LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN JAPANESE INVESTMENT TRUST PLC

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS

ENDED 31ST MARCH 2023

Legal Entity Identifier: 549300JZW3TSSO464R15

Information disclosed in accordance with DTR 4.2.2

CHAIRMAN'S STATEMENT

Investment Performance

Inflation remains one of the main concerns for the global economy, as rising interest rates and the war in Ukraine continue to weigh on economic activity, mitigated in part by China's recent reopening.

Given this backdrop, our Company performed as per its benchmark. In the six months ended 31st March 2023, the Company returned +8.5% on a net asset basis (in sterling terms), broadly consistent with its benchmark, the TOPIX index, which also returned +8.5%. While the one, three and five year performance numbers (as set out on page 6 of the Half Year Report) are disappointing, largely because of the six month period ending 31st March 2022, the long term absolute and relative performance remain strong with an annualised return of +10.2% over ten years to the end of March 2023, versus the benchmark return of +7.3%.

Since 31st March 2023, through to 31st May 2023, I am pleased to report that relative performance has begun to recover and the Company returned +3.1%, while the TOPIX index returned +2.0%.

I am also delighted to report that the Company's Morningstar Analyst rating has been maintained at the highest level, Gold, same as from the previous rating in April 2022. The Morningstar report recognises the strength of the Company's Investment Managers and their investment process. As such, your Manager remains one of only two active Japanese equity managers with a Gold Morningstar Analyst rating across some 900 Japanese equity funds and share classes which Morningstar classify as 'Japan Large-Cap equity' and on which they provide data on their UK website.

You can find further details of the Morningstar research and rating at www.morningstar.co.uk. The Company continues to maintain the highest Morningstar sustainability rating of five globes.

The Investment Managers' Report below discusses performance, the investment rationale behind recent portfolio activity and the outlook in more detail.

Gearing

The Board of Directors believes that gearing can be beneficial to performance and sets the overall strategic gearing policy and guidelines and reviews these at each Board meeting. The Investment Managers then manage the gearing within the agreed limits of 5% net cash to 20% geared in normal market conditions. During the period, gearing ranged from 9.8% to 14.4%, with an average of 12.2%. As at 31st March 2023, gearing was equivalent to 13.2% of net assets.

After the period end the Company took out a ¥10 billion revolving credit facility with Industrial and Commercial Bank of China Limited, London Branch, which is in addition to the existing credit facility with Mizuho Bank Limited and the long-term fixed rate debt.

Revenue and Dividends

Japanese companies often have stronger balance sheets than many of their international counterparts. Dividends have been rising strongly over the last few years and have continued to do so in the results announcements we have seen since 31st March 2023. This is in good measure a function of the improving corporate governance in Japan and is one of several reasons why investors might consider Japan a relatively attractive equity market. Nonetheless it cannot be assumed that dividends will be maintained and prior year dividends should not therefore be taken as a guide to future payments.

For the year ended 30th September 2022, the Company paid a dividend of 6.2p per share on 3rd February 2023, reflecting the available revenue for distribution. Consistent with previous years the Company will not be declaring an interim dividend.

Discount Management and Share Repurchases

The Board monitors the discount to NAV at which the Company's shares trade and believes that, over the long term, for the Company's shares to trade close to NAV the focus has to remain on consistent, strong investment performance over the key one, three and five year timeframes, combined with effective marketing and promotion of the Company.

The Board recognises that a widening of, and volatility in, the Company's discount is seen by some investors as a disadvantage of investments trusts. The Board has restated its commitment over the long run to seek a stable discount or premium commensurate with investors' appetite for Japanese equities and the Company's various attractions, not least the quality of the investment team and the investment process, and the strong long-term performance these have delivered. Since 2020, this commitment has resulted in both increased marketing spend and a series of targeted buybacks.

As of 31st March 2023, the share price discount to NAV with debt at fair value was 7.7%, compared to 7.3% at the end of 30th September 2022.

Over the six month period to 31st March 2023, the Company's share price discount to net asset value ranged from 1.2% to 11.3% (average: 6.8%) and the Company repurchased 1,110,000 shares at an average discount of 9.0% and at a cost of £5 million.

Since 31st March 2023, the Company has repurchased a further 865,000 shares at an average discount of 8.9% at a cost of £4.1million.

Shares are only repurchased at a discount to the prevailing net asset value, which increases the Company's net asset value per share, and may either be cancelled or held in Treasury for possible reissue at a premium to net asset value.

Environmental, Social and Governance Issues

As detailed in the Investment Managers' Report, Environmental, Social and Governance ('ESG') considerations are fully integrated into their investment process. The Board shares the Investment Managers' view of the importance of ESG factors when making investments for the long term and the necessity of continued engagement with investee companies over the duration of the investment. We are pleased that the Company retains the highest Morningstar Sustainability rating of five globes.

Further information on JPMorgan's ESG process and engagement is set out in the ESG Report in the 2022 Annual Report of the Company on pages 10 to 23 and also in the JPMorgan Asset Management 2022 Investment Stewardship Report, which can be accessed at https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/sustainableinvesting/

The Board

As mentioned in the Annual Report, having served as a Director for nine years next year, I will be retiring from the Board and as Chairman at the AGM in 2024. The Board has announced that Stephen Cohen, the current Audit Chair, will replace me as Chairman. Following the retirement of Sir Stephen Gomersall from the Board at the Annual General Meeting ('AGM') of the Company held earlier this year, Sally Macdonald, has succeeded Sir Stephen as the Company's Senior Independent Director, effective from the conclusion of the AGM.

As also outlined in the Annual Report, the Board undertook a recruitment process to find a suitably qualified Director to join the Board and to take over from Stephen Cohen as Audit Chair in January 2024. After a thorough selection process, in October 2022 we announced the appointment of Sally Duckworth, effective from 31st October 2022. Sally is an established entrepreneur with a focus on technology and has a background in finance and investment. She qualified as a Chartered Accountant with PricewaterhouseCoopers LLP.

Outlook

Pent-up demand for consumer spending and accommodative monetary policy amid modest wage growth will likely result in reasonable economic growth in the near term for Japan. At the same time the trend of the last few years of substantial equity buybacks has been reinforced by multiple announcements over the last few weeks. The Investment Managers express their optimism for the market in their Outlook comments and highlight in particular the possibility that Japan's protracted deflation may be coming to an end. The Board retains its confidence in the Investment Managers' high conviction, unconstrained approach which focuses on finding the best investment ideas in Japan.

The Investment Managers have set out their views on the outlook for markets and your Company in their Report below. .

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

Christopher Samuel

Chairman                                                                                                                                             

INVESTMENT MANAGERS' REPORT

Performance

In the six months ended 31st March 2023, the Company returned +8.5% on a net asset basis (in sterling terms), consistent with its benchmark, the TOPIX index, which returned +8.5%. Long term absolute and relative performance remain strong with an annualised return of +10.2% over ten years to the end of March 2023, versus the benchmark return of +7.3%.

Performance attribution

Six months ended 31st March 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.

^A     Alternative Performance Measure ('APM').

A glossary of terms and APMs is provided on pages 33 and 34 of the Half Year Report.

Economic and market background

After volatile markets during the first half of 2022 (discussed in detail in our last annual report), conditions steadied in the past six months, as global inflation and interest rates showed possible signs of peaking. The recent collapse of Silicon Valley Bank in the US and the fire sale of Credit Suisse to UBS have added to hopes that US rates are unlikely to rise much further, further boosting market sentiment.

While last year's aggressive interest rate rises cast the shadow of possible recession over other major economies, Japan is in a very different, and more positive, phase of its economic cycle. It was much slower to re-open post Covid-19 than most other developed economies, only lifting its ban on foreign visitors in October 2022. However, since then it has seen strong growth, driven in part by a dramatic recovery in the number of tourists visiting and demand recovery from China's re-opening. In addition, many Japanese businesses, including some of the Company's key holdings, have major operations in China, which have resumed normal production after three years of severe restrictions and rolling lockdowns. Examples in the portfolio include Daikin, which produces ultra-efficient air conditioners, Keyence and SMC, both global leaders in the field of factory automation, Nippon Paint and medical equipment companies Sysmex and Terumo.

Japan's aging population means that it is experiencing shortages of skilled labour in many fields. Typically, companies have been resistant to raising wages to attract and retain workers, and wages growth has stagnated for around 30 years. However, more recently, larger corporations have begun to increase salaries significantly and this trend is likely to spread across the economy, as businesses continue to compete for workers.

Wage pressures have so far had little impact on Japanese inflation. However, inflation is now at a 42-year high of around 4%, driven by rising energy and commodity prices and last year's sharp depreciation in the yen, which is still relatively low compared to current inflation rates in the US and other major economies. The yen has started to recover as the gap between US and Japanese interest rates has stabilised, helping to ease inflationary pressures. The Bank of Japan ('BoJ') made a small adjustment to its yield curve control policy in December, and the newly appointed BoJ Governor may make further changes to monetary policy.

Investment philosophy and process

Our investment strategy remained unchanged over the review period. We maintain an unconstrained investment approach that seeks out the very best Japanese companies with excellent long-term outlooks. Specifically, we focus on high-quality companies with strong balance sheets and leading competitive positions. We favour companies with pricing power demonstrated over many years, which are well-positioned to continue to prosper, largely regardless of the macroeconomic environment.

The portfolio has a strong bias towards high-quality growth names. This leads to volatile performance at times, such as during the last financial year, when growth stocks fall out of favour with investors, but nonetheless, we believe that our focus on quality businesses will achieve the best results over a multi-year period, as evidenced by the Company's long term performance track record.

In identifying potential investments, we are supported by JPMorgan Asset Management's well-resourced investment team on the ground in Tokyo and JPMAM's extensive team of analysts, both in Japan and globally. Our bottom-up, unconstrained approach means the portfolio can, and does, look very different from the benchmark. Typically, we do not hold many of the well-known names covered by most analysts and included in the benchmark. We steer clear of many of these large companies as they operate in structurally impaired sectors, such as department stores and railway operators, which are vulnerable to long-term declines in demand. As of 31st March, the portfolio, including borrowings, had a very high active share (which is a measure of how much the portfolio differs from the benchmark) of 91%. This is a strong indicator of active management.

As an indicator of the quality in the portfolio, as of 31st March 2023, the Company's return on equity was 16% compared to 12% for the market, while the operating margin was 22% versus the market's 14%. At the same time, the portfolio's price to earnings (P/E) ratio was 20x, above the market's 12.5x. We believe the portfolio's higher-than-average P/E ratio is justified by the significantly better long-term prospects of the companies we hold, compared to others in traditional, declining sectors.

We use gearing judiciously to enhance returns and have recently renewed our debt facility. Portfolio gearing has recently increased as we have taken advantage of opportunities to purchase high quality stocks at attractive levels. At the end of the review period, gearing stood at 13.2%, compared to a 12-month average of 12.3%, and up from 11.8% at the end of September 2022.

Portfolio themes

The portfolio is constructed entirely on a stock-by-stock basis as we seek out the best, most attractive companies. Nonetheless, certain themes tend to underpin our investment decisions. In fact, C0VID-19 accelerated several tech-based trends in which we were already invested, strengthening the appeal of sectors such as online shopping, gaming and cloud computing.

Japan remains well behind most other advanced economies in these and many other areas, leaving plenty of scope for such trends to continue developing over coming years. For example, the penetration of e-commerce within the Japanese retail market is just over 10% and remains much lower than in China, the UK, South Korea or the US. Portfolio holdings such as Zozo, Japan's number one online apparel retailer, and Monotaro, a top-ranked business-to-business (B2B) e-commerce company, are well placed to benefit, as is Nomura Research Institute (NRI), a consultancy that advises companies on their digital strategy.

Elsewhere in the portfolio, Nintendo and Sony both own impressive stables of games and related intellectual property that will ensure growing revenue streams over the medium to long term. Standardised cloud-based software for businesses is another digital theme. Historically, many Japanese companies have used internal software solutions, but now that the first generation of software engineers is reaching retirement age, there is an imperative for businesses to switch to standardised software solutions. Japan's poor demographics will add impetus to this as a structural shift over time and companies such as OBIC, a supplier of business administrative systems, provide the portfolio with exposure to this theme.

Deglobalisation is another trend gathering momentum. The pandemic, and subsequent events such as widespread supply chain shortages, the conflict in Ukraine and mounting US/China geo-political tensions, have increased companies' desire to move production nearer to end customers. With wage inflation now an issue in the US and other markets, businesses establishing new production plants and warehouses have a stronger incentive to incorporate factory automation into these facilities wherever feasible. Japan is fortunate to be home to some of the world's leading automation companies, of which the Company holds several, including Keyence, SMC and MISUMI.

Even before the outbreak of hostilities in Ukraine there was already a clear need for Japan, along with many other Asian and European countries, to shift its energy mix away from a heavy reliance on imported fossil fuels. The war only highlighted the need for Japan to speed up its transition to renewable energy sources and to make faster progress towards realising its commitment to reduce carbon emissions to net zero by 2050. Our portfolio includes shares in Japan's leading solar energy REIT (Canadian Solar Infrastructure) and in several companies that help reduce energy usage, such as Daikin, which produces energy-efficient air conditioners and Shimano, which has a dominant market position in components for bicycles and e-bicycles. During the past year, we have also bought shares in JGC, which constructs liquid natural gas (LNG) production plants.

Japan is only at the beginning of its journey towards digitalisation and renewable energy, but these trends are already spawning many exciting new businesses, especially in the small and mid-cap space. Such growth-oriented companies are set to gather momentum over time and provide resilient, long-term sources of returns for investors. For example, we expect our position in Tokyo Electron, the semiconductor equipment supplier, to gain from associated increases in demand for data processing and storage. As of 31st March 2023, the thematic breakdown of the portfolio, compared to the position 12 months ago, was as follows:

Significant contributors and detractors to performance

Top contributors

The largest contributors to returns over the six months to end March 2023 included Keyence, Asics and ShinEtsu Chemical. Keyence's performance was supported by its leading position in the growing factory automation sector, and it has maintained its track record of strong execution. ASICS manufactures and distributes sporting goods and equipment. Following a change in management a few years ago, the company re-focused on its core product, running shoes, and profitability is rising as a result. ShinEtsu Chemical is the world's largest supplier of semi-conductor materials, including silicon wafers and PVC. The company's good results have been supported by strong demand, and management efforts to improve shareholder returns have been welcomed by the market.

Biggest detractors

The major detractors from performance over the review period included Monotaro, Japan's top B2B eCommerce company. Monotaro's growth has disappointed expectations, but we remain confident in its long-term investment case, and the stock remains in our portfolio. Another detractor was NRI. Despite recent share price weakness, the company's results have been steady, and we do not see any deterioration in its favourable long-term outlook, as businesses digitalise their operations and administrative processes. We continue to hold this stock. However, we have reduced our position in Nihon M&A, the leading provider of mergers and acquisitions related services in Japan and globally. The share price has been under pressure for some time following an accounting scandal, and recent results have remained sluggish. Concerns about increased competition from new entrants to the sector prompted us to trim our holding.

Portfolio activity

Last year's sharp market sell-off left Japanese stocks trading cheaply relative to historical levels - on both a price to earnings and price-to-book basis, the market is presently trading at its lowest levels in over 20 years. This, combined with the more recent improvement in market conditions, has created many interesting investment opportunities, and we added several new names to the portfolio over the review period.

The largest and most significant addition was Seven & I, the leading convenience store operator in Japan. The company has also operated in the United States for some time, and a recent acquisition has significantly increased its share of the US market. While Japan is a very mature market, we believe the US represents a substantial growth opportunity for the company. We also opened a position in Unicharm, the leading producer of household and personal products, including adult incontinence pads and pet products - both markets experiencing structural growth.

Our investment in leading life insurer T&D Holdings was motivated by our expectation of a significant change in the company's shareholder return policy. We also purchased I-NE, a new and disruptive player in cosmetic and beauty products sector, Seiko, which is increasing its focus on high-end watches, Sosei, a biotech company with several promising drugs on license to major pharmaceutical companies, and Japan Material, a company that is generating high recurring revenues by providing low-cost services to semiconductor plants.

These purchases were funded by the outright sale of several holdings. The largest disposal was Yamashin Filter. This company provides filters for industrial and precision machines, but the execution of its business plan has been poor for some time. We also closed positions in several long-standing names that we have been steadily reducing on valuation grounds. These included M3, an online medical services provider, CyberAgent, a web-based media and advertising company, and Lasertec, which develops laser microscopes for use in semi-conductors and a variety of high-tech products.

Recent events related to the bankruptcy of Silicon Valley Bank in the US and UBS's acquisition of Credit Suisse, whilst creating great uncertainty in the financial markets as a whole, did not, in our view, directly impact any of the Company's portfolio holdings, and have not elicited any portfolio adjustments. In all, annualised portfolio turnover was 19.5% in the six months to the end of March 2023, implying an average holding period of around five years.

Outlook

We are heartened by some recent improvements in Japan's near-term economic prospects, and on balance we expect activity to continue to expand, supported by the re-opening of both the Japanese and Chinese economies. We are also encouraged by early signs of upward pressures on wages and by rising inflation, as this provides hope that Japan may be pulling out of its long period of damaging and seemingly intractable deflation. This would be a welcome development from the BoJ's perspective, so, unlike the case in other major economies, we do not expect the central bank to try to quash nascent inflation pressures by implementing aggressive rate hikes.

The outlook for Japanese corporates is also positive. Company balance sheets are very strong compared to the rest of the world, and the focus on corporate governance and shareholder returns is increasing. For example, in February 2023 the Tokyo Stock Exchange announced that it will require companies trading below book value to devise and implement capital improvement plans. We expect progress in corporate governance and shareholder returns to continue apace, and in our view, this remains the single most compelling reason to invest in Japanese equities on a multi-year view. Half of Japan's listed companies still have net cash positions, so there is significant scope for this cash to be returned to shareholders over the longer term, while in the short term, cash-rich businesses have greater scope to weather global recession and other unforeseen events.

Another key factor supporting our favourable view on Japanese equities is that the country is undergoing major technological transformation. Businesses and government are increasing their efforts to digitalise and automate their processes and administrative procedures, creating the potential for significant growth and productivity gains over the medium term. This should prove a very supportive environment for the dynamic, quality growth businesses in which we invest.

The Japanese market continues to offer many opportunities to invest in innovative, interesting companies at the heart of Japan's new growth, at attractive valuations. We believe that we are especially well-placed to capitalise on these opportunities, thanks to our active investment approach and our large, Tokyo-based research team. We remain confident that our investment approach will ensure the Company continues to deliver absolute gains and outperformance to its shareholders over the long term.

Nicholas Weindling

Miyako Urabe

Investment Managers                                                                                                                          

INTERIM MANAGEMENT REPORT

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

Principal and Emerging Risks and Uncertainties

The Board believes that the principal and emerging risks and uncertainties faced by the Company fall into the following broad categories:

Market and Economic Risks - including currency; global inflation and global recession.

Trust Specific Risks - including underperformance; widening discount; loss of investment team or investment manager; outsourcing; cybercrime; loss of investment trust status; statutory and regulatory compliance.

Geopolitical Risks - including climate change; natural disasters; social dislocation & conflict.

Information on each of these areas is given on pages 33 to 35 of the Strategic Report within the Annual Report and Financial Statements for the year ended 30th September 2022.

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

In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk, including its Covid-19 guidance, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Board has, in particular, considered the impact of heightened market volatility since the Covid-19 outbreak and more recently the Russian invasion of Ukraine, but does not believe the Company's going concern status is affected. The Company's assets, the vast majority of which are investments in quoted securities which are readily realisable, exceed its liabilities significantly under all stress test scenarios reviewed by the Board. Gearing levels and compliance with borrowing covenants are reviewed by the Board on a regular basis. Furthermore, the Directors are satisfied that the Company and its key third party service providers have in place appropriate business continuity plans.

Accordingly, having assessed the principal and emerging risks and other matters, the Directors believe 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.

Directors' Responsibilities

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

(i)      the condensed set of financial statements contained within the interim financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' 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 March 2023, as required by the UK Listing Authority Disclosure Guidance and Transparency Rule ('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

Christopher Samuel

Chairman                                                                                                                                             

Condensed Statement of Comprehensive Income

¹     Includes foreign currency gains or losses on investments.

²     Foreign currency gains are due to yen denominated loan notes and bank loans.

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 is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns

represent supplementary information prepared under guidance issued by the Association of Investment Companies.

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

CONDENSED STATEMENT OF CHANGES IN EQUITY

¹     In accordance with the Company's Articles of Association and with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act 2006, the Capital reserves may be used as distributable profits for all purposes and, in particular, the repurchase by the Company of its ordinary shares and for payments as dividends.

      As at 31st March 2023, the £546,019,000 Capital reserves are made up of net gains on the sale of investments of £399,519,000, a gain on the revaluation of investments still held of £128,115,000 and an exchange gain on the foreign currency loans of £18,835,000. The £18,835,000 of Capital reserves, arising on the exchange gain on the foreign currency loan, is not distributable. The remaining amount of Capital reserves totalling £527,634,000 is subject to fair value movements, may not be readily realisable at short notice and as such may not be entirely distributable.

      The Capital redemption reserve is not distributable under the Companies Act 2006.

      The Other reserve of £166,791,000 was created during the year ended 30th September 1999, following a cancellation of the share premium account, and forms part of the Company's distributable reserves.

      The investments are subject to financial risks, as such Capital reserves (arising on investments sold) and Revenue reserve may not be entirely distributable if a loss occurred during the realisation of these investments.

CONDENSED STATEMENT OF FINANCIAL POSITION

CONDENSED STATEMENT OF CASH FLOWS

¹     The presentation of the Cash Flow Statement, as permitted under FRS 102, has been changed so as to present the reconciliation of 'net profit/(loss) before finance costs and taxation' to 'cash from operating activities' on the face of the Cash Flow Statement. Previously, this was shown by way of note. Other than changes in presentation of the certain cash flow items, there is no change to the cash flows as presented in previous periods.

Reconciliation of net debt

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st March 2023

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 auditors.

The information contained within the financial statements in this half year report does not constitute statutory accounts as defined by sections 434 and 436 of the Companies Act 2006 and has not been audited or reviewed by the Company's auditors.

The figures and financial information for the year ended 30th September 2022 are extracted from the latest published financial statements of the Company. The financial statements for the year ended 30th September 2022 have been delivered to the Registrar of Companies including 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.

2.       Accounting policies

The condensed 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 July 2022.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st March 2023.

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 30th September 2022.

3.       Return/(loss) per share

4.       Dividends paid

All dividends paid in the period have been funded from the revenue reserve (2022: same).

No interim dividend has been declared in respect of the six months ended 31st March 2023 (2022: nil).

5.       Net asset value per share

     JPMORGAN FUNDS LIMITED

01 June 2023

For further information, please contact:

Priyanka Vijay Anand

For and on behalf of

JPMorgan Funds Limited - Company Secretary

020 7742 4000

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 2023 Half Year Report will be submitted to the National Storage Mechanism and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The 2023 Half Year Report will also be available shortly on the Company's website at www.jpmjapanese.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.