Half-year Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN CLAVERHOUSE INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2025

Legal Entity Identifier: 549300NFZYYFSCD52W53

Information disclosed in accordance with DTR 4.2.2

The Directors of JPMorgan Claverhouse Investment Trust plc (the "Company") announce the Company's results for the six months ended 30th June 2025.

Highlights:

· NAV total return of +13.5% compared with +9.1% for the FTSE All-Share Index Benchmark over the six months to 30th June 2025. Share price total return of +14.6%.

· Returns have been positive and above Benchmark, in four of the five years ended 30th June 2025.

· For the ten years ended 30th June 2025, the portfolio delivered an average annual gain of +7.0% compared to a Benchmark average return of +6.7%.

· First quarterly dividend of 8.40p declared and paid on 2nd June 2025.

· Second quarterly dividend of 8.40p declared and to be paid on 1st September 2025.

· The Company has increased its dividend for 52 successive years.

· During the reporting period, the Company repurchased a total of 886,107 shares, at an average discount of 5.7%, at a cost of £6.5 million.

The Chairman, Victoria Stewart, commented:

'The Board shares the Portfolio Managers' confidence in the outlook for UK equities, and for your Company, over the remainder of 2025 and beyond. The recent outperformance of UK equities suggests that investors may finally be starting to appreciate the number of high-quality, global companies available in this market at valuations which are attractive both on an historical basis and relative to other markets.'

'My fellow Board members and I are encouraged by the early results of the enhanced dividend strategy of the new portfolio management team and the total return generated in the year since they assumed responsibility for the portfolio.

'The Board is especially pleased with their efforts to refocus the portfolio more towards dividend growth opportunities, while also maintaining significant exposure to companies already offering high yields, and we remain confident this approach will ensure the Company continues to perform well, delivering attractive returns and a growing income for shareholders over the long-term.'

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

'So far in 2025, the focus of equity markets has once again been geopolitics, with the US 'trade war' and conflict in the Middle East dominating the market narrative. Each of these drivers has warranted attention and an understanding of the first and second order effects on portfolio companies. However, over time, geopolitical risk indices have proved to be a weak indicator for subsequent equity market returns, so we have spent our time concentrating more on the hard economic data and underlying operating momentum and valuations of the companies in which we invest.'

'With valuations of domestically exposed equities remaining low versus history, we are finding many interesting opportunities in businesses where we are confident that strong operating momentum will be more than sufficient to offset any broader adverse macroeconomic developments. In sum, we believe 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.'

CHAIRMAN'S STATEMENT

Performance and Manager review

This is my first statement since becoming Chairman of your Company. 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 six months to 30th June 2025.

UK equity markets outpaced their US and global counterparts during the review period. While domestic economic activity remains subdued and the implications of the Employers National Insurance Contributions increases, work their way through the economy, UK stock markets over the period under review drew support from some easing in UK inflation pressures and two quarter point interest rate reductions by the Bank of England taking the base rate to 4.25%.Subsequent to the period end, there has been a further quarter percentage point reduction in taking the rate to 4.0%. The Bank has signalled that, dependent on factors such as inflation and the strength of the labour market, additional cuts may follow, which should support household incomes and corporate profit margins. Although in a less parlous starting position than many countries, UK investors welcomed news that the UK Government reached agreement with the new US administration to limit initial new tariffs on many goods including cars, steel and aluminium and struck new deals with the European Union and India to ease the process of UK exports to those destinations.

In response to these developments, the Company's Benchmark returned 9.1% over the six months to 30th June 2025. The Company's net asset value (NAV) (with debt at fair value) increased by 13.5%, and its share price rose 14.6%, resulting in a slight narrowing of the share price discount relative to NAV. This is a gratifying result which extends the Company's long-term track record of absolute gains and outperformance relative to the Benchmark. Returns have been positive, and above Benchmark, in four of the five years ended 30th June 2025; over the corresponding 10-year period, the portfolio has delivered an average annual gain of 7.0%, compared to an average Benchmark return of 6.7%.

As at 30th June 2025, the Company's NAV per share (with debt at fair value) was 826.5p and the share price was 786.0p. Since the end of the period, the NAV per share (with debt at fair value) has increased to 843.1p and the share price has increased to 798.0p, as at 12th August 2025.

The Investment Manager's report which follows provides more detail on performance during the period, recent portfolio changes and the outlook for the market and the Company.

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 the inflation rate. The Company has increased its dividend for 52 successive years, a record which very few investment trusts have achieved. For the financial year ended 31st December 2024, the total dividend was 35.40p (2023 total: 34.50p). This comprised three quarterly interim dividends of 8.25p and a fourth quarterly interim dividend of 10.65p.

Although UK inflation has now fallen sharply from the 30-year high seen in October 2022, the Board continues to monitor closely the outlook for dividend income and will draw prudently on revenue reserves, if necessary, to assist the Company to meet its dividend policy objectives. The total dividend for 2024 was partially supplemented in this manner and the first two quarterly dividends for 2025 will also be partially funded by revenue reserves. The first quarterly dividend for 2025 was 8.40p per share, paid on 2nd June 2025. It remains the Board's intention that the first three quarterly dividends should be of equal size, and, to this end, it has declared a second quarterly dividend of 8.40p per share to be paid on 1st September 2025 to shareholders on the register at the close of business on 25th July 2025.

Portfolio revenue per share for the six months to 30th June 2025 was 18.96p, compared with 16.02p earned in the same period in 2024 and the Company's revenue reserves remain substantial, having been accumulated over a number of years. After the payment of the second quarterly dividend for 2025, the revenue reserve will total £13.2 million, compared to £14.4 million at 30th June 2024. In accordance with usual practice, two further quarterly dividends will be paid one in December and one in March and fourth dividend to be announced in January 2026.

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 efforts of the new Portfolio Management team to enhance income generation over time by adding more companies with good dividend growth prospects, as well as maintaining their focus on businesses already paying high and growing dividends. This fresh approach should narrow the differential between the Company's revenue return and dividends per share, thus improving dividend cover over the next few years.

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 7.1% and 3.7% and averaged 5.7%. The Board's objective remains to act in the best interest of shareholders by using 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. To this end, during the reporting period, the Company repurchased a total of 886,107 shares, at a cost of £6.5 million.

As at 30th June 2025, the Company's discount (to its cum-income, debt at fair value NAV) was 4.9%. Since then, the Board has continued to make targeted repurchases, buying a further 220,136 shares, at a cost of £1.8 million as at 12th August 2025, and the discount has widened to 5.3%. Nonetheless, the Board recognises that consistent and strong investment performance is an essential prerequisite to ensure that the Company's shares trade close to NAV over the long term.

Gearing/Long-Term Borrowing

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 (including the effect of any futures). The Board believes that over the long-term, a moderate level of gearing is an efficient way to enhance shareholder returns.

The level of gearing is determined by the Portfolio Managers' bottom-up approach to selecting attractive stock opportunities, rather than adjusting the gearing level due to a top-down overlay. Taking into account borrowings, net of cash balances held, the Company ended the review period 6.4% geared, compared to 7.6% at 30th June 2024. Gearing is currently 6.9%.

The Company holds £30 million of 3.22% private placement notes, maturing in March 2045. A one-year £40 million revolving credit facility with The Royal Bank of Scotland International Limited matured in May 2025. This facility has been reduced to £20 million and extended for an additional four months, until September 2025. Following this period, the Company plans to utilise Contracts for Difference (CFDs) as an efficient method to implement gearing, while adhering to existing investment guidelines.

CFDs are a flexible, low-cost, capital efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. These instruments are a form of financial derivative which allow investors to gain exposure to stock price movements without actually owning the individual shares. As such, CFDs 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 former Chairman, David Fletcher retired at the conclusion of the AGM on 1st May 2025. David had served as a Director of the Company since 2015, holding the position of Chairman from 2022. I would like to once again take this opportunity, on behalf of the entire Board, to thank him for his significant contribution and his effective stewardship of the Board and the Company during his tenure. David departs with our best wishes for the future.

Outlook

The Board shares the Portfolio Managers' confidence in the outlook for UK equities, and for your Company, over the remainder of 2025 and beyond. The recent outperformance of UK equities suggests that investors may finally be starting to appreciate the number of high-quality, global companies available in this market at valuations which are attractive both on an historical basis and relative to other markets. If sustained, renewed inflows would provide a substantial support for the UK market. Meanwhile, the UK continues to offer many interesting, well-priced opportunities with attractive dividend yields for existing market participants such as your Company.

My fellow Board members and I are encouraged by the early results of the enhanced dividend strategy of the new portfolio management team and the total return generated in the year since they assumed responsibility for the portfolio. Each member of the team brings something unique to their role which complements the skills of their co-managers, and recent performance is testament to their team approach. The Board is especially pleased with their efforts to refocus the portfolio more towards dividend growth opportunities, while also maintaining significant exposure to companies already offering high yields, and we remain confident this approach will ensure the Company continues to perform well, delivering attractive returns and a growing income for shareholders over the long-term.

 Keeping in Touch

The Company is committed to finding more ways of engaging with its shareholders and other interested parties. To support this goal, the Company delivers 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, please click here or by scanning the QR code on page 10 of the Company's Half Year Report for the six months ended 30th June 2025 ('2025 Half Year Report').

The Board appreciates the ongoing support of its shareholders.

Victoria Stewart

Chairman 13th August 2025

INVESTMENT MANAGER'S REPORT

Market review

So far in 2025, the focus of equity markets has once again been geopolitics, with the US 'trade war' and conflict in the Middle East dominating the market narrative. Each of these drivers has warranted attention and an understanding of the first and second order effects on portfolio companies. However, over time, geopolitical risk indices have proved to be a weak indicator for subsequent equity market returns, so we have spent our time concentrating more on the hard economic data and underlying operating momentum and valuations of the companies in which we invest.

Against this backdrop, the UK equity market has performed remarkably well, with the FTSE All-Share delivering a total return of 9.1% in the six months to 30th June 2025, well in excess of the US and global equity markets. The UK's outperformance has been a function of some upswing in the economic momentum, with GDP growth exceeding expectations, and valuations that represent a significant discount to those of other global markets. It is early days yet, but this may well mark a potential turning point following a period of so called 'US exceptionalism'.

As a largely services-based economy, the UK has been a relative winner in the current trade war, as it is well-positioned to sign deals with the US and European Union. In addition, lower US consumption and a weaker US Dollar have resulted in lower prices for products being imported into the UK, reducing domestic inflationary pressures and supporting UK corporate margins.

The UK has also benefitted from an easing in the 'cost of living' pressures which have constrained household discretionary consumption in recent years. With the rate of inflation expected to decline to 3.2% this year, down from high single digit levels in 2022 and 2023, but average wage growth holding up at above 5%. The average household has experienced 26 consecutive months of improving year-on-year real income, with household discretionary income having increased by almost 20% cumulatively since the low point of April 2023. Furthermore, we are now approximately a year into a rate cutting cycle, and while the cadence of rate cuts has been slower than initially expected, with a cumulative 1% cut since the 5.25% peak, the direction of travel is clear, and positive for household finances.

Performance

In the six months to 30th June 2025, the Company delivered a total return on net assets (capital plus dividends re-invested, with debt at fair value) of 13.5%, compared to the Benchmark's return of 9.1%. The total return to shareholders was 14.6%, with the discount narrowing to 4.9% (debt at fair value).

Relative performance over the six-month review period benefitted from overweight positions in banks such as NatWest and OSB. Both these institutions saw their share prices perform well as interest rates remained higher for longer than the market expected, and a robust UK economy reduced the need to provision for credit risks. These overweight holdings more than offset the negative relative contribution from our decision not to hold Lloyds Banking Group, which we avoided due to its less attractive valuation. The portfolio's holding in Rolls-Royce also contributed to returns, as the aerospace engine manufacturer benefitted from both strong customer demand and ongoing self-help, which have resulted in a material improvement in margins and free cash flow generation in recent years. Not holding Diageo also benefitted relative performance, as the alcoholic beverage brand continued to suffer from destocking and weak consumer sentiment in North America.

The portfolio's overweight position in 4imprint, a promotional branded merchandise business focused on North America, detracted. The shares performed poorly due to weak small business confidence among US-based customers and the direct negative impact of tariffs on their supply chain, as the bulk of their product is sourced from China. However, we remain confident about 4imprint's longer-term prospects. The company has a strong track record of taking market-share and it is well positioned for recovery as and when the adverse impact of tariffs subsides, either via a reduction in tariff rates or via supply chain adjustments. With 4imprint's shares having substantially de-rated, we believe they continue to offer a compelling investment opportunity.

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

Source: JPMAM, six months to 30th June 2025.

Purchases

High yielding companies

High yielding investments generate the lion's share of the portfolio's income, and a high dividend yield can be a sign of an undervalued business. We focus on identifying high yielders where we are confident that the dividend is not just secure, but also has the potential to grow over time. High yielding companies now comprise 52% of the portfolio.

During the review period, we increased the portfolio's overweight position in NatWest, which now represents the largest overweight position relative to the Benchmark. The bank is a significant beneficiary of the higher interest rate environment 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%.

Compounders1

Compounders are businesses which deliver consistently attractive levels of organic growth and are typically capital-light, meaning that they can deliver this growth without the need for significant incremental capital investments. As a result, their free cash flow conversion tends to be very high and most of this cash flow is returned to shareholders, supporting a healthy, growing dividend yield. Compounders now comprise 31% of the portfolio.

We made a new investment in one such compounder over the past six months, with the purchase of Coca-Cola Hellenic, the Coca-Cola bottler operating in the Mediterranean and Central and Eastern European markets. This business has a strong track record of generating high single digit to low double-digit levels of organic growth, underpinned by growing volumes, as the company operates in less mature markets than other bottlers. Additionally, a trend towards smaller, but higher value, pack sizes has also benefitted their financial performance. These factors should support dividend growth over time from the current 2.6% base yield.

1 Compounders are those judged by the Investment Manager to be high quality companies with differentiated businesses capable of delivering above average earnings and dividend growth over a market cycle.

High dividend growth companies

High growth companies, which now represent 17% of the portfolio, are not usually the most significant contributors to portfolio income at the time they enter the portfolio. However, we are nonetheless attracted to such names by the expectation that they will deliver strong total returns and become material contributors to the portfolio's dividend growth over time.

Softcat, the UK's leading IT value-added reseller, was a new high growth 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. Softcat has delivered double digit gross profit growth every year since its IPO in 2015, benefitting 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 anticipate that this stock should continue to deliver significant dividend growth in coming years from the current 2.4% yield.

Sales

We sold the portfolio's position in Glencore, the miner and marketer of commodities such as copper and coal. The investment case was predicated on improving execution. The company met production guidance for the first time in several years in 2024, repeatedly delivered higher earnings from its marketing operations and we expected these improved returns to drive dividend increases. However, the company has subsequently failed to maintain this operating momentum, with recent production and marketing profitability results both surprising to the downside. We decided to sell the holding as the investment case was clearly not playing out as we had originally intended.

We also exited the portfolio's holding in Man Group, the alternative fund management business. Following a prolonged period of poor performance, Man Group's flagship, trend-following 'AHL' strategies are now well below high water mark levels, meaning that they are unlikely to generate performance fees for some time. In addition, longer-term performance has been disappointing and could begin to reduce net portfolio inflows. In a highly operationally leveraged business, this is likely to weigh heavily on profitability, cashflows and earnings.

Portfolio positioning

The portfolio held 64 stocks at the end of June, towards the lower end of the target range of 60-80 holdings. Nonetheless, 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 tends to enhance returns over the medium to longer term. We reach our chosen level of gearing on a stock-by-stock basis, assessing the prospects for potential investments relative to the cost of that gearing. With economic momentum improving and 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, and we are therefore using gearing to increase our exposure to these opportunities. The portfolio is currently 6.9% geared.

Top over-weight positions vs FTSE All-Share Index

Source: JPMAM, as at 30th June 2025.

The largest active position in the portfolio is NatWest, following a recent addition to this holding, as we discussed earlier in this report.

The portfolio has a similar overweight position in 3i Group, a high growth private equity business with a large holding in the European discount retailer, Action. Action has a track-record for delivering double-digit revenue growth, underpinned by same-store like-for-like sales growth and new store contributions, as it rapidly rolls-out additional stores across new and existing geographies.

In the consumer sector, the portfolio's largest active position is Dunelm, the homewares retailer. Dunelm is considered a 'compounder' due to its long track-record for delivering most of its sales growth through market-share gains, rather than purely relying on the buoyancy of the UK consumer. It has achieved this through ongoing investment in its online capabilities and supply-chain partnerships, allowing it to achieve 'product mastery' in new categories. Dunelm's strong free cash flow conversion and limited capital requirements have allowed the company to pay special dividends in each of the past four years.

We also have a significant overweight holding in Intermediate Capital Group, the alternative asset manager focused on private market investments. This business has demonstrated a very strong track record for fundraising, attracting investors to recently seeded strategies, as well as successfully scaling up subsequent vintages 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 in the more difficult fundraising environment seen since 2022. Furthermore, Intermediate Capital's investors commit capital on a multi-year basis, but in our view, the market underappreciates 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 4.5% dividend yield.

Finally, we have been increasing the portfolio's holding in the high yielding UK insurer Aviva over the past year and it is now one of the portfolio's five largest active positions. Aviva has been undergoing a period of simplification, exiting a number of sub-scale operations and returning the proceeds of these transactions to shareholders. As part of their greater focus on capital-light UK personal insurance offerings, Aviva acquired Direct Line, a former competitor in this space. This merger will double Aviva's UK market share to around 22% and is also expected to generate substantial synergy benefits, following years of mismanagement at Direct Line. Today Aviva yields over 6%, and we expect to see the dividend continue to grow from this already high level.

Market outlook

Global financial markets have shown remarkable resilience in the face of several shocks during the first half of 2025. The US President's move to rapidly scale back initial threats to impose widespread and aggressive tariffs also supported market sentiment. This policy reversal suggests that the US administration is sensitive to financial market opinion, with an inclination to view the performance of US stock and bond market indices as a measure of approval, and it is possible that financial market scrutiny will continue to have a tempering effect on policy initiatives going forward.

In the UK, bond markets remain hyper-sensitive to any signs of fiscal imprudence, and with the government failing to deliver promised spending efficiencies, there is a risk that the Autumn budget could impose additional burdens on both consumers and businesses. However, with around 70% of the FTSE All Share's earnings being derived overseas, this is potentially more of a problem for the UK economy than it is for the UK stock market. Further, with valuations of domestically exposed equities remaining low versus history, we are finding many interesting opportunities in businesses where we are confident that strong operating momentum will be more than sufficient to offset any broader adverse macroeconomic developments. In sum, we believe 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.

Anthony Lynch

Callum Abbot

Katen Patel

Portfolio Managers 13th August 2025

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its half yearly report.

Principal Risks and Uncertainties

The Board has an ongoing process for identifying, evaluating and managing the principal risks, emerging risks and uncertainties of the Company. The principal risks and uncertainties faced by the Company fall into the following broad categories: geopolitical and macro-economic; cybersecurity; share price volatility; market factors such as interest rates, inflation and equity market performance; loss of investment team; strategy and performance; climate change; legal and regulatory/corporate governance; and operational. Detailed information on each of these areas is given in the Strategic Report within the Annual Report and Financial Statements for the year ended 31st December 2024 and in the view of the Board, these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the period under review. Whilst the Board has not identified any emerging risks at the time of publication of this report, it has noted the continued heightened level and evolving nature of the geopolitical risks facing the Company and is monitoring these accordingly.

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, liquidity and 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 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 report. The Company's assets, the vast majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly under all stress test scenarios reviewed by the Board. For these reasons, they consider that there is sufficient evidence to continue to adopt the going concern basis in preparing the financial statements. The Board has, in particular, considered the impact of market volatility from the ongoing conflicts between Ukraine and Russia and in the Middle East, along with the impact of the tariff wars and does not believe the Company's going concern status is affected.

Furthermore, the Directors are satisfied that the Company's key third party service providers have in place appropriate business continuity plans to ensure their operational resilience and the performance of these service providers is reviewed at least annually by the Management Engagement Committee.

Statement of Directors' Responsibilities

The Board of Directors of the Company, confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half year 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 June 2025 as required by the 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 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

Victoria Stewart

Chairman 13th August 2025

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

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.

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

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 2024. the Company undertook an Asset Reunification Program for its shareholders. In accordance with the Company's Articles of Association, shares that could not be traced to shareholders over 12 years old were forfeited. These shares were sold in the open market and the proceeds returned to the Company. In addition, unclaimed dividends over 12 years old were also returned to the Company.

CONDENSED STATEMENT OF FINANCIAL POSITION

For and on behalf of the Board

Victoria Stewart

Chairman 13th August 2025

CONDENSED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 30th June 2025.

1. Financial statements

The condensed financial information contained in this half yearly financial report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the six months ended 30th June 2025 and 30th June 2024 has not been audited or reviewed by the Company's Auditor.

The figures and financial information for the year ended 31st December 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 including the report of the auditor 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 condensed 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.

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 June 2025.

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 December 2024.

3. Return per share

4. Dividends paid

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 in the period/year have been funded from the revenue reserve.

A second quarterly dividend of 8.40p (2024: 8.25p) per share, amounting to approximately £4,553,000 (2024: £4,704,000) has been declared payable in respect of the year ending 31st December 2025. It will be paid on 1st September 2025 to shareholders on the register at the close of business on 25th July 2025.

5. Net asset value per share

The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the period/year end are shown below. These were calculated using 55,250,259 (30th June 2024: 57,067,358; 31st December 2024: 56,136,366) Ordinary shares in issue at the period/year end (excluding Treasury shares).

6. Fair valuation of instruments

The fair value hierarchy analysis for financial instruments held at fair value at the period end is as follows:

1 Includes future currency contracts.

7. Analysis of change in net debt

JPMORGAN FUNDS LIMITED

13th August 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.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.