JPMORGAN ASIA GROWTH & INCOME PLC

Annual Report • Dec 18, 2025

JPMorgan Asia Growth & Income plc Annual Report & Financial Statements for the year ended 30th September 2025 2 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Contents Strategic Report Financial Highlights 7 Ten Year Record 9 Chairman’s Statement 11 Portfolio Managers’ Report 14 Portfolio Information 18 Investment Process 24 Business Review 28 Principal & Emerging Risks and Uncertainties 32 Long Term Viability 35 Duty to Promote the Success of the Company 36 Directors’ Report Board of Directors 41 Directors’ Report 42 Corporate Governance Statement 45 Audit Committee Report 51 Directors’ Remuneration Report 55 Statement of Directors’ Responsibilities 59 Independent Auditor’s Report 61 Financial Statements Statement of Comprehensive Income 68 Statement of Changes in Equity 69 Statement of Financial Position 70 Statement of Cash Flows 71 Notes to the Financial Statements 72 Regulatory Disclosures Alternative Investment Fund Managers Directive Disclosures (Unaudited) 93 Securities Financing Transactions Regulation Disclosures (Unaudited) 94 Shareholder Information Notice of Annual General Meeting 97 Glossary of Terms and Alternative Performance Measures (Unaudited) 101 Investing in JPMorgan Asia Growth & Income plc 104 Share Fraud Warning 105 Information about the Company 106 2025 Financial Calendar Financial year end 30th September Final results announced December Half year end 31st March Half year results announced May Dividend on Ordinary Feb/May/Aug/Nov shares paid Annual General Meeting February Website The Company’s website, which can be found at www.jpmasiagrowthandincome.co.uk , includes useful information on the Company, such as daily prices, factsheets and current and historic half year and annual reports. Stay informed: receive the latest JAGI newsletter Sign up to receive regular email updates and relevant news and views directly to your inbox. Scan the QR code below on your smartphone or tablet camera or opt in via https://tinyurl.com/JAGI-Sign-Up Contact JAGI General enquiries about the Company should be directed to the Company Secretary at [email protected] m Key features Launched in 1997, JPMorgan Asia Growth & Income plc (the ‘Company’) is an investment trust and public limited company, with a closed-ended investment funds listing on the London Stock Exchange. Why invest in JPMorgan Asia Growth and Income plc Objective Total return, primarily from investing in equities quoted on the stock markets of Asia, excluding Japan. Benchmark MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. Capital structure At 30th September 2025, the Company’s issued share capital comprised 68,031,302 shares of 25p each, excluding shares held in Treasury. Discount management In normal market circumstances the Company will use its buyback powers in order to ensure that, as far as possible, its ordinary shares trade at a discount no wider than 8% to 10% relative to their cum-income Net Asset Value (‘NAV’) per share. Continuation Vote At the Annual General Meeting (‘AGM’) of the Company held on 15th February 2023, an ordinary resolution was put to shareholders that the Company continues in existence for a further three year period. The resolution received overwhelming support at the AGM, with 99.97% of voting shareholders approving the continuation of the Company. In accordance with the Company’s Articles of Association, an ordinary resolution that the Company will continue in operation for a further three years will be put to shareholders at this year’s AGM. Management company and Company Secretary The Company engages JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM or Investment Manager’), with the day to day investment management activity conducted in Hong Kong by JPMorgan Asset Management (Asia Pacific) Limited. Robert Lloyd and Pauline Ng (the ‘Portfolio Managers’) are the Company’s designated portfolio managers on behalf of the Investment Manager. Investment policies • To have a diversified portfolio of Asian stocks. • To emphasise capital growth rather than income. • To have a portfolio comprising around 50 to 80 investments. • To use borrowings, when in place, to gear the portfolio within a range of 10% net cash to 20% geared in normal market conditions. Dividend policy The Company aims to pay, in the absence of unforeseen circumstances, a regular quarterly dividend equivalent to 1.5% of the Company’s cum-income net asset value (‘NAV’) on the last business day of each financial quarter, being the end of December, March, June and September. These dividends are paid from a combination of revenue and capital reserves and will fluctuate in line with any rise or fall in the Company’s net assets at the end of each financial quarter. Key Features J.P. Morgan Asset Management 3 Long term performance (total returns) for years ended 30th September 2025 1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per share. 3 Source: MSCI. The Company’s benchmark is the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. 0 50 100 150 200 250 10 Year 5 Year 3 Year 1 Year  JPMorgan Asia Growth & Income – return to shareholders 1  JPMorgan Asia Growth & Income – return on net assets 2  Benchmark return 3 23.9% 19.9% 16.8% 223.2% 28.6% 39.3% 31.2% 49.9% 46.3% 38.9% 202.5% 154.3% Your Company at a Glance JPMorgan Asia Growth & Income plc has an established long-term track record of investing in Asian markets. The investment team benefits from J.P. Morgan Asset Management’s extensive network of Asian market specialists around the world. Their on-the-ground experience and in-depth knowledge of local markets coupled with an established investment process enable them to make longer-term appraisals of companies and not be side-tracked by short-term noise. 2025 Financial Highlights 1 Return on share price APM +23.9% Return on net assets APM +19.9% Benchmark return 2 +16.8% Annual dividend 23.6 pence Gearing 5.2% Discount 8.7% 1 For source details refer to page 7. 2 The Company’s benchmark is the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. APM Alternative Performance Measure (‘APM’). 4 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Key Features Asia continues to be a dynamic region, offering compelling growth and sustainable income opportunities driven by innovation, demographic trends and corporate self help.” Robert Lloyd, Portfolio Manager, JPMorgan Asia Growth & Income plc Our portfolio is poised to capture Asia’s exciting opportunities – from breakthroughs in the AI supply chain, to Korea’s transformative Value Up reforms, and China’s rapid localisation drive – empowering our investors to benefit from the region’s dynamic growth.” Pauline Ng, Portfolio Manager, JPMorgan Asia Growth & Income plc 1 Active share is a measurement of the difference in the Company’s portfolio compared to the benchmark index. A portfolio that replicates the index has an active share of zero, while a portfolio that owns entirely out-of-benchmark securities has an active share of 100. 2 Classification methodology has been adjusted post Covid-19. 60.19% Active share — a measure of active management 1 100+ Investment professionals in Emerging Markets and Asia ~3,000 Company Meetings Company meetings conducted per annum, on average 2 Our investment approach We adopt an active bottom-up approach to building our portfolio, seeking out the most attractive investment opportunities across Asia – innovative, market-leading, profitable companies with growth potential that is sustainable over the long-term. We are assisted in our quest by a team of sector and country analysts located on the ground in Hong Kong, Singapore, Seoul, Taipei, Shanghai and India, making them ideally positioned to find interesting businesses others may overlook. We look at the growth potential of specific companies rather than simply taking a view on individual countries, which is reflected in the Company’s low stock turnover and concentrated portfolio. With an investment approach which identifies profitable companies that demonstrate sustained growth potential over the long-term rather than focusing on short-term market movements, the Company has created value for investors over the long-term. Meet the Portfolio Managers Key features J.P. Morgan Asset Management 5 Strategic Report Strategic Report Financial Highlights J.P. Morgan Asset Management 7 Total returns (including dividends reinvested) 3 years 5 years 10 years 2025 2024 cumulative cumulative cumulative Return on share price 1,APM Return on net assets 2,APM z Benchmark return 3 Dividends per ordinary share in respect of the year 4 +23.9% +12.7% +49.9% +28.6% +19.9% +14.8% +46.3% +39.3% +16.8% +17.3% +31.2% +38.9% +3.1% –2.5% +7.4% +8.1% Return on net assets compared to benchmark return 3 23.6p 16.0p +223.2% +202.5% +154.3% +48.2% 1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per share. 3 Source: MSCI. The Company’s benchmark is the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. 4 Details of the Company’s dividend policy can be found on page 42. APM Alternative Performance Measure (‘APM’). A glossary of terms and Alternative Performance Measures is provided on pages 101 to 103. Financial Highlights 8 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Summary of results 2025 2024 % change Total returns for the year ended 30th September Return on share price 1,APM +23.9% +12.7% Return on net assets 2,APM +19.9% +14.8% Benchmark return 3 +16.8% +17.3% Net asset value, share price and discount at 30th September Shareholders’ funds (£’000) 323,824 329,627 –1.8 Net asset value per share APM 476.0p 417.9p +13.9 4 Share price 434.5p 371.0p +17.1 5 Share price discount to net asset value per share APM (8.7)% (11.2)% Gearing 6,APM 5.2% 0.8% Ongoing charges APM 0.82% 0.78% 1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per share. 3 Source: MSCI. The Company’s benchmark is the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. 4 % change, excluding dividends reinvested. Including dividends reinvested, the return is +19.9%. 5 % change, excluding dividends reinvested. Including dividends reinvested, the return is +23.9%. 6 Gearing includes market asset exposure through derivative financial instruments (Contracts for Difference ‘CFDs’) (2024: no CFDs were held). APM Alternative Performance Measure (‘APM’). A glossary of terms and Alternative Performance Measures is provided on pages 101 to 103. Ten Year Record J.P. Morgan Asset Management 9 Strategic Report Ten year performance Figures have been rebased to 100 at 30th September 2015 1 Source: Morningstar. 2 Source: Morningstar/J.P.Morgan, cum income net asset value. 3 Source: MSCI. 50 100 150 200 250 300 350 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015  Share price total return 1  Net asset value total return 2  Benchmark total return 3 Ten year performance relative to benchmark Figures have been rebased to 100 at 30th September 2015 1 Source: Morningstar. 2 Source: Morningstar/J.P.Morgan, cum income net asset value. 3 Source: MSCI. 90 100 110 120 130 140 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015  Share price total return 1  Net asset value total return 2  Benchmark total return 3 Ten Year Record 10 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report At 30th September 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Shareholders’ funds (£’000) 218,456 305,313 353,167 364,306 377,326 396,640 450,200 358,560 344,829 329,627 323,824 Net asset value per share (p) 229.8 321.2 375.4 387.2 401.1 421.6 460.7 370.6 378.8 417.9 476.0 Share price (p) 202.9 278.0 345.5 340.5 361.0 424.0 422.5 335.0 344.0 371.0 434.5 (Discount)/premium (%) APM (11.7) (13.4) (8.0) (12.1) (10.0) 0.6 (8.3) (9.6) (9.2) (11.2) (8.7) Gearing/(Net cash) (%) APM 0.5 4.5 (1.2) (0.3) (0.9) (0.6) (0.3) (0.1) (0.6) 0.8 5.2 5 Year ended 30th September Gross revenue return (£’000) 5,610 5,969 6,516 8,792 8,130 7,932 6,850 7,984 8,404 7,126 6,542 Revenue return per share (p) APM 2.99 3.48 3.93 5.48 4.99 4.64 2.84 5.09 4.94 4.51 4.54 Dividend per share (p) 1 2.5 3.0 13.9 15.7 15.7 15.8 19.3 16.5 15.7 16.0 23.6 Ongoing charges (%) APM 0.82 0.83 0.73 0.75 0.74 0.74 0.77 0.69 0.78 0.78 0.82 Rebased to 100 at 30th September 2015 Total return on share price (%) 2,APM 100.0 138.7 180.0 185.3 205.5 251.4 260.4 215.6 231.4 260.8 323.2 Total return on net assets (%) 3,APM 100.0 141.3 171.6 184.1 198.7 217.2 246.9 206.9 220.1 252.7 302.5 Benchmark total return (%) 4,APM 100.0 136.2 161.8 168.9 172.6 193.9 212.7 183.0 185.6 217.8 254.3 Annual total returns Return on share price (%) 2,APM –3.2 38.7 29.8 2.9 10.9 22.3 3.6 –17.2 7.3 12.7 23.9 Return on net assets (%) 3,APM –2.9 41.3 21.5 7.3 7.9 9.3 13.7 –16.2 6.4 14.8 19.9 Benchmark return (%) 4 –6.3 36.2 18.8 4.4 2.2 12.3 9.7 –13.9 1.4 17.3 16.8 1 As of 1st October 2016, the Company adopted a new distribution policy. Further details can be found on page 42. 2 Source: Morningstar. 3 Source: Morningstar/J.P. Morgan, using cum income net asset value per share. 4 Source: MSCI. The Company’s benchmark is the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. 5 Gearing includes market asset exposure through derivative financial instruments (Contracts for Difference ‘CFDs’) (2024: no CFDs were held). APM Alternative Performance Measure (‘APM’). A glossary of terms and APMs is provided on pages 101 to 103. Chairman’s Statement J.P. Morgan Asset Management 11 Strategic Report Performance and Market Background I am pleased to present the Company’s annual results for the year ended 30th September 2025. During the year, the Company delivered a total return on net asset value (NAV) of +19.9%, comfortably outperforming the benchmark return of +16.8%, expressed in sterling terms. This performance continues our robust long-term track record, with the Company outperforming the benchmark in seven of our last ten financial years. Over this period, the portfolio delivered cumulative returns of +202.5% – substantially ahead of the benchmark’s +154.3%. The Board’s focus is on ensuring the best possible returns for our investors through: • Strong and consistent performance, in particular outperforming the Index. • An enhanced dividend, which will be paying shareholders at least a yield of 6% in our current financial year. • Careful use of buybacks to prevent an excessive discount and preserve NAV for shareholders. • Taking advantage of the flexibility offered by a closed-end Trust to gear where appropriate and to invest in smaller and less liquid companies (which often have the best growth prospects in the medium term). • Keeping our charges among the lowest in the sector. There is more detail on these below. Over the last year, the Company continued to execute its long-term investment strategy, focusing on quality growth and income opportunities across the region. The portfolio participated in the market upswing in the second half of its financial year, benefiting from strong performances in China, Singapore, Taiwan, and Korea, while Indonesia faced notable challenges. The Portfolio Managers’ report provides further detail on performance, portfolio positioning, and the outlook for Asian markets. Dividend Policy The Board remains committed to delivering an attractive and sustainable income to our shareholders. In 2016, the Company introduced a policy of paying a regular, quarterly ‘enhanced dividend’ (funded from a combination of revenue and capital). Since then (2016) the Company has paid out dividends worth £136.7 million to our shareholders, while the NAV at the year-end was £323.8 million. Historically this dividend was set at 1% of the Company’s NAV per quarter or 4% per annum. Following a review, the enhanced dividend was increased to 1.5% of NAV per quarter, equating to a notional yield of 6% per annum, effective from March 2025. This is designed to differentiate the Company from its peers and respond to evolving investor needs in a higher interest rate environment, while also generating additional demand for our shares. Dividends paid in respect of the entire 2025 Our Company stands out for delivering superior long-term returns and an enhanced dividend, rewarding shareholders for their trust and commitment.” Sir Richard Stagg, Chairman “ Chairman’s Statement 12 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report financial year totalled 23.6 pence (2024: 16.0 pence). This represents a dividend yield of 5.4%, based on the share price as at 30th September 2025. The initial shareholder response to this change has been very positive. Premium/Discount and Share Capital Management The Board is closely focussed on the discount at which the Company’s shares trade. Our aim is to attract new investors through the suite of policies described above, in order to support demand for our shares and thus narrow the discount. We also use share buybacks, to help keep supply and demand in balance and to maintain liquidity. During the financial year, we bought back 10.8 million shares (representing 13.7% of issued share capital). Share buybacks increase the NAV per share of remaining shares (adding 5.8 pence per share to the NAV during the review period). Since the end of 30th September 2025, the Company has bought back a further 709,104 shares. The discount at which the Company’s shares trade narrowed during the review period, ending at 8.7%. Encouragingly, this is lower than the discount of 11.2% at the end of the last financial year and is within the Board’s targeted range of 8% to 10% in normal market circumstances. The discount is currently 7.92%. Gearing The Company maintained a cautious approach to gearing and had no loan facility in place during the year. The Board continues to review debt arrangements, in consultation with the Portfolio Managers and supports the use of contracts for difference (CFDs) to enhance returns. This strategy was foreshadowed in the last Annual Report. CFDs are a flexible, low-cost, capital-efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. The Board will closely monitor the use and effectiveness of this form of gearing. As of 30th September 2025, the portfolio’s net gearing stood at 5.2%, up from 4.0% at the Half Year end on 31st March 2025 and negligible at 30th September 2024, primarily due to increased use of CFDs. This modest amount of leverage reflects the Portfolio Managers’ generally positive view on the outlook for Asian markets. Board Succession As previously announced, Ms Diana Choyleva stepped down from the Board effective 4th August 2025. We would like to thank Diana for her valuable contribution during her tenure and wish her well in her future endeavours. Peter Moon will step down at the February 2026 AGM, marking the completion of his nine-year tenure as a Director. Following the AGM, Kathryn Matthews will succeed Peter as Senior Independent Director. The Board thanks Peter for his valuable guidance and leadership during his tenure and extends its best wishes for the future. As foreshadowed in the Half Year Report, the Board is pleased to announce the appointment of George William Edward Rogers (Will Rogers) and Bulbul Barrett as Non-Executive Directors, effective 26th November 2025. Both new Directors are independent, have no relationship with the Investment Manager and do not hold shares in the Company. Will Rogers is a qualified corporate lawyer with extensive experience advising and brokering London-listed investment companies. Bulbul Barrett has over 30 years’ experience in Asian equities, with senior roles at major financial institutions. She currently serves as a director on other investment trusts. The Board can confirm that its current composition is compliant with all applicable diversity targets for UK companies listed on the Main Market of the London Stock Exchange. It is the Board’s intention that this will continue to be the case. The Manager and Costs Through the remit of the Management Engagement Committee (‘MEC’), the Board has reviewed the Manager’s performance and its fee arrangements with the Company. Based upon its performance record and taking all factors into account, including other services provided to the Company and its shareholders, the MEC and the Board are satisfied that JPMF should continue as the Company’s Manager, and that its ongoing appointment remains in the best interests of shareholders. The Board is very pleased to note that the Company has one of the lowest, and thus most competitive, ongoing charges in the sector, and it is committed to ensuring this remains the case. Adoption of new Articles of Association The Company is proposing to adopt new Articles of Association which contain provisions dealing with a potential situation whereby fewer directors than the required minimum number are re-elected at an AGM. Resolution 16 seeks shareholder approval for this amendment to be made to the Company’s existing Articles of Association with the adoption of the new articles. No other amendments are being proposed at this time. Stay Informed The Company is very keen to engage with its shareholders, and to ensure that all investors, but especially those with smaller holdings who invest via platforms, are well-informed about the progress of their Company, its performance and Chairman’s Statement J.P. Morgan Asset Management 13 Strategic Report the market outlook. To support this goal, the Company has stepped up its efforts to make this information more accessible, including via email updates with regular news and views, as well as the latest performance data. If you have not already signed up to receive these communications, the Board would like to encourage you to opt in to these updates via https://tinyurl.com/JAGI-Sign-Up or by scanning the QR code on this page. Annual General Meeting The Company’s Annual General Meeting will be held on Wednesday, 25th February 2026 at 11.00 a.m. at 60 Victoria Embankment, London EC4Y 0JP. The Investment Managers will give a presentation to shareholders, reviewing the past year and commenting on the outlook for the current year. We look forward to seeing as many shareholders as possible at the AGM. For shareholders wishing to follow the AGM proceedings, but choosing not to attend, we will be able to welcome you through conferencing software. Details on how to register, together with access details, will be available on the Company’s website: www.jpmasiagrowthandincome.co.uk , or by contacting the Company Secretary at: [email protected] As is normal practice, all voting on the resolutions will be conducted by a poll. Shareholders viewing the meeting via conferencing software will not be able to vote on the poll. We therefore strongly encourage all shareholders, and particularly those who cannot physically attend, to exercise their votes in advance of the meeting by completing and submitting their form of proxy. If you have any detailed or technical questions, it would be helpful if you could raise them in advance with the Company Secretary at 60 Victoria Embankment, London EC4Y 0JP or via the ‘Ask a Question’ link on the Company’s website. Continuation Vote At the Annual General Meeting (‘AGM’) of the Company held on 15th February 2023, an ordinary resolution was put to shareholders proposing that the Company continue in existence for a further three-year period. This resolution received the full support of voting shareholders, representing 99.97% of the shares voted in favour of the continuation of the Company. At the forthcoming AGM, an ordinary resolution will again be put to shareholders that the Company continue in existence as an investment trust for a further three-year period. The Board believes that the long-term outlook for Asian markets is favourable and that the Investment Manager has the resources and processes to continue to deliver good results for shareholders, as shown by the Company’s long-term performance. The Board believes that these considerations, combined with the Company’s ongoing efforts to attract new investors and support, mean that the continuation of the Company is in the best interests of all shareholders. Outlook Looking ahead, my fellow Board members and I agree with the Portfolio Managers that the prospects for Asian economies appear somewhat brighter than they were at the time of the Half Year Report. The risks to growth, inflation and international trade relations posed by US tariffs remain, but Asian exporters are already adapting by seeking alternative markets beyond the US. Regional governments, notably in China and India, are also seeking to rebalance their economies to reduce reliance on exports. China’s policy initiatives to boost domestic demand and support the property sector are especially welcome: and there is the possibility of further stimulus in 2026. Even without any such additional encouragement, Asian economies will continue to grow more rapidly than their Western counterparts, assisted by the region’s leadership in semiconductor and other AI hardware manufacturing. Asian businesses will also benefit from productivity gains and cost efficiencies arising from the rapid and widespread adoption of artificial intelligence. Finally, but of equal if not greater importance, the corporate governance reforms underway in China, Korea and other markets are delivering meaningful increases to shareholder returns, while also improving capital efficiency. All these factors point to continued opportunities for growth and income across the region. Following changes in the portfolio management team last year, the Board is pleased with the success of the partnership between Robert Lloyd and Pauline Ng. While, as ever, geopolitical and market risks persist, the Board is confident in the Portfolio Managers’ ability to navigate these challenges and continue to deliver attractive returns to shareholders. On behalf of the Board, I thank you for your continued support and look forward to engaging with shareholders at the upcoming Annual General Meeting. Sir Richard Stagg Chairman 10th December 2025 Portfolio Managers’ Report 14 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report The Market Environment in 2025 Asian markets rose sharply in the Company’s financial year ended 30th September 2025, with the MSCI Asia Pacific Index rising by 16.8% expressed in sterling terms. China, Singapore, Taiwan and Korea all saw robust gains, while Indonesia fell sharply. China remained a focal point. The MSCI China Index rose by 27.0% as confidence in the country’s economic outlook improved. After three years of economic headwinds, Beijing’s leaders have made a decisive move away from fiscal conservatism and towards more accommodative monetary and fiscal policies to stabilise markets and restore confidence. This included rare mid-year budget adjustments in 2024 to boost infrastructure investment, and a commitment to a moderately loose monetary policy, including several interest rate cuts over 2024 and 2025. These policy efforts were specifically designed to address deflationary pressures and property sector weakness, which had previously weighed heavily on markets. Investors welcomed the measures, but so far, they have had a limited effect on the real economy, as real estate activity and consumer spending remain subdued. The MSCI Singapore Index reached record highs in 2025. Key market drivers were an improvement in shareholder returns from the largest banks and strong earnings growth from tech companies. Taiwan’s stock market also hit all-time highs led by tech companies including Taiwan Semiconductor Manufacturing Company (TSMC). After a period of instability and underperformance, the Korean stock market experienced a strong rally in 2025, driven by a combination of factors. Investors welcomed the return to political stability following turmoil that culminated in the impeachment of the former president in April. Korea’s corporate Value Up program continues to improve shareholder returns, and there is optimism about the outlook for the technology sector. Elsewhere, the MSCI India finished the fiscal year flat. Although India’s GDP grew by 7.0% over the period, the market was negatively impacted by unfavourable trade negotiations with the US and disappointing corporate earnings growth. Indonesia was the worst performing market. Economic challenges intensified with the launch of Danatara, a sovereign wealth fund established by the Indonesian government, raising concerns about potential misallocation of government funds. These challenges were most pronounced in the Indonesian equity market, though broader market volatility and macroeconomic pressures also impacted other Asian regional equity markets to a lesser degree. As in other regions, the rapid development of artificial intelligence (AI) was an important theme in Asian markets over the year, thanks to the region’s dominant role in the manufacturing supply chain crucial to the AI revolution. TSMC, a key partner for global AI leaders like NVIDIA and Apple, remains a leading innovator, producing next generation chips which improve the speed and energy-efficiency of smartphones and laptops as well as power new technologies such as advanced AI tools. Beyond chips, Taiwanese companies like Foxconn and Quanta Computer produced a staggering 90% of global AI server manufacturing capacity. Performance The Company outperformed its benchmark over the period, returning +19.9% on a net asset value (‘NAV’) total return basis, compared with a benchmark return of +16.8%, expressed in sterling terms. The Company has outperformed the benchmark in all but three of the last ten financial years, a long span of time over which market conditions have fluctuated widely. In the ten years ended 30th September 2025, the Company delivered a cumulative total return of +202.5% in NAV terms and +223.2% on a share price basis, well above the benchmark’s cumulative total return of +154.3%. On an annualised returns basis, these results equate to +11.7% in NAV terms, +12.4% on a share price basis and +9.8% for the benchmark. Robert Lloyd Portfolio Manager Pauline Ng Portfolio Manager Strategic Report Portfolio Managers’ Report J.P. Morgan Asset Management 15 Attribution The top contributor to performance over the year was Hong Kong Exchange, the operator of the Hong Kong Stock Exchange. This exchange experienced a significant increase in trading volumes in 2025, with the average daily turnover more than doubling, reaching record highs. Southbound flows from Mainland China accounted for nearly a quarter of daily turnover, and derivatives. Exchange Traded Products (ETP), and commodities markets also saw substantial growth. This surge was driven by robust capital inflows, resilient market sentiment, and favourable liquidity conditions. Our holding in Delta Electronics, a Taiwanese supplier of power and thermal management systems, was another positive contributor. The company saw robust growth in its AI server power supply and liquid cooling solutions throughout the year. These segments saw significant revenue increases, with revenue from AI power projected to grow from 12% of total revenue in 2025, to 31% in 2026 and 47% in 2027. Demand for liquid cooling solutions also expanded rapidly, with Delta holding a market share of more than 50% in liquid-to-air cooling systems used in data centres. This growth contributed to record gross and operating margins – Delta’s Q2 ‘25 gross margin was 35.5% and its operating margin was 15.1%. Notable detractors from performance during the review period included an underweight in Xiaomi Corp, a Chinese consumer electronics business. The stock rose more than 100% due to robust financial results, driven by strong growth in its electric vehicle (EV) and Artificial Intelligence of Things (AIoT) segments, premiumisation of its smartphone business, and the successful expansion of its customer base and network of suppliers and distributors. The company reported record Q2 revenue of RMB 116 billion, up 30% year-on-year, and adjusted net profit of RMB 10.8 billion, a 75% increase, with EV gross margins reaching 26.4%. Xiaomi’s innovative product launches, including the YU7 and SU7 EV models and AI Glasses, captured significant market share. Our holding in PT Bank Central Asia Tbk (BCA), an Indonesian regional bank, also detracted, driven by a combination of company-specific and sector-wide challenges. BCA experienced decelerating loan growth, with management guiding for more moderate, 6-8%, loan growth for the year. In addition, the market began to worry about the bank’s asset quality, particularly in the SME and consumer segments. Credit costs were revised upward to 30-50bps, reflecting rising special mention loans and a mild uptick in non-performing loans (NPLs). Performance attribution 30th September 2025 Source: FactSet, Morningstar and J.P.Morgan. All figures are on a total return basis. Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark index. 1 Represented by timing differences in respect of cash flows and dividends. APM Alternative Performance Measure (‘APM’). A glossary of terms and APMs is provided on pages 101 to 103. % % Contributions to total returns Benchmark return 16.8 Stock selection 2.3 Currency effect 0.0 Gearing/(net cash) 0.1 Investment Manager contribution 2.4 Dividends/Residual 1 –0.3 Portfolio return 18.9 Management fee and other expenses –0.8 Impact of the provision for Indian capital gains tax 0.3 Share buyback 1.5 Return on net assets APM 19.9 Effect of movement in discount over the year 4.0 Return on share price APM 23.9 Portfolio Managers’ Report 16 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Portfolio Activity We adopt a bottom-up approach to building our portfolio, seeking out the most attractive investment opportunities across Asia – innovative, market-leading, profitable companies with growth potential that is sustainable over the long-term. We are assisted in our quest by a team of sector and country analysts located on the ground in Hong Kong, Singapore, Seoul, Taipei and Shanghai, making them ideally positioned to find interesting businesses others may overlook. Over the year, we bought Beijing Huafeng Test & Control Technology (Accotest), a Chinese company which develops automated test systems. Accotest has a dominant market share (over 60%) in domestic analogue integrated circuitry testing, and is benefiting from rapid growth in the trend towards localisation – adapting global content to align with the language and culture of a target market. Another new tech holding is Advanced Micro-Fabrication Equipment-A (AMEC), a Chinese producer of high-end semiconductors. AMEC is also a beneficiary of localisation trends, particularly in the development of the most advanced chips essential to the manufacture of many high-quality electronic and optical devices. Our high conviction investment approach means that portfolio turnover is usually low. However, during the year we sold Reliance Industries, an Indian conglomerate whose interests include oil and gas production and retailing. Our main concerns centred around Reliance’s retail business, where growth decelerated amid the ongoing rationalisation of stores, softer consumer demand and competition from online retailers. We also closed a position in Haidilao, China’s leading hotpot restaurant and food delivery chain. This company’s core operating profit declined by 14% in the first half of 2025, undershooting expectations due to higher marketing and delivery expenses, and investments in new store formats. The main brand experienced a 9% year-over- year sales decline, primarily due to its failure to utilise fully its restaurant capacity, and a challenging pricing environment driven by delivery wars. Additionally, ongoing weakness in the consumer environment and increased competition from delivery platforms have postponed the recovery and re- expansion of Haidilao’s core brand. Outlook for 2026 We believe the outlook for next year will hinge on five important themes: China China’s economy is projected to grow by around 4.5% in 2026. While this represents a slowdown from the forecast 2025 rate of 4.8%, it is important to bear in mind that growth of this magnitude would still be more than twice as strong as the IMF’s 2026 projection of 2.1% US growth, and higher than the IMF’s growth forecasts for all other economies except India. The policy stimulus packages implemented over the past year targeted social safety nets and AI infrastructure, with the aim of increasing domestic consumption to offset declining net export contributions. These measures are yet to take full effect, but there is already speculation about the possibility of further stimulus measures to counter the growth slowdown. Other policy initiatives may also support the economy over the medium term, as the government will embark on its 15th Five-Year Plan in the coming year. China’s past five years were mainly about risk containment. The next five will focus on economic rebalancing – tackling deflation, driving the transition to tech and services, and digesting lingering debt risks. It is, however, difficult to be too optimistic about what any such measures may achieve. Real progress towards these goals demands deep structural reforms, but so far, change has been incremental. Shareholder Returns Yet reform is continuing apace in other spheres, in China, and elsewhere in Asia. There is a gradual improvement in shareholder returns in the region. Chinese companies are increasingly prioritising shareholder returns and capital discipline over growth. Dividend payouts and share buybacks have more than doubled in the past decade, with 30%-50% of Chinese companies now paying dividends. This more supportive corporate backdrop, combined with China’s relatively robust growth and the authorities’ efforts to rebalance the economy, suggests that an increase in exposure to China may serve investors well. Corporate governance reforms also remain a source of optimism in Korea, and elsewhere. The government continues to push forward with reforms, including a revised commercial code, tax changes and the possible introduction of a mandatory requirement for companies to cancel treasury shares. In southeast Asia, the Indonesian bank regulator, OJK, has indicated its support for high dividend payouts. This has influenced BCA and other major banks to prioritise profitability and capital returns, reinforcing the general trend towards higher dividend payments. Singapore’s largest bank, DBS, launched a SGD3 billion share buyback program, which includes share cancellation, and added a quarterly ‘Capital Return’ dividend, in addition to recent increases to ordinary dividends and a bonus share issue. AI/Technology The rapid spread of AI and technology more generally is providing another significant tailwind for Asian equities. The tech sector now comprises around 30% of the MSCI Asia ex Japan index and encompasses world-leading manufacturers and suppliers of semiconductors, electronics, hardware, software and outsourcing and cloud services. While the software services story is well known, it is imperative to understand that Asian tech companies also play an integral role in the global supply chain underpinning the AI revolution, Portfolio Managers’ Report J.P. Morgan Asset Management 17 Strategic Report and the surge in worldwide demand for AI-related products is providing a strong tailwind for these companies. Taiwan, for example, produces –90% of the world’s advanced semiconductors, while South Korea is responsible for –50% of the world’s supply of solid-state memory. While the US and Europe were dominant regions for semiconductor production in 1990, with a market share of just over 80%, today they account for only 23% of global semiconductor production. The rest comes from Asia. Additionally, up to 75% of suppliers to the US’s so-called Magnificent Seven (M7) tech giants are located outside of the US, particularly in east and south-east Asia. As well as their role in the global AI supply chain, Asian companies are increasingly integrating AI into their own operations, leading to innovation, improved productivity, and potentially more sustainable earnings growth. While AI adoption faces challenges, such as trade restrictions on China’s access to high-end chips, AI and related technological advances are nonetheless creating new capital expenditure cycles and driving economic growth that can support higher equity valuations across the region. There are concerns among some investors about the possibility that the surge in AI-related capital investment by the M7 and many other businesses around the world, is fuelling an ‘AI bubble’ in danger of bursting, with painful consequences similar to the collapse of the dot.com boom in 2000. However, unlike the dot.com boom, current AI capex is being funded from companies’ existing, often very strong, earnings, rather than by debt. This significantly reduces potential knock-on effects if the returns on this investment disappoint. Furthermore, corporate credit markets, which are more sensitive to potential risks than equity markets, appear unfazed by the extent of current capex. Credit spreads are trading close to all-time lows - a clear sign that bond investors have few concerns about issuers’ capacity to generate sufficient free cash flow to meet commitments. Valuations Valuations are another reason for confidence in the outlook for the coming year. Although MSCI All Countries Asia ex Japan (MXASJ) Index valuations have re-rated, a look at the underlying index constituents and drivers is instructive. Some regions such as India and Taiwan are trading at all-time high valuation levels, either on forward price to earnings or price to book ratios, and these have consequently lifted index levels. However, valuations in China and Korea remain at the mid-point of their ranges over the last ten years. The broad improvements we anticipate in both these markets, thanks to ongoing corporate reforms discussed above, should lead to higher returns on capital over the long-term, and in our view, this justifies increases in valuation multiples beyond their current levels. Additionally, Asian equity valuations remain at a discount of roughly 30% relative to the US market, which, while consistent with historical averages, leaves some scope for narrowing. India US tariffs are the greatest risk to the market. They will remain a burden for Asian exporters, and their economies. And India is likely to be one of the worst affected countries. The US announced 50% tariffs on Indian goods (including a 25% penalty for Russian oil imports), effective 27th August 2025, with the exception of chemicals, electronics, energy and generic pharmaceuticals. If fully implemented, these tariffs are estimated to add 50-60bps to India’s current account deficit and to cut GDP by a similar magnitude. Even if the tariffs are revised down to 20-25% by end-2025, as widely expected, their economic impact will still be significant. The US also issued new visa rules for highly educated foreign workers, requiring a $100,000 fee for new applicants, which will limit the career progression of many highly skilled Indian professionals. To mitigate the impact of these trade and labour market restrictions, India has announced several positive domestic policies. The Reserve Bank of India has introduced measures to support exporters, such as reducing compliance burdens and extending the time limit for repatriation of foreign currency earnings. The government is revamping the goods and services tax (GST) to stimulate domestic demand and ease the burden on affected sectors including automobiles, garments, and electronics. These steps are designed to provide a buffer against external shocks, protect labour intensive industries, and reduce reliance on the US market. At the same time, the Indian government is continuing negotiations with the US for a fair-trade agreement that respects India’s economic interests. Tariffs aside, the outlook for 2026 seems more positive than it was at the time of our Half Year Report. China’s relatively strong growth should continue to support activity across the region. Markets will gain further impetus from widespread improvement in shareholder returns and from earnings growth driven by Asia’s position at the centre of the AI revolution. Furthermore, the rapid development and penetration of AI should boost productivity and cut costs across most sectors for years to come. And although unexpected volatility may, at times, disturb this relatively upbeat scenario, it can also create attractive investment opportunities that enhance returns over time. So, we will be quick to grasp any such opportunities as they emerge, while also maintaining our focus on providing shareholders with continued strong outright gains and outperformance over the long term. Robert Lloyd Pauline Ng Portfolio Managers 10th December 2025 Ten largest investments As at 30th September 2025 1 Based on Gross Asset Exposure which comprises of market exposure to both direct investments and investments through derivative financial instruments, expressed as a percentage of net assets (2024: direct investments with no exposure to derivative financial instruments). Taiwan Semiconductor Manufacturing Company, the world’s largest semiconductor company, is a semiconductor contract manufacturer and designer. It manufactures semiconductors for many of the world’s leading technology companies including Apple, NVIDIA and Advanced Micro Devices. It is the first manufacturer to provide 7 and 5 nanometre production technologies allowing it to manufacture the latest chip designs including the A14 chip at the heart of the latest Apple iPhone. Company Country Sector % of net assets 1 Value of holding (£’000) Taiwan Semiconductor Manufacturing Taiwan Information Technology 15.2% (2024: 11.1%) £49,361 (2024: £36,658) Alibaba operates as an e-commerce company. The company engages in the distribution and retail of a wide array of products, encompassing consumer electronics, machinery, apparel, food, chemicals, bags and sports equipment. In addition to its product offerings, the company provides services in the development of online shopping search engines and cloud computing solutions. Alibaba.com serves customers worldwide. Company Country Sector % of net assets 1 Value of holding (£’000) Alibaba China and Hong Kong Consumer Discretionary 6.8% (2024: 4.4%) £21,978 (2024: £14,596) HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It is India’s largest private sector bank by assets and the world’s 10th largest bank by market capitalisation. Company Country Sector % of net assets 1 Value of holding (£’000) HDFC Bank India Financials 3.2% (2024: 2.5%) £10,209 (2024: £8,423) Samsung Electronics is one of the world’s leading electronics companies. In addition to its own brand of consumer electronics, where it is the world’s largest manufacturer of smartphones, it also manufactures lithium-ion batteries, sensors, displays and other components for a wide range of household names including HTC, Sony and Apple. Company Country Sector % of net assets 1 Value of holding (£’000) Samsung Electronics South Korea Information Technology 4.8% (2024: 3.0%) £15,390 (2024: £9,787) Tencent is a Chinese technology company focusing on internet services. It is the world’s largest video game vendor. It owns WeChat, among the largest Chinese and therefore global, social media apps as well as a number of music, media and payment service providers. Its venture capital arm has holdings in over 600 companies with a focus on technology start-ups across Asia. Company Country Sector % of net assets 1 Value of holding (£’000) Tencent China and Hong Kong Communication Services 9.9% (2024: 7.6%) £32,136 (2024: £25,403) Strategic Report Portfolio Information 18 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Portfolio Information J.P. Morgan Asset Management 19 1 Based on Gross Asset Exposure which comprises of market exposure to both direct investments and investments through derivative financial instruments (CFDs), expressed as a percentage of net assets (2024: direct investments with no exposure to derivative financial instruments) (CFDs). 2 Not included in the ten largest investments at 30th September 2024. At 30th September 2025, the value of the ten largest equity investments amounted to £169.6 million (2024: £136.8 million) representing 52.4% (2024: 41.3%) of net assets. Hong Kong Exchanges and Clearing owns the Hong Kong Stock Exchange, the third largest stock market in Asia and the fourth largest in the world. It also operates four clearing houses providing clearing, settlement and depositary services across a range of asset classes from equities to over the counter (OTC) derivatives. Outside the Asian region it owns the London Metal Exchange, the world’s largest market for base metals trading. Company Country Sector % of net assets 1 Value of holding (£’000) Hong Kong Exchanges & Clearing China and Hong Kong Financials 3.2% (2024: 2.7%) £10,201 (2024: £9,022) NetEase, Inc. operates as a leading internet technology company providing online services including content, community, communication, and commerce. The company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other international markets. 2 Company Country Sector % of net assets 1 Value of holding (£’000) NetEase China and Hong Kong Communication Services 2.8% (2024: 0.9%) £9,088 (2024: £2,960) AIA is a Hong Kong finance multinational. It is the largest listed life insurance company in the Asia-Pacific region and the largest listed company on the Hong Kong Stock Exchange. It offers general and life insurance products and retirement products across the region with a presence in 18 Asian markets, most notably China. Company Country Sector % of net assets 1 Value of holding (£’000) AIA China and Hong Kong Financials 2.4% (2024: 2.5%) £7,765 (2024: £8,392) DBS Group Holdings Limited and its subsidiaries provide a variety of financial services. The company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage. DBS Group also acts as the primary dealer in Singapore government securities. 2 Company Country Sector % of net assets 1 Value of holding (£’000) DBS Singapore Financials 1.9% (2024: 1.5%) £6,273 (2024: £5,064) Telstra Group Limited operates as a telecommunication company. The company offers wide range of information and communication services. Telstra Group serves clients in Australia. 2 Company Country Sector % of net assets 1 Value of holding (£’000) Telstra Australia Communication Services 2.2% (2024: 1.4%) £7,241 (2024: £4,783) Geographical analysis 30th September 2025 30th September 2024 Asset Exposure Benchmark Asset Exposure Benchmark % 1 % % 1 % China and Hong Kong 44.9 40.0 37.8 36.5 Taiwan 19.0 22.0 18.9 20.0 South Korea 17.8 12.5 14.3 11.9 India 14.9 17.2 20.5 22.2 Singapore 4.2 4.1 2.3 3.5 Australia 2.7 — 1.9 — United States of America 0.9 — — — Indonesia 0.8 1.3 3.4 1.9 Thailand — 1.2 1.2 1.7 Malaysia — 1.3 0.5 1.7 Philippines — 0.4 — 0.6 Total 105.2 100.0 100.8 100.0 1 Based on the Asset Exposure (total exposure from direct portfolio investments plus derivative financial instruments) expressed as a percentage of Net Assets. The presentation of 30th September 2024 comparatives has been revised to align with the basis used for 30th September 2025, for comparison purposes. This was previously expressed as a percentage of the portfolio value. Sector analysis 30th September 2025 30th September 2024 Asset Exposure Benchmark Asset Exposure Benchmark % 1 % % 1 % Information Technology 31.0 28.7 25.2 25.1 Communication Services 15.5 10.9 13.0 10.1 Consumer Discretionary 15.6 15.2 14.7 15.0 Financials 21.6 20.3 21.5 21.0 Materials 4.8 3.6 7.2 4.5 Utilities 1.6 2.1 1.8 2.8 Industrials 9.0 7.5 5.7 7.5 Real Estate 2.7 2.0 2.7 2.4 Consumer Staples 1.0 3.2 3.5 4.3 Energy 0.7 2.8 3.8 3.6 Health Care 1.7 3.7 1.7 3.7 Total 105.2 100.0 100.8 100.0 1 Based on the Asset Exposure (total exposure from direct portfolio investments plus derivative financial instruments) expressed as a percentage of Net Assets. The presentation of 30th September 2024 comparatives has been revised to align with the basis used for 30th September 2025, for comparison purposes. This was previously expressed as a percentage of the portfolio value. Strategic Report Portfolio Information 20 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Portfolio Information J.P. Morgan Asset Management 21 Investment activity During the year ended 30th September 2025 Value at Value at 30th September 2024 30th September 2025 Fair % of Changes Fair % of Value Asset Purchases Sales in value 1 Value 3 Asset Asset £’000 Exposure 2 £’000 £’000 £’000 £’000 Exposure 2 Exposure 2 China and Hong Kong 124,462 37.8 113,128 (130,938) 19,714 126,366 145,423 44.9 Taiwan 62,355 18.9 19,134 (39,816) 19,766 61,439 61,439 19.0 South Korea 47,059 14.3 70,281 (68,840) 9,249 57,749 57,749 17.8 India 67,466 20.5 62,601 (75,635) (6,397) 48,035 48,035 14.9 Singapore 7,708 2.3 12,787 (10,272) 3,388 13,611 13,611 4.2 Australia 6,378 1.9 9,409 (7,735) 679 8,731 8,731 2.7 United States of America — — 3,101 (1,455) 1,422 3,068 3,068 0.9 Indonesia 11,137 3.4 1,715 (6,572) (3,687) 2,593 2,593 0.8 Thailand 3,941 1.2 — (3,935) (6) — — — Malaysia 1,746 0.5 — (1,990) 244 — — — Philippines — — — — — — — — Vietnam — — 5,875 (5,811) (64) — — — Total 332,252 100.8 298,031 (352,999) 44,308 321,592 340,649 105.2 Net derivative financial asset — 1,440 Total Net Assets 332,252 323,032 1 Total capital gains on investments for the year amounted to £44,308,000 comprising gains on sales of investments of £25,059,000 and investment holding gains of £19,249,000. 2 Based on the Asset Exposure (total exposure from direct portfolio investments plus derivative financial instruments) expressed as a percentage of Net Assets. The presentation of 30th September 2024 comparatives has been revised to align with the basis used for 30th September 2025, for comparison purposes. This was previously expressed as a percentage of the portfolio value. EQUITIES China and Hong Kong Tencent 2 (shares and long CFD) 32,136 9.9 28,125 8.7 Alibaba (shares and long CFD) 21,978 6.8 12,750 4.1 Hong Kong Exchanges & Clearing 10,201 3.2 10,201 3.2 NetEase 9,088 2.8 9,088 2.8 AIA 7,765 2.4 7,765 2.4 China Construction Bank 3 5,761 1.8 5,761 1.8 Zijin Mining 3 5,574 1.7 5,574 1.7 China Yangtze Power 5,159 1.6 5,159 1.6 Xiaomi 4,738 1.5 4,738 1.5 China Resources Land 4,469 1.4 4,469 1.4 Kingdee International Software 4,467 1.4 4,467 1.4 Beijing Huafeng Test & Control Technology 4,203 1.3 4,203 1.3 Hongfa Technology 4,183 1.3 4,183 1.3 Bank of Chengdu 2,680 0.8 2,680 0.8 Meituan 2,657 0.8 2,657 0.8 Verisilicon Microelectroni-A C1 2,324 0.7 2,324 0.7 KE 2,314 0.7 2,314 0.7 Xinyi Solar Holdings (long CFD) 2,307 0.7 13 0.0 China Shenhua Energy 3 2,192 0.7 2,192 0.7 Baoshan Iron & Steel 2,168 0.7 2,168 0.7 Weichai Power (long CFD) 2,052 0.6 (32) 0.0 Jiangsu Hengrui Pharmaceuticals 2,049 0.6 2,049 0.6 Tencent Music Entertainment 2 1,934 0.6 1,934 0.6 Advanced Micro-Fabrication Equipment 1,547 0.5 1,547 0.5 China Cinda Asset Management 3 1,026 0.3 1,026 0.3 Zijin Gold International 451 0.1 451 0.1 145,423 44.9 127,806 39.7 Taiwan Taiwan Semiconductor Manufacturing 49,361 15.2 49,361 15.2 Delta Electronics 5,703 1.8 5,703 1.8 Largan Precision 3,093 1.0 3,093 1.0 Parade Technologies 2,655 0.8 2,655 0.8 Elite Material 627 0.2 627 0.2 61,439 19.0 61,439 19.0 South Korea Samsung Electronics 15,390 4.8 15,390 4.8 Shinhan Financial 6,017 1.9 6,017 1.9 Hyundai Motor 5,348 1.7 5,348 1.7 Samsung C&T 4,574 1.4 4,574 1.4 SK 3,423 1.0 3,423 1.0 SK Hynix 2,861 0.9 2,861 0.9 KIWOOM Securities 2,823 0.9 2,823 0.9 Kumho Petrochemical 2,652 0.8 2,652 0.8 Soulbrain 2,642 0.8 2,642 0.8 Hyundai Steel 2,372 0.7 2,372 0.7 HDC Hyundai Development Co-Engineering & Construction 2,275 0.7 2,275 0.7 DB Insurance 2,030 0.6 2,030 0.6 LigaChem Biosciences 1,850 0.6 1,850 0.6 HD Hyundai Electric 1,759 0.5 1,759 0.5 Hugel 1,733 0.5 1,733 0.5 57,749 17.8 57,749 17.8 Asset Exposure 1 Fair value 5 Company £’000 % 1 £’000 % 1 List of investments As at 30th September 2025 Portfolio Information 22 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Portfolio Information J.P. Morgan Asset Management 23 Strategic Report Asset Exposure 1 Fair value 5 Company £’000 % 1 £’000 % 1 India HDFC Bank 2 10,209 3.2 10,209 3.2 Mahindra & Mahindra 5,560 1.7 5,560 1.7 Eternal 4,296 1.3 4,296 1.3 Cholamandalam Investment and Finance 4,161 1.3 4,161 1.3 Blue Star 3,186 1.0 3,186 1.0 Godrej Consumer Products 3,182 1.0 3,182 1.0 Bajaj Auto 3,165 1.0 3,165 1.0 InterGlobe Aviation 2,881 0.9 2,881 0.9 Bharat Electronics 2,628 0.8 2,628 0.8 Hindustan Aeronautics 2,495 0.8 2,495 0.8 Kotak Mahindra Bank 1,967 0.6 1,967 0.6 Embassy Office Parks 1,966 0.6 1,966 0.6 Shriram Finance 1,795 0.5 1,795 0.5 Coforge 544 0.2 544 0.2 48,035 14.9 48,035 14.9 Singapore DBS 6,273 1.9 6,273 1.9 Sea 2 4,550 1.4 4,550 1.4 Singapore Exchange 2,788 0.9 2,788 0.9 13,611 4.2 13,611 4.2 Australia Telstra 7,241 2.2 7,241 2.2 ASX 1,490 0.5 1,490 0.5 8,731 2.7 8,731 2.7 United States of America Coupang 3,068 0.9 3,068 0.9 3,068 0.9 3,068 0.9 Indonesia Bank Central Asia 2,593 0.8 2,593 0.8 2,593 0.8 2,593 0.8 Gross Asset Exposure 4 340,649 105.2 Portfolio Fair Value 5 323,032 100.0 Net current assets (excluding derivative financial assets and liabilities) 2,329 Provision for Indian capital gains tax (1,537) Total Net Assets 323,824 1 Asset exposure comprises the market exposure of the investment portfolio held through both direct investment and derivative financial instruments. This is expressed as a percentage of net assets. 2 American Depositary Receipts (ADRs). 3 Hong Kong ‘H’ shares, that is, shares in companies incorporated in mainland China and listed in Hong Kong and other foreign stock exchanges. 4 Gross Asset Exposure comprises market exposure to investments held directly of £321,592,000 plus market exposure to investments held through derivative financial instruments (long CFDs) of £19,057,000. 5 Portfolio Fair Value refers to the fair value of investments held both directly and via derivative financial instruments. For CFDs, this is calculated as the difference between the price at which the CFD was entered into and the market value of the underlying investment, which is presented as derivative financial assets or derivative financial liabilities. This comprises total direct investments held at fair value through profit or loss of £321,592,000 plus derivative financial assets of £1,472,000 less derivative financial liabilities of £32,000 as shown per the Statement of Financial Position on page 70. List of investments As at 30th September 2025 Investment Manager’s Investment Process The investment process pursued by the Company’s Portfolio Managers uses a combination of top-down asset allocation and bottom-up stock selection to deliver a portfolio that aims to add value consistently over multiple market cycles. The objective of the investment process is to identify the most attractive countries and companies in Asia. The investment process consists of three key steps: 1. Fundamental Research; 2. Valuation Framework; and 3. Portfolio Construction. 1. Fundamental Research The Portfolio Managers are supported by a well-resourced team of sector analysts and country specialists, who use their expertise to identify and research companies. In-depth fundamental research is conducted on over 900 companies in Asia (excluding Japan) by research analysts, who are either based locally in their coverage areas or travel extensively within the region. Company visits form the cornerstone of the research approach at the stock level, with approximately 3,000 visits on average to companies domiciled within the Asia region. The insights acquired through company visits form the basis of the stock selection process. Industry Framework: The analysts develop detailed industry frameworks to understand the structure of each sector, their key segments, competitive dynamics, and the pricing power of suppliers and customers. This approach is particularly important in Asian markets, where business models are frequently disrupted by globalisation, technological change, and regulatory developments. The frameworks help forecast structural changes and identify companies that are likely to benefit from these shifts. The in-depth analyses of companies are captured in the Strategic Classifications, which provide an important framework that takes an exhaustive look at its economics, duration of growth and governance to understand the dynamics of the business, the quality of management, and corporate governance. Strategic Classifications: Stock-level research is guided by three interdependent areas: • Economics: Does the business create value for shareholders? Analysts assess factors such as industry capital intensity, pricing power, inflation impact, competitive positioning, and management’s capital allocation decisions for balance sheet efficiency. • Duration: Can value creation be sustained? The team considers industry innovation, obsolescence risk, growth potential, ownership agenda, and management’s skill in delivering returns on incremental capital allocation. • Governance: How will governance impact shareholder value? This includes board diversity, management competence, motives, and accountability to Environmental, Social and Governance (‘ESG’) targets. Following this analysis, each company is assigned one of four Strategic Classifications: • Premium • Quality • Standard • Challenged Investment Process 24 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Investment Process J.P. Morgan Asset Management 25 Strategic Report Strategic Classification: Portfolio vs. Benchmark as at 30th September 2025 Internal ESG Research: The Company is not a sustainable or ESG investment vehicle, and it does not explicitly target ESG outcomes as part of its portfolio construction. Neither does it exclude specific types of companies/issuers or constrain its investable universe. However, the in-house research does incorporate a financially material ESG analysis within its proprietary framework. The overall assessment summarises each company’s exposure to materially sustainable issues and the actions it is taking to mitigate this exposure. The intention of this assessment is to limit overall portfolio risk and improve long-term returns. 2. Valuation Framework Once analysts have completed the initial research process for each company, an expected return framework is used to consider valuation. The annualised expected return is calculated based on four sources: • Earnings Growth: The fundamental value derived from future earnings accruing to shareholders, valued over a five-year horizon. • Dividends: The proportion of future earnings paid out to shareholders, with a focus on sustainability and expected growth. • Change in Valuation: Identifies valuation anomalies expected to correct over time. • Currency: Long-term currency expectations are incorporated, using five-year fair value forecasts from JPMAM’s Macro & Quantitative Analyst. 3. Portfolio Construction The Portfolio Managers are ultimately responsible for portfolio construction, based on the ideas generated by the investment team. Position sizing is a function of both conviction and risk management. An initial stock position will reflect the relative attractiveness of its Expected Return and the position size is driven by additional considerations, such as the Strategic Classification, and risk assessments, such as liquidity. Engagement Engagement is used not only to understand how companies consider ESG issues, but also to try to influence their behaviour and encourage best practices. Engagement with company management occurs at both regularly scheduled meetings and in less formal discussions on relevant matters. For example, recent engagements with the Company’s portfolio companies have included the following: Tencent A recent meeting with Tencent’s Investor Relations team focused on corporate governance, Al governance, and an update on the Department of Defense (DoD) list. Tencent has been in close communication with the U.S. Department of Defense regarding its inclusion on the DoD list. The company believes this was a mistake, a sentiment acknowledged by the U.S. side, and remains confident about its eventual removal, although the timeline is uncertain. 0 10 20 30 40 50 Challenged/ Non classified Standard Quality Premium 19.9 15.9  Portfolio, including leverage (%)  Benchmark (%) % 59.7 39.8 25.4 33.4 38.8 11.6 19.9 In our discussions on Al governance, Tencent has implemented measures to ensure all LLM models align with its Al ethics framework. The company has established robust data governance practices, ensuring that private or sensitive information is not used for training purposes. Users have the option to opt-out of data usage, and regular algorithm testing is conducted to ensure resilience against security attacks. In the realm of Al-generated content, Tencent has made significant strides. The company has integrated Al-generated content identification into the WeChat app, providing alerts for potential Al-generated content, including video calls, links, or text messages. While video remains the most challenging format to detect Al involvement, Tencent is confident in its ability to identify suspicious content. The company is also leveraging Al to enhance internal efficiency, build customised tools, and develop content generation capabilities. However, Al governance is not a major consideration at this time, as Tencent is focused on training its own data. Cybersecurity issues are overseen by the audit committee, with reports presented biannually. In terms of governance, Tencent is addressing board composition and diversity. The company is refreshing its board by retiring long-tenured directors, in line with the latest requirements issued by the Hong Kong Stock Exchange on the Independent Non- Executive Director tenure. To meet these by the next deadline in 2025, the company has initiated a recruitment process aimed at diversifying gender representation. The company was encouraged to benchmark against its global peers and improve disclosure regarding the executive compensation structure. Overall, Tencent’s efforts in responsible mineral sourcing, board diversity, and climate strategy reflect a commitment to enhancing its ESG practices. Engagement with the company will continue to support its progress in these areas and to advocate for greater transparency and sustainability in its operations. Mahindra & Mahindra Engagement with Mahindra and Mahindra (M&M) has focused on their sustainability strategy, developed over the past three years, with an emphasis on cleaning assets, decarbonising industries, and impacting the ecosystem. M&M is committed to reducing emissions, water usage, and waste, with initiatives aimed at cutting electricity costs by 30-40% through energy efficiency and renewable energy investments. In decarbonising industries, M&M is addressing Scope 3 emissions and transforming business models to align with sustainability goals. M&M reported that approximately 10% of their total revenue is considered ‘green revenue,’ driven by businesses such as renewable energy, electric vehicles, recycling initiatives, and sustainable construction. While specific long-term projections for green revenue have not been set, historical data shows significant growth over the past five years, with the green segment remaining one of the fastest-growing parts of the group. In the circular economy, M&M is building partnerships for recycling solar panels, batteries, and construction waste, and has introduced end-of-life vehicle recycling to comply with regulations and support sustainability goals. For EV market penetration, M&M aims for 25% of their total vehicle sales to be electric by 2027, with a 42% market share in the electric three-wheeler segment. Concerns were raised about emissions from imported battery cells, primarily sourced from China, which contribute significantly to M&M’s Scope 3 emissions. M&M is working on circularity by developing second-life applications for batteries and establishing recycling partnerships, as well as optimising battery materials and designs to reduce environmental impact. The company is also exploring partnerships with Indian manufacturers to indigenise battery production and reduce dependency on imports. The company’s governance issues will continue to be managed and further engagement undertaken on board independence to ensure effective oversight and alignment with investor expectations. Proxy Voting: The Manager exercises the voting rights of shares held in its client portfolios, where entrusted with this responsibility, including for the Company. The Manager seeks to vote in a prudent and diligent manner, based exclusively on a reasonable judgement of what will best serve the financial interests of clients. The aim is to vote at all meetings called by the companies in which the Company is invested, unless there are any market restrictions or conflicts of interest. Corporate governance is regarded as integral to the investment process. Consideration is given to the share structure and voting structure of the companies in which the Company is invested, as well as to board balance, oversight functions, and remuneration policy. For full details, please see the Manager’s global proxy voting guidelines dated April 2025, copies of which are available on request, or to download here https://am.jpmorgan.com/content/dam/jpm-am- aem/global/en/institutional/communications/lux-communication/corporate-governance-principles-and-voting-guidelines.pdf Investment Process 26 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Investment Process J.P. Morgan Asset Management 27 Strategic Report The table below shows the aggregate voting at shareholder meetings over the year to 30th September 2025 for the holdings in the Company’s portfolio. Votes Votes Votes Against/ Total % Against/ For Against Abstain Abstain Total Items Abstain Audit Related 47 3 0 3 50 6% Capitalisation 59 19 0 19 78 24% Company Articles 25 7 0 7 32 22% Compensation 68 11 0 11 79 14% Director Election 182 35 0 35 217 16% Director Related 27 9 2 11 38 29% Miscellaneous 6 4 0 4 10 40% Non-Routine Business 29 1 0 1 30 3% Routine Business 150 9 0 9 159 6% Social 2 0 0 0 2 0% Strategic Transactions 39 6 0 6 45 13% TOTALS 634 104 2 106 740 In respect of the voting above, environmental and social-related resolutions were reviewed and support was given to those that aligned with the Manager’s Investment Stewardship Priorities, where voting was seen as in the best interests of the Company. However, resolutions were not supported where the Manager believed that the prescriptive nature of the resolution, particularly on some environmental issues, sought to micromanage companies and was not considered to be in the best interests of the Company. J.P. Morgan Asset Management 10th December 2025 The Directors present the Strategic Report for the Company’s year ended 30th September 2025. The aim of the Strategic Report is to provide shareholders with the ability to assess how the Directors have performed their duty to promote the success of the Company for the collective benefit of shareholders. The Chairman’s Statement together with the Portfolio Managers’ Report form part of this Strategic Report. Business model Structure of the Company JPMorgan Asia Growth & Income plc is an investment trust and public limited company, limited by shares, with a closed-ended investment funds listing on the London Stock Exchange. In seeking to achieve its objective the Company engages JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) to manage actively the Company’s assets. The Board has determined an investment policy and related guidelines and limits, as described below. The Company is governed by its Articles of Association. The Company is also subject to the UK Companies Act 2006. As it is listed on the Main Market of the London Stock Exchange, the Company is subject to the UK Listing Rules, Prospectus Rules, UK Market Abuse Regulation, and the Disclosure Guidance and Transparency Rules. The Company is an investment company within the meaning of Section 833 of the Companies Act 2006 and has been approved by HMRC as an investment trust (for the purposes of Sections 1158 and 1159 of the Corporation Tax Act 2010). The Directors have no reason to believe that the Company will not continue to retain its investment trust status. The Company is not a close company for taxation purposes. A review of the Company’s activities and prospects is given in the Chairman’s Statement on pages 11 to 13, and in the Portfolio Managers’ Report on pages 14 to 17. The Company’s purpose, values, strategy and culture The purpose of the Company is to provide a cost effective, sustainable investment vehicle for investors who seek a total return from a portfolio of Asian quoted companies, which outperforms its benchmark index over the longer term, taking account of wider issues including environmental, social and governance. To achieve this, the Board of Directors is responsible for employing and overseeing an investment management company that has appropriate investment expertise, resources and controls in place to meet the Company’s investment objective. To ensure that it is aligned with the Company’s purpose, values and strategy, the Board comprises Directors from a diverse background, including gender, ethnicity and culture, who have a breadth of relevant experience and contribute in an open boardroom culture that both supports and challenges the Manager and its other third party suppliers. Objective of the Company The Company’s objective is to provide shareholders with a total return from investing primarily in equities quoted on the stock markets of Asia, excluding Japan. It aims to outperform a benchmark, that is the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms. Investment policies and risk management In order to achieve the investment objective and to seek to manage risk, the Company invests in a diversified portfolio of quoted Asian, ex Japan companies, or securities providing an indirect investment in Asia. The Company’s portfolio is likely to differ materially from the benchmark index as the Investment Manager will usually avoid companies and sectors that face structural issues even if they are a large constituent of the benchmark index. The portfolio has a significant exposure to the Asian, ex Japan economy, with selective exposure to overseas earnings. The Investment Manager does not hedge the portfolio against foreign currency risk. The Company conducts its affairs so as to maintain approved investment trust status in the UK. The Company’s dividend policy aims to pay, in the absence of unforeseen circumstances, regular quarterly dividends funded from a combination of revenue and capital reserves equivalent to 1.5% of the Company’s NAV on the last business day of each financial quarter, being the end of December, March, June and September. These dividends will fluctuate in line with any rise or fall in the Company’s net assets at the end of each financial quarter. The Board believes that adjusting the dividend amount in this manner is a prudent approach to providing an income that aligns with performance without placing undue strain on the Company. The Board determines the Company’s capital structure and gearing policy, with input from the Manager. When borrowings are available, the Board’s gearing policy is that the Company will remain invested in the range 10% net cash to 20% geared under normal market conditions. The Company can use short term borrowings and can use CFDs to increase returns. The Board has set no minimum or maximum limits on the number of investments in the portfolio but it is a relatively concentrated portfolio consisting typically of between 50 and 80 investments. The average number of holdings in the portfolio has reduced in recent years as the Portfolio Managers have focused on those companies that have strong balance sheets, using first hand company research and analysis. The assets are managed by Portfolio Managers based in Hong Kong and Singapore. Business Review 28 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Business Review J.P. Morgan Asset Management 29 Strategic Report Investment restrictions and guidelines The Board seeks to manage the Company’s risk by imposing various investment limits and restrictions: • Stocks to be either domiciled, or listed in a country within the Company’s benchmark and/or derive the majority (50% or more) of its revenues from operations in those benchmark countries. • The maximum permitted active exposure to each country is 15% above or below the benchmark index weighting. • The Company will not invest materially more than 10% of its gross assets or materially exceed a 3% active weight over the benchmark (whichever is larger) in any one individual stock. • The maximum proportion of the Company’s gross assets that may be represented by the five largest holdings in the portfolio is 40%. • The Board permits investments in Australian listed companies, subject to a limit of 10% of the Company’s gross assets. • The Board also permits investments in countries consistent with the Company’s investment objective, other than Australia, which are not in the Company’s benchmark, subject to a limit of 5% of the Company’s gross assets. Such countries include, for example, Vietnam. • The use of derivatives is permitted within agreed limits. As mentioned in the Chairman’s statement, during the year, the Board approved the use of CFDs for gearing purposes. • Currency hedging transactions are permitted up to 40% of the portfolio but only back into sterling. • The Company does not normally invest in unquoted investments and to do so requires prior Board approval. • In addition, sales and purchases of country specific index futures are permitted, for gearing and hedging purposes, limited to the aggregate value of stocks held in the relevant market. • The Company’s gearing policy is to operate within a range of 10% net cash to 20% geared in normal market conditions. • The Company will not invest more than 15% of its gross assets in other UK listed investment companies and will not invest more than 10% of its gross assets in companies that themselves may invest more than 15% of gross assets in UK listed investment companies. These limits and restrictions may be varied by the Board at any time at its discretion. Compliance with the Board’s investment restrictions and guidelines is monitored continuously by the Manager and is reported to the Board. The Investment Manager also has internal guidelines in relation to investment concentration. Performance In the year to 30th September 2025, the Company produced a total return on share price of +23.9% (2024: +12.7%) and a total return on net assets of +19.9% (2024: +14.8%). This compares with the total return on the Company’s benchmark index of +16.8% (2024: +17.3%). At 30th September 2025, the value of the Company’s investment portfolio was £321.6 million. The Portfolio Managers’ Report on pages 14 to 17 includes a review of developments during the year as well as information on investment activity within the Company’s portfolio and the factors likely to affect the future performance of the Company. Key performance indicators (‘KPIs’) The Board uses a number of financial KPIs to monitor and assess the performance of the Company. The principal KPIs are: • Performance against the benchmark index This is the most important KPI by which performance is judged. The Board also regularly reviews performance attribution analysis which illustrates how the Company achieved its performance relative to its benchmark index. Details of the attribution analysis for the year ended 30th September 2025 are given in the Portfolio Managers’ Report on page 14. Performance against the benchmark index For Years ended 30th September Source: Morningstar/J.P. Morgan. 0 50 100 % 150 200 250 10 Year 5 Year 3 Year 1 Year  JPMorgan Asia share price Benchmark index JPMorgan Asia net asset value • Performance against the Company’s peers Whilst the principal objective is to achieve capital growth relative to the benchmark, the Board also monitors the performance relative to a group of 16 competitor funds including 10 of the investment trusts from the AIC’s Asia Pacific sector. Performance against investment trust peers (% NAV total return to 30th September) Source: Morningstar/J.P. Morgan. • Share price (discount)/premium to net asset value (‘NAV’) per share The Board has share issuance and repurchase policies in place which seek, where possible, to address imbalances in supply of and demand for the Company’s shares within the market and thereby reduce the volatility and absolute level of the premium or discount to NAV at which the Company’s shares trade and in relation to its peers in the sector. In the year to 30th September 2025, the shares traded between a discount of 7.6% to 13.6% to the cum income net asset value using daily data. On average the shares traded at a discount to NAV of 9.3% over the year. More information on the Company’s share discount management policy is given in the Chairman’s Statement on page 11. (Discount)/premium performance Source: Morningstar. • Ongoing charges The ongoing charges represent the Company’s management fee and all other operating expenses excluding any finance costs, expressed as a percentage of the average daily net assets during the year. The ongoing charges for the year ended 30th September 2025 were +0.82% (2024: +0.78%). Each year the Board reviews an analysis which shows a comparison of the Company’s ongoing charges and its main expenses against those of its peers. Further details on the calculation of ongoing charges is shown in the Glossary and Alternative Performance Measures on page 101. Company’s ongoing charges ratio (%) Source: Morningstar/J.P. Morgan. 0 50 100 150 % 200 250 10 Year 5 Year 3 Year 1 Year Return on net assets Peer group average –15 –10 –5 0 5 % 2025 2024 2023 2022 2021 2020 Premium/Discount 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 2025 2024 2023 2022 2021 0.77% 0.69% 0.78% 0.78% 0.82% Business Review 30 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Business Review J.P. Morgan Asset Management 31 Strategic Report Share capital The Company has the authority to repurchase shares in the market for cancellation (or to be held in Treasury) and to issue new shares for cash on behalf of the Company. During the year the Company repurchased 10,837,313 shares into Treasury (2024: 12,156,156). A further 709,104 shares have been repurchased into Treasury since the year end and to the date of this report. There were no shares re-issued from Treasury during the year. Resolutions to renew the authorities to issue new shares or reissue shares from Treasury, and to repurchase shares for cancellation or to be held in Treasury will be put to shareholders at the forthcoming Annual General Meeting. It should be noted that the Board would only reissue shares from Treasury at a premium to NAV. It is not seeking authority to reissue shares from Treasury at a discount to NAV. The full text of these resolutions is set out in the Notice of Meeting on pages 97 to 100. Board diversity As at 30th September 2025, there were two male Directors and two female Directors on the Board. The Company supports the objectives of improving the performance of corporate boards by encouraging the appointment of the best people from a range of differing perspectives and backgrounds. When recruiting a new Director, the Board’s policy is to appoint individuals on merit. Diversity is important in bringing an appropriate range of skills and experience to the Board and an assessment is made of the qualities and skills of the existing Board before appointing new directors. When completing a review of the skills and experience of directors, the Board feels that they are equipped with the necessary attributes required for the sound stewardship of the Company and that their knowledge sets allow for lively and engaging debates. Full details of the skills and experience of the Directors can be found on page 41. The Nomination Committee is cognisant of the recommendations of the FTSE Women Leaders Review, which is the successor of the Hampton-Alexander and Davies Reviews, as well as the Parker Review. The Company is pleased to report that it meets FCA’s target on all the three categories below: • at least 40% of the board should be women. • at least one senior board position (Chair, CEO, CFO or Senior Independent Director) held by a woman. • at least one member of the board should be from an ethnic minority background, excluding white ethnic groups (using ONS categories). As an externally managed investment company with no chief executive officer (CEO) or chief financial officer (CFO), the roles which qualify as senior under FCA guidance are Chair and Senior Independent Director (SID). The Board also considers the Audit Committee Chair to represent a senior role within this context. At 30th September 2025, the Board meets the targets on gender and ethnicity diversity criteria, including female representation in a senior role with June Aitken in the role of Audit Committee Chair. Although the Board does not consider it appropriate to set targets, it ensures that long lists include diverse candidates of appropriate experience and merit. In relation to its future succession planning objectives, ethnic diversity considerations will form a significant element of the search. In accordance with UK Listing Rule 11.4.23R regarding diversity disclosure requirements for closed ended investment funds, the Board has provided the following information in relation to its diversity based on the position at the Company’s financial year ended 30th September 2025, the reference date: Board as at 30th September 2025 Number of % of Number of Board Board Senior Gender Members members Roles 1 Male 2 50 2 Female 2 50 1 Prefer not to say — — — Number of % of Number of Ethnic Board Board Senior Background Members members Roles 1 White British or other White (including minority-white groups) 3 75 2 Mixed/Multiple Ethnic Groups 1 25 1 Prefer not to say — — — 1 Senior roles are held by Sir Richard Stagg in his capacity as Chairman, Peter Moon in his role as Senior Independent Director and June Aitken in the role of Chair of the Audit Committee. All Board appointments are subject to a formal, rigorous and transparent procedure. The Board, through the Nomination Committee, has reviewed the Company’s succession plan and it is intended that alongside finding candidates that have skills which are complementary to those of other members of the Board, gender and ethnicity considerations will be important factors when considering future Board appointments. 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. The risks identified and the ways in which they are managed or mitigated are summarised below. With the assistance of JPMF, the Audit Committee has drawn up a risk matrix, which identifies the principal risks to the Company. These are reviewed and discussed on a regular basis by the Board. The identified risks, their categories, and the strategies for managing or mitigating them are summarised below. The AIC Code of Corporate Governance requires the Board, via the Audit Committee, to put in place procedures to identify and manage emerging risks. Emerging risks, which are not deemed to represent an immediate threat, are considered by the Audit 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 Committee does not meet. The key principal and emerging risks identified are summarised below. Principal risk Description Mitigating activities Movement from prior year Investment Strategy and Process An inappropriate investment strategy, poor asset allocation or gearing, may lead to underperformance against the Company’s benchmark index and peer companies, resulting in reduced demand and the Company’s shares trading on a wider discount. Prolonged and substantial underperformance of significant markets such as China and India may result from various risks including restrictions on the free movement of capital, sanctions or other restrictions imposed by the UK or other governments. The Board has delegated investment responsibilities to one of the best resourced financial institutions globally and seeks to mitigate this risk through its investment policy and guidelines, which are monitored and reported on regularly by the Manager. The Board monitors the implementation and results of the investment process with the Portfolio Managers and reviews data which detail the portfolio’s holdings and risk profile. The Board holds a meeting specifically on strategy annually. Whilst the board has limited ability to mitigate the impact of market risks, these are monitored and reviewed while mitigation comes through portfolio diversification at a country, sector and stock level. In addition, the investment trust structure permits longer-term holdings and mitigates against forced sales. The risk remains high but unchanged from 2024. The risk remains high. There is little direct control of the risks from the interconnected nature of political, economic, and social factors that can impact the investment environment. However, this can be managed to some extent by diversification of investments, active monitoring, flexible investment strategies and robust due diligence on investee companies. This is aided by regular communication with the Investment Manager about in-house research, matters of investment strategy and portfolio construction. The Board also has access to a range of expert resources and strategists both within JPMAM and externally, who can provide long term insight and guidance on geopolitical developments likely to impact investments in China and elsewhere. There appears to be an increasing risk to market stability and investment opportunities from the increasing number of worldwide geopolitical conflicts. The Company and its assets may be impacted by geopolitical instability, in particular concerns over global economic growth, rising political turbulence and the heightened threat of tariffs on exported goods. Investing in China exposes the Company to idiosyncratic country risk and actions taken by the Chinese government, such as changes to regulation, or international tensions, which may lead investors to reduce or completely withdraw their investments in China. Geopolitical Principal & Emerging Risks and Uncertainties 32 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Principal & Emerging Risks and Uncertainties J.P. Morgan Asset Management 33 Strategic Report Principal risk Description Mitigating activities Movement from prior year The risk remains medium. The Board is comfortable with the process around changes to the investment team. The Manager has a depth of experienced investment resources and takes steps to reduce the consequences of such an event by ensuring appropriate succession planning and the adoption of a team-based approach. The departure of or a failure to replace adequately a portfolio manager or several members of the investment management team could result in a deterioration in investment performance. Investment Team The risk remains high. The Board regularly reviews and monitors the Company’s objective and investment policy and strategy, the investment portfolio and its performance, the level of discount/premium to net asset value at which the shares trade and movements in the share register. During the year the Company continued to conduct share buybacks. The Board monitors the Company’s premium/discount level and is committed to defend a share price discount to NAV of between 8% and 10% in normal market circumstances through the use of buybacks. The Board monitors changes to its shareholder register carefully and on a timely basis, and actively seeks to engage with its shareholders directly and in conjunction with the Manager and the Company’s broker. The shares trading at an excessive discount or premium to Net Asset Value can negatively impact shareholders and, with the rise of activism, the Company itself may be at risk of some form of corporate activity, which may not be in the best interests of all shareholders. In addition, low shareholder voting turnout at AGMs (and GMs) may lead to some form of corporate activity which may not be in the best interests of all shareholders, or the inability to execute corporate activity which may be in the best interests of shareholders. Discount Volatility and Corporate Activity Risk The risk remains high. The Board receives updates from JPMF’s information security manager. To date the Manager’s cyber security arrangements have proven robust and the Company has not been impacted by any cyber attacks threatening its operations. The Company operates through contractual agreements with its service providers, most of which the Manager is also party to. The Board's Audit Committee regularly reviews the controls reports for the Manager, Depositary and Registrar and monitors and evaluates the performance of the Company’s service providers, with the assistance of the Manager. Any pertinent issues relevant to the Company are reported to the Board, including those identified by the Manager’s Third Party Oversight team in conjunction with its Vendor Management team. In addition, the Manager’s Business Continuity Plans (‘BCP’) are designed to accommodate potential threats and are regularly updated, tested, monitored and reviewed. The Manager has assured the Board that the Company benefits directly or indirectly from all elements of JPMorgan’s Cyber Security programme. The Company has no employees and is therefore dependent on third parties for the provision of all of its services and systems, especially those of the Manager, Depositary and Registrar. Failure to maintain effective and appropriate controls, improper access, disruption to, failure of, or inadequate service levels of these parties could result in the prevention of accurate reporting and monitoring of the Company’s financial position, loss of confidential data and impact its ability to operate or result in reputational damage. This is particularly pertinent given the advent of the Internal Controls Declarations. Operational Resilience, Controls and Security Principal & Emerging Risks and Uncertainties 34 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Principal risk Description Mitigating activities Movement from prior year Emerging Risks The Board has considered and kept under review emerging risks, including but not limited to the impact of climate change, geopolitical conflict, inflationary pressures, social dislocation and conflict and technological advances. The key emerging risks identified are as follows: Artificial Intelligence (‘AI’) Advances in computing power mean that AI has become a powerful tool that will impact a wide range of applications with potential to disrupt the Company’s operations and investments. The Board will monitor developments in this area carefully both in conjunction with the Manager and other external experts when appropriate and consider how this risk might threaten the Company’s activities. Impact of Active Exchange Traded Funds (ETFs) Active ETFs are low cost, liquid vehicles that can provide investors with actively managed exposure to regional markets such as Asia. In addition, discount volatility is alleviated to a significant extent, thereby addressing one of the key downsides of investment trusts. The Company takes advantage of the benefits of the investment trust structure, which cannot easily be accessed by ETFs, by deploying gearing (via CFDs) and providing investors with an enhanced dividend. Furthermore, the managers are able to embrace more liquidity risk and invest further down the market capitalisation scale. The risk remains medium. Changes to the regulatory landscape are inevitable. Accounting, legal and regulatory compliance are continually monitored by the Manager and the Auditors and the results reported to the Board. In addition, the Board, the Manager and its professional advisers monitor changes in legislation which may have an impact on the Company. A breach of regulatory rules or a failure to maintain accurate accounting records could result in loss of investment trust status, reputational damage, financial penalties, suspension of the Company’s listing or a qualified audit report. Accounting, Legal and Regulatory This risk has increased as a result of the level of share buybacks over the last year. The Manager and Broker provide regular updates on how the Company is perceived by investors, while the Directors consider the viability of the Company over a five-year period annually as part of the going concern review. In addition, the discount target and buyback policy is reviewed annually. The Board and the Investment Manager regularly engage with the shareholders to take their views into account. As a result of both the existing discount target, pursued through buybacks, the enhanced dividend policy, and market moves, the size of the Company may fall below a level that is deemed viable, with a reduction in liquidity of its shares and an increasing cost base. This would reduce the attractiveness of the Company to investors, particularly the largest wealth managers who require greater scale and liquidity. Viability of Company in terms of size The risk remains medium. The Board will monitor the resilience of service providers’ Business Continuity Plans. The Board also reviews reports on the Company’s ‘Going Concern’ status. Recent examples such as the Global Financial Crisis or the Covid-19 pandemic may have ended or abated, but disruption may reoccur for several reasons. Widespread Social and Economic Disruption Long Term Viability J.P. Morgan Asset Management 35 Strategic Report The UK Corporate Governance Code and the AIC Code of Corporate Governance requires the Board to assess the prospects of the Company over a longer period than the 12 months required by the ‘Going Concern’ provision. The Company’s current position and prospects are set out in the Chair’s Statement, the Portfolio Managers’ Report and the Strategic Report. The principal and emerging risks are set out on pages 32 to 34. The Directors have assessed the prospects of the Company, to the extent that they are able to do so, over the next five years. In conducting the assessment, the Board has taken account of the Company’s current position, the principal risks and uncertainties and emerging risks that it faces and has considered the potential impact of these on the Company’s future development and prospects, including the corresponding mitigation and controls. It also noted that as an investment company with a relatively liquid equity portfolio capable of being realised fairly quickly and largely fixed ongoing charges which equate to a very small proportion of net assets, the Company would easily be able to meet its ongoing operating costs as they fall due. There is no expectation that the nature of the investments held within the portfolio will be materially different in future. The expenses of the Company are predictable and modest in comparison with the assets and there are no capital commitments foreseen which would alter that position. In addition, the Board has assessed the mitigation measures which key service providers, including the Manager and Investment Manager, have in place to maintain operational resilience and business continuity. Further, the Board has considered the Company’s investment objective and strategy, the investment capabilities of the Manager and the current outlook for the global economy and equity markets. The Board has also ascertained comfort from the fact that the Company had 99.97% support from voting shareholders at the 2023 AGM with respect to the triennial continuation vote and has no reason to expect that the continuation vote that will be put to shareholders at this year’s AGM will not pass, particularly in view of feedback from the Company’s Corporate Broker and the Manager’s sales team. In addition, with the Company’s positive long-term performance, it is reasonable to believe that shareholders will vote in favour of continuation. Furthermore, as part of the assessment, the Board reviewed the outcome of sensitivity analysis carried out by the Manager. The Board challenged the assumptions on the viability of the Company and reviewed stress tests focused on its ability to continue to remain viable. The Directors confirm that, assuming a successful continuation vote at the 2026 Annual General Meeting and every third year thereafter, they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five year period of assessment. For and on behalf of the Board Sir Richard Stagg Chairman 10th December 2025 Section 172(1) Statement – Duty to Promote the Success of the Company 36 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Section 172 of the Companies Act 2006 (‘Companies Act’) states that: A Director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following six items. The Board’s philosophy is that the Company should foster a culture where all parties are treated fairly and with respect and the Board recognises the importance of keeping the interests of the Company’s stakeholders, and of acting fairly between them, front of mind in its key decision making. In managing the Company, the aim of both the Board and Manager is always to ensure the long-term sustainable success of the Company and, therefore, the likely long-term consequences of any decision are a key consideration. In managing the Company during the year under review, the Board acted in the way which it considered, in good faith, would be most likely to promote the Company’s long-term sustainable success, and to achieve its wider objectives for the benefit of our shareholders as a whole, having had regard to our wider stakeholders and the other matters set out in section 172 of the Companies Act. The likely consequences of any decision in the long term; The Company does not have any employees. The interests of the Company’s employees; The Board’s approach is described under ‘Stakeholders’ on the next page. The need to foster the Company’s business relationships with suppliers, customers and others; The Board takes a close interest in ESG issues and sets the overall strategy. ESG integration does not modify the Company’s investment objective and the Company does not have an ESG focused investment strategy. However, the Board has appointed a Manager that, through its Investment Manager, integrates ESG considerations into its investment process. Further details are set out on pages 24 to 27. The impact of the Company’s operations on the community and the environment; The Board’s approach is described under The Company’s Purpose, Principles, Values and Priorities on page 28. The desirability of the Company maintaining a reputation for high standards of business conduct; and The Board’s approach is described under ‘Stakeholders’ on the next page. The need to act fairly as between members of the Company. Duty to Promote the Success of the Company J.P. Morgan Asset Management 37 Strategic Report Stakeholders The Board has identified the following as its key stakeholders: The Board believes the best interests of the Company are aligned with those of these key stakeholders as all parties wish to see and ultimately benefit from the Company achieving its investment objectives, whilst carrying on business in compliance with the highest possible regulatory, legal, ethical and commercial standards. The table below sets out details of the Company’s engagement with these stakeholders: Stakeholder Engagement Shareholders Shareholders own the Company. Their engagement is critical to the continued existence of the Company and the successful delivery of its long-term strategy. The Board is focused on fostering and maintaining good working relationships with shareholders and on understanding the views of shareholders in order to incorporate them into the Board’s strategic thinking and objectives. The Manager’s marketing team complements these efforts by targeting retail investors to enhance the Company’s visibility. They utilise digital channels and maintain direct communication with shareholders through regular email updates, which can be subscribed to via the Company’s website. The Manager provides feedback on meetings with shareholders to the Board. The Chairman is available to meet with shareholders who may wish to meet with him. Please contact the Company Secretary via email; [email protected] . A particular focus has been made by both the sales and marketing teams to engage directly with shareholders and investment platforms, offering regular access to the Portfolio Managers. Through a series of events and presentations they look to connect the Company with a broader audience. The Board is keen to increase dialogue with the Company’s existing and potential new retail shareholders. Investors holding their shares through online platforms are encouraged to sign up to receive email updates from the Company. These updates will deliver regular news and views on the UK equity market, as well as the latest performance statistics. To sign up to receive these communications, please visit https://tinyurl.com/JAGI-Sign-Up or sign up using the QR Code on page 13. Shareholders are encouraged to attend the Company’s Annual General Meeting, which can be in person or online, albeit shareholders are able to only view the meeting online and not participate in voting. The Portfolio Managers will give a presentation on the Company’s performance and the future outlook, remaining available to answer shareholders’ questions. In the event that shareholders wish to raise issues or concerns with the Board, they are welcome to do so at any time by writing to the Chairman at the registered office. Other members of the Board are also available to shareholders if they have concerns that have not been addressed through the normal channels. Wider Society Depositary Custodian Auditor Broker Manager/Investment Manager Registrar Legal Advisers Shareholders Third Party Service Providers The Company Investee Companies Duty to Promote the Success of the Company 38 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Strategic Report Manager and Investment Manager The principal supplier is the Manager, in particular the investment management team who are responsible for managing the Company’s assets in order to achieve its stated investment objective. The Board maintains a good working relationship with the Manager, who also provides administrative support and promotes the Company through its investment trust sales and marketing teams. The Manager’s investment management function is fundamental to the long term success of the Company through the pursuit of the investment objective. The Board monitors the Company’s investment performance at each Board Meeting in relation to its objective and also to its investment policy and strategy. The Board also maintains strong lines of communication with the Manager via its dedicated company secretary and client director, which extend well beyond the formal business addressed at Board meetings, ensuring the Board is rapidly informed of Manager and shareholder views and of the discount levels and the Manager is fully aware of the Board’s views and their requirements. Investee companies The Board is committed to responsible investing and actively monitors the activities of investee companies through its delegation to the Manager. In order to achieve this, the Manager has discretionary powers to exercise voting rights on all resolutions proposed by the investee companies. On behalf of the Company, the Manager voted on all shareholder resolutions put to AGMs and EGMs by investee companies during the year; the Manager aims to maintain this record in so far as it is practically possible (full details can be found on pages 24 to 27). The Board monitors investments made and divested and questions the rationale for exposures taken and voting decisions made. Other key service providers The Board ensures that it promotes the success of the Company by engaging specialist third party suppliers, with appropriate capability, performance records, resources and controls in place to deliver the services that the Company requires for support in meeting relevant obligations and safeguarding the Company’s assets. For this reason, the Board consider the Company’s Custodian, Depositary, Registrar and Broker to be stakeholders. The Board maintains regular contact with its key external service providers, either directly, or via its Company Secretary, and receives regular reporting from them through the Board and Committee meetings. The Management Engagement Committee meets annually to appraise and review its key service providers. Wider society and the environment Whilst strong long term investment performance is essential for an investment trust, the Board recognises that to provide an investment vehicle that is sustainable over the long term, both it and the Manager must have regard to ethical and environmental issues that impact society. Hence environmental, social and governance considerations are integrated into the Manager’s investment process and will continue to evolve. Further details of the Manager’s approach to the investment process can be found on pages 24 to 27. The Directors confirm that they have considered their duty under Section 172 when making decisions during the financial year under review. Key decisions and actions during the year which have required the Directors to have regard to applicable section 172 factors include: Key decisions and actions Contract for Differences (CFDs) The Company now utilises Contracts for Difference (CFDs) as an efficient method to implement gearing, while adhering to existing investment guidelines. CFDs are a flexible, low-cost, capital efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. These instruments are a form of financial derivative which allow investors to gain exposure to stock price movements without actually owning the individual shares. As such, CFDs provide the investor with leveraged exposure to the underlying asset. The Board will closely monitor the use and cost effectiveness of this form of gearing. Duty to Promote the Success of the Company J.P. Morgan Asset Management 39 Strategic Report Share price rating to net asset value (‘NAV’) per share In yet another challenging year, very few investment trusts, regardless of performance, asset class or investment approach, were immune from discount volatility driven by unfavourable global market conditions. Key factors included the impact of tariffs, inflation, interest rate increases and sector-specific headwinds facing investment trusts. The Company was no exception. 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. With a strong investment team, a strong process and performance, a narrower and more stable discount has been an important area of focus for the Board. Over the long term the Board is seeking a stable discount or premium commensurate with investors’ appetite for Asian market 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. The Board has sanctioned a series of targeted buybacks, with buybacks continuing post the year end. Miscellaneous In addition, the Directors continue to keep under review the competitiveness of the Company’s operating costs; continue to hold the Manager to account on investment performance; undertake a robust review of the principal and emerging risks faced by the Company; and continue to encourage the Manager to enhance its sales and marketing efforts. By order of the Board Anmol Dhillon, for and on behalf of JPMorgan Funds Limited, Company Secretary 10th December 2025 Directors’ Report J.P. Morgan Asset Management 41 Directors’ Report Board of Directors as on 30th September 2025 Sir Richard Stagg (Chairman of the Board, Nomination and Management Engagement Committee) Director since July 2018. Sir Richard Stagg is a former member of the British Diplomatic Service. His last two roles were Ambassador to Afghanistan between 2012 and 2015 and High Commissioner to India between 2007 and 2011. His previous positions included Chief Operating Officer, Private Secretary to the Foreign Secretary and Ambassador to Bulgaria. He also chaired the Board of FCO Services between 2007 and 2017 (a government-owned company delivering security services to the UK and foreign governments). He is currently Warden of Winchester College. He is also a Non Executive Director of Max Financial Services, an Indian listed company; a Trustee of the Turquoise Mountain Foundation (which works in Afghanistan, the Middle East and Myamar). He was previously chairman of Rothschild & Co (India). Connections with Manager: None. Shared directorships with other Directors: None. Junghwa (June) Aitken (Chair of the Audit Committee and Remuneration Committee) Director since July 2018. Ms Aitken is currently the Chair of CC Japan Income & Growth Trust plc, and Non Executive Director of Schroder Income Growth Fund plc. She was previously on several boards including BBGi Global Infrastructure SA, HSBC Bank Japan, Australian Securities Exchange listed Emerging Markets Masters Fund Limited and the Asian Masters Fund Limited. Connections with Manager: None. Shared directorships with other Directors: None. Kathryn Matthews Director since June 2023. Ms Matthews was the Chief Investment Officer for Asia ex Japan equities at Fidelity International. Prior to that she held senior management roles with AXA Investment Managers and Baring Asset Management. She has been on the board of a number of Investment trusts including Fidelity Asian Values plc and JPMorgan Chinese and is currently a Non Executive Director of the Vietnamese Opportunities Fund plc. She is also the Chairman of Barclays Investment Solution Ltd and is a Non Executive Director of British International Investment Ltd. Connections with Manager: None. Shared directorships with other Directors: None. Peter Moon (Senior Independent Director) Director since August 2016. Mr Moon was Chief Investment Officer of the Universities Superannuation Scheme. He is Chairman of Bell Potter (UK) Limited and is a Director of First Property plc. He is the former Chairman of The Scottish American Investment Company P.L.C. and a former Director of MBNA Europe and a former Member of the National Association of Pension Funds Investment Committee. Connections with Manager: None. Shared directorships with other Directors: None. All Directors are members of the Nomination, Remuneration and Management Engagement Committees. With the exception of the Chairman of the Board, who attends meetings by invitation, all Directors are members of the Audit Committee. All Directors are considered by the Board to be independent. Directors’ Report 42 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Report The Directors present their report and the audited financial statements for the year ended 30th September 2025. Directors The Directors of the Company who were in office as on 30th September 2025 are detailed on page 41. Details of Directors’ beneficial shareholdings may be found in the Directors’ Remuneration Report on page 56. All Directors (except Peter Moon) will be standing for reappointment at the Company’s forthcoming AGM. The Board recommends to shareholders the reappointment of those Directors. Please refer to pages 45 and 46 for more information. Director indemnification and insurance As permitted by the Company’s Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity, as defined by Section 234 of the Companies Act 2006. The indemnity was in place during the year and as at the date of this report. An insurance policy is maintained by the Company which indemnifies the Directors of the Company against certain liabilities arising in the conduct of their duties. Total return and revenue Gross total return for the year amounted to £53.9 million (2024 gross total return: £46.2 million) and net total return after deducting management fees and other expenses, interest and taxation amounted to £50.6 million (2024 total return: £40.4 million). Net revenue return after deducting management fees and other expenses, interest and taxation amounted to £3.3 million (2024: £3.9 million). Dividends The policy aims to pay, in the absence of unforeseen circumstances pending shareholder approval at the 2026 Annual General Meeting, the new level of regular quarterly dividend equivalent to 1.5% of the Company’s NAV on the last business day of each financial quarter, being the end of December, March, June and September. These dividends are paid from a combination of revenue and capital reserves. In respect of the quarters to 31st December 2024, 31st March 2025, 30th June 2025 and 30th September 2025 dividends of 4.1p, 6.1p, 6.3p and 7.1p respectively were declared. As referred in the Chairman Statement on page 11, the new level of dividend (6% annual) as approved at the 2025 Annual General Meeting was effective from 31st March 2025. Management of the Company The Manager and Company Secretary to the Company is JPMorgan Funds Limited (‘JPMF’), a company authorised and regulated by the FCA. The active management of the Company’s assets is delegated by JPMF to an affiliate, JPMorgan Asset Management (UK) Limited (‘JPMAM’), with the day to day investment management activity conducted in Hong Kong by JPMorgan Asset Management (Asia Pacific) Limited, a fellow investment management subsidiary and an affiliate of JPMorgan Chase Bank. The Manager is a wholly-owned subsidiary of JPMorgan Chase Bank which, through other subsidiaries, also provides marketing, banking, dealing and custodian services to the Company. The Manager is employed under a contract which can be terminated on three months notice, if notice is served on the basis of poor investment performance. The notice period is six months for all other circumstances. If the Company wishes to terminate the contract on shorter notice, the balance of remuneration is payable by way of compensation. The Board, through the Management Engagement Committee, conducts a formal evaluation of the Manager on an annual basis. The evaluation covers the performance of, and contractual relationship with the Manager, its management processes, investment style, resources and risk controls and the quality of support that the Company receives from the Manager including the marketing support provided. The Board conducts an annual due diligence visit to the Manager’s Hong Kong operations; this year’s visit will take place in January 2026. Having completed this year’s evaluation, the Board is of the opinion that the continuing appointment of the Manager is in the best interests of shareholders. The Alternative Investment Fund Managers Directive (‘AIFMD’) JPMF is the Company’s alternative investment fund manager (‘AIFM’). It is approved as an AIFM by the FCA. For the purposes of the AIFMD the Company is an alternative investment fund (‘AIF’). JPMF has delegated certain responsibilities as set out under ‘Management of the Company’ above. The Company has appointed Bank of New York Mellon (International) Limited (‘BNY’) as its depositary. BNY has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian. BNY is responsible for the oversight of the custody of the Company’s assets and for monitoring its cash flows. The AIFMD requires certain information to be made available to investors in AIFs before they invest and requires that material changes to this information be disclosed in the annual report of each AIF. An Investor Disclosure Document, which sets out information on the Company’s investment strategy and policies, leverage, risk, liquidity, administration, management, fees, conflicts of interest and other shareholder information is available on the Company’s website at www.jpmasiagrowthandincome.co.uk . There have been no material changes (other than those reflected in these financial statements) to this information requiring disclosure. Any information requiring immediate disclosure pursuant to the AIFMD will be disclosed to the London Stock Exchange through a primary information provider. The Company’s leverage and JPMF’s remuneration disclosures are set out on page 93. Management fee JPMF is paid a management fee based on the Company’s market capitalisation. This fee uses the average of the Directors’ Report J.P. Morgan Asset Management 43 Directors’ Report Company’s closing middle market share price for the last five business days of the relevant month, calculated monthly and paid quarterly at a rate of 0.60% per annum, based on the average of the preceding three month end capitalisations. Adoption of new Articles of Association The Company is proposing to adopt new articles of association which contain provisions dealing with the potential situation whereby fewer directors than the required minimum number are re-elected at an AGM. Resolution 16 seeks shareholder approval for this amendment to be made to the Company's existing Articles of Association with the adoption of the new articles. No other amendments are being proposed at this time. Disclosure of information to auditors In the case of each of the persons who are Directors of the Company at the time when this report was approved: (a) so far as each of the Directors is aware, there is no relevant audit information (as defined in the Companies Act 2006) of which the Company’s auditors are unaware; and (b) each of the Directors has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. The above confirmation is given and should be interpreted in accordance with the provision of 418 of the Companies Act 2006. Independent auditors Further to a review of audit services in 2019, Forvis Mazars LLP were appointed Auditors of the Company with effect from the 2020 Annual General Meeting. Forvis Mazars LLP have expressed their willingness to continue in office as the Auditors and a resolution to reappoint Forvis Mazars LLP and authorise the Directors to determine their remuneration for the ensuing year will be proposed at the Annual General Meeting. Companies Act 2006 requirements The following disclosures are made in accordance with the Companies Act 2006: Capital structure The Company’s capital structure is summarised on the inside front cover of this report. Voting rights in the Company’s shares Details of the voting rights in the Company’s shares as at the date of this report are given in note 17 to the Notice of Annual General Meeting on page 100. Dividends Details of the Company’s dividend policy and payments are given on page 42. Financial Instruments Details of the Company’s financial instruments are given in notes 20 and 21 of the financial statements. Notifiable interests in the Company’s voting rights At the date of this report, the following had declared a notifiable interest in the Company’s voting rights: Number of Shareholders voting rights % Charles Stanley Group PLC 5,488,149 8.15 RBC Brewin Dolphin Ltd 2,867,023 4.26 Wesleyan Assurance Society 2,138,061 3.18 The rules concerning the appointment and replacement of Directors, amendment of the Articles of Association and powers to issue or repurchase the Company’s shares are contained in the Articles of Association of the Company and the Companies Act 2006. There are no restrictions concerning the transfer of securities in the Company; no special rights with regard to control attached to securities; no agreements between holders of securities regarding their transfer known to the Company; no agreements which the Company is party to that affect its control following a takeover bid; and no agreements between the Company and its Directors concerning compensation for loss of office. Important events affecting the Company since the end of the financial year The Board is pleased to announce the appointment of Bulbul Barrett and George William Edward Rogers (Will Rogers) as independent Non-Executive Directors, effective 26th November 2025. Both new Directors are independent, have no relationship with the Investment Manager and do not hold shares in the Company. Ms Barrett has over 30 years’ experience in Asian equities, having held senior leadership roles at Goldman Sachs, HSBC, UBS and DBS. She is currently a Senior Independent Director of The Global Smaller Companies Trust and a Non-Executive Director of the North American Income Trust. She also serves as an Independent Governor at Bradford College. She has extensive experience in investment trust governance, shareholder engagement and strategic marketing. Mr Rogers is a qualified corporate lawyer who brings complementary skills to the Board with an extensive experience in the investment company sector having worked as a corporate finance adviser and broker to many London listed investment companies. He has acted as the adviser on several mergers between investment companies and on related schemes of reconstruction and on many other strategic corporate transactions. Since the year end 709,104 shares have been repurchased into Treasury. No other important events have occurred since the end of the financial year. UK Listing Rule 11.7.2 UK Listing Rule 11.7.2 requires the Company to include certain information in the identifiable section of the Annual Report or a cross reference table indicating where the information is set out. The Directors confirm that there are no disclosures to be made in this report in respect of UK Listing Rule 11.7.2. Directors’ Report 44 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Report Annual general meeting NOTE: THIS SECTION IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you should seek your own personal financial advice from your stockbroker, bank manager, solicitor or other financial advisor authorised under the Financial Services and Markets Act 2000. The notice of the Annual General Meeting (‘AGM’) of the Company to be held on Wednesday, 25th February 2026 is given on pages 97 to 100. The full text of the Resolutions is set out in the notice of meeting. Resolutions relating to the following items of special business will be proposed at the forthcoming AGM: (i) Continuation vote (resolution 10) Proposed as an ordinary resolution, the Directors seek shareholder approval for the Company to continue as an investment trust company for a further three years. (ii) Authority to allot new shares and to disapply statutory pre-emption rights (resolutions 11 and 12) The Directors will seek renewal of the authority at the AGM to issue up to approximately 6,732,220 Ordinary shares for cash up to an aggregate nominal amount of £1,683,054 such amount being equivalent to 10% of the present issued ordinary share capital (excluding shares held in Treasury) as at the last practicable date before the publication of this document. The full text of the resolutions is set out in the Notice of Meeting on pages 97 to 100. This authority will expire at the conclusion of the Annual General Meeting of the Company in 2027 unless renewed at a prior general meeting. Resolution 12 will enable the allotment of shares otherwise than by way of a pro rata issue to existing shareholders. It is advantageous for the Company to be able to issue new shares (or to sell Treasury shares) to investors when the Directors consider that it is in the best interests of shareholders to do so. Any such issues would only be made at prices greater than the net asset value (‘NAV’), thereby increasing the NAV per share and spreading the Company’s administrative expenses, other than the management fee which is charged on the market capitalisation. The issue proceeds would be available for investment in line with the Company’s investment policies. No issue of shares will be made which would effectively alter the control of the Company without the prior approval of shareholders in a general meeting. (iii) Authority to repurchase the Company’s shares (resolution 13) The authority to repurchase up to 14.99% of the Company’s issued Ordinary shares, granted by shareholders at the 19th February 2025 AGM, will expire on 18th August 2026, unless renewed prior to that time. The Directors consider that the renewing of the authority is in the interests of shareholders as a whole, as the repurchase of shares at a discount to the underlying NAV enhances the NAV of the remaining shares. Resolution 13 gives the Company authority to buy back its own issued Ordinary shares in the market as permitted by the Companies Act 2006 (the ‘Act’). The authority limits the number of shares that could be purchased to a maximum of 10,091,597 Ordinary shares, representing approximately 14.99% of the Company’s issued Ordinary shares (excluding shares held in Treasury), as at 9th December 2025 (being the latest practicable date prior to the publication of this report). The authority also sets minimum and maximum prices. If resolution 13 is passed at the Annual General Meeting, Ordinary shares repurchased might not be cancelled but rather held as Treasury shares and may subsequently be reissued at a premium. The Company does not have authority to reissue Ordinary shares from Treasury at a discount to NAV, therefore any reissue of Ordinary shares from Treasury would be at a premium to the prevailing NAV. (iv) Approval of dividend policy (resolution 14) The Directors seek approval of the Company’s dividend policy to continue to pay four quarterly interim dividends during the year, which for the year ended 30th September 2025 have totalled 23.6 pence per share. (v) Authority to hold general meetings (resolution 15) A general meeting, other than an Annual General Meeting, may be called on not less than 14 clear days’ notice. (vi) Amendment to the Company’s Articles of Association (resolution 16) The Company is proposing to adopt new Articles of Association which contain provisions dealing with the potential situation whereby fewer directors than the required minimum number are re-elected at an AGM. Resolution 16 seeks shareholder approval for this amendment to be made to the Company’s existing Articles of Association with the adoption of the new articles. No other amendments are being proposed at this time. Recommendation The Board considers that resolutions 10 to 16 are likely to promote the success of the Company and are in the best interests of the Company and its shareholders as a whole. The Directors unanimously recommend that shareholders vote in favour of the resolutions as they intend to do, where voting rights are exercisable, in respect of their own beneficial holdings as of 30th September 2025, which amount in aggregate to 32,932 Ordinary shares, representing approximately 0.05% of the voting rights of the Company. Other information Information on the acquisition of the Company’s own shares can be found in the Business Review on page 31. Financial risk management objectives and policies, with information on exposure to price, credit and liquidity risk, can be found in note 21 to the Financial Statements. Information on post balance sheet events can be found in note 26. J.P. Morgan Asset Management 45 Directors’ Report Corporate Governance Statement Corporate governance statement Compliance The Board is committed to high standards of corporate governance. It has considered the principles and provisions of the AIC Code of Corporate Governance published in 2019 (the ‘AIC Code’), which addresses the principles and provisions set out in the UK Corporate Governance Code (the ‘UK Code’) published in 2018, as they apply to investment trust companies. It considers that reporting against the AIC Code, therefore, provides more appropriate information to the Company’s shareholders. The Board confirms that the Company has complied with the principles and provisions of the AIC Code, in so far as they apply to the Company’s business, throughout the year under review. As all of the Company’s day-to-day management and administrative functions are outsourced to third parties, it has no executive directors, employees or internal operations and therefore has not reported in respect of the following: • the role of the executive directors and senior management; • executive directors’ and senior management remuneration; and • the workforce. Copies of the UK Code and the AIC Code may be found on the respective organisations’ websites: www.frc.org.uk and www.theaic.co.uk In January 2024, the Financial Reporting Council updated the UK Corporate Governance Code (‘UK Code’). This new UK Code will apply to financial years beginning on or after 1st January 2025. In August 2024, the AIC updated the AIC Corporate Governance Code (the ‘2024 AIC Code’), which incorporates changes to the UK Code by the FRC in January 2024. The 2024 AIC Code applies to accounting periods beginning on or after 1st January 2025, with the exception of new Provision 34. Provision 34 is applicable for accounting periods beginning on or after 1st January 2026. The Company will be reporting against the new 2024 AIC Code for its financial year ending 30th September 2026. As part of the new UK Code, the FRC’s minimum standard for audit committees will also become mandatory then. We can confirm that the Company is already in compliance with these minimum standards. Role of the Board A management agreement between the Company and the Manager sets out the matters over which the Manager has authority. This includes management of the Company’s assets and the provision of accounting, company secretarial, administrative and some marketing services. All other matters are reserved for the approval of the Board. A formal schedule of matters reserved to the Board for decision has been approved. This includes determination and monitoring of the Company’s investment objectives and policy and its future strategic direction, capital structure and gearing policy (with input from the Manager), appointment and removal of third party service providers, review of key investment and financial data and the Company’s corporate governance and risk control arrangements. The Board has procedures in place to deal with potential conflicts of interest and, following the introduction of The Bribery Act 2010, has adopted appropriate procedures designed to prevent bribery. It confirms that the procedures have operated effectively during the year under review. The Board meets at least quarterly during the year and additional meetings are arranged as necessary. Full and timely information is provided to the Board to enable it to function effectively and to allow Directors to discharge their responsibilities. There is an agreed procedure for Directors to take independent professional advice if necessary and at the Company’s expense. This is in addition to the access that every Director has to the advice and services of the Company Secretary, JPMF, which is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regulations are complied with. Board composition The Board, chaired by Sir Richard Stagg, consists of four non-executive Directors, all of whom are regarded by the Board as independent of the Company’s Manager. The Directors have a breadth of investment knowledge, business and financial skills and wider experience relevant to the Company’s business and brief biographical details of each Director are set out on page 41. Diana Choyleva stepped down from the Board on 4th August 2025. As foreshadowed in the Half Year Report, the Board has actively engaged in the recruitment process and appointed two new Non-Executive Directors, Will Rogers and Bulbul Barrett, effective from 26th November 2025. Following the AGM, Kathryn Matthews will assume the role of Senior Independent Director, succeeding Peter Moon. A review of Board composition and balance is included as part of the annual performance evaluation of the Board, details of which may be found below. Peter Moon, the Senior Independent Director, leads the evaluation of the performance of the Chairman and is available to shareholders if they have concerns that cannot be resolved through discussion with the Chairman. Reappointment of Directors The Directors of the Company and their brief biographical details are set out on pages 41 and 46. The skills and experience that each Director brings to the Board, and hence why their contributions are important to the long term success of the Company, are summarised below. All of the Directors (except Peter Moon) will stand for reappointment at the forthcoming Annual General Meeting. 46 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Report Corporate Governance Statement Resolution 4 concerns the reappointment of Sir Richard Stagg. He joined the Board in July 2018 and has served for seven years as a Director. Sir Richard Stagg is a former member of the British Diplomatic Service. His last two roles were Ambassador to Afghanistan between 2012 and 2015 and High Commissioner to India between 2007 and 2011. Such roles involved top level policy-making, negotiation and supporting British business. He also chaired the Board of FCO Services between 2007 and 2017 (a government-owned company delivering security services to the UK and foreign governments). Previously Chairman of Rothschild & Co (India). Resolution 5 concerns the reappointment of Junghwa (June) Aitken. She joined the Board in July 2018 and has served for seven years as a Director. Ms Aitken has over three decades of experience in Asian equity markets, having held numerous senior roles at HSBC Bank plc, London. Other relevant experience includes her employment term at UBS AG, where she was Managing Director, Head of Global Equity Product, Global Head of Asian Equities and a director of Asian Equity Sales for 12 years. Resolution 6 concerns the reappointment of Kathryn Matthews. She joined the Board in June 2023 and has served for two years as a Director. Ms Matthews brings to the Board many years of experience in the investment company sector, including directorships of a broad range of other Asia focused investment companies. Previously, Kathryn worked for Fidelity International where she was Chief Investment Officer, Asia Pacific (ex-Japan). For details of the Directors’ current directorships, please refer to page 41 and 46 of the Report. Resolution 7 concerns the appointment of Bulbul Barrett. She joined the Board in November 2025. Ms Barett has over 30 years’ experience in Asian equities, having held senior leadership roles at Goldman Sachs, HSBC, UBS and DBS. She is currently a Senior Independent Director of The Global Smaller Companies Trust and a Non-Executive Director of the North American Income Trust. She also serves as an Independent Governor at Bradford College. She has extensive experience in investment trust governance, shareholder engagement and strategic marketing. Resolution 8 concerns the appointment of George William Edward Rogers joined the Board in November 2025. Mr Rogers is a qualified corporate lawyer who brings complementary skills to the Board with an extensive experience in the investment company sector having worked as a corporate finance adviser and broker to many London listed investment companies. He has acted as the adviser on several mergers between investment companies and on related schemes of reconstruction and on many other strategic corporate transactions. The Board confirms that each of the Directors standing for reappointment at the forthcoming Annual General Meeting continues to contribute effectively and recommends that shareholders vote in favour of their reappointment. Tenure Directors are initially appointed until the following Annual General Meeting when, under the Company’s Articles of Association, it is required that they be reappointed by shareholders. Thereafter, subject to the performance evaluation carried out each year, the Board will agree whether it is appropriate for each Director to seek reappointment (except Peter Moon). In accordance with corporate governance best practice, Directors continuing in office seek annual reappointment and no Director, including the Chairman, will seek reappointment after having served for nine years on the Board, unless there are exceptional circumstances for doing so. The table below details the tenure of Directors as at the forthcoming Annual General Meeting and projected forward to 2032. Please note that the above table is a guide only and does not account for retirements of current Directors nor the appointment of new Directors. The terms and conditions of Directors’ appointments are set out in formal letters of appointment, copies of which are available for inspection on request at the Company’s registered office and at the Annual General Meeting. A schedule of interests for each Director is maintained by the Company and reviewed at every Board meeting. New interests are considered carefully, taking into account the circumstances surrounding them and, if considered appropriate, are approved. Training and appraisal On appointment, the Manager and Company Secretary provide all Directors with induction training. Thereafter regular briefings are provided on changes in regulatory requirements that affect the Company and Directors. Directors are encouraged to attend industry and other seminars covering issues and developments relevant to investment trusts. As part of the Board’s annual evaluation process the Chairman reviews with each Director their training and development needs. The Board conducts a formal evaluation of its own performance and that of its Committees and individual Directors. The responses to questionnaires are discussed at a private meeting. The evaluation of individual Directors is led by the Chairman, and the SID leads the evaluation of the Chairman’s performance. Peter Moon Sir Richard Stagg June Aitken Key - Tenure 0 – 6 years 7 – 8 years 9+ years 2026 2027 2028 2029 2030 2031 2032 Kathryn Matthews J.P. Morgan Asset Management 47 Directors’ Report Corporate Governance Statement Meetings and Committees The Board delegates certain responsibilities and functions to Committees. Details of membership of Committees are shown with the Directors’ profiles on page 41. During the year there were four Board meetings, two Audit Committee meetings and one Management Engagement Committee meeting, Nomination Committee meeting and Remuneration Committee meeting. These meetings were supplemented by additional meetings held to cover procedural matters and formal approvals. In addition, there was regular contact between the Directors and the Manager and Company Secretary throughout the year. The table below details the number of Board and Committee meetings attended by each Director for the year ended 30th September 2025. Management Engagement Audit Nomination Remuneration Board Committee Committee Committee Committee Meetings Meetings Meetings Meetings Meetings Director Attended Attended Attended Attended Attended Sir Richard Stagg 4 1 2 1 1 June Aitken 4 1 2 1 1 Diana Choyleva 1 4 1 2 1 1 Kathryn Matthews 4 1 2 1 1 Peter Moon 4 1 2 1 1 1 Stepped down from the Board in August 2025. Board Committees Nomination Committee The Nomination Committee, chaired by Sir Richard Stagg, consists of all of the Directors (given the size of the Board), and meets at least annually to ensure that the Board has an appropriate balance of skills and experience to carry out its fiduciary duties and to select and propose suitable candidates for appointment when necessary. A variety of sources, including external search consultants, may be used to ensure that a wide range of candidates is considered. The Chair of the Board does not chair the Committee when it is dealing with the appointment of their successor. The Board’s policy on diversity, including gender, is to take account of the benefits of these during the appointment process. However, the Board remains committed to appointing the most appropriate candidate, regardless of gender or other forms of diversity. Therefore, no targets have been set against which to report. The Committee conducts an annual performance evaluation of the Board, its committees and individual Directors to ensure that all Directors have devoted sufficient time and contributed adequately to the work of the Board and its Committees. The Committee keeps under review the number of external directorships held by each Director. Any external appointments or other significant commitments of the Directors require the prior approval of the Chairman, or, in the case of the Chairman, the Senior Independent Director. The evaluation of the Board considers the balance of experience, skills, independence, corporate knowledge, its diversity, including gender, and how it works together. During the year an annual evaluation was conducted by Boardforms Limited, an independent advisory firm. Directors completed questionnaires, and the responses were discussed by the Committee. The Senior Independent Director led the evaluation of the Chairman’s performance. The evaluation concluded that all Directors dedicated sufficient time and contributed effectively to the Board’s work. It also highlighted the Board’s balanced expertise in investment markets, legal regulation, and financial accounting, affirming that the Board continues to work in a collegiate and effective manner. In relation to the appointment of Bulbul Barrett and Will Rogers the Board engaged a recruitment consultant, Larkhall Search, a firm with no other connections to the Company or the individual Directors. Open advertising was not used as part of the process as the use of a recruitment consultant was deemed more likely to be successful. The Chairman of the Board does not chair the Committee when it is dealing with the appointment of their successor. A list of potential conflicts of interest for each Director is maintained by the Company. Each is considered carefully, taking into account the circumstances surrounding them. There were no actual or indirect interests of a Director which conflicted with the interests of the Company, which arose during the year. Remuneration Committee The Remuneration Committee, chaired by June Aitken, consists of all Directors (given the size of the Board) and meets at least annually. The Committee’s remit is to review Directors’ fees and makes recommendations to the Board as and when appropriate in relation to the Company’s remuneration policy and its implementation. Management Engagement Committee The Management Engagement Committee, chaired by Sir Richard Stagg, consists of all Directors and meets at least 48 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Report Corporate Governance Statement annually. The Committee’s remit is to review the terms of the management agreement between the Company and the Manager, to review the performance of the Manager, to review the notice period that the Board has with the Manager and to make recommendations to the Board. Audit Committee The report of the Audit Committee is set out on pages 51 to 53. Terms of reference The Nomination Committee, Remuneration Committee, Management Engagement Committee and the Audit Committee have written terms of reference which define clearly their respective responsibilities, copies of which are available for inspection on request at the Company’s registered office and at the Company’s Annual General Meeting. Relations with shareholders The Board regularly monitors the shareholder profile of the Company. It aims to provide shareholders with a full understanding of the Company’s activities and performance and reports formally to shareholders twice each year by way of the Annual Report and Accounts and the Half Year Report. These are supplemented by the daily publication, through the London Stock Exchange, of the net asset value of the Company’s shares and the Company’s level of gearing. In normal circumstances all shareholders have the opportunity, and are encouraged, to attend the Company’s Annual General Meeting at which the Directors and representatives of the Manager are available in person to meet with and answer shareholders’ questions. In addition, a presentation is given by the Investment Managers who review the Company’s performance. During the year the Company’s brokers and the Investment Managers hold regular discussions with shareholders. The Directors are made fully aware of their views. The Directors may be contacted through the Company Secretary whose details are shown on page 106 or via the Company’s website. The Company’s annual report and financial statements are published in time to give shareholders at least 20 working days’ notice of the Annual General Meeting. Shareholders wishing to raise questions in advance of the meeting are encouraged to submit questions via the Company’s website or write to the Company Secretary at the address shown on page 106. A formal process is in place for all letters to the Directors to be forwarded immediately. As part of this process, any feedback from shareholders is also communicated to the Board. Details of the proxy voting position on each resolution will be published on the Company’s website shortly after the Annual General Meeting. Risk management and internal control The AIC 2019 Code requires the Directors, at least annually, to review the effectiveness of the Company’s system of risk management and internal control and to report to shareholders that they have done so. This encompasses a review of all controls, which the Board has identified as including business, financial, operational, compliance and risk management. The Directors are responsible for the Company’s system of risk management and internal control, which is designed to safeguard the Company’s assets, maintain proper accounting records and ensure that financial information used within the business, or published, is reliable. However, such a system can only be designed to manage rather than eliminate the risk of failure to achieve business objectives and therefore can only provide reasonable, but not absolute, assurance against fraud, material misstatement or loss. Since investment management, custody of assets and all administrative services are provided to the Company by the Manager and its associates, the Company’s system of risk management and internal control mainly comprises monitoring the services provided by the Manager and its associates, including the operating controls established by them, to ensure they meet the Company’s business objectives. There is an ongoing process for identifying, evaluating and managing the significant risks faced by the Company (see Principal and Emerging Risks on pages 32 to 34). This process has been in place for the year under review and up to the date of the approval of the annual report and financial statements, and it accords with the Financial Reporting Council’s guidance. Given the foregoing, and in common with most investment trust companies, the Company does not have an internal audit function of its own. The Managers internal audit department conducts regular and rigorous reviews of the various functions within its asset management business. Any significant findings that are relevant to the Company and/or the Managers investment risk business are reported to the Board. The key elements designed to provide effective risk management and internal control are as follows: • Financial reporting Regular and comprehensive review by the Board of key investment and financial data, including management accounts, revenue projections, analysis of transactions and performance comparisons. • Management Appointment of a manager, depositary and custodian regulated by the FCA, whose responsibilities are clearly defined in a written agreement. • Management systems The Manager’s system of risk management and internal control includes organisational agreements which clearly define the lines of responsibility, delegated authority, control procedures and systems. These are monitored by the Manager’s Compliance department which regularly monitors compliance with FCA rules. • Investment strategy Authorisation and monitoring of the Company’s investment strategy and exposure limits by the Board. J.P. Morgan Asset Management 49 Directors’ Report Corporate Governance Statement The Board, either directly or through the Audit Committee or Management Engagement Committee, keeps under review the effectiveness of the Company’s system of risk management and internal control by monitoring the operation of the key operating controls of the Manager and its associates as follows: • reviews the terms of the management agreement and receives regular reports from the Manager’s Compliance department; • reviews reports on the internal controls and the operations of its custodian, JPMorgan Chase Bank, which is itself independently reviewed; • reviews every six months an independent report on the risk management and internal controls and the operations of the Manager; and • reviews six monthly reports from the Company’s Depositary. By the means of the procedures set out above, the Board confirms that it has reviewed the effectiveness of the Company’s system of risk management and internal control for the year ended 30th September 2025 and to the date of approval of this annual report and financial statements. The Board confirms that any failings or weaknesses identified during the course of its review of the systems of risk management and internal control were not significant and did not impact the Company. Employees, Social, Community, Environment and Human Rights Issues The Company has a management contract with JPMF. It has no employees and all of its Directors are non-executive, the day to day activities being carried out by third parties. There are therefore no disclosures to be made in respect of employees. The Board notes JPMAM and JPMorgan Chase’s global policy statements in respect of Social, Community and Environmental and Human Rights issues, as highlighted in italics: We are committed to becoming the world’s most diverse and inclusive asset manager. We know diverse perspectives create differentiated thinking. We know our client relationships are stronger when our teams mirror the communities in which we work and invest. We reflect these beliefs in our hiring, development and promotion practices, and by nurturing a culture in which everyone is judged on their merits and empowered to hold each other accountable. Beyond our firm, we put our people and assets to work to help advance equity and economic opportunities – and influence other companies to do the same. We continually reinvest in our communities to close opportunity gaps wherever they exist. We’re working to support the transition to a low-carbon economy by scaling green solutions, balancing environmental, social and economic needs, and managing our operational footprint. We help clients navigate the challenges and realise the economic opportunities of the transition to a low-carbon economy. We believe supporting our clients, through advice and capital, to accelerate their low-carbon transition objectives creates positive environmental benefits and generates long-term financial returns for our shareholders. We seek to deliver stronger financial outcomes, including by focusing on the most financially material environmental, social and governance (ESG) issues that we believe impact the long-term performance of companies in which we invest. Additionally, we advocate for robust corporate governance and sound business practices. We believe that understanding financially material ESG factors plays an important role in delivering long-term value creation for our clients. JPMorgan Chase supports fundamental principles of human rights across all our lines of business and in each region of the world in which we operate. JPMorgan Chase’s respect for the protection and preservation of human rights is guided by the principles set forth in the United Nations Universal Declaration of Human Rights. JPMorgan Chase believes it is the role of government in each country to protect the human rights, including the safety and security, of its citizens. However, we believe we can play a constructive role in helping to promote respect for human rights by our own actions and by seeking to engage with the governments of the countries with and in which we operate. Corporate governance and voting policy The Company delegates responsibility for voting to JPMAM. The following information in italics is a summary of JPMAM’s policy statements on corporate governance and voting which has been reviewed and noted by the Board. Details on social and environmental issues are included in the Strategic Report on page 24. Corporate governance JPMAM believes that there is a strong positive correlation between high governance standards and superior shareholder returns. Governance is about ensuring the quality of the decision-making process, which can determine the success and failure of the company. Effective corporate governance features transparency, accountability, oversight and respect for shareholders. We evaluate governance starting with the board composition, structure and performance, looking for independence, relevant skillsets and board dynamics. Importantly, it is the mandate of the board to oversee whether the corporate strategy is aligned with the purpose and value of the company. The board oversees management’s execution against the company’s capital, liquidity, strategic and financial operating plans in achieving its set objectives. Capital allocation issues are judged in terms of alignment with long-term strategy and value creation at the applicable company. Boards are also responsible for overseeing the management of financially material environmental and social matters, which could affect the longevity of the company. 50 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Report Proxy voting JPMAM votes on shares held in our clients’ portfolios in a prudent and diligent manner, based on our reasonable judgement of what will best serve the long-term interests of our clients. To help ensure that proxies are voted in the best interests of clients, JPMAM has adopted detailed, regional, proxy voting guidelines that incorporate comprehensive guidelines for voting proxies on specific types of issues, and these are publicly available on our websites. We aim to keep abstentions to a minimum. In certain instances, however, it may be in a client’s best interests to intentionally refrain from voting. Stewardship/engagement Engaging investee companies in dialogue and encouraging sound environmental, social and governance (ESG) practices is an important component of how we deliver our investment stewardship strategy. Our engagement is based on our in-depth investment research on companies, alongside our assessment of macroeconomic drivers, sector-specific factors and financially material ESG themes. This research insight enables us to act proactively and encourage investee companies to acknowledge issues and improve practices before risks are realised and opportunities are missed. This is how we seek to drive impact in our investment stewardship activity and advocate for sound practices at our investee companies. We believe this will ultimately preserve and enhance asset value. Our engagement model is built on an investor-led, expert-driven approach and leverages the knowledge of more than 1,000 investment professionals around the world, working in close collaboration with investment stewardship specialists. Our engagement process benefits from the longstanding relationships our investment teams have with local investee companies, through regular interactions with board directors and chairs, senior executives, and CEOs. We believe this collaborative, well-resourced approach enables us to recognise significant risks early and identify new opportunities, supporting our goal of generating attractive risk-adjusted returns. Combining our ESG research capability with the experience and skill of our investment teams and the expertise of our investment stewardship specialists gives us a deep understanding of the risks and opportunities facing different sectors, industries, and geographies. By integrating this expertise into a global common platform, we seek to maintain a consistently high standard of engagement, considering the myriad of nuances a responsible investor needs to embrace. We have identified six Investment Stewardship Priorities that we believe can be broadly applied in our engagement efforts and will remain relevant through market cycles. These priorities address the ESG issues that pose the most significant long- term material financial risks to our investments, while also presenting the greatest opportunities. Engaging on these topics is therefore important to delivering value to our clients: • governance; • strategy alignment with the long term; • human capital management; • stakeholder engagement; • climate change; and • natural capital and ecosystems. Within each priority area, we have identified related sub-themes that we are seeking to address over a shorter timeframe (18-24 months). These subthemes will evolve, over time, as we engage with investee companies to understand issues and promote best practices. This combination of priorities and evolving themes provides a structured and targeted framework for engagement for our investors and Investment Stewardship team globally. JPMAM’s Voting Policy and Corporate Governance Guidelines are available on request from the Company Secretary or can be downloaded from JPMAM’s website: https://am.jpmorgan.com/gb/en/asset- management/institutional/about-us/investment-stewardship/ Greenhouse Gas Emissions The Company itself has no premises, consumes no electricity, gas or diesel fuel and consequently does not have a measurable carbon footprint. As a low energy user under HMRC guidelines it is not required to disclose energy and carbon information. The Company considers itself to be a low energy user under the SECR regulations and has no energy and carbon information to disclose. The Board notes the policy statements from the Investment Manager in respect of Social, Community and Environmental and Human Rights issues and Greenhouse Gas Emissions and that it is a signatory to the Carbon Disclosure Project. It further notes that JPMorgan Chase is a signatory to the Equator Principles on managing social and environmental risk in project finance. The Board’s policy is to offset the carbon emissions from any air travel it undertakes on Company business. The Manager arranges such travel for the Board, and has been offsetting 100% of air travel emissions from flights booked through its travel agency since 2008. The Modern Slavery Act 2015 (the ‘MSA’) The MSA requires companies to prepare a slavery and human trafficking statement for each financial year of the organisation. As the Company has no employees and does not supply goods and services, the MSA does not apply directly to it. The MSA requirements more appropriately relate to JPMF and JPMAM. JPMorgan’s statement on the MSA can be found on the following website: https://www.jpmorganchase.com/about/human-rights Criminal Corporate Offence The Company maintains zero tolerance towards tax evasion. Shares in the Company are purchased through intermediaries or brokers, therefore no funds flow directly into the Company. By order of the Board Anmol Dhillon, for and on behalf of JPMorgan Funds Limited, Secretary 10th December 2025 Corporate Governance Statement J.P. Morgan Asset Management 51 Directors’ Report Audit Committee Report I am pleased to present the Audit Committee Report to shareholders, for the year ended 30th September 2025. Composition and role The Audit Committee, chaired by June Aitken, whose membership is set out on page 41, meets at least twice each year. The members of the Audit Committee consider that at least one member has recent and relevant financial experience and that the Committee as a whole has competency relevant to the sector in which the Company operates. The Committee reviews the actions and judgements of the Manager in relation to the Half Year and Annual Accounts and the Company’s compliance with the AIC Corporate Governance Code. At the request of the Board, the Audit Committee provides confirmation to the Board as to how it has discharged its responsibilities so that the Board may ensure that information presented to it is fair, balanced and understandable, together with details of how it has done so. It examines the effectiveness of the Company’s internal control systems, receives information on the Manager’s internal controls and operations and also reviews the scope and results of the external audit, its cost effectiveness and the independence and objectivity of the external auditors. The Audit Committee has reviewed the independence and objectivity of the auditors and is satisfied that the auditors are independent. The Audit Committee also has the primary responsibility for making recommendations to the Board on the reappointment and the removal of external auditors. The Audit Committee as a whole has competence relevant to the sector. Responsibilities The Committee reviews the actions and judgements of the Manager in relation to the Half Year and Annual Report and Financial Statements and the Company’s compliance with the 2019 AIC Code of Corporate Governance. Financial statements and significant accounting matters The Committee reviews the actions and judgements of the Manager in relation to the Half Year and Annual Financial Statements and the Company’s compliance with the AIC Code of Corporate Governance. The Audit Committee examines the effectiveness of the Company’s internal control systems and receives information from the Manager’s Compliance department. The Directors’ statement on the Company’s system of Risk Management and Internal Control is set out on pages 48 and 49. During its review of the Company’s annual financial statements for the year ended 30th September 2025, the Audit Committee considered the following significant issues, including those communicated by the Auditors during their reporting: Significant issue How the issue was addressed The valuation of investments is undertaken in accordance with the accounting policies, disclosed in note 1(b) to the financial statements on page 72. Controls are in place to ensure that valuations are appropriate and existence is verified through Depositary and Custodian reconciliations. The Company has appointed Bank of New York Mellon (International) Limited (‘BNY’) as its depositary. BNY has appointed JPMorgan Chase Bank, N.A. as the Custodian. BNY remains responsible for the oversight of the custody of the Company’s assets. The recognition of investment income is undertaken in accordance with accounting policy note 1(d) to the financial statements on pages 73 and 74. The Board regularly reviews subjective elements of income such as special dividends and agrees their accounting treatment. Approval for the Company as an investment trust under Sections 1158 and 1159 for financial years commencing on or after 1st October 2012 has been obtained and ongoing compliance with the eligibility criteria is monitored on a regular basis. Going concern In accordance with The Financial Reporting Council’s guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company’s ability to continue as a going concern. The Directors confirm their reasonable expectation that the Company has adequate resources to continue in operational existence for the 12 month period from the date of approval of the financial statements. This confirmation is based on a review of assumptions that took into account the outlook for the global stock markets and the diversified portfolio of readily realisable securities which can be used to meet all of its liabilities and ongoing expenses. The Board has, in particular, considered the impact of heightened market volatility and growing geopolitical risk to include the various ongoing conflicts around the world, 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 and reviews of the impact of market factors, structural and financial factors and operating factors. Valuation, existence and ownership of investments Recognition of investment income Compliance with Sections 1158 and 1159 Corporation Tax Act 2010 52 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Report Audit Committee Report Furthermore, the Directors are satisfied that the Company and its key third party service providers have in place appropriate business continuity plans. Risk Management and Internal Control The Committee examines the effectiveness of the Company’s internal control systems, receives information from the Manager and also reviews the scope and results of the external audit, its cost effectiveness and the independence and objectivity of the external auditors. In the Directors’ opinion the Auditors are independent. A risk matrix has been developed which covers all key risks the Company faces, the likelihood of their occurrence and their potential impact, how these risks are monitored and mitigating controls in place. The Board has delegated to the Committee the responsibility for the review and maintenance of the risk matrix. Summary of Financial Reporting Council’s (‘FRC’) Audit Quality Review (‘AQR’) findings and Actions Taken In July 2025 the FRC published its annual assessment of quality among the Tier 1 1 audit firms, Forvis Mazars LLP is one of the six Tier 1 1 audit firms, and was therefore subject to a review by the team. The FRC’s report identified a number of areas for improvement for Forvis Mazars LLP, and in response to these findings, Forvis Mazars LLP has implemented an action plan. The Audit Committee discussed the FRC’s findings and the related action plan in detail with Forvis Mazars LLP. The FRC had noted that the firm has demonstrated significant commitment to investing in its System of Quality Management (SoQM) and Forvis Mazars reaffirmed its dedication to maintaining the highest audit quality standards to continue to work closely with the FRC to address any areas of concern. The Committee acknowledges the progress Forvis Mazars LLP has made and will keep monitoring this. Additionally, Forvis Mazars LLP assured the Committee that the FRC’s AQR findings did not affect their audit approach for the Company. Effectiveness of Audit The Committee reviewed the audit planning and the standing, skills and experience of the firm and the audit team. The Committee also considered the independence of Forvis Mazars LLP and the objectivity of the audit process. Fovis Mazars LLP has confirmed that it is independent of the Company and has complied with relevant auditing standards. No modifications were required to the external audit approach. The Committee received a presentation of the audit plan from the external auditor prior to the commencement of the 2025 audit and a presentation of the results of the audit following completion of the main audit testing. Additionally, the Committee received feedback from the Manager regarding the effectiveness of the external audit process. The Committee is satisfied that Forvis Mazars LLP has provided effective independent challenge in carrying out its responsibilities. After due consideration, the Committee recommended the re-appointment of Forvis Mazars LLP and their re-appointment will be put to the Company’s shareholders at the 2026 AGM. Audit appointment and tenure The Committee also has the primary responsibility for making recommendations to the Board on the reappointment and the removal of external auditors. The Committee also receives confirmations from the Auditors, as part of their reporting, in regard to their objectivity and independence. Representatives of the Company’s auditors attend the Audit Committee meeting at which the draft annual report and financial statements are considered and they also attend the Half Year Committee meeting to present their audit plan for the subsequent year’s audit. As part of its review of the continuing appointment of the Auditors, the Audit Committee considered the length of tenure of the audit firm, its fee, its independence from JPMF and the Investment Managers and any matters raised during the audit. A formal tender exercise was undertaken in 2019, as a result of which Forvis Mazars LLP was appointed in place of PricewaterhouseCoopers LLP. The Audit Partner, Lucy Hampson, is currently in her second year in the role. The Audit Committee reviews and approves any non-audit services provided by the independent Auditors and assesses the impact of any non-audit work on the ability of the Auditors to remain independent. No such work was undertaken during the year. The Company is in Compliance with the provisions of ‘The Statutory Audit Services for Large Companies Market Investigation’ (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 as issued by the Competition & Markets Authority. The Competition and Markets Authority Order The Company has complied throughout the year ended 30th September 2025 with the provisions of the Statutory Audit Services Order 2014, issued by the Competition and Markets Authority. There are no contractual obligations restricting the choice of Auditor. The external auditor is invited to all Committee meetings and receives copies of all relevant papers and meeting minutes. 1 Tier 1 is defined by the FRC as those with the largest share of the UK Public Interest Entity (PIE) market. J.P. Morgan Asset Management 53 Directors’ Report Audit Committee Report Fair, balanced and understandable As a result of the work performed, the Committee has concluded that the Annual Report for the year ended 30th September 2025, 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, and has reported on these findings to the Board. The Board’s conclusions in this respect are set out in the Statement of Directors’ Responsibilities on page 59. For and on behalf of the Audit Committee June Aitken Chair 10th December 2025 By order of the Board Anmol Dhillon, for and on behalf of JPMorgan Funds Limited, Company Secretary 10th December 2025 Directors’ Remuneration Report Directors’ Remuneration Report J.P. Morgan Asset Management 55 Directors’ Remuneration Report The Board presents the Directors’ Remuneration Report for the year ended 30th September 2025 which has been prepared in accordance with the requirements of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2013. The law requires the Company’s Auditors to audit certain of the disclosures provided. Where disclosures have been audited they are indicated as such. The Auditors’ opinion is included in their report on pages 61 to 66. Remuneration of the Directors is considered by the Remuneration Committee on a regular basis. The Committee makes recommendations to the Board as and when appropriate. Directors’ remuneration policy The Directors’ Remuneration Policy is subject to a triennial binding vote and an ordinary resolution to approve this report was put to shareholders at the 2025 Annual General Meeting. The Board has resolved that, for good governance purposes, the policy vote will be put to shareholders every year. Accordingly a resolution to approve the policy will be put to shareholders at the 2026 Annual General Meeting. The policy, subject to the vote, is set out in full below and is currently in force. The Board’s policy for this and subsequent years is that Directors’ fees should properly reflect the time spent by the Directors on the Company’s business and should be at a level to ensure that candidates of a high calibre are recruited to the Board. The Chairman of the Board the Senior Independent Director and the Chairman of the Audit Committee are paid higher fees than other Directors, reflecting the greater time commitment involved in fulfilling those roles. The Remuneration Committee, comprising all Directors, reviews fees on a regular basis and makes recommendations to the Board. Reviews are based on information provided by the Manager, and includes research carried out by third parties on the level of fees paid to the directors of the Company’s peers and within the investment trust industry generally. The involvement of remuneration consultants has not been deemed necessary as part of this review. All of the Directors are non-executive. There are no performance-related elements to their fees and the Company does not operate any type of incentive, share award scheme, or pension scheme either during employment or on recruitment, and therefore no Directors receive bonus payments or pension contributions from the Company or hold options to acquire shares in the Company. Directors are not granted exit payments and are not provided with compensation for loss of office. No other payments are made to Directors, other than the reimbursement of reasonable out-of-pocket expenses. In the year under review Directors were paid at the following rates: Chairman £46,000; Senior Independent Director £34,500; Chairman of the Audit Committee £38,000; and other Directors £31,000. Directors resolved not to increase fees in respect to the Company’s year ending 30th September 2026. No amounts (2024: nil) were paid to third parties for making available the services of Directors. The Company’s Articles of Association stipulate that aggregate fees must not exceed £250,000 per annum. Any increase in this maximum aggregate amount requires both Board and shareholder approval. The limit was increased from £200,000 to £250,000 in 2022. The Company has no Chief Executive Officer and no employees and therefore there was no consultation of employees, and there is no employee comparative data to provide, in relation to the setting of the remuneration policy for Directors. The Directors do not have service contracts with the Company. The terms and conditions of Directors’ appointments are set out in formal letters of appointment which are available for review at the Company’s Annual General Meeting and the Company’s registered office. Details of the Board’s policy on tenure is set out on page 46. Remuneration report The Directors’ Remuneration Report is subject to an annual advisory vote and therefore an ordinary resolution to approve this report will be put to shareholders at the forthcoming Annual General Meeting. There have been no changes to the policy compared with the year ended 30th September 2025 and no changes are proposed for the year ending 30th September 2026. At the Annual General Meeting held on 19th February 2025, 99.09% of votes cast were in favour of (or granted discretion to the Chairman who voted in favour of) the remuneration report and 0.91% voted against. Details of the implementation of the Company’s remuneration policy are given below. Single total figure of remuneration The single total figure of remuneration for the Board as a whole for the year ended 30th September 2025 was £176,123. The single total figure of remuneration for each Director is detailed below together with the prior year comparative. There are no performance targets in place for the Directors of the Company and there are no benefits for any of the Directors which will vest in the future. There are no benefits, pension, bonus, long term incentive plans, exit payments or arrangements in place on which to report. Directors’ Remuneration Report 56 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Directors’ Remuneration Report Single total figure table (Audited) 1 2025 2024 Taxable Taxable Fees expenses 2 Total Fees expenses 2 Total Directors’ Name £ £ £ £ £ £ Sir Richard Stagg 46,000 203 46,203 46,000 2,006 48,006 June Aitken 3 38,000 — 38,000 35,366 — 35,366 Dean Buckley 4 — — — 14,302 596 14,898 Diana Choyleva 5 26,198 — 26,198 31,000 102 31,102 Kathryn Matthews 6 31,000 — 31,000 31,000 — 31,000 Peter Moon 7 34,500 222 34,722 33,048 566 33,614 Total 175,698 425 176,123 190,716 3,270 193,986 1 Other subject headings for the single figure table as prescribed by regulation are not included because there is nothing to disclose in relation thereto. 2 Taxable travel and subsistence expenses incurred in attending Board and Committee meetings. 3 Assumed the position of Audit Chair with effect from 15th February 2024. 4 Retired on 15th February 2024. 5 Appointed on 1st March 2023 and stepped down from the board on 4th August 2025. 6 Appointed on 1st June 2023. 7 Appointed as Senior Independent Director on 1st March 2024. Directors’ shareholdings (Audited) 1 There are no requirements pursuant to the Company’s Articles of Association for the Directors to own shares in the Company. The Directors’ beneficial shareholdings are detailed below. The Directors have no other share interests or share options in the Company and no share schemes are available. Number of shares held 30th September 30th September Directors’ Name 2025 2024 Sir Richard Stagg 8,000 8,000 June Aitken 1 12,132 11,505 Kathryn Matthews 2,800 2,800 Peter Moon 10,000 10,000 1 Since the period end, Mrs Aitken’s beneficial holding has increased to 12,326 shares following the purchase of 194 shares through a dividend reinvestment plan. In accordance with the Companies Act 2006, a graph showing the Company’s share price total return compared with its benchmark, the MSCI AC Asia ex Japan Index with net dividends reinvested, expressed in sterling terms, is shown below. The Board believes this Index is the most representative comparator for the Company, given the Company’s investment objective. Ten year share price and benchmark total return performance to 30th September 2025 Rebased to 100 at 30th September 2015 Source: Morningstar. Responsibilities The Committee reviews the actions and judgements of the Manager in relation to the Half Year and Annual Report and Financial Statements and the Company’s compliance with the 2019 AIC Code of Corporate Governance. 100 150 200 250 300 350 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 JPMorgan Asia Growth & Income plc - share price Benchmark index Directors’ Remuneration Report J.P. Morgan Asset Management 57 Directors’ Remuneration Report Recruitment principles All Directors, including those newly appointed, are paid at the same rate, apart from the Chairman of the Board, the Chairperson of the Audit Committee and Senior Independent Director who are paid a higher fee in recognition of their additional responsibilities. Fees of any new Director appointed will be made on the above basis. There are no take-on bonuses to a new Director. Other fees and incentives The Directors have no other share interests or share options in the Company and no share schemes are available. No pension contributions or other remuneration or compensation was paid or payable by the Company during the year to any of the Directors. Letters of appointment In accordance with recommended practice, the Directors do not have service agreements but instead each Director has received a letter setting out the terms of their appointment under which they provide their services to the Company. The appointment will run for an initial term of three years when it will automatically expire without the need for further notice unless otherwise terminated earlier by either party, or otherwise in accordance with the Company’s Articles or the UK Companies Act. A Director may resign by giving three month’s notice in writing to the Board at any time. The Directors are not entitled to payment for loss of office. Annual percentage change in Directors’ remuneration The following table sets out the annual percentage change in Directors’ fees (excluding taxable expenses): % change for the year to 30th September Directors’ name 2025 2024 2023 2022 2021 Sir Richard Stagg 1 — +19.4 +30.6 — +7.3 June Aitken 2 +7.4 +19.9 — — +7.3 Dean Buckley 3 n/a n/a — — +5.8 Diana Choyleva 4 n/a n/a n/a n/a n/a Bronwyn Curtis 5 n/a n/a n/a — +6.0 Kathryn Matthews 6 — n/a n/a n/a n/a Peter Moon 7 +4.4 +12.0 — — +7.3 1 Appointed as Chairman on 15th February 2023. 2 Appointed as Audit Committee Chair on 15th February 2024. 3 Retired on 15th February 2024. 4 Appointed as Director on 1st March 2023 and stepped down from the board on 4th August 2025. 5 Retired on 15th February 2023. 6 Appointed as Director on 1st June 2023. 7 Appointed as Senior Independent Director on 1st March 2024. A table showing the total remuneration for the Chairman over the five years ended 30th September 2025 is below: Remuneration for the Chairman over the five years ended 30th September 2025 Performance related benefits received as a Year ended percentage of 30th September Fees maximum payable 2025 £46,000 n/a 2024 £46,000 n/a 2023 £44,000 n/a 2022 £44,000 n/a 2021 £44,000 n/a A table showing actual expenditure by the Company on remuneration and distributions to shareholders for the year and the prior year is below: Expenditure by the Company on remuneration and distributions to shareholders This remuneration report must show a comparison of all remuneration paid to the Directors to all distributions (including dividends and share buy backs) paid to shareholders for the current year and the preceding year. This is to assist the Directors in understanding the relative importance of spend on pay. The Company has no employees and while the Directors do not consider that the comparison of Directors’ remuneration with distributions to shareholders is a meaningful measure of the Company’s overall performance, for comparison purposes the table below compares Directors’ fees with distributions to shareholders by way of dividends and the costs of share buy backs undertaken by the Company. Year ended 30th September 2025 2024 Remuneration paid to all Directors 1 £176,123 £193,986 Distribution to shareholders – by way of dividends paid £15,087,000 £13,470,000 – by way of share repurchases £41,331,000 £42,765,000 Total distribution to shareholders £56,418,000 £56,235,000 1 Including taxable expenses. For and on behalf of the Board June Aitken Chair of the Remuneration Committee 10th December 2025 Statement of Directors’ Responsibilities Statement of Directors’ Responsibilities J.P. Morgan Asset Management 59 Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; • make judgements and accounting estimates that are reasonable and prudent; 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 adequate 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 enable them to ensure that the financial statements and the Directors’ Remuneration Report comply with the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2013. The Directors 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 Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Under applicable law and regulations the Directors are also responsible for preparing a Strategic Report, a Directors’ Report and Directors’ Remuneration Report that comply with the law and those regulations. Each of the Directors, whose names and functions are listed in the Directors’ Report confirm that, to the best of their knowledge: • the Company’s financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and applicable law), give a true and fair view of the assets, liabilities, financial position and profit 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 & Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s performance, business model and strategy. For and on behalf of the Board Sir Richard Stagg Chairman 10th December 2025 Independent Auditor’s Report Independent Auditor’s Report J.P. Morgan Asset Management 61 Independent Auditor’s Report Opinion Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard as applied to listed entities and public interest entities and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our audit procedures to evaluate the directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included but were not limited to: • undertaking an initial assessment at the planning stage of the audit to identify events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern; • making enquiries of the directors to understand the period of assessment considered by the directors, assessing and challenging the appropriateness of the directors’ key assumptions in their income and expense projections and implication of those when assessing severe but plausible scenarios; • assessing the Company’s ability to continue to operate within its financial covenants and the liquidity of the portfolio through reviewing Management assessment of how quickly the portfolio could be liquidated if required; • assessing the Company’s performance to date; • reviewing the shareholder register and making enquiries of the broker to understand whether there were any unusual shareholder movements over the year and up to the signing date that may have an adverse impact on the continuation vote to be held at the Annual General Meeting in 2026; and • evaluating the appropriateness of the Directors’ disclosures in the financial statements on going concern and viability statement. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. In relation to the Company’s reporting on how it has met its obligations under the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. We have audited the financial statements of JPMorgan Asia Growth & Income plc (the ‘Company’) for the year ended 30th September 2025 which comprise the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: • give a true and fair view of the state of the Company’s affairs as at 30th September 2025 and of its net return for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006. To the Members of JPMorgan Asia Growth & Income plc Independent Auditor’s Report 62 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Independent Auditor’s Report Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) we identified, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We summarise below the key audit matters in forming our opinion above, together with an overview of the principal audit procedures performed to address each matter and our key observations arising from those procedures. This matter, together with our findings, were communicated to those charged with governance through our Audit Completion Report. Key Audit Matter How our scope addressed this matter Our audit procedures included, but were not limited to: • understanding Management’s process to record and value investments through discussions with Management and examination of control reports from the third-party service organisations; • for all investments in the portfolio, agreeing investment holdings with an independent custodian confirmation and an independent depositary confirmation in order to obtain comfort over existence and ownership; • for all investments in the portfolio, comparing to market prices independently obtained from a source vendor and recalculating the investment valuations as at the year end; • for all investments in the portfolio, assessing the frequency of trading including calculating the number of days it would take to liquidate the investment to ensure appropriateness of fair value classification; and • reviewed the adequacy of the disclosure in the financial statements to ensure that the methodology applied is in accordance with United Kingdom Accounting Standards and the Statement of Recommended Practice issued by the Association of Investment Companies. Our observations We have no matters to communicate with regards to the valuation, existence and ownership of the investment portfolio held at 30th September 2025. Valuation, existence and ownership of the total investments held at fair value through profit or loss (as described on page 51 in the Report of the Audit Committee and as per the accounting policy set out on page 72). Total investments held at fair value through profit or loss as of 30th September 2025 were valued at £321,592,000 (2024: £332,252,000). The investment portfolio comprises of 100% level one investments. These are measured in accordance with the requirements of UK GAAP and the Statement of Recommended Practice issued by the Association of Investment Companies. Investments make up 99.3% of the net assets value of the Company as at 30th September 2025 (100.8% of the net asset value as of 30th September 2024) and are considered to be the key driver of the Company. The investments are made up of quoted investments that are classified upon initial recognition as held at fair value through profit or loss, and are measured initially and subsequently at fair value which is based on their quoted bid prices at the close of business on the year end date. There is a risk that the investments recorded might not exist or might not be owned by the Company. Although the investments are valued at quoted bid prices, there is a risk that errors in valuation can have a significant impact on the numbers presented. We therefore identified valuation, existence and ownership of investments as a key audit matter as it had the greatest effect on our overall audit strategy and allocation of resources. Independent Auditor’s Report J.P. Morgan Asset Management 63 Independent Auditor’s Report Our application of materiality and an overview of the scope of our audit The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: £3,238,000 (2024: £3,296,000) 1% of net assets (2024: 1% of net assets) Net assets have been identified as the principal benchmark within the financial statements as it is considered to be the main focus of the shareholders. Whilst valuation processes for these investments are not considered to be complex, there is a risk that errors in valuation could cause a material misstatement. 1% has been chosen as it is a generally accepted auditing practice for income trust audits and the Company is a public interest entity. Performance materiality is set to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements in the financial statements exceeds materiality for the financial statements as a whole. On the basis of our risk assessments and together with our assessment of the overall control environment, we determined 70% of overall materiality (2024: 70% of overall materiality), amounting to £2,267,000 (2024: £2,307,000), to be appropriate performance materiality. We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £97,000 (2024: £99,000) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. As part of designing our audit, we assessed the risk of material misstatement in the financial statements, whether due to fraud or error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the Directors made subjective judgements, such as assumptions on significant accounting estimates. We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole. We used the outputs of our risk assessment, our understanding of the Company, their environment, controls, and critical business processes, to consider qualitative factors to ensure that we obtained sufficient coverage across all financial statement line items. Other information The other information comprises the information included in the Annual Report other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Overall materiality How we determined it Rationale for benchmark applied Performance materiality Reporting threshold Independent Auditor’s Report 64 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Independent Auditor’s Report Opinions on other matters prescribed by the Companies Act 2006 In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. In our opinion, based on the work undertaken in the course of the audit: • the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements and those reports have been prepared in accordance with applicable legal requirements; • the information about internal control and risk management systems in relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 in the Disclosure Guidance and Transparency Rules sourcebook made by the Financial Conduct Authority (the FCA Rules), is consistent with the financial statements and has been prepared in accordance with applicable legal requirements; and • information about the Company’s corporate governance code and practices and about its administrative, management and supervisory bodies and their committees complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules. Matters on which we are required to report by exception In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the: • strategic report or the directors’ report; or • information about internal control and risk management systems in relation to financial reporting processes and about share capital structures, given in compliance with rules 7.2.5 and 7.2.6 of the FCA Rules. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: • adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or • the Company financial statements and the part of the directors’ remuneration report to be audited are not in agreement with the accounting records and returns; or • certain disclosures of directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • a corporate governance statement has not been prepared by the Company. Corporate governance statement The Listing Rules require us to review the directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to how the Company meets its obligations under the UK Corporate Governance Statement specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit: • Directors’ statement with regards the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified, set out on pages 51 and 52; • Directors’ explanation as to its assessment of the entity’s prospects, the period this assessment covers and why the period is appropriate, set out on page 35; • Director’s statement on whether it has a reasonable expectation that the Company will be able to continue in operation and meets its liabilities set out on page 35; • Directors’ statement on fair, balanced and understandable, set out on page 59; • Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks, set out on page 32; • The section of the annual report that describes the review of effectiveness of risk management and internal control systems, set out on pages 48 and 49; and; • The section describing the work of the audit committee, set out on page 51. Independent Auditor’s Report J.P. Morgan Asset Management 65 Independent Auditor’s Report Responsibilities of Directors As explained more fully in the directors’ responsibilities statement set out on page 59, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: United Kingdom Accounting Standards, including FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice), the Companies Act 2006, the Listing Rules, UK Corporate Governance Code, the Association of Investment Companies’ Code and Statement of Recommended Practice, Section 1158 of the Corporation Tax Act 2010, HMRC Investment Trust conditions and The Companies (Miscellaneous Reporting) Regulations 2018. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to: • Gaining an understanding of the legal and regulatory framework applicable to the Company, the industry in which they operate, and the structure of the Company, and considering the risk of acts by the Company which were contrary to the applicable laws and regulations, including fraud; • Inquiring of the directors, management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations; • Inspecting correspondence with relevant licensing or regulatory authorities; • Reviewing minutes of directors’ meetings in the year; and • Discussing amongst the engagement team the laws and regulations listed above, and remaining alert to any indications of non-compliance. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as The Statement of Recommended Practice issued by the Association of Investment Companies, the Companies Act 2006 and UK tax legislation. In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, particularly in relation to revenue recognition (which we pinpointed to the completeness, accuracy and cut-off assertions), and significant one-off or unusual transactions. Independent Auditor’s Report 66 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Independent Auditor’s Report Our procedures in relation to fraud included but were not limited to: • Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud; • Gaining an understanding of the internal controls established to mitigate risks related to fraud; • Discussing amongst the engagement team the risks of fraud; and • Addressing the risks of fraud through management override of controls by performing journal entry testing. The primary responsibility for the prevention and detection of irregularities, including fraud, rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. The risks of material misstatement that had the greatest effect on our audit are discussed in the ‘Key audit matters’ section of this report. A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report. Other matters which we are required to address Following the recommendation of the audit committee, we were appointed by the Board of Directors on 15th November 2019 to audit the financial statements for the year ending 30th September 2020 and subsequent financial periods. The period of total uninterrupted engagement is six years, covering the years ending 30th September 2020 to 30th September 2025. The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the Company and we remain independent of the Company in conducting our audit. Our audit opinion is consistent with our additional report to the audit committee. Use of the audit report This report is made solely to the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body for our audit work, for this report, or for the opinions we have formed. As required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules, these financial statements will form part of the electronic reporting format prepared annual financial report filed on the National Storage Mechanism of the Financial Conduct Authority. This auditor’s report provides no assurance over whether the annual financial report will be prepared using the correct electronic reporting format. Lucy Hampson Senior Statutory Auditor for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 30 Old Bailey London EC4M 7AU 10th December 2025 Financial Statements 68 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Statement of Comprehensive Income Financial Statements Year ended Year ended 30th September 2025 30th September 2024 Revenue Capital Total Revenue Capital Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Gains on investments held at fair value through profit or loss 3 — 44,280 44,280 — 39,462 39,462 Gains on derivative financial instruments 12(i) — 3,254 3,254 — — — Foreign currency losses — (322) (322) — (415) (415) Income from investments 4 6,202 161 6,363 7,000 — 7,000 Income from derivative financial instruments 4 221 — 221 — — — Interest receivable and similar income 4 119 — 119 126 — 126 Gross return 6,542 47,373 53,915 7,126 39,047 46,173 Management fee 5 (1,620) — (1,620) (1,736) — (1,736) Other administrative expenses 6 (873) — (873) (821) — (821) Net return before finance costs and taxation 4,049 47,373 51,422 4,569 39,047 43,616 Finance costs 7 (288) — (288) (20) — (20) Net return before taxation 3,761 47,373 51,134 4,549 39,047 43,596 Taxation 8 (478) (41) (519) (692) (2,507) (3,199) Net return after taxation 3,283 47,332 50,615 3,857 36,540 40,397 Return per share 9 4.54p 65.51p 70.05p 4.51p 42.75p 47.26p A fourth quarterly dividend of 7.1p (2024: 4.2p) per share has been declared in respect of the year ended 30th September 2025, totalling £4,828,000 (2024: £3,288,000). Further details are given in note 10 on pages 78 and 79. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. 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/(loss) for the year and also the total comprehensive income. The notes on page 72 to 91 form part of these financial statements. J.P. Morgan Asset Management 69 Statement of Changes in Equity Financial Statements For the year ended 30th September Called up Share Exercised Capital share premium warrant redemption Capital Revenue capital account reserve reserve reserves 1 reserve 1 Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 At 30th September 2023 24,449 46,705 977 25,121 247,577 — 344,829 Repurchase of ordinary shares into Treasury — — — — (42,765) — (42,765) Proceeds from share forfeiture 2 — — — — 426 — 426 Net return — — — — 36,540 3,857 40,397 Dividends paid in the year (note 10) — — — — (9,403) (4,067) (13,470) Forfeiture of unclaimed dividends 2 — — — — — 210 210 At 30th September 2024 24,449 46,705 977 25,121 232,375 — 329,627 Repurchase of ordinary shares into Treasury — — — — (41,331) — (41,331) Net return — — — — 47,332 3,283 50,615 Dividends paid in the year (note 10) — — — — (11,804) (3,283) (15,087) At 30th September 2025 24,449 46,705 977 25,121 226,572 — 323,824 1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors. 2 During the year ended 30th September 2024, the Company undertook an Asset Reunification Program to reunite inactive shareholders with their shares and unclaimed dividends. Pursuant to the Company’s Articles of Association, the Company has exercised its right to reclaim the shares of shareholders whom the Company, through its previous Registrar, has been unable to locate for a period of 12 years or more. These forfeited shares were sold in the open market by the Registrar and the proceeds, net of costs, were returned to the Company. In addition, any unclaimed dividends older than 12 years from the date of payment of such dividends were also forfeited and returned to the Company. The notes on pages 72 to 91 form an integral part of financial statements. 70 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Statement of Financial Position Financial Statements 30th September 30th September 2025 2024 1 Notes £’000 £’000 Fixed assets Investments held at fair value through profit or loss 1 313,019 327,316 Investments on loan held at fair value through profit or loss 1 8,573 4,936 Total investments held at fair value through profit or loss 11 321,592 332,252 Current assets Derivative financial instrument assets 12(ii) 1,472 — Debtors 13 1,449 2,948 Current asset investments 1 2,567 1,171 Cash at bank 1 1,140 2,350 6,628 6,469 Current liabilities Creditors: amounts falling due within one year 14 (2,827) (6,613) Derivative financial instrument liabilities 12(ii) (32) — Net current assets/(liabilities) 3,769 (144) Total assets less current liabilities 325,361 332,108 Provision for liabilities 15 (1,537) (2,481) Net assets 323,824 329,627 Capital and reserves Called up share capital 16 24,449 24,449 Share premium account 17 46,705 46,705 Exercised warrant reserve 17 977 977 Capital redemption reserve 17 25,121 25,121 Capital reserves 17 226,572 232,375 Total equity shareholders’ funds 323,824 329,627 Net asset value per ordinary share 18 476.0p 417.9p 1 Prior year comparatives have been restated as explained in note 1(a) on page 72. The financial statements on pages 68 to 71 were approved and authorised for issue by the Board of Directors on 10th December 2025 and signed on their behalf by: Sir Richard Stagg Director The notes on pages 72 to 91 form an integral part of these financial statements. The Company is registered in England and Wales. Company registration number: 3374850. J.P. Morgan Asset Management 71 Statement of Cash Flows Financial Statements Year ended Year ended 30th September 30th September 2025 2024 Notes £’000 £’000 Cash flows from operating activities Net return before finance costs and taxation 51,422 43,616 Adjustment for: Gains on investments held at fair value through profit or loss 3 (44,280) (39,462) Gains on derivative financial instruments (3,254) — Foreign currency losses 322 415 Dividend income 4 (6,180) (6,852) Interest and stock lending income 4 (119) (98) Scrip dividends received as income 4 (183) (148) Derivative income 4 (221) — Realised losses on foreign exchange transactions (705) (195) Realised exchange gains/(losses) on JPMorgan USD Liquidity Fund 132 (178) Decrease/(increase) in other debtors 2 (11) Decrease in accrued expenses (69) (17) Net cash outflow from operations before dividends, interest and taxation (3,133) (2,930) Dividends received 5,685 6,182 Interest and stock lending income received 119 98 Overseas withholding tax recovered 110 21 Indian capital gains tax paid 8 (985) (272) Net cash inflow from operating activities 1,796 3,099 Purchases of investments (301,057) (216,601) Sales of investments 354,423 273,018 Derivative income received on CFDs 169 – Interest paid on CFDs (252) — Realised gains on settlement of derivative financial instruments (CFDs) 5,702 — Realised losses on settlement of derivative financial instruments (CFDs) (3,888) — Settlement of forward currency contracts (49) — Net cash inflow from investing activities 55,048 56,417 Dividends paid 10 (15,087) (13,470) Repurchase of ordinary shares into Treasury (41,858) (42,245) Proceeds from share forfeiture — 426 Forfeiture of unclaimed dividends — 210 Interest paid on bank overdrafts (13) (23) Net cash outflow from financing activities (56,958) (55,102) (Decrease)/increase in cash and cash equivalents (114) 4,414 Cash and cash equivalents at start of year 3,521 (851) Foreign currency exchange movement 300 (42) Cash and cash equivalents at end of year 3,707 3,521 Cash and cash equivalents consist of: Cash at bank 1,140 2,350 Current asset investment in JPMorgan USD Liquidity Fund 2,567 1,171 Total 3,707 3,521 The notes on pages 72 to 91 form an integral part of financial statements. 72 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements For the year ended 30th September 2025 General Information The address of its registered office is at 60 Victoria Embankment, London EC4Y 0JP. The principal activity of the Company is investing in securities as set out in the Company’s Objective and Investment Policies. The Company was incorporated and was admitted to the Main market of the London Stock Exchange in September 1997. The Company changed its name from JPMorgan Asian Investment Trust plc to JPMorgan Asia Growth & Income plc on 14th February 2020. 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 continued market volatility and economic uncertainty resulting from ongoing geopolitical tensions and conflicts, including the war in Ukraine, ongoing tensions between China and the US and escalating conflict in the Middle East, and in particular the impact of these geopolitical risks, as well as climate change, 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 compliance with debt covenants in assessing the going concern and viability of the Company. The Directors have also reviewed income and expense projections and the liquidity of the investment portfolio in making their assessment. The Company passed its continuation vote at the Company’s 2023 Annual General Meeting and the next continuation vote will be considered at the Annual General Meeting in 2026. The disclosures on going concern on pages 51 and 52 of the Directors’ Report form part of these financial statements. The Directors consider that the Company has adequate financial resources to enable it to continue in operational existence for at least 12 months from the date the financial statements are authorised for issue. Prior year restatements For the year ended 30th September 2024, the Investments held at fair value through profit or loss in the Statement of Financial Position have been restated to disclose separately the investments on loan held at fair value through profit or loss. The value of Investments on loan, included within the value of Investments held at fair value through profit or loss of £332,252,000, was £4,936,000. This change in presentation has no impact on the Company’s net assets as reported for the year ended 30th September 2024 and the opening balances as at 1st October 2023. Further details of the securities on loan are provided in note 22 (c) Credit risk exposure. For the year ended 30th September 2024, the ‘Cash and cash equivalents’ of £3,521,000 line item in the Statement of Financial Position has been restated to ‘Cash at bank’ and ‘Current asset investments’. This restatement separately reports the investment in the JPMorgan USD Liquidity Fund as ‘Current asset investments’ of £1,171,000 and ‘Cash at bank’ of £2,350,000, in compliance with the statutory format required by the Companies Act 2006. This change in presentation has no impact on the Company’s net assets as reported for the year ended 30th September 2024 and the opening balances as at 1st October 2023. The other policies applied in these financial statements are consistent with those applied in the preceding year with the addition of accounting policies in respect of contracts for difference (CFDs). (b) Investments The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company’s business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. The portfolio of financial assets is managed and its performance evaluated on a fair value basis, in accordance with a documented investment strategy and information is provided internally on that basis to the Company’s Board of Directors. Accordingly, upon initial recognition the investments are treated by the Company as ‘held at fair value through profit or loss’. They are included initially at fair value which is taken to be their cost, excluding expenses incidental to purchase which are J.P. Morgan Asset Management 73 Notes to the Financial Statements Financial Statements written off to capital at the time of acquisition. Subsequently the investments are valued at fair value, which are quoted bid prices for investments traded in active markets. For investments which are not traded in active markets, unlisted and restricted investments, the Board takes into account the latest traded prices, other observable market data and asset values based on the latest management accounts. Investments on loan under securities (stock) lending arrangements are measured at fair value through profit or loss and are not derecognised, as the Company retains substantially all risks and rewards of ownership (risks being exposure to fair value movements and rewards being entitlement to dividends). Collateral received in respect of securities on loan is held by the securities lending agent and is not recognised on the Company’s Statement of Financial Position unless the Company becomes entitled to the collateral due to a loss of securities on loan. All purchases and sales are accounted for on a trade date basis. (c) Accounting for reserves Called up share capital Share capital is classified as equity and is the nominal value of the ordinary shares in issue and is not distributable. Share premium account Amounts received in excess of the nominal value of issued ordinary shares are held in share premium. For ordinary shares that have been reissued from Treasury, the excess amount of the sales proceeds over the purchase price of those ordinary shares, will be transferred to the share premium account. The share premium account is not distributable. Exercised warrant reserve Amounts received on the exercise of warrants that was in excess of the exercise price of the warrant. This reserve is not distributable. Capital redemption reserve Nominal value of ordinary shares repurchased and cancelled (or where shares held in Treasury are subsequently cancelled) by the Company are transferred from called up share capital to the capital redemption reserve. This reserve is not distributable. Capital reserve – realised gains and losses Gains and losses on sales of investments, including the related foreign currency exchange gains and losses, realised gains and losses on foreign exchange currency contracts, contracts for difference, management fee and finance costs allocated to capital and any other capital charges, are included in the Statement of Comprehensive Income and accounted for in capital reserves within ‘Realised gains and losses’. This reserve is available for distribution by way of share repurchases and dividends. Capital reserve – investment holding gains and losses Increases and decreases in the valuation of investments held at the year end, including the related foreign currency exchange gains and losses, unrealised gains and losses on foreign exchange currency contracts or foreign currency loans and unrealised gains and losses on contracts for difference, are included in the Statement of Comprehensive Income and accounted for in capital reserves within ‘Investment holding gains and losses’. This reserve may be available for distributions 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, to the extent they represent realised profits. This reserve is not currently utilised for distributions by the Company. Revenue reserve Net revenue return after taxation for the year is accounted for in the revenue reserve. This reserve is distributable by way of dividends to shareholders. (d) Income Dividends receivable from equity shares are included in revenue on an ex-dividend basis except where, in the opinion of the Board, the dividend is capital in nature, in which case it is included in capital. Overseas dividends are included gross of any withholding tax. Special dividends are looked at individually to ascertain the reason behind the payment. This will determine whether they are treated as revenue or capital. 74 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 1. Accounting policies (continued) (d) Income (continued) Where the Company has elected to receive scrip dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised in revenue. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital. Interest receivable is taken to revenue on an accruals basis. Stock lending income is taken to revenue on an accruals basis. In all cases securities on loan continue to be recognised in the Statement of Financial Position. The Company holds long CFDs on equities, therefore it is entitled to receive a notional dividend on the underlying securities linked to the CFD. The notional dividends are recognised as Income from derivative financial instruments and credited to the revenue column of the Statement of Comprehensive Income. (e) Expenses All expenses are accounted for on an accruals basis. Expenses are allocated wholly to revenue with the following exceptions: – Expenses incidental to the purchase and sale of an investment are charged to capital. These expenses are commonly referred to as transaction costs and comprise brokerage commission and stamp duty. Details of transaction costs are given in note 11 on page 79. (f) Finance costs Finance costs are accounted for on an accruals basis using the effective interest method. Interest paid on CFDs is recognised as a finance cost, in accordance with the allocation policy of the Company. Finance costs are allocated wholly to revenue. (g) Financial instruments Cash at bank comprises cash held with the custodian and demand deposits, which are short term. Current asset investments include highly liquid short term investments that are subject to an insignificant risk of change in value. The Company invests in the JPMorgan USD Liquidity Fund, a money market fund, which is considered a current asset investment. This investment features a low volatility net asset value, is held for short term cash management purposes as an alternative to cash, and can be readily converted into a known amount of cash. Other debtors and creditors do not carry any interest, are short term in nature and are accordingly stated at nominal value, with debtors reduced by appropriate allowances for estimated irrecoverable amounts. Bank loans and overdrafts are classified as financial liabilities measured at amortised cost. They are initially measured as proceeds and subsequently measured at amortised cost. Interest payable on the bank loan and overdrafts is accounted for on an accruals basis in the Statement of Comprehensive Income. Derivative financial instruments, including CFDs and short term forward currency contracts are valued at fair value, which is the net unrealised gain or loss, and are included in current assets or current liabilities in the Statement of Financial Position. The fair value of CFDs is determined by the difference between the initial contract price of the CFD and the value of the underlying shares, being the bid price of the underlying security. Changes in the fair value of derivative financial instruments are recognised in the Statement of Comprehensive Income as capital, except for the Income from CFDs which is taken to revenue as noted in 1(e) above. (h) Taxation Current tax is provided at the amounts expected to be paid or recovered. The tax effect of different items of income and expenditure is allocated between revenue and capital on the same basis as the particular item to which it relates, under the marginal method, using the Company’s effective tax rate for the accounting period. Deferred tax is provided on all timing differences that have originated but not reversed by the balance sheet date. Deferred tax liabilities are recognised for all taxable timing differences but deferred tax assets are only recognised to the extent that it is more likely than not that taxable profits will be available against which those timing differences can be utilised. Deferred tax is measured at the tax rate which is expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates that have been enacted or substantively enacted at the balance sheet date and is measured on an undiscounted basis. J.P. Morgan Asset Management 75 Notes to the Financial Statements Financial Statements The Company incurs withholding taxes imposed by certain countries on investment income and capital gains. Such income or gains are recorded gross of withholding taxes in the statement of comprehensive income. Withholding taxes are shown as ‘taxation’ in the statement of comprehensive income. Gains and losses on sale of investments purchased and sold in India after 1st April 2017 are liable to capital gains tax in India. At each year end date, a provision for capital gains tax is calculated based upon the Company’s realised and unrealised gains and losses. There are two rates of tax: short-term and long-term. The short-term rate of tax is applicable to investments held for less than 12 months and the long-term rate of tax is applicable to investments held for more than 12 months. The provision is recognised in the Statement of Financial Position, the associated charge is recognised in the Statement of Comprehensive Income and any capital gains tax paid is recognised in the Statement of Cash Flows. (i) Value Added Tax (‘VAT’) Expenses are disclosed inclusive of the related irrecoverable VAT. Recoverable VAT is calculated using the partial exemption method based on the proportion of zero rated supplies to total supplies. (j) Foreign currency The Company is required to identify its functional currency, being the currency of the primary economic environment in which the Company operates. The Board, having regard to the currency of the Company’s share capital and the predominant currency in which its shareholders operate, has determined that sterling is the functional currency. Sterling is also the currency in which the financial statements are presented. Transactions denominated in foreign currencies are converted at actual exchange rates at the date of the transaction. Monetary assets, liabilities and equity investments held at fair value, denominated in foreign currencies at the year end are translated at the rates of exchange prevailing at the year end. Any gain or loss arising from a change in exchange rates subsequent to the date of the transaction is included in the Statement of Comprehensive Income as an exchange gain or loss in revenue or capital, depending on whether the gain or loss is of a revenue or capital nature. (k) Dividends payable Dividends are not recognised in the accounts unless there is an obligation to pay at the balance sheet date. As a result interim dividends declared or paid after the year end are not recognised in the financial statements until they have been paid. (l) Segmental reporting The Board are of the opinion that the Company is engaged in a single segment of business, being investment in Asian equities. The unaudited geographical analysis of the investment portfolio is shown on page 20. The unaudited ten largest investments are shown on pages 18 and 19. 2. Significant accounting estimates, assumptions and judgements The preparation of the Company’s financial statements on occasion requires the Directors to make, estimates and assumptions that affect the reported amounts in the primary financial statements and the accompanying disclosures. These assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the current and future periods, depending on circumstance. The Directors do not believe that any significant accounting judgements or estimates have been applied to this set of financial statements, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 3. Gains on investments held at fair value through profit or loss 2025 2024 £’000 £’000 Realised gains on sales of investments 25,059 11,839 Net change in unrealised gains on investments 19,249 27,659 Other capital charges (28) (36) Total capital gains on investments held at fair value through profit or loss 44,280 39,462 76 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 4. Income 2025 2024 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Income from investments Overseas dividends 5,852 — 5,852 6,788 — 6,788 Scrip dividends 183 — 183 148 — 148 Special dividends 167 161 328 64 — 64 6,202 161 6,363 7,000 — 7,000 Income from derivative financial instruments Income received on long CFDs 221 — 221 — — — 221 — 221 — — — Interest receivable and similar income Stock lending income 19 — 19 28 — 28 Interest from JPMorgan USD Liquidity Fund 78 — 78 92 — 92 Deposit interest 22 — 22 6 — 6 119 — 119 126 — 126 Total income 6,542 161 6,703 7,126 — 7,126 5. Management fee 2025 2024 £’000 £’000 Management fee 1,620 1,736 Details of the management fee are given in the Directors’ Report on page 43. 6. Other administrative expenses 2025 2024 £’000 £’000 Administration expenses 499 396 Custody fees 134 152 Directors’ fees 1 176 191 Depositary fees 17 41 Auditor’s remuneration for audit services 47 41 Total 873 821 1 Full disclosure is given in the Directors’ Remuneration Report on pages 55 to 57. Excluding taxable expenses which are included within administration expenses. 7. Finance costs 2025 2024 £’000 £’000 Interest paid on CFDs 275 — Interest on bank overdrafts 13 20 Total 288 20 J.P. Morgan Asset Management 77 Notes to the Financial Statements Financial Statements 8. Taxation (a) Analysis of tax charge for the year 2025 2024 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Overseas withholding tax 478 — 478 692 — 692 Indian capital gains tax – paid in the year — 985 985 — 272 272 Indian capital gains tax – movement in deferred tax provision — (944) (944) — 2,235 2,235 Total tax charge for the year 478 41 519 692 2,507 3,199 (b) Factors affecting the total tax charge for the year The tax charge for the year is lower than (2024: lower) the Company’s applicable rate of corporation tax of 25.0% (2024: 25.0%). The factors affecting the total tax charge for the year are as follows: 2025 2024 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Net return before taxation 3,761 47,373 51,134 4,549 39,047 43,596 Net return before taxation multiplied by the Company’s applicable rate of corporation tax of 25.0% (2024: 25.0%) 940 11,843 12,783 1,137 9,762 10,899 Effects of: Non taxable capital gains – (11,803) (11,803) — (9,762) (9,762) Non taxable scrip dividends (46) — (46) (37) — (37) Non taxable overseas dividends (1,455) (40) (1,495) (1,713) — (1,713) Taxable overseas dividends (31) — (31) — — — Taxable derivative income from CFDs (55) — (55) — — — Brought forward excess expenses utilised — — — (19) — (19) Unrelieved expenses 647 — 647 632 — 632 Overseas withholding tax 478 — 478 692 — 692 Indian capital gains tax — 41 41 — 2,507 2,507 Total tax charge for the year 478 41 519 692 2,507 3,199 (c) Deferred taxation Deferred tax provisions have been made in relation to the Indian capital gains tax (CGT) on unrealised gains or losses of investments. The short-term CGT rate is 20% and the long-term CGT rate is 12.5%. Except for the provision for Indian capital gains tax, the Company has not provided for UK deferred tax on any realised and unrealised gains or losses of investments as it is exempt from UK tax on these items due to its status as an investment trust company. The Company intends to continue meeting the conditions required to maintain such status in the foreseeable future. The Company has an unrecognised deferred tax asset of £10,048,000 (2024: £9,401,000) in respect of cumulative excess management expenses and loan relationships totalling £40,190,000 (2024: £37,604,000), based on a prospective corporation tax rate of 25.0% (2024: 25.0%) as enacted by the Finance Act 2021. The deferred tax asset has arisen due to the cumulative excess of deductible expenses over taxable income. Given the composition of the Company’s portfolio, it is not likely that this asset will be utilised in the foreseeable future and therefore no asset has been recognised in the financial statements. Due to the Company’s status as an investment trust company and the intention to continue meeting the conditions required to maintain such status in the foreseeable future, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. 78 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 9. Return per share The Revenue, Capital and Total return shown below, is the Net return after taxation in the Statement of Comprehensive Income on page 68. 2025 2024 £’000 £’000 Revenue return 3,283 3,857 Capital return 47,332 36,540 Total return 50,615 40,397 Weighted average number of shares in issue during the year 72,257,481 85,475,668 Revenue return per share 4.54p 4.51p Capital return per share 65.51p 42.75p Total return per share 70.05p 47.26p 10. Dividends (a) Dividends paid and declared 2025 2024 Pence £’000 Pence £’000 Dividends paid Fourth quarterly dividend in respect of prior year 4.2 3,284 3.8 3,450 First quarterly dividend 4.1 3,079 3.7 3,270 Second quarterly dividend 6.1 4,333 3.9 3,312 Third quarterly dividend 6.3 4,391 4.2 3,438 Total dividends paid in the year 20.7 15,087 15.6 13,470 Forfeiture of unclaimed dividends over 12 years old 1 — — — (210) Net dividends paid 20.7 15,087 15.6 13,260 Dividends declared Fourth quarterly dividend declared 7.1 4,828 4.2 3,288 1 The unclaimed dividends were forfeited following an extensive exercise which attempted to reunite the dividends with owners. The fourth interim dividend proposed in respect of the year ended 30th September 2024 amounted to £3,288,000. However, the amount paid amounted to £3,284,000 due to ordinary shares repurchased after the balance sheet date but prior to the record date. A fourth quarterly dividend of 7.1p has been declared and was paid on 21st November 2025 in respect of the financial year ended 30th September 2025. In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 30th September 2026. J.P. Morgan Asset Management 79 Notes to the Financial Statements Financial Statements (b) Dividend for the purposes of Section 1158 of the Corporation Tax Act 2010 (‘Section 1158’) The requirements of Section 1158 are considered on the basis of the dividend proposed in respect of the financial year, shown below. The aggregate of the distributable reserves is £137,121,000 (2024: £163,613,000). 2025 2024 Pence £’000 Pence £’000 First quarterly dividend paid 4.1 3,079 3.7 3,270 Second quarterly dividend paid 6.1 4,333 3.9 3,312 Third quarterly dividend paid 6.3 4,391 4.2 3,438 Fourth quarterly dividend paid 7.1 4,828 4.2 3,288 Total dividends for Section 1158 purposes 23.6 16,631 16.0 13,308 The aggregate of the distributable reserves after the payment of the fourth quarterly interim dividend will amount to £132,293,000 (2024: £160,325,000). 11. Total investments held at fair value through profit or loss 2025 2024 £’000 £’000 Total investments listed on a recognised stock exchange 321,592 332,252 Opening book cost 263,491 301,727 Opening investment holding gains 68,761 41,102 Opening valuation 332,252 342,829 Movements in the year: Purchases at cost 298,031 222,301 Sales proceeds (352,999) (272,376) Gains on investments 44,308 39,498 Closing valuation 321,592 332,252 Closing book cost 233,582 263,491 Closing investment holding gains 88,010 68,761 Total investments held at fair value through profit or loss 321,592 332,252 The Company received £352,999,000 (2024: £272,376,000) from investments sold in the year. The book cost of these investments when they were purchased was £327,940,000 (2024: £260,537,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. Transaction costs on purchases during the year amounted to £297,000 (2024: £242,000) and on sales during the year amounted to £593,000 (2024: £535,000). These costs comprise mainly brokerage commission and transaction taxes including stamp duty. 80 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 12. Derivative Financial Instruments (i) Gains on derivative financial statements recognised in the Statement of Comprehensive Income: 2025 2024 £’000 £’000 Gains on long CFD positions closed 1,814 — Movement in investment holding gains on long CFDs 1,440 — Gains on derivative financial instruments 3,254 — (ii) Derivative financial assets and liabilities recognised at fair value in the Statement of Financial Position: 2025 2024 Fair Asset Fair Asset value 1 exposure value exposure £’000 £’000 £’000 £’000 Derivative financial instrument assets – long CFDs 1,472 17,005 — — Derivative financial instrument liabilities – long CFDs (32) 2,052 — — 1,440 19,057 — — 1 The fair value is recognised in the Statement of Financial Position. 13. Current assets Debtors 2025 2024 £’000 £’000 Securities sold for future settlement 953 2,409 Dividends and interest receivable from CFDs 303 363 Derivative income receivable 52 — Overseas tax recoverable 89 122 Other debtors 20 20 VAT recoverable 32 34 Total 1,449 2,948 The Directors consider that the carrying amount of debtors approximates to their fair value. 14. Current liabilities 2025 2024 £’000 £’000 Creditors: amounts falling due within one year Securities purchased awaiting settlement 2,449 5,658 Interest payable on CFDs 23 — Other creditors and accruals 138 211 Repurchase of the Company’s own shares awaiting settlement 217 744 Total 2,827 6,613 The Directors consider that the carrying amount of creditors falling due within one year approximates to their fair value. J.P. Morgan Asset Management 81 Notes to the Financial Statements Financial Statements 15. Provision for liabilities 2025 2024 Indian capital gains tax £’000 £’000 Opening balance 2,481 246 Movement in deferred tax provision in respect of the Indian capital gains tax (944) 2,235 Provision for liabilities 1,537 2,481 This provision for capital gains tax relates to the Indian stocks. The short term CGT rate is 20% and the long term CGT rate is 12.5%. 16. Called up share capital 2025 2024 Number of Number of Shares £’000 Shares £’000 Ordinary shares of 25p each 1 Opening balance of ordinary shares of 25p each excluding shares held in Treasury 78,868,615 19,717 91,024,771 22,756 Repurchase of ordinary shares into Treasury (10,837,313) (2,709) (12,156,156) (3,039) Subtotal of ordinary shares of 25p each excluding shares held in Treasury 68,031,302 17,008 78,868,615 19,717 Shares held in Treasury 29,765,691 7,441 18,928,378 4,732 Closing balance of ordinary shares of 25p each including shares held in Treasury 97,796,993 24,449 97,796,993 24,449 1 Fully paid ordinary shares, which have a par value of 25p each, carry one vote per share and carry a right to receive dividends. During the year, the Company repurchased 10,837,313 ordinary shares (2024: 12,156,156) into Treasury for a total consideration of £41,331,000 (2024: £42,765,000). No ordinary shares were issued during the year (2024: none). Further details of transactions in the Company’s shares are given in the Business Review on page 31. 82 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 17.Capital and reserves Capital reserves Investment Called up Share Exercised Capital Realised holding share premium warrant redemption gains and gains and Revenue capital account reserve reserve losses 1 losses reserve 1 Total 2025 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Opening balance 24,449 46,705 977 25,121 163,613 68,762 — 329,627 Net foreign currency losses — — — — (322) — — (322) Realised gains on sale of investments — — — — 25,059 — — 25,059 Net change in unrealised gains and losses on investments — — — — — 19,249 — 19,249 Realised gains on long CFDs — — — — 1,814 — — 1,814 Unrealised gains on long CFDs — — — — — 1,440 — 1,440 Repurchase of ordinary shares into Treasury — — — — (41,331) — — (41,331) Other capital charges — — — — (28) — — (28) Indian capital gains tax — — — — (41) — — (41) Capital special dividends received — — — — 161 — — 161 Revenue for the year — — — — — — 3,283 3,283 Dividends paid in the year — — — — (11,804) — (3,283) (15,087) Closing balance 24,449 46,705 977 25,121 137,121 89,451 — 323,824 1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors. Capital reserves Investment Called up Share Exercised Capital Realised holding share premium warrant redemption gains and gains and Revenue capital account reserve reserve losses 1 losses reserve 1 Total 2024 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Opening balance 24,449 46,705 977 25,121 206,474 41,103 — 344,829 Net foreign currency losses — — — — (415) — — (415) Realised gains on sale of investments — — — — 11,839 — — 11,839 Net change in unrealised gains and losses on investments — — — — — 27,659 — 27,659 Repurchase of ordinary shares into Treasury — — — — (42,765) — — (42,765) Proceeds from share forfeiture — — — — 426 — — 426 Other capital charges — — — — (36) — — (36) Indian capital gains tax — — — — (2,507) — — (2,507) Forfeiture of unclaimed dividends — — — — — — 210 210 Revenue for the year — — — — — — 3,857 3,857 Dividends paid in the year — — — — (9,403) — (4,067) (13,470) Closing balance 24,449 46,705 977 25,121 163,613 68,762 — 329,627 1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors. J.P. Morgan Asset Management 83 Notes to the Financial Statements Financial Statements 18. Net asset value per ordinary share 2025 2024 Net assets (£’000) 323,824 329,627 Number of ordinary shares in issue 68,031,302 78,868,615 Net asset value per ordinary share 476.0p 417.9p 19. Contingent liabilities and capital commitments At the balance sheet date there were no contingent liabilities or capital commitments (2024: same). 20. Related Parties The Directors of the company are considered related parties. Full details of Directors’ remuneration and shareholdings can be found on pages 55 to 58. 21. Transactions with the Manager Details of the management contract are set out in the Directors’ Report on pages 42 and 43. The management fee payable to the Manager for the year was £1,620,000 (2024: £1,736,000) of which £nil (2024: £nil) was outstanding at the year end. Safe custody fees amounting to £134,000 (2024: £152,000) were payable to JPMorgan Chase Bank N.A. during the year of which £23,000 (2024: £39,000) was outstanding at the year end. The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm’s length. The commission payable to JPMorgan Securities Limited for the year was £10,000 (2024: £nil) of which £nil (2024: £nil) was outstanding at the year end. Other capital charges (handling charges) on dealing transactions amounting to £28,000 (2024: £36,000) were payable to JPMorgan Chase Bank N.A. during the year of which £5,000 (2024: £10,000) was outstanding at the year end. Stock lending income amounting to £19,000 (2024: £28,000) were receivable by the Company during the year. The Manager’s commissions in respect of such transactions amounted to £2,000 (2024: £3,000). The Company also invests in the JPMorgan USD Liquidity Fund, which is managed by JPMorgan Asset Management (Europe) S.à r.l. At the year end this was valued at £2,567,000 (2024: £1,171,000). Interest amounting to £78,000 (2024: £92,000) was receivable during the year of which £nil (2024: £nil) was outstanding at the year end. At the year end, the Company held cash of £1,140,000 (2024: cash of £2,350,000) with JPMorgan Chase Bank N.A. A net amount of interest of £22,000 (2024: £6,000) was receivable by the Company during the year of which £nil (2024: £nil) was outstanding at the year end. 22. Disclosures regarding financial instruments measured at fair value The fair value hierarchy disclosures required by FRS 102 are given below. The Company’s financial instruments within the scope of FRS 102 that are held at fair value comprise its investment portfolio and derivative financial instruments. The investments are categorised into a hierarchy consisting of the following three levels: Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date Level 2 Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. Details of the valuation techniques used by the Company are given in note 1(b) on pages 72 and 73. 84 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 22. Disclosures regarding financial instruments measured at fair value (continued) The following table sets out the fair value measurements using the FRS 102 hierarchy at 30th September. 2025 2024 2 Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 Level 1 321,592 — 332,252 — Level 2 1 4,039 (32) 1,171 — Total 325,631 (32) 333,423 — 1 Current asset investments in the JPMorgan USD Liquidity Fund which has been reclassified from cash equivalents to current asset investments in the year and the fair value of derivative financial instruments (long CFDs). 2 The figures for 2024 have been restated to include the current asset investment in the JPMorgan USD Liquidity Fund as Level 2 as noted in footnote 1 above. There were no transfers between Level 1, 2 or 3 during the year (2024: none). 23. Financial instruments’ exposure to risk and risk management policies As an investment trust, the Company invests in equities for the long term so as to secure its investment objective stated on the ‘Features’ page. In pursuing this objective, the Company is exposed to a variety of financial risks that could result in a reduction in the Company’s net assets or a reduction in the profits available for dividends. These financial risks include market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk. The Directors’ policy for managing these risks is set out below. The Company Secretary, in close cooperation with the Board and the Manager, coordinates the Company’s risk management policy. The objectives, policies and processes for managing the risks and the methods used to measure the risks that are set out below, have not changed from those applying in the comparative year. The Company’s classes of financial instruments are as follows: – investments in equity shares and participatory notes of overseas companies, which are held in accordance with the Company’s investment objective; – current asset investments within JPMorgan Liquidity Fund; – short term debtors, creditors and cash arising directly from its operations; and – derivative financial instruments comprising long CFDs. (a) Market risk The fair value or future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk. Information to enable an evaluation of the nature and extent of these three elements of market risk is given in parts (i) to (iii) of this note, together with sensitivity analyses where appropriate. The Board reviews and agrees policies for managing these risks and these policies have remained unchanged from those applying in the comparative year. The Manager assesses the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis. (i) Currency risk Certain of the Company’s assets, liabilities and income are denominated in currencies other than sterling which is the Company’s functional currency and presentation currency. As a result, movements in exchange rates may affect the sterling value of those items. J.P. Morgan Asset Management 85 Notes to the Financial Statements Financial Statements Management of currency risk The Manager monitors the Company’s exposure to foreign currencies on a daily basis and reports to the Board, which meets on at least four occasions each year. The Manager measures the risk to the Company of this exposure by considering the effect on the Company’s net asset value and income of a movement in rates of exchange to which the Company’s assets, liabilities, income and expenses are exposed. Income denominated in foreign currencies is converted to sterling on receipt. Foreign currency borrowing may be used to limit the Company’s exposure to changes in exchange rates which might otherwise adversely affect the value of the portfolio of investments. The Company may use short term forward currency contracts to manage working capital requirements. Foreign currency exposure The fair value of the Company’s monetary items that have foreign currency exposure at 30th September are shown below. Where the Company’s equity investments (which are not monetary items) are priced in a foreign currency, they have been included separately in the analysis so as to show the overall level of exposure. 2025 Hong Kong Taiwan Korean Indian Chinese US Singapore Australian Dollars Dollars Won Rupee Yuan Dollar Dollar Dollar Other Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Current assets 1,869 170 130 95 — 2,010 — 708 — 4,982 Creditors (1,761) — — — — (3) — (708) — (2,472) Foreign currency exposure on net monetary items 108 170 130 95 — 2,007 — — — 2,510 Total investments held at fair value through profit or loss 100,119 61,439 57,749 47,480 24,313 10,107 9,061 8,731 2,593 321,592 Long exposure to derivative financial instruments 1 1,472 — — — — (32) — — — 1,440 Total net foreign currency exposure 101,699 61,609 57,879 47,575 24,313 12,082 9,061 8,731 2,593 325,542 1 The exposure to the market of long CFDs (2024: none). 2024 Hong South Kong Indian Taiwan Korean Chinese US Indonesia Singapore Dollar Rupee Dollar Won Yuan Dollar Rupiah Dollar Other Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Current assets 6,279 122 170 138 332 (1,078) — 1 23 5,987 Creditors (3,837) — — — (1,821) — — — — (5,658) Foreign currency exposure on net monetary items 2,442 122 170 138 (1,489) (1,078) — 1 23 329 Total investments held at fair value through profit or loss 87,345 67,467 62,355 47,059 24,579 12,537 11,138 7,708 12,064 332,252 Total net foreign currency exposure 89,787 67,589 62,525 47,197 23,090 11,459 11,138 7,709 12,087 332,581 In the opinion of the Directors, the above year end amounts are broadly representative of the exposure to foreign currency risk during the current and comparative years. 86 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 23. Financial instruments’ exposure to risk and risk management policies (continued) (a) Market risk (continued) (i) Currency risk (continued) Foreign currency sensitivity The following table illustrates the sensitivity of return after taxation for the year and net assets with regard to the Company’s monetary financial assets and financial liabilities and exchange rates. The sensitivity analysis is based on the Company’s monetary currency financial instruments held at each balance sheet date and the income receivable in foreign currency and assumes a 10% (2024: 10%) appreciation or depreciation in sterling against the currencies to which the Company is exposed to, which is considered to be a reasonable illustration based on the volatility of exchange rates during the year. 2025 2024 If sterling If sterling If sterling If sterling strengthens weakens strengthens weakens by 10% by 10% by 10% by 10% £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Revenue return (650) 650 (709) 709 Capital return (251) 251 (33) 33 Total return after taxation (901) 901 (742) 742 Net assets (901) 901 (742) 742 In the opinion of the Directors, the above sensitivity analysis is broadly representative of the whole year. (ii) Interest rate risk Interest rate movements may affect the level of income receivable on cash deposits and the liquidity fund and the interest payable on the Company’s variable rate cash borrowings. Management of interest rate risk Liquidity and borrowings are managed with the aim of increasing returns to shareholders. The Company’s actual gearing range may fluctuate between 10% net cash to 20% geared. The possible effects on cash flows that could arise as a result of changes in interest rates are taken into account if and when the Company has borrowings. However, amounts drawn are typically for short term periods and therefore exposure to interest rate risk is not significant. As at 30th September 2025 the Company had no borrowing facility or any borrowings drawn down (2024: none). Interest rate exposure The exposure of financial assets and liabilities to floating interest rates using the year end figures, giving cash flow interest rate risk when rates are reset, is shown below. 2025 2024 £’000 £’000 Exposure to floating interest rates: Cash and short term deposits 1,140 2,350 JPMorgan USD Liquidity Fund 2,567 1,171 Derivative financial instruments – Long CFDs – (exposure less fair value) (17,617) — Total exposure (13,910) 3,521 Interest receivable on cash balances, or paid on overdrafts, is at a margin below or above Sterling Overnight Index Average (SONIA) respectively (2024: same). The JPMorgan USD Liquidity Fund seeks to achieve a return in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity. J.P. Morgan Asset Management 87 Notes to the Financial Statements Financial Statements Interest rate sensitivity The following table illustrates the sensitivity of the total return after taxation for the year and net assets to a 1% (2024: 1%) increase or decrease in interest rates in regards to the Company’s monetary financial assets and financial liabilities. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the Company’s monetary financial instruments held at the balance sheet date with all other variables held constant. 2025 2024 1% increase 1% decrease 1% increase 1% decrease in rate in rate in rate in rate £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Revenue return (139) 139 35 (35) Total return after taxation (139) 139 35 (35) Net assets (139) 139 35 (35) In the opinion of the Directors, this sensitivity analysis may not be representative of the Company’s future exposure to interest rate changes due to fluctuations in the level of cash balances, investment in the JPMorgan USD Liquidity Fund and long CFDs. (iii) Other price risk Other price risk includes changes in market prices, other than those arising from interest rate risk or currency risk, which may affect the value of equity investments. Management of other price risk The Board meets on at least four occasions each year to consider the asset allocation of the portfolio and the risk associated with particular industry sectors and markets. The investment management team has responsibility for monitoring the portfolio, which is selected in accordance with the Company’s investment objectives and seeks to ensure that individual stocks meet an acceptable risk/reward profile. Other price risk exposure The Company’s total exposure to changes in market prices at 30th September comprises its holdings in equity investments and exposure to CFDs, excluding the current asset investment in the JPMorgan USD Liquidity Fund (a money market fund that is not exposed to changes in market prices), as follows: 2025 2024 £’000 £’000 Investments held at fair value through profit or loss 321,592 332,252 Exposure to derivative financial instruments – long CFDs 19,057 — Total 340,649 332,252 The above data is broadly representative of the exposure to other price risk during the current and comparative year. Concentration of exposure to other price risk An analysis of the Company’s investments is given on pages 18 to 23. This shows that the portfolio comprises investments quoted on Asian stock markets. Accordingly, there is a concentration of exposure to that region. However, it should also be noted that an investment may not be entirely exposed to the economic conditions in its country of domicile or of listing. 88 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 23. Financial instruments’ exposure to risk and risk management policies (continued) (a) Market risk (continued) (iii) Other price risk (continued) Other price risk sensitivity The following table illustrates the sensitivity of the return after taxation for the year and net assets to an increase or decrease of 10% (2024: 10%) in the market value of equity investments. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the Company’s equities, adjusting for changes in the management fee but with all other variables held constant. 2025 2024 10% increase 10% decrease 10% increase 10% decrease in rate in rate in rate in rate £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Revenue return (204) 204 (199) 199 Capital return 34,065 (34,065) 33,225 (33,225) Total return after taxation 33,861 (33,861) 33,026 (33,026) Net assets 33,861 (33,861) 33,026 (33,026) (b) Liquidity risk This is the risk that the Company will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Management of the risk Liquidity risk is not significant as the Company’s assets comprise mainly readily realisable securities, which can be sold to meet funding requirements if necessary. The Board’s policy is to use borrowings from time to time to gear the portfolio within a range of 10% net cash to 20% geared. Liquidity risk exposure Contractual maturities of the financial liabilities, based on the earliest date on which payment can be required are as follows: 2025 Within More than one year one year Total £’000 £’000 £’000 Derivative financial instrument liabilities 32 — 32 Creditors: Repurchase of the Company’s own shares awaiting settlement 217 — 217 Securities purchased for future settlement 2,449 — 2,449 Other creditors and accruals 138 — 138 Interest payable on CFDs 23 — 23 2,859 — 2,859 J.P. Morgan Asset Management 89 Notes to the Financial Statements Financial Statements 2024 Within More than one year one year Total £’000 £’000 £’000 Creditors: Repurchase of the Company’s own shares awaiting settlement 744 — 744 Securities purchased for future settlement 5,658 — 5,658 Other creditors and accruals 211 — 211 6,613 — 6,613 The liabilities shown above represent future contractual payments and therefore may differ from the amounts shown in the Statement of Financial Position. (c) Credit risk Credit risk is the risk that the failure of the counterparty to a transaction to discharge its obligations under that transaction could result in loss to the Company. Management of credit risk Portfolio dealing The Company invests in markets that operate delivery versus payment (‘DVP’) settlement. The process of DVP mitigates the risk of losing the principal of a trade during the settlement process. The Manager continuously monitors dealing activity to ensure best execution, a process that involves measuring various indicators including the quality of trade settlement and incidence of failed trades. Counterparty lists are maintained and adjusted accordingly. Cash at bank and current asset investments Counterparties are subject to regular credit analysis by the Manager and deposits can only be placed with counterparties that have been approved by JPMAM’s Counterparty Risk Group. The Board regularly reviews the counterparties used by the Manager. Exposure to JPMorgan Chase JPMorgan Chase Bank, N.A. is the custodian of the Company’s assets. The Company’s assets are segregated from JPMorgan Chase’s own trading assets. Therefore these assets are designed to be protected from creditors in the event that JPMorgan Chase were to cease trading. The Depositary, Bank of New York Mellon (International) Limited, is responsible for the safekeeping of all custodial assets of the Company and for verifying and maintaining a record of all other assets of the Company. However, no absolute guarantee can be given on the protection of all the assets of the Company. Credit risk exposure The amounts shown in the Statement of Financial Position under derivative financial assets, cash at bank and current asset investments represent the maximum exposure to credit risk at the current and comparative year ends. Securities (Stock) lending Investments on loan, under securities lending arrangements, are measured at fair value through profit or loss and are not derecognised, as the Company retains substantially all risks and rewards of ownership (risks being exposure to fair value movements and rewards being entitlement to dividends). Collateral received in respect of securities on loan is held by the securities lending agent and is not recognised on the Company’s Statement of Financial Position unless the Company becomes entitled to the collateral due to a loss of securities on loan. The aggregate value of securities on loan at 30th September 2025 amounted to £8.6 million (2024: £4.9 million) and the maximum value of stock on loan during the year amounted to £11.5 million (2024: £11.6 million). Collateral is held by the securities lending agent and called in on a daily basis and comprises of investment grade treasury bonds and sovereign debt to a value of £9.3 million (2024: £5.3 million) amounting to a minimum of 102% (2024: 102%) of the value of the securities on loan if that collateral is denominated in the same currency as the securities on loan and a minimum of 105% (2024: 105%) if it is denominated in a different currency. 90 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Notes to the Financial Statements Financial Statements 23. Financial instruments’ exposure to risk and risk management policies (continued) (d) Counterparty risk Certain derivative financial instruments such as CFDs, in which the Company invests, are not traded on an exchange, but instead will be traded between counterparties based on contractual relationships, under the terms outlined in the International Swaps and Derivatives Association’s (‘ISDA’) market standard derivative legal documentation. As a result, the Company is subject to the risk that a counterparty may not perform its obligations under the related contract. Counterparties are subject to regular credit analysis by the Manager and transactions can only be placed with counterparties that have been approved by the JPMAM’s Counterparty Risk Group. For derivative financial instruments, margin or collateral is used to reduce the risk of both parties to the contract. Collateral is managed on a daily basis for all relevant transactions. As at 30th September 2025, the Company had received a cash collateral balance of £1,202,000 (2024: £nil) under margin arrangements from its counterparty, UBS AG, London Branch. (e) Derivative financial instrument risk The Company may also enter into other derivative transactions in the form of forward currency contracts, futures and options for the purpose of efficient portfolio management. (f) Fair values of financial assets and financial liabilities All financial assets and liabilities are either included in the Statement of Financial Position at fair value or the carrying amount is a reasonable approximation of fair value. 24. Capital management policies and procedures The Company’s capital structure comprises the following: 2025 2024 £’000 £’000 Equity: Called up share capital 24,449 24,449 Share premium account and reserves 299,375 305,178 Total capital and reserves 323,824 329,627 The Company’s capital management objectives are to ensure that it will continue as a going concern and to maximise the income and capital return to its equity shareholders through an appropriate level of gearing. The Board’s policy is to employ gearing when the Manager believes it to be appropriate to do so. Gearing will be in the range of 10% net cash to 20% geared in normal market conditions, at the discretion of the Manager. 2025 2024 £’000 £’000 Investments held at fair value through profit or loss 321,592 332,252 Asset exposure through derivative financial instruments (long CFDs) 19,057 – Gross asset exposure 340,649 332,252 Net assets 323,824 329,627 Gearing 5.2% 0.8% The Board, with the assistance of the Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes: – the planned level of gearing, which takes into account the Manager’s views on the market; – the need to buy back ordinary shares, either for cancellation or to hold in Treasury, which takes into account the share price discount or premium; and – the need for issues of new ordinary shares, including issues from Treasury. J.P. Morgan Asset Management 91 Notes to the Financial Statements Financial Statements 25. Analysis of change in net (debt)/cash Unrealised foreign As at currency As at 30th September exchange 30th September 2024 Cash flows movements 2025 £’000 £’000 £’000 £’000 Cash and cash equivalents Cash at bank 2,350 (1,494) 284 1,140 Current asset investments – JPMorgan USD Liquidity Fund 1 1,171 1,380 16 2,567 Net cash 3,521 (114) 300 3,707 1 JPMorgan USD Liquidity Fund, a AAA rated money market fund which seeks to achieve a return in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity. This has been shown as a current asset investment in the Statement of Financial Position to conform with the requirements of the Companies Act 2006. 26. Subsequent events Since the year end 709,104 shares have been repurchased into Treasury. The Directors have evaluated the period since the year end apart from events disclosed on page 43, the Directors have not noted any further subsequent events. Regulatory Disclosures Regulatory Disclosures (Unaudited) J.P. Morgan Asset Management 93 Regulatory Disclosures Alternative Investment Fund Managers Directive Disclosures Leverage For the purposes of the Alternative Investment Fund Managers Directive (‘AIFMD’), leverage is any method which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company’s exposure and its net asset value and can be calculated on a gross and a commitment method in accordance with AIFMD. Under the gross method, exposure represents the sum of the Company’s positions without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated after certain hedging and netting positions are offset against each other. The Company is required to state its maximum and actual leverage levels, calculated as prescribed by the AIFMD, at 30th September 2025, which gives the following figures: Gross Commitment Method Method Leverage exposure Maximum limit 200.0% 200.0% Actual 1 100.0% 100.0% 1 The above figures are theoretical and are calculated in accordance with the methodology prescribed by the AIFMD. AIFMD Remuneration Disclosures JPMorgan Funds Limited (the ‘Management Company’) is the authorised manager of JPMorgan Asia Growth & Income Plc (the ‘Company’) and is part of the J.P. Morgan Chase & Co. group of companies. In this section, the terms ‘J.P. Morgan’ or ‘Firm’ refer to that group, and each of the entities in that group globally, unless otherwise specified. This section of the annual report has been prepared in accordance with the Alternative Investment Fund Managers Directive (the ‘AIFMD’), the European Commission Delegated Regulation supplementing the AIFMD, and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authority under the AIFMD. The information in this section is in respect of the most recent complete remuneration period (the ‘Performance Year’) as at the reporting date. This section has also been prepared in accordance with the relevant provisions of the Financial Conduct Authority Handbook (FUND 3.3.5). Remuneration Policy AA summary of the Remuneration Policy currently applying to the Management Company (the ‘Remuneration Policy Statement’) can be found at https://am.jpmorgan.com/gb/en/asset- management/gim/per/legal/emea-remuneration-policy . This Remuneration Policy Statement includes details of how remuneration and benefits are calculated, including the financial and non-financial criteria used to evaluate performance, the responsibilities and composition of the Firm’s Compensation and Management Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policy can be requested free of charge from the Management Company. The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a material impact on the risk profile of the Management Company or the Alternative Investment Funds it manages (‘AIFMD Identified Staff’). The AIFMD Identified Staff include members of the Board of the Management Company (the ‘Board’), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis. The Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of AIFMD Identified Staff. The Board last reviewed and adopted the Remuneration Policy that applied for the 2024 Performance Year in July 2024 with no material changes and was satisfied with its implementation. Quantitative Disclosures The table below provides an overview of the aggregate total remuneration paid to staff of the Management Company in respect of the 2024 Performance Year and the number of beneficiaries. These figures include the remuneration of all staff of JP Morgan Asset Management (UK) Ltd (the relevant employing entity) and the number of beneficiaries, both apportioned to the Management Company on an Asset Under Management (‘AUM’) weighted basis. Due to the Firm’s structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readily available and would not be relevant or reliable. However, for context, the Management Company manages 24 Alternative Investment Funds (with 4 sub-funds) and 2 UCITS (with 42 sub-funds) as at 31st December 2024, with a combined AUM as at that date of £25,574 million and £21,277 million respectively. Fixed Variable Total Number of remuneration remuneration remuneration beneficiaries All staff of the Management Company (US$’000s) 25,131 17,434 42,565 150 The aggregate 2024 total remuneration paid to AIFMD Identified Staff was US$143,431,000 of which US$7,910,000 relates to Senior Management and US$135,521,000 relates to other Identified Staff 1 . 1 The AIFMD identified staff disclosures include employees of the companies to which portfolio management has been formally delegated in line with the latest ESMA guidance. Regulatory Disclosures (Unaudited) 94 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Regulatory Disclosures Securities Financing Transactions Regulation Disclosures The Fund engages in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-sell back transactions or sell-buy back transactions and margin lending transactions). In accordance with Article 13 of the Regulation, the Company’s involvement in and exposures related to SFTR for the accounting period ended 30th September 2025 are detailed below. Global Data Amount of securities on loan The total value of securities on loan as a proportion of the Company’s total lendable assets, as at the balance sheet date, is 3.00%. Total lendable assets represents the aggregate value of assets types forming part of the Company’s securities lending programme. Amount of assets engaged in securities lending The following table represents the total value of assets engaged in securities lending: Value £’000 % of AUM Securities lending 8,573 2.65% Concentration and Aggregate Transaction Data Counterparties The following table provides details of the counterparties (based on gross volume of outstanding transactions with exposure on a gross absolute basis) in respect of securities lending as at the balance sheet date: Collateral Country of Incorporation Value £’000 BNP France 3,710 Morgan Stanley United States of America 2,403 JP Morgan United States of America 1,024 Citigroup United States of America 769 Merrill Lynch United States of America 667 Total 8,573 Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged. Maturity tenure of security lending transactions The Company’s securities lending transactions have open maturity. Issuers The following table lists the issuers by value of non-cash collateral received by the Company by way of title transfer collateral arrangement across securities lending transactions, as at the balance sheet date. Collateral Issuer Value £’000 United States of America Treasury 4,409 French Republic Government 3,094 United Kingdom Treasury 1,316 Federal Republic of Germany Government 219 Republic of Austria Government 196 Kingdom of Belgium Government 32 Finnish Government 10 Total 9,276 Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged. Type, quality and currency of collateral The following table provides an analysis of the type, quality and currency of collateral received by the Company in respect of securities lending transactions as at the balance sheet date. Value Type Quality Currency £’000 Sovereign Debt Investment Grade EUR 3,550 Treasury Notes Investment Grade USD 2,864 Treasury Bonds Investment Grade USD 1,544 Sovereign Debt Investment Grade GBP 1,317 Treasury Bills Investment Grade USD 1 Total 9,276 Maturity tenure of collateral The following table provides an analysis of the maturity tenure of collateral received in relation to securities lending transactions as at the balance sheet date. Value Maturity £’000 1 day to 1 week — 1 week to 1 month 13 1 to 3 months 62 3 to 12 months 102 more than 1 year 9,099 Total 9,276 Regulatory Disclosures (Unaudited) J.P. Morgan Asset Management 95 Regulatory Disclosures Settlement and clearing The Company’s securities lending transactions including related collaterals are settled and cleared either bi-laterally, tri-party or through a central counterparty. Re-use of collateral Share of collateral received that is reused and reinvestment return non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged. The Company does not currently reinvest cash collateral received in respect of securities lending transactions. Safekeeping of collateral All collateral received by the Company in respect of securities lending transactions as at the balance sheet date is held by the Depository. Return and cost JPMorgan Chase Bank, N.A (‘JPMCB’), the lending agent, receives a fee of 10% of the gross revenue for its services related to the Stock Lending Transactions. The remainder of the revenue, 90%, is received by the Company i.e. for the benefit of shareholders. Shareholder Information Notice is hereby given that the twenty-ninth Annual General Meeting of JPMorgan Asia Growth & Income plc will be held at 60 Victoria Embankment, London EC4Y 0JP on Wednesday, 25th February 2026 at 11:00 a.m. for the following purposes: 1. To receive the Directors’ Report, the Annual Accounts and the Auditor’s Report for the year ended 30th September 2025. 2. To approve the Directors’ Remuneration Policy. 3. To approve the Directors’ Remuneration Report for the year ended 30th September 2025. 4. To reappoint Sir Richard Stagg as a Director. 5. To reappoint Mrs Junghwa Aitken as a Director. 6. To reappoint Kathryn Matthews as a Director. 7. To appoint Bulbul Barrett, as a Director. 8. To appoint George William Edward Rogers, as a Director. 9. THAT Forvis Mazars LLP be reappointed as Auditor of the Company to hold office until the conclusion of the next Annual General Meeting at which accounts are laid before the Company and that their remuneration be fixed by the Directors. Special Business To consider the following resolutions: Continuation resolution – Ordinary resolution 10. THAT the Company continue in existence as an investment trust for a period expiring at the conclusion of the Company’s Annual General Meeting to be held in 2029. Authority to allot new shares – Ordinary resolution 11. THAT the Directors of the Company be and they are hereby generally and unconditionally authorised, (in substitution of any authorities previously granted to the Directors), pursuant to and in accordance with Section 551 of the Companies Act 2006 (the ‘Act’) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for, or to convert any security into, shares in the Company (‘Rights’) up to an aggregate nominal amount of £1,683,054 or if different, the aggregate nominal amount representing approximately 10% of the Company’s issued Ordinary share capital (excluding shares held in Treasury) as at the date of the passing of this resolution, provided that this authority shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2027 unless renewed at a general meeting prior to such time, save that the Company may before such expiry make offers or agreements which would or might require shares to be allotted or Rights to be granted after such expiry and so that the Directors of the Company may allot shares and grant Rights in pursuance of such offers or agreements as if the authority conferred hereby had not expired. Authority to disapply pre-emption rights on allotment of relevant securities – Special resolution 12. THAT subject to the passing of Resolution 11 set out above, the Directors of the Company be and they are hereby empowered pursuant to Sections 570 and 573 of the Act to allot equity securities (within the meaning of Section 560 of the Act) for cash pursuant to the authority conferred by Resolution 11 or by way of a sale of Treasury shares as if Section 561(1) of the Act did not apply to any such allotment or sale, provided that this power shall be limited to the allotment of equity securities or the sale of Treasury shares for cash up to an aggregate nominal amount of £1,683,054 representing approximately 10% of the issued Ordinary share capital (excluding shares held in Treasury) as at the date of this Notice of Annual General Meeting at a price of not less than the net asset value per share and shall expire upon the expiry of the general authority conferred by Resolution 11 above, save that the Company may before such expiry make offers or agreements which would or might require equity securities to be allotted or Treasury shares sold after such expiry and so that the Directors of the Company may allot equity securities or sell Treasury shares in pursuance of such offers or agreements as if the power conferred hereby had not expired. Authority to repurchase the Company’s shares – Special resolution 13. THAT the Company be generally and, subject as hereinafter appears, unconditionally authorised in accordance with Section 701 of the Act to make market purchases (within the meaning of Section 693 of the Act) of its issued Ordinary shares on such terms and in such manner as the Directors may from time to time determine, provided always that: (i) the maximum number of Ordinary shares hereby authorised to be purchased shall be 10,091,597, or if less, that number of Ordinary shares which is equal to 14.99% of the issued share capital (excluding shares held in Treasury) as at the date of the passing of this Resolution; (ii) the minimum price which may be paid for an Ordinary share shall be 25 pence; Notice of Annual General Meeting J.P. Morgan Asset Management 97 Shareholder Information (iii) the maximum price which may be paid for an Ordinary share shall be an amount equal to the highest of: (a) 105% of the average of the middle market quotations for an Ordinary share taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the Ordinary share is purchased; or (b) the price of the last independent trade; or (c) the highest current independent bid; (iv) any purchase of Ordinary shares will be made in the market for cash at prices below the prevailing net asset value per share (as determined by the Directors); (v) the authority hereby conferred shall expire on 24th August 2027 unless the authority is renewed at the Company’s Annual General Meeting in 2027 or at any other general meeting prior to such time; and (vi) the Company may make a contract to purchase Ordinary shares under the authority hereby conferred prior to the expiry of such authority which contract will or may be executed wholly or partly after the expiry of such authority and may make a purchase of Ordinary shares pursuant to any such contract. Approval of dividend policy – Ordinary Resolution 14. THAT the shareholders approve the Company’s dividend policy to continue to pay four quarterly interim dividends during the year. Authority to hold general meetings – Special Resolution 15. THAT, a general meeting, other than an Annual General Meeting, may be called on not less than 14 clear days’ notice. Adoption of Proposed New Articles of Association – Special Resolution 16. THAT the Articles of Association produced to the meeting and, for the purposes of identification, initialled by the Chairman of the meeting be adopted as the articles of association of the Company in substitution for, and to the entire exclusion of, the existing Articles of Association of the Company. By order of the Board Anmol Dhillon, for and on behalf of JPMorgan Funds Limited, Secretary 10th December 2025 Notes These notes should be read in conjunction with the notes on the reverse of the proxy form. 1. If law or Government guidance so requires at the time of the Meeting, the Chairman of the Meeting will limit, in his sole discretion, the number of individuals in attendance at the Meeting. In addition, the Company may still impose entry restrictions on certain persons wishing to attend the AGM in order to secure the orderly and proper conduct of the Meeting. 2. A member entitled to attend and vote at the Meeting may appoint another person(s) (who need not be a member of the Company) to exercise all or any of his rights to attend, speak and vote at the Meeting. A member can appoint more than one proxy in relation to the Meeting, provided that each proxy is appointed to exercise the rights attaching to different shares held by them. 3. A proxy does not need to be a member of the Company but must attend the Meeting to represent you. Your proxy could be the Chairman, another Director of the Company or another person who has agreed to attend to represent you. Details of how to appoint the Chairman or another person(s) as your proxy or proxies using the proxy form are set out in the notes to the proxy form. If a voting box on the proxy form is left blank, the proxy or proxies will exercise his/their discretion both as to how to vote and whether he/they abstain(s) from voting. Your proxy must attend the Meeting for your vote to count. Appointing a proxy or proxies does not preclude you from attending the Meeting and voting in person. However, please note that in the current circumstances, your vote may not be counted where a proxy other than the Chairman of the Meeting is appointed as additional third parties may not be permitted entry to the meeting. 4. Any instrument appointing a proxy, to be valid, must be lodged in accordance with the instructions given on the proxy form no later than 2.30 p.m. two business days prior to the Meeting (i.e. excluding weekends and bank holidays). 5. You may change your proxy instructions by returning a new proxy appointment. The deadline for receipt of proxy appointments also applies in relation to amended instructions. Any attempt to terminate or amend a proxy appointment received after the relevant deadline will be disregarded. Where two or more valid separate appointments of proxy are received in respect of the same share in respect of the same Meeting, the one which is last received (regardless of its date or the date of its signature) shall be treated as replacing and revoking the other or others as regards that share; if the Company is unable to determine which was last received, none of them shall be treated as valid in respect of that share. Notice of Annual General Meeting 98 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Shareholder Information 6. To be entitled to attend and vote at the Meeting (and for the purpose of the determination by the Company of the number of votes they may cast), members must be entered on the Company’s register of members as at 6.30 p.m. two business days prior to the Meeting (the ‘specified time’). If the Meeting is adjourned to a time not more than 48 hours after the specified time applicable to the original Meeting, that time will also apply for the purpose of determining the entitlement of members to attend and vote (and for the purpose of determining the number of votes they may cast) at the adjourned Meeting. If however the Meeting is adjourned for a longer period then, to be so entitled, members must be entered on the Company’s register of members as at 6.30 p.m. two business days prior to the adjourned Meeting or, if the Company gives notice of the adjourned Meeting, at the time specified in that notice. Changes to entries on the register after this time shall be disregarded in determining the rights of persons to attend or vote at the Meeting or adjourned Meeting. 7. Entry to the Meeting will be restricted to shareholders and their proxy or proxies, with guests admitted only by prior arrangement. 8. A corporation, which is a shareholder, may appoint an individual(s) to act as its representative(s) and to vote in person at the Meeting (see instructions given on the proxy form). In accordance with the provisions of the Companies Act 2006, each such representative may exercise (on behalf of the corporation) the same powers as the corporation could exercise if it were an individual member of the Company, provided that they do not do so in relation to the same shares. It is therefore no longer necessary to nominate a designated corporate representative. Representatives should bring to the Meeting evidence of their appointment, including any authority under which it is signed. 9. Members that satisfy the thresholds in Section 527 of the Companies Act 2006 can require the Company to publish a statement on its website setting out any matter relating to: (a) the audit of the Company’s Financial Statements (including the Auditors’ report and the conduct of the audit) that are to be laid before the AGM; or (b) any circumstances connected with Auditors of the Company ceasing to hold office since the previous AGM, which the members propose to raise at the Meeting. The Company cannot require the members requesting the publication to pay its expenses. Any statement placed on the website must also be sent to the Company’s Auditors no later than the time it makes its statement available on the website. The business which may be dealt with at the AGM includes any statement that the Company has been required to publish on its website pursuant to this right. 10. Pursuant to Section 319A of the Companies Act 2006, the Company must cause to be answered at the AGM any question relating to the business being dealt with at the AGM which is put by a member attending the Meeting except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the Meeting or if it would involve the disclosure of confidential information. 11. Under Sections 338 and 338A of the 2006 Act, members meeting the threshold requirements in those sections have the right to require the Company: (i) to give, to members of the Company entitled to receive notice of the Meeting, notice of a resolution which those members intend to move (and which may properly be moved) at the Meeting; and/or (ii) to include in the business to be dealt with at the Meeting any matter (other than a proposed resolution) which may properly be included in the business at the Meeting. A resolution may properly be moved, or a matter properly included in the business unless: (a) (in the case of a resolution only) it would, if passed, be ineffective (whether by reason of any inconsistency with any enactment or the Company’s constitution or otherwise); (b) it is defamatory of any person; or (c) it is frivolous or vexatious. A request made pursuant to this right may be in hard copy or electronic form, must identify the resolution of which notice is to be given or the matter to be included in the business, must be accompanied by a statement setting out the grounds for the request, must be authenticated by the person(s) making it and must be received by the Company not later than the date that is six clear weeks before the Meeting, and (in the case of a matter to be included in the business only) must be accompanied by a statement setting out the grounds for the request. 12. A copy of this notice has been sent for information only to persons who have been nominated by a member to enjoy information rights under Section 146 of the Companies Act 2006 (a ‘Nominated Person’). The rights to appoint a proxy can not be exercised by a Nominated Person: they can only be exercised by the member. However, a Nominated Person may have a right under an agreement between him and the member by whom he was nominated to be appointed as a proxy for the Meeting or to have someone else so appointed. If a Nominated Person does not have such a right or does not wish to exercise it, he may have a right under such an agreement to give instructions to the member as to the exercise of voting rights. 13. In accordance with Section 311A of the Companies Act 2006, the contents of this notice of meeting, details of the total number of shares in respect of which members are entitled to exercise voting rights at the AGM, the total voting rights members are entitled to exercise at the AGM and, if applicable, any members’ statements, members’ resolutions or members’ matters of business received by the Company after the date of this notice will be available on the Company’s website www.jpmasiagrowthandincome.co.uk . Notice of Annual General Meeting J.P. Morgan Asset Management 99 Shareholder Information 14. The register of interests of the Directors and connected persons in the called-up share capital of the Company and the Directors’ letters of appointment are available for inspection at the Company’s registered office during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted). It will also be available for inspection at the AGM. No Director has any contract of service with the Company. 15. You may not use any electronic address provided in this Notice of Meeting to communicate with the Company for any purposes other than those expressly stated. 16. As an alternative to completing a hard copy Form of Proxy/Voting Instruction Form, you can appoint a proxy or proxies electronically by visiting www.investorcentre.co.uk/eproxy . You will need the Control Number, Shareholder Reference Number and PIN which are set out on your proxy form or the electronic broadcast you received from Computershare. 17. As at 9th December 2025 (being the latest business day prior to the publication of this Notice), the Company’s called-up share capital consists of 67,322,198 Ordinary shares (excluding Treasury shares) carrying one vote each. Therefore the total voting rights in the Company are 67,322,198. 18. A copy of the proposed new Articles of Association which includes the full terms of the proposed amendments to the Company’s existing Articles of Association, is available at the registered office of the Company – 60 Victoria Embankment, London EC4Y 0JP; during normal business hours on any weekday (Saturdays, Sundays and public holidays excepted) and on the Company’s website from the date of the notice of the AGM until the conclusion of the AGM and on the date of the AGM at the AGM from 15 minutes prior to the AGM until the conclusion of the AGM. Electronic appointment – CREST members CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the Meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual. See further instructions on the proxy form. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a ‘CREST Proxy Instruction’) must be properly authenticated in accordance with Euroclear UK & International Limited’s specifications and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company’s Registrar (CREST ID is 3RA50) by the latest time(s) for receipt of proxy appointments specified in the notice of the meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the Company’s agent is liable to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. If you are an institutional investor you may be able to appoint a proxy electronically via the Proxymity platform. For further information regarding Proxymity, please go to www.proxymity.io . Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. Notice of Annual General Meeting 100 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Shareholder Information Alternative Performance Measures Alternative Performance Measures (APMs) are numerical measures of current, historical or future financial performance, financial position or cash flow that are not GAAP measures. APMs are intended to supplement the information in the financial statements, providing useful industry-specific information that can assist shareholders to better understand the performance of the Company. Asset Exposure Asset Exposure comprises the market exposure of the investment portfolio held through both direct investments and derivative financial instruments. Where a measure is labelled as an APM, a definition and reconciliation to a GAAP measure is set out below. The APMs are unaudited. Return on share price (APM) Total return on share price, on a last traded price to last traded price basis, assuming that all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend. Year ended Year ended 30th September 30th September Total return calculation Page 2025 2024 Opening share price (p) 8 371.0 344.0 (a) Closing share price (p) 8 434.5 371.0 (b) Total dividend adjustment factor 1 1.057994 1.045050 (c) Adjusted closing share price (p) (d = b x c) 459.7 387.7 (d) Total return on share price (e = (d/a) – 1) +23.9% +12.7% (e) 1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the last traded price quoted at the ex-dividend date. Net asset value per share (APM) The value of Company’s net assets (total assets less total liabilities) divided by the number of ordinary shares in issue. Please see note 18 on page 83 for detailed calculations. Return on Net Assets (APM) Total return on net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Year ended Year ended 30th September 30th September Total return calculation Page 2025 2024 Opening cum-income NAV per share (p) 8 417.9 378.8 (a) Closing cum-income NAV per share (p) 8 476.0 417.9 (b) Total dividend adjustment factor 1 1.052354 1.040851 (c) Adjusted closing cum-income NAV per share (p) (d = b x c) 500.9 435.0 (d) Total return on net assets (e = (d/a) – 1) +19.9% +14.8% (e) 1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the NAV at the ex-dividend date. Benchmark return/Benchmark total return (APM) Benchmark return is return on the benchmark on an annual basis. Benchmark total return is total return on the benchmark over the period of ten years. This is on a closing-market value to closing-market value basis, assuming that all dividends received were reinvested, without transaction costs, in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company’s investment universe. The Company’s investment strategy does not follow or ‘track’ this index and consequently, there may be some divergence between the Company’s performance and that of the benchmark. Glossary of Terms and Alternative Performance Measures (Unaudited) J.P. Morgan Asset Management 101 Shareholder Information Return/(loss) per Share (APM) The return/(loss) per share represents the net return/loss after taxation (shown in the Statement of Comprehensive Income) divided by the weighted average number of ordinary shares in issue during the year. The net revenue and capital returns are presented in accordance with AIC SORP. Please refer to note 9 on page 78 for the further details. Gearing/(Net Cash) (APM) Gearing represents the excess amount above shareholders’ funds of total investments including gross exposure though CFDs, expressed as a percentage of the shareholders’ funds. If the amount calculated is negative, this is shown as a ‘net cash’ position. As at As at 30th September 30th September 2025 2024 Gearing calculation Page £’000 £’000 Investments held at fair value through profit or loss 70 321,592 332,252 (a) Asset exposure through derivative financial instruments (long CFDs) 70 19,057 — (b) Gross asset exposure (c = a+b) 340,649 332,252 (c) Net assets 323,824 329,627 (d) Gearing (e = (c/d) – 1) 5.2% 0.8% (e) Ongoing charges (APM) The ongoing charges represent the Company’s management fee and all other operating expenses excluding finance costs payable, expressed as a percentage of the average of the daily cum-income net assets during the year and is calculated in accordance with guidance issued by the Association of Investment Companies. Year ended Year ended 30th September 30th September 2025 2024 Ongoing charges calculation Page £’000 £’000 Management fee 68 1,620 1,736 Other administrative expenses 68 873 821 Total management fee and other administrative expenses 2,493 2,557 (a) Average daily cum-income net assets 302,403 327,676 (b) Ongoing charges (c = a/b) 0.82% 0.78% (c) Share Price Discount/Premium to Net Asset Value (‘NAV’) per Share (APM) If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium. It is more common for an investment trust’s shares to trade at a discount than at a premium (page 8). As at As at 30th September 30th September Page 2025 2024 Share price (p) 8 434.5 371.0 (a) Net assets value per share (p) 8 476.0 417.9 (b) Discount to net asset value (c = (a–b)/ b) (8.7)% (11.2)% (c) Portfolio Turnover Portfolio turnover is based on the average equity purchases and sales expressed as a percentage of average opening and closing portfolio values (excluding liquidity funds). Glossary of Terms and Alternative Performance Measures (Unaudited) 102 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Shareholder Information Performance attribution Analysis of how the Company achieved its recorded performance relative to its benchmark. Performance Attribution Definitions: Stock selection Measures the effect of investing in securities to a greater or lesser extent than their weighting in the benchmark, or of investing in securities which are not included in the benchmark. Currency effect Measures the impact of currency exposure differences between the Company’s portfolio and its benchmark. Gearing/(net cash) Measures the impact on returns of borrowings or cash balances on the Company’s relative performance. Management fee and other expenses The payment of fees and expenses reduces the level of total assets, and therefore has a negative effect on relative performance. Share Buyback Measures the enhancement to net asset value per share of buying back the Company’s shares for cancellation at a price which is less than the Company’s net asset value per share. American Depositary Receipts (ADRs) Certificates that are traded on US stock exchanges representing a specific number of shares in a non-US company. ADRs are denominated and pay dividends in US dollars and may be treated like regular shares of stock. Glossary of Terms and Alternative Performance Measures (Unaudited) J.P. Morgan Asset Management 103 Shareholder Information You can invest in the Company and other J.P. Morgan managed investment trusts through the following: 1. A third party provider Third party providers include: Please note this list is not exhaustive and the availability of individual trusts may vary depending on the provider. These websites are third party sites and J.P. Morgan Asset Management does not endorse or recommend any. Please observe each site’s privacy and cookie policies as well as their platform charges structure. The Board encourages all of its shareholders to exercise their rights and notes that many specialist platforms provide shareholders with the ability to receive company documentation, to vote their shares and to attend general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies’ website at www.theaic.co.uk/invest-engage for information on which platforms support these services and how to utilise them. 2. Through a professional adviser Professional advisers are usually able to access the products of all the companies in the market and can help you find an investment that suits your individual circumstances. An adviser will let you know the fee for their service before you go ahead. You can find an adviser at unbiased.co.uk You may also buy investment trusts through stockbrokers, wealth managers and banks. To familiarise yourself with the Financial Conduct Authority adviser charging and commission rules, visit fca.org.uk 3. Voting on Company Business and Attending the Annual General Meeting The Board encourages all of its shareholders to exercise their rights by voting at annual general meetings and attending if able to do so. Shareholders wishing to follow the AGM proceedings remotely 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 on the Company’s website at www.jpmasiagrowthandincome.co.uk or by contacting the Company Secretary at [email protected] . If you hold your shares on the Company’s main register, please refer to the notes to the Annual General Meeting on page 97 and your form of proxy. If your shares are held through a platform, platform providers often provide shareholders with the ability to receive company documentation, to vote their shares and to attend annual general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies’ website at www.theaic.co.uk/how-to-attend-an-AGM for information on which platforms support these services and how to utilise them. AJ Bell Investcentre Barclays Smart investor Charles Stanley Direct Fidelity Personal Investing Halifax Share Dealing Hargreaves Lansdown Interactive investor Investing in JPMorgan Asia Growth & Income plc 104 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Shareholder Information Investment and pension scams are Be a ScamSmart investor and spot the warning signs Fraudsters will often: • contact you out of the blue • apply pressure to invest quickly • downplay the risks to your money • promise tempting returns that sound too good to be true • even ask you to not tell anyone else about it How to avoid investment and pension scams Y contacting our Consumer Helpline on 0800 111 6768 or using our reporting form using the link below. If you’ve lost money in a scam, contact Action Fraud on 0300 123 2040 or www.actionfraud.police.uk Scammers usually cold call, but contact can also come by email, post, word of mouth investment out of the blue, chances are it’s a high risk investment or a scam. Check the FCA Warning List Use the FCA Warning List to check the risks of a potential investment – you can also search our authorisation. Get impartial advice before investing – don’t use Be ScamSmart and visit 1 2 3 Share Fraud Warning J.P. Morgan Asset Management 105 Shareholder Information A member of the AIC Information about the Company 106 JPMorgan Asia Growth & Income plc – Annual Report & Financial Statements 2025 Shareholder Information History The Company was launched in September 1997 as a rollover vehicle for shareholders in The Fleming Far Eastern Investment Trust plc. The Company adopted its present name in February 2020. Directors Sir Richard Stagg (Chairman) Junghwa (June) Aitken Kathryn Matthews Peter Moon Company Numbers Company registration number: 3374850 Ordinary Shares London Stock Exchange Sedol number: 0132077 ISIN: GB0001320778 Bloomberg ticker: JAGI Market Information The Company’s shares are listed on the London Stock Exchange. The market price of the shares is shown daily in the Financial Times. The Share price of the shares is on the Company’s website at www.jpmasiagrowthandincome.co.uk where the prices are updated every 15 minutes during trading hours. Website www.jpmasiagrowthandincome.co.uk Share Transactions The Company’s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor’s behalf. Manager and Company Secretary JPMorgan Funds Limited. Company’s Registered Office 60 Victoria Embankment London EC4Y 0JP Telephone: 0800 20 40 20 or +44 1268 44 44 70 email: [email protected] For company secretarial and administrative matters, please contact Anmol Dhillon. Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA The Depositary has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian. Registrars Computershare Investor Services PLC The Pavilions Bridgwater Rd Bristol BS99 6ZZ United Kingdom Telephone + 44 (0) 370 707 1423 Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday Shareholders can manage their shareholding online by visiting the Investor Centre at www.investorcentre.co.uk , Shareholders just require their Shareholder Reference Number, which can be found on any communications previously received from Computershare. Independent Auditor Forvis Mazars LLP 30 Old Bailey London EC4M 7AU Brokers Cavendish Financial PLC One Bartholomew Close London EC1A 7BL Financial Conduct Authority (‘FCA’) Regulation of ‘non-mainstream pooled investments’ and MiFID II ‘complex investments’ The Company currently conducts its affairs so that the shares issued by the Company can be recommended by independent financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. The Company’s ordinary shares are not considered to be ‘complex investments’ under the FCA’s ‘Appropriateness’ rules and guidance in the Conduct of Business sourcebook. Consumer Duty Value Assessment JPMF has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (‘FCA’) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the trust (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product. JPMF has concluded that the Company is providing value based on the above assessment. GB A102 | 12/25 CONTACT 60 Victoria Embankment London EC4Y 0JP Freephone: 0800 20 40 20 Calls from outside the UK: +44 1268 44 44 70 Website: www.jpmasiagrowthandincome.co.uk