Update on change of lead fund manager

Jupiter UK Growth Investment Trust PLC (the "Company")

Legal Entity Identifier: 549300QSBKGE8ZO08A97

Update on change of lead fund manager

On 18 February 2020 the Board announced that it had reached an agreement with Jupiter Asset Management Limited (Jupiter) for Richard Buxton to assume lead fund management responsibility for the Company. At that time, it was anticipated that Richard would assume this responsibility following shareholder approval of Jupiter's proposed acquisition of Merian Global Investors Limited (Merian) at a general meeting expected to take place before the end of April.

In light of the coronavirus pandemic and measures taken to contain the outbreak, Jupiter announced on 15 April 2020 that it now expects to seek shareholder approval for the Merian acquisition at Jupiter's Annual General Meeting of shareholders on 21 May 2020. As a result of this delay, Mr Buxton is now expected to take over lead fund management responsibility for the Company at the end of May.

In the meantime, and further to the Board's announcement on 2 April 2020, the Company's investment portfolio will continue to be managed by a Transition Management Team (TMT) comprising senior members of Jupiter's investment team led by Stephen Pearson, the Chief Investment Officer of Jupiter. The TMT has already transitioned over 95% of the portfolio to align with Merian's UK Alpha strategy and will continue to manage the Company's investment portfolio in line with that strategy until such time as Richard assumes lead fund management responsibility.

Merian's UK Alpha strategy utilises a high-conviction approach typically holding 30‑40 stocks, combining fundamental research with a patient, long‑term time horizon and has generated a strong long-term performance record consistent with the Company's investment objective and policy.

For further information, please contact:

Jupiter Asset Management Limited

Magnus Spence, Head of Investment Trusts and Alternatives

[email protected]

Tel. 020 3817 1000

Numis Securities Limited

David Benda / Matthew Goss, Investment Banking

[email protected]

Tel. 020 7260 1000

20 April 2020