JUPITER DIVIDEND & GROWTH TRUST PLC MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS 53,465,619

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1 MONTHLY FACT SHEET : 30-NOV-2015 TOTAL ASSETS Assets attributable to: Common shares * Ordinary shares Zero Dividend Preference shares SHARES Net Asset Value Market Price Premium / per share (p) (p) M (Discount) Common (9%) (including income/expenses) (9%) Ordinary % (including income/expenses) % Zero Dividend Preference (12%) (including income/expenses) (12%) *As at the last business day of each calendar month ANNUAL HURDLE RATE REQUIRED TO REPAY ON 30/11/2017 Zero Dividend Preference final entitlement of 150p 6.0% (Cover 0.9) Geared ordinary mid price of 3.875p 9.1% PORTFOLIO DISTRIBUTION Percent of Total Assets Percent of Total Assets Country of Listing plus net Short Term Loans United Kingdom % 95.5% United States % 2.0% Cash & Gearing % 0.6% ** Cash & Gearing calculation is based on Gross Assets TEN LARGEST HOLDINGS Company Sector Percent of Total Assets BT Group Plc Common Stock GBP 5 2 Fixed Line Telecommunic 4.6% Imperial Tobacco Group Plc Common Stock GBP 10 2 Tobacco 4.2% BP Plc Common Stock GBP Oil & Gas Producers 4.2% Astrazeneca Plc Common Stock GBP Pharmaceuticals & Biotec 3.8% Vodafone Group Plc Common Stock GBP Mobile Telecommunicatio 3.6% Crest Nicholson Holdings Plc Common Stock GBP 5 1 Household Goods & Hom 3.5% Royal Dutch Shell Plc Common Stock GBP Oil & Gas Producers 3.4% Glaxosmithkline Plc Common Stock GBP 25 1 Pharmaceuticals & Biotec 3.3% Aviva Plc Common Stock GBP 25 1 Life Insurance 3.1% Wpp Plc Common Stock GBP 10 1 Media 3.0% 36.7% This information is issued monthly and any enquiries should be addressed to Jupiter Asset Management Limited on or investmentcompanies@jupiteram.com. Please note that further information is available online from

2 PORTFOLIO PERFORMANCE STATISTICS : 30-NOV-2015 STATISTICS 30/11/ /10/ /08/ /11/ /11/ /11/ /11/ /12/2014 Reconstruct Last Audited Yr 8 1 Total Assets ( '000) Benchmark FTSE 350 Higher Yield FTSE All-Share (Capital only) Net Assets Value Common* (p) Ordinary (p) Zero Dividend Preference (p) Price Common* (p) Value of dividends since last pymnt date Ordinary (p) Zero Dividend Preference (p) Common* (p) Ordinary (p) Add. Shares thrgh Div. Common* Reinvst. since last pymt Ordinary

3 PORTFOLIO PERFORMANCE STATISTICS : 30-NOV-2015 Reconstruct Last Audited 1 One Mth% 2 Three Mths% 3 One Year% 4 Three Years% 5 Five Years% 6 % 7 Yr % 8 1 Total Assets 0.0% 1.8% 2.7% 6.3% 41.4% 39.4% 39.4% 6.0% 2 Benchmark FTSE 350 Higher Yield 0.0% (0.5%) 0.6% (10.7%) 1.3% 11.1% 11.1% (8.1%) FTSE All-Share (Capital only) 0.0% 0.2% 1.7% (2.8%) 13.9% 22.0% 22.0% (1.2%) 4 Net Assets Value Common* 0.0% 0.7% 1.7% 6.9% 40.6% 41.3% 41.3% 5.9% Common* (with div. added) Common* (with Div. 1.2% 2.3% 8.8% 47.8% 52.4% 52.4% 7.8% 1.3% 2.4% 9.1% 53.0% 57.2% 57.2% 8.1% Ordinary 0.0% 232.1% 126.8% (25.6%) 220.7% 24.0% 24.0% (15.5%) Ordinary (with div. added) 321.4% 187.8% 40.8% % 525.3% 525.3% 60.0% Ordinary (with Div % 140.2% (12.6%) 400.1% 86.2% 86.2% 0.1% Zero Dividend Preference 0.0% 0.7% 1.8% 7.1% 40.8% 40.4% 40.4% 6.4% 6 Price Common* 0.0% 1.5% 2.1% 8.1% 55.8% 29.7% 29.7% 7.9% Common* (with div. added) Common* (with Div. 2.1% 2.7% 10.2% 64.7% 41.0% 41.0% 10.0% 2.1% 2.7% 10.4% 69.7% 44.3% 44.3% 10.1% Ordinary 0.0% 3.5% (8.7%) (18.3%) (11.4%) (48.3%) (48.3%) (13.8%) Ordinary (with div. added) 10.1% (2.8%) (0.8%) 44.5% 1.9% 1.9% 4.7% Ordinary (with Div. COMPARATIVE PERFORMANCE 10.4% (3.3%) (4.1%) 38.1% (22.3%) (22.3%) 2.1% Zero Dividend Preference 0.0% 1.8% 3.6% 8.2% 52.8% 51.3% 51.3% 3.5%

4 THIS FACTSHEET IS FOR INFORMATION ONLY AND NOTHING HEREIN IS TO BE CONSTRUED AS A SOLICITATION OR AN OFFER TO BUY OR SELL ANY FINANCIAL PRODUCTS. IT IS BASED ON INFORMATION OBTAINED FROM SOURCES BELIEVED TO BE RELIABLE BUT ARE NOT GUARANTEED TO BE ACCURATE. Glossary of Terms What is an Investment Company? An Investment Company is a company listed on the stock exchange which invests in a diversified portfolio of assets such as stocks and shares. There are various specialist Investment Companies including Venture Capital Trusts (VCTs) Hedge Funds Property Investment Companies and Investment Trusts. All Jupiter Investment Companies are listed on the London Stock Exchange. An Investment Company is a type of pooled investment fund: the investments of all investors are aggregated and used to buy a wide selection of shares and securities according to the Investment Company s particular policy and strategy. By investing in an Investment Company an investor therefore gains access to a wider range of shares and securities than they could normally buy alone. An Investment Company issues shares to investors in return for their cash investments. The shares in the Investment Company are then bought and sold on the stock exchange. Investment Companies are often referred to as closedended. This means that generally they have a fixed number of shares in issue. By contrast Unit Trusts can grow in size depending on whether investors are buying or selling so are known as open ended investments. Investment Companies are managed by an expert fund manager whose job it is to invest your money into the stock market. Like Unit Trusts Investment Companies have a range of aims and objectives so finding one to suit your investment needs should be relatively straightforward. If you are in any doubt then we recommend that you speak to your Financial Adviser. Protecting your interests Investment Companies are public companies. Each Company has a board of directors who are independent from the investment manager and are responsible for looking after the shareholders interests. The board is responsible for choosing and approving the strategy and aims of the Company and making sure that these objectives are followed. Split Capital Trust These are Investment Companies which have different classes of shares with different objectives such as Zero Dividend Preference Ordinary Income and Common Classes. These types of share classes as they occur in Jupiter Dividend & Growth Trust PLC are described below: Ordinary Income Shares As found in Jupiter Dividend & Growth Trust these shares are structurally geared in relation to the Zero Dividend Preference Shares. The growth rate required to ensure return of capital will vary and is known as the hurdle rate. If the company does better all excess returns go to the class of share ranking behind the shares with predetermined returns. Normally this will either be the Ordinary Income Shares. However if the company does badly a shareholder may receive nothing at the end of the company s life and so such shares are considered to be above average or high risk. Shares which rank behind those with predetermined returns at a winding up date can be considered as being geared in proportion to these pre determined returns. Zero Dividend Preference Shares Also as found in Jupiter Dividend & Growth Trust these pay no dividends but have a pre determined capital value at the end of the company s life. Such shares also normally rank above other classes of shares in a Split Capital Company. In most cases the initial net assets of the company will sufficiently cover the eventual payout to the Zero Dividend Preference shareholders so an Investment Company would have to lose money over its life for there to be a risk that Zero Dividend Preference shareholders would not receive their full entitlement. For these reasons they are generally considered to be below average risk. However they still carry an element of risk and capital returns are not guaranteed. Other factors such as the nature of each company s portfolio and the amount of the company s bank debt (if any) will alter the level of risk if markets fall. Common Shares The Common Shares in Jupiter Dividend & Growth Trust PLC are designed to provide income and the possibility of capital growth and have the economic characteristics of ordinary shares in an ungeared conventional investment trust. They rank equally with the ZDP Shares as to their Fixed Capital Entitlement on the planned winding up date of the Company. They further rank to share in the Common Share Proportion in the Company s surplus assets (after payment of the Company s creditors) in any excess once their Fixed Capital Entitlement has been met from that sum. Common Shares will only receive dividends to the extent that the Company has net revenue profits available for that purpose. Their entitlement to dividends is in the Common Share Proportion. Common Shares are neither geared by the ZDP Shares nor de geared by Ordinary Income Shares whether in terms of income or capital. Final Cover The measure by which an investor can judge if the total assets of a Split Capital Trust are sufficient to cover the final pre determined entitlement of Zero Dividend Preference Shareholders normally expressed as a percentage for example 120% or simply as 1.2 times. Hurdle rate This is the annualised growth rate by which total assets must grow over the life of a Split Capital Trust (before accounting for any interest costs management fees or winding up costs which are charged to capital in future financial years) in order to generate pre determined returns (or the current share price for Ordinary Income Shares) on the winding up date. Zero Dividend Preference Shares may have a negative hurdle rate indicating that assets could fall over the investment company s life by that amount on an annual basis before there is a risk of a predetermined amount not being met. Hurdle rates for Ordinary Income Shares however will usually be positive indicating that assets will have to grow in order for an amount equalling their current share price to be paid out. Net Asset Value (NAV) or Net Assets This is the estimated value of the portfolio of investments held by an investment company. The assets attributable to any given security in an investment company are divided by the number of those securities in issue to give the Net Asset Value per Share. Total Assets The total assets of an investment company (and its subsidiary companies if any) determined in accordance with its accounting policies. Total assets generally include the amount of any fixed long term bank debt but the figure excludes current liabilities such as management fees interest charges and other running costs. Offer bid and mid price Investment company shares are normally bought at the offer price and sold at the bid price. Traditionally a mid market price (mid way between the offer and bid prices) is used for the purpose of these factsheets and for the valuation of the securities within each investment company s portfolio. Demand and supply for the shares on the stock market determine these prices. Discounts and premiums As the share price of an investment company is determined by demand and supply it is not necessarily the same as the Net Asset Value (NAV) per Share. When the share price is lower than the NAV per Share the investment company is trading at a discount; when it is higher it is trading as a premium. The discount or premium will vary and therefore offers an additional element of potential risk and reward. Gearing The ratio of the estimated Total Assets of an investment company to its Net Assets expressed as a percentage. In the case of a Split Capital Trust the gearing on any one class of shares will be the ratio of the estimated Total Assets of the company to the assets attributable to that share class. The effect of gearing is that in rising markets the geared share class(es) tend to benefit from any outperformance of the company s investment portfolio above the cost of payment of the fixed entitlements of any bank debt and where appropriate the prior ranking entitlements to capital of Zero Dividend Preference shareholders and Income shareholders. Conversely in falling markets the value of the geared share class(es) suffers more if the company s investment portfolio underperforms the cost of those prior entitlements. Risk Factors

5 Risks applicable to all investment companies The various classes of securities issued by the Jupiter investment companies have varying levels of risk. You are recommended to seek financial advice or otherwise satisfy yourself that the risks associated with your chosen investment are acceptable before investing. The investments in an investment company s portfolio are subject to stock market fluctuations and other risks inherent in all investments. There can be no assurance that the value of your investment will increase. The value of investments and the income from them may go down as well as up and an investor may not be able to realise the full amount of the original investment. Past performance should not be seen as a guide to future performance. Changes in exchange rates between currencies may also cause the value of the investment to increase or diminish. The recent dividend history is given for illustrative purposes only and future dividends are not guaranteed. Current tax levels and reliefs will depend on your individual circumstances. Risks specific to split capital investment companies similar to the Company Split capital trusts are more highly geared than conventional investment companies and have a wind up date. Whilst certain share classes (such as Zero Dividend Preference Shares) may have a predetermined entitlement on a winding up these entitlements are not guaranteed and may be in certain circumstances nil. The ultimate repayment price of such share classes will depend on the value of the underlying investment holdings available for distribution after repayment of any bank loans and other liabilities and the entitlement of any other share classes ranking in priority. Ordinary Income Shares rank for repayment of capital after any loan commitments and the other share entitlements. Net redemption yields for these shares are based on assumed rates of growth in total assets and income and are for illustration purposes only. Individual share classes are geared to one another by virtue of the predetermined priority of repayment on winding up. All share classes are geared to the performance of the investment holdings relative to the fixed entitlement of any loan commitments that might exist. Any underperformance of the investment holdings relative to any loan commitments will have a geared negative effect on the entitlements of certain share classes. As well as being geared in relation to different classes of shares investment companies can borrow money to purchase additional assets. In the event of it being necessary to repay borrowings when markets are low this could have a constricting effect on future capital growth. If dividends are reinvested into the Ordinary Income Shares and the split capital trust is wound up at a low point in a stock market cycle it is possible that Ordinary Income Shareholders could lose value on the reinvested dividends they have received as well as lose value on their original Ordinary Income Shares. Risk specific to geared investment companies The Ordinary Income Shares in the Company are geared by the Zero Dividend Preference Shares. Investment in geared securities may be subject to sudden and large falls in value and the investor may get back nothing at all if the fall in value is sufficiently large. FTSE This document contains information based on the FTSE 350 High Yield and FTSE All Share Indices. FTSE is a trade mark owned by the London Stock Exchange Plc and is used by FTSE International Limited ( FTSE ) under licence. The FTSE 350 High Yield and FTSE All Share Indices are calculated by FTSE. FTSE does not sponsor endorse or promote the product referred to in this document and is not in any way connected to it and does not accept any liability in relation to its issue operation and trading. All copyright and database rights in the index values and constituent list vest in FTSE. ICB data Industry Classification Benchmark ( ICB ) is a product of FTSE International Limited ( FTSE ) and all intellectual property rights in and to ICB vest in FTSE. Jupiter Asset Management Limited has been licensed by FTSE to use ICB. FTSE is a trade mark owned by the London Stock Exchange Plc and is used by FTSE under licence. FTSE and its licensors do not accept liability to any person for any loss or damage arising out of any error or omission in ICB. All performance figures: Source Jupiter Asset Management Limited. Prices in GBP stated middle market price to middle market price NAV calculated at bid price share price does not include re invested income unless otherwise stated. Details of charges and their effect on returns are contained in the most recent published Report and Accounts and in the Savings Scheme/NISA Key Features Document. Current tax levels and reliefs will depend on individual circumstances and further details can also be obtained from the most recent published Report and Accounts and in the Savings Scheme/NISA Key Features Document. For your security we may record or randomly monitor all telephone calls. If you are unsure of the suitability of an investment please contact an authorised Financial Adviser. Issued by Jupiter Dividend & Growth Trust PLC.