LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 31ST JULY 2023

Legal Entity Identifier: 549300OPJXU72JMCYU09

Information disclosed in accordance with the DTR 4.1.3

JPMorgan Global Emerging Markets Income Trust plc (the 'Company' or 'JEMI') announces its financial results for the year ended 31^st July 2023.

CHAIR'S STATEMENT

Performance

This is my first annual report as chair of your Company, and I am pleased to be able to tell you that the past year ended 31st July 2023 has been an encouraging one, with the Company making a positive return, comfortably ahead of the Benchmark Index. I would like to thank my predecessor, Sarah Fromson, for her leadership of the Company in her time as Chair. Many of the building blocks upon which the Company's success depends are a consequence of her contribution. The Board and I wish her well in her future endeavours.

During the period, the Company's total return on net assets, including dividends, was 9.2%, which compares favourably with the Benchmark return of 2.5%. The total return to shareholders (which includes both the share price return and dividends) was 12.6%. This reflected some narrowing of the discount to net asset value at which the Company's shares trade, from 11.6% at 31st July 2022 to 9.3% at the end of the period under review. Given the Company's long-term investment approach, I want to draw your attention to the fact that performance over periods of three years and beyond remains excellent.

China's economy was the key driver of Emerging Market performance over the past year, giving investors a bumpy and uncomfortable ride. Optimism sparked by China's unexpectedly rapid abandonment of its harsh zero Covid restrictions late in 2022 saw Chinese equity markets rise sharply in Q422. However, during the first half of 2023, hope gave way to disappointment and renewed market weakness, with China's recovery proving shallower and more hesitant than most expected. The year's other notable development was investors' sudden enthusiasm for stocks expected to profit from the rapid integration of artificial intelligence ('AI') tools into work practices and many aspects of daily life, which benefitted some of the Company's Taiwanese portfolio holdings.

The Performance Attribution table below shows that a substantial proportion of the Company's relative performance was derived from stock selection decisions made by the Portfolio Managers. B3, Novatek and Grupo Financiero Banorte were the largest individual stock contributors to performance, although these gains were partially offset by the adverse influence of underweight positions in India, South Korea and Turkey. The Investment Manager's Report, which can be found below, reviews the market environment, the Company's performance and portfolio allocations in more detail. It also considers the outlook for emerging markets over the coming year.

Dividends

The Company's gross revenue for the year amounted to £20.8 million (2022: £22.2 million) with net revenue of £16.9 million (2022: £18.1 million), slightly reduced from the prior year, in part due to a timing issue of receipt of dividends from our Taiwanese portfolio holdings. Please see the Investment Manager's Report below for further details. Net revenue return per ordinary share for the year, calculated on the average number of shares in issue, was 5.70p (2022: 6.11p).

During the financial year, the Board paid three interim dividends of 1.0p per share and on 4th September 2023 it announced the payment of a fourth interim dividend of 2.30p per share. This brings the total dividend for the financial year to 5.30p per share, a modest increase from the previous year (2022: 5.20p per share).

The Board pays four interim dividends, reflecting the support we have received from shareholders for a regular and timely income stream. We are seeking shareholder authority to maintain this dividend payment policy at the forthcoming Annual General Meeting ('AGM').

The Board closely monitors dividend receipts, given their importance to the Company. Both the Investment Manager and the Board are of the view that Emerging Markets continue to offer long term growth potential with attractive income prospects. The Board carefully considers the outlook and potential risks with the investment team on a regular basis, including a sensitivity analysis of the impact of currency movements on revenue receipts. As shareholders are aware, the Company receives dividends in the currencies of developing countries and in US dollars but pays dividends in sterling. It has not been the Company's policy to hedge currency risk as that is expensive and, for many currencies, impracticable. That policy inevitably means that the Company's asset value and cash flows will be buffeted by adverse currency movements (if sterling strengthens) and flattered by favourable moves (if sterling weakens relative to emerging market currencies and US dollars).

Loan facilities and gearing

The Board regularly discusses gearing with the Portfolio Managers, who use it to enhance long-term shareholder returns. As reported in our 2023 Half Year Report, the Company's US$20 million fixed interest loan facility with National Australia Bank was repaid in November 2022. The Company secured a competitive US$20 million, two-year revolving loan facility with Mizuho Bank Limited, repayable in November 2024.

The Company also maintains a US$20 million floating rate loan facility with ING Bank, repayable in early October 2023. With the pending maturity of this facility, your Board has been working closely with the Manager to assess the Company's borrowing options. The Company has renewed its US$20 million revolving loan facility with ING Bank for a further two years. Further details can be found on page 82 of the Annual Report.

As at 31st July 2023, portfolio gearing stood at 5.7% (31st July 2022: 5.7%).

Share repurchases and issuance

During the financial year to 31st July 2023, the Company's share price traded at an average discount to net asset value ('NAV') of 10.5%.

The Board regularly considers the merits of buying back shares to manage the level and volatility of the discount and will buy back shares if it is considered to be in the best interests of shareholders to do so. As shares are only bought back at a discount to the prevailing NAV, share buybacks benefit shareholders as they increase the NAV per share of remaining outstanding shares. During the financial year, the Company bought back 358,101 shares into Treasury for a total cost of £448,000. It did not issue any shares. These purchases were value accretive for shareholders and underscore your Board's belief that there is attractive value in the investments held by the Company.

At the forthcoming AGM, the Board will seek a renewal of shareholder authority to issue up to a further 10% of the Company's issued share capital and to buy back its own shares. It is the Board's intention to use the repurchase and allotment authorities to manage imbalances between the supply and demand of the Company's shares, thus reducing the volatility of the discount or premium in normal market conditions and to meet demand for the Company's shares as and when they trade at an appropriate premium to net asset value.

Investment Management Fees

Since the year end, the Board has agreed with the Manager that the Company's investment management fees should be tiered.

With effect from 1st November 2023, the investment management fee will be charged on a tiered basis at an annual rate of 0.75% of the Company's net assets on the first £500 million and at 0.65% of net assets above that amount. This compares with the previous arrangement under which the management fee was charged at an annual rate of 0.75% on net assets. The fee will continue to be calculated and paid monthly.

Investment Team

Omar Negyal and Isaac Thong are the lead Portfolio Managers, supported by the Investment Manager's extensive team of analysts across Global Emerging Markets. As previously announced, Jeffrey Roskell, a portfolio manager for the Company since 1st August 2016, has announced his retirement from JPMorgan Asset Management in the first quarter of 2024. We would like to thank Jeffrey for his contribution to the management of the Company's assets and wish him the very best in his retirement.

Board and Corporate Governance

During the year, the Board extended the remit of the Nomination Committee to include responsibility for Directors' remuneration in accordance with the provisions of the AIC Code of Corporate Governance, this committee is now known as the Nomination and Remuneration Committee. I am a member of this committee, being fully independent of the Manager now and on my appointment.

Following the Board's annual evaluation by the Nomination and Remuneration Committee, it is felt that the Board's composition and size remains appropriate. The Nomination and Remuneration Committee is cognisant that Caroline Gulliver will reach her ninth-year anniversary of shareholder appointment to the Board at the 2024 AGM. The Nomination and Remuneration Committee will commence a search, in early 2024, with assistance from an appropriate independent recruitment specialist for board level searches, for Caroline's successor. An update will be provided in 2024.

The Board has recently established a separate Management Engagement Committee, chaired by me, and comprising the entire Board, all of whom are independent of the Company, its Manager and its advisers. The Management Engagement Committee's key purpose is to review the continued appointment, remuneration and performance of, and contractual arrangements with, the Manager and the Company's other key service providers. The Management Engagement Committee will not review the performance of the Company's auditor, the review of which remains within the remit of the Audit and Risk Committee.

The Board supports the annual appointment/reappointment for all Directors, as recommended by the AIC Code of Corporate Governance, and therefore all Directors will stand for reappointment at the forthcoming AGM. Shareholders who wish to contact the Chair or other members of the Board may do so through the Company Secretary or the Company's website, details of which can be found below.

Environmental, Social and Governance

Whilst the Company is not a sustainable or environmental, social and governance ('ESG') investment vehicle, and does not explicitly target ESG outcomes as part of portfolio construction, we welcome the Investment Manager's incorporation of financially material ESG considerations into its investment process. The potential impact of financially material ESG factors on a company's ability to deliver shareholder value is considered as part of the Portfolio Managers' stock selection process. Your Board shares this belief in the importance of financially material ESG factors for long-term investments and supports the Portfolio Managers' efforts to maintain continuous engagement with investee companies.

Task Force on Climate-related Financial Disclosures

On 30th June 2023, as a regulatory requirement the Investment Manager published its first UK Task Force on Climate-related Financial Disclosures Report for the Company in respect of the year ended 31st December 2022. The report discloses estimates of the portfolio's climate-related risks and opportunities according to the Financial Conduct Authority Environmental, Social and Governance Sourcebook and the Task Force on Climate-related Financial Disclosures Recommendations ('TCFD'). The report is available on the Company's website: www.jpmglobalemergingmarketsincome.co.uk

This is the first report under the new guidelines and disclosure requirements. The Board is aware that best practice reporting under the TCFD regime is still evolving both with regard to metrics and input data quality, as well as the interpretation and implications of the outputs produced, and will continue to monitor developments as they occur.

Annual General Meeting

The Company's AGM will be held at 60 Victoria Embankment, London EC4Y 0JP on Monday, 27th November 2023 at 2.00 p.m. Full details of the format and explanations of the business proposed at the AGM can be found in the Notice of Meeting on page 96 of the full Annual Report.

We are delighted to invite shareholders to join us in person for the Company's AGM. However, those Shareholders wishing to follow the AGM proceedings without attending in person will be able to view them live and ask questions (but not vote) through conferencing software. Details on how to register, together with access details, will be available shortly on the Company's website at www.jpmglobalemergingmarketsincome.co.uk or by contacting the Company Secretary at invtrusts.cosec@jpmorgan.com.

As is best practice, all voting on the resolutions will be conducted on a poll. Shareholders who are unable to attend the AGM in person are strongly encouraged to submit their proxy votes in advance of the meeting, so that they are registered and recorded at the AGM. Proxy votes can be lodged in advance of the AGM either by post or electronically: detailed instructions are included in the Notes to the Notice of Meeting on pages 96 to 99 of the full Annual Report.

Shareholders are encouraged to send any questions ahead of the AGM to the Board via the Company Secretary at the email address above. We will endeavour to answer relevant questions at the meeting or via the Company's website. My fellow Board members, representatives of JPMorgan and I look forward to the opportunity to meet and speak with shareholders after the formalities of the meeting have been concluded. We would also welcome comments and questions from shareholders throughout the year, please use the same contact details as above.

If there are any changes to the above AGM arrangements, the Company will update shareholders through an announcement to the London Stock Exchange and on the Company's website.

Outlook

Wariness is spreading across markets as the Middle East crisis looks increasingly complex. Oil prices are climbing amid concerns about global supplies and crude is expected to remain susceptible to more spikes on signs of further disruptions in the Middle East. Global gas supply is set to remain tight and subject to a wide range of uncertainties. These latest developments increase concerns on higher inflation and lower growth.

Despite some near-term uncertainties, there are good reasons to be optimistic about the long-term prospects for Emerging Markets. The uncertainties relate mostly to how the US and Chinese economies perform in coming months. In the US, the Federal Reserve's restrictive monetary stance is likely to dampen activity over the remainder of this year and next, which may reduce demand for Emerging Market exports. It is not yet clear whether the US economy will dip into recession as the impact of higher interest rates and tighter financing conditions are seemingly taking longer to take effect on consumer demand and inflation than previously expected. With respect to China, we share the Portfolio Managers' assessment that the market does not fully appreciate that, although China's near-term growth is less vigorous than before the pandemic, its GDP is forecast to grow much more rapidly than in most developed economies. Longer-term growth is likely to be supported by the Chinese authorities' pro-growth stance. When investors form a more realistic and more upbeat view of the country's prospects, China is likely to resume its role as an important positive driver of activity and markets within Asia and further afield, especially if the recent apparent warming in relations between China and the US results in an easing of trade and political tensions between the world's two largest economies.

It is important to note that, while China has been absorbing investors' attention in recent months, many other Emerging Markets, notably equity markets in Taiwan, Mexico and Peru have been performing well and are forecast to continue growing strongly over the medium term. Expansion will be underpinned by positive structural trends such as digitalisation, urbanisation and favourable demographics, which result in growing working-age populations and rising incomes.

In summary, the Board believes that Emerging Markets continue to offer many attractive opportunities capable of delivering capital growth and above market yields, especially after the declines in valuations seen over the past couple of years. The Company's strong track record gives us confidence that the Portfolio Managers have the skills, experience and discipline to identify and capitalise on these opportunities for the ongoing benefit of our shareholders.

On behalf of the Board, I would like to thank you for your ongoing support.

Elisabeth Scott

Chair                                                                                                                                           25th October 2023

INVESTMENT MANAGER'S REPORT

Introduction

For the year ended 31st July 2023, the Company's total return on net assets, including dividends, was 9.2%. This compares with our Benchmark, with dividends reinvested, which returned 2.5%. The return on shares, including dividends, was 12.6%. It is pleasing to be able to report outperformance over the year, as well as over a longer-term period. Over a three-and five-year basis, the Company made annualised returns of 9.0% and 5.7% respectively in NAV terms, compared to Benchmark returns of 2.1% over both periods respectively.

This supports our view that our income philosophy and process can work well within Emerging Markets, producing a portfolio with value and quality characteristics, which can provide a healthy level of income for shareholders while also providing good participation in Emerging Markets.

Investment environment

In the 12 month period ended 31st July 2023, developments in China were the main focus for emerging market investors. During the first half of the period, China's surprisingly rapid reopening late in 2022, after a long period of severe, 'zero covid' restrictions, prompted a sharp rally in the market. MSCI China returned 4.5% (in GBP) in the fourth quarter of 2022 in anticipation of a strong rebound in economic activity. However, the recovery proved to be unexpectedly lacklustre, as consumer demand remained weak, and the property market continued to stagnate after the government's harsh crackdown on speculative activity in 2020. Investors were also wary about persistent geo-political tensions, both with Taiwan and the US. The Chinese market lost some of the ground gained in the fourth quarter of 2022, ending the seven months to 31st July 2023 down 1.4% (MSCI China total return, in GBP).

Investors in all markets also watched the US closely during the review period, as the Federal Reserve continued to raise interest rates to damp down inflation pressures. This stringent monetary policy stance raised concerns about the possibility of a US recession, and emerging market investors worried about an associated contraction in demand for exports from emerging markets.

The first half of 2023 also saw a surge in interest in artificial intelligence ('AI'), following the launch of Chat GPT, a language processing tool driven by AI, which can conduct conversation and undertake simple writing and research tasks. Investors focused on AI's potential to transform work practices and boost productivity, and semiconductor manufacturers and tech companies perceived to be at the forefront of this AI revolution have been the key drivers for markets in recent months.

Performance attribution

for the year ended 31st July 2023

Source: JPMAM and Morningstar. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark index.

¹     The Company has bought back shares during the year. However, the number of shares purchased is not material enough to have a significant impact as indicated in the table.

A glossary of terms and APMs is provided on pages 100 to 102 in the annual report.

Performance drivers over the past year

Stock selection enhanced relative returns during the financial year. The table below shows the top five and bottom five contributors to performance over this period.

Looking at some of the main individual contributors to performance:

Our position in B3, Brazil's main stock exchange, was the largest positive contributor to performance. We like exchanges in general, as they tend to be high quality companies with few, if any, competitors. Furthermore, they generate strong free cash flow and often have attractive dividend policies. All these points hold true for B3, and the stock re-rated strongly over the period.

The holding in Taiwan's Novatek Microelectronics Corp, which designs chips for screens as well as other specialised applications, contributed to performance. Novatek's share price rose strongly, helped by an easing in market worries over high inventory levels. The company also reported meaningful improvements in revenue over several quarters. We continue to see the company as being able to generate a healthy return on equity and we like the fact it has been able to maintain its strong position within the market over a long period of time, showing that it has the ability to navigate multiple product cycles.

Within financials, the holding in Grupo Financiero Banorte, a Mexican bank, contributed to performance. Banorte's net interest margin has expanded thanks to rate increases and accelerated growth in lending. Additionally, this bank has demonstrated good governance, and prudent capital allocation, as illustrated by management's decision to eschew an offer to acquire its competitor, Banamex, from Citibank. Mexico's macroeconomic prospects are also positive - its GDP growth is expected to outpace that of other Latin American countries, thanks in part to nearshoring trends (discussed further below), which will allow Banorte to benefit from greater local financing opportunities.

Of our holdings in consumer staples, an overweight in Inner Mongolia Yili Industrial Group, which produces and sells dairy products, detracted from performance. The company's share price de-rated due to slower than expected sales growth and low returns from branding investments. Earnings also became more volatile due to expenses related to covid controls. However, we continue to hold this stock, as we expect these issues to fade with time. Furthermore, the company has been able to hold on to gains in market share and new product categories are growing well. Among communication services holdings, not owning China's internet content giant Tencent detracted from performance. However, we will continue to remain uninvested in the stock, as it does not offer an attractive dividend yield.

Among materials sector positions, our decision not to own POSCO, a Korean steelmaker which produces materials used in the manufacture of vehicles, machinery and home electronics, also detracted from returns. The stock rallied thanks to Korean retail investors' enthusiasm for battery materials. The company's plans to produce battery cathodes were also well-received by the market, but we intend to stay out of the stock, as we do not share the market's conviction in POSCO's fundamentals, or its ability to fend off competitors over the long-term.

Country contributors to relative performance

Our country allocations had a positive impact on relative performance over the year. The Company's exposure to Mexico was the most important contributor. Since the pandemic, manufacturers have attempted to diversify and strengthen their global supply chains, and Mexico's proximity to the large markets of the US and Canada means it stands to benefit greatly from this nearshoring trend, via heavier investment in manufacturing, including from foreign investors. In fact, these benefits are already materialising - Mexico became America's top trading partner during the first half of 2023. Our positions in Banorte and Kimberly Clark Mexico, a supplier of household and personal products, have done well accordingly. Peru was another market which added to relative returns, due to our position in copper miner Southern Copper. Demand for copper is strong and likely to increase over time as this mineral is a key component of batteries and other components and equipment necessary of the transition to net zero carbon emissions.

In Asia, our exposure to Taiwan was another positive contributor to relative returns, thanks to gains in our holdings in semiconductor companies such as Novatek Microelectronics and computer hardware companies such as Wiwynn, which were supported by rising demand for semiconductors in general and, in a couple of cases, potential new opportunities in AI.

On the negative side, the Indian market performed well, but our underweight position relative to the Benchmark created a drag on relative returns. It is difficult to find Indian stocks offering an attractive yield, partly because India is more of a 'growth' market, and because valuations are high, thanks to positive investor sentiment towards the country, which means the yields on offer are correspondingly low. Our underweight in South Korea also hurt returns, in large part due to not owning POSCO, which, as previously mentioned, has gained thanks to retail investor enthusiasm, which we do not share.

Not owning stock in Turkey was a further drag. The market rose as high domestic inflation, negative interest rates and unattractive government bond yields made equity investment the only viable investment alternative for local investors. However, these are hardly compelling reasons for us to invest in this market, especially given escalating macroeconomic uncertainty and currency weakness, so we chose not to hold any Turkish names.

Portfolio positioning and changes

We build the portfolio on a bottom-up basis, selecting stocks based on their sound fundamental qualities, strong balance sheets and capacity to pay dividends over the long term. Naturally, some areas within Emerging Markets offer more investment opportunities than others, and this results in tilts within the portfolio towards some sectors and countries. From a sectoral viewpoint, we tend to find the most attractive income opportunities within Technology, Consumer Staples and Financials, so these are the portfolio's three key sector overweights, while historically, the portfolio is usually underweight in Materials, Energy and Industrials.

At the country level, significant portfolio overweights include Mexico, South Africa and Taiwan - as with our sector allocations, these country weightings are driven by the many individual stock opportunities which we view as attractive from an income investor's perspective. In contrast, our largest country underweight is India. India's long-term growth prospects are very positive and investor interest in this market is high. However, as mentioned above, this is reflected in valuations, which makes it difficult for us to find attractive income paying stocks. The portfolio has a roughly neutral position in China but is slightly overweight once the holdings of Hong Kong stocks are included. China faces some challenges, including weak consumer demand, a stricken property market and a fractious relationship with the US, as discussed above, but we think overall valuations are more attractive after recent market weakness. The Chinese market's dividend outlook is also positive.

The portfolio changes we have implemented over the past year have mainly been motivated by individual stock considerations. For example, we opened a new position in TIM, a Brazilian telecom company which we expect to benefit from market consolidation and more rational behaviour by remaining market participants. The company is set to generate healthy free cash flow going forward, which should flow directly to shareholders thanks to TIM's positive dividend policy. We also purchased JD.com, a Chinese e-commerce business. This company provides a very interesting illustration of the progression of Chinese corporate life cycles. Slower Chinese growth has led many companies to recognise the need to adjust their capital allocation. In JD.com's case, when we met the company's CEO, she was clear that in the past, the cash generated by the company's very strong growth was invested across a wide range of areas. But now, with slower, though still healthy, trend growth, JD.com is being more considered in its use of cash - the company has adopted an annual dividend policy and a more disciplined approach to investments. We like JD.com's new-found balance between dividends and growth, and with the valuation much lower after the sharp sell-off seen over the past two years, we initiated a new position.

We also took advantage of better valuations to add to several existing positions across markets and sectors. Examples include Realtek Semiconductor, a Taiwanese semiconductor design company involved in Wi-Fi and audio products, and Haier Smart Home, a Chinese white goods manufacturer producing fridges, washing machines and air conditioning units both for domestic consumption and export. In these cases, we followed our valuation (including yield) and fundamental signals to add to positions we thought looked more attractive. Conversely, we trimmed positions where we thought valuations were beginning to look more stretched after relatively strong performance, e.g., Walmart de Mexico, the Mexican supermarket operator. This remains a very strong company and we like the management team's strategy for the long term - but we also recognise that the stock's performance has reduced yield and increased other valuations, so we want to manage the position size.

One notable disposal over the past year was the closure of our position in the Saudi bank, Al Rajhi. This sale was motivated by our view that management was de-prioritising the dividend. However, we still like the bank's strong domestic franchise, so we would consider re-opening a position in future if management decides to place dividends higher up the agenda.

Our engagement on environmental, social and governance issues

We believe that sound environmental, social and governance ('ESG') practices are extremely important to the resilience of business models, and we welcome signs that more Emerging Market companies are explicitly recognising this and improving their practices accordingly. Financially material ESG considerations are therefore integral to our investment process (please see the dedicated section on pages 18 to 23 of the full Annual Report). When considering potential investments, our analysts assess each company on a list of related factors, including its carbon emissions, renewable energy and recycling policies, and employment and diversity practices, along with its approach to corporate governance.

We place particular emphasis on governance, and we draw a direct link between a company's dividend policy and the quality of its governance. In our view, a company's willingness to return cash to shareholders is a tangible and positive governance indicator. We have engaged with many companies on this issue over time, to understand their motivations and capital allocation objectives. We also discuss the magnitude of returns to shareholders and the rationale behind any split between dividends and buybacks.

Examples of recent ESG engagement with portfolio companies can be seen in the ESG section of the report on pages 20 and 21 in the full annual report.

Dividends

The Company's earnings per share during the financial year was 5.70p, down from 6.11p in the prior year, partly reflecting the pressure that Emerging Markets companies are facing currently (particularly in the face of a weaker Chinese economy). This decline was also partly due to a timing issue we highlighted last year, when a few Taiwanese companies paid two dividends last year rather than one, following pandemic-induced delays to their annual general meetings. The return to normal dividend paying patterns in the financial year explains roughly 60% of the year-on-year decline in earnings.

As a reminder, the Company receives dividends from portfolio companies in local currencies and pays out dividends in sterling. Currency movements therefore have an impact on revenue receipts year-on-year. All else being equal, a falling pound increases revenue receipts from Emerging Markets, and vice versa.

Other factors aside from currency will also impact near term dividend receipts. The two most important of these are the strength of the Chinese economy and the possibility of a downturn in the US economy, as discussed above. However, despite the near-term uncertainties generated by these two issues, we are confident that the portfolio's long-term dividend generating power remains intact.

Outlook

Emerging markets do face some challenges in the year ahead. A possible slowdown in the US economy would have an adverse impact on demand for exports from emerging markets. Our technology company holdings are particularly exposed to this possibility, although consensus forecasts suggest a growth slowdown and a soft landing, rather than a contraction in activity. But slower growth, combined with higher funding costs, will also put pressure on overall market earnings.

China is likely to remain a principal focus of investors' attention. The Chinese economy has not accelerated in the way we, and most others, expected after its re-opening. However, we see several reasons to be incrementally optimistic about China's prospects. First, after a long period where the market has absorbed the various issues that China faces (property, the government's common prosperity agenda, lower consumer confidence), expectations have been reset to relatively low levels - whether we look at market valuations, currency valuation, expectations for growth and investor positioning. Secondly, although we do not expect a one-off massive stimulus announcement from the government (as happened in 2008), we are starting to see a series of small positive policy measures which we think will add up over time to help consumer confidence and the economy. Finally, and most importantly, we see China as an attractive market from a stock selection perspective, due to the breadth of the opportunity available as well as the incremental positive evolution of corporate life cycles (e.g. better capital allocation) as discussed above.

Taking a broader view, emerging market valuations are, in general, reasonably low, and we see many interesting opportunities to acquire companies which can generate healthy cash flow, resilient returns on equity and possess positive dividend policies that reward minority shareholders with regular pay-outs. In our view, successfully identifying such stocks will allow us to build a portfolio with a higher yield than the market, that also continues to deliver capital growth to shareholders.

We thank you for your ongoing support.

Omar Negyal

Isaac Thong

Portfolio Managers                                                                                                                      25th October 2023

PRINCIPAL AND EMERGING RISKS

The Board has overall responsibility for reviewing the effectiveness of the Company's system of risk management and internal control. The Board is supported by the Audit and Risk Committee in the management of risk. The risk management process is designed to identify, evaluate, manage, and mitigate risks faced. Although the Board believes that it has a robust framework of internal controls in place this can provide only reasonable, and not absolute, assurance against material financial misstatement or loss and is designed to manage, not eliminate, risk.

The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of the Manager, the Audit and Risk Committee has drawn up a risk matrix, which identifies the principal and emerging risks to the Company and the ways in which these risks are managed or mitigated. These are reviewed and noted by the Board through the Audit and Risk Committee.

The principal risks fall broadly under the following categories: investment; strategy; political and economic; financial; operational and cybercrime; accounting, legal and regulatory; and environmental, social and governance.

The Board, through the Audit and Risk Committee, considers that the risks detailed below are the principal risks facing the Company currently, along with the financial risks detailed in note 22 to the financial statements. These are the risks that could affect the ability of the Company to deliver its strategy.

Emerging Risks

The AIC Code of Corporate Governance also requires the Audit and Risk Committee to put in place procedures to identify emerging risks. Emerging risks, which are not deemed to represent an immediate threat, are considered by the Audit and Risk Committee as they come into view and are incorporated into the existing review of the Company's risk register. However, since emerging risks are likely to be more dynamic in nature, they are considered on a more frequent basis, through the remit of the Board when the Audit and Risk Committee does not meet. The Board, through the Audit and Risk Committee, considers that the following are emerging risks:

Economic Contraction - A long term reduction in returns available from investments as a result of recession, stagnation, inflation or other extended exogenous factor which may render the Company's investment objectives and policies unattractive or unachievable.

Global conflicts - The political tensions between China and Taiwan and Hamas' attack on Israel have the potential to lead to war which would have a detrimental effect on the Company's investments in those countries and, probably, on many other global markets.

Artificial Intelligence - While it might equally be deemed a great opportunity and force for good, there appears also to be an increasing risk to business and society more widely from Artificial Intelligence ('AI').

The use of AI could be a significant disrupter to business models and whole companies, leading to added uncertainty in company valuations. Equally, embracing AI with strategies and proactive measures can gain advantages for companies and failing to seize the AI opportunity could lead to a risk of losing competitiveness.

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES

Details of the management contract are set out in the Directors' Report on page 46 in the annual report. The management fee payable to the Manager for the year was £3,121,000 (2022: £3,432,000) of which £nil (2022: nil) was outstanding at the year end.

Included in administration expenses in note 6 on page 78 of the annual report are safe custody fees amounting to £205,000 (2022: £250,000) payable to JPMorgan Chase Bank N.A. of which £86,000 (2022: £39,000) was outstanding at the year end.

The Manager may carry out some of its dealing transactions through its group subsidiaries. These transactions are carried out at arm's length. The commission payable to JPMorgan Securities Limited for the year was £5,000 (2022: £14,000) of which £nil (2022: £nil) was outstanding at the year end.

The Company also holds cash in the JPMorgan US Dollar Liquidity Fund, which is managed by the Manager. At the year end this was valued at £2,184,000 (2022: £684,000). Income amounting to £212,000 (2022: £21,000) was receivable during the year of which £nil (2022: £6,000) was outstanding at the year end.

Stock lending income amounting to £20,000 (2022: £44,000) was receivable by the Company during the year. The Investment Manager's commissions in respect of such transactions amounted to £2,000 (2022: £5,000).

Handling charges on dealing transactions amounting to £20,000 (2022: £36,000) were payable to JPMorgan Chase Bank N.A. during the year of which £5,000 (2022: £7,000) was outstanding at the year end.

At the year end, total cash of £1,291,000 (2022: £3,603,000) was held with JPMorgan Chase Bank N.A. A net amount of interest of £4,000 (2022: £1,000) was receivable by the Company during the year from JPMorgan Chase Bank N.A. of which £nil (2022: £nil) was outstanding at the year end.

Full details of Directors' remuneration and shareholdings can be found on page 59 and in note 6 on page 78 of the annual report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law, the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under Company law the Directors must not approve the financial statements unless they are satisfied that, taken as a whole, the annual report and financial statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company's performance, business model and strategy and that they give a true and fair view of the state of affairs of the Company and of the total return or loss of the Company for that period. 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 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.

The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements are published on the www.jpmglobalemergingmarketsincome.co.uk website, which is maintained by the Company's Manager. The maintenance and integrity of the website maintained by the Manager is, so far as it relates to the Company, the responsibility of the Manager. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. The financial statements are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions.

Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report, Strategic Report and Directors' Remuneration Report that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed on page 45 of the annual report confirm that, to the best of their knowledge:

•        the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return of the Company; and

•        the Strategic Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

The Board confirms that it is satisfied that the annual report and financial statements taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

For and on behalf of the Board

Elisabeth Scott

Chair

25th October 2023

STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31st July 2023

STATEMENT OF CHANGES IN EQUITY

STATEMENT OF FINANCIAL POSITION

At 31st July 2023

STATEMENT OF CASH FLOWS

For the year ended 31st July 2023

¹     The presentation of the Cash Flow Statement, as permitted under FRS 102, has been changed so as to present the 'reconciliation of net return before finance costs and taxation' to 'net cash inflow from operating activities' on the face of the Cash Flow Statement. Previously, this was shown by way of note to the Cash Flow Statement. Interest paid has also been reclassified to financing activities, previously shown under operating activities, as this relates to the loans drawndown. Other than consequential changes in the presentation of certain cash flow items, there is no change to the cash flows as presented in previous periods.

Analysis of changes in net debt

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2023

1.       Accounting policies

(a)     Basis of accounting

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and 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.

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

The financial statements have been prepared on a going concern basis. In forming this opinion, the Directors have considered the impact of the ongoing direct and indirect consequences arising from the Russian invasion of Ukraine on the going concern and viability of the Company. In making their assessment, the Directors have reviewed income and expense projections and the liquidity of the investment portfolio, and considered the mitigation measures which key service providers, including the Manager, have in place to maintain operational resilience. The Directors have also reviewed the Company's compliance with debt covenants and noted the full support from 100% of voting shareholders for the continuation vote at the AGM in November 2021 in assessing the going concern and viability of the Company, and do not consider this view to have changed for the foreseeable future.

The policies applied in these financial statements are consistent with those applied in the preceding year.

2.       Dividends

(a)     Dividends paid and declared

(b)    Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 ('Section 1158')

The revenue available for distribution by way of dividend for the year is £16,908,000 (2022: £18,153,000). The revenue reserve after paying the proposed dividend will be £12,326,000 (2022: £11,135,000).

3.       Return/(loss) per share

4.       Net asset value per share

5.   Status of announcement

      2022 Financial Information

      The figures and financial information for 2022 are extracted from the Annual Report and Accounts for the year ended 31st July 2022 and do not constitute the statutory accounts for that year. The Annual Report and Accounts includes the Report of the Independent Auditor which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts has been delivered to the Registrar of Companies.

      2023 Financial Information

      The figures and financial information for 2023 are extracted from the Annual Report and Accounts for the year ended 31st July 2023 and do not constitute the statutory accounts for that year. The Annual Report and Accounts includes the Report of the Independent Auditor which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

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.

JPMORGAN FUNDS LIMITED

26th October 2023

For further information please contact:

Emma Lamb

For and on behalf of

JPMorgan Funds Limited

0800 20 40 20 or +44 1268 44 44 70

ENDS

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

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

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