market by the Registrar and the proceeds, net of costs, were returned to the Company. In addition, any unclaimed dividends older than 12 years from the date of payment of such dividends were also forfeited and returned to the Company.

Statement of Financial Position

1 These relate to CFDs. Please see page 102 of the 2025 Annual Report for definition.

Statement of Cash Flows

1 These relate to CFDs. Please see page 102 of the 2025 Annual Report for a definition.

Notes to the Financial Statements

For the year ended 31st December 2025.

1. Significant accounting policies

The Company is a listed public limited company incorporated in England and Wales. The registered office is detailed on page l06 of the 2025 Annual Report.

(a) Basis of accounting

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, 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 financial statements have been prepared on a going concern basis. In making their assessment, the Directors have reviewed income and expense projections, the liquidity of the investment portfolio and considered the impact of stressed conditions on the portfolio liquidity and income. In addition, the Directors have also considered the measures in place with key service providers, including the Manager, to maintain operational resilience. The Directors consider that the Company has adequate financial resources to enable it to continue in operational existence for at least 12 months. The disclosures on going concern on page 48 of the Directors' Report in the 2025 Annual Report form part of these financial statements.

The policies applied in these financial statements are consistent with those applied in the preceding year with the addition of accounting policies in respect of Contracts for Difference (CFDs).

2. Dividends

(a) Dividends paid and declared

1 During 2024, the Company undertook an Asset Reunification Program to reunite inactive shareholders with their shares and unclaimed dividends. Pursuant to the Company's Articles of Association, the Company has exercised its right to reclaim the shares of shareholders whom the Company, through its previous Registrar, has been unable to locate for a period of 12 years or more. These forfeited shares were sold in the open market by the Registrar and the proceeds, net of costs, were returned to the Company. In addition, any unclaimed dividends older than 12 years from the date of payment of such dividends were also forfeited and returned to the Company.

All dividends paid and declared in the period have been funded from the Revenue Reserve.

The fourth quarterly dividend proposed in respect of the year ended 31st December 2024 amounted to £5,949,000. However, the amount paid amounted to £5,940,000 due to ordinary shares bought back after the balance sheet date but prior to the record date.

A fourth quarterly dividend of 11.00p has been declared and was paid on 2nd March 2026 for the financial year ended 31st December 2025.

In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 31st December 2026.

(b) Dividends 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.

The revenue available for distribution by way of dividend for the year is £18,599,000 (2024: £17,208,000). Brought forward revenue reserves amounting to £17,809,000 (2024: £20,625,000) have been utilised in order to finance the dividend in respect of the year.

The revenue reserve after payment of the fourth dividend will amount to £10,569,000 (2024: £11,860,000).

3. Return per ordinary share

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

4. Net asset value per ordinary share

The net asset value per ordinary share and the net asset value attributable to the ordinary shares at the year end follow. These were calculated using 54,570,718 (2024: 56,136,366) ordinary shares in issue at the year end (excluding Treasury shares).

JPMORGAN FUNDS LIMITED

24th March 2026

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

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 the 2025 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 2025 Annual Report will also shortly be available on the Company's website at www.jpmclaverhouse.co.uk  where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

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