Half-year Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN ASIA GROWTH AND INCOME INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31st MARCH 2025

Legal Entity Identifier: 5493006R74BNJSJKCB17

Information disclosed in accordance with the DTR 4.1.3

CHAIRMAN'S STATEMENT

Performance and Market Background

I am pleased to report that despite challenging market conditions, your Company has once again demonstrated resilience and outperformance. While the broader Asian markets declined by 2.2% over the six months ended 31st March 2025, our portfolio limited its decline to just 1.1%, and shareholders enjoyed a positive total return of 1.4%. This continues our strong track record of outperforming the benchmark (MSCI AC Asia ex Japan) in eight of the last ten calendar years, delivering cumulative returns of 106% over the decade - substantially ahead of the benchmark's 74.1%.

Despite the new US administration's threats of swingeing tariffs on Chinese exports, the Chinese market rose by 10.4% in sterling terms. This was a response to more co-ordinated government action to address ongoing weaknesses, particularly in the real estate sector, and to the launch of DeepSeek, a platform that offers various open-source AI models. DeepSeek's advanced capabilities and cost-effectiveness took its western competitors, and global markets, by surprise. However, the improvement in Chinese market sentiment was more than offset by weakness in several other markets, notably Taiwan, South Korea, Indonesia and India. The latter is experiencing a broad-based correction following the strong gains seen in recent years.

The Portfolio Managers' Report which follows provides more detail on recent market developments, performance, and portfolio activity, along with the Managers' view on the outlook for Asian equity markets.

Dividend Policy

Since 2016, the Company's dividend policy has been to pay a regular, quarterly 'enhanced dividend' - i.e. one funded from a combination of revenue and capital reserves. Historically this dividend was set at 1% of the Company's NAV. Earlier this year, the Board recommended an increase in the enhanced dividend to 1.5% per quarter i.e. a notional yield of 6%. Shareholders approved this at February's Annual General Meeting, and the increase took effect from 31st March 2025. The Board believes that this dividend increase is preferable to returning funds to shareholders through share buybacks, will further differentiate your Company from its peers and will generate additional demand for its shares. The initial shareholder response to the dividend increase has certainly been very positive.

Premium/Discount and Share Capital Management

The discount at which the Company's shares trade narrowed during the review period, ending at 9.2%. Encouragingly, this is lower than the discount of 11.2% at the end of the last financial year and is within the Board's targeted range of 8% to 10% in normal market circumstances. The Board's view is that buy back activity can help balance the demand for and supply of the Company's shares, while maintaining underlying liquidity. The Company utilised its buy back powers over the period, buying in a total of 7.5 million shares (representing 10.5% of issued share capital) and holding them in Treasury. Since the end of the period, the Company has repurchased a further 731,866 shares. It is important to note that such share buybacks are accretive to the NAV per share of remaining shares in issue and added 3.9p per share to the NAV during the review period.

Gearing

Over most of the reporting period, the Company was not geared. This is appropriate, given the high levels of market volatility, especially over recent months. However, the Board regularly discusses gearing with the Portfolio Managers. At the end of March 2025, the portfolio was 4.0% geared. This modest amount of leverage reflects the Portfolio Managers' generally positive view on the outlook for Asian markets.

The Company currently has no loan facility in place, so this level of gearing was achieved via the use of contracts for difference (CFDs), a strategy which was foreshadowed in the last Annual Report. CFDs are a flexible, low-cost, capital-efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. The Board will closely monitor the use and effectiveness of this form of gearing.

Environmental, Social and Governance issues

It is the Board's conviction that effective investment stewardship can materially contribute to the construction of stronger portfolios over the long term and therefore enhance returns. The Company's Investment Manager has a well-established approach to investment stewardship, designed both to understand how companies address issues related to Environmental, Social and Governance ('ESG') factors and to seek to influence their behaviour and encourage best practice. Financially material ESG factors have been integrated into the investment process, and these issues are considered as part of the investment decision making process. The Board receives regular ESG updates from the Investment Manager.

The Investment Manager has recently published a document containing its latest Investment Stewardship Priorities, which may be of interest to shareholders. This can be found at: https://am.jpmorgan.com/gb/en/asset-management/adv/about-us/investment-stewardship/

Board Succession

The Board is committed to succession planning to maintain a balanced mix of skills, knowledge, and diverse perspectives. Our current composition meets all diversity targets for UK companies listed on the London Stock Exchange, and we intend to continue this compliance.

Diana Choyleva, a Director since 2023, will step down at the end of our financial year due to the pressure of her other commitments.

Peter Moon will retire at the AGM in February 2026, following the completion of his nine-year tenure as a Director, as noted in the 2024 Annual Report.

On behalf of the Board, we extend our gratitude to both Diana and Peter for their valuable contributions.

To ensure a smooth transition and uphold governance standards, the Board plans shortly to start the process of recruiting new Directors to replace Diana Choyleva and Peter Moon.

Stay Informed

The Company is committed to engaging with its shareholders, in particular those with smaller holdings who invest via platforms. To support this goal, the Company provides 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 https://tinyurl.com/JAGI-Sign-Up or by scanning the QR code on page 10 of the Company's Half Year Report for the six months ended 31st March 2025 ('2025 Half Year Report').

Outlook

We agree with the Portfolio Managers' view on the impact of the new US administration's approach to trade policy. Effective levels of tariffs may prove to be lower than initially threatened but it is likely that economic growth will be slower than previously expected. Uncertainties around the broader geopolitical landscape are unlikely to dissipate. None of this is good news for investors.

That said, there are ample reasons to be optimistic about the opportunities offered by Asian equities in relative and absolute terms. Asian economies will continue to grow more rapidly than their Western counterparts, where lacklustre growth is likely to be further diminished by the threat of a trade war. Most important, the Chinese authorities are trying to stimulate their economy which is showing some signs of recovery. This should be good for regional growth, as will interest rate cuts by Asian central banks. In addition, the launch of DeepSeek serves as a reminder of how rapidly artificial intelligence is evolving. This, combined with the more general trend towards digitalisation should provide further impetus to regional growth and improved productivity. At the corporate level, an increasing focus on improving governance is lifting shareholder returns in Korea and China via increased dividends and share buybacks. We hope that this is an example which other Asian markets will follow.

It is important to bear in mind that market volatility, whether generated by near-term geopolitical disturbances or longer-term structural change, almost always creates opportunities for watchful, nimble and well-informed investors. The Portfolio Managers' strong track record leaves the Board confident in their ability to recognise and capitalise on such opportunities and to keep providing shareholders with capital gains and an attractive income, despite the challenges presented by the investment environment.

On behalf of the Board, I would like to thank you for your continuing support.

Sir Richard Stagg

Chairman 29th May 2025

PORTFOLIO MANAGERS' REPORT

Market Environment

The Company's benchmark index returned -2.2% in sterling terms in the six months to 31st March 2025. However, there was considerable dispersion in performance by country. China and Singapore posted double digit returns over the period. China's performance was driven by signs of stabilisation as government stimulus measures in second half of 2024 began to take effect. In addition, the launch of DeepSeek, a Chinese Artificial Intelligence (AI) start-up, drove a re-rating of stocks across the Chinese technology sector, as investors were surprised by Deepseek's advanced AI technology and low cost. Internet-based companies such as on-line retailer Alibaba announced significant investments in their cloud businesses to take full advantage of Deepseek's AI offering. This is in spite of previous year's economic challenges persisting, with property market and exports remaining weak. Meanwhile, the Singaporean market was supported by strong results and improving shareholder returns from the major banks.

The Korean stock market fell 11.5% over the six months to end March 2025, mainly due to former President Yoon's declaration of martial law in early December 2024, which triggered domestic demonstrations and international criticism. Yoon was impeached by the Constitutional Court in April 2025. The Indonesian stock market dropped 20% over the period, driven in part by a series of policy u-turns by the new president. The country's fiscal situation is also deteriorating, and investors fear that the new sovereign wealth fund, Danatara, could lead to a misallocation of funds. Taiwan's market declined by 6%, mainly on concerns regarding over-investment in chips and in the data centres which power AI models.

The Indian stock market experienced a significant correction, mainly in response to slowing consumption, lower earnings and a de-rating of highly valued small cap indices. The broad market fell sharply towards the end of the period on growing concerns that the US administration could announce unexpectedly aggressive tariffs. These fears were realised in mid-April when the US announced heavy tariffs on many countries, including India, although their imposition was subsequently delayed subject to negotiations, which could take many months. Indian equity markets have been further unsettled in recent weeks by brief military conflict between India and Pakistan, triggered by a bombing in Indian-controlled Kashmir. A US-brokered ceasefire between the two nuclear powers was holding at the time of writing, but tensions in the region remain high.

Performance

The Company outperformed its benchmark over the period, returning -1.1% on a net asset value ('NAV') total return basis (in sterling terms), compared with the benchmark's 2.2% decline, but as our investment strategy adopts a longer-term perspective, we feel it is more meaningful to assess performance on the same basis. In the ten years ended 31st March 2025, the Company has delivered a cumulative total return of +106.0% in NAV terms and +115.0% on a share price basis, well above the benchmark's cumulative total return of +74.1%. These results equate to annualised returns of +7.5% in NAV terms, and +8.0% on a share price basis, compared to annual rises of 5.7% for the benchmark. The managers continue to focus on bottom-up stock selection to drive consistent performance through market cycles and leverage JP Morgan Asset Management's deep resources in research and technology.

Attribution

The most significant contributor to performance over the six-month review period was our decision to open a position in and overweight Alibaba. In addition to its investment in AI tools, mentioned above, Alibaba enjoyed good Q424 results in e-commerce, its market share losses have stabilised and profitability increased after three years' of decline. The next largest contributor to returns was Hong Kong Exchange, which owns and operates stock exchanges in Hong Kong and Mainland China. This business has benefitted from a recovery in turnover in Chinese markets, and from growth in secondary equity issuance.

Notable detractors included two Indian businesses. Reliance Industries, an oil and gas refiner which also has interests in retail and digital services, was hit by the decline in the Indian market, and by weaker results in its telecom segment. Zomato, India's leading on-line food delivery company, saw its stock underperform on the back of heighted competition. Although Zomato retains its top market ranking, expectations that the company will move into profit have been pushed out to 2026.

Performance Attribution

For the six months ended 31st March 2025

1 The dividend/residual arises principally from timing differences in the treatment of income flows.

A Alternative Performance Measure ('APM').

Source: FactSet, JPMAM and Morningstar.

All figures are on a total return basis. Performance attribution analyses how the portfolio achieved its recorded performance relative to its benchmark.

A glossary of terms and APMs is provided on pages 31 to 33 of the 2025 Half Year Report.

Portfolio Activity

The purchase and overweighting of Alibaba was one of the Company's key transactions over the financial half year. Alibaba operates various platforms connecting on-line retailers to customers. Additionally, the company provides cloud computing services, digital media, and entertainment. We have avoided this name in the past due to continued market share losses in domestic e-commerce. However, Alibaba has been expanding its global influence across multiple sectors and our decision to gain exposure was based on the company's improving growth prospects, combined with an attractive valuation after a protracted period of share price weakness. We also added to an existing position in Telstra, Australia's largest telecommunications company, due to its attractive valuation and an easing in concerns about US tariffs. Sales include AIA, a leading pan-Asian insurer. This holding was sold after its share price rebounded in response to higher shareholder returns and an improvement in China's outlook.

Outlook for 2025

The outlook for the global economy has shifted considerably due to the new US administration's threatened tariffs. Economists have reduced their 2025 US GDP forecasts from around 2.5% to almost zero. Broad measures of policy uncertainty have surpassed levels reached during President Trump's first administration and could rise further depending on retaliatory responses from trading partners. As a consequence, US survey data on capital expenditures and employment intentions have deteriorated, with some dipping into contractionary territory. US tariffs, if implemented, will also take a toll on growth in other regions, including Asia. Asian countries face the prospect of higher tariffs on some Chinese goods along with products from most other regional economies. Tariffs will have their most adverse growth impact on more open and trade-sensitive countries such as Hong Kong, Korea, Taiwan and Singapore, while China, Australia, Indonesia and India are likely to be relatively insulated due to their greater reliance on domestic demand.

In China, the authorities have adopted a more pro-growth, pro-business stance over the past year and policy action finally seems to be broadening out, but many investors would like to see further stimulus, as economic activity remains below trend, with real estate weakness still weighing on consumer confidence and spending. However, on a more positive note, there are signs of property market stabilisation in major cities, although this improvement needs to spread to smaller cities to cement a sector-wide recovery. Chinese equity valuations, while likely capped by geopolitical concerns, have nonetheless recovered from record lows, and could rise further as and when earnings begin to surprise on the upside.

Finally, tech heavy North Asia is becoming an integral part of the expanding global AI supply chain, thanks to its leading role as a provider of servers, components, cooling systems and related services. This should ensure that Taiwan and South Korea see continued demand growth in these sectors. However, the region remains vulnerable to recession risks if corporates reduce their capital expenditure plans in the wake of potentially hefty tariffs and other geopolitical uncertainties.

This all amounts to a decidedly mixed economic outlook for the Asian region. And with economic and political uncertainties simmering, volatility will remain elevated. But there are, nonetheless, reasons to be optimistic about Asian equities: regardless of near-term fluctuations, the region continues to grow more strongly than developed economies, and China's economy is still growing, even if the recovery will take longer to unfold than originally envisaged; falling global inflation provides Asian central banks with scope to cut interest rates; and the US dollar is down substantially from its peak. Furthermore, the significance of the rapid development and penetration of AI should not be underestimated. This structural change will boost productivity and cut costs across most sectors for years to come. And finally, it is important to remember that although volatility can be uncomfortable, it is the source of many attractive investment opportunities, which hold the potential to compound earnings growth and returns over the long run. So, as always, we will continue to seek out and capitalise on these opportunities for the benefit of shareholders.

For and on behalf of the Investment Manager

Robert Lloyd

Pauline Ng

Portfolio Managers 29th May 2025

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its half year report:

Principal Risks and Uncertainties

The principal and emerging risks faced by the Company fall into the following broad categories: investment and strategy, geopolitical and economic, operational risk and cybercrime, climate change and global pandemic. Information on the principal and emerging risks faced by the Company is given in the business review section within the Annual Report and Financial Statements for the year ended 30th September 2024.

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 objectives, risk management policies, capital management policies and procedures, nature of the portfolio (being mainly securities which are readily realisable) 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 adopt the going concern basis in preparing the financial statements. This conclusion also takes into account the Board's assessment of the impact of heightened market volatility due to the Russian invasion of Ukraine and the unrest in Israel and Gaza.

Continuation votes are held every three years and the next continuation vote will be put to shareholders at the Annual General Meeting in 2026.

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 FRS 104 '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 2025, as required by the UK Listing Authority Disclosure Guidance 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 Guidance 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 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

Sir Richard Stagg

Chairman 29th May 2025

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

1 Includes income from securities lending.

All revenue and capital items in the above statement derive from continuing operations.

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/(loss) after taxation represents the profit/(loss) for the period and also the total comprehensive income.

CONDENSED STATEMENT OF CHANGES IN EQUITY

1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors.

2 During the period, 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.

CONDENSED STATEMENT OF FINANCIAL POSITION

1 For the period ending 31st March 2024 and the year ending 30th September 2024, investments that have been loaned under securities lending arrangements have been separately disclosed as 'investments on loan' from those that are not on loan. This change aligns with the requirements of FRS102 to disclose separately investments involved in securities lending arrangements. This adjustment does not impact any other line items in the Statement of Financial Position or the total current assets.

2 For the period ending 31st March 2024 and the year ending 30th September 2024, the 'Cash and cash equivalents' line item in the Statement of Financial Position has been revised to 'Cash at bank' and 'Current asset investments, in accordance with the statutory format required by the Companies Act 2006, this revision separately reports holdings in the JPMorgan USD Liquidity Fund, a money market fund, as 'Current asset investments'. This adjustment does not affect any other line items in the Statement of Financial Position or the total current assets.

CONDENSED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st March 2025

1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditor.

The figures and financial information for the year ended 30th September 2024 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. 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.

2. Accounting policies

The financial statements are prepared 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.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st March 2025.

All of the Company's operations are of a continuing nature.

During the period ended 31st March 2025, the Company used Contracts for Difference (CFDs) as part of its derivative transactions. Under FRS 102, these derivatives are measured at fair value both initially and subsequently. The fair value of CFDs is determined by the difference between the initial price of the CFD contract and the value of the underlying shares, as per the investment accounting policy. Open CFD positions at the period-end are shown at fair value in the Statement of Financial Position under current assets or liabilities.

Income from CFDs is recognised as derivative income in the revenue column of the Statement of Comprehensive Income, while interest paid on CFDs is recognised as a finance cost, in accordance with the allocation policy of the Company. Gains and losses from CFDs are recognised in the capital column of the Statement of Comprehensive Income.

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 2024.

3. (Loss)/return per share

4. Dividends paid

1 The unclaimed dividends were forfeited following an extensive exercise which attempted to reunite the dividends with owners.

A second quarterly interim dividend of 6.1p has been declared for payment on 23rd May 2025 for the financial year ending 30th September 2025.

Dividend payments in excess of the revenue amount will be paid out of the Company's distributable reserves.

5. Net asset value per share

6. Fair valuation of instruments

The fair value hierarchy disclosures required by FRS 102 are given below:

1 The Level 2 disclosure represents the investment in Berlian Laju Tanker.

2 Includes the fair value of derivative financial instruments (long CFDs).

7. Analysis of Changes in Net Cash

1 JPMorgan USD Liquidity Fund, a AAA rated money market fund which seeks to achieve a return in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity. This has been shown as a current asset investment in the Statement of Financial Position to conform with the requirements of the Companies Act 2006.

JPMORGAN FUNDS LIMITED

 29th May 2025

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

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 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 www.jpmasiagrowthandincome.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.