Six months ended 30 June 2016 (unaudited) Year ended 31 December 2015 Assets under management ( bn) Net inflows ( bn)

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1 Interim Report and Accounts Highlights 27 July 2016 Continued organic flow growth from our core mutual fund franchise, with net mutual fund inflows of 0.4bn Assets under management increased to 37.0bn Maintained adjusted EBITDA margins at 50 per cent. while investing for growth Profit before tax increased by 3 per cent. to 86.6m Underlying earnings per share decreased by 3 per cent. to 14.4p Interim dividend increased by 12.5 per cent. to 4.5p. (unaudited) 30 June 2015 (unaudited) Assets under management ( bn) Net inflows ( bn) Adjusted EBITDA 1 () Adjusted EBITDA margin 1 (per cent.) Profit before tax () Underlying earnings per share 1 (p) Interim dividend per share (p) Total dividend per share (p) The Group s use of alternative performance measures is explained on page 7. Maarten Slendebroek, Chief Executive, commented: Jupiter has continued to deliver strong investment outperformance after all fees in the first half of the year. Net flows were positive despite the market backdrop and we made further targeted investments to support our strategy of diversification by product, client type and geography which continues to deliver on behalf of our clients and shareholders. Since the end of June, we have continued to see net flows into our products. Jupiter is well prepared for a period of potentially heightened volatility and remains focused on accessing the opportunities presented by long term demographic changes to deliver growth in a disciplined manner for our shareholders and clients. Analyst presentation There will be an analyst presentation at 9.00am on 27 July The presentation will be held at The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ and is also accessible via a live audiocast for those unable to attend in person. To attend the presentation, please contact Tom Blackwell at FTI Consulting on +44 (0) or at tom.blackwell@fticonsulting.com. Alternatively, sign up online to access the live audiocast using the following link: For further information, please contact: Jupiter FTI Consulting Investors Alex Sargent +44 (0) Tom Blackwell +44 (0) Media Alicia Wyllie +44 (0) Andrew Walton +44 (0) Forward-looking statements This announcement contains forward-looking statements with respect to the financial condition, results of operations and businesses of the Group. Such statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors current view and information known to them at the date of this announcement. The Directors do not make any undertaking to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. Interim Report and Accounts

2 Interim Report and Accounts Chief Executive s statement Jupiter has continued to deliver on its primary objective of strong investment outperformance after all fees in the first half of the year. At the end of June 2016, 73 per cent. of assets under management were above median and 53% were first quartile over the previous three years - the key period to assess investment performance. This is an improvement from the good position as at December 2015 when 68 per cent. of assets were above median. Turning investment outperformance into flows is integral to our long-term growth strategy. After a strong first quarter for inflows, progress in the second quarter was held back by uncertainty ahead of the EU referendum. Despite this headwind, net mutual fund inflows over the first half totalled 0.4 billion and assets under management increased to 37.0 billion, with a strong contribution from foreign exchange movements at the very end of June. We made further progress with our ambitions to diversify Jupiter s revenue sources by client type, geography and product during the period. Our plans to extend our distribution capabilities in Italy and Spain are well advanced and with those in place, our distribution network will extend to 19 countries, 9 of which are serviced by local offices. In markets where we have already established a strong foothold we are now broadening our service proposition and product mix. We have also completed a strong product launch schedule by successfully launching the Asian Income unit trust in the UK and four SICAV funds for international clients Global Absolute Return, Asia Pacific Income, Global Ecology Diversified and UK Dynamic Growth. At a corporate level, the appointments of a new Chief Financial Officer and General Counsel round out our Executive Committee and complete a period of succession management at Jupiter. The resilience of our business model ensured we were able to make progress across most metrics despite challenging market conditions. Underlying net management fees rose 5 per cent. to 156.5m (H1 15: 149.2m); adjusted EBITDA of 84.7m (2015 H1: 86.8m) was down 2 per cent. due to lower performance fees; costs increased due to the expected increase from the office move; adjusted EBITDA margins were in line at 50 per cent. and underlying EPS totalled 14.4 pence per share (2015 H1: 14.9p). Profit before tax was up 3 per cent. at 86.6m. The increase reflected the recognition of a 5.0m foreign exchange gain on the liquidation of two foreign subsidiaries that was excluded from both adjusted EBITDA and underlying EPS measures. The Board has decided to increase the interim dividend by 12.5 per cent. to 4.5 pence per share. Looking forward, we will continue to invest in growing our business while looking to deliver attractive returns to shareholders over time. As an active manager, with a clear diversification strategy, Jupiter has delivered for clients and shareholders and we are well prepared for a period of potentially heightened volatility. It is too early to comment on the long term effects of the EU referendum held in the UK at the end of June but Jupiter continues to be well-positioned for the post-brexit business environment. A full Brexit without an EU trade deal and without mutual passporting arrangements would trigger a limited amount of legal restructuring for Jupiter s operations in Continental Europe, but no movement of staff. Longer term, the same demographic growth drivers remain in place for our industry. Governments and corporates are stepping back from the provision of retirement schemes and individuals are increasingly being forced to take care of their own savings and investments. We will continue to access these opportunities with the same discipline as our shareholders have come to expect from us. We remain focused on achieving growth, primarily by organic means, in areas where we have a high degree of confidence in our eventual success, while ensuring we maintain the quality of our investment franchise. Maarten Slendebroek Chief Executive Officer Interim Report and Accounts

3 Interim Report and Accounts Business review Assets under management ( AUM ) and flows Movement in AUM by product across the period 31 December 2015 Q1 net flows Q2 net flows Market movement 30 June 2016 Mutual funds 31, ,268 Segregated mandates 3, (86) 39 3,754 Investment trusts (11) 29 1,001 Total 35, (92) ,023 AUM increased to 37.0bn as at (: 35.7bn), representing a 4 per cent. increase due to net inflows and foreign exchange gains made on non-sterling assets post the Brexit vote at the end of June. We maintained healthy organic flow growth from our core mutual fund franchise, with year to date net mutual fund inflows of 448m. The strongest contributions were from our fixed income and European ranges, with the majority of net flows coming from our growing international distribution capabilities. These drivers were consistent across the two quarters, although external market conditions became less favourable towards the end of the period. Investment performance At, 26 mutual funds, representing approximately 73 per cent. of mutual funds by AUM (: 27 mutual funds representing 68 per cent. of mutual fund AUM), delivered first and second quartile investment performance over the key three year investment period. Over one year, 26 mutual funds representing approximately 70 per cent. of mutual funds by AUM, delivered first and second quartile investment performance (: 31 mutual funds representing approximately 84 per cent. of mutual fund AUM). Financial review RESULTS FOR THE PERIOD The financial performance of the Group is discussed below. Net revenue 30 June 2015 Management fees Fee expenses (24.4) (35.4) (69.3) Net management fees Initial charges and commissions Commission expenses (1.8) (2.4) (4.7) Net initial charges Performance fees Total Net revenue for the period was 170.0m (2015 H1: 169.4m), a 0.4 per cent. increase on 2015 H1. Net management fees remain the main component of net revenue (2016 H1: 92 per cent., 2015 H1: 88 per cent.), although this proportion was lower in 2015 H1 due to a significant performance fee which crystallised in the period. 30 June 2015 Net management fees () Average AUM ( bn) Net management fee margin (bps) Net management fees increased to 156.5m (2015 H1: 149.2m), the growth coming through the additional margin earned through the SICAV aggregate operating fee which was implemented in December Interim Report and Accounts

4 Interim Report and Accounts The Group s net management fee margin for the period was 87.6 basis points, up by 0.6 basis points on the second half of 2015, due to the introduction within the SICAV of the aggregate operating fee, slightly offset by continued expansion in our lower margin Fixed Income product range. We continue to expect net management fee margins to decline by 1-2 basis points a year from 2017 due to product mix reasons. Net initial charges of 7.8m (2015 H1: 7.4m) rose slightly. Performance fees of 5.7m (2015 H1: 12.8m) crystallised in the period, earned principally on a single fund. We continue to expect that the double digit levels of last year, whilst possible, are unlikely to be repeated. Administrative expenses 30 June 2015 Fixed staff costs Other expenses Total fixed costs Variable staff costs Underlying administrative expenses (Credit)/charge for options over pre-listing shares (0.1) Office closure costs Total administrative expenses Underlying administrative expenses of 86.4m (2015 H1: 83.1m) were 3.3m higher than 2015 H1. Total fixed costs of 54.4m (2015 H1: 45.6m) increased 19 per cent. primarily due to costs associated with the introduction of the SICAV aggregate operating fee and additional occupancy costs following the relocation to The Zig Zag Building. Excluding these two additional items, our core level of fixed costs was down slightly on 2015 H2 levels as we implemented a number of cost discipline measures in response to market falls in the early part of Fixed staff costs of 23.3m (2015 H1: 21.3m) were 9 per cent. higher than 2015 H1 due to increases in headcount. 30 June 2015 Cash bonus Deferred bonus LTIP, SAYE and SIP Variable staff costs Variable compensation ratio 1 28% 30% 28% 1 Variable staff costs as a proportion of pre-variable staff cost operating earnings before charge for options over pre-listing schemes Cash bonus costs of 21.1m (2015 H1: 26.3m) decreased by 20 per cent. due to a lower level of variable compensation directly linked to performance fees. Other variable compensation charges fell slightly, as the decrease in the Jupiter share price over the period resulted in a lower accrual for associated Employer s National Insurance. Variable compensation as a proportion of pre-variable compensation operating earnings fell to 28 per cent. (2015 H1: 30 per cent.) due to the distortion from the large performance fee received in 2015 H1. We expect the variable compensation ratio to remain in the mid to high 20 per cent. range over the medium-term, as the incentive schemes put in place as part of our Listing have now reached maturity. However, the equity-settled nature of previously awarded deferred bonus and LTIP schemes means that their costs are fixed at the time of grant and subsequently do not change if future earnings rise or fall. Therefore, in a period where earnings have risen, we would expect the variable compensation ratio to remain at the mid to lower end of our range. Interim Report and Accounts

5 Interim Report and Accounts Adjusted EBITDA Adjusted EBITDA was 84.7m for the period (2015 H1: 86.8m), down 2 per cent. due to lower levels of performance fees, with adjusted EBITDA margins maintained at 50 per cent. 30 June 2015 Operating earnings Add/(subtract): charge/(credit) for options over pre-listing shares (0.1) Add: depreciation Add: office closure costs Adjusted EBITDA Other income statement movements Amortisation of 1.6m (2015 H1: 1.6m) relates primarily to the Jupiter brand name which continues to be amortised on a straight line basis through to June Profit before tax Profit before tax for the period increased to 86.6m (2015 H1: 84.0m). This increase of 3 per cent. was due to a one-off non-cash accounting gain recognised on the liquidation of two overseas subsidiaries more than offsetting the net impact of the reduction in performance fees. Tax The effective tax rate was 20.4 per cent. (2015 H1: 20.1 per cent., 2015: 19.7 per cent.) against a headline corporation tax rate of 20 per cent. (2015 H1: per cent., 2015: per cent.). Underlying profit before tax and underlying earnings per share ( EPS ) Underlying profit before tax and underlying EPS are non-gaap measures which the Board believes provide a useful representation of the Group s trading performance. Underlying EPS was down 3 per cent. on 2015 H1 at 14.4p (2015 H1: 14.9p), similar to the decrease in EBITDA. 30 June 2015 Profit before tax Adjustments: Amortisation of acquired trade name Charge for options over pre-listing shares (0.1) Office closure costs Realised foreign exchange gains on liquidation of subsidiaries (5.0) - - Underlying profit before tax Tax at average statutory rate of 20 per cent. (16.5) (17.3) (34.0) (2015 H1: per cent., 2015: per cent.) Underlying profit after tax Issued share capital (m) Underlying EPS 14.4p 14.9p 29.2p Basic EPS 15.3p 14.9p 29.4p Diluted EPS 14.9p 14.5p 28.5p Interim Report and Accounts

6 Interim Report and Accounts CASH FLOW The Group generated positive operating cash flows after tax in 2016 H1 of 56.5m (2015 H1: 57.7m). 1.7m was spent on the net purchase of seed capital investments, the final and special dividend payments were 96.6m and 13.2m of shares were purchased by the Employee Benefit Trust to avoid future dilution from compensation schemes. ASSETS AND LIABILITIES Balance sheet The Group s cash position fell to 202.2m (: 259.4m), as cash generated through trading was offset by the payment of the 2015 compensation round and the final and special dividends. As outlined in the Equity and Capital Management section, it remains our intention to return a high proportion of surplus cash to shareholders as it arises. The Group has access to a revolving credit facility of 50m which will be renewed for a further three year period when the current facility expires at the end of July. We intend to leave the facility intact but undrawn, in case of need, supporting our intention to run a sustainable balance sheet with cash across the cycle. Seed capital investments We deploy seed capital into funds to assist us in building a track record from launch or to give small but strongly performing funds sufficient scale to attract external money. As at, we had a total investment of 52.7m in our own funds (31 December 2015: 47.3m). This excludes 8.1m of investments in our own funds to hedge our obligation to settle amounts payable to employees in relation to Deferred Bonus Plan awards. These investments are shown on the Group s balance sheet under the appropriate heading for the relevant level of ownership in each fund. The Group only invests in liquid funds and chooses to hedge market and currency risk on the majority of its holdings of seed capital investments, with 98 per cent. of seed capital either hedged or invested in absolute return products. As a result, the value of these investments is stable and available to improve the Group s cash balances and liquidity if required. EQUITY AND CAPITAL MANAGEMENT Total shareholders equity decreased by 37.4m to 565.5m, as the continued profitability of the Group was offset by the payment of the 2015 final and special dividends of 96.6m. The Group maintains a comfortable surplus over its regulatory requirements. Dividends Jupiter has a progressive ordinary dividend policy, and our intention is for the ordinary dividend payout ratio to be around 50 per cent. across the cycle. The Board then expects to retain up to 10 per cent. of pre-variable compensation earnings for investment and growth; the remaining balance, after taking account of any specific events, will be returned to shareholders. In current market conditions, shareholders have indicated that their preferred method of capital return is a special dividend. It remains the Board s intention to operate the same approach for The Board considers the dividend on a total basis, taking into account our resilient balance sheet and our long term approach to running the business. In looking to maintain an appropriate balance between interim and full-year dividends, the Board has declared an increased interim dividend of 4.5p (2015 H1: 4.0p). Interim Report and Accounts

7 Interim Report and Accounts THE USE OF ALTERNATIVE PERFORMANCE MEASURES ( APMs ) The Group uses the following APMs: APM Definition Reconciliation Reason for use Adjusted EBITDA* Earnings before interest, tax, depreciation and Page 5 A amortisation, adjusted for non-recurring items** Adjusted EBITDA margin* Adjusted EBITDA divided by net revenue Not applicable A Net revenue Revenue less fee and commission expenses Page 8 B Operating earnings Net revenue less administrative expenses Page 8 B Underlying administrative Administrative expenses excluding non-recurring Page 4 C expenses items Underlying EPS Underlying profit after tax divided by issued Page 5 C share capital Underlying profit before tax Profit before tax excluding amortisation arising Page 5 C from acquisitions and non-recurring items** Variable compensation ratio Variable staff costs as a proportion of pre- Not applicable D variable compensation operating earnings *In previous periods, these APMs were referred to as EBITDA and EBITDA margin **Items that are non-recurring are those items of income or expenditure that are not expected to repeat over the business cycle. Where appropriate, such items may be recognised over multiple accounting periods. A. to present a measure of profitability which is aligned with the requirements of our investors and potential investors and which excludes the effects of financing (interest payable) and capital investment (depreciation and amortisation), enabling comparison with competitors with different accounting policies and debt levels. B. to draw out meaningful subtotals of revenues and earnings commonly used by asset managers after taking into account items such as fees and commissions payable, without which a proportion of the revenues would not have been earned, and administrative expenses which often have a direct link to revenues through the use of compensation ratios to set remuneration. C. to present users of the accounts with a clear view of what the Group considers to be the results of its underlying operations, thereby enabling consistent period on period comparisons and making it easier for users of the accounts to identify trends. D. to provide additional information not required for disclosure under accounting standards. The information is given to assist users of the accounts in gauging the level of operational gearing in the Group and in predicting future variable cost and therefore profit levels. All APMs relate to past performance. Interim Report and Accounts

8 Section 1: Results for the period Consolidated income statement for the period ended (unaudited) 30 June 2015 (unaudited) (audited) Notes Revenue Fee and commission expenses (26.2) (37.8) (74.0) Net revenue Administrative expenses (86.3) (83.5) (163.8) Operating earnings Other gains/(losses) (0.5) 1.7 Amortisation of intangible assets 3.2 (1.6) (1.6) (3.2) Operating profit Finance income Finance costs (0.1) (0.1) (0.2) Profit before taxation Income tax expense 1.5 (17.7) (16.9) (32.5) Profit for the period Earnings per share Basic p 14.9p 29.4p Diluted p 14.5p 28.5p Interim Report and Accounts

9 Consolidated statement of comprehensive income for the period ended (unaudited) 30 June 2015 (unaudited) (audited) Notes Profit for the period Items that may be reclassified subsequently to profit or loss Exchange movements on translation of subsidiary undertakings Items reclassified to the income statement Realised foreign exchange gains transferred to the income statement (5.0) - - Other comprehensive income for the period net of tax Total comprehensive income for the period net of tax (4.6) Interim Report and Accounts

10 Notes to the Group financial statements Income statement INTRODUCTION Jupiter Fund Management plc (the Company ) and its subsidiaries (together, the Group ) offer a range of asset management products. Through its subsidiaries, the Group acts as an investment manager to authorised unit trusts, SICAVs, investment trust companies, pension funds and other specialist funds. The Group has offices in the United Kingdom, Germany, Singapore, Hong Kong, Switzerland, Austria, Sweden and Italy. The Group s financial statements have been split into sections to assist with their navigation and align with the Financial Review. The basis of preparation, accounting policies and principal risks and mitigations are within Section NET REVENUE The Group s primary source of revenue is management fees. Management fees are based on an agreed percentage of the assets under management. Initial charges and commissions include fees based on a set percentage of certain inflows to our funds and profits earned on dealing within the unit trust manager s box, known as box profits. Performance fees are earned from some funds when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under distribution agreements. 30 June 2015 Management fees Initial charges and commissions Performance fees Fee and commission expenses (26.2) (37.8) (74.0) Total net revenue SEGMENTAL REPORTING The Group offers a range of products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board ), which determines the key performance indicators of the Group. Information is reported to the chief operating decision maker, the Board, on a single segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a singlesegment investment management business. 1.3 OPERATING EARNINGS Operating earnings are defined as net revenue less administrative expenses and do not include investment income and returns, other gains/(losses), and amortisation of intangible assets. These are items which the Group considers are not indicative of the ongoing income and costs of its operations. The Group believes that operating earnings, while not a GAAP measure, gives relevant information on the profitability of the Group and its ongoing operations. Operating earnings may not be comparable with similarly titled measures used by other companies. 1.4 OTHER GAINS/(LOSSES) 30 June 2015 Foreign exchange gains on liquidation of subsidiaries Dividend income Other (1.0) (0.5) 1.5 Total other gains/(losses) 4.3 (0.5) 1.7 During the period, the Group liquidated two of its overseas subsidiaries. On liquidation, the cumulative amount of foreign exchange gains of 5.0m relating to those subsidiaries was transferred from the foreign currency translation reserve, where it had previously been credited, to the income statement. Interim Report and Accounts

11 1.5 INCOME TAX EXPENSE Analysis of charge in the period: 30 June 2015 Current tax UK corporation tax Tax on profits for the period Adjustments in respect of prior periods - - (0.1) Deferred tax Origination and reversal of temporary differences 0.6 (0.5) (1.3) Impact of changes in corporation tax rate (0.5) (1.1) Total income tax expense The weighted average UK corporation tax rate for the period ended was 20 per cent. (2015 H1: 20.5 per cent., 2015: per cent.). 1.6 EARNINGS PER SHARE Basic earnings per share ( EPS ) is calculated by dividing the profit for the period by the weighted average number of ordinary shares outstanding during the period, less the weighted average number of own shares held. Own shares are shares held in an Employment Benefit Trust ( EBT ) for the benefit of employees under the vesting, lock-in and other incentive arrangements in place. Diluted EPS is calculated by dividing the profit for the period by the weighted average number of ordinary shares outstanding during the period for the purpose of basic EPS, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. For the purposes of calculating EPS, the share capital of the parent is calculated as the weighted average number of ordinary shares in issue over the periods reported. The weighted average number of ordinary shares used in the calculation of EPS is as follows: Weighted average number of shares 30 June 2015 Number Number Number m m m Issued share capital Less: own shares held (8.2) (8.7) (7.7) Weighted average number of ordinary shares for the purpose of basic EPS Add back weighted average number of dilutive potential shares Weighted average number of ordinary shares for the purpose of diluted EPS Earnings per share 30 June 2015 p p p Basic Diluted Interim Report and Accounts

12 Section 2: Consolidated statement of cash flows Consolidated statement of cash flows for the period ended (unaudited) 30 June 2015 (unaudited) (audited) Notes Cash flows from operating activities Cash generated from operations Income tax paid (17.9) (14.6) (30.2) Net cash inflows from operating activities Cash flows from investing activities Purchases of property, plant and equipment 3.3 (2.4) (0.3) (7.7) Purchase of intangible assets 3.2 (0.3) (0.8) (1.4) Purchase of financial assets at fair value through profit or loss ( FVTPL ) (10.7) (16.9) (27.4) Proceeds from disposal of financial assets at FVTPL Dividend income received Finance income received Net cash (outflows)/inflows from investing activities (3.8) 2.6 (14.7) Cash flows from financing activities Dividends paid 4.3 (96.6) (94.0) (112.1) Purchase of shares by EBT (13.2) (7.5) (20.9) Finance costs paid (0.1) (0.1) (0.2) Net cash outflows from financing activities (109.9) (101.6) (133.2) Net increase in cash and cash equivalents (57.2) (41.3) 8.4 Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period Notes to the Group financial statements Consolidated statement of cash flows 2.1 CASH FLOWS GENERATED FROM OPERATING ACTIVITIES 30 June 2015 Operating profit Adjustments for: Amortisation of intangible assets Depreciation of property, plant and equipment Other non-cash (gains)/losses (6.0) (0.3) 0.6 Share-based payments Cash inflows on exercise of share options (Increase)/decrease in trade and other receivables (88.4) (83.5) 4.3 Increase/(decrease) in trade and other payables (1.2) Cash generated from operations Interim Report and Accounts

13 Section 3: Assets and liabilities Jupiter Fund Management plc Consolidated balance sheet at Assets 30 June 2015 (unaudited) (unaudited) (audited) Notes Non-current assets Goodwill Intangible assets Property, plant and equipment Deferred tax assets Trade and other receivables Current assets Investments in associates Financial assets at FVTPL Trade and other receivables Cash and cash equivalents Total assets Equity attributable to shareholders Share capital Own share reserve 4.2 (0.2) (0.1) (0.2) Other reserve Foreign currency translation reserve Retained earnings Total equity Liabilities Non-current liabilities Trade and other payables Deferred tax liabilities Current liabilities Financial liabilities at FVTPL Trade and other payables Current income tax liability Total liabilities Total equity and liabilities Interim Report and Accounts

14 Notes to the Group financial statements Assets and liabilities 3.1 GOODWILL On 19 June 2007, the Group acquired the entire share capital of Knightsbridge Asset Management Limited ( KAML ), giving rise to a goodwill asset being recognised. 30 June 2015 Goodwill The Group has determined that it is a single cash generating unit for the purpose of assessing the carrying value of goodwill. No additional goodwill was recognised in the period (2015 H1: nil, 2015: nil). 3.2 INTANGIBLE ASSETS In 2007, the Group acquired the entire share capital of KAML. This acquisition gave rise to the recognition of intangible assets relating to the trade name of the Group. 30 June 2015 Trade name Computer software During the period, the Group acquired software with a value of 0.3m (2015 H1: 0.8m, 2015: 1.4m). The amortisation charge for the period was 1.6m (2015 H1: 1.6m, 2015: 3.2m). 3.3 PROPERTY, PLANT AND EQUIPMENT The net book value of property, plant and equipment at was 9.6m (2015 H1: 1.5m, 2015: 8.3m). During the period, the Group acquired property, plant and equipment with a value of 2.4m (2015 H1: 0.3m, 2015: 7.7m). 3.4 FINANCIAL INSTRUMENTS HELD AT FAIR VALUE As at, the Group held the following classes of financial instruments measured at fair value, which arise from the Group s investments in seed capital (see note 5.1): 30 June December 2015 Investments in associates Financial assets at FVTPL Financial liabilities at FVTPL (9.5) (6.8) (9.9) CASH AND CASH EQUIVALENTS 30 June 2015 Cash at bank and in hand Short-term deposits Cash held by EBT and seed capital subsidiaries Interim Report and Accounts

15 Section 4: Equity Consolidated statement of changes in equity for the period ended Foreign Share capital Own share reserve Other reserve currency translation reserve Retained earnings Total At 1 January 2015 (audited) 9.2 (0.2) Profit for the period Total comprehensive income Vesting of ordinary shares and options Dividends paid (94.0) (94.0) Purchase of shares by EBT (7.5) (7.5) Share-based payments Current tax Deferred tax Total transactions with owners (92.5) (92.4) Balance at 30 June 2015 (unaudited) 9.2 (0.1) Profit for the period Exchange movements on translation of subsidiary undertakings Other comprehensive income Total comprehensive income Vesting of ordinary shares and options Dividends paid (18.1) (18.1) Purchase of shares by EBT - (0.1) - - (13.3) (13.4) Share-based payments Current tax Deferred tax (0.1) (0.1) Total transactions with owners - (0.1) - - (23.0) (23.1) Balance at (audited) 9.2 (0.2) Profit for the period Exchange movements and gains on translation and liquidation of subsidiary undertakings (4.6) - (4.6) Other comprehensive income (4.6) - (4.6) Total comprehensive income (4.6) Vesting of ordinary shares and options (0.2) (0.2) Dividends paid (96.6) (96.6) Purchase of shares by EBT (13.2) (13.2) Share-based payments Current tax Deferred tax (1.5) (1.5) Total transactions with owners (101.7) (101.7) Balance at (unaudited) 9.2 (0.2) Interim Report and Accounts

16 Notes to the Group financial statements Equity 4.1 SHARE CAPITAL 30 June 2015 Authorised, issued, allotted, called-up and fully paid 457.7m ordinary shares of 2p each RESERVES (i) Own share reserve At, 7.6m (2015 H1: 6.3m, 2015: 8.1m) ordinary shares, with a par value of 0.2m (2015 H1: 0.1m, 2015: 0.2m), were held as own shares within the Group s EBT for the purpose of satisfying share option obligations to employees. (ii) Other reserve The other reserve of 8.0m (2015 H1: 8.0m, 2015: 8.0m) relates to the conversion of Tier 2 preference shares in (iii) Foreign currency translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. During the period, 5.0m (H1 2015: nil, 2015: nil) was transferred to the income statement following the liquidation of overseas subsidiaries. 4.3 DIVIDENDS On 8 April 2016, the Group paid a final dividend for 2015 of 10.6p per ordinary share and a special dividend for 2015 of 10.9p per ordinary share. This amounted to a total payment of 96.6m after taking into account the 1.8m dividends waived on shares held in the EBT. The Board has declared an interim dividend for the period of 4.5p per ordinary share. This dividend will be paid on 26 August 2016 to ordinary shareholders on the register at close of business on 5 August Interim Report and Accounts

17 Section 5: Other notes Notes to the Group financial statements Other 5.1 BASIS OF PREPARATION These condensed interim financial statements for the period ended have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34 Interim Financial Reporting, as adopted by the European Union. The condensed interim financial statements should be read in conjunction with the Group s annual financial statements for the year ended, which have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union. The condensed interim financial statements do not comprise statutory accounts within the meaning of section 434 of the Companies Act Statutory accounts for the year ended were approved by the Board on 26 February 2016 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act The condensed interim financial statements have been reviewed, not audited. The Group has access to the financial resources required to run the business efficiently and a strong gross cash position. The Group s forecasts and projections, which are subject to rigorous sensitivity analysis, show that the Group will be able to operate within its available resources even given the uncertainty inherent within future market levels and investment performance. As a consequence, the Directors have a reasonable expectation that the Group has adequate resources to continue operating for a period of at least 12 months from the balance sheet date. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements. Changes in the composition of the Group The Group is required to consolidate seed capital investments if it is deemed to control them. The following changes have been made to the consolidation of the Group since : Included in consolidation Jupiter Global Fund SICAV: Global Absolute Return Jupiter Global Fund SICAV: UK Dynamic Growth Excluded from consolidation Jupiter Global Fund SICAV: Asia Pacific 5.2 ACCOUNTING POLICIES The accounting policies applied are consistent with those described in the Group s annual financial statements for the year ended. 5.3 FINANCIAL INSTRUMENTS Financial instruments held at fair value are carried at a value which represents the price to exit the instruments at the balance sheet date. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. Where a quoted market price is not available, the Group establishes fair value using valuation techniques such as recent arm s length market transactions, reference to current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models. The Group used the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). As at, 30 June 2015 and, all financial instruments held by the Group were classified as Level RELATED PARTY TRANSACTIONS All related party transactions during the period are consistent with those disclosed in the Annual Report and Accounts for the year ended and have taken place on an arm s length basis. No new related parties or related party transactions that materially affect the financial position or performance of the Group existed during the period. Interim Report and Accounts

18 5.5 PRINCIPAL RISKS AND MITIGATIONS The Board has ultimate responsibility for the risk strategy of the Group and for determining an appropriate risk appetite, as well as the tolerance levels, within which the Group must operate. By defining these, the Board demonstrates that it is aware of and, where appropriate, has taken steps to mitigate the impact of risks that may have a material impact on the Group. On at least an annual basis, the Board formally considers its appetite for risk with particular regard to the Group s strategic plans, the wider business environment and the current and future condition of the Group s business and operations. The Group Risk Appetite is informed and challenged by any experience of materialised risk, either within Jupiter or in the broader marketplace. Referendum on Britain s Membership of the EU Jupiter s Risk Committee, which is responsible for the management of the Group s risk, undertook a number of measures to ensure the Group s readiness and consider potential responses both in advance of and subsequent to the referendum on Britain s membership of the European Union. Jupiter s preparation for the referendum vote was considered according to the Group s key risk categories, overseeing the potential impact on the Group s; Strategy: The impact on the Group being able being able to deliver its strategy in a post-brexit environment; Operational risk exposures: The measures that Jupiter took to ensure its operational readiness in relation to the outcome of the referendum, including liaising with third-party providers of core services; Balance Sheet Risk; Consideration of the potential impact on the Group s ability to meet its financial obligations (particularly in the light of the devaluation of sterling); Counterparty/Credit Risk; Giving consideration to the ongoing stability in potentially volatile markets of third parties to which the Group or its funds might be exposed; Regulatory Risk; Considering the potential impact on the regulatory environment in which the Group and its funds operate, and; Conduct Risk; The potential impact on the Group s clients, and Jupiter s ability to provide at all times an optimum level of client service. Jupiter s initial review of the Group s response to events following the referendum has provided assurance that the measures taken were appropriate and adequate to address the relevant risks. Jupiter s management team and Risk Management function will continue to maintain close and dynamic oversight of these to ensure that the Group continues to be positioned to operate within its defined risk appetite in the post-brexit environment. The principal risks to which the Group will be exposed in the second half of 2016 are substantially the same as those outlined in the Annual Report and Accounts for the year ended, and are provided below. Investment outperformance Sustained underperformance: There is a risk that our clients will not meet their investment objectives, due to weak financial markets or poor performance by our fund managers. Failure to retain key staff: We are a people business and our people are key to successfully executing our strategy. Effective distribution Regulatory non-compliance: A significant regulatory investigation or action against the Group could affect our reputation, our clients trust in us and our ability to do business in our target markets. Distribution and product trends: These risks reflect potential changes in our fee structures, in the terms we can agree with third-party distributors, or in clients appetite for our products. Efficient operations Operational error, business continuity incident or fraud: We could suffer from a material error in executing a key business process, a lack of availability of our key systems or business premises, or a successful fraud against us or our clients. Failure of third party supplier: The failure of a provider we rely on for key business processing may lead to our failing to deliver the required service to our clients or shareholders or not fulfilling our regulatory obligations. Counterparty failure: The failure of a trading or depositary counterparty with which we have a relationship could have an adverse effect on our business. Interim Report and Accounts

19 Section 6: Directors responsibility statement Jupiter Fund Management plc Directors responsibility statement We confirm that to the best of our knowledge: The condensed interim set of financial statements has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting as adopted by the European Union and gives a true and fair view of the assets, liabilities, financial position and profits of the Group for the period ended. The interim report includes a fair review of the information required by: a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the current financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related party transactions described in the last Annual Report and Accounts that could have a material effect on the financial position or performance of the Group in the past six months of the current financial year. The Directors of Jupiter Fund Management plc are listed in the Annual Report and Accounts for the year ended 31 December Philip Johnson resigned from the Board on 18 May A current list of Directors is maintained on the website at On behalf of the Board Maarten Slendebroek Chief Executive Officer 26 July 2016 Interim Report and Accounts

20 Independent review report to Jupiter Fund Management plc Independent review report to Jupiter Fund Management plc Report on the condensed consolidated interim financial statements Our conclusion We have reviewed Jupiter Fund Management plc's condensed consolidated interim financial statements (the interim financial statements ) in the interim report and accounts of Jupiter Fund Management plc for the 6 month period ended. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union and the Disclosure Rules and Transparency Rules of the United Kingdom s Financial Conduct Authority. What we have reviewed The interim financial statements comprise: The consolidated balance sheet as at ; The consolidated income statement and the consolidated statement of comprehensive income for the period then ended; The consolidated statement of cash flows for the period then ended; The consolidated statement of changes in equity for the period then ended; and The explanatory notes to the interim financial statements. The interim financial statements included in the interim report and accounts have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union and the Disclosure Rules and Transparency Rules of the United Kingdom s Financial Conduct Authority. As disclosed in note 5.1 to the interim financial statements, the financial reporting framework that has been applied in the preparation of the full annual financial statements of the Group is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. Responsibilities for the interim financial statements and the review Our responsibilities and those of the directors The interim report and accounts, including the interim financial statements, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report and accounts in accordance with the Disclosure Rules and Transparency Rules of the United Kingdom s Financial Conduct Authority. Our responsibility is to express a conclusion on the interim financial statements in the interim report and accounts based on our review. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Rules and Transparency Rules of the United Kingdom s Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. What a review of interim financial statements involves We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have read the other information contained in the interim report and accounts and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. PricewaterhouseCoopers LLP Chartered Accountants London 26 July 2016 Notes (a) (b) The maintenance and integrity of the Jupiter Fund Management plc website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Interim Report and Accounts

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