Half Year Report2015/16 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts for the six months ended 31st July 2015

Half Year Report2015/16 JPMorgan Income & Growth Investment Trust plc Half Year Report & Accounts for the six months ended 31st July 2015

Features Contents About the Company 1 Half Year Performance 2 Chairman s Statement 3 Investment Managers Report Investment Review 5 List of Investments 7 Portfolio Analysis 7 UK Direct Equity Analysis Financial Statements 8 Statement of Comprehensive Income 9 Statement of Changes in Equity 10 Statement of Financial Position 11 Cash Flow Statement 12 Notes to the Financial Statements 16 Interim Management Report Shareholder Information 17 Capital Structure of the Company 18 Glossary of Terms and Definitions 19 Where to buy J.P. Morgan Investment Trusts 21 Information about the Company Objective The Company s investment objectives are to meet the final capital entitlement of the Income shareholders and to provide them with a regular quarterly income as well as to provide capital growth for Capital shareholders. Investment Policy In order to manage risk, the Company invests in a diversified portfolio, typically comprising 50 to 70 UK equities and a range of other assets. The investments are primarily UK equities, however, the Company has the flexibility to vary the allocation between UK equities and other assets in order to seek the best absolute returns. Benchmark The FTSE 350 Total Return Index. Capital Structure For details of the Company s capital structure, please refer to page 17. Life of the Company The Company has a fixed life, and will be wound up voluntarily on or around 30th November 2016. Management Company and Company Secretary The Company employs JPMorgan Funds Limited ( JPMF or the Manager ) as its Alternative Investment Fund Manager and Company Secretary. JPMF is approved by the Financial Conduct Authority and delegates the management of the Company s portfolio to JPMorgan Asset Management ( JPMAM ). FCA regulation of non-mainstream pooled investments The Company currently conducts its affairs so that the shares issued by JPMorgan Income & Growth Investment Trust plc 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. AIC The Company is a member of the Association of Investment Companies. Website The Company s website, which can be found at www.jpmincomeandgrowth.co.uk, includes useful information on the Company, such as daily prices, factsheets and current and historic half year and annual reports.

Half Year Performance Total returns (includes dividends reinvested) +4.7% Unit net asset value total return 1 +27.5% Capital share net asset value total return 1 +3.1% Income share net asset value total return 1 +7.6% Unit share price total return +17.8% Capital share price total return +6.6% Income share price total return 3 +4.6% Shareholders Funds total return 4 +2.6% FTSE 350 Total Return Index 2 Financial Data for the six months ended 31st July 2015 31st July 31st January % 2015 2015 change Gross assets 93,234 91,232 +2.2 Assets at 31st July 2015 Income Shares Net assets attributable ( 000) 66,539 65,954 +0.9 Net asset value per share (p) 107.76 106.81 +0.9 Share price (p) 98.88 95.00 +4.1 Share price discount to net asset value (%) 8.24 11.06 Two dividends of 1.1p and 1.2p per Income share were paid in the six months ended 31st July 2015. Capital Shares Net assets attributable ( 000) 6,614 5,187 +27.5 Net asset value per share (p) 10.25 8.04 +27.5 Share price (p) 13.25 11.25 +17.8 Share price premium to net asset value (%) 29.27 39.93 Ongoing Charges 4 (%) 1.26 1.29 A glossary of terms and definitions is provided on page 18. 1 Source: J.P. Morgan. 2 Source: FTSE. 3 Source: Morningstar. Share price change plus dividends received. 4 Definition is provided on page 18. JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 1

Chairman s Statement Your Company continued to make progress in the first half of the financial year. The net asset value (including dividends paid) grew by 4.6%, which compares well with the FTSE 350 return of 2.6%. The market s return was modest, but at least positive. Company profitability has supported a steady flow of improving dividends, share buybacks, and merger activity. Central banks continued to provide a positive investing environment by keeping rates low (in the US and the UK) and by pumping more liquidity into the global financial system (in Japan and Europe). These positives were sufficient to outweigh the multiple risks that drew the attention of investors in the first half. You will hardly need reminding of the twists and turns of the Greek crisis that very nearly triggered the unraveling of the Euro, with unpredictable consequences. China appeared to be suffering from a deflating bubble in property, which then spread to shares towards the end of the quarter. The ramifications for growth in emerging markets more generally were transmitted to the rest of the world via weak commodity prices and weak emerging market currencies. This has helped to keep inflation low in the developed countries. We remained fully invested during this period, with gearing of 20 million. Over 85% of our total assets remained in UK and overseas equities, with the remainder in a combination of diversifying financial assets. The full attribution of performance is explained in the Managers Report. At 75 months, this has been the longest bull market since the War. There are signs of bubble conditions in some housing markets around the world, in the biotech sector in equity markets, and in government bond markets. Equities are no longer cheap in absolute terms, only relative to overvalued bond markets. Since the quarter end, equity markets have fallen substantially. Concerns about the outlook for global economic growth have intensified following a devaluation of the Chinese currency. World trade growth has slowed further. The focus has shifted to the accumulation of debt in emerging countries since the global financial crisis, which makes many countries look vulnerable to a tightening in US rates or a Chinese slowdown. This is no ordinary cycle, however. Central banks have never before targeted asset prices so overtly, or intervened in financial systems so aggressively. The expected course of global monetary policy will be the single most important determinant of returns for this Company between now and the winding-up in November 2016. The Board would like to thank those shareholders who have written to us with suggestions about what we offer as a roll-over option in November 2016. It is still too early to know what market conditions will be, but the Board continues to discuss all possibilities and intends to give greater detail at the time of the year-end results. Karl Sternberg Chairman 30th September 2015 2 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Investment Managers Report Market Review Global stock markets began the six months under review on a positive footing, but succumbed to uncertainty towards the end of the period. Improving economic growth, stimulatory central bank policy and continued corporate profit growth underpinned performance in developed markets. The Company s benchmark delivered 2.6%, similar to the comparative global indices. Before concerns about economic growth became more pronounced, the benchmark index had been up 9%. James Elliot Katy Thorneycroft Monetary policy continued to drive the mood of developed markets. Both the European Central Bank (ECB) and the Bank of Japan continued to create new money by buying government bonds, whilst speculation mounted about the timing of interest rate rises in the UK and the US. The ECB is spending 60 billion each month on government bonds, which has kept long-term interest rates low and contributed towards some improvement in European growth and a strong recovery in corporate earnings. The continuing Greek crisis was damaging for confidence, but did not derail the gradual improvement in European economies. As our single largest overseas market this is important for UK companies. In the UK, investors brought forward expectations for the first interest rate rise from the Bank of England to early 2016 as a result of increased wage pressure and a strengthening domestic economy. A surprise Conservative Party victory in May s general election was viewed as positive for markets. But whatever happens to UK rates will depend to a large extent on the Federal Reserve s choices. Investors began to anticipate some increase in US rates this Autumn in response to a tightening labour market. The Fed sought to manage market nerves about the impact of policy change, stressing that the decision would be data dependent and that the path of interest rate rises would be gradual, but the lack of certainty has limited the gains for US equities over the period. A source of deepening investor concern about growth has been emerging economies. The prospect of higher interest rates in the US focused attention on the large increase in debt in emerging economies since 2007, and whether this could be funded in future. In particular, investors fretted about China, where the economy slowed sharply, and the stock market bubble of the last two years burst in June (Source for all market returns is FactSet, as at 31 July 2015, total return net in sterling terms) Portfolio Review Sarah Emly The Trust s portfolio is managed to the objective of meeting the final capital entitlement of the Income shareholders, as well as providing them with a regular income, and of providing capital growth for the Capital shareholders. The Company s overall portfolio return of +4.6% outperformed the benchmark s return of +2.6% over the six months to the end of July 2015. There was positive absolute performance from all underlying strategies. Our UK equity holdings which make up our biggest allocation performed well during the period outperforming the FTSE 350 index by +2.8%. John Baker JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 3

Investment Managers Report continued Performance attribution for the six months to 31st July 2015 Contributions to total returns 6 months % % Benchmark total return 2.6 Stock selection Equities 1.9 GMAG funds/holdings 0.2 Gearing/cash effect 1.3 Investment Manager contribution 5.6 Management fee/ other expenses 1.0 Other effects 1.0 Shareholders funds 4.6 Source: Xamin/JPMAM, Morningstar and S&P. All figures are on a total return basis. Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark index. All figures are on a total return basis. A glossary of terms and definitions is provided on page 18. As detailed in the in the box on the left the UK equity element of the portfolio materially outperformed the benchmark in the six month period. ITV was the largest single positive contributor to returns. The broadcaster delivered a strong set of results and announced a further special dividend. The fund s material position In UK house builders such as Berkeley Group, Taylor Wimpey and Galliford Try was also beneficial as trading remains strong and supportive government policy is set to continue following the Conservative election victory. The fund s holding in Rio Tinto, which produces iron ore, hurt performance as weakness in commodity prices led the stock down despite its high dividend yield which we believed should provide considerable valuation support. During the review our asset allocation has remained unchanged, which includes a significant allocation to UK equities and the JPM Multi-Asset Income Fund. It remains important that we have diversified sources of income and exposure to attractive asset classes to help meet the Fund s dual objective. Some 6% of our total assets are invested in the JPM Europe Strategic Dividend Fund. It delivered positive absolute performance in sterling terms during the first six months. The portfolio management team continue to see material income opportunities in European companies. The weaker euro, low oil price, money supply and improving credit conditions continue to act as strong tailwinds to European earnings, as evidenced in the second quarter earnings season and recent European economic releases. The JPM Global High Yield Bond Fund also produced a positive return and outperformed its benchmark. Over the period, the Fund has been overweight the technology, gaming and healthcare sectors which were seen to be attractively valued. Weakness in commodity prices led the fund to have an underweight positioning in the energy sector as well as other sectors with operations linked to materials such as oil, iron ore and copper. Outlook Volatility in markets has risen as the FOMC rate decision approaches and this in combination with low levels of global economic growth means that we have less conviction in our core view than we had six months ago. What this means in practice, is that while we continue to believe that the gradual healing of developed economies will more than offset the weakness in emerging economies (leading to positive returns for equities and corporate bonds), the range of potential outcomes around this core case is more disperse. James Elliot Katy Thorneycroft Sarah Emly John Baker Investment Managers 30th September 2015 4 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

List of Investments at 31st July 2015 Valuation Company Sector 000 % JPMorgan Multi-Asset Income Fund Diversified Assets 15,028 16.3 JPMorgan Europe Strategic Dividend Fund Diversified Assets 4,441 4.8 Royal Dutch Shell Oil & Gas 4,044 4.4 HSBC Financials 3,708 4.0 JPM Global High Yield Bond Diversified Assets 3,290 3.6 British American Tobacco Consumer Goods 2,915 3.2 BP Oil & Gas 2,835 3.1 Vodafone Telecommunications 2,661 2.9 Imperial Tobacco Consumer Goods 2,367 2.6 GlaxoSmithKline Health Care 2,360 2.5 BT Telecommunications 2,187 2.4 AstraZeneca Health Care 2,113 2.3 Lloyds Banking Financials 2,028 2.2 ITV Consumer Services 1,958 2.1 Barclays Financials 1,851 2.0 Rio Tinto Basic Materials 1,670 1.8 Aviva Financials 1,525 1.7 Prudential Financials 1,485 1.6 Provident Financial Financials 1,369 1.5 Berkeley Consumer Goods 1,312 1.4 Next Consumer Services 1,294 1.4 Direct Line Insurance Group Financials 1,211 1.3 SABMiller Consumer Goods 1,191 1.3 National Grid Utilities 1,185 1.3 Beazley Group Financials 1,159 1.3 Schroders Financials 1,157 1.2 British Land Financials 1,135 1.2 Man Group Financials 1,064 1.2 WPP Consumer Services 1,062 1.1 Taylor Wimpey Consumer Goods 1,027 1.1 Severn Trent Utilities 950 1.0 BAE Systems Industrials 915 1.0 Ashtead Industrials 905 1.0 Galliford Consumer Goods 866 0.9 Jupiter Fund Management Financials 859 0.9 Relx Consumer Services 850 0.9 DCC Industrials 840 0.9 Booker Group Consumer Services 789 0.8 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 5

List of Investments continued Valuation Company Sector 000 % Intermediate Capital Group Financials 789 0.8 WH Smith Consumer Services 782 0.8 KCOM Telecommunications 742 0.8 Synthomer Basic Materials 734 0.8 Berendsen Industrials 728 0.8 Persimmon Consumer Goods 721 0.8 Legal & General Financials 704 0.8 GKN Consumer Goods 702 0.8 Old Mutual Financials 697 0.8 Halfords Consumer Services 686 0.7 BHP Billiton Basic Materials 681 0.7 Mondi Basic Materials 640 0.7 Novae Group Financials 610 0.7 Spirax-Sarco Engineering Industrials 598 0.6 Interserve Industrials 565 0.6 Informa Consumer Services 540 0.6 Go-Ahead Group Consumer Services 448 0.5 Glencore Basic Materials 448 0.5 Bodycote Industrials 403 0.4 Diploma Industrials 366 0.4 Senior Industrials 172 0.2 Total investments 92,362 100.0 6 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Portfolio Analysis At 31st July 2015 At 31st January 2015 Asset Breakdown % 1 % 1 UK Direct Equities 75.3 73.3 Diversified Assets 21.1 22.7 Bond Fund 3.6 4.0 Total 100.0 100.0 1 Based on total investments of 92.4m (31st January 2015: 90.3m). UK Direct Equity Analysis At 31st July 2015 At 31st January 2015 Portfolio 1 FTSE 350 Index 2 Portfolio 1 FTSE 350 Index 2 Sector Breakdown % % % % Financials 30.6 25.3 27.6 24.3 Consumer Goods 16.0 15.6 14.6 15.5 Consumer Services 12.0 12.5 11.2 11.7 Oil & Gas 9.9 11.6 11.5 12.4 Telecommunications 8.0 5.4 7.9 5.1 Industrials 8.0 9.8 8.1 9.5 Health Care 6.4 8.8 8.3 9.0 Basic Materials 6.0 5.8 6.7 7.0 Utilities 3.1 3.7 3.4 4.1 Technology 1.5 0.7 1.4 Total 100.0 100.0 100.0 100.0 1 Based on total UK Direct Equities of 69.6m (31st January 2015: 66.2m). 2 Source: FTSE. JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 7

Statement of Comprehensive Income for the six months ended 31st July 2015 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 Revenue Capital Total Revenue Capital Total Revenue Capital Total 000 000 000 000 000 000 000 000 000 Gains on investments held at fair value through profit or loss 1,772 1,772 1,349 1,349 3,855 3,855 Net foreign currency (losses)/gains (1) (1) 909 909 6 6 Income from investments 2,332 2,332 2,061 2,061 3,729 3,729 Other income 4 4 Gross return 2,332 1,771 4,103 2,061 2,258 4,319 3,733 3,861 7,594 Management fee (86) (202) (288) (84) (196) (280) (167) (389) (556) Other administrative expenses (175) (175) (147) (147) (341) (341) Net return on ordinary activities before finance costs and taxation 2,071 1,569 3,640 1,830 2,062 3,892 3,225 3,472 6,697 Finance costs (65) (152) (217) (79) (185) (264) (145) (338) (483) Dividends on Income shares (note 3) 1 (1,420) (1,420) (1,358) (1,358) (2,716) (2,716) Net return on ordinary activities before taxation 586 1,417 2,003 393 1,877 2,270 364 3,134 3,498 Taxation (1) (1) (1) (1) (1) (1) Net return on ordinary activities after taxation 585 1,417 2,002 392 1,877 2,269 363 3,134 3,497 Return per class of share (note 4) Return per Income share 3.25p 3.25p 2.83p 2.83p 4.99p 4.99p Return per Capital share 2.20p 2.20p 2.91p 2.91p 4.86p 4.86p 1 Dividends paid during the six months ended 31st July 2015 of 2.3p (2014: 2.2p) per Income share, amounting to 1,420,000 (2014: 1,358,000). All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. The Total column of this statement is the profit and loss account of the Company and the Revenue and Capital columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. 8 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Statement of Changes in Equity Called up Capital share Share Other redemption Capital For the six months ended capital premium reserve reserve reserves Total 31st July 2015 (unaudited) 000 000 000 000 000 000 At 31st January 2015 646 456 28,535 18 (24,468) 5,187 Net capital return on ordinary activities 1,417 1,417 Movement in fair value of the cash flow hedge 10 10 At 31st July 2015 646 456 28,535 18 (23,041) 6,614 Called up Capital share Share Other redemption Capital For the six months ended capital premium reserve reserve reserves Total 31st July 2014 (unaudited) 000 000 000 000 000 000 At 31st January 2014 646 456 28,535 18 (27,511) 2,144 Net capital return on ordinary activities 1,877 1,877 Movement in fair value of the cash flow hedge (3) (3) At 31st July 2014 646 456 28,535 18 (25,637) 4,018 Called up Capital share Share Other redemption Capital Year ended capital premium reserve reserve reserves Total 31st January 2015 (audited) 000 000 000 000 000 000 At 31st January 2014 646 456 28,535 18 (27,511) 2,144 Net capital return on ordinary activities 3,134 3,134 Movement in fair value of the cash flow hedge (91) (91) At 31st January 2015 646 456 28,535 18 (24,468) 5,187 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 9

Statement of Financial Position at 31st July 2015 (Unaudited) (Unaudited) (Audited) 31st July 2015 31st July 2014 31st January 2015 000 000 000 Fixed assets Investments held at fair value through profit or loss 92,362 89,542 90,277 92,362 89,542 90,277 Current assets Debtors 1,396 425 342 Cash and short term deposits 694 92 698 2,090 517 1,040 Creditors: amounts falling due within one year (1,218) (20,055) (85) Derivative financial liabilities (3) Net current assets 872 (19,541) 955 Total assets less current liabilities 93,234 70,001 91,232 Creditors: amounts falling due after more than one year (20,081) (20,091) Net assets attributable to the Income shareholders (66,539) (65,983) (65,954) Total net assets 6,614 4,018 5,187 Capital and reserves Called up share capital 646 646 646 Share premium 456 456 456 Other reserve 28,535 28,535 28,535 Capital redemption reserve 18 18 18 Capital reserves (23,041) (25,637) (24,468) Total equity shareholders funds 6,614 4,018 5,187 Net asset value per share (note 5) Income share 107.8p 106.9p 106.8p Capital share 10.2p 6.2p 8.0p 10 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Cash Flow Statement for the six months ended 31st July 2015 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Cash inflow from operations 1,785 1,460 2,756 Interest paid (217) (264) (483) Tax recovered 76 109 109 Net cash inflow from operating activities 1,644 1,305 2,382 Purchases of investments and derivatives (7,397) (10,437) (16,185) Sales of investments and derivatives 7,171 10,173 16,809 Other capital charges handling fees (2) (2) (3) Net cash (outflow)/inflow from investing activities (228) (266) 621 Dividends paid (1,420) (1,358) (2,716) Repayment of loans (20,000) Drawdown of loans 20,000 Net cash outflow from financing activities (1,420) (1,358) (2,716) (Decrease)/increase in cash and cash equivalents (4) (319) 287 Cash and cash equivalents at the start of the period 698 406 406 Realised gain on foreign currency 5 5 Cash and cash equivalents at the end of the period 694 92 698 (4) (319) 287 Cash and cash equivalents consist of: Cash at bank and in hand 694 92 698 694 92 698 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 11

Notes to the Financial Statements for the six months ended 31st July 2015 1. Financial statements The information contained within the financial statements in this half year report has not been audited or reviewed by the Company s auditors. The figures and financial information for the year ended 31st January 2015 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies, including the report of the auditors which was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006. 2. Accounting policies The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland of the United Kingdom Generally Accepted Accounting Practice ( UK GAAP ) and with the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts (the revised SORP ) issued by the Association of Investment Companies in November 2014. FRS 104 Interim Financial Reporting, issued by the Financial Reporting Council ( FRC ) in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st July 2015. As a result of the first time adoption of FRS 102 and the revised SORP, comparative numbers and presentational formats have been restated where required. All of the Company s operations are of a continuing nature. The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st January 2015 with the following exceptions and amendments : Finance costs Finance costs are accounted for on an accruals basis using the effective interest method and in accordance with the provisions of FRS 102. Dividends paid to Income shareholders are classified as finance costs because the Income shares are classified in the accounts as liabilities in accordance with FRS 102. Dividends payable are included in the accounts in the year in which the Company enters into an obligation to make the dividend payment. Dividends payable are allocated wholly to revenue as to allocate any portion to capital would affect the rights and benefits attributable to the Capital shareholders. In accordance with FRS 102, the fourth quarterly and special dividends are included in finance costs in the year in which the Company enters into an obligation to pay them. Financial instruments Cash and cash equivalents may comprise cash (including demand deposits which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value) as well as cash equivalents (in accordance with the requirements of the Alternative Investment Fund Managers Directive regulations, investments are regarded as cash equivalents if they meet all of the following criteria; highly liquid investments held in the sub-fund s base currency that are readily convertible to a known amount of cash, are subject to an insignificant risk of change in value and provide a return no greater than the rate of a three-month high quality government bond). The Company uses an interest rate swap to hedge the cash flow risk arising from interest rate fluctuations. The swap is classified as held at fair value through profit or loss and has been designated as a highly effective cash flow hedge in accordance with the provisions of FRS 102. Gains or losses arising on the fair value of the cash flow hedge during the year are recognised through the Statement of Changes in Equity and are accounted for in capital reserves. In accordance with FRS 102, the Income share class is classified in the accounts as a liability due to the rights and obligations attached to that share class. 12 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

2. Accounting policies continued Foreign currency In accordance with FRS 102, 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 accounts are presented. Taxation Current tax is provided at the amounts expected to be received or paid. Deferred tax is accounted for in accordance with FRS 102. Only the relevant section of the applicable policies from the last year end accounts which have changed as a result of the application of the 2014 AIC SORP and FRS 102 have been reproduced above all other aspects of those policies remain the same. The impact of the changes is substantially in relation to presentational, disclosure and non-quantifiable aspects. 3. Dividends on Income shares (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Fourth quarterly dividend of 1.10p (2014: 1.10p) paid in March 679 679 679 First quarterly dividend of 1.20p (2015: 1.10p) paid in June 741 679 679 Second quarterly dividend of 1.10p paid in September n/a n/a 679 Third quarterly dividend of 1.10p paid in December n/a n/a 679 Total dividends paid in the period 1,420 1,358 2,716 A second quarterly dividend of 1.20p (2015: 1.10p) per Income share, amounting to 741,000 (2014: 679,000) has been declared payable in respect of the six months ended 31st July 2015. It will be paid on 25th September 2015 to shareholders on the register at the close of business on the 28th August 2015. JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 13

Notes to the Financial Statements continued 4. Return per class of share Return per Income share is based on the following: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Net revenue return on ordinary activities after taxation 585 392 363 Add back dividends on Income shares 1,420 1,358 2,716 Revenue return attributable to Income shareholders 2,005 1,750 3,079 Capital return attributable to Income shareholders Total return attributable to Income shareholders 2,005 1,750 3,079 Weighted average Income shares in issue 61,747,803 61,747,803 61,747,803 Revenue return per Income share 3.25p 2.83p 4.99p Capital return per Income share Total return per Income share 3.25p 2.83p 4.99p Return per Capital share is based on the following: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Return attributable to Capital shareholders 1,417 1,877 3,134 Weighted average Capital shares in issue 64,527,781 64,527,781 64,527,781 Total return per Capital share 2.20p 2.91p 4.86p 5. Net asset value per class of share Net asset value per Income share is based on the following: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Revenue reserve available for distribution 2,692 2,136 2,107 Predetermined capital entitlement 63,847 63,847 63,847 Total assets attributable to Income shareholders 66,539 65,983 65,954 Number of Income shares in issue 61,747,803 61,747,803 61,747,803 Net asset value per Income share 107.8p 106.9p 106.8p 14 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

5. Net asset value per class of share continued Net asset value per Capital share is based on the following: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Total assets attributable to Capital shareholders 6,614 4,018 5,187 Number of Capital shares in issue 64,527,781 64,527,781 64,527,781 Net asset value per Capital share 10.2p 6.2p 8.0p 6. Reconciliation of total return on ordinary activities before finance costs and taxation to net cash inflow from operating activities (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2015 000 000 000 Net return on ordinary activities before finance costs and taxation 3,640 3,889 6,697 Less capital return before finance costs and taxation (1,568) (2,059) (3,472) Increase in net debtors and accrued income (15) (138) (19) (Decrease)/increase in accrued expenses (23) 8 Management fee charged to capital (202) (196) (389) Tax on unfranked investment income (47) (36) (69) Cash inflow from operations 1,785 1,460 2,756 7. Fair valuation of investments The fair value hierarchy analysis for investments held at fair value at the period end is as follows: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st July 2015 31st July 2014 31st January 2014 Assets Liabilities Assets Liabilities Assets Liabilities 000 000 000 000 000 000 Quoted prices for identical instruments in active markets 92,362 89,542 90,277 Valuation techniques using observable market data 1 (81) (3) (91) Total value of investments 92,362 (81) 89,542 (3) 90,277 (91) 1 Swap contract. JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 15

Interim Management Report The Company is required to make the following disclosures in its half year report: Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st January 2015. Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company. Going Concern The Directors believe, having considered the Company s investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operation existence for at least 12 months from the date of the approval of this half yearly financial report. For these reasons, they consider there is sufficient evidence to continue to adopt the going concern basis in preparing the accounts. Directors Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half year financial report has been prepared in accordance with the Accounting Standards Board s Statement Half Year Financial Reports ; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so. For and on behalf of the Board Karl Sternberg Chairman 30th September 2015 16 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Capital Structure of the Company Introduction The Company has two classes of shares, Income and Capital. Under the Company s Articles of Association, on a return of assets on a winding up of the Company, the Income shares are entitled to all the assets of the Company up to a predetermined capital entitlement of 103.4p per Income share, plus any balance of revenue available for dividend payments. At 31st July 2015, the assets of the Company amounted to 73,153,000 including the balance of revenue amounting to 2,692,000. Under accounting standards, the Income share class is classified in the accounts as a liability due to the rights attached to that share class, detailed above. The Capital share class, which is the more subordinate class of shares, is classified as equity. Income shares Characteristics and Entitlements The Income shares offer a dividend yield and first call on capital up to a predetermined capital entitlement on winding up. Income shares will have a maximum capital entitlement of 103.4p per share on any winding-up of the Company. They are also entitled to any undistributed revenue available for dividend payments. Income shares are entitled to such dividends as the Directors may determine to distribute in respect of each financial period. Such dividends will take the form of quarterly dividends to be declared in February, May, August and November, and paid in March, June, September and December respectively. Revenue available for dividend payments At 31st July 2015, undistributed revenue amounted to 2,692,000. (before payment of the second quarterly dividend) and has been allocated in the accounts to the Income shares. Voting Rights Each holder of Income shares present in person at a general meeting will have one vote on a show of hands and, on a poll, each holder present in person or by proxy will have one vote for each Income share held. Capital shares Characteristics and Entitlements Generally by virtue of their effective gearing and their lack of yield, Capital shares have limited protection against adverse market movements and are therefore classed as high risk securities. Conversely, they are potentially attractive securities to investors seeking a geared exposure to the capital performance of investment markets. Capital shares are entitled to be paid an amount, on any winding up of the Company, representing all the surplus net assets after repaying the bank loans and any other obligations and meeting the final entitlement of the Income shares. The Capital shares have no entitlement to revenue available for dividends. Voting Rights Each holder of Capital shares present in person at a general meeting will have one vote on a show of hands and, on a poll, each holder present in person or by proxy will have one vote for each Capital share held. Units Characteristics and Entitlements A Unit share comprises one Capital share and one Income share. On application to the Company s Registrar, these Shares may be separated into Income shares and Capital shares. Unit shareholders have the same entitlements and voting rights as if they held separately the Income shares and Capital shares comprised in their Units. JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 17

Glossary of Terms and Definitions Unit net asset value ( NAV ) total return Return to the investor based on the change in the Unit NAV and assuming all dividends quoted ex-dividend in respect of a Unit during the period were reinvested, without transaction costs, into Units at the NAV per Unit at the time the Units were quoted ex-dividend. Note that a Unit comprises one Income share and one Capital share. Benchmark return Total return on the benchmark, on a mid-market value to mid-market value basis, assuming that all dividends received were reinvested, without transaction costs, in the shares of the underlying companies at the time the share 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 track this index and consequently, there may be some divergence between the Company s performance and that of the benchmark. Capital share net asset value total return Return to the investor based on the change in the NAV per Capital share. Capital share price total return Return to the investor based on the change in the Capital share mid-market price. Income share net asset value total return Return to the investor based on the change in the NAV per Income share and assuming all dividends quoted ex-dividend during the year were reinvested, without transaction costs, in the Income shares at the NAV per Income share at the time the shares were quoted ex-dividend. Income share price total return Return to the investor based on the change in the Income share mid-market price and assuming all dividends quoted ex-dividend during the year were reinvested, without transaction costs, in the Income shares at the time the shares were quoted ex-dividend. Share price discount/premium to net asset value ( NAV ) per share 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. 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 premium. Ongoing Charges The Ongoing Charges represent the Company s management fee and all other operating expenses, excluding finance costs, expressed as a percentage of the average daily net assets during the period. 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. Gearing/cash effect Measures the impact on returns of borrowings or cash balances on the Company s relative performance. Effect of swap The change in the fair value of the swap contract during the period changes the value of total assets and thereby impacts the Company s performance. Management fees/other expenses The payment of management fees and other expenses reduces the level of total assets and therefore has a negative effect on relative performance. Effect of share repurchases Measures the effect on relative performance of repurchasing the Company s own shares for cancellation at a price which is less than the net asset value per share. Shareholders Funds Shareholders funds are the aggregate value of the total net assets attributable to both the Capital and Income shareholders. Shareholders Funds Total Return Return to the investors based on the change in shareholders funds and assuming that the cost of all dividends quoted ex-dividend in respect of the Income shareholders during the year were added back, without transaction costs, to the value of the shareholders funds at the end of the month in which the dividends were quoted ex-dividend. 18 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Where to buy J.P. Morgan Investment Trusts Savings Plan The Company participates in the J.P. Morgan Investment Trusts Savings Plan, which facilitates both regular monthly investments and occasional lump sum investments in the Company s ordinary shares. Shareholders who would like information on the Savings Plan should call J.P. Morgan Asset Management free on 0800 731 1111 or visit its website at https://am.jpmorgan.co.uk/investor/guidance-andplanning/guides/regular-savings-made-simple-guide.aspx Stocks & Shares Individual Savings Accounts (ISA) The Company s shares are eligible investments within J.P. Morgan s Stocks & Shares ISA. For the 2015/16 tax year, from 6th April 2015 and ending 5th April 2016, the total ISA allowance is 15,240. Details are available from J.P. Morgan Asset Management free on 0800 731 1111 or via its website at https://am.jpmorgan.co.uk/investor/isas/what-is-a-stocks-andshares-isa.aspx. There are a number of ways that you can buy shares in investment trust companies; you can invest through J.P. Morgan WealthManager+ or on the following: Fund supermarkets: AJ Bell Alliance Trust Barclays Stockbrokers Bestinvest Charles Stanley Direct Halifax Share Dealing Service Hargreaves Lansdown Interactive Investor James Brearley James Hay Selftrade TD Direct The Share Centre Transact Alternatively you can invest through an Investment Professional (e.g. a Financial Adviser) on the following 3rd party platforms: Ascentric Nucleus Avalon Praemium Axa Elevate Transact Novia Please note that these websites are third party websites and J.P. Morgan Asset Management does not endorse or recommend any of them. This list is not exhaustive and is subject to change. Please observe each site s privacy and cookie policies as well as their platform charges structure. You can also buy investment trusts through stockbrokers, wealth managers and banks. To familiarise yourself with the Financial Conduct Authority ( FCA ) adviser charging and commission rules, visit www.fca.org.uk. JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 19

Financial Conduct Authority In association with: Beware of share fraud Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. While high profits are promised, if you buy or sell shares in this way you will probably lose your money. How to avoid share fraud Report a scam 1 2 3 4 5 Keep in mind that firms authorised by the FCA are unlikely to contact you out of the blue with an offer to buy or sell shares. Do not get into a conversation, note the name of the person and firm contacting you and then end the call. Check the Financial Services Register from www.fca.org.uk to see if the person and firm contacting you is authorised by the FCA. Beware of fraudsters claiming to be from an authorised firm, copying its website or giving you false contact details. Use the firm s contact details listed on the Register if you want to call it back. 6 7 8 9 10 Call the FCA on 0800 111 6768 if the firm does not have contact details on the Register or you are told they are out of date. Search the list of unauthorised firms to avoid at www.fca.org.uk/scams. Consider that if you buy or sell shares from an unauthorised firm you will not have access to the Financial Ombudsman Service or Financial Services Compensation Scheme. Think about getting independent financial and professional advice before you hand over any money. Remember: if it sounds too good to be true, it probably is! If you are approached by fraudsters please tell the FCA using the share fraud reporting form at www.fca.org.uk/scams, where you can find out more about investment scams. You can also call the FCA Consumer Helpline on 0800 111 6768. If you have already paid money to share fraudsters you should contact Action Fraud on 0300 123 2040. 5,000 people contact the Financial Conduct Authority about share fraud each year, with victims losing an average of 20,000 20 JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015

Information about the Company Financial Calendar Financial year end Final results announced Half year end Half year results announced Dividend on Income shares paid Annual General Meeting 31st January April 31st July September Payable quarterly in March, June, September and December May History The Company was incorporated on 20th October 2006 and began investing on the 20th December 2006. Directors Karl Sternberg (Chairman) Nicholas Craig Harvey Jane E Tozer David Watts Ian Scott-Gall Company Numbers Company registration number: 5973571 London Stock Exchange Sedol numbers: Capital B1G3N00, Income B1G3N11, Units B1G3N22. ISIN numbers: Capital GB00B1G3N007, Income GB00B1G3N114, Units GB00B1G3N221. Bloomberg codes: Capital JIGC LN, Income JIGI LN, Units JIGU LN. Reuters Codes: Capital JGICx.L, Income JGICix.L, Units JGIC_u.L. Market Information The Company s net asset value ( NAV ) is published daily, via the London Stock Exchange. The market price is shown daily in the Financial Times, the Times, the Daily Telegraph, The Scotsman and on the J.P. Morgan internet site at www.jpmincomeandgrowth.co.uk where the share price is updated every fifteen minutes during trading hours. Website www.jpmincomeandgrowth.co.uk Share Transactions The Company s shares may be dealt in directly through a stockbroker, intermediary or professional adviser acting on an investor s behalf. They may also be purchased and held through the J.P. Morgan Investment Account and J.P. Morgan ISA. These products are all available on the online wealth manager service, J.P. Morgan WealthManager+ available at www.jpmorganwealthmanagerplus.co.uk Manager and Secretary JPMorgan Funds Limited Company s Registered Office 60 Victoria Embankment London EC4Y 0JP Telephone: 020 7742 4000 For company secretarial and administrative matters please contact Divya Amin. Depositary BNY Mellon Trust & Depositary (UK) Limited BNY Mellon Centre 160 Queen Victoria Street London EC4V 4LA The Depositary employs JPMorgan Chase Bank, N.A. as the Company s custodian. Registrars Equiniti Limited Reference 3081 Aspect House Spencer Road Lancing West Sussex BN99 6DA Telephone: 0871 384 2342 Notifications of changes of address and enquiries regarding share certificates or dividend cheques should be made in writing to the Registrar quoting reference 3081. Registered shareholders can obtain further details on their holdings on the internet by visiting www.shareview.co.uk. Independent Auditor Ernst & Young LLP Chartered Accountants and Statutory Auditor 1 More London Place London SE1 2AF Brokers Winterflood Securities Limited The Atrium Building Cannon Bridge 25 Dowgate Hill London EC4R 2GA Savings Product Administrators For queries on the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP, see contact details on the back cover of this report. A member of the AIC JPMorgan Income & Growth Investment Trust plc. Half Year Report & Accounts 2015 21

J.P. Morgan Helpline Freephone 0800 20 40 20 or +44 (0)20 7742 9995 Your telephone call may be recorded for your security www.jpmincomeandgrowth.co.uk