LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS

ENDED 31ST JANUARY 2022

Legal Entity Identifier: 549300OPJXU72JMCYU09

Information disclosed in accordance with DTR 4.2.2

CHAIRMAN'S STATEMENT

Performance

After achieving strong performance in the previous financial year, Emerging Markets performed poorly for investors during the six months to 31st January 2022. There was also a market rotation towards cyclical and value stocks, away from growth companies. The Company's benchmark index, the MSCI Emerging Markets Index with net dividends reinvested (in sterling terms), returned -1.1% over the six months. In the same period, the Company's total return on net assets was +6.2%. The total return to shareholders was +2.1%, reflecting a material widening of the discount to net asset value at which the Company's shares trade, from 6.7% at the previous financial year end to 10.4% at the half year end.

The principal reason for the Company's outperformance against the benchmark index was good stock selection and asset allocation. The Company's income objective means that the composition of the portfolio is significantly different to the composition of the benchmark index, which further explains why returns may vary meaningfully from the benchmark index. The Investment Managers' Report that follows reviews the Company's performance in more detail and comments on the investment strategy.

Dividends

In the Company's current financial year, the Board has declared two interim dividends of 1.0p each, in line with the same period last year.

In the last financial year, the Board paid a total dividend of 5.1p per share, maintained at the same level as the year before. As I stated in my October 2021 report, although the revenues generated last financial year did not cover the dividends paid, the Board felt that it was appropriate to use revenue reserves to maintain the dividend payout. We recognise that dividend generation from the Company is important to our shareholders and it is a distinguishing feature of investment trusts that we are able to smooth the dividend stream in this way. We cannot guarantee that we will always be able to use revenue reserves to augment income received by the Company in any given year, but recognise that we currently have remaining revenue reserves, after the payment of this year's second quarterly interim dividend, of £7.9 million (July 2021: £8.4 million after accounting for the fourth quarterly interim dividend declared in 2021) or 51.9% (July 2021: 55.5%) of future annual dividends at the current annual level.

The Board continues to monitor dividend receipts, recognising that some companies within your portfolio may continue to experience pressure maintaining historic dividend payout ratios in the short term. Over the longer term, both the Investment Manager and your Board remain 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 the impact of currency movements on revenue receipts. As shareholders are aware, the Company receives dividends in the currencies of developing countries and 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 values 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).

Gearing and Loan Facilities

The Board regularly discusses gearing with the Investment Managers, who use it to enhance long-term shareholder returns. As at the beginning of the financial year, the Company had a US$20 million fixed interest loan facility with National Australia Bank, repayable in November 2022 and a US$20 million floating rate loan facility with ING Bank, repayable in October 2023. As at 31st January 2022, gearing stood at 5.1% (31st July 2021: 5.4%).

Management Fee

As previously reported, with effect from 1st August 2021 JPMorgan agreed to reduce its investment management fee, which is now being charged at the rate of 0.75% per annum (previously 0.9% per annum) on the net asset value of the Company's portfolio. The fee will continue to be calculated and paid monthly.

Share Repurchases and Issuance

During the six months to 31st January 2022, the Company's share price traded at an average discount to net asset value of 8.8%. The Company did not undertake any share repurchases, nor did it issue any shares during the reporting period. Since the half year end the Company bought back 400,000 shares as the discount levels widened materially after the Russian invasion of Ukraine. These purchases are value accretive for shareholders and underscores your Board's belief that there is attractive value in the investments held by the Company.

Environmental, Social and Governance ('ESG')

The Investment Managers believe that sustainable investment delivers superior returns over the long-term. Accordingly, ESG considerations were integral to their stock selection process long before ESG issues gained prominence. This integration of ESG considerations into the investment process has been formalised recently.

The Board is mindful of the ever-increasing focus on ESG and sustainable investing and holds regular discussions about these factors. We share the Investment Managers' view on the importance of ESG factors for sustainable, long-term investments and support their efforts to maintain continual engagement with investee companies throughout the duration of the investment. The Board receives reports from the Investment Managers on ESG issues that arise in the course of their work.

We published the Investment Managers' first ESG Report in our 2020 Annual Report. Since then, we have released our first externally measured ESG Rating by MSCI on our website. This gives the Company an 'A' rating in the Equity Emerging Markets Global peer group. Further information on how ESG considerations are integrated into the investment process can be found in the Investment Managers' Report which follows, and in the separate Environmental, Social and Governance Statement on page 17 of the 2021 Annual Report.

Exposure to Russia

The published portfolio breakdown at the end of January 2022 showed the Company's Russian exposure as 3.6%. Since that date, the Investment Managers have been reducing the Company's exposure to Russian equities. The Company considers that there has been a material change to the market value of its Russian investments and therefore it is in the best interests of shareholders to apply a fair valuation methodology to those investments in accordance with the established fair valuation policies and procedures of its Manager, JPMorgan Funds Limited. As at 4th April 2022 the Company was invested both directly, and indirectly via GDRs, in three Russian equities which, in aggregate, represented less than 0.01% of the Company's portfolio. With effect from 9th March 2022, Russia has been taken out of the benchmark index as detailed on pages 13 and 14 of the Half Year Report.

The Board

As previously reported and as part of the Board's ongoing succession planning, I will be retiring from the Board at the conclusion of the 2022 AGM, after having served on the Board from 2011 and as its Chairman since 2018. The Board has commenced a recruitment process to appoint another new Director over the coming weeks and will then agree the next Board Chairman.

The Board supports annual re-election for all Directors for good governance, and therefore all of the Directors (except for myself) will stand for re-election or election at the 2022 AGM. Shareholders who wish to contact the Chairman or other members of the Board may do so through the Company Secretary or the Company's website, details of which appear below.

Outlook

Equity markets had a difficult start to 2022 even before Russia's invasion of Ukraine at the end of February 2022, which compounded the concerns about rising oil and energy prices. Profit reports remain strong, but the unmistakable signs of higher interest rates and input costs are putting pressure on forecast earnings and on valuations. While the worst of the COVID-19 pandemic appears to have passed, at least in the UK, the effects of it on the global economy and on businesses in the emerging markets will continue for some time.

Since the half year end, the Company's net asset value and share price have dropped by 2.5 % and 4.9 % respectively at the time of writing and the discount has widened to 12.6 %. By comparison, the benchmark index has fallen 1.3%. The geopolitical outlook remains deeply worrying and the wider implications of the financial and other sanctions imposed on Russia are very unclear. Whilst there is likely to be further short-term volatility, we believe that Emerging Markets will continue to provide a wide selection of interesting opportunities for disciplined stock pickers. There may be periods when the Managers' investment style, which focuses on high quality, high conviction stocks that can provide interesting opportunities to invest in companies with good long-term capital growth and a sustainable dividend stream, underperforms our benchmark index. However, this approach has served our shareholders well and, over the longer term, we believe that it should continue to reward investors.

Sarah Fromson

Chairman                                                                                                                                               6th April 2022

INVESTMENT MANAGERS' REPORT

Introduction

We are pleased that our established stock selection process, focusing on current dividend yield and the sustainability and growth prospects of dividends over the long term, has supported performance over both the short and longer term.

For the six month period ended 31st January 2022, the Company's total return on net assets, including dividends, was 6.2% (in GBP). This compares to the benchmark, MSCI Emerging Markets Index (GBP) return of -1.1%. Furthermore, the Company's net asset value (NAV) has achieved annualised outperformance of the MSCI EM Index of 12.7% over the year to end January 2022, 3.5% over three years and 1.9% over the five years.

Our response to russian hostilities

The Russian invasion of Ukraine is a disturbing and sad human tragedy and our thoughts are with all those who have been affected. Clearly, it is also an adverse development for Emerging Markets, and a worrying time for investors.

The Company had been overweight in Russia for a number of years, as the market offered many compelling opportunities to invest in selected companies with attractive income and growth characteristics. This positioning had positively benefitted relative returns over the last couple of years in particular. However, we acted quickly to limit portfolio risk once geo-political tensions between Russia and the west began to escalate. In November 2021 we began reducing our exposure to the market. By the end of January 2022, we had moved to an almost neutral stance relative to the benchmark, from an overweight of 5.7% at end July 2021. As a result, during this six month reporting period, our exposure to Russia detracted a modest 0.6% from relative performance. We cut our Russian positions further during February, to an underweight stance, before the invasion began. This meant that the portfolio was well-protected relative to the benchmark, but it still had absolute exposure.

Up until the invasion, we were considering various possible ways in which the confrontation might play out. Sadly, what transpired was one of our worst case scenarios, so we have continued to sell since the start of the war, with the aim of eliminating our entire Russia exposure. Fully realising this objective has been complicated by various technical barriers now in place - most importantly, the Russian central bank just prevented the sale of any domestic security by foreigners. Nonetheless, as of 28th February, the Company's Russian holdings represented only 0.55% of NAV, compared to over 9% at the end of the last financial year. Subsequent to this, it has been considered in the best interests of shareholders to apply a fair valuation methodology to remaining Russian holdings; as at 4th March 2022, the Company was invested in three Russian equities which in aggregate represented less than 0.25% of NAV.

Our reasoning throughout our sales was consistent. It was not a reflection on the companies themselves, but rather our recognition of the overriding need to limit the portfolio's exposure to myriad risks related to the war and retaliatory foreign sanctions. We had been more concerned about such risks than during previous periods of regional tensions, for two reasons. Firstly, the US government's recent expansion of its sanctions on Chinese military-linked entities suggested to us that it was prepared to take a more active stance against the investments of individuals and companies which it perceives as a threat to US, and global, security. Furthermore, mounting foreign sanctions would cause serious damage to the Russian economy. Russia has been subject to sanctions for some time due to its behaviour in the Crimea and elsewhere, but additional, more severe sanctions will be a much more far-reaching constraint on economic activity.

Performance drivers over the past year

In the six month period to end January 2022, most of the portfolio's outperformance was due to stock selection in China. As a reminder, we do not usually invest in large internet stocks, in China or elsewhere, due to their lack of dividend payouts and our underweight to such businesses contributed significantly to relative performance over the review period, as high profile Chinese internet stocks such as Tencent, the fintech, social media and internet content provider, and online retailer Alibaba, came under severe pressure in response to the government's new 'common prosperity' agenda. This agenda, announced in August 2021, marks a major policy shift, aimed at levelling out the distribution of wealth across the Chinese economy.

Meanwhile our holdings in other Chinese companies, mainly within the consumer and financials sectors, performed well. For example, amongst our consumer names, Inner Mongolia Yili, a dairy producer, and Haier Smart Home H, which supplies air conditioning units, white goods and household appliances, both returned 20% over the period. Our positions in Chinese banks such as Postal Savings Bank of China and China Merchants Bank, also enhanced returns. We view companies in these sectors as less vulnerable to the recent shift in government policy than the internet companies. The government is unlikely to restrict demand for basic consumer goods. And in the case of financials, China's 'traditional' banks are already accustomed to government regulation and have proved their ability to operate successfully in this environment. For example, China Merchants Bank's preliminary results for 2021 showed earnings up 23%, while projections for net interest income and asset quality were favourable.

Elsewhere, portfolio stocks within the Information Technology sector performed well and contributed to performance. For example, Tata Consultancy Services, an Indian IT services provider, reported decent quarterly numbers, with earnings continuing to grow at a double digit rate. We particularly like this company's shareholder cash return policy, which aims to return 90% of its free cash flow to shareholders, through a combination of dividends and buybacks. TCS recently announced a buyback equivalent to over 1% of its market capitalisation, and continues to make healthy quarterly dividend payments.

The biggest single detractor from performance over the period was Moscow Exchange, which provides trading, clearing and settlement services for foreign exchange and a range of Russian securities. The stock came under pressure as regional tensions mounted, and the prospect of market closures and tighter foreign financial sanctions loomed. The name subtracted 0.4% from relative performance in the period.

Portfolio changes

The most important change in the portfolio during the review period, and subsequently, has been the meaningful reduction to our Russian exposure, as discussed above. In addition to reductions in Alrosa, Lukoil, Moscow Exchange, Magnitogorsk and Severstal, we did this mainly via the closure of our position in Sberbank. At the end of January, our holding in Sberbank comprised 0.39% of the portfolio, and we eliminated our exposure completely in February, before the invasion began.

We have also trimmed our holding in Tata Consulting Services. We think this company is still high quality, and it fits our requirements in terms of generating good returns on equity and dividends. Its ESG characteristics are also positive - we have been particularly impressed by the way the company supported its employees during the pandemic. However, a period of very strong performance has increased its valuation and lowered its yield, so we have reduced this position, consistent with our disciplined investment process.

In terms of acquisitions, we have used the proceeds of our Russian disposals to add to a number of existing positions, such as Novatek Microelectronics, China Construction Bank, Xinyi Glass and Banco Santander Chile. These are all quite different stocks but all offer attractive yields and in our view have the prospects for decent total returns.

We also initiated a position in B3, the Brazilian stock exchange, which offers exchange services for the country's equities, fixed income and derivatives markets. We have followed B3 for some time and like its robust underlying return on capital profile, free cash flow generation and positive dividend policy. Its ESG credentials are also solid. For example, it has imposed ESG reporting requirements as a listing rule, and provides ESG guidance and training to companies. The stock moved to a more attractive yield after a price decline during 2021, providing us with a timely opportunity to add this name.

Our engagement on environmental, social and governance issues

We believe that sound environmental, social and governance (ESG) practices are extremely important to the sustainability of business models, and we welcome the fact that more Emerging Market companies are explicitly recognising this fact and improving their practices accordingly. ESG considerations are therefore integral to our investment process. When considering potential investments, our analysts assess each company on a list of relevant issues, including its carbon emissions, renewable energy and recycling policies, employment and diversity practices and 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 motivations behind any split between dividends and buybacks.

Examples of recent ESG engagements with portfolio companies include a meeting with the new chairman of South Korean consumer electronics giant, Samsung Electronics, where we discussed board effectiveness, capital allocation and succession planning. We also discussed ESG issues with Advantech, the Taiwanese industrial PC manufacturer, regarding a number of social areas but particularly cyber security, following a previous ransomware attack on the company. The company gave a detailed account of its enhanced plan with specific action points to be implemented up to 2023.

Dividends

The pandemic had a major negative impact on Emerging Markets, and on companies' ability to maintain dividends. However, at the time of our last report to shareholders, the outlook for dividends was improving. Portfolio dividend receipts rose by 16% in the financial year ended July 2021 (albeit off a low base), and we were hopeful that we were on a path towards more normality, with Emerging Markets earnings recovering and providing renewed support for dividends.

This optimism will be tested in the short term if there are knock on effects from the Russia/Ukrainian war, for instance, if the energy price spike significantly reduces consumers' spending power across Emerging Markets. On Russia specifically, our exit from this market will have a negative, but manageable, effect on portfolio dividends, as we have rotated into other stocks offering attractive dividends (as mentioned above). Overall, we continue to think the favourable dividend fundamentals for our portfolio companies remain intact, and we will maintain our focus on the sustainability and growth potential of company dividends, in addition to the yield itself.

As a reminder, we receive dividends from portfolio companies in local currencies and pay out dividends in sterling. Currency movements therefore have an impact on revenue receipts year-by-year. (All else being equal, a rising pound puts pressure on revenue receipts from Emerging Markets).

Outlook

Unfortunately, near term Emerging Market uncertainty has re-escalated. While Russia is dominating the headlines, there are other persistent concerns relating to Chinese growth and the ongoing risks posed by COVID. Nonetheless, we believe the overall environment is still favourable for our positioning in stable, cash generative, and, of course, dividend paying, companies. And in our view, Emerging Markets continue to offer the potential for long term growth, with payout ratios across the asset class set to remain relatively steady, at around 35%.

We will remain focused on our longstanding aim to invest in sound businesses, selecting stocks on the basis of their fundamental qualities, strong balance sheets and sustainable dividend policies. We believe the Company's portfolio is well-placed to successfully navigate the current, challenging market conditions, and we remain confident of its potential to keep delivering dividends and capital returns to shareholders with a long-term perspective.

Omar Negyal

Jeffrey Roskell

Isaac Thong

Investment Managers                                                                                                                                6th April 2022

INTERIM MANAGEMENT REPORT

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

Principal Risks and Uncertainties

The principal and emerging risks and uncertainties faced by the Company have not changed and fall into the following broad categories: investment; strategy; financial; corporate governance and shareholder relations; operational and cybercrime; accounting, legal and regulatory; political and economic; environmental, social and governance; and climate change and global pandemics. Information on each of these areas is given in the Business Review within the Company's Annual Report for the year ended 31st July 2021.

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 objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties 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. In reaching that view, the Directors have considered the impact of the ongoing COVID-19 pandemic and the Russia-Ukraine conflict on the Company's financial and operational position. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.

Directors' Responsibilities

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

(i)      the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reports' and gives a true and fair view of the state of the affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st January 2022, as required by the UK Listing Authority Disclosure Guidance and Transparency Rules ('DTR') 4.2.4R; and

(ii)     the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

•        select suitable accounting policies and then apply them consistently;

•        make judgements and accounting estimates that are reasonable and prudent;

•        state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•        prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;

and the Directors confirm that they have done so.

For and on behalf of the Board

Sarah Fromson

Chairman                                                                                                                                          6th April 2022

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 31ST JANUARY 2022

STATEMENT OF CHANGES IN EQUITY

¹     The balance of the share premium was cancelled on 20th October 2010 and transferred to the 'other reserve'.

²     These reserves form the distributable reserve of the Company and may be used to fund distributions to investors.

STATEMENT OF FINANCIAL POSITION

AT 31ST JANUARY 2022

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 31ST JANUARY 2022

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31^ST JANUARY 2022

1.       Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by the Company's auditor.

The figures and financial information for the year ended 31st July 2021 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2.       Accounting policies

The financial statements are prepared 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 April 2021.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015, and updated in March 2018, has been applied in preparing this condensed set of financial statements for the six months ended 31st January 2022.

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

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st July 2021.

3.       Return per share

4.       Dividends paid

All dividends paid and declared in the six months period to 31st January 2022 have been funded from the revenue reserve.

A second interim dividend of 1.0p per share, amounting to £2,972,000 was declared for payment on 22nd April 2022 in respect of the year ending 31st July 2022.

5.       Net asset value per share

JPMORGAN FUNDS LIMITED

6th April 2022

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Funds Limited

020 7742 4000

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 www.jpmglobalemergingmarketsincome.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.