Half-year Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EUROPEAN INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED30TH SEPTEMBER 2017

Legal Entity Identifier: 549300D8SPJFHBDGXS57

Information disclosed in accordance with the DTR 4.2.2

chairman's statement

Performance

In the six months to 30th September 2017 the returns to shareholders with net dividends reinvested in the Company's Growth (JETG) and Income (JETI) Portfolios were 9.0% and 11.9% respectively. Over the same period, the percentage increase in the Company's Growth and Income net asset value (NAV) were 10.4% and 9.7% respectively. Returns on both measures for the two portfolios were in excess of the benchmark. The Company's performance over one, three and five years was also positive.

The discount on the Growth share price to NAV widened during the reporting period, whereas the discount on the Income share price to NAV narrowed over the same period, reflecting the demand for income.

In their report on page 6 of the Half Year Report and Financial Statements, the Investment Managers comment on some of the factors underlying the performance of the two portfolios over the six month period, as well as commenting on the economic and market background.

Revenue and Dividends

The Board's aim is that annual dividend payments on the Growth shares continue to be broadly in line with revenues received on the underlying portfolio.

Revenue return per share on the Growth portfolio for the six months to 30th September 2017 (calculated by reference to the average number of shares in issue over the period) amounted to 6.27 pence per share (2016: 5.79 pence per share). A first interim dividend of 4.85 pence per Growth share was paid on 13th October 2017 (2016: 4.85 pence per share).

Revenue return per share on the Income portfolio for the half year (again, calculated by reference to the average number of shares in issue over the period) amounted to 4.59 pence per share (2016: 4.86 pence per share). The first quarterly interim dividend of 1.10 pence per Income share (2016: 1.10 pence per share) was paid on 23rd June 2017 and a second quarterly interim dividend also of 1.10 pence per Income share was paid on 13th October 2017 (2016: 1.10 pence per share). A third quarterly interim dividend of 1.10 pence per Income share (2016: 1.10 pence per share) was declared on 22nd November 2017 for payment on 12th January 2018. 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 timing of the dividend declarations for the Growth second interim and Income fourth interim is expected to continue to be made ahead of the conversion opportunity in March each year.

Gearing

There has been no change in the Investment Manager's permitted gearing range, as previously set by the Board, of 10% net cash to 20% geared. At 30th September 2017 the Growth portfolio was 9.4% geared and the Income portfolio was 7.7% geared. These levels of gearing reflect a generally positive view on the outlook for stock market performance.

Conversions

The Company's next share conversion will be in March 2018 and details of the process will be posted on the Company's website in late January 2018.

Share Repurchases

The Board has a proactive approach to the use of its share repurchase powers. It remains of the view that it is important to seek to address imbalances in the supply of and demand for the Company's shares and to minimise thereby the volatility and absolute level of the discount to net asset value at which the Company's shares trade. The Board do not wish to see the discounts widen beyond 10% 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 9.5% for the Growth shares and 7.6% for the Income Shares (both at fair value). Over the six month period the Company repurchased a total of 30,116 Growth shares and no Income shares.

Transfer of Reserves between the Growth and Income Portfolios

Following shareholders' approval of the resolutions in the Company's Annual General Meeting (AGM) and Growth portfolio (JETG) and Income portfolio (JETI) Class Meetings on 17th July 2017, the Board now has the 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. Following the AGM during this reporting period, the Board exercised this power and £1.376m, being the amount of JETG's retained revenue reserve, after payment of the JETG 2.00p dividend paid on 7th April 2017, was transferred to JETI in exchange for the equivalent amount of capital reserves from JETI to JETG. This transfer is reflected in these Report and Financial Statements. Further explanation regarding the background to these transfers can be found in my Chairman's Statement in the Company's Annual Report and Financial Statements to 31st March 2017.

Outlook

Your Board remain optimistic about the outlook for European markets and believe that the Manager continues to position the Growth and Income portfolios to best achieve the Company's objectives for its shareholders.

For and on behalf of the Board

Andrew Adcock

Chairman

30th November 2017

Investment managers' report

Review

The period under review saw a further improvement in the Eurozone business environment with the recovery, which is now nearly four years old, continuing at a healthy pace, unemployment falling, consumer confidence rising, and business confidence improving everywhere. Bond yields rose modestly over the period, and the catalyst was more hawkish talk from central banks around the world, with the Fed sticking to their guns in talking of rate rises, and also revealing that plans were in train to think about how to shrink their balance sheet. In the Eurozone Mr Draghi said he was confident of continued recovery and the ECB felt emboldened to announce that they would taper their QE interventions, reducing their size from €60 billion to €30 billion a month.

The first and second quarter results season were a beat on earnings, and we initially saw continued upgrades to analyst estimates across a broad reach of sectors, until these were capped by Euro strength. European earnings are still expected to show healthy double-digit growth in 2017. The strength in PMIs and in demand suggests that the underlying direction of profitability is upwards, even if currency is a headwind.

The French election returned the moderate Mr Macron as President and he also gained a large majority in Parliament, removing both the threat of a populist President and the threat that Mr Macron would lack Parliamentary support for his reform programme. The German election returned Mrs Merkel's CDU/CSU as the largest party, though with a reduced majority, so talks to form a coalition are now in progress.

Income investing continued to outperform as a style, and this helped the Income share class, which targets a very high exposure to higher yielding stocks where the dividend is not under threat. In the Growth share class we continued to look for companies exposed to the strengthening cycle, and we also benefited from our holdings in higher quality banks.

Outlook

Confidence indicators remain positive in Europe, suggesting that the economy is growing above trend and has momentum. The ECB's tapering announcement is contributing to a modest steepening in Euro yield curves. This is consistent with an encouraging growth outlook and a rise in the cost of capital does not concern us unduly since we view any such rise as being modest and gradual.

If the steepening of yield curves continues we should see support for financials and cyclicals. Potential clouds on the horizon are a much weaker US Dollar, and further out the threat of the reversal of monetary accommodation by central banks (the Fed has announced specific plans to shrink its balance sheet). Markets have become used to easy money and plentiful liquidity and they will need time to become accustomed to a change, but as long as growth holds up and corporate profits are healthy we remain confident that equities can generate good returns.

Stephen Macklow-Smith

Alexander Fitzalan Howard

Michael Barakos

Thomas Buckingham

Investment Managers

30th November 2017

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; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st March 2017.

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, 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 twelve 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 2017, 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

Andrew Adcock

Chairman

30th November 2017

statement of comprehensive income

for the six months ended 30th September 2017

Statement of ChangeS in Equity

for the six months ended 30th September 2017

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

Statement of Financial Position

at 30th September 2017

Statement of Cash flows

for the six months ended 30th September 2017

Notes to the financial statements for the six months ended 30th September 2017

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 2017 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 November 2014 and updated in January 2017.

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 2017.

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 2017.

3. Return per share

4. Dividends

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

5. Net asset value per share

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.

30 November 2017

For further information, please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited, Secretary

020 7742 4000

JPMORGAN FUNDS LIMITED

ENDS

A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do

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.