LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EMERGING EUROPE, MIDDLE EAST & AFRICA SECURITIES PLC

ANNOUNCEMENT OF FINAL RESULTS

The Directors of JPMorgan Emerging Europe, Middle East & Africa Securities plc (the "Company")

Announce the Company's Results for the Year Ended 31^st October 2024

CHAIRMAN'S STATEMENT

Overview and Performance

I am pleased to report that in the year ended 31st October 2024, the Company's net asset value on a total return basis increased by 13.6%, an out-performance of 1.7% against the Company's reference index, the S&P Emerging Europe, Middle East & Africa BMI Net Return in GBP (the 'Reference Index'), which increased 11.9% on a total return basis over the same period. The reason for the outperformance was stock selection. The Investment Manager's Report below provides further details.

On a share price total return basis, the Company returned +0.9% in the 12 month reporting period. As at 31st October 2024, the Company's share price was 120.5 pence, an increase of 0.5% in the reporting period. As at 31st January 2025 the share price was 209.5 pence. Throughout the period, from 31st October 2024 to 31st January 2025 the shares have traded in a wide range of between 120.5p and 244.0p which the Board believes is due to the uncertainty about the values attaching to our Russian shareholdings.

The Company's Portfolio

The Company continues to invest in higher quality companies, with a tilt towards value and income and a focus on maximising total return for shareholders. The portfolio's geographical focus is on Saudi Arabia, South Africa and the United Arab Emirates, which at the year end represented 21.6%, 17.0% and 14.4% of the portfolio respectively.

The tragic events in Ukraine since Russia's military invasion on 24th February 2022 sadly continue to cast a shadow over the global economy. The strict economic sanctions that followed the invasion have continued to reduce the valuation of the Company's Russian assets. Additionally, the rouble has continued to reduce in value against sterling and other currencies further reducing the already heavily written down value of Russian assets in the Company's balance sheet. Despite the expiry of certain Office of Foreign Assets Control (OFAC) licences during the reporting period which added to the existing uncertainty about the realisation of the Company's Russian securities, the Company retained the 99% provision for valuation of the Russian assets, as set out in the Company's announcement made on 29th October 2024.

Extensive details on the negative impact that the events in Ukraine have had on the Company are provided in my Chairman's Statement within the Company's 2022 and 2023 annual reports, which are available on the Company's website www.jpmeemeasecurities.com.

With one exception, the Company has not engaged in any disposals of its Russian assets during this period. On 10th October 2024, the Company announced the sale of its stake in Nebius (formerly Yandex), a security that had been previously sanctioned. As detailed in the announcement, the sale should not be taken as an indication that similar sales can be made for the other Russian securities held by the Company. The sale arose because Nebius decoupled from Yandex's business in Russia, ceased to be sanctioned under US sanctions as a result, and became solely listed on western exchanges giving rise to its relocation outside the Emerging Europe, Middle East and Africa markets in which the Company invests.

As detailed in the numerous RNS announcements that the Company has released in this reporting period and up until the date of this report, in the first half of 2024 VTB made a claim in the Russian courts against a number of J.P.Morgan legal entities, including JPMorgan Bank International (the Russian sub-custodian for the Company's Russian assets) and the Company. As detailed in the Company's RNS announcement of 18th October 2024, the Russian courts granted VTB's claim in full against the Company and seven other named defendants. The Russian court has announced an appeal hearing date of 26th February 2025. The announcements included reference to the possibility that, if VTB's claim was to be successful, it may result in the insolvency of the Company's sub-custodian in Russia and may constitute a Force Majeure and or Country Risk event (as defined in the contracts that clients have with J.P. Morgan). If the Russian sub-custodian were to be declared insolvent, the Manager has advised us that the Company's Russian assets could not be serviced by them and due to the current sanction regime it would not be possible to transfer the Company's Russian assets to another custodian. The Board will provide a further update once more information becomes available. The Russian Court continues to allow VTB to include the Company in the list of defendants despite being a separate client entity, rather than a proprietary entity of the J.P. Morgan Asset Management group.

In addition, as detailed in a prior RNS announcement, on 8th October 2024 VTB made two further claims in the Russian courts against the same J.P.Morgan legal entities and the Company, but no final determination has yet been made in either claim.

The RNS announcements released in the reporting period have referred to the protection that the Company may derive from Russian Decree 8 which offers protection to client securities and RUB cash in S type accounts from the enforcement of court decisions issued after 3rd January 2024. The Russian courts have so far respected this. However, the situation remains dynamic. In addition, Presidential Decree 442 published on 23rd May 2024 established a framework for compensating the Russian Federation and/or the Central Bank of Russia for damage caused by 'unfriendly' actions of the United States of America. Decree 442 indicated that a detailed procedure would be published within four months, however, details of that further procedure remain yet to be published and analysed by market participants.

In view of the early stages of the legal action, and taking account of the protection of the S type accounts and the unknown outcome, there has been no impact on the financial statements at 31st October 2024. As at 31st October 2024 the Company's Russian investments amounted to 6.7% of the portfolio, although that figure should be considered in the context of the Company's share price premium to net asset value per share of 129.5% as detailed in the Discount Control section below and in the context of the considerable uncertainty attaching to the value of its Russian assets. All these developments reinforce that there is much uncertainty of these values ever being realisable by the Company.

The Board has sought to keep shareholders informed of material developments arising in relation to the Company's holdings in its Russian stocks during this continuing difficult period.

Revenue, Earnings, and Dividend

The Company's net revenue for the 12 month period to 31st October 2024 after taxation was £225,000 (31st October 2023: £306,000) and the return per share, calculated on the basis of the average number of shares in issue, was 0.56 pence (31st October 2023: 0.76 pence) per share.

One of the main drivers of the reduction in the Company's revenue after taxation compared to the previous annual reporting period is the increase in the Company's custody fees, charged by JPMorgan Chase Bank, N.A. (the Company's Custodian) for the Company's Russian assets, which with effect from 1st January 2023 reverted to being calculated on their local market value, which are significantly higher than the written down valuation included in the Company's accounts. The increased custody fees are also a major factor in the increase in the Company's ongoing charge, which was 4.2% (on an annualised basis) as at 31st October 2024 (31st October 2023: 3.2%). During the reporting period, the Board requested that the Custodian consider reducing its custody fee on the Company's Russian assets. After careful consideration, the Custodian agreed to implement a reduction, effective from 1st August 2024, which the Board deemed more satisfactory given the prevailing circumstances.

The management fee charged by the Manager continues to be based on the Company's assets, excluding the value of the Russian holdings.

At present, the dividends paid from the Russian securities in the Company's portfolio are held in a custody 'S' account in Moscow. The balance on the 'S' account as at 31st October 2024 was equivalent to approximately £31.7 million at the exchange rate applicable on that date. The Company's Manager is monitoring the receipts into the 'S' account against dividends announced by the portfolio companies, although there is no certainty that the sums in the 'S' account will ever be received by the Company. The Board also monitors the underlying local value of the Russian assets, although there remains increasing uncertainty of these values ever being realisable by the Company.

In view of the unknown outcome of the VTB case at the appeal hearing date of 26th February 2025, there has been no impact on the financial statements as at 31st October 2024. As at 31st October 2024, an additional £3.6 million of dividend income from Russian portfolio companies has been announced but is yet to be credited to the S account. Your Board also monitors this in order to assess whether all dividends due are in fact accurately recorded in the 'S' account. The addition of this sum to dividends already in an 'S' account brings the total dividends received or announced in relation to our Russian holdings to £35.3 million. As previously detailed, these dividends cannot be remitted to the Company and may never be received. They are not recognised in the Company's net asset value or in its income statement. See above for reference to the protection afforded to 'S' Accounts by Decree 8.

Nonetheless, I am pleased to announce that the Company will recommend the payment of a dividend of 0.5p per share (2023: 0.5p per share). This will be funded from net revenue received during the year. Subject to shareholder approval, the dividend will be paid on 14th March 2025 to shareholders on the Company's register on 14th February 2025, with the ex-dividend date set for 13th February 2025. Going forward, the Board's expectation is that an annual dividend will be paid if net revenue allows.

Discount Control

Due to the continuing extreme market conditions that have created the unusual situation whereby the Company's shares are currently trading at a very elevated premium to its net asset value, the Board has no current plans to reinstate the Company's share discount control programme. As at 31st October 2024, the premium was 129.5%. The premium as at 31st January 2025 is 264.6%. The Board believes that this premium arises due to a difference in the view of the valuation of the Company's net assets and should not be interpreted as an indication that investors are more likely to derive any value from the Company's Russian shareholdings.

Environmental, Social and Governance

Environmental, Social and Governance (ESG) considerations remain integral to our investment process. We continue to engage with our investee companies to promote ESG processes and practices and are committed to integrating financially material ESG factors into our investment decisions. The Company's ESG processes in respect of its Russian held securities will recommence as soon as permissible. Further details are provided in the ESG Report in the Annual Report.

Investment Management

Oleg Biryulyov continues to be the Company's Portfolio Manager supported by JPMorgan Asset Management's Emerging Markets and Asia Pacific equities team (EMAP). As detailed in the RNS announcement of 26th March 2024, Pandora Omaset left JPMorgan and we are pleased to announce that Luis Carrillo will be a named Portfolio Manager and support Oleg Biryulyov. JPMAM's EMAP team consists of 100+ investment professionals based in both the UK and overseas.

The Board receives regular reports on the service levels of the Manager, Investment Manager and the Company's key service providers. Through the Management Engagement Committee, the Board formally evaluated their performance in September 2024. Following that review, the Board concluded that it was satisfied with the current levels of service.

Board Composition

Following a thorough selection process undertaken with the assistance of a third party independent search consultancy, the Board are delighted that as previously announced, Ms Yulia Chekunaeva was appointed as a Non-executive Director of the Company on 1st July 2024. See Board Diversity and Inclusion on page 29 in the Annual Report for further details of the Board's approach to this requirement.

During the year, the Board evaluation process reviewed Directors, the Chair, the Committees and the working of the Board as a whole. It was concluded that all aspects of the Board and its procedures were operating effectively.

Following the year end, Nicholas Pink informed the Board that he would be retiring as a Non-executive Director of the Company, effective 4th February 2025, due to personal reasons. The Board has engaged a third party independent search consultancy to identify appropriate candidates for this vacancy and will provide a further update in due course. I would like to thank Nicholas for his five years of service on the Board, through what has been a very challenging period.

In accordance with corporate governance best practice, the continuing Directors retire by rotation at this year's AGM and will offer themselves for re-election/election.

Change of Company Registrar

With effect from 3rd June 2024, the Company transferred the management of its share register from Equiniti Financial Services Limited to Computershare Investor Services PLC. Further details are available on the Company's website.

Annual General Meeting

The Company's Annual General Meeting (AGM) will be held on Friday 7th March 2025 at 2.00 p.m. at 60 Victoria Embankment, London EC4Y 0JP. We are pleased to invite shareholders to join us in person for the Company's AGM, hear from the Portfolio Manager and ask questions. Shareholders wishing to follow the AGM proceedings but choosing not to attend in person will be able to view proceedings live and ask questions (but not vote) through conferencing software. Details on how to register, together with access details, will be available shortly on the Company's website at www.jpmeemeasecurities.com or by contacting the Company Secretary at invtrusts.cosec@jpmorgan.com

My fellow Board members, representatives of JPMorgan and I look forward to the opportunity to meet and speak with shareholders after the formalities of the meeting have been concluded. Shareholders who are unable to attend the AGM are strongly encouraged to submit their proxy votes in advance of the meeting, so that they are registered and recorded at the AGM. Proxy votes can be lodged in advance of the AGM either by post or electronically: detailed instructions are included in the Notes to the Notice of Annual General Meeting on pages 89 to 91 in the Annual Report.

If there are any changes to these arrangements for the AGM, the Company will update shareholders via the Company's website.

Outlook

The arrival of Donald Trump as President of the USA in early 2025 following his victory in the November 2024 US elections could bring significant change both to the world stage and to US economic policy. However, the path to a resolution to the conflict in Ukraine is unclear and may remain so in the coming months and years. The appeal hearing date of 26th February 2025 for the Russian litigation means that the decision in the VTB case will not be known until after the date of this report. We will keep shareholders informed of the decision by RNS announcement.

Despite these unprecedented and complex events, the Company's investment objective at least helps the Company steer through this very difficult period. Although cognisant of the impact of the Russian holdings on the Company, the challenge for the Board is to use the investment objective to grow the Company's assets in a way that promotes the success of the Company for the benefit of the shareholders as a whole.

The Board is confident that, with the assistance of the JPMorgan EMAP team over the long term and a supportive political and regulatory environment, the Company's investment objective is achievable.

Eric Sanderson

Chairman                                                                                                                                    3rd February 2025

INVESTMENT MANAGER'S REPORT

Introduction

As mentioned by the Chairman in his latest report, and in previous reporting, the Company's Russian holdings continue to be subject to strict sanctions, and their valuations have been discounted accordingly. This Investment Manager's Report therefore relates to the Company's strategy and portfolio activity under it revised investment objective, which is to maximise total return to shareholders from a diversified portfolio of investments in Emerging Europe (including Russia) Middle East and Africa (EMEA). It covers the 12-month period ended 31st October 2024.

Performance

Over this period, the Company returned +13.6% on an NAV total return basis, outperforming the Company's Reference Index, which returned +11.9% on a total return basis over the same period.

Portfolio

At the end of the financial year, the Company's portfolio comprised 106 stocks, compared to 89 holdings at the end of the previous year. Of these, 25 were Russian securities, one less than at the end of the previous financial year following the sale of Nebius (formerly Yandex) in 2024 when the sanctions on this security were lifted (see the Chairman's Statement for further details). The Company's Russian securities now comprise approximately 7% of the written down value of the portfolio, versus 9% at end FY23. The Company's holding in the JPM Liquidity Fund is not included in the above numbers.

Market backdrop

The year ended 31st October 2024 was a positive one for EMEA markets. The index rose steadily over the course of the year, despite the deterioration in oil prices in the second half of 2024, from around $90pbbl at the end of April 2024, to approximately $75pbbl at the end of 2024, below their level at the end of 2023. This decline was the result of uncertainty around the global economic growth and the potential growth in demand for oil products. We do not share these concerns and see supply as a bigger issue for the long term oil price trajectory. The main factor supporting regional markets over the period was the demand from local investors.

The performance of EMEA markets lagged that of the Emerging Markets Index, which increased 18.3% over the period. It also failed to match the 25.3% rise in the All Country World Index, which was underpinned by ongoing strength in US technology and related stocks with exposure to the rapid spread of artificial intelligence (AI).

Most countries in the EMEA index made gains over the period. The notable outperformers included South Africa, which benefitted from a relief rally following May's general election, as the incumbent ANC party was returned to power, albeit without a ruling majority. The improved political stability reduced the costs of capital for the market, leading to price appreciation. Hungary also outperformed, supported by the strong performance of Magyar Telecom and OTP Bank. In both cases positive earnings surprises led to higher prices. The Egyptian market was the most significant underperformer, due to capital control and currency devaluation. The Turkish market saw a rally in first quarter of 2024, but was subsequently hurt by valuation fatigue and the realisation that the disinflationary path would be harder than earlier anticipated.

Investment strategy

The Company's investment objective is to maximise the total return from investments in EMEA markets. We aim to meet this objective by identifying high quality businesses with high expected returns and the capacity to compound earnings and generate sustainable dividends, over the long term. This includes companies with the potential to grow due to their positions as national or global market leaders. However, we aim to buy stocks at reasonable prices, so recent acquisitions have a value tilt. We adopt a bottom-up stock selection process, drawing on the in-depth fundamental analysis of JPMorgan's EMAP equity research team, which includes assessments of the longevity of a business's investment case, and the quality of its management and governance practices.

Our investment approach is permeated by three broad themes:

Commodity sensitivities: EMEA countries are rich in a variety of commodities - not only oil and gas, but also platinum, gold and copper. We are especially interested in companies with exposure to the global transition to renewable energy. For example, the Company is invested in Gold Fields, a South African gold miner. Other portfolio holdings driven by the commodities theme include Motor Oil Hellas, a Greek energy company, MOL (a Hungarian refinery) and ARAMCO (the world's largest oil company).

Mass market consumption: 60% of the population of EMEA countries is less than 25 years old, and this percentage is forecast to continue rising. The youthfulness of the population is a major boon for consumption, as this demographic is tech savvy and thus easy for digital marketers to access, and younger people have a higher propensity to spend than older generations.

As incomes across EMEA regions are relatively low by global standards, we look for companies selling affordable products which are differentiated from their competitors by their strong branding and customer service. Many day-to-day household spending decisions are made by women, so companies focused on products of potential interest to them are another focus. Portfolio holdings underpinned by this theme include the pharmaceutical company in Hungary, Richter. We also opened a position in the Greek Company, Sarantis, a national and potentially regional leader in the production of cosmetics and household products.

Technology adopters: Many EMEA countries, especially in Africa, are dogged by structural challenges which can often seem intractable, given the economic and fiscal constraints and political uncertainties endemic in the region, so we seek out companies that are able to 'leapfrog' these challenges or provide much-needed consumer services which the market, or governments, have otherwise failed to supply. For example, Benefit Systems is empowering consumers in many Central and Eastern European countries with electronic access to sports facilities, enabling employers to promote healthy lifestyles and improving the work life balance for the general public.

How have specific sectors and stocks fared over the review period?

Stock selection decisions contributed to relative performance over the year. Portfolio holdings benefited from a series of earnings surprises and upward revisions to earnings forecasts, thanks to companies' efforts to strengthen their balance sheets and improve performance. The Company's out-of-index holding in Halyk Savings Bank, a major Kazakh bank, was the most significant contributor to performance over the year. It boasts an impressive return on equity (RoE) of above 25% and a dividend yield of more than 7%. Parking, Dubai's largest supplier of parking services, was another key contributor to returns following its successful initial public offering (IPO).

Other positive influences on performance included our decision to avoid Sasol, a South African chemical and energy company which we dislike due to the structural challenges it faces and the poor quality of its management. Our out-of-index position in Banca Transilvania - a niche player and national champion - also paid off, as did our holdings in telecoms providers Emirates Telecom and Hungary's Magyar Telekom, and in Adnoc Logistics, a United Arab Emirates (UAE) oil services company with a dividend yield of over 4%.

Key detractors from returns included an underweight to Naspers, a South African internet content company with an interest in its Chinese counterpart, Tencent. This company does not pay an attractive dividend and following a rally which we viewed as unsustainable, we closed the position in H124. Our decision not to hold ACWA Power, a Saudi Arabian engineering and utilities firm, also detracted, but we are very wary of this name due to its massive leverage and very expensive valuation. We also avoided Capitec Bank, a South African bank, due to its high valuation. Our positions in several other banks, including Turkey's Akbank, Poland's PKO Bank Polski and Bank Pekao also detracted from returns due to changes in leadership and potential changes in their strategies. We reduced our position in Bank Pekao after the financial year end following a meeting with the new senior management due to concerns about the company's new, highly politicised chief executive officer.

At the sector level, the portfolio's underweights to materials (notably petrochemical companies), industrials and consumer staples were the most significant contributors, as these sectors underperformed the index over the year. Smaller underweights to healthcare and IT also enhanced returns. Our significant overweight to financials supported returns, as most of the portfolio's bank names continued to benefit from high interest rates. A lesser overweight to energy was another positive contributor, thanks to stock selection and our preference for high income names over high capital intensity ones. A small underweight to consumer discretionary and a larger underweight to utilities (due in part to our decision to avoid ACWA Power, as mentioned above) were the main detractors.

At the country level, our overweight to UAE was by far the greatest contributor to performance, thanks to our participation in two successful IPOs (see further discussion below), and strong income from our holdings of real estate and bank stocks. Out-of-index positions in Kazakhstan and Slovenia also added, as high-income stocks re-rated, with many raising dividend payments. Returns benefited from our overweight to top performing market, Hungary, and from our underweight to the lagging Turkish market. Our decision to avoid Egypt, another underperforming market, helped, as did our underweight to Qatar, which declined due to lack of domestic growth.

The main detractors at the country level included an underweight to Saudi Arabia. Small cap stocks outperformed the larger cap stocks we favour in this market, and market volatility was unusually high over the year. An underweight to South Africa also hurt returns at the country level, as we missed the post-election rally in this market. Likewise, an underweight to Poland meant we missed the benefit of this market's politically driven rally in Q423. An overweight to Greece detracted, as this market came under pressure from general concerns about EU growth.

Our legacy holdings of several Russian securities also detracted slightly from performance, as their value, which has already been written down, was impacted by the decline in the rouble versus sterling and other currencies.

Performance attribution

Year ended 31st October 2024

Source: FactSet, JPMAM and Morningstar. All figures are on a Cum Income total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its Reference Index.

¹     The Ongoing Charge of 4.17% that will be published in Annual Accounts as at 31st October has been used in these calculations.

^APM Alternative Performance Measure ('APM').

Portfolio positioning

Although our investment strategy has a quality bias, it is important to note that the investment universe defined by our reference index is presently dominated by companies rated by JPMorgan analysts as 'standard' stocks, the lowest of their three designations of 'premium', 'quality' and 'standard'. This is in part because regional equity markets are still young, and in the early stages of development, and also because JPMorgan's analytical framework requires companies to possess a track record of at least five years before they can be rated more highly. Another notable feature of the EMEA investment universe is that financials and commodity names feature heavily, although the index will broaden out over time as economies and financial markets develop, and we are excited about the prospect of exploring these markets more deeply as they evolve. However, despite the current market concentration around these sectors, the Company's reference index already contains more than 680 names - a much larger and more diverse investment universe than the very limited number of stocks previously available to us in Russia, and we see many compelling opportunities across the EMEA regions.

Three themes governed the purchases we made over the past year:

-     We opened positions in several new markets. We added exposure to Turkey as the macro environment began to look more promising. Acquisitions included Turkiye Sigorta, which we view as the country's best insurance company, regional banks Akbank and Yapi Kredi, Turkish Airlines, an award-winning airline, Turkcell, an internet and digital services provider, and grocery retailer BIM. We also opened positions in Slovenia and Kazakhstan, due to the attractive income opportunities available in these markets. A new, out-of-index position in Georgia was motivated by our view that self-help stories, supported by attractive valuation and yield, are the right place to be.

-     We participated in two successful UAE IPOs - Parking, mentioned above, which we find attractive given its reasonably high and predictable income, and Tecom, a property services business. Along with our existing holding Salik, an infrastructure operations company, these two companies provide the portfolio with exposure to structural growth within the UAE. They also appeal to us as they are all capital light businesses with high dividends.

-     We also sought to capitalise on new investment opportunities in several markets, including Saudi Arabia. We bought an ARAMCO subsidiary, ARAMCO Base Oil - Luberef, a niche player in the base oil market. We also opened a position in Alkhorayef, a Saudi water company, and Tawuaniya, a key player in the Saudi insurance market. We purchased two Polish names, LPP, a clothing manufacturer and Kety, a producer of aluminium products, in anticipation of a recovery in earnings in 2025. We also initiated a position in Sarantis, a Greek family business manufacturing household and personal products, which is positioning itself as a regional player.

These new positions were funded in part by trims to existing holdings in South Africa and Saudi Arabia. We drew on cash reserves, as the persistent, broad-based strength of portfolio income has increased our confidence in the Company's ability to maintain and grow income over the longer term.

The outright sales of several holdings were motivated by changes in our investment view, or in the companies' earnings outlook or valuations. In South Africa, in addition to the sale of Naspers, we closed positions in Old Mutual, a provider of financial services across Africa, and Outsurance Group, a diversified insurer. We also sold two other financial names, Al Ansari, a UAE-based provider of financial services, and First Abu Dhabi Bank, and we closed positions in Industries Qatar, an agricultural inputs supplier and Jarir Marketing, a Saudi producer of office and school supplies.

These transactions have not altered the portfolio structure significantly at the sector level. We maintain our substantial overweights to banks and other financials, due to their low valuations and attractive dividends, and to energy companies, in part because we expect oil prices to rise over time. We remain underweight in all other sectors, most notably materials, as we do not see much value in petrochemicals at this stage of the commodity cycle.

At the country level, our largest active positions are in Greece, UAE, Hungary and Kazakhstan, as these markets all offer high income at reasonable valuations. As we have noted in previous reports, Greece is a particular favourite. We expect this market to continue to re-rate over time, led by Greek banks, which are benefiting from an advantageous funding arrangement provided by the European Central Bank that should lift valuations. Consistent with our focus on income, we especially like the high dividend policy of Greek consumer companies JUMBO and OPAP.

Conversely, we are most negative on Saudi Arabia, South Africa, Poland and Kuwait. Our Saudi underweight is based on our view that the valuation of petrochemicals names is still not appealing. In South Africa, we are pessimistic about the new coalition government's ability to lift the country out of economic stagnation and eliminate corruption. We hold some positions intended to generate income from this market, but we will not be increasing our overall country exposure. We remain cautious on Poland, due to ongoing political instability and on Kuwait, which continues to delay reforms and hold back economic growth.

At the stock level, our top holdings reflect our preference for quality names offering attractive yields at appealing valuations, high expected returns and earnings momentum.

The Company's top 10 holdings can be seen on page 23 in the Annual Report.

With an exception of Naspers (a South African holding company with most of its value coming from its holding in the Chinese technology company Tencent), EMAAR Properties (UAE, real estate company) and ARAMCO, our top ten holdings are dominated by banks. This reflects an early stage of the market development, where markets are mostly represented by financials and commodities.

Outlook

A change in the US's political leadership has recently occurred, conflict is ongoing in Ukraine and the Middle East, and it remains to be seen whether the new US President will be able to fulfil his commitment to end these wars. Furthermore, the collapse of the Al Basaad regime in Syria is widely expected to have profound implications for the entire region over the longer term, although it is unclear how events will play out. Given all these significant uncertainties, it is even more difficult than usual to predict the direction of EMEA markets over the near-term.

However, there are some observations we can make with reasonable confidence. For instance, it seems likely that interest rates will remain elevated over the coming year and are unlikely to return to the lows which were the norm over the past two decades. This will provide ongoing support for bank interest margins. The portfolio's overweight to financials will benefit accordingly. And with banks comprising almost 40% of the index, this should remain supportive for the entire market.

On a more sombre note, economic growth across the EMEA is likely to disappoint over the coming year. The reduction in oil production agreed in 2023, combined with the recent weakness in oil prices, is likely to weigh on energy companies and have an adverse impact on growth in the Middle East's oil-producing nations. We expect the recovery in central and eastern Europe and Africa to remain lacklustre. European countries will face additional challenges related to energy security and rising military expenditures, which are required to support Ukraine and strengthen national defences to discourage Russia from broaden this conflict. We expect earnings growth to be specific to companies, rather than regions, and in general earnings growth is likely to be lower than currently forecast. Consensus suggests earnings growth of 5% across EMEA markets in 2025, but we think growth of 7-8% is a more realistic expectation for our portfolio. We are skewed towards names with positive earnings momentum.

Given this relatively uninspiring economic backdrop, our preference across all markets is for defensive names. Companies with the wherewithal to generate reasonable growth and dividends should outperform, and more nimble, innovative, small and mid-size companies should do better than mega cap stocks. IPOs will remain an important driver of returns, as they have been in the last few years.

As we noted in the Half Year Report, stocks with exposure to the AI revolution have been very popular with global investors, but there are limited ways to gain exposure to this theme in the EMEA region. As with advent of the internet in 1990s, we expect a favourable impact on some companies, and on economic activity more broadly. And businesses will need to increase capital expenditure to incorporate AI into their production and administrative processes. But it is too early to say when and how investors will receive a payback from investments in this technology, especially in emerging markets.

Despite pervasive near-term geopolitical uncertainty and the disappointing outlook for growth, we remain optimistic about the longer-term prospects of emerging markets in Europe, the Middle East and Africa. We believe the region already offers equity investors compelling opportunities for growth, value and income, at attractive levels. And these markets will continue to expand and change very rapidly as more companies, offering an increasing range of goods and services, enter the investment universe.

In our view, this remains a very exciting investment environment in which to seek out high quality, attractively priced investment opportunities. We are well-supported in our quest by the depth and strength of JPMorgan Asset Management's research resources, which we believe provide us with a distinct competitive edge, as the research coverage of much of the region by other investors remains scant and shallow. The portfolio will continue to evolve over coming years as our target markets develop and deepen, and we look forward to reporting on the Company's further progress.

We thank you for your ongoing support.

For and on behalf of the Investment Manager

Oleg I. Biryulyov

Portfolio Manager                                                                                                                       3^rd February 2025

PRINCIPAL AND EMERGING RISKS

The Directors confirm that they have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of JPMF, the Audit Committee has drawn up a risk matrix, which identifies the key risks to the Company. These are reviewed and noted by the Board. The risks identified and the broad categories in which they fall, and the ways in which they are managed or mitigated are summarised below. The AIC Code of Corporate Governance requires the Audit Committee to put in place procedures to identify emerging risks. The key emerging risks identified are also summarised below.

TRANSACTIONS WITH THE MANAGER AND RELATED PARTIES

Details of the management contract are set out in the Directors' Report on page 44 in the Annual Report. The management fee payable to the Manager for the year was £164,000 (2023: £103,000) of which £2,000 (2023: £nil) was outstanding at the year end.

Included in note 6 on page 74 in the Annual Report are safe custody fees amounting to £284,000 (2023: £193,000) payable to JPMorgan Chase Bank N.A. during the year of which £66,000 (2023: £96,000) was outstanding at the year end.

The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. The commission payable to JPMorgan Securities Limited for the year was £nil (2023: £nil) of which £nil (2023: £nil) was outstanding at the year end.

The Company was invested in the JPMorgan GBP Liquidity Fund, which is managed by JPMorgan Asset Management (Europe) S.à r.l. At the year end this was valued at £nil (2023: £1,001,000). Interest amounting to £32,000 (2023: £207,000) was receivable during the year of which £nil (2023: £nil) was outstanding at the year end.

Handling charges on dealing transactions amounting to £22,000 (2023: £3,000) were payable to JPMorgan Chase Bank N.A. during the year of which £3,000 (2023: £5,000) was outstanding at the year end.

At the year end, total cash of £50,000 (2023: £39,000) was held with JPMorgan Chase Bank, N.A. A net amount of interest of £3,000 (2023: £2,000) was receivable by the Company during the year from JPMorgan Chase Bank, N.A.

Full details of Directors' remuneration and shareholdings can be found on page 57 and in note 6 on page 74 in the Annual Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the annual report and financial statements, and the Directors' Remuneration Report 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 prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) and Financial Reporting Standard (FRS) 102. 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 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 addition, to provide these confirmations, and in preparing these financial statements, the Directors must be satisfied that, taken as a whole, the annual report and financial statements are fair, balanced and understandable. In order to provide these confirmations and in preparing these annual 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 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 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 report and financial statements are published on the www.jpmeemeasecurities.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 Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that have occurred to the financial statements since they were initially presented on the website. The 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 Strategic Report, a Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed in the Directors' Report, confirms 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 Directors confirm that, taken as a whole, the annual report and financial statements are fair, balanced and understandable and provide the information necessary for shareholders to assess the strategy and business model of the Company; and of the total return or loss of the Company for that period.

•      That the Strategic Report and Directors Report include a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that the Company faces.

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 Company's position, performance, business model and strategy.

For and on behalf of the Board

Eric Sanderson

Chairman

3rd February 2025

STATEMENT OF COMPREHENSIVE INCOME

All revenue and capital items in the above statement derive from continuing operations.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The net return/(loss) after taxation represents the profit/(loss) for the year and also total comprehensive income.

STATEMENT OF CHANGES IN EQUITY

For the year ended 31st October

¹     Revenue reserve and the capital reserves form the distributable reserves of the Company and may be used to fund distributions to shareholders. See note 15 in the Annual Report for details.

STATEMENT OF FINANCIAL POSITION

At 31st October

¹     Cash at bank in the Statement of Financial Position has been restated to exclude the investment in the JPMorgan GBP Liquidity Fund of £1,001,000 for the year ended 31st October 2023, and to disclose this separately as current asset investments to conform with the statutory format as required by the Companies Act. There is no impact on other line items in the Statement of Financial Position nor on the total current assets.

STATEMENT OF CASH FLOWS

For the year ended 31st October

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st October 2024

1.  Accounting policies

(a)     Basis of accounting

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in July 2022.

All of the Company's operations are of a continuing nature.

The financial statements have been prepared on a going concern basis. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence up to 31st January 2026 which is at least 12 months from the date of approval of these Financial Statements. In forming this opinion, the Directors have considered the impact of Russia's invasion of Ukraine and conflict in the Middle East. They have considered the mitigation measures which key service providers, including the Manager, have in place to maintain operational resilience. The Directors have broadened the Company's investment mandate to include emerging European, Middle Eastern and African countries and concluded that this is sufficient to apply the going concern basis. The Directors have reviewed income and expense projections and the liquidity of the investment portfolio in making their assessment.

In addition to the above, the Company carried out stress testing that included modelling significantly reduced market liquidity and considered the impact of stressed revenue. In even the most stressed scenario, the Company was shown to have sufficient cash, or to be able to liquidate a sufficient portion of its listed holdings, in order to meet its liabilities as they fall due.

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

2.  Dividends

(a)     Dividends paid and proposed

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

The requirements of Section 1158 are considered on the basis of the dividend proposed in respect of the financial year, shown below. The revenue available for distribution by way of dividend is £225,000 (2023: £306,000).

The final dividend proposed in respect of the year ended 31st October 2024 is subject to shareholder approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 31st October 2025.

3.  Return/(loss) per share

4.  Net asset value per share

        Status of announcement

2023 Financial Information

The figures and financial information for 2023 are extracted from the Annual Report and Accounts for the year ended 31st October 2023 and do not constitute the statutory accounts for the year. The Annual Report and Accounts includes 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 Registrar of Companies in due course.

2024 Financial Information

The figures and financial information for 2024 are extracted from the Annual Report and Accounts for the year ended 31st October 2024 and do not constitute the statutory accounts for the year. The Annual Report and Accounts includes 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 Registrar of Companies in due course.

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 - 0800 20 40 20 or +44 1268 44 44 70

4th February 2025

ENDS

Annual Report and Financial Statements

The Annual Report and Financial Statements will be posted to shareholders on or around 6th February 2025 and will shortly be available on the Company's website (www. jpmeemeasecurities.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 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 jpmeemeasecurities.com where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.