Half Year Report JPMorgan Indian Investment Trust plc. Half Year Report & Accounts for the six months ended 31st March 2012

2012 Half Year Report JPMorgan Indian Investment Trust plc Half Year Report & Accounts for the six months ended 31st March 2012

Features Contents About the Company 1 Half Year Performance 2 Chairman s Statement 3 Investment Managers Report Investment Review 5 List of Investments 6 Group Portfolio Analysis Accounts 7 Group Income Statement 8 Group Statement of Changes in Equity 9 Group Balance Sheet 10 Group Cash Flow Statement 11 Notes to the Group Accounts Shareholder Information 13 Interim Management Report 14 Details of Subscription Shares 15 Glossary of Terms and Definitions 17 Information about the Company Objective Capital growth from investments in India. Investment Policies - To invest in a diversified portfolio of equity and equity-related securities of Indian companies. - To invest also in companies which earn a material part of their revenues from India. - The Company will not invest in the other countries of the Indian sub-continent nor in Sri Lanka. - To invest no more than 15% of gross assets in other listed investment companies (including investment trusts). - To use gearing when appropriate to increase potential returns to shareholders; the Company s gearing policy is to use short-term gearing for tactical purposes, up to a maximum level of 15% of shareholders funds. Benchmark MSCI India Index expressed in sterling terms. Risk Investors should note that there can be significant economic and political risks inherent in investing in a single emerging economy such as India. As such, the Indian market can exhibit more volatility than developed markets and this should be taken into consideration when evaluating the suitability of the Company as a potential investment. Capital Structure At 31st March 2012, the Company s issued share capital comprised 119,857,221 Ordinary shares of 25p each, including 3,991,788 shares held in Treasury, and 6,156,322 Subscription shares of 1p each. Continuation Vote The Company s Articles of Association require that, at the Annual General Meeting to be held in 2014 and at every fifth year thereafter, the Directors will propose a resolution that the Company continues as an investment trust. Management Company The Company employs JPMorgan Asset Management (UK) Limited ( JPMAM or the Manager ) to manage its assets.

Half Year Performance Total returns (includes dividends reinvested) +1.0% Portfolio return less fees and expenses 1,2 +0.4% Benchmark return 3 +1.8% Diluted return on net assets 1,4 +1.0% Return to Ordinary shareholders 5 1 Source: J.P. Morgan. 2 Return on net assets, that is net of management fees and administration expenses, but excluding the effects of Subscription shares which have converted during the period and the dilutive impact of Subscription shares in issue at the period end. 3 Source: MSCI. The Company's benchmark is the MSCI India Index expressed in sterling terms. 4 Return on net assets calculated using the diluted net asset value, which assumes that all outstanding Subscription shares were converted into Ordinary shares at the period end. 5 Source: Morningstar. Financial Data 31st March 30th September % 2012 2011 change Shareholders funds ( 000) 477,498 473,717 +0.8 Number of Ordinary shares in issue excluding shares held in Treasury 115,865,433 115,625,322 +0.2 Number of Subscription shares in issue 6,156,322 8,408,433 26.8 Undiluted net asset value per Ordinary share 412.1p 409.7p +0.6 Diluted net asset value per Ordinary share 406.0p 398.7p +1.8 Ordinary share price 362.0p 358.3p +1.0 Subscription share price 82.5p 112.0p 26.3 Ordinary share price discount to diluted net asset value per share 10.8% 10.1% BSE Sensex 30 Index (capital only expressed in sterling terms) 213.8 215.7 0.9 A glossary of terms and definitions is provided on page 15. JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 1

Chairman s Statement Performance The returns for the six months to 31st March 2012 belie the volatile nature of the markets over the period. Your Company saw an increase in diluted net assets of 1.8%, outperforming the return of the Company s benchmark, the MSCI India Index (in sterling terms), which rose by 0.4%. On an undiluted basis, the Company returned 0.6%. The Company s share price total return was 1.0%, reflecting the widening of the discount from 10.1% to 10.8%. The background against which the Company performed is discussed in more detail in the Investment Managers Report on pages 3 and 4. Gearing The Company is finalising a one year floating rate US$25 million loan facility with RBS to provide the investment managers with the flexibility to gear the portfolio should circumstances permit. As at the date of this report, the Company is ungeared. Discount Management The Board has guidelines in place with regard to the management of any discount/ premium that may develop between the Company s share price and its net asset value per share. The Company currently holds 4,394,788 Ordinary shares in treasury and, under current guidelines, these may only be reissued at a premium to the prevailing net asset value at the time of reissue. India/Mauritius Double Tax Treaty The Indian government is in the process of introducing new tax legislation, including General Anti-Avoidance Rules, which could impose additional costs or obligations on the activities of the Company s Mauritian subsidiary and have adverse consequences if the Mauritian subsidiary ceased to qualify for the benefits under the India/Mauritius Double Tax Treaty. The Board and its advisors are monitoring developments closely. Share Capital In November 2008, the Company issued 21,001,937 Subscription shares to shareholders on the basis of one Subscription share for every five Ordinary shares previously held. Each Subscription share confers the right (but not the obligation) to subscribe for one Ordinary share on any business day during the period from 2nd January 2009 to 2nd January 2014, after which the rights under the Subscription shares will lapse. As at the date of this statement, 14,864,680 of the original 21,001,937 Subscription shares (70.8%) have been converted, raising proceeds in excess of 35.4 million. Further details of the Subscription shares, including the subscription periods and their respective prices and the bonus cost for the calculation of taxation, can be found on page 14 and on the Company s website at www.jpmindian.co.uk. Outlook Our Managers remain positive as to the prospects for Indian equities over the medium to long term, however over the short term, returns are expected to remain volatile. Hugh Bolland Chairman 24th May 2012 2 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

Investment Managers Report Market Review The first half of the Company s financial year was a remarkable period, with the final quarter of 2011 witnessing a risk off led sell off and the first quarter of 2012 staging a dramatic turnaround with a risk on led rally in risk assets. The MSCI India Index rose around 9% during the review but the fall in the Rupee detracted most of those gains. These extreme macro led moves were evident in portfolio flows, with foreign institutions investing a record US$9 billion during January to March 2012 after selling US$360 million during October to December 2011. Rukhshad Shroff Rajendra Nair However, throughout this period, news flow out of India continued to be singularly miserable. The central government continued to be paralysed by a seemingly endless stream of corruption scandals that severely affected legislative activity for the better part of 2011. Besides, the dismal show of the Congress Party in the crucial state elections, where they were decisively marginalised in three out of the five (especially in Uttar Pradesh), has significantly worsened the political stalemate. The possibility of policy momentum picking up after the state elections, which encouraged the rally in January and February, now appears remote. In fact, the change in the political equation was evident in the equivocation over the railway budget in which the minister (belonging to the TMC, which is a coalition partner) was fired by his own party chief for raising passenger tariffs. He was replaced by another representative of the same party who promptly rolled back most of the increases. The Union budget was also a disappointment. In fact, certain proposals with regard to the taxability of foreign investments spooked the market and though the Finance Minister tried to allay the concerns of portfolio investors, confusion reigned supreme. On the positive side, the Reserve Bank of India eased monetary policy for the first time in 18 months by cutting policy rates by 0.5% in April and the cash reserve ratio (CRR) twice in January and in March by a cumulative 1.25%. However, the commentary continued to be hawkish, implying that further loosening was unlikely in the very short term. This was mainly due to worrying signs of inflation rising in early 2012 after easing materially in late 2011. Meanwhile, growth momentum in the economy continued to decelerate with GDP for the fourth quarter of 2011 growing below expectations at 6.1% with Gross Fixed Capital Formation (GFCF) declining year-on-year for a second straight quarter. Year-on-year trade data deteriorated significantly in March, with exports showing a decline for the first time in over two years while imports rose 24%, leading to a jump of over 300% in the trade deficit. The resulting deterioration in the balance of payments further added to the concerns on the Rupee. Earnings for the review period were a mixed bag, with a few high profile disappointments (notably Infosys) and hardly any positive surprises. However, the thin silver lining is that earnings forecasts have stabilised, after being steadily cut through 2011. JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 3

Investment Managers Report continued Performance Review The Company outperformed the benchmark in the fourth quarter of 2011 as the quality bias embedded in the portfolio contributed to relative performance. The same attribute hurt performance in the first quarter of 2012 as low quality high beta stocks outperformed. However, for the review period as a whole the Company modestly outperformed the benchmark. Outlook and Fund Strategy The near term outlook remains extremely fluid and depends almost entirely on domestic and global macro factors. The move to defer the implementation of some of the controversial tax proposals should help sentiment and spur a relief rally in the currency and equity markets. However, much more would be required by way of policy action to sustain any such rally, which looks extremely unlikely in the uncertain political climate in India. Rukhshad Shroff Raj Nair Investment Managers 24th May 2012 4 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

List of Investments at 31st March 2012 Valuation Company Sector 000 % Infosys Technologies Information Technology 51,310 10.7 HDFC Bank Financials 38,137 8.0 Reliance Industries Energy 31,168 6.5 HDFC Financials 30,555 6.4 ITC Consumer Staples 29,179 6.1 Tata Consultancy Services Information Technology 21,448 4.5 Tata Motors Consumer Discretionary 16,437 3.4 Infrastructure Development Finance Financials 14,491 3.0 Associated Cement Materials 14,284 3.0 Bharti Airtel Telecommunication Services 13,737 2.9 Kotak Mahindra Bank Financials 12,820 2.7 Ambuja Cements Materials 12,628 2.7 Mahindra & Mahindra Consumer Discretionary 12,287 2.6 Indusind Bank Financials 11,241 2.3 Sun Pharmaceuticals Industries Health Care 10,466 2.2 Bajaj Auto Consumer Discretionary 10,331 2.2 Larsen & Toubro Industrials 9,237 1.9 ICICI Bank Financials 9,125 1.9 Wipro Information Technology 8,826 1.8 Bharat Heavy Electricals Industrials 8,291 1.7 National Thermal Power Utilities 7,866 1.6 Hindalco Industries Materials 7,649 1.6 Dr Reddys Laboratories Health Care 7,031 1.5 Godrej Industries Materials 6,361 1.3 Maruti Suzuki India Consumer Discretionary 6,003 1.3 Cummins India Industrials 5,972 1.3 GlaxoSmithKline Pharmaceuticals India Health Care 5,727 1.2 Jindal Steel & Power Materials 5,579 1.2 Bharat Petroleum Energy 5,160 1.1 DIVI s Laboratories Health Care 5,156 1.1 Mahindra & Mahindra Financial Services Financials 4,904 1.0 Exide Industries Consumer Discretionary 3,969 0.8 Oil & Natural Gas Energy 3,297 0.7 Godrej Properties Financials 3,236 0.7 Oberoi Realty Financials 2,920 0.6 Grasim Industries Materials 2,668 0.6 Crompton Greaves Industrials 2,202 0.5 DC Design Consumer Discretionary 0.0 Net current assets 25,800 5.4 Total Portfolio 477,498 100.0 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 5

Group Portfolio Analysis 31st March 2012 30th September 2011 Active Active Portfolio Benchmark Position Portfolio Benchmark Position % 1 % % % 1 % % Financials 26.7 26.3 0.4 27.5 27.9 (0.4) Information Technology 17.1 17.1 0.0 17.1 16.2 0.9 Materials 10.3 9.7 0.6 9.3 9.8 (0.5) Consumer Discretionary 10.3 8.7 1.6 6.6 8.2 (1.6) Energy 8.3 11.7 (3.4) 11.2 13.0 (1.8) Consumer Staples 6.1 7.9 (1.8) 5.5 7.4 (1.9) Health Care 5.9 5.1 0.8 5.2 4.8 0.4 Industrials 5.4 6.0 (0.6) 9.5 7.4 2.1 Telecommunication Services 2.9 2.5 0.4 3.5 0.3 3.2 Utilities 1.6 5.0 (3.4) 1.8 5.0 (3.2) Net current assets 5.4 5.4 2.8 2.8 Total 100.0 100.0 100.0 100.0 1 Based on total assets less current liabilities of 477.5m (30th September 2011: 473.7m). 6 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

Group Income Statement for the six months ended 31st March 2012 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2012 31st March 2011 30th September 2011 Revenue Capital Total Revenue Capital Total Revenue Capital Total 000 000 000 000 000 000 000 000 000 Investment income 1,306 1,306 1,627 1,627 7,145 7,145 Other income 15 15 21 21 56 56 Gains/(losses) on investments held at fair value through profit or loss 7,773 7,773 (22,673) (22,673) (129,005) (129,005) Foreign exchange (losses)/gains (163) (163) 94 94 (26) (26) Total income/(loss) 1,321 7,610 8,931 1,648 (22,579) (20,931) 7,201 (129,031) (121,830) Management fee (2,809) (2,809) (3,474) (3,474) (6,725) (6,725) Other administrative expenses (670) (670) (705) (705) (1,533) (1,533) (Loss)/profit before finance costs and taxation (2,158) 7,610 5,452 (2,531) (22,579) (25,110) (1,057) (129,031) (130,088) Finance costs (185) (185) (326) (326) (508) (508) (Loss)/profit before taxation (2,343) 7,610 5,267 (2,857) (22,579) (25,436) (1,565) (129,031) (130,596) Taxation Net (loss)/profit (2,343) 7,610 5,267 (2,857) (22,579) (25,436) (1,565) (129,031) (130,596) (Loss)/earnings per Ordinary share (note 4) undiluted (2.02)p 6.55p 4.53p (2.49)p (19.70)p (22.19)p (1.36)p (112.20)p (113.56)p diluted (2.00)p 6.49p 4.49p (2.41)p (19.02)p (21.43)p (1.32)p (108.85)p (110.17)p The Group does not have any income or expense that is not included in net (loss)/profit for the period. Accordingly the Net (loss)/profit for the period is also the Total comprehensive income for the period, as defined in IAS 1 (revised) and no separate Statement of Comprehensive Income has been presented. The Total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary Revenue and Capital columns are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. All of the (loss)/profit and total comprehensive income is attributable to the equity shareholders of JPMorgan Indian Investment Trust plc, the Company. There are no minority interests. JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 7

Group Statement of Changes in Equity Called up Exercised Capital Six months ended share Share Other warrant Capital redemption Revenue 31st March 2012 capital premium reserve reserve reserves reserve reserve Total (Unaudited) 000 000 000 000 000 000 000 000 At 30th September 2011 29,486 76,903 41,929 5,886 327,620 6,362 (14,469) 473,717 Exercise of Subscription shares into Ordinary shares (23) 23 Issue of Ordinary shares on conversion of Subscription shares 563 5,007 5,570 Repurchase of shares into Treasury (7,056) (7,056) Net profit/(loss) for the period 7,610 (2,343) 5,267 At 31st March 2012 30,026 81,933 34,873 5,886 335,230 6,362 (16,812) 477,498 Called up Exercised Capital Six months ended share Share Other warrant Capital redemption Revenue 31st March 2011 capital premium reserve reserve reserves reserve reserve Total (Unaudited) 000 000 000 000 000 000 000 000 At 30th September 2010 29,051 72,861 41,929 5,886 456,651 6,362 (12,904) 599,836 Exercise of Subscription shares into Ordinary shares (12) 12 Issue of Ordinary shares on conversion of Subscription shares 296 2,629 2,925 Net (loss)/profit for the period (22,579) (2,857) (25,436) At 31st March 2011 29,335 75,502 41,929 5,886 434,072 6,362 (15,761) 577,325 Called up Exercised Capital Year ended share Share Other warrant Capital redemption Revenue 30th September 2011 capital premium reserve reserve reserves reserve reserve Total (Audited) 000 000 000 000 000 000 000 000 At 30th September 2010 29,051 72,861 41,929 5,886 456,651 6,362 (12,904) 599,836 Exercise of Subscription shares into Ordinary shares (18) 18 Issue of Ordinary shares on conversion of Subscription shares 453 4,024 4,477 Net profit/(loss) for the year (129,031) (1,565) (130,596) At 30th September 2011 29,486 76,903 41,929 5,886 327,620 6,362 (14,469) 473,717 8 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

Group Balance Sheet at 31st March 2012 (Unaudited) (Unaudited) (Audited) 31st March 2012 31st March 2011 30th September 2011 000 000 000 Non current assets Investments held at fair value through profit or loss 451,698 561,746 460,324 Current assets Other receivables 1,579 286 1,946 Cash and cash equivalents 24,407 15,663 11,768 25,986 15,949 13,714 Current liabilities Other payables (186) (370) (321) Net current assets 25,800 15,579 13,393 Net assets 477,498 577,325 473,717 Equity attributable to equity holders Called up share capital 30,026 29,335 29,486 Share premium 81,933 75,502 76,903 Other reserve 34,873 41,929 41,929 Exercised warrant reserve 5,886 5,886 5,886 Capital reserves 335,230 434,072 327,620 Capital redemption reserve 6,362 6,362 6,362 Revenue reserve (16,812) (15,761) (14,469) Total equity 477,498 577,325 473,717 Net asset value per Ordinary share (note 5) undiluted 412.1p 502.0p 409.7p diluted 406.0p 483.5p 398.7p JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 9

Group Cash Flow Statement for the six months ended 31st March 2012 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2012 31st March 2011 30th September 2011 000 000 000 Operating activities Profit/(loss) before taxation 5,267 (25,436) (130,596) Add back interest paid 185 326 508 Add back (gains)/losses on investments held at fair value through profit or loss (7,773) 22,673 129,005 Net sales of investments held at fair value through profit or loss 16,398 10,415 5,505 Increase in other receivables (207) (149) (63) Decrease in amounts due from brokers 574 4,823 3,077 Decrease in other payables (134) (175) (96) Decrease in amounts due to brokers (3,471) (3,599) Net cash inflow from operating activities before interest payable and taxation 14,310 9,006 3,741 Interest paid (185) (326) (508) Tax paid (137) (137) Net cash inflow from operating activities 14,125 8,543 3,096 Financing activities Net proceeds from the issue of shares 5,570 2,925 4,477 Repurchase of shares into Treasury (7,056) Net cash (outflow)/inflow from financing activities (1,486) 2,925 4,477 Increase in cash and cash equivalents 12,639 11,468 7,573 Cash and cash equivalents at the start of the period 11,768 4,195 4,195 Cash and cash equivalents at the end of the period 24,407 15,663 11,768 10 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

Notes to the Group Accounts for the six months ended 31st March 2012 1. Principal activity The principal activity of the Company is that of an investment trust company within the meaning of Section 1158 of the Corporation Tax Act 2010. 2. Financial statements The financial information for the six months ended 31st March 2012 and 2011 has not been audited or reviewed by the Company s auditors. The financial information contained in these half year accounts does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The information for the year ended 30th September 2011 has been extracted from the latest published audited financial statements. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either Section 498(2) or 498(3) of the Companies Act 2006. 3. Accounting policies The financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ), which comprise standards and interpretations approved by the International Accounting Standards Board to the extent that they have been adopted by the European Union. Where presentational guidance set out in the Statement of Recommended Practice (the SORP ) for investment trusts issued by the Association of Investment Companies in January 2009 is consistent with the requirements of IFRS, the financial statements have been prepared on a basis compliant with the recommendations of the SORP. The accounting policies applied to these half year accounts are consistent with those applied in the accounts for the year ended 30th September 2011. JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 11

Notes to the Group Accounts continued 4. (Loss)/earnings per Ordinary share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2012 31st March 2011 30th September 2011 000 000 000 (Loss)/earnings per share is based on the following: Revenue loss (2,343) (2,857) (1,565) Capital profit/(loss) 7,610 (22,579) (129,031) Total profit/(loss) 5,267 (25,436) (130,596) Weighted average number of Ordinary shares in issue during the period used for the purpose of undiluted calculation 116,185,568 114,623,396 114,998,087 Weighted average number of Ordinary shares in issue during the period used for the purpose of diluted calculation 117,350,741 118,687,611 118,541,866 Undiluted Revenue loss per share (2.02)p (2.49)p (1.36)p Capital profit/(loss) per share 6.55p (19.70)p (112.20)p Total profit/(loss) per share 4.53p (22.19)p (113.56)p Diluted Revenue loss per share (2.00)p (2.41)p (1.32)p Capital profit/(loss) per share 6.49p (19.02)p (108.85)p Total profit/(loss) per share 4.49p (21.43)p (110.17)p 5. Net asset value per Ordinary share (Unaudited) (Unaudited) (Audited) 31st March 2012 31st March 2011 30th September 2011 Undiluted Ordinary shareholders funds 000 477,498 577,325 473,717 Number of Ordinary shares in issue 115,865,433 114,997,059 115,625,322 Net asset value per Ordinary share (pence) 412.1 502.0 409.7 Diluted Ordinary shareholders funds assuming exercise of Subscription shares 000 495,414 599,645 494,486 Number of potential Ordinary shares in issue 122,021,755 124,033,755 124,033,755 Net asset value per Ordinary share (pence) 406.0 483.5 398.7 The diluted net asset and value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the period end. The Company will only re-issue shares held in Treasury at a premium and therefore these shares have no dilutive potential. 12 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

Interim Management Report The Company is required to make the following disclosures in its Half Year Report. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational; and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 30th September 2011. Any change in taxation legislation or taxation regime applicable to the Mauritian Subsidiary could affect the value of the investments held by the Group, affect the Company s ability to provide returns to Shareholders or alter the post-tax returns to Shareholders. In particular, it is intended that the Mauritian Subsidiary will continue to benefit from the India/Mauritius Double Tax Treaty. Future changes to Mauritian or Indian law or to the India/Mauritius Double Tax Treaty, or the interpretations given to them by the regulatory authorities, could impose additional costs or obligations on the activities of the Mauritian Subsidiary, which in turn may have adverse effects on the performance of the Company. The terms of the India/Mauritius Double Tax Treaty were challenged in India but were upheld by the Supreme Court of India in October 2003. However, more recently, there have been discussions between the Indian and Mauritian authorities with regard to re-negotiation of the Treaty. Adverse tax consequences would result if the Mauritian Subsidiary ceased to qualify for the benefits under the India/Mauritius Double Tax Treaty (for example, if it were held that the Mauritian Subsidiary was not a resident of Mauritius). There can be no assurance that the Mauritian Subsidiary will continue to qualify for or receive the benefits of the India/Mauritius Double Tax Treaty or that the terms of the India/Mauritius Double tax Treaty will not be changed. Such an event may require the Mauritian Subsidiary to pay or provide for tax liabilities that would reduce the net asset value of the Ordinary shares. Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period. Going Concern The Directors believe, having considered the Company s investment objective, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts. Directors Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the Accounting Standards Board s Statement Half-Yearly Financial Reports ; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. For and on behalf of the Board Hugh Bolland Chairman 24th May 2012 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 13

Details of Subscription Shares On 4th November 2008 the Company issued Subscription shares as a bonus issue to the Ordinary shareholders on the basis of one Subscription share for every five ordinary shares held. Each Subscription share confers the right (but not the obligation) to subscribe for one Ordinary share on any business day during the period from 2nd January 2009 until 2nd January 2014, after which the rights on the Subscription shares will lapse. For the purposes of UK taxation, the issue of Subscription shares is treated as a reorganisation of the Company s share capital. Whereas such reorganisations do not trigger a chargeable disposal for the purposes of the taxation of capital gains, they do require shareholders to reallocate the base costs of their Ordinary shares between Ordinary shares and Subscription shares received. At the close of business on 5th November 2008 the middle market prices of the Company s Ordinary shares and Subscription shares were as follows: Ordinary shares: 246.0 pence Subscription shares: 67.5 pence Accordingly an individual investor who on 4th November 2008 held five Ordinary shares (or a multiple thereof) would have received a bonus issue of one Subscription share (or the relevant multiple thereof) and would apportion the base cost of such holding 94.8% to the five Ordinary shares and 5.2% to the Subscription shares. Subscription share rights may be exercised on any day up to and including 2nd January 2014. With effect from 3rd January 2012, the conversion price increased from 247 pence to 291 pence per share. 14 JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012

Glossary of Terms and Definitions Portfolio return Return on net assets, that is net of management fees and administration expenses, but excluding the effect of Subscription shares which have converted during the period and the dilutive impact of Subscription shares in issue at the period end. Benchmark return Total return on the benchmark, on a mid-market value to mid-market value basis, assuming that all dividends received were reinvested into the shares of the underlying companies at time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company s investment universe. The Company s investment strategy does not track this index and consequently, there may be some divergence between the Company s performance and that of the benchmark. Diluted return on net assets Return on the diluted net asset value per Ordinary share on a bid value to bid value basis. Return to Ordinary shareholders Total return to the Ordinary shareholder, on a mid-market price to mid-market price basis. Ordinary share price discount/premium to diluted net asset value ( NAV ) per share If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium. It is more common for an investment trust s shares to trade at a discount than at a premium. Active position The active position shows the difference between the Company s holding of an individual stock, sector or country versus that stock, sector or country s benchmark. A positive number indicates an active decision by the investment manager to own more of (i.e. be overweight) that stock, sector or country versus the benchmark and a negative number a decision to hold less of (i.e. be underweight) that stock, sector or country versus the benchmark. Diluted net asset value per Ordinary share Net asset value per Ordinary share assuming all Subscription shares outstanding were converted into Ordinary shares at the period end. JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 15

Information about the Company Financial Calendar Financial year end Final results announced Half year end Half year results announced Interim Management Statements announced Dividends Annual General Meeting 30th September December 31st March May January/July N/A January History The Company was launched in May 1994 by a public offer of shares which raised 84 million before expenses. In November 2005 the Company adopted its present name, JPMorgan Indian Investment Trust plc. Directors Hugh Bolland (Chairman) Richard Burns Nimi Patel Hugh Sandeman Peter Sullivan Company Numbers Company registration number: 2915926 Ordinary Shares London Stock Exchange Sedol Number: 0345035 ISIN: GB00345 03S9 Bloomberg: JII LS Subscription Shares London Stock Exchange Sedol Number: B3CSX51 ISIN: GB00B3C SX518 Bloomberg: JIIS LN Market Information The Company s net asset value ( NAV ) per share is published daily via the London Stock Exchange. The Company s Ordinary shares are listed on the London Stock Exchange and are quoted daily in the Financial Times, The Times, The Daily Telegraph, The Scotsman, The Independent and on the JPMorgan website at www.jpmindian.co.uk where the Ordinary share price is updated every fifteen minutes during trading hours. The Company s Subscription shares are listed on the London Stock Exchange and quoted daily in the Financial Times and on the JPMorgan website at www.jpmindian.co.uk, where the Subscription price is updated every fifteen minutes during trading hours. Website www.jpmindian.co.uk Share Transactions The Company s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor s behalf. They may also be purchased and held through the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP. These products are all available on the online wealth manager service, J.P. Morgan WealthManager+ available at www.jpmorganwealthmanagerplus.co.uk Manager and Company Secretary JPMorgan Asset Management (UK) Limited Company s Registered Office Finsbury Dials 20 Finsbury Street London EC2Y 9AQ Telephone number: 020 7742 4000 For company secretarial and administrative matters, please contact Andrew Norman. Custodian JPMorgan Chase Bank, N.A. 125 London Wall London EC2M 5AJ Registrars Equiniti Limited Reference 1087 Aspect House Spencer Road Lancing West Sussex BN99 6DA Telephone: 0871 384 2327 Notifications of changes of address and enquiries regarding share certificates or dividend cheques should be made in writing to the Registrar quoting reference 1087. Registered shareholders can obtain further details on their holdings on the internet by visiting www.shareview.co.uk. Independent Auditor Deloitte LLP Chartered Accountants and Statutory Auditor Stonecutter Court 1 Stonecutter Street London EC4A 4TR Brokers JPMorgan Cazenove Limited 10 Aldermanbury London EC2V 7RF Savings Product Administrators For queries on the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP, see contact details on the back cover of this report. A member of the AIC JPMorgan Indian Investment Trust plc. Half Year Report & Accounts 2012 17

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