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RNS Number : 6716H

JPMorgan Elect PLC

25 November 2022

JPMORGAN ELECT PLC

(the 'Company')

Conversion and Repurchase of Shares

The Company announces that valid Conversion Notices have been received in respect of 221,999 Managed Growth Shares, 325,137 Managed Income Shares and 12,623 Managed Cash Shares.

Repurchase of Shares

On 27(th) October 2022, the Company announced that shareholders who hold Managed Growth and/or Managed Income shares would be permitted during this final conversion period to elect to have such Managed Growth and/or Managed Income shares converted into Managed Cash shares and then immediately repurchased for cash (the "Redemption Option").

Accordingly, the Company announces that valid Conversion Notices have been received in respect of 51,627 Managed Growth Shares and 152,133 Managed Income Shares, which will be converted in aggregate to 637,571 Managed Cash Shares at Conversion Ratios of 9.535358 and 0.955016, respectively and immediately repurchased. The Company also received valid elections in respect of 382,566 Managed Cash Shares to be repurchased.

Therefore a total of 1,020,137 Managed Cash Shares will be repurchased at a price of 102.85 pence per share based on a capital net asset value per Managed Cash Share of 103.37 pence as at close of business on 17th November 2022.

It is expected that cheques, in respect of the Shares being repurchased, will be despatched on 9(th) December 2022.

Conversion of Shares

Excluding the conversions to Managed Cash Shares pursuant to the Redemption Option, as set out under 'Repurchase of Shares' above, at 8.00 a.m. on 30(th) November 2022, the following conversions will take place:

 
           Stock to Convert:             Conversion     Converted          Total Number 
                                           Ratio:                       of Shares Following 
                                                                          the Conversion 
                                                                          and Repurchase 
                                                          Into: 
                                        -----------  ---------------  --------------------- 
 4,381 Managed Cash Shares to Managed 
  Growth Shares                           0.104458        32,140            26,501,592 
                                        ----------- 
 316,977 Managed Income Shares            0.099952    Managed Growth      Managed Growth 
  to Managed Growth Shares                                Shares              Shares 
                                        -----------  ---------------  --------------------- 
 210,292 Managed Growth Shares 
  to Managed Income Shares                9.964614      2,104,075           73,791,734 
                                        ----------- 
 8,242 Managed Cash Shares to Managed     1.042968    Managed Income      Managed Income 
  Income Shares                                           Shares              Shares 
                                        -----------  ---------------  --------------------- 
 8,160 Managed Income Shares to 
  Managed Cash Shares                     0.955016       119,423            7,034,227 
                                        ----------- 
 11,707 Managed Growth Shares to          9.535358     Managed Cash        Managed Cash 
  Managed Cash Shares                                     Shares              Shares 
                                        -----------  ---------------  ---------------------

The conversion calculations were based on the relative net asset values of the three share classes (net of accrued management expenses and applicable costs of conversion) as at close of business on

17(th) November 2022. Individual Shareholders' entitlements on conversion will be rounded down to the nearest whole number of shares. The resulting shares rank pari passu with the existing shares of the relevant share class.

Admission of Shares

The Company has applied for the resulting shares to be admitted to the Official List and to trading on the London Stock Exchange. Dealings in such shares are expected to commence at 8.00 a.m.

on 30(th) November 2022. It is expected that Certificates in respect of the resulting shares will be posted by 9(th) December 2022.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.

25th November 2022

Priyanka Vijay Anand

020 7742 4000

For and on behalf of

JPMorgan Funds Limited

Company Secretary

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END

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November 25, 2022 08:55 ET (13:55 GMT)

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