Half-year Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EUROPEAN INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED30TH SEPTEMBER 2021

Legal Entity Identifier: 549300D8SPJFHBDGXS57

Information disclosed in accordance with DTR 4.1.

Chairman's Statement

Introduction

The performance of both the Company's Growth and Income shares continued to improve during this reporting period.

European equity markets that the Company invests in have performed well during the reporting period. The Benchmark return for both share classes (MSCI Europe ex UK Index in sterling terms) was up 8.2% in the period and the Company's Growth share class outperformed the benchmark with the Company's Income share class marginally underperforming.

Throughout the period, with the ongoing disruption caused by Covid-19, the operations and control environment of the Company continued to work well and adapted again to the phased return to the office.

Proposal to Consolidate the Company's Share Classes

As referred to in my Chairman's Statement in the Company's previous Annual Report and Financial Statements, the Board have been continuing to work to ensure that the Company is best positioned to deliver its objectives. This work led to the announcement on 20th October 2021 of the Board's proposal to consolidate the Company's Income Shares and Growth Shares into a single class of ordinary shares which as at 30th September 2021 had a combined market capitalisation of £388,953,941. This combined with other enhancements, including a target dividend (of 4.0% p.a. based on net asset value (NAV) at the end of the preceding financial year) and a reduction in the management fee are aimed at reinvigorating the appeal of the Company. The Company expects to publish a circular and notice of meetings in connection with the Consolidation in due course and aims, subject to approval of the Company's shareholders, to conclude the Consolidation and to introduce the changes in January or February 2022.

Performance

See the comments below and the Investment Managers Report on page 12 of the Company's half year report and financial statements for further details of the Company's performance in the period.

Growth Portfolio

Return to shareholders and return on net assets

The total return to shareholders for the Company's Growth shares was +11.2%. This measurement of performance takes into account share price movements and income received by way of dividend and is calculated on the basis of debt at par value.

The total return on net assets for the Company's Growth shares was +10.2% (debt at par). The Growth portfolio outperformed the benchmark by 2.0 percentage points on a net asset basis.

Dividends

For the Company's Growth shares, the amount of the growth share dividend reflects the amount of revenue available for distribution. In the period the first interim dividend per Growth share of 2.50 pence (2020: 1.25 pence) in respect of the Company's 31st March 2022 year end was paid on 15th October 2021. Revenue return per share on the Growth portfolio for the six months to 30th September 2021 (calculated by reference to the average number of shares in issue over the period) amounted to 5.96 pence per share (2020: 5.80 pence per share).

Income Portfolio

Return to shareholders and return on net assets

The total return to shareholders for the Company's Income shares was +7.5%. This measurement of performance takes into account share price movements and income received by way of dividend and is calculated on the basis of debt at par value.

The total return on net assets for the Company's Income shares was +7.4% (debt at par). The Income portfolio underperformed the benchmark by 0.8 percentage points on a net asset basis, on a slowing of the recovery in the Income investment style.

Dividends

For the Company's Income shares, the Board's aim is to provide a regular stream of dividend income on a quarterly basis, subject to the availability of distributable reserves. The first interim dividend of 1.40 pence per share (2020: 1.40 pence per share) in respect of the Company's 31st March 2022 year end was paid on 30th July 2021 and a second interim dividend also of 1.40 pence per share (2020: 1.40 pence per share) was paid on 15th October 2021. A third interim dividend of 1.40 pence per share (2020: 1.40 pence per share) was declared on 18th November 2021 for payment on 7th January 2022. Despite the market turbulence caused by the Covid-19 pandemic, the Company has been able to maintain the current year dividends declared and paid to date at the same level as the previous year by utilising its brought forward revenue reserves.

Revenue return per share on the Income portfolio for the six months (again, calculated by reference to the average number of shares in issue over the period) amounted to 3.56 pence per share (2020: 3.95 pence per share).

Gearing

There has been no change in the Investment Manager's permitted gearing range, as previously set by the Board, of between 10% net cash to 20% geared. At 30th September 2021 the Growth portfolio's gearing had increased to 2.0% and the Income portfolio's had decreased to 6.3%. These levels of gearing as quoted in this Half Year Report and Financial Statements are before the application of derivatives, such as futures, which can be used by the Investment Managers to either increase or decrease the effective rate of the Company's gearing, according to market conditions. The Company's net gearing including derivatives is included with the Company's daily published net asset value.

Conversions

If the Board's proposals to restructure the Company as referred to elsewhere in this report are approved by the Company's shareholders, the Company will have a single class of share thereby negating the requirement for a share conversion process. If the resolutions to restructure the Company are not passed, then the Company's next annual share conversion will be on 15th March 2022 as detailed on page 37 of the Company's half year report and financial statements.

Discounts, Share Issuance and Repurchase

The Board remains of the view that it is important to seek to minimise the level of the discount to net asset value at which the Company's shares currently trade. The Board does not wish to see the discounts widen beyond 10% under normal market conditions (using the cum-income NAV) on an ongoing basis. The precise level and timing of repurchases pursuant to this policy depend upon prevailing market conditions. Over the six months under review the discount levels have averaged 10.6% for the Growth shares and 9.5% for the Income Shares (both at fair value and on a cum-income NAV basis). The discounts at which the Growth and Income shares were trading below the prevailing net asset values decreased during the period, but still remained high, reflecting continuing negative market sentiment towards Europe.

Board of Directors

As referred to in my Chairman's Statement in the Company's previous Annual Report and Financial Statements, the Board were pleased to announce that Alexander Lennard was appointed as a Director of the Company after the Company's Annual General Meeting (AGM) on 8th July 2021. In line with the Company's Board Succession plan, another director appointment was planned ahead of the retirement of Stephen Goldman, who intends to step down before the end of the Company's financial year. Following an independent and rigorous selection and recruitment process we are now pleased to announce that Karen McKellar will be appointed as a director of the Company with effect from 24th November 2021. Karen has 28 years of investment management experience in UK equities across a range of different portfolio mandates and is currently a Non-executive Director of Merchants Trust plc.

Investment Managers

If the Board's proposals to restructure the Company as referred to elsewhere in this report are approved by the Company's shareholders, the Company will have a single class of share and costs will be reduced accordingly. A Circular will be sent to the Company's shareholders detailing the proposal and voting arrangements.

Transfer of Reserves between the Growth and Income Portfolios

As in the previous year, the Board has exercised its power to approve transfers of retained revenue reserves from JETG to JETI in exchange for the equivalent amount of capital reserves from JETI to JETG. £2,400,623 was transferred to JETI in exchange for the equivalent amount of capital reserves from JETI to JETG, being the amount of JETG's retained revenue reserve as at 31st March 2021, after payment on 1st April 2021 of the JETG 3.20p dividend. This transfer is reflected in this Half Year Report and Financial Statements.

Change of Auditors

As referred to in the Company's previous Annual Report and Financial Statements, the Company was required to change its auditors from Ernst & Young LLP due to regulations requiring the rotation of audit firms. At the Company's AGM on 8th July 2021, shareholders approved the resolution to appoint PricewaterhouseCoopers LLP as the Company's new auditors.

Outlook

The very significant stimulus packages introduced by central governments, in addition to record levels of household savings are helping to drive economic recovery. Forecasts remain strong with healthy corporate earnings prospects and high levels of liquidity. However, concerns remain over the trajectory of inflation and the potential for less supportive central bank policy. Supply chain disruption, enormous increases in energy prices, shortage of certain key products and the potential for new variants of Covid-19 to flare up continue to threaten economic growth.

Whilst we are in unchartered waters economically, the proposed changes to the Company are expected to take advantage of the significant investment opportunities that European stock markets have to offer, supporting the Company to achieve its long term objectives.

For and on behalf of the Board

Josephine Dixon

Chairman

24th November 2021

INVESTMENT MANAGERS' REPORT

Market Background

European Equity markets continued to rally in the six months to the end of September 2021 as the rate of recovery following the Covid-19 induced turmoil of 2020 exceeded expectations. Corporate earnings accelerated, particularly for cyclical and financial companies, which prompted analysts to repeatedly raise their growth forecasts at both a company and a macro level.

However investors became increasingly concerned by the prospect of both rising inflation and the realisation that growth rates cannot keep accelerating for ever. Regarding inflation the crucial question is whether the recent increase is transitory, as the European Central Bank and Federal Reserve have stated, or more structural. It is clear that input prices, particularly energy and commodity related, are rising but so far they have not filtered through to the Consumer Price Index level.

Within the equity market cyclical stocks, which have enjoyed a spectacular run and discounted much of the recovery, stalled allowing less economically exposed companies to prosper as fears of a slowdown surfaced. The emergence of the Delta Covid variant, supply chain disruptions, particularly in the semi-conductor sector, and increasingly outspoken statements from China which hit some sectors such as technology and luxury goods all contributed to these concerns about the durability of the recovery.

Growth portfolio

The portfolio outperformed its benchmark by 2.0% on net assets in the period under review helped by its positions in the healthcare sector, notably Novo Nordisk which is a global leader in diabetes care, and Eckert & Ziegler which specialises in medical technology using radioactive isotopes. Within the technology sector the fund benefitted from positions in ASM International which makes equipment to produce semiconductors, the global consultancy company Capgemini, and SeSa, an Italian distributor of IT services.

Following a period of exceptionally strong performance by cyclical companies we moderated the portfolio's exposure early in the period under review and added to companies with more structural growth prospects such as LVMH and Richemont in the luxury sector, and Roche and Straumann, which makes dental implants, in the healthcare sector. Towards the end of the half year we increased our exposure to financial companies like Nordea and KBC in the banking sector, and Azimut which is an Italian asset manager.

Income portfolio

The portfolio underperformed its benchmark index by 0.8% on net assets as high yielding stocks pulled back slightly in performance terms, having staged a recovery over the previous six months after significant challenges through the pandemic. The portfolio suffered from being overweight commodity exposed stocks and sectors and underweight value defensives such as pharmaceuticals as the market took more of a balanced risk stance and spot commodity prices stuttered as concerns around the longevity of the economic recovery increased. The portfolio has benefitted however from evolutionary changes to the investment process, which has increased the focus on the capital growth prospects of companies.

Outlook

Turning to the immediate future it is possible that concerns about both the slowdown in growth and inflationary pressures may persist. However, looking further out into next year, underlying demand appears to be strong, supported by pent-up demand from households and a need for companies to invest more. Companies look set to ramp up production once scarce supplies such as semiconductors become more widely available over the course of next year. Households can look forward to more gains in employment and stronger wage increases. With inflation set to moderate somewhat over the course of 2022 as bottlenecks ease and base effects unwind, real incomes should improve again next year. In addition monetary and fiscal stimulus remains strong despite talk of Central Banks tapering their asset purchase schemes. This suggests that corporate earnings should continue to grow next year. As valuation spreads remain wide there should be opportunities for stock selection to continue to add value.

Alexander Fitzalan Howard

Zenah Shuhaiber

Tim Lewis

Michael Barakos

Thomas Buckingham

Matt Jones

Investment Managers

24th November 2021

Interim Management Report

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

Principal Risks and Uncertainties

The Principal Risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; accounting, legal and regulatory; corporate governance and shareholder relations; operational; financial; and the risk of global pandemics. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st March 2021.

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.

Going Concern

The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections and the economic and operational impact of Covid-19 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 relating to the Company that would prevent its ability to continue in such operation 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 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 30th September 2021, 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 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

Josephine DixonChairman

24th November 2021

statement of comprehensive income

for the six months ended 30th September 2021

statement of changes in equity

for the six months ended 30th September 2021

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

statement of financial position

at 30th September 2021

statement of cash flows

for the six months ended 30th September 2021

Notes to the financial statements

for the six months ended 30th September 2021

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 auditors.

The figures and financial information for the year ended 31st March 2021 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 including 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 have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' of the United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the revised 'SORP') issued by the Association of Investment Companies in October 2019.

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 30th September 2021.

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

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st March 2021.

3. Return per share

4. Dividend

The combined total of growth and income dividends paid and declared is identified in Statement of Changes in Equity on page 26 of the Company's half year report and financial statements. A third interim dividend of 1.40 pence per Income share in respect of year ending 31st March 2022 was declared on 18th November 2021 for payment on 7th January 2022.

5. Net asset value per share

JPMORGAN FUNDS LIMITED

24th November 2021

For further information, please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited

020 7742 4000

END

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

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

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.