Company Announcements

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN MULTI-ASSET GROWTH & INCOME PLC

ANNOUNCEMENT OF FINAL RESULTS

The Directors of JPMorgan Multi-Asset Growth & Income plc announce the Company's results

for the period ended 28^th February 2022

CHAIRMAN'S STATEMENT

Introduction

The objective of the Company is to generate income and capital growth through a multi-asset strategy, while seeking to maintain lower levels of volatility than an equity portfolio. Our commitment to this objective is underpinned by the Company's progressive distribution policy (adopted on 1st March 2021), which aims to increase the dividend in line with the UK's annual Consumer Price Index from the initial distribution level of 4 pence per share per annum set at launch in 2018.

Portfolio Performance

For the year ended 28th February 2022, the Company had achieved a positive total return of 8.1% on its net asset value, an outperformance of 2.1% for the year, against the Company's Reference Index. The Company's Reference Index is a total return of 6.0% per annum measured over a rolling five year period. It was introduced with effect from 1st March 2021.

During the year, the success of the Covid-19 vaccine rollout in the world's developed economies helped fuel an economic recovery as national 'lockdowns' were eased and some form of economic normality resumed. The very significant stimulus packages passed by central governments, most notably in the US, in addition to record levels of household savings also served to support the economic recovery. As a consequence during most of 2021 stock markets performed well, with 'value' stocks in particular rallying strongly as beneficiaries of economic opening and as a recovery from their poor performance during 2020. However, in the autumn of 2021, as inflation rates hit new highs, fiscal tightening developed with the US Federal Reserve planning reductions in bond repurchases and increases in interest rates and the European Central Bank following suit. This resulted in market falls in early 2022 which were significantly exacerbated by Russia's military invasion of Ukraine in late February 2022. Inflationary expectations have pushed higher and for a more prolonged period given Russia's pivotal role in the global supply of natural gas and oil, in addition to significant numbers of essential commodities such as fertilisers, nickel and aluminium. Concerns about the impact on the global economy of economic sanctions by the US and EU against Russia have weighed heavily on investor expectations for economic growth and corporate earnings. Further details of the portfolio are provided in the investment managers' report on page 10 of the Company's annual report and financial statements.

Share Price Performance

I am pleased to report that the Company recorded a positive share price total return of 18.7% during the 12 months to 28th February 2022. The strong performance of the share price was partially due to the significant narrowing of the discount to net asset value at which the Company's shares trade. The discount commenced the year at 12.6% but moved steadily in towards a much narrower trading range and ended the year at 4.2% as at 28th February 2022. The Company's share price on 11th May 2022 (the last practical date before printing this document), was 100.76p per share, with premium to net asset value of 0.03%.

Discount Management

The Board recognises that it is in the interests of shareholders to maintain a share price as close as possible to the Net Asset Value per share. The Board will consider using buybacks to address imbalances in supply of and demand for the Company's shares in the market, when it believes it is in the interests of all shareholders and subject to normal market conditions. During the 12 months, the Company bought back 5,828,000 shares at an average discount of 5.16%. The Company's average share discount for the year under review was 3.92%. From 1st March 2022 to 11th May 2022 the Company bought back 975,000 shares. For further details please see the share capital section on page 22 of the Company's annual report and financial statements. No new shares were allotted during the 12 months ended 28th February 2022. From 1st March 2022 to 11th May 2022 the Company reissued 100,000 shares from Treasury for a total consideration of £103,800.

Revenue and Distributions

During the 12 months to 28th February 2022, the Company's net return on revenue after taxation was £2,650,000 (2021: £3,576,000). The Board has declared four interim distributions, each of 1.025p per share in respect of the financial year ended 28th February 2022, making a total of 4.10p per share for the year (2021: 4.00p), exceeding a distribution yield of 4.0% on the Initial Issue Price as forecast in the Company's Prospectus dated 24th January 2018. The Company has utilised its power to draw on its distributable reserves to cover the dividend. The Company did not 'stream' part of these distributions in the year ended 28th February 2022, as detailed further on page 21 of the Company's annual report and financial statements.

As announced at the start of the reporting period, the Board intends to increase the Company's 2022 distribution by a minimum of the UK's annual Consumer Price Index (CPI). For the Company's year ending 28th February 2023, the Board's expectation is to pay a total distribution of 4.4p per share. This represents an increase of 7.3% on the 2022 distribution and is intended to help protect shareholders' distribution income from inflation. The distributions are expected to be paid to shareholders in August, November, February and May.

Gearing

The Company may use gearing, in the form of borrowings and derivatives, to seek to enhance returns over the long term. During the period the Company had no bank loans/facilities or structured debt, but did use derivatives to enhance portfolio returns and for efficient portfolio management. The level of the Company's gearing at 28th February 2022 was (3.0)%, (28th February 2021: (6.9)%), reflecting a decrease in the net cash position of the Company during this reporting period. See page 21 of the Company's annual report and financial statements for further details and definition of Gearing. Further details of the portfolio are provided in the investment managers' report on page 10 of the Company's annual report and financial statements.

The Board of Directors

As detailed in previous Chairman's Statement, there were no changes to the composition of the Board of Directors during the reporting period and the intention is to continue with a complement of four directors.

In compliance with corporate governance best practice, all Directors, will be standing for re-appointment at the forthcoming Annual General Meeting.

Following the Company's annual evaluation of the existing Directors, the Chairman, the Board and its Committees, the Board recommends to shareholders that all directors standing be reappointed.

In accordance with the AIC 2019 Code of Corporate Governance, endorsed by the Financial Reporting Council, the Company has established a separate Remuneration Committee. The Company's Directors fees and that of the Chairman of the Board and the Chairman of the Audit Committee were last increased with effect from 1st March 2021. In order to maintain the fees in line with its peers, the Board agreed that the current fees should be increased with effect from 1st March 2022. See page 41 of the Company's annual report and financial statements for further details.

Changes to Investment Flexibility, Distribution Policy, Reference Index and Name of Company

The above changes which included the change of the Company's name from JPMorgan Multi-Asset Trust plc to JPMorgan Growth & Income plc, were introduced at the beginning of the Company's year ended 28th February 2022 and have been extensively detailed in my previous Chairman's Statements and Company's RNS Announcements during the year.

Investment Manager

The performance of the Manager was formally evaluated by the Board. Following this review, undertaken in February 2022 by the Management Engagement Committee, the Board concluded that the performance of the Manager had been satisfactory and that their services should be retained.

In the autumn of 2021 we had a welcome return to in-person Board meetings with the Manager, which after the lengthy time we had spent meeting virtually, was very beneficial. That said, we have been delighted in the way that all the teams at JPMorgan have continued to work well and effectively together, albeit on a remote basis.

Environmental, Social and Governance Considerations

As detailed in the Investment Managers' report, Environmental, Social and Governance ('ESG') considerations are integrated into the Investment Managers' investment process. The Board shares the Investment Managers' view of the importance of ESG factors when making investments for the long term and of the necessity of continued engagement with investee companies throughout the duration of the investment. Further information on the Manager's ESG process and engagement is set out in the ESG Report on pages 13 to 14 of the Company's annual report and financial statements.

Annual General Meeting

After two years of Covid-19 restrictions, I am pleased to announce that the Company's fourth Annual General Meeting (AGM) will be held at 60 Victoria Embankment, London EC4Y 0JP London at 2.30 p.m. on Friday, 8th July 2022 as an in-person meeting.

We do, of course, strongly advise all shareholders to consider their own personal circumstances before attending the AGM in person. 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.jpmmultiassetgrowthandincome.com or by contacting the Company Secretary at invtrusts.cosec@jpmorgan.com

As is normal practice, all voting on the resolutions will be conducted on a poll. Due to technological reasons, shareholders viewing the meeting via conferencing software will not be able to vote on the poll and we, therefore, encourage all shareholders, and particularly those who cannot attend physically, to exercise their votes in advance of the meeting by completing and submitting their proxy.

Shareholders are encouraged to send any questions ahead of the AGM to the Board via the Company Secretary at the email address above. We will endeavour to answer relevant questions at the meeting or via the website. Your Board encourages all shareholders to support the resolutions proposed.

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

Outlook

The impact and duration of the devastating conflict in Ukraine is likely to dominate financial markets in the coming months. Whilst it is impossible to determine when the conflict may end, even an imminent ceasefire would not resolve the fragile geopolitical situation. Similarly the repercussions for global growth expectations created by sanctions and elevated energy and commodity prices are unlikely to dissipate in the immediate term. China's zero Covid-19 policy, which has imposed extended lockdowns on major cities such as Shanghai, has exacerbated these concerns over global growth and supply side constraints. Inflationary expectations have altered dramatically and central banks have the very difficult task of trying to manage relatively high levels of inflation without tipping economies into recession. Previously buoyant consumer spending, bolstered by significant amounts of pent-up savings accumulated during the last two years of the pandemic, is expected to decline in response to the dramatic increase in household energy costs. As a consequence, corporate earnings forecasts, which have been strong in this post-covid recovery period, may be threatened by downward revisions.

Nevertheless, the Board has confidence in the ability of the JPMorgan Multi-Asset team to navigate these difficult markets. The Investment Managers have the expertise and freedom to allocate across a wide range of asset classes to adapt to this challenging economic outlook. The investment trust structure facilitates a long-term investment outlook and the Company's progressive dividend policy, linked to CPI, should provide some reassurance to shareholders in the current inflationary environment.

Sarah MacAulay

Chairman                                                                                                                                              13th May 2022

INVESTMENT MANAGERS' REPORT

Introduction

In this report, we review the Company's investment performance for the year ending 28th of February 2022. The period witnessed robust economic growth and a powerful rebound in earnings alongside sharply increased inflation concerns, supply-side disruptions and towards the end of the period, central bank tightening and the Russian invasion of Ukraine. We review how the Company's diversified portfolio has performed in this environment, how our asset allocation has evolved and how we are positioned for the year ahead.

Setting the scene - Our investment approach

We seek to achieve the best risk-adjusted returns by investing in a globally diversified portfolio that includes company shares, bonds and other assets. Our aim is to construct a well balanced portfolio which is flexible with respect to both asset class and geography. This flexibility allows us to take advantage of the best opportunities to deliver an attractive total return to our shareholders. We take a research-based approach, positioning assets in line with our medium- to long-term view of markets and leveraging the expertise of active managers in portfolio construction.

Market review: A year marked by a powerful rebound in earnings and global growth, followed by a sharp repricing of inflation expectations and a geopolitical crisis in Ukraine

2021 began with a sense of cautious optimism created by a combination of further fiscal stimulus and the impending reopening of economies around the world with risks around mutations of the virus and concerns about the efficacy of vaccines. Global markets experienced a rollercoaster ride of rallies and temporary drawdowns in the first quarter of the year, as positive economic data and declining Covid-19 cases came up against concerns about delays to the vaccine supply in Europe and market panic from short squeezes.

As the success in vaccine roll outs in the US and UK started gaining traction and economies opened up from Covid-19 related restrictions over the second quarter, global equity markets experienced another rally, supported by growing consumer confidence and increased pent-up demand. Economic activity went from strength to strength as private sector firms signalled an unprecedented expansion in business activity, with the increase in manufacturing output accelerating on account of stronger client demand. Central banks across the world reaffirmed their commitment to maintain asset purchases until substantial further progress had been made towards inflation and employment goals.

After a summer of return-to-normal, where strong corporate earnings and optimism over the economic recovery continued to push equity markets higher, material shortages and capacity constraints began to weigh on output expansion. Concerns over a fallout from the potential default of a large Chinese property developer also weighed on sentiment and global equities ended their strong run of performance at the end of the third quarter.

The emergence of the Omicron variant in the fourth quarter of the year caused cases to rise again over the winter and weighed on investor sentiment. But early data on the effectiveness of the standard 2-dose vaccine and booster, together with reports of less aggressive symptoms, helped lift investors' confidence and markets ended on strength for the third consecutive year in a row- prompting some to whisper the hope that this may be the beginning of the end of the pandemic, in turn giving markets a welcome boost.

As we entered 2022, concerns around inflation, the US Federal Reserve surprising the market by signalling a faster pace of monetary tightening and geopolitical tensions in Eastern Europe weighed on equity markets. Volatility across markets continued in February with the Russian invasion of Ukraine, subsequent sanctions on Russia, a sharp re-pricing of inflationary expectations and China's latest tough lock-down policy to combat Covid-19.

How has the Company performed over the year under review?

The Company delivered a positive return on net assets of +8.1% over the year, outperforming the Company's Reference Index of +6.0%.

The portfolio's equity exposure was the largest positive contributor to absolute performance. While our physical global equity portfolio generated strong returns ahead of the broad market, our regional positioning through index futures provided a negative contribution to returns driven predominantly by an underweight to US equity large cap futures. Fixed income in aggregate was flat while our allocation to infrastructure was a positive contributor over the year.

Portfolio review

We made some asset allocation changes through the period as we continued to position the Trust in line with favoured markets and regions. We entered 2021 with a pro-risk stance and maintained the Company's overweight to equities through the review period, with an average equity weight of 67%. We added further to our equity exposure in December as despite uncertainties around the impact of the Omicron variant, we continued to believe that growth would be above trend driven by strength in corporate earnings growth and balance sheets together with the deployment of household savings.

We scaled this back in 2022 as we sought to reduce the level of active risk given geopolitical tensions, the subsequent invasion of Ukraine and a sharp repricing of inflationary expectations led to a rapid increase in volatility at the end of the financial year.

While stock selection is undertaken by our in-house International Equity Group, we tilt regional positioning to reflect our latest views, implemented via index futures.

We reduced our exposure to emerging market equities in the second quarter of 2021, driven by more attractive growth prospects in developed markets. We significantly reduced our exposure to European equities towards the end of the fourth quarter, tilting the portfolio towards the higher quality US market. We reduced US and further reduced European exposure in January and added a small position in Canadian equity futures reflecting our expectations for strong economic growth.

In the Company's portfolio of fixed income investments, we sold down our exposure to local currency-denominated emerging market debt in April 2021, as our conviction in the asset class faded on the back of slower growth, lagging vaccine deployment and a strengthening US dollar. We added exposure to convertibles as the asset class offers an asymmetric return profile and reduced our exposure to high yield bonds through the year as the scope of spread compression remained limited. We also introduced a total return fixed income strategy to further diversify our fixed income exposure.

Our bespoke equity portfolio which continues to be managed with a dividend focus as a style we currently favour, generated returns in excess of both the MSCI World High Dividend Yield index and the broader MSCI World index. At a sector level, the largest contributors to performance were banks and consumer staples while detractors included utilities and autos. At a stock level, an overweight in Prologis, the US based Real Estate Investment Trust (REIT), was the largest contributor. The company benefitted from the expansion of e-commerce during the pandemic and reported strong results. Our position in Novo Nordisk, the Danish pharmaceuticals company, also contributed to performance. The stock performed very strongly over the period following the launch of the obesity treatment Wegovy and oral diabetes drug Rybelsus, together with strong financial results. In contrast, our position in Adidas, the German sportswear manufacturer, detracted from relative returns. The stock fell after the company saw its growth weaken in the third quarter of 2021 with missed analyst expectations and lowered its sales and profit forecasts for the rest of the year due to the headwinds it faces in China and the global supply chain crisis.

Contribution to the Portfolio by Asset Class - Year to 28th February 2021

^A     Alternative Performance Measure ('APM').

A glossary of terms and APMs is provided on pages 85 and 86 of the Company's annual report and financial statements.

Outlook

We believe a cautious overall stance remains warranted for now given the multitude of shocks facing the global economy. Nonetheless macro fundamentals globally still remain strong, with an encouraging sign that underlying demand remains firm following temporary Omicron related disruptions.

Tighter monetary policy, Russia's invasion of Ukraine and its impact on global markets, China's tough Covid-19 lockdowns and sharp rises in inflation have combined to put the brakes on global growth. As asset markets recalibrate to the evolving economic environment, we expect continued volatility and reduce risk levels accordingly. We see support for earnings later into 2022 and the potential for better returns as uncertainty clears. Our base case remains that strong balance sheets, resilient margins and earnings along with the release of post-pandemic pent-up demand will support global growth.

The portfolio remains well diversified and we will actively pursue opportunities for growth across asset classes and regions as they present themselves both through our underlying manager selection and active asset allocation.

Katy Thorneycroft

Gareth Witcomb

Investment Managers                                                                                                                             13th May 2022

PRINCIPAL AND EMERGING RISKS

The Directors confirm that they have carried out a robust assessment of the principal risks and emerging risks facing the Company, including climate change and those that would threaten its business model, future performance, solvency or liquidity.

With the assistance of the Manager, the Board has drawn up a risk matrix which identifies the key and emerging risks to the Company. In assessing the risks and how they can be mitigated, the Board has given particular attention to those issues that threaten the viability of the Company. These key risks fall broadly under the following categories:

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES

Details of the management contract are set out in the Directors' Report on page 31 of the Company's annual report and financial statements. The management fee payable to the Manager for the year was £534,000 (2021: £476,000) of which £nil (2021: £nil) was outstanding at the year end.

Included in administration expenses in note 6 on page 62 of the Company's annual report and financial statements. are safe custody fees payable to JPMorgan Chase Bank N.A. amounting to £3,000 (2021: £3,000) of which £1,000 (2021: £1,000) 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 period was £nil (2021: £nil) of which £nil (2021: £nil) was outstanding at the year end.

The Company holds investments in funds managed by JPMAM. At 28th February 2022 these were valued at £20.2 million (2021: £23.3 million) and represented 24.3% (2021: 28.3%) of the Company's investment portfolio. During the year the Company made £11.5 million (2021: £28.5 million) purchases and sales with a total value of £13.7 million (2021:£20.5 million). Income amounting to £1.7 million (2021:£1.1 million) of such investments was receivable from these investments during the year of which £nil (2021: £nil) was outstanding at the year end.

The Company holds investments in Infrastructure Investment Fund (IIF UK 1 LP), the General Partner of IIF UK 1 LP is an affiliate of JPMorgan Asset Management (UK) Limited. At 28th February 2022 these were valued at £8.0 million (2021: £8.3 million) and represented 9.7% (2021: 10.1%) of the Company's investment portfolio. During the year the Company made £nil (2021: £nil million) purchases and £nil (2021: £nil) sales. Income amounting to £900,000 (2021: £928,000) of such investments was receivable from these investments during the year of which £nil (2021: £nil) was outstanding at the year end.

The Company also holds cash in JPMorgan Sterling Liquidity Fund, which is managed by JPMF. At the year end, this was valued at £797,000 (2021: £3,249,000). Interest amounting to £1,000 (2021: £3,000) were payable during the year of which £nil (2021: £nil) was outstanding at the year end.

Handling charges on dealing transactions amounting to £24,000 (2021: £27,000) were payable to JPMorgan Chase Bank N.A. during the year of which £7,000 (2021: £4,000) was outstanding at the year end.

During the year under review JPMorgan Asset Management Holdings (UK) Ltd, an affiliate of the Company's Manager did not acquire any shares in the Company (2021:nil).

At the year end, a bank balance of £884,000 (2021: £666,000) was held with JPMorgan Chase  Bank N.A. A net amount of interest of £nil (2021: £14,000) was receivable by the Company during the year from JPMorgan Chase of which £nil (2021: £nil) was outstanding at the year end.

Full details of Directors' remuneration and shareholdings can be found on page 42 and in note 6 on page 62 of the Company's annual report and financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

•      select suitable accounting policies and then apply them consistently;

•      make judgements and estimates that are reasonable and prudent;

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

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

and the Directors confirm that they have done so.

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

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

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

Each of the Directors, whose names and functions are listed on page 30 of the Company's annual report and financial statements, confirm that, to the best of their knowledge, the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company.

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

For and on behalf of the Board

Sarah MacAulay

Chairman

13th May 2022

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28TH FEBRUARY 2022

STATEMENT OF CHANGES IN EQUITY

¹     These reserves form the distributable reserve of the Company and may be used to fund distributions to shareholders.

STATEMENT OF FINANCIAL POSITION

AT 28TH FEBRUARY 2022

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 28TH FEBRUARY 2022

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2022

1.       Accounting policies

          Basis of accounting

The financial statements are prepared under 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 April 2021.

The financial statements have been prepared on a going concern basis. In forming this opinion, the Directors have considered any potential impact of the Covid-19 pandemic 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 particularly in light of Covid-19. The disclosures on long term viability and going concern on pages 26 and 38 of the Directors' Report of the Company's annual report and financial statements form part of these financial statements.

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

2.       Return/(loss) per share

3.       Distributions

(a)     Distributions paid and declared

All distributions paid and declared in the year are and will be funded from the revenue, capital and special reserves.

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

The revenue available for distribution by way of dividend and interest for the year is £2,650,000 (2021: £3,576,000)

4.       Net asset value per share

Status of results announcement

2021 Financial Information

The figures and financial information for 2021 are extracted from the Annual Report and Accounts for the year ended 28^th February 2021 and do not constitute the statutory accounts for the year. The Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Register of Companies in due course.

2022 Financial Information

The figures and financial information for 2022 are extracted from the published Annual Report and Accounts for the year ended 28^th February 2022 and do not constitute the statutory accounts for that year. The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

For further information please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited, Secretary - 020 7742 4000

16 May 2022

ENDS

Annual Report and Financial Statements

The Annual Report and Financial Statements will be posted to shareholders on or around the 20 May 2022 and will shortly be available on the Company's website (www.jpmmultiassetgrowthandincome.com ) or in hard copy format from the Company's Registered Office, 60 Victoria Embankment  London EC4Y 0JP.

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

The annual report is also available on the Company's website at www.jpmmultiassetgrowthandincome.com where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.