Half-year Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INDIAN INVESTMENT TRUST PLC

HALF YEAR REPORT & FINANCIAL STATEMENTSFOR THE SIX MONTHS ENDED 31st MARCH 2025

Legal Entity Identifier: 549300OHW8R1C2WBYK02

Information disclosed in accordance with the DTR 4.1.3

Highlights

· For the six months ended 31st March 2025, NAV total return of -7.2% compared with -10.6% for the MSCI India Index (in Sterling terms) (the 'Benchmark'). Share price return of -4.8%.

· The key drivers of relative performance were:

1) The market decline during the six months to end March 2025 meant that CGT write backs supported performance over the review period.

2) Strong earnings were delivered in three out-of-index positions - Coforge/Exls/Make My Trip.

3) Long-standing overweight in two banks, Kotak and ICICI, due to a more favourable outlook on rates and liquidity condition, and the structural underweight to Reliance Industries, an oil and gas refiner.

· The discount to NAV narrowed from 17.8% at the previous year end to 15.6% at the half year end. As at 17th June 2025 the discount was 7.7%.

· The Company repurchased 3,136,391 shares into Treasury during the six-month reporting period, equating to 3% of the Company's share capital. Since the half year end, a further 133,228 shares have been bought back for holding in Treasury.

The Chairman of JII, Jeremy Whitley, commented:

"Whilst the Company outperformed the benchmark, thanks to positive stock selection and the favourable effect of capital gains tax credits arising from the market decline, the outright fall in returns is nonetheless disappointing. However, as we have previously noted, we believe that it is more meaningful to assess performance over the longer term"

"It remains the Board's view that the investment case for Indian equities is very strong. The pace of growth may be easing at present, but India's very positive long-term growth trajectory remains in place, supported by several major structural changes such as increased infrastructure investment, digitalisation and the growth of the middle classes."

"Together with the Company's advisers and managers, and with engagement with shareholders, on 19th May 2025 we announced a suite of proposals that we believe should enhance the attractiveness of the Company to both existing and potential shareholders and which are intended to narrow the discount to a consistently lower level."* 

*Details outlined in Chairman's statement (below), subject to shareholder approval at the General Meeting on 8th July 2025.

Portfolio Managers, Amit Mehta and Sandip Patodia, commented:

"The decline in Indian equity market, combined with the growth slowdown, meant that the six months to end March 2025 was a challenging time for investors."

"The Indian equity markets experienced a significant and broad-based correction, triggered by a cyclical yet shallow slowdown in economic activity, moderation in government-led capital expenditure, weaker than expected corporate earnings and ongoing slowdown in mass consumption."

"Looking ahead, it is important to stress that the current weakness in Indian equities, and any potential further near-term sell-off, do not alter the long-term structural opportunities offered by this market.."

CHAIRMAN'S STATEMENT

Performance

In the six months ending 31st March 2025, the Company's return on net assets was -7.2% in sterling terms. Its share price return declined by 4.8%. This compares with a return of -10.6% for the Company's benchmark, the MSCI India Index.

Whilst the Company outperformed the benchmark, thanks to positive stock selection and the favourable effect of capital gains tax credits arising from the market decline, the outright fall in returns is nonetheless disappointing. However, as we have previously noted, we believe that it is more meaningful to assess performance over the longer term, as the Portfolio Managers make their investment decisions with a view to maintaining positions for five or more years. On this basis, the portfolio made an annualised return of 16.3% in NAV terms over the five years to end March 2025, and averaged a return of 6.2% per annum on the same basis over the corresponding ten-year period. Even so, this performance lagged the benchmark's annualised returns of 19.6% and 9.4% respectively, in large part because the benchmark does not include the adverse effects of capital gains tax during periods of market strength.

In their report on pages 14 to 18 of the Half Year Report, the Portfolio Managers provide a detailed commentary on performance over the six-month review period. They also discuss portfolio activity and their outlook for the Indian market over the remainder of this year and beyond.

Discount and Share Repurchases

At the AGM held in February 2025, shareholders gave approval for the Company to renew the Directors' authority to repurchase up to 14.99% of the Company's shares for cancellation or transfer into Treasury.

The discount at which the Company's shares traded relative to its NAV narrowed from 17.8% at the previous financial year end, to 15.6% at the half year end. Consistent with the Company's share buyback policy, the Board constantly weighs the merits of buying back shares to manage the absolute level and volatility of the discount. The Company repurchased 3,136,391 shares into Treasury during the six-month reporting period, equating to 3% of the Company's share capital. Since the half year end, a further 133,228 shares have been bought back for holding in Treasury.

Result of detailed review of Company's future strategy and options

The wide discount noted above has remained a constant source of concern for the Board, as it has for a number of other Investment Companies. The Board has therefore been actively considering reasons for the continuing discount and options for tackling the issue. Together with the Company's advisers and managers, and with engagement with shareholders, on 19th May 2025 we announced a suite of proposals that we believe should enhance the attractiveness of the Company to both existing and potential shareholders and which are intended to narrow the discount to a consistently lower level. The Board concluded that the Manager's strategy and investment process of investing in quality and growth companies trading at valuations offering reasonable returns over the medium to long term would reward patient investors over a normal market cycle. Furthermore, the Board was reassured by the Investment Manager's commitment to invest in their Indian equity strategy by hiring an additional research resource to take advantage of India's expanding investable universe.

Specific amendments are being proposed in terms of additional discount control mechanisms. The Board proposes to adopt the following discount control mechanisms:

• A tender offer for up to 30% of the Company's outstanding share capital (excluding shares held in treasury) providing a cash exit at the tender price (the 'First Tender Offer'). The terms of the tender and details of the calculation of the tender price can be found in the circular on the Company's website: http://www.jpmindian.co.uk. The First Tender Offer is subject, amongst other things, to shareholders' approval. If shareholder approval is obtained, the Company's existing performance-related conditional tender offer will be removed.

• Introduce a commitment to target a single digit discount through active market buybacks, utilising the 14.99% buyback authority approved by shareholders at the AGM in February 2025.

• Introduce a triennial tender offer for 100% of the Company's outstanding share capital at a 3% discount to the prevailing NAV (the 'Triennial Tender Offers'). The Board anticipates the first of the Triennial Tender Offers to be launched in Q2 2028. It is clear from consultation with shareholders that size and scale of the Company are imperative for their ongoing engagement. The Board therefore reserves the right to withdraw the Triennial Tender Offer if the applications to tender are of a level that the Company would shrink below an NAV of £150 million. In this instance the Board would anticipate putting resolutions to shareholders to wind up the Company. In addition, the Board notes that the next continuation vote will be put to shareholders at the Company's AGM to be held in 2029.

Furthermore, the Board proposes to pay dividends each financial year totalling at least 4% of the NAV of the Company at the end of the preceding financial year. Dividends will be paid by way of four equal interim dividends in December, March, June and September each year. The Board believes that the introduction of an enhanced dividend distribution policy, which will be financed through a combination of any available net income in each financial year and other reserves, utilises the investment structure and will differentiate the Company from its peers, noting that the Company would be the only Indian Investment Company paying a dividend at this time. The Board is hopeful that the introduction of the dividend will appeal to a wider investor audience and is cognisant of the success other JPMF managed investment trusts have had in attracting additional investor demand for their shares having adopted such an enhanced dividend distribution policy.

In addition to the initiatives outlined above, the Board is pleased to announce that the Company's investment management fee arrangements with JPMF will change. With effect from 1st October 2025 the annual investment fee will be calculated as 0.65% on the first £300 million of the lower of the Company's market capitalisation or net assets and 0.55% in excess of £300 million, instead of 0.75% on the first £300 million and 0.60% in excess of £300 million.

A General Meeting will be convened on 8th July 2025 at 11.00 a.m. at 60 Victoria Embankment, London, EC4Y 0JP, at which all shareholders will be able to vote on the resolutions proposed respectively: to authorise the Company to make market purchases of the exit shares pursuant to the First Tender Offer, to adopt the enhanced dividend distribution policy and to approve certain amendments to the Company's existing Articles required in connection with the enhanced dividend distribution policy. More details, including the notice of the General Meeting, can be found in the circular on the Company's website.

Shareholders should note that the proposed discount control mechanisms set out above and the enhanced dividend distribution policy will not be implemented unless all the Resolutions are passed at the General Meeting.

The Board

Charlotta Ginman became the Chair of the Audit and Risk Committee at the conclusion of the Company's 2025 AGM, following the retirement of Jasper Judd. I would like to take this opportunity on behalf of the Board to thank Jasper once again for his dedication and consistently insightful and constructive input.

Stay Informed

The Company delivers email updates containing regular news and views, as well as the latest performance. If you have not already signed up to receive these communications and you wish to do so, you can opt in via www.tinyurl.com/JII-Sign-Up, or by scanning the QR code in the Half Year Report. Shareholders are also encouraged to visit the Company's website at www.jpmindian.co.uk, which contains detailed information on the Company's performance, and monthly commentaries, as well as interviews and recordings with the Portfolio Managers.

Outlook

The new US administration's approach to trade policy and international relations more generally is clearly a source of exasperation and some despair for investors everywhere. But India should be able to weather the effects of a global trade war, should one eventuate, better than most other major economies. India's export dependency is relatively low, while corporate balance sheets are in good shape and the Reserve Bank of India has adopted a more supportive monetary stance in response to the current growth slowdown.

And taking a longer view, it remains the Board's view that the investment case for Indian equities is very strong. The pace of growth may be easing at present, but India's very positive long-term growth trajectory remains in place, supported by several major structural changes such as increased infrastructure investment, digitalisation and the growth of the middle classes. Among the major economies, only China can hope to achieve comparable rates of growth over the next decade. This positive outlook will generate many exciting opportunities for patient, long-term investors such as your Company to invest in quality companies, with superior growth prospects, at the right price.

My fellow board members and I are confident that this approach will continue to provide shareholders with consistent, attractive returns as India realises its substantial long-term potential.

If the anticipated returns do not meet the Board's expectations, we believe the proposals outlined in the previous section, especially the Triennial Tender Offer for 100% of the company's outstanding share capital at a 3% discount to the prevailing NAV, will provide shareholders with the choice to either continue their investment or opt to cash out. Should shareholders choose to cash out, they will have the flexibility to do so at a time and in a manner that suits them, rather than being subject to unpredictable market conditions.

We thank you for your ongoing support.

Jeremy Whitley

Chairman 18th June 2025

INVESTMENT MANAGER'S REPORT

Market Review

During the six months ending 31st March 2025, the MSCI India Index declined by 10.6%, compared to the MSCI Emerging Markets Index, which declined by 1.5%, the MSCI China Index, which rose by 10.4%, and the S&P 500, which rose by 1.8%. The MSCI India small cap index fell 15.5% during the same period. In summary, the Indian equity markets experienced a significant and broad-based correction, triggered by a cyclical yet shallow slowdown in economic activity, moderation in government-led capital expenditure, weaker than expected corporate earnings and ongoing slowdown in mass consumption. The market reaction was exacerbated, and rightly so, given rich valuations across most sectors except perhaps financials.

The Reserve Bank of India (RBI) had been managing a tightrope with stubbornly high inflation and slowing economic activity. Given inflation remained above the RBI band they had rightly stuck to a tighter monetary stance. However, with inflation largely now coming under control and declining oil prices, we have seen the RBI quickly pivot to a monetary easing stance by cutting interest rates and injecting liquidity into the banking system to support growth. It appears that the government wants to ensure that GDP growth for the full year does not fall below 6.5% and has sufficient monetary and fiscal ammunition in reserve to effect it.

Further, it is notable that the market reaction to threats of higher US tariffs has so far been muted because India is relatively more immune to higher tariffs by the US given: (1) its lack of dependence on exports, particularly to the US (export of goods to the US as a percentage of GDP stood at approximately 2% for CY2024); (2) the government aggressively pursuing a trade deal with the US; and (3) any potential impact being cushioned by a precipitous fall in the oil price. In summary, despite valuations looking elevated, the Indian stock market has been relatively supported by monetary easing and international flows into the equity market.

Economic Activity

The slowdown in economic activity during the six months ended on 31st March was due to a combination of factors:

- Government capex slowed: Last year's general election, which concluded in June 2024, led to significant delays in government spending, particularly on infrastructure. Further, having doubled government capex as a percentage of GDP from around 1.5% of GDP pre-Covid to current levels of around 3% of GDP, the government now plans to grow it in-line with nominal GDP. This means that it is unlikely to be an incremental driver of growth going forward.

- A broad-based upsurge in private capex is yet to materialise: The government has done the heavy lifting on boosting the economy via capex spending in recent years, and public investment in energy infrastructure looks set to continue. The government now expects the private sector to step up its capital spending more generally; however, this has not happened yet except in select sectors like power, electronics, and real estate.

- Consumption remains weak: Given the excess labour supply (mainly blue collar) post-Covid, persistently high inflation (until easing recently) and weakness in the IT services sector (which employs the largest pool of white-collar workers in the country), urban consumption has remained weak particularly among middle- and lower-income households. This has impacted corporate earnings in the consumer sector.

- Restrictive monetary policy: The RBI's ability to support activity by cutting interest rates was limited by high inflation, as discussed above, especially in essential goods. The RBI also tightened controls on unsecured consumer loans to prevent any credit bubble, adding an additional constraint on consumer spending and home sales.

However, as we look forward (and more below), we view some of these headwinds to be largely behind us. Inflation has eased notably since the beginning of 2025, as unfavourable base effects have dissipated, and this has created space for the RBI to shift to a more accommodative monetary policy stance to support activity. It is useful to consider this policy flexibility in the context of alternative investment destinations. Encouragingly, we do not see a challenge to the ability of the Indian economy to deliver double digit nominal economic growth on a consistent basis, which is moving it swiftly up the global ranking in terms of size. While corporate earnings growth is likely to be slower than previously expected, we still expect earnings growth for the next fiscal year to be around high single digits/double digits, again likely higher than that of any other large economy. In our view, the Indian economy had grown a little above its natural trend rate driven by government spending. As this slows, we now expect the economy to go back to its natural rate of growth, which is far from a disaster.

Performance Review

The decline in Indian equity market, combined with the growth slowdown, meant that the six months to end March 2025 was a challenging time for investors. Your Company experienced a 7.2% decline in its net asset value (NAV), which includes the impact of capital gains tax. We have previously spoken and written at length about the issues arising because the Benchmark does not account for capital gains tax (CGT). This means that when the market rises, depending on the holding period, there is a very significant adverse impact on the Company's net asset value performance, relative to the Benchmark. This performance, while better than the market/benchmark decline of 10.6% over the period, is nonetheless disappointing.

The Company's share price fell by 4.8%, resulting in a further narrowing of the share price discount to NAV from 17.8% to 15.6% over the six month period.

The key drivers of relative performance were:

1) The market decline during the six months to end March 2025 meant that CGT write backs supported performance over the review period.

2) Strong earnings were delivered in three out-of-index positions - Coforge/Exls/Make My Trip.

3) Our long-standing overweights in two banks, Kotak and ICICI, due to a more favourable outlook on rates and liquidity condition and our structural underweight to Reliance Industries, an oil and gas refiner.

In terms of detractors, several of our auto sector holdings, including overweights to Bajaj Auto and Tata Motors, dragged down relative performance, due to weaker demand within the sector and vulnerability to US tariffs. Our underweight in Bharti Airtel also hurt returns over the period. Style factors also detracted, as cyclical and value stocks performed best, while the quality growth stocks we favour underperformed.

Select Portfolio Activity

Before we delve into the portfolio changes made over the past six months, a reminder about our investment strategy: we aim to invest in great businesses with strong governance standards at attractive valuations. We think about our investments in that order, by first answering the question whether it is a good business and only then looking at valuation. The material falls in many stocks over the past six months have created some very interesting investment opportunities, as many quality growth stocks which we previously viewed as over-priced are now starting to trade at more acceptable valuations, and we have sought to take advantage of this situation.

New Initiations

Select portfolio acquisitions we made during the review period include:

Hexaware Technologies - IPO

Hexaware is a mid-cap IT Services company with 1.4 billion USD revenues. We are impressed with CEO Keech's success in turning this business around over the past decade, with the support of an experienced, stable management team. The company now benefits from competitive advantages stemming from its client centric culture, a differentiated suite of in-house AI-enabled platform offerings such as RapidX, Tensai and Amaze, and a disciplined and prudent approach to capital allocation. As a result, the company has delivered consistent growth over the last ten years and is steadily increasing its market share. The company was available at reasonable valuations, and we decided to participate in the IPO given the underlying quality of the business, strength of the management team and prospects of the business (with a growth target of 3 billion USD by 2030).

Max Health

Max Health is India's second largest private hospital chain, with operations and profitability superior to the rest of the industry. The business has inherent structural advantages including a skew towards complex procedures and a strong presence in the largest markets in Delhi and Mumbai. A significant part of Max's success is attributed to CEO Abhay Soi, a 'hospital restructuring specialist' with a private equity background. He is overseeing a multi-year expansion plan, and the investment case depends on how well the company manages to balance growth and profitability as it scales up. We have initiated a position as the outlook is supported by earnings growth of 20%, assuming a successful expansion program. While headline valuation multiples look high, we believe if the company can execute on its growth potential it will grow into these multiples.

Vishal Megamart - IPO

Vishal is the largest value retailer in India (ex DMART) serving aspirations of a large middle and lower-income section of the Indian population (c.225 million households; 67% of total households) with 696 stores and 12 million sq ft retail area across 450+ cities. The company has been a remarkable turnaround story, where erstwhile PE owners, TPG Capital along with CEO Gunender Kapoor ('GK') bought the brand 'Vishal' with 150+ department stores from bankruptcy in 2010-11 and approached value retailing with an apparel-first approach including a wide assortment mix of general merchandise/FMCG (fast moving consumer goods) and envisioned the store retailing economics from first principles. Today, the company generates 1.2 billion USD in sales with strong core return ratios of 60% +(post-tax ROIC), a near 100% post-tax operating ROCE with a cashflow conversion of 80%. Given the attractive economics and long duration opportunities and a positive view on the management team, we initiated a position in the IPO.

ICICI Lombard

ICICI Lombard is India's second largest general insurer and the largest in the private sector, a title it has held since 2003. It is a multi-line insurer and a leader in commercial and group health segments. Its economics are excellent, with superior underwriting and ROE versus most of the industry. The management team is highly experienced and prioritises profitability over aggressive growth. The Indian market offers material growth potential for non-life insurance, from which ICICI Lombard will benefit.

Max Financial

Max Financial is a good quality life insurance business with strong growth potential, reasonable returns, and a strong management team. In addition, the stock was available at a discounted valuation compared to peers within the sector due to longstanding uncertainty over the company's relationship with its owner Axis Bank. However, we expect these concerns to dissipate soon as Max Financial's collaboration with Axis Bank deepens, in a similar manner to the HDFC Bank/HDFC Life relationship. This could potentially trigger a narrowing of Max Financial's valuation discount.

Complete Sales

These acquisitions, and some top-ups to existing holdings where valuations merited, were funded by several disposals and trims to positions which had disappointed expectations.

Disposals included:

Embassy REIT

Embassy is Asia's largest investor in office space. We exited this position due to corporate governance issues arising from the CEO's departure.

Endurance

This disposal was motivated by the fact that we already have a large exposure to Bajaj Auto, and a lot of Endurance's business is connected to Bajaj. We also wanted to manage our overall exposure in the auto sector.

Bajaj Housing Finance

Having initiated a position in a quality housing finance company at its IPO, we exited our position following strong stock price performance and less upside to intrinsic value.

Outlook

Given heightened volatility as we write we are reminded of that famous Buffett saying that it's wise for investors "to be fearful when others are greedy and to be greedy only when others are fearful."

Through last year, we were worried and cautious about certain parts of the Indian equity universe, particularly, small and mid-cap companies and highly valued growth businesses. We were less, if at all, concerned about the quality of the underlying franchises but we questioned how we would make attractive returns in a lot of these businesses given starting valuations and the distance we perceived they were from their underlying intrinsic value. The last six months have certainly started to show some restoration of value in both these segments, which makes us more interested.

We are cautious about the outlook for the Indian economy over the remainder of 2025, but we want to stress that we do not see reason to be concerned about the risk of even a mild recession. In the last couple of years, the Indian economy has been growing above its normal trend rate, thanks in part to tailwinds provided by the strong performance of capital markets. In our view, the current economic slowdown reflects the economy's inevitable convergence back to trend, which is likely to take more time to run its course.

The global macroeconomic backdrop is unlikely to be supportive as this process plays out. We are more concerned than most Indian investors about the potential economic and market risks associated with the new US administration's aggressive and unpredictable tariff policy. Even if US threats against its trading partners do not fully materialise, tariffs at any level are inflationary and the uncertainty generated by the US administration's on-off approach to trade negotiations will likely dampen consumer and investor confidence in many markets, to the point that a global slowdown appears inevitable.

However, it is important to bear in mind that the Indian economy is well-positioned to cope with such challenges. It is one of the world's most stable and resilient economies, with less exposure to a global economic slowdown. This is evidenced by the fact that since 1980, India has largely avoided full-blown recessions (except during the pandemic). The country has a low level of export dependence - exports account for only 11% of GDP, one of the lowest dependency levels among its emerging market peers, while its domestic consumption accounts for approximately 60% of GDP, vs only c 40% in China. In addition, corporate and bank balance sheets are healthy, banks' non-performing assets are at a record low of less than 3%, and the RBI is becoming more supportive as growth slows, inflation eases and geopolitical uncertainties escalate. India's rural economy is also relatively insulated from global cycles and will provide a further safety buffer against a worldwide downturn.

Although any further slowdown in activity is likely to be relatively shallow, it will nonetheless impact margins and earnings as demand weakens, and businesses are forced to absorb at least some of the costs associated with higher tariffs. This suggests that although Indian equity valuations have already fallen significantly - they are currently around 20% below their end of September 2024 peaks - there is scope for some further de-rating across the market cap spectrum as markets factor in a deterioration in the earnings outlook, and multiples revert to their long-term averages. Yet there are positives associated with this somewhat gloomy market prognosis. As ever, and as we have already seen over the review period, near-term disruption inevitably generates interesting investment opportunities at more attractive prices.

In terms of specific sectors, we are seeing potentially interesting opportunities among industrial names. These are companies which had benefitted from the first stage of government investment; investor extrapolation on expectations of rates of growth that meant valuations got so far away from intrinsic value creation that we could not see how it was possible to make money from these businesses. In this area, a lot of the valuation froth and earnings outlook has become much more rationale. We are also seeing an opportunity to broaden our exposure to discretionary spending stocks. While consumer demand from middle- and lower-income households has been weak, higher income households have benefitted from wealth effects, and they remain discerning and willing to pay for convenience. We expect this to continue driving demand in several sectors, notably travel (to the benefit of companies such MakeMyTrip), premium vehicles such as SUVs (M&M), and quick commerce (Zomato), as well as real estate and related household goods. In addition to this, the government has become a lot more focused on boosting consumption for the middle-income segment which we saw in tax cuts in the last budget, with the aim a of more balanced approach between consumption and capex.

Looking further ahead, it is important to stress that the current weakness in Indian equities, and any potential further near-term sell-off, do not alter the long-term structural opportunities offered by this market. The investment case for India remains compelling as the country's long term growth prospects will continue to be amongst the strongest in the world, thanks to the rapid growth of its middle classes. This growth will continue to be supported by major structural reforms, including the government's ongoing commitment to infrastructure development.

Given the market's very favourable long-term prospects, combined with the emergence of more appealing near-term opportunities, we intend to continue with our strategy of seeking out high quality companies, at attractive prices, with the intention of investing patiently, over a long-time horizon. In our view, this will continue to provide shareholders with exposure to the best ideas in this vibrant and exciting market and deliver substantial positive returns over the medium to long term.

We would like to thank shareholders for their continued support.

For and on behalf of

JPMorgan Asset Management

Investment Manager

Amit Mehta

Sandip Patodia

Portfolio Managers 18th June 2025

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its Half Year Report.

Principal and Emerging Risks and Uncertainties

The principal and emerging risks facing the Company are substantially unchanged since the date of the Annual Report for the financial period ended 30th September 2024 and continue to be as set out in that report on pages 32 to 36. Risks faced by the Company include, but are not limited to, poor and ineffective execution of strategy, breach of legal and regulatory rules, share discount, cybercrime, broadscale external factors, taxation, market and geopolitical tensions, monetary and climate change.

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 objective, 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 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 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 UK-Adopted International Accounting Standards 34 '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 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-adopted international 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

Jeremy Whitley

Chairman

18th June 2025

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

The Company does not have any income or expense that is not included in the net (loss)/profit for the period. Accordingly the 'Net (loss)/profit for the period', is also the 'Total comprehensive income' for the period, as defined in IAS1 (revised).

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

The 'Total' column of this statement represents the Company's Statement of Comprehensive Income, prepared in accordance

with IFRS.

The supplementary 'Revenue' and 'Capital' columns are prepared under guidance published by the Association of Investment Companies.

All the (loss)/profit and total comprehensive income is attributable to the equity shareholders of JPMorgan Indian Investment Trust plc, the Company. There are no minority interests.

Condensed Statement of Changes in Equity

CONDENSED STATEMENT OF FINANCIAL POSITION

1 Included in other payables is an amount of £294,000 (31st March 2024: £361,000; 30th September 2024: £335,000) for repurchase of shares awaiting settlement.

CONDENSED STATEMENT OF CASH FLOWS

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st March 2025

1. Principal activity

The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010.

2. Financial Statements

The financial information for the six months ended 31st March 2025 and 2024 has not been audited or reviewed by the Company's auditors.

The financial information contained in these half year financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

The information for the Company for the year ended 30th September 2024 has been extracted from the latest published audited financial statements. 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.

3. Accounting policies

The financial statements of the Company have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.

Where presentational guidance set out in the Statement of Recommended Practice (the 'SORP') for investment trusts issued by the Association of Investment Companies in July 2023 is consistent with the requirements of IFRS, the financial statements have been prepared on a basis compliant with the recommendations of the SORP.

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.

4. (Loss)/earnings per share

5. Net asset value per share

The Company will only re-issue shares held in Treasury at a premium and therefore these shares have no dilutive potential.

6. Disclosures regarding financial instruments measured at fair value

The disclosures required by the IFRS 13: 'Fair Value Measurement' are given below. The Company's financial instruments within the scope of IFRS 13 that are held at fair value comprise its investment portfolio.

The investments are categorised into a hierarchy consisting of the following three levels:

Level 1 - valued using unadjusted quoted prices in active markets for identical assets and liabilities.

Level 2 - valued by reference to valuation techniques using other observable inputs not included within Level 1.

Level 3 - valued by reference to valuation techniques using unobservable inputs.

The recognition and measurement policies for financial instruments measured at fair value are consistent with those disclosed in the last annual financial statements.

The following tables set out the fair value measurements using the IFRS 13 hierarchy at the relevant period end:

JPMORGAN FUNDS LIMITED

19th June 2025

For further information, please contact:

Sachu Saji

For and on behalf of

JPMorgan Funds Limited

Telephone: 0800 20 40 20 or or +44 1268 44 44 70

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

ENDS

A copy of the Half Year Report will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Half Year Report will also shortly be available on the Company's website at http://www.jpmindian.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.