JPMorgan European Growth & Income plc (‘the Company’ or ‘JEGI’) Annual Report & Financial Statements for the year ended 31st March 2026 Key Features 3 Strategic Report Financial Highlights 6 Chair’s Statement 8 Portfolio Managers’ Report 13 Performance Record 18 Portfolio Information 19 Manager’s Investment Process & Stewardship 23 Business Review 26 Principal and Emerging Risks 29 Long Term Viability 32 Duty to Promote the Success of the Company 33 Directors’ Report Board of Directors 38 Directors’ Report 39 Corporate Governance Statement 42 Audit Committee Report 48 Directors’ Remuneration Report 52 Statement of Directors’ Responsibilities 56 Independent Auditors’ Report 58 Financial Statements Statement of Comprehensive Income 67 Statement of Changes in Equity 68 Statement of Financial Position 69 Statement of Cash Flows 70 Notes to the Financial Statements 71 Regulatory Disclosures Alternative Investment Fund Managers’ Directive (‘AIFMD’) Disclosures 93 (Unaudited) Securities Financing Transactions Regulation Disclosures (‘SFTR’) 93 (Unaudited) Shareholder Information Notice of Annual General Meeting 97 Appendix 101 Glossary of Terms and Alternative Performance Measures 102 (‘APMs’) (Unaudited) Investing in JPMorgan European Growth & Income plc 106 Share Fraud Warning 107 Information About the Company 108 Contents 2 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Financial Calendar Financial year end 31st March Final results announced June Half year end 30th September Half year results announced November Dividends payable Jun/Sep/Dec/Mar Annual General Meeting July Website The Company’s website, which can be found at www.jpmeuropeangrowthandincome.com , includes useful information on the Company, such as daily prices, factsheets and current and historic half year and annual reports and investment methodology. Stay informed: receive email updates The Board and the Portfolio Managers are keen to increase dialogue with shareholders and other interested parties. If you wish to sign up to receive email updates from the Company, including news and views and latest performance statistics, please click the QR Code to the right or visit https://tinyurl.com/JEGI-Sign-Up . Contact the Company General enquiries about the Company should be directed to the Company Secretary at [email protected]

JPMorgan European Growth & Income plc (the Company) at a Glance Objective The investment objective of the Company is to provide capital growth and a rising share price over the longer term from Continental European investments by out-performance of the benchmark and taking carefully controlled risks through an investment method that is clearly communicated to shareholders. Investment Policies • To invest in a diversified portfolio of companies in the equity markets of Continental Europe. • To manage liquidity and borrowings to increase returns to shareholders. Capital Structure At 31st March 2026, the Company’s share capital comprised 436,986,529 Ordinary shares with a nominal value of 0.50 pence per share including 14,620,341 shares held in Treasury. Benchmark The MSCI Europe ex UK Index (total return) in sterling terms. Tender Offer The Performance-Related Tender Offer is proposed to be made for up to 25% of the issued share capital of the Company (excluding treasury shares) in the event that the NAV total return of the Company does not equal or exceed the total return of the Benchmark over the five-year period commencing on 4th February 2022, being the first day of trading in the Ordinary Shares. The Performance-Related Tender Offer allows Shareholders to realise the value of a portion of their Ordinary Shares at the NAV per Ordinary Share, less costs. Dividend Policy The Company’s dividend policy is to pay four dividends per financial year payable in June, September, December and March and based on 4% per annum of the NAV as at close of business on 31st March of the preceding financial year. Management Company The Company employs JPMorgan Funds Limited (‘JPMF’) as its Alternative Investment Fund Manager. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM’). The Company employs JPMorgan Funds Limited (JPMF or the Manager) as its Alternative Investment Fund Manager (AIFM) and Company Secretary. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (JPMAM). All of these entities are wholly owned subsidiaries of J.P. Morgan Chase & Co. The investment team, Alexander Fitzalan Howard, Zenah Shuhaiber and Tim Lewis (the ‘Portfolio Managers’) manage the Company’s portfolio on behalf of the Investment Manager. Key Features J.P. Morgan Asset Management 3

4 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Key Features l Successful long term investment approach supported by the significant resources of J.P. Morgan l Differentiated and attractive dividend policy delivered by the closed end investment trust structure l Active discount management and long term alignment with shareholders through a competitive fee structure and performance related tender Dividend per ordinary share based on 4% of NAV per annum A disciplined, robust and consistent investment process buying quality stocks with attractive valuations and improving prospects Return on share price over ten years Why invest in JPMorgan European Growth & Income plc? JPMorgan European Growth & Income plc has a distinctive strategy for investing in Europe – with an enhanced dividend policy. The portfolio managers focus on building a core portfolio of European equities comprising well managed companies with improving prospects and attractive valuations. Our investment approach JPMorgan European Growth & Income plc portfolio managers combine research from their in house fundamental analysts with the disciplined and objective output from quantitative analysis. The portfolio managers look to build a diversified portfolio of European stocks that aims to outperform in various market environments. The financial implications of Environmental, Social and Governance considerations are integrated into the stock selection process, using both JPMAM’s proprietary research as well as external vendor output. Dividends The Company pays dividends based on 4% of the net asset value set at the start of each financial year subject to sufficient distributable reserves. This dividend policy does not compromise the portfolio managers’ investment approach, which is focused on continuing to generate total returns in excess of the MSCI Europe ex UK index. “ The portfolio outperformed its benchmark index by 5.3% with the net asset value (NAV) per share rising 20.1%, predominantly driven by stock selection.” Alexander Fitzalan Howard, Investment Manager, JPMorgan European Growth & Income plc Our investment process focuses on identifying companies with improving operational momentum, quality characteristics, and attractive valuations.” Zenah Shuhaiber, Investment Manager, JPMorgan European Growth & Income plc “ We remain alert to the risks but confident that we will continue to find attractive investment opportunities that meet our criteria relating to valuation, quality and operational momentum.” Tim Lewis, Investment Manager, JPMorgan European Growth & Income plc “ 5.0p +213.6%

Strategic Report Colosseum – Rome, Italy

Financial Highlights 6 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Total returns (including dividends reinvested) to 31st March 3 years 5 years 10 Years 2026 2025 Cumulative Cumulative Cumulative Return on share price 1,A Return on net asset value per ordinary share – with debt at fair value 2,A Benchmark return 3 Dividend per ordinary share A Dividend yield A,B +21.2% +11.8% +20.1% +3.5% +45.2% +14.8% +2.5% +32.5% 5.0p 4.8p +56.6% +95.2% +213.6% +51.8% +148.8% +79.5% +190.9% 3.9% 4.3% 1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per ordinary share (NAV). 3 Source: MSCI. The portfolio’s benchmark is the MSCI Europe ex UK Index (total return) in sterling terms. A Alternative Performance Measure (‘APM’). B The 2026 yield is based on the dividends payable in respect of 2025/6 and the share price as at 31st March 2026. The Board has announced that it intends to pay dividends totalling 5.44p per share in respect of 2026/7 which equates to a yield of 4.2% as at 31st March 2026. A glossary of terms and APMs is provided on page 102. Long Term Performance (total returns) for periods ended 31st March 2026 0 50 100 150 200 250 10 Year 5 Year 3 Year 1 Year Benchmark return 3 21.2% 20.1% 14.8% 213.6% 95.2% 79.5% 51.8% 56.6% 45.2% 32.5% 190.9% 148.8% Return on share price 1 Return on net asset value per share – debt at fair value 2

Financial Highlights J.P. Morgan Asset Management 7 Strategic Report Summary of results 2026 2025 % change Total returns for the year ended 31st March Return on share price 1,A +21.2% +11.8% Return on net asset value per ordinary share – with debt at fair value 2,A +20.1% +3.5% Benchmark return 3 +14.8% +2.5% Net asset value, share price and discount at 31st March Net asset value per ordinary share: – with debt at fair value A 135.9p 118.7p +14.5 – with debt at par value A 135.2p 118.1p +14.5 Share price 1 129.5p 111.0p +16.7 Share price discount to net asset value per ordinary share: – with debt at fair value A 4.7% 5.5% 5 – with debt at par value A 4.2% 5.0% 5 Shareholders’ funds (£’000) 570,862 498,579 +14.5 Ordinary shares in issue (excluding shares held in Treasury) 422,366,188 422,016,188 +0.1 Revenue for the year ended 31st March Gross revenue (£’000) 18,788 17,081 +10.0 Net revenue attributable to shareholders (£’000) 14,801 12,145 +21.9 Return per ordinary share 4 3.51p 2.85p +23.2 Dividend per ordinary share A 5.00p 4.80p +4.2 Gearing as at 31st March A 5.0% 4.3% Ongoing charges A 0.64% 0.66% 1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per ordinary share with debt at fair value. 3 Source: MSCI. The portfolio’s benchmark is the MSCI Europe ex UK Index (total return) in sterling terms. 4 Return per ordinary share is calculated on the basis of weighted average number of shares in issue. See note 9 on page 76. 5 As at 31st March 2025, the share price discount to net asset value per share (NAV) is determined by adjusting the NAV to account for dividends that have been declared but remain unpaid at the end of the year. This approach aligns with the share price as at the year end. Details of the calculation can be found in the Glossary of Terms and APMs on page 102. This adjustment was not required as at 31st March 2026 as the fourth interim was paid before the year end date. A Alternative Performance Measure (‘APM’). A list of APMs, with explanations and calculations, and a glossary of terms are provided on pages 102 to 105.

Chair’s Statement 8 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Introduction In this 12-month reporting period to 31st March 2026, I am delighted to report that JEGI outperformed its benchmark on a net asset basis by +5.3% 1 , delivering a return of +20.1%. This extends JEGI’s record of consistent outperformance in a year marked by material shifts in geopolitics. Our Investment Manager, empowered by a clear mandate, has continued to navigate European markets with skill. They have been able to seek out attractively valued companies with the potential for capital growth and build a robust portfolio – crucial for these volatile times. For much of the year, the backdrop for European equities was supportive. Inflation continued to moderate and monetary policy became less restrictive, while investor sentiment towards Europe improved and flows increased. A notable feature of the period was the continued strengthening of the European investment case for defence and infrastructure, underpinned by governments’ commitments to higher long-term spending following Germany’s announced expansive infrastructure programme. In this environment, JEGI’s balanced approach, providing growth and income, remained particularly relevant. The final weeks of the reporting period were more challenging, as the conflict involving the USA/Israel and Iran contributed to higher energy prices and increased volatility, alongside ongoing uncertainty around US trade policy. The war in Ukraine also continued to cast a long shadow over Europe’s security and economic outlook. Proposed rollover of assets from European Opportunities Trust PLC The JEGI board were pleased to announce on 29th May 2026 that we had signed Heads of Terms with the board of European Opportunities Trust PLC (‘EOT’) in respect of a transfer of certain of the cash, assets and undertakings of EOT. The proposals are expected to grow our net assets, enhancing JEGI’s position as a leading investment vehicle for European equity investing that delivers an attractive dividend yield. The expected scale of the enlarged JEGI should improve secondary market liquidity for shareholders, raise the profile of JEGI, and reduce the ongoing charges ratio. Furthermore, a significant contribution from JPMorgan Funds Limited allows such benefits to be provided on a cost-effective basis. We are delighted that the board of EOT has selected JEGI as the default rollover option for its shareholders, recognising that JEGI has delivered sector-leading performance, attractive income, and excellent value for its shareholders. The proposed deal with EOT offers to significantly grow JEGI’s assets at a time when we are very aware that cost effective scale increasingly matters.” Rita Dhut Chair “ 1 Net asset value with debt at fair value.

Chair’s Statement J.P. Morgan Asset Management 9 Strategic Report As I commented in the announcement, it is an exciting time to be investing in Europe. Enthusiasm for Europe’s world-class companies is rising, and we are delighted that the board of EOT has selected JEGI as the default rollover option for its shareholders. We are very aware that scale increasingly matters in the trust industry and recognise the desire for larger, more liquid vehicles that offer highly competitive cost structures. This transaction provides an opportunity for growth and will allow JEGI to appeal to a wider array of investors. We believe that the investment trust structure provides a number of advantages for long-term investors which JEGI utilises for the benefit of its shareholders. We are proud that JEGI has delivered sector-leading performance, attractive income, and excellent value for its shareholders. Details of the timetable for implementation of the deal are expected to be released in July 2026. Performance Return on net asset value per share and return on share price For JEGI’s financial year ended 31st March 2026 the total return on net asset value per share was +20.1% 1 . This was an outperformance of +5.3% over its benchmark. This was driven by strong stock selection. On 18th June 2026, the total return on net asset value per share since the end of this reporting period was 12.8% 1 compared to benchmark total return of 8.8%. In their report on page 13, the Portfolio Managers review in more detail some of the factors underlying the performance of JEGI as well as commenting on the economic and market background over the period. The total return on share price, which takes into account the movement of the share price and dividends received, over the 12 months delivered a return of +21.2%, driven both by investment performance and also a narrowing of the discount. On 18th June 2026, the total return on share price since the end of this reporting period was 17.9%. For an explanation of the calculation of JEGI’s total return on net asset value per share and the total return on share price, please see the Glossary of Terms and Alternative Performance Measures on page 102. Revenue and Dividends During the 12 months to 31st March 2026, the Company’s net revenue attributable to shareholders (net return after taxation) was +21.9% at £14,801,000 (2025: £12,145,000) largely as a result of the increase in dividends received from portfolio companies during the period. As detailed in the Company’s previous annual report and latest RNS announcement on 1st April 2026, the Board’s intention is to provide shareholders with a predictable and regular dividend based on 4% of the preceding year end net asset value (‘NAV’) per share. JEGI pays four interim dividends in June, September, December and March. In line with the above aim, in respect of the year ending 31st March 2026, JEGI’s dividend was 5.0 pence per share, amounting to £21.1 million. This represented an increase from the £20.4 million paid for 2025, as illustrated in note 10 (b) on page 77 of this report. Looking forward, as previously announced on 1st April 2026, for JEGI’s financial year ending 31st March 2027, the Board intends to pay dividends totalling 5.44 pence per share (four interim dividends of 1.36 pence per share), an increase of 8.8% over the dividends paid in respect of the year to 31st March 2026. In that announcement, the Board declared a first interim dividend of 1.36 pence per share in respect of the financial year ending 31st March 2027, payable on 5th June 2026. As was the case for JEGI’s dividends in respect of the year ended 31st March 2026, to the extent that brought forward revenue reserves are not sufficient, dividends will be paid from distributable capital reserves for the financial year ending 31st March 2027, as permitted by the Company’s Articles. 1 Net asset value with debt at fair value.

Chair’s Statement 10 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Gearing There has been no change in the Investment Manager’s permitted gearing range, as previously set by the Board, of between 10% net cash to 20% geared. At 31st March 2026 JEGI was 5.0% geared (31st March 2025: 4.3%). Discounts, Share Issuance and Repurchase During the period under review, the average discount across the Investment Trust sector has continued to remain at elevated levels. However, we have seen changes in discounts, including narrowing across sub sectors and individual Trusts as investors have differentiated between investment mandates and performance. It is pleasing to note that from the start of this reporting period a combination of improving sentiment towards European equities together with a greater interest in JEGI’s shares caused JEGI’s discount to narrow considerably without requiring the Board to be particularly active with share buy-backs. During periods when the JEGI’s shares traded at a premium the Board took the decision to issue shares as detailed below. As at 31st March 2026, JEGI’s Ordinary share discount to NAV 1 was 4.7%. The average discount of a peer group of four companies as at the same date was approximately 7.1% and reflects JEGI’s narrowing level of discount in both absolute and relative terms. On 18th June 2026, JEGI’s ordinary share’s discount was 0.5%, which compares to an average discount of the same peer group of 6.6% as at the same date, though this hides variation in strategy and performance across the sector as well as significant buyback and tender activity which your Board monitors carefully for any implications for JEGI. In the period under review, 600,000 Treasury shares were reissued from Treasury. No Ordinary shares were issued. 250,000 Ordinary shares were bought into Treasury. Marketing and Shareholder Interaction The Board continues to make efforts to increase JEGI’s visibility among both current shareholders and prospective investors. The Board believes that raising awareness of JEGI will benefit all shareholders by fostering ongoing interest in its shares, which in turn supports liquidity and growth. We employ a wide variety of initiatives to introduce JEGI to a broad and relevant audience. The Manager implements a comprehensive marketing and investor relations strategy, reaching out to institutions, private client stockbrokers, and investment platforms through video calls, podcasts, and face-to-face meetings. In addition, we regularly engage with national and industry journalists, highlighting the expertise and perspectives of our Portfolio Managers. We ensure that all promotional efforts are conducted thoughtfully and with careful oversight. Both the Board and the Investment Manager maintain open communication with shareholders, providing regular email updates that share news, insights, and commentary on recent performance. If you have not yet subscribed to these updates and would like to receive them, you can sign up at https://tinyurl.com/JEGI-Sign-Up or by scanning the QR code provided in the margin. It is the Board’s hope that these initiatives will give many more of JEGI’s current and potential shareholders the opportunity to interact with the Board and portfolio managers. AIC Investment Week Award 2025 As referred to in my report included in the Company’s half year report released in November 2025, I am delighted that JEGI was again voted the best investment company in the European sector at the annual AIC Investment Week Award ceremony held on 19th November 2025. Media reports on the 2025 awards have commented that as a winner JEGI is leading the way in meeting investors’ changing needs and taking the investment company sector forward. Scan this QR code on your smartphone camera to sign-up to receive regular updates on the Company. 1 Net asset value with debt at fair value.

Chair’s Statement J.P. Morgan Asset Management 11 Strategic Report Board of Directors During the year, the Board undertook an externally facilitated evaluation process of the 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. In accordance with corporate governance best practice, all the Directors will be standing for re-election at this year’s AGM. Investment Manager In January 2026, the Management Engagement Committee undertook an externally facilitated review of the Manager and Investment Manager, covering the investment management, company secretarial, administrative and marketing services provided to JEGI. The review took account of the Investment Manager’s investment performance record, management processes, investment style, resources and risk control mechanisms. I am pleased to report that the Board agreed with the Committee’s recommendation that the continued appointment of the Manager is in the interests of shareholders. Contracts for Difference (CFDs) At the forthcoming AGM, the Board is proposing an update to the investment policy to amend the current investment restriction, so that CFDs (see glossary of terms on page 105), a form of trading instrument, are more specifically referred to as being available for use by the Portfolio Managers. These updates do not change JEGI’s investment objective or increase the existing permitted levels of gearing. The use of CFDs are expected to provide increased flexibility to more efficiently construct JEGI’s portfolio and facilitate better cash management. CFDs may also be used for potential leverage in the future, subject to limits, should the Portfolio Managers consider it appropriate. CFDs are a flexible, low-cost, capital efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. The proposed changes are set out in full in the Appendix to the Notice of AGM on page 101, with the amendments highlighted for ease of reference. The revised investment restrictions, if approved by shareholders at the AGM, will come into effect upon conclusion of the AGM and the Portfolio Managers may then use CFDs when they consider it appropriate. Annual General Meeting The Company’s ninety-seventh Annual General Meeting (AGM) will be held at 60 Victoria Embankment, London EC4Y 0JP at 2.00 p.m. on Wednesday, 22nd July 2026. We are pleased to invite shareholders to join us in-person for JEGI’s AGM, hear from the Portfolio Managers 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 JEGI’s website at www.jpmeuropeangrowthandincome.com or by contacting the Company Secretary at [email protected] 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 97 to 100. If you hold your shares via an online platform, for further details of how to vote your shares and/or attend JEGI’s AGM, please see the ‘Investing in JPMorgan European Growth & Income plc’ on page 106.

Chair’s Statement 12 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report If there are any changes to these arrangements for the AGM, JEGI will update shareholders via JEGI’s website and an announcement on the London Stock Exchange. Outlook Looking ahead, the near-term investment environment is likely to remain unsettled. The conflict involving the USA/Israel and Iran has increased uncertainty around energy prices and inflation, and markets are continuing to assess the implications for European growth and monetary policy. At the same time, the war in Ukraine and ongoing uncertainty around US trade policy weigh on corporate confidence and likely will continue to lead to sharp, short-term swings in market sentiment. We have also seen global bond market yields rise reflecting worries over inflationary pressures adding a level of fragility to the equity market outlook. Notwithstanding these risks, there is some optimism. Inflation in the Eurozone remains close to the European Central Bank’s (ECB) target with a supportive policy backdrop. Germany has announced a €500 billion infrastructure programme and the structural uplift in European defence spending underline a meaningful shift in the region’s investment outlook. Against this backdrop, the Board remains confident in the Portfolio Managers’ disciplined and repeatable process and their ability to navigate uncertain conditions and continue delivering attractive returns for shareholders over the long term. For and on behalf of the Board Rita Dhut Chair 22nd June 2026

Portfolio Managers’ Report J.P. Morgan Asset Management 13 Strategic Report Market review European equity markets returned +14.8% in the Company’s financial year to 31st March 2026. This outcome masks several bouts of extreme uncertainty. The year started with President Trump’s tariff announcements in April which triggered a sharp selloff in global markets. While US trade policy has been a constant feature of the year the initial volatility, particularly in bond markets, pushed the US administration to soften its approach by pausing reciprocal tariffs and removing them on electronic products. The ruling by the US Court of International Trade against President Trump’s authority over tariffs also helped to reduce trade tensions. Equity markets were quick to take the view that the final outcome would be less damaging than initially feared. By the end of May the European equity markets had recovered their losses. The market continued to advance as economic growth proved stronger than anticipated, helped by lower interest rates and energy prices. Perhaps the biggest tailwind was the substantial fiscal stimulus announced by Germany, which encompasses a broad array of projects ranging from defence to transport infrastructure and industrial support measures. This change of policy in relation to Germany’s strict debt rules should not be underestimated and was beginning to be seen in more positive construction figures and factory orders. Increased spending on defence is likely across much of Europe given clear signals from the US administration that it was unwilling to continue shouldering so much of the burden. In January 2026 political risk reared its head again. President Trump announced his plans for the US to take control of Greenland, threatening more tariffs for those who opposed him. At the end of February, he launched Operation Epic Fury against Iran which sparked an immediate sell off in equity markets. Closure of the Straits of Hormuz, through which roughly 20% of the world’s oil is transported, saw energy prices rise sharply. Uncertainty as to how long the conflict would last left investors fearing prolonged high energy prices feeding through into higher inflation in many sectors as well as lower economic growth. The Company’s financial year ended with a sharp correction in equity prices. Portfolio positioning Our investment process targets companies with improving operational momentum, quality characteristics, and attractive valuations. While individual holdings vary, the portfolio as a whole reflects these traits. We remain overweight Commercial & Professional Services, where firms benefit from structural shifts in energy transition, digital transformation, and outsourcing. We continue to favour SPIE and Bilfinger for their record profitability and high cash conversion. SPIE serves as a key enabler of European decarbonisation with an 8% EBITA margin target by 2028, while Bilfinger has successfully repositioned as a high-margin ‘performance partner’. Despite strong performance, both trade at attractive valuations relative to growth, supported by bolt-on M&A and rising shareholder distributions. We also find a plethora of ideas in domestic European markets, particularly within defensive, cash-generative Telecoms and Utilities. Within Telecoms, KPN stands out as a highly efficient operator in a rational market, with a clear path to reduced capital expenditure as its fibre-to-the-home buildout matures by 2026/27. This supports a robust free cash flow yield, allowing for sustained shareholder returns through dividends and buybacks. Similarly, the Utilities sector remains attractive as Engie rebalances toward stable, regulated infrastructure and renewables. By prioritising energy transition and flexible storage, the firm is de-risking its earnings profile and reducing exposure to volatile power prices. Alexander Fitzalan Howard Portfolio Manager Zenah Shuhaiber Portfolio Manager Tim Lewis Portfolio Manager

Portfolio Managers’ Report 14 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Source: J.P. Morgan Asset Management, Bloomberg. (LHS): Return on Equity based on annual data from 2016 to 2025. (Middle): Fwd Price/Earnings ref MSCI Europe Index from 3rd March 2016 to 10th March 2026. (Right): Share Price, EUR, and Earnings Per Share 31st March 2023 to 10th March 2026. The securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgement and are subject to change without notice. There can be no guarantee they will be met. Past performance and forecasts are not a reliable indicator of current or future results. One notable shift this year was disposing of holdings where long-term AI disruption poses a structural threat that valuations failed to discount at the time. For SAP, we grew wary that generative AI could eventually bypass traditional software layers or force a costly business model reset. Specifically, we view their seat-based model as being under pressure as AI agents automate tasks, potentially eroding core per-user revenue. Similarly, we exited Publicis despite strong organic growth. Our concern at the time centred on the vulnerability of the advertising agency model as GenAI empowers clients to insource creative work and automate media buying. We remain underweight Materials, as many constituents face sluggish demand. For cyclical majors like BASF and Air Liquide, we are still awaiting a definitive European manufacturing and construction recovery, which remains delayed by high energy costs and geopolitical volatility. While these companies show resilience through cost-cutting, the fundamental volume inflection required for a re-rating remains elusive. Overall, the portfolio remains cheaper than the benchmark with superior quality and momentum characteristics. Process in action: Engie SA Improved capital allocation is driving improved business mix, growth and higher returns that warrant a re-rating • The current management team has successfully addressed the company’s history of poor capital allocation and weak profitability, delivering cost savings and sustainably higher returns on equity. • Investment has focused on lower risk assets that provide more predictable and longer duration growth such as renewables and networks. • Re-rated back towards the market level but this does not fully reflect the improvement in the business mix, growth or the improvement in returns. -10 -5 0 5 10 15 20 Return on Equity (%) 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2 10 12 14 16 18 20 22 24 26 28 30 Mar-23 Mar-24 Mar-25 Mar-26 Share Price (E) 2026e Cons EPS (E) 0 0.2 0.4 0.6 0.8 1 1.2 Mar-16 Mar-19 Mar-22 Mar-25 Price Earnings Ratio (blended 12 month forward) vs MSCI Europe • The management team have guided conservatively and consistently beaten expectations driving upgrades. • UK Power Network deal drives further upgrades and our internal analyst sees potential upside from higher growth in the next regulatory period. Is it a good business? Is it attractively valued? Is the outlook improving?

Portfolio Managers’ Report J.P. Morgan Asset Management 15 Strategic Report Source: J.P. Morgan Asset Management, Factset. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. Performance Attribution The portfolio outperformed its benchmark index by 5.3% with the net asset value (NAV) per share rising 20.1% 1 , predominantly driven by stock selection. At a sector level, Pharmaceuticals was the top contributor to relative performance, with broad-based stock selection driving the performance including an overweight in Novartis and underweight in Sanofi. In Capital Goods, positions in ABB and Prysmian contributed strongly to performance. Both companies are benefiting from investments in grid infrastructure and electrification, boosted by record AI investments driving global power demand. At the stock level, Engie, the French utility company, was the top contributor to returns. The company has consistently overdelivered against its medium-term targets through the expansion of their renewables capacity and disciplined asset rotation. This delivery, combined with the acquisition of UK Power Networks which provides regulated network earnings with strong visibility, has helped build investor confidence in future earnings and support a re-rating of the multiple. SBM Offshore is a Dutch-listed small cap company that designs, builds and operates floating production systems for the offshore oil and gas industry. The company has delivered strongly over the past 12 months, commissioning three of the world’s largest and most complex deepwater production systems. This delivery, combined with a strong pipeline of potential new awards and the announcement of an enhanced shareholder return policy drove the share price higher. On the other hand, the biggest detraction came from stock selection within the Food & Beverages sector. Underperformance in the sector reflected modest weakness across a number of holdings rather than any single material detractor. At a stock level, not owning BBVA, the Spanish-listed bank detracted from relative performance. Despite strong fundamental performance, we had avoided the name due to the overhang from their takeover approach for Banco Sabadell. Ultimately this bid failed, and the market reacted positively to the announcement that their share buyback programme would resume. At a sector level, Banks remained a strong positive contributor for the Trust. Portfolio positions JPMorgan European Growth & Income plc as of 31st March 2026 Active and absolute sector positions Relative to benchmark (%) –3.0 –2.0 –1.0 0.0 1.0 2.0 3.0 Materials Transportation Financial Services Technology Hardware & Equipment Automobile & Components Insurance Commercial & Professional Services Energy Utilities Telecom. Services 2.5 2.5 2.2 2.1 1.2 –0.9 –1.0 –1.0 –1.0 –2.1 2.4 0.9 3.4 0.1 1.0 8.0 2.6 5.9 7.9 5.5 Portfolio Weight (%) 1 Net asset value with debt at fair value.

Source: Factset. (o) = overweight, (u) = underweight, (n) = neutral, (s) = short. Data is gross of fees in GBP. Attribution results are for indicative purposes only. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. Past performance is not a reliable indicator of current and future results. Performance attribution JPMorgan European Growth & Income plc for 1 year ending 31st March 2026 Portfolio Managers’ Report 16 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report

Portfolio Managers’ Report J.P. Morgan Asset Management 17 Strategic Report Portfolio Performance Year ended 31st March 2026 % % Contributions to total returns Benchmark total return 14.8 Asset Selection (stock/sector/currency) 5.5 Gearing contribution 1 0.6 Return on cash 0.0 Cost of gearing 2 (0.2) Cash/Gearing impact 0.4 Portfolio total return 20.7 Management fee and other expenses (0.6) Share buyback/issuance 0.0 Other effects (0.6) Return on net asset value per ordinary share with debt at par value A 20.1 Impact of debt at fair value 3 0.0 Return on net asset value per ordinary share with debt at fair value A 20.1 Effect of movement in discount 1.1 Return on share price A 21.2 Source: Morningstar/J.P. Morgan. All ﬁgures are on a total return basis. Performance attribution analyses how the portfolio achieved its recorded performance relative to its benchmark. 1 Gearing contribution is the aggregated eﬀect of daily gearing on the daily benchmark return during the period. 2 Cost of gearing calculation is based on ﬁnance costs in the ﬁnancial statements and includes the amortisation of issue costs in respect of the Private Placement Notes. 3 See note 17 on page 81 for reference to fair value of debt. A Alternative Performance Measure (‘APM’). A glossary of terms and APMs is provided on page 102. Outlook It is not clear how, or indeed when, the Iranian conflict will be fully resolved but at the time of writing equity markets have recovered most of their decline choosing to focus more on the positive aspects of the structural shift in German fiscal policy leading to higher defence and infrastructure investment. For now, concerns about the impact of the energy shock have been largely glossed over but it is likely that there will be further turbulence in the future. We remain alert to the risks but confident that we will continue to find attractive investment opportunities that meet our criteria relating to valuation, quality and operational momentum. Alexander Fitzalan Howard Zenah Shuhaiber Tim Lewis Portfolio Managers 22nd June 2026

Performance Record 18 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report At 31st March 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total assets less current liabilities (£m) 228.5 274.6 272.4 259.3 231.8 303.0 481.4 499.0 553.3 540.3 614.4 Net asset value per share (p): – Growth & Income 1,A n/a n/a n/a n/a n/a n/a 98.7 105.3 119.3 118.7 135.9 – Growth 1,A 253.3 315.4 331.2 313.5 274.3 379.2 n/a n/a n/a n/a n/a – Income 1,A 134.4 166.5 173.0 167.4 126.5 167.1 n/a n/a n/a n/a n/a Share price (p): – Growth & Income n/a n/a n/a n/a n/a n/a 85.0 94.0 104.0 111.0 129.5 – Growth 230.5 285.0 297.0 265.0 215.0 326.0 n/a n/a n/a n/a n/a – Income 127.0 150.5 157.5 144.0 99.8 143.5 n/a n/a n/a n/a n/a Discount (%): – Growth & Income 2,A n/a n/a n/a n/a n/a n/a 13.9 10.7 12.1 5.5 4.7 – Growth 2,A 9.0 9.6 10.3 15.5 21.6 14.0 n/a n/a n/a n/a n/a – Income 2,A 5.5 9.6 9.0 14.0 21.0 14.1 n/a n/a n/a n/a n/a Gearing (%) – Growth & Income A 10.5 6.8 5.8 5.5 0.2 2.2 2.7 3.1 4.5 4.3 5.0 Year ended 31st March Gross revenue – Growth & Income (£’000) 6,476 7,678 8,068 9,208 7,932 6,468 15,644 15,186 17,095 17,081 18,788 Revenue per share (p): – Growth & Income 7 n/a n/a n/a n/a n/a n/a 2.69 2.83 3.17 2.85 3.51 – Growth 5.37 6.75 8.56 10.68 8.77 7.66 n/a n/a n/a n/a n/a – Income 4.67 5.94 6.65 6.79 6.25 4.95 n/a n/a n/a n/a n/a Dividend per share (p): – Growth & Income n/a n/a n/a n/a n/a n/a 7.80 3 4.00 4.20 4.80 5.00 – Growth 5.85 6.85 6.85 8.85 8.85 4.45 n/a n/a n/a n/a n/a – Income 4.75 5.00 5.80 6.25 6.70 6.70 n/a n/a n/a n/a n/a Ongoing charges (%): – Growth & Income 4,A n/a n/a n/a n/a n/a n/a 0.89 0.66 0.66 0.66 0.64 – Growth 4,A 1.06 1.04 0.96 1.01 1.00 0.92 n/a n/a n/a n/a n/a – Income 4,A 1.08 1.07 1.00 1.06 1.02 0.98 n/a n/a n/a n/a n/a Total returns rebased to 100 at 31st March 2016 Return on share price 5,8,A 100.0 127.1 135.5 124.7 104.4 160.7 172.7 200.3 231.5 258.8 313.6 Return on net asset value per ordinary share 5,8,A 100.0 127.3 136.4 131.8 112.5 162.1 178.1 200.4 234.1 242.4 290.9 Benchmark total return 6 100.0 127.2 131.0 133.8 122.8 163.9 172.8 187.7 211.5 216.8 248.8 1 Source: Morningstar/J.P. Morgan, using cum income net asset value per share, with debt at fair value. 2 Share price discount to net asset value per share, with debt at fair value. 3 A transitional basis had been adopted for the presentation of the Company’s total dividend and consists of Growth share dividend of 2.50p; Income share dividend of 4.20p; and Growth & Income share dividend of 1.10p. 4 Management fee and all other operating expenses, excluding ﬁnance costs expressed as a percentage of the average of the daily net assets during the year. 5 Source: Morningstar/J.P. Morgan. Total return on share price, using share price. Total return on net asset value per ordinary share, using cum income net asset value per ordinary share, with debt at fair value. 6 Source: MSCI. The Company’s benchmark is the MSCI Europe ex UK Index (total return) in sterling terms. 7 A transitional basis has been adopted for the calculation of the Revenue return per ordinary share for the year ended 31st March 2022. 8 Following the restructuring and merger of the Growth and Income portfolios during the year ended 31st March 2022, the Company’s performance for the year ended 31st March 2022 has been calculated on a rebased Growth portfolio as at 31st January 2022 and the combined Growth & Income portfolio as at 31st March 2022. A Alternative Performance Measure (‘APM’). A glossary of terms and APMs is provided on page 102.

Portfolio Information J.P. Morgan Asset Management 19 Strategic Report Ten largest investments As at 31st March 2026 2025 Company Country Sector £’000 % 1 £’000 % 1 ASML Netherlands Information Technology 32,246 5.4 16,678 3.2 Novartis Switzerland Health Care 24,591 4.1 17,398 3.3 Roche Switzerland Health Care 22,250 3.7 18,113 3.5 Nestlé Switzerland Consumer Staples 18,214 3.1 17,298 3.3 TotalEnergies France Energy 16,320 2.7 13,986 2.7 Banco Santander 2 Spain Financials 14,047 2.3 8,783 1.7 ABB 2 Switzerland Industrials 13,914 2.3 8,259 1.6 Siemens Germany Industrials 13,078 2.2 14,448 2.8 UniCredit Italy Financials 12,948 2.2 12,227 2.3 Allianz Germany Financials 12,472 2.1 15,962 3.1 Total 3 180,080 30.1 1 Based on total investments of £599.2m (2025: £519.8m) see page 22. 2 Not included in the ten largest equity investments at 31st March 2025. 3 At 31st March 2025, the value of the ten largest investments amounted to £161.3m representing 31.0% of total investments of £519.8m. Portfolio analysis Geographical 31st March 2026 31st March 2025 Portfolio Benchmark Portfolio Benchmark % 1 % % 1 % Germany 20.2 18.0 23.0 19.4 France 17.5 20.3 24.2 22.4 Switzerland 16.1 18.6 17.3 19.3 Netherlands 14.1 10.3 10.4 8.5 Italy 7.9 6.5 8.3 6.0 Spain 7.1 7.7 3.9 6.1 Sweden 5.0 7.2 3.9 7.2 Denmark 3.0 3.3 3.7 4.6 Austria 2.8 0.7 2.2 0.4 Finland 2.6 2.4 0.7 2.0 Ireland 2.1 0.9 1.1 0.6 Belgium 1.2 2.2 0.7 1.9 Norway 0.4 1.5 0.5 1.3 Portugal — 0.4 0.1 0.3 Total Portfolio 2 100.0 100.0 100.0 100.0 1 Based on total investments of £599.2m (2025: £519.8m) see page 22. 2 Includes investments in Investment Companies which are reclassiﬁed in accordance with the domicile of the underlying assets in the fund.

20 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Portfolio Information Portfolio analysis Sector 31st March 2026 31st March 2025 Portfolio Benchmark Portfolio Benchmark % 1 % % 1 % Financials 22.9 23.0 25.7 22.0 Industrials 21.5 20.6 19.5 18.8 Health Care 11.9 13.3 12.4 14.8 Information Technology 8.5 9.7 8.4 8.7 Utilities 7.5 5.4 4.6 4.0 Consumer Staples 6.8 7.4 8.0 8.3 Consumer Discretionary 6.4 7.4 8.2 9.8 Communication Services 6.1 4.2 6.9 4.6 Energy 5.7 3.7 3.3 2.8 Materials 2.1 4.6 2.9 5.4 Real Estate 0.6 0.7 0.1 0.8 Total Portfolio 2 100.0 100.0 100.0 100.0 1 Based on total investments of £599.2m (2025: £519.8m) see page 22. 2 Includes investments in Investment Companies which are reclassiﬁed in accordance with the sector of the underlying assets in the fund.

Portfolio Information J.P. Morgan Asset Management 21 Strategic Report List of investments As at 31st March 2026 Germany Siemens 13,078 2.2 Allianz 12,472 2.1 Deutsche Telekom 11,517 1.9 Siemens Energy 10,628 1.8 E.ON 8,867 1.5 Muenchener Rueckversicherungs-Gesellschaft 7,259 1.2 Bayer 6,133 1.0 Deutsche Boerse 6,055 1.0 Deutsche Bank 5,713 1.0 SAP 5,089 0.8 Fresenius 4,937 0.8 RWE 4,260 0.7 Bilfinger 3,603 0.6 Talanx 3,438 0.6 Vonovia 2,957 0.5 Infineon Technologies 2,901 0.5 AlzChem 2,670 0.4 Continental 2,498 0.4 Scout24 2,366 0.4 Bayerische Motoren Werke 1,937 0.3 Friedrich Vorwerk 929 0.2 119,307 19.9 France TotalEnergies 16,320 2.7 Engie 11,538 1.9 Safran 11,362 1.9 LVMH Moet Hennessy Louis Vuitton 7,584 1.3 Schneider Electric 5,289 0.9 Orange 5,268 0.9 AXA 5,008 0.8 SPIE 4,981 0.8 ArcelorMittal 4,366 0.7 Danone 4,182 0.7 Legrand 4,083 0.7 Societe Generale 3,869 0.7 Thales 3,212 0.5 Capgemini 3,183 0.5 L’Oreal 2,922 0.5 Vinci 2,567 0.4 Alstom 2,202 0.4 Gaztransport Et Technigaz 2,199 0.4 Technip Energies 1,867 0.3 Trigano 1,011 0.2 103,013 17.2 Switzerland Novartis 24,591 4.1 Roche 22,250 3.7 Nestle 18,214 3.1 ABB 13,914 2.3 Sandoz 5,750 1.0 Cie Financiere Richemont 4,653 0.8 UBS 3,807 0.6 Zurich Insurance 1,889 0.3 95,068 15.9 Netherlands ASML 32,246 5.4 Koninklijke KPN 8,490 1.4 Koninklijke Ahold Delhaize 7,455 1.2 SBM Offshore 4,702 0.8 Prosus 4,602 0.8 NN 4,095 0.7 AerCap 4,002 0.7 ASR Nederland 3,630 0.6 ASM International 3,507 0.6 Koninklijke Heijmans, CVA 2,809 0.4 CSG 2,524 0.4 Koninklijke BAM Groep 2,453 0.4 Heineken 2,429 0.4 Wolters Kluwer 1,107 0.2 84,051 14.0 Italy UniCredit 12,948 2.2 Enel 8,124 1.3 Intesa Sanpaolo 4,655 0.8 BPER Banca 4,614 0.8 Prysmian 4,602 0.8 Unipol Assicurazioni 3,874 0.6 Azimut 3,436 0.6 Maire 1,284 0.2 Technogym 1,164 0.2 Lottomatica 854 0.1 45,555 7.6 Valuation Company £’000 % Valuation Company £’000 %

Portfolio Information 22 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Spain Banco Santander 14,047 2.3 Iberdrola 8,687 1.4 Industria de Diseno Textil 6,259 1.0 CaixaBank 4,202 0.7 Endesa 3,359 0.7 Indra Sistemas 2,964 0.5 Repsol 1,685 0.3 41,203 6.9 Sweden Sandvik 7,149 1.2 Volvo 5,595 1.0 Boliden 4,481 0.7 Tele2 3,862 0.6 Spotify Technology 2,913 0.5 Millicom International Cellular 2,419 0.4 Clas Ohlson 1,556 0.3 Attendo 860 0.1 28,835 4.8 Denmark Danske Bank 7,649 1.3 Carlsberg 4,235 0.7 Vestas Wind Systems 3,090 0.5 ISS 1,769 0.3 16,743 2.8 Austria Erste Bank 5,740 1.0 BAWAG 5,003 0.8 Vienna Insurance 2,896 0.5 DO & CO 1,993 0.3 15,632 2.6 Finland Konecranes 5,822 1.0 Neste 4,525 0.8 Nordea Bank 4,009 0.6 Puuilo 1,030 0.2 15,386 2.6 Ireland AIB 4,793 0.8 Ryanair 3,778 0.7 Cairn Homes 3,257 0.5 11,828 2.0 Belgium UCB 5,511 0.9 Umicore 1,235 0.2 6,746 1.1 Norway Wallenius Wilhelmsen 1,468 0.2 1,468 0.2 Investment Companies JPMorgan European Discovery Trust Ordinary Shares 14,408 2.4 Total Investment Companies 14,408 2.4 Total Investments 599,243 100.0 Valuation Company £’000 % Valuation Company £’000 % List of investments (continued) As at 31st March 2026

Manager’s Investment Process & Stewardship J.P. Morgan Asset Management 23 Strategic Report Investment Philosophy The Company’s Portfolio Managers (‘Managers’) achieve JEGI’s investment objective through a philosophy centred on the belief that attractively valued, high-quality stocks with positive operational momentum outperform the market over time. The Managers’ focus is on constructing a portfolio that has positive tilts towards three proprietary factors; Value, Quality and Momentum. By remaining disciplined, in terms of their process as well as in their approach to risk, the Managers believe that, over the long term, JEGI can achieve its objective of delivering shareholders both capital growth as well as outperformance of the benchmark. Investment Process The Managers focus on identifying companies with a combination of attractive valuations (Value); strong return on invested capital and capital discipline (Quality); and positive business momentum (Momentum). The investment process includes screening a large number of stocks for various Value, Quality and Momentum characteristics alongside undertaking fundamental research. In constructing the portfolio the Managers seek to maximise exposure to these characteristics while minimising country, sector, and other incidental risk. Their investment edge is driven by bottom-up quantitative and fundamental expertise. They aim to ensure that alpha is captured as efficiently as possible by utilising a highly disciplined approach at all stages of investing: Stock Selection The Managers have a structured process for assessing the investment case for each stock, blending insights from both fundamental and quantitative research, both of which are critical for generating investment ideas. Quantitative research allows the Managers to process and analyse a large amount of data objectively and unemotionally in a rigorous and repeatable fashion. This means they can identify and compare the potential investment opportunities from across a broad investment universe of European (excluding UK) stocks. Fundamental analysis allows the Managers to investigate the financial position of a company in depth. On a daily basis the Managers analyse company news flow, assessing if new information is different to the prior market expectations. This can provide insight into the potential attractiveness of a stock and a driver for the Managers to undertake further in depth fundamental research to identify whether the market expectations truly reflect their view as to the potential of the company. Using both quantitative and fundamental analysis in combination means that the Managers can source ideas from the broadest possible investment universe and apply the depth of research necessary to identify and invest in the most attractive companies. The Managers’ disciplined, team-based approach ensures consistency and repeatability in their investment results. Style Considerations When looking at any company the Managers ask questions centred around three themes which help them to understand the style characteristics of each stock. Their objective from a style perspective is to understand whether the company has attractive value, quality, and/or momentum characteristics. In order to achieve this, they ask the following questions: Quality: Is the company a good business? The company’s quality is assessed by examining earnings, operational, and management quality, seeking sustainable profitability. Value: Is the company attractively valued? Valuation anomalies arise when investor sentiment skews stock value. Value stocks often outperform due to re-ratings, surprising a pessimistic market. The stock value is assessed against market, peers, and fundamentals. Momentum: Is the outlook improving? Earnings and price momentum help the Managers spot unexpected growth in profits and market value. Momentum includes analyst estimate changes and stock price trends, shifting expectations for undervalued stocks with strong fundamentals. Stock Specific Considerations 1 One of the benefits of JPMAM’s large team of investors is that it allows the Managers to look across a broad and diverse universe of companies and the scale of this fundamental research is considerable, as illustrated below with a summary of the team’s activity during 2025. 1 Source: J.P. Morgan Asset Management, Includes work carried out by the International Equity Group on Pan European companies for calendar year 2025. ESG engagement discussions includes those undertaken by, or in partnership with, the J.P.Morgan Asset Management Investment Stewardship Team.

24 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Manager’s Investment Process & Stewardship Focused fundamental research on the drivers of share prices The Manager’s analysis of companies integrates their results, newsflow, meetings, and IPO evaluations to ensure informed investment decisions. A consistent framework is applied across stocks, analysing financial results, earnings quality, cash performance, and forward-looking statements for potential upgrades or downgrades. Developments are reviewed daily in a desk-wide meeting and then within investment teams to assess portfolio implications, underpinned by consistently calculated and rigorously cross-checked metrics, with refinements made as needed at the company or sector level. Direct engagement is a core part of the Manager’s research process. Regular company meetings and site visits help them assess management quality and strategy through discussions with senior leaders and relevant stakeholders (e.g., finance teams and operational management). For placings and IPOs, they apply a structured, multi-step due diligence process given that historical disclosures can be complex and not always representative of the ongoing business. The Company is not classified as a sustainable or ESG investment vehicle however, ESG considerations are assessed alongside traditional financial factors: the Managers incorporate financially material Environmental, Social and Governance inputs derived from proprietary research, direct company engagement and external datasets, as one of several decision-making inputs rather than a standalone determinant. Portfolio Construction The Managers take a disciplined, transparent approach to portfolio construction using their quantitative and fundamental insights complemented with market data to inform buying, selling and sizing decisions. They aim to build a portfolio which maximises the impact of the team’s insights whilst controlling for risks where they do not expect to be rewarded. The Managers monitor the portfolio on an ongoing basis to ensure that the portfolio continues to invest in businesses with the stock specific and style characteristics which they believe will generate outperformance. The Managers also monitor the risk profile to ensure it is appropriate for the prevailing market conditions. They balance opportunity with disciplined position sizing and active management of portfolio exposures. They strive to balance opportunity with a rigorous assessment of risk sizing and direction. They take a multi-faceted approach to risk management, monitoring risk using both internally developed systems and external products. A robust sell discipline is central to the JEGI’s process. The Managers exit positions when stocks no longer show the specific characteristics which they believe will lead to outperformance (Value, Quality or Momentum) and/or for the purposes of risk management when, for example, unintended risks may appear in the portfolio. As agreed with the board of JEGI, the Managers typically target specific ranges for their active positioning, the ranges currently used for the portfolio are detailed below: • Maximum active stock position: +/–2% • Maximum active sector position: +/–5% • Maximum active country position: +/–5% The Managers are supported by specialist teams within JPMAM, including independent Investment Directors, Compliance, and Risk as they aim to ensure the strategy achieves its objectives within a disciplined and risk-controlled framework.

Manager’s Investment Process & Stewardship J.P. Morgan Asset Management 25 Strategic Report Stewardship Proxy Voting: JPMAM exercises the voting rights of shares held in client portfolios, where entrusted with this responsibility. The Investment Manager seeks to vote in a prudent and diligent manner, based exclusively on its reasonable judgement of what will best serve the financial interests of its clients. The aim is to vote at all meetings called by the companies in which it is invested, unless there are any market restrictions or conflicts of interests. Corporate governance is regarded as integral to the Investment Manager’s investment process. Consideration is given to the share structure and voting structure of the companies in which it is invested, as well as to board balance, oversight functions and remuneration policy. For full details, please see its Global proxy voting guidelines dated April 2025, copies of which are available on request, or to download from our website here: https://am.jpmorgan.com/content/dam/jpm-am-aem/global/en/institutional/communications/lux- communication/corporate-governance-principles-and-voting-guidelines.pdf The table below shows the aggregate voting at shareholder meetings over the year to 31st March 2026 for the holdings in the Company’s portfolio. Votes % Against/ Withheld/ Abstain Votes Votes Votes Did Not Withheld/ For Against Abstain Vote Total DNV Audit Related 101 4 0 5 110 8 Capitalisation 273 1 0 2 276 1 Company Articles 53 1 0 7 61 13 Compensation 345 36 0 4 385 10 Director Election 415 13 1 1 430 3 Director Related 332 0 0 66 398 17 E&S Blended 14 0 0 0 14 0 Environmental 1 2 0 0 3 67 Miscellaneous 2 7 0 0 9 78 Non-Routine Business 18 2 0 0 20 10 Routine Business 261 9 0 4 274 5 Social 2 0 0 0 2 0 Strategic Transactions 7 1 1 0 9 22 Takeover Related 4 0 0 0 4 0 Total 1,828 76 2 89 1,995 J.P. Morgan Asset Management 22nd June 2026

26 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Business Review The Directors present the Strategic Report for the Company’s year ended 31st March 2026. The aim of the Strategic Report is to provide shareholders with the ability to assess how the Directors have performed their duty to promote the success of the Company for the collective benefit of shareholders. The financial highlights and ten year record together with the Chair’s Statement, Portfolio Managers’ Report, Principal and Emerging Risks, Long Term Viability Statement and Section 172 Statement form part of this Strategic Report. Structure and Objective of the Company JPMorgan European Growth & Income plc is an investment trust company that has a premium listing on the London Stock Exchange. In seeking to achieve its objectives, which are set out below, the Company employs JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) which in turn delegates portfolio management to JPMorgan Asset Management (UK) Limited (JPMAM) to actively manage the Company’s assets. The Board has determined investment policies and related guidelines and limits, as described below. The Company is subject to UK legislation and regulations including UK company law, UK Financial Reporting Standards, the FCA Listing Rules, Prospectus Rules, Disclosure Guidance and Transparency Rules, Market Abuse Regulations, taxation law and the Company’s own Articles of Association. Since 31st December 2022, new autonomous UK regulations became effective replacing those of the EU. Those EU regulations that were relevant to the Company have been incorporated into UK law. The Company is an investment company within the meaning of Section 833 of the Companies Act 2006 and has been approved by HM Revenue & Customs as an investment trust (for the purposes of Sections 1158 and 1159 of the Corporation Tax Act 2010). The Directors have no reason to believe that approval will not continue to be retained. The Company is not a close company for taxation purposes. The Company’s Purpose, Values, Strategy and Culture The Company’s purpose is to provide a cost effective investment vehicle for investors who seek capital growth and income and a rising share price over the longer term from continental European investments taking account of wider issues including environmental, social and governance. To achieve this, the Board of Directors is responsible for employing and overseeing an investment management company that has appropriate investment expertise, resources and controls in place to meet the Company’s investment objective. To ensure that it is aligned with the Company’s purpose, values and strategy, the Board comprises Directors from a diverse background who have a breadth of relevant experience and contribute in an open boardroom culture that both supports and challenges the investment management company and its other third party suppliers. Investment Objective The investment objective of the Company is to provide capital growth and a rising share price over the longer term from Continental European investments by out-performance of the benchmark and taking carefully controlled risks through an investment method that is clearly communicated to shareholders. Investment Policies – To invest in a diversified portfolio of investments in the stockmarkets of Continental Europe. – To manage liquidity and borrowings to increase returns to shareholders. Investment Restrictions and Guidelines • The portfolio will not invest more than 15% of the assets in any one individual stock at the time of acquisition. • The portfolio will be no more than 20% geared in normal market conditions. • The portfolio does not normally invest in unquoted investments and to do so requires prior Board approval. • Except for the transactions referred to in the following paragraph, the portfolio does not normally enter into derivative transactions, and to do so requires prior Board approval. However, the Investment Manager has authority to carry out currency hedging transactions in order to mitigate currency risk relative to the benchmark index. • Index Futures to ensure market exposure is maintained where there are significant cash in/out flows and Covered Call Options are permitted, subject to restrictions included in the Company’s Investment Restrictions and Guidelines. All other derivative transactions are subject to approval by the Board. • In accordance with the Listing Rules of the UK Listing Authority, the portfolio will not invest more than 15% of its gross assets in other UK listed closed-ended investment funds and will not invest more than 10% of its gross assets in companies that themselves may invest more than 15% of gross assets in UK listed closed-ended investment funds. In addition to the current €50 million Senior Unsecured Private Placement Note, the Board is seeking shareholder approval at the 2026 AGM to use Contracts for Difference (CFDs) for leverage purposes. The Board expects the use of CFDs to provide the Portfolio Managers with increased flexibility to construct the Company’s portfolio more efficiently and for better cash management. CFDs may also be used for potential leverage, subject to limits, should the Portfolio Managers consider it appropriate. Further information about CFDs can be found in the glossary of terms on page 105.

J.P. Morgan Asset Management 27 Strategic Report Business Review The Board has set no minimum or maximum limits on the number of investments in the Company’s portfolio. To gain the appropriate exposure, the Portfolio Managers are permitted to invest in pooled funds. Compliance with the Company’s Investment Restrictions and Guidelines is monitored continuously by the Manager and is reported to the Board on a monthly basis. Investment Processes The Company’s portfolio is actively managed. See page 23 for a description of the Investment Process. Performance In the year to 31st March 2026, the Company produced a total return on share price of +21.2% and a total return on net asset value per share, with debt at fair value, of +20.1%. This compares with the total return on the benchmark index of +14.8%. As at 31st March 2026, the value of the Company’s portfolio was £599.2 million (2025: £519.8 million). Total Return, Revenue and Dividends Gross total return for the year amounted to £104.6 million (2025: £22.5 million) and net total return after deducting finance costs, management expenses, other administrative expenses and taxation amounted to £97.9 million (2025: £15.0 million). Distributable income for the year amounted to £14.8 million (2025: £12.1 million). Key Performance Indicators (‘KPIs’) The Board uses a number of financial KPIs to monitor and assess the performance of the Company. The Board is provided with performance indicators monthly and in addition, during quarterly Board Meetings, more detailed reviews are undertaken. The principal KPIs are: • Performance against the benchmark index: – This is the most important KPI by which performance is judged. The following graphs illustrate performance against benchmark indicators and these are further discussed in the Chair’s Statement on page 8 and can be read together with the financial records for ten years on page 18. Performance Relative to Benchmark Index Figures have been rebased to 100 as at 31st March 2016 Source: Morningstar. Ten Year Performance Figures have been rebased to 100 as at 31st March 2016 Source: Morningstar. • Performance against the Company’s peers – The investment objective of the Company is to provide capital growth and a rising share price over the longer term from Continental European investments by out–performance of the benchmark and taking carefully controlled risks through an investment method that is clearly communicated to shareholders. However, the Board also monitors the performance of the portfolio relative to a broad range of competitor funds. 80 90 100 110 120 130 140 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Return on share price Return on net asset value per share, with debt at fair value The benchmark is represented by the green horizontal line, and the returns shown are relative to the benchmark. 50 100 150 200 250 300 350 400 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Return on share price Return on net asset value per share, with debt at fair value Benchmark return

Business Review 28 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Peer Group Performance Company – Average total return AIC peer on net assets, group total with debt at return on fair value net assets 1Y 20.1% 4.1% 3Y 45.2% 12.4% 5Y 79.5% 26.1% 10Y 190.9% 128.7% • Performance attribution – The purpose of performance attribution analysis is to assess how the portfolio achieved its performance relative to its benchmark index, i.e. to understand the impact on the portfolio’s relative performance of the various components such as asset allocation and stock selection. Details of the attribution analyses for the year ended 31st March 2026 are given in the Portfolio Managers’ Report on pages 13 to 17. • Discount to net asset value (‘NAV’) – The Board has for several years operated a share repurchase programme that seeks to address imbalances in supply and demand for the Company’s shares within the market and thereby seek to manage the volatility and absolute level of the discount to NAV at which the Company’s shares trade. In the year to 31st March 2026, the discount on the shares (using cum-income NAV, with debt valued at fair value) ranged between a premium of 1.2% and discount of 6.8%. For details of the Board’s approach to managing the discount for shares, please refer to the Chair’s Statement on page 8. Share price discount to cum-income NAV, with debt at fair value Source: Morningstar/J.P. Morgan. • Ongoing charges – The Ongoing charges represent the Company’s management fee and all other operating expenses, excluding finance costs, expressed as a percentage of the average of the daily net assets during the year. The portfolio’s Ongoing charges for the year ended 31st March 2026 were 0.64% (2025: 0.66%). Share Capital The Company has authority both to repurchase shares in the market (for cancellation or to be held in Treasury) and to issue new shares for cash at a premium to net asset value. During the year 250,000 Ordinary shares were repurchased into Treasury and nil for cancellation (2025: 7,153,261 into Treasury, nil for cancellation). Since the year end, to 18th June 2026, the Company has not repurchased any Ordinary shares. During the year 600,000 shares were reissued from Treasury (2025: nil) Resolutions to renew the authorities to allot new shares and to repurchase shares will be put to shareholders at the forthcoming AGM. The full text of the resolutions is set out in the Notice of Meeting on pages 97 to 100. Borrowing In 2015 the Company issued a €50 million Senior Unsecured Private Placement Note with MetLife repayable on 26th August 2035 with a fixed coupon rate of 2.69%. Future Prospects The Board continues to focus on maximising total returns over the longer-term. The outlook for the Company is discussed in the Portfolio Manager’s Report and the Chair’s Statement. –20 –15 –10 –5 0 5 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Discount (based on month-end data)

Principal and Emerging Risks J.P. Morgan Asset Management 29 Strategic Report The Board, through delegation to the Audit Committee, has undertaken a robust assessment and review of the principal risks facing the Company, together with a review of any new and emerging risks that may have arisen during the year to 31st March 2026, including those that would threaten its business model, future performance, solvency or liquidity. With the assistance of the Manager, the Audit Committee has drawn up a risk matrix, which identifies the key risks to the Company, as well as emerging risks. The risk matrix, including emerging risks, are reviewed formally by the Audit Committee every six months or more regularly as appropriate. At each meeting, the Committee considers emerging risks which it defines as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of occurrence probability and possible effects on the Company. As the impact of emerging risks is understood, they may be entered on the Company’s risk matrix and mitigating actions considered as necessary. In assessing the risks and how they can be mitigated, the Board has given particular attention to those risks that might threaten the viability of the Company. The principal risks fall broadly into the following categories: Change in risk status during Principal risk Description Mitigating activities the year  In order to achieve the objectives given the risks inherent in investment such as market, gearing, currency and interest rates, investment guidelines, policies and processes are in place which aim to mitigate these risks. They are designed to ensure that the portfolios are managed in a way which is aimed at identifying the best stocks and diversifying risk. Regular reports are received by the Board from the Manager on stock selection, asset allocation, gearing, hedging and costs of running the Company and these are reviewed at each Board meeting in detail. Compliance with investment guidelines and policies are reviewed by the Manager and the Board, and discussed at each board meeting in detail together with an analysis of market parameters affecting the business. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set Investment Restrictions and Guidelines which are monitored and reported on by JPMF. The Board monitors the implementation and results of the investment process with the Manager. Further details regarding financial instruments are disclosed in note 21 on pages 82 to 83. The Board recognises that performance of the Company’s investment portfolio is fundamental to the success of the Company. Investment includes market risk and this arises from uncertainty about the future prices of the Company’s investments. It represents the potential loss the Company might suffer through holding investments in the face of negative market movements. Market risk is currently heightened due to various factors highlighted in the Chair’s Statement and Portfolio Managers’ Report, these include global trade issues, geopolitical conflicts and uncertainty over inflation, interest rates and government deficits. Geopolitical concerns will also impact the market; the current conflicts in the Middle East and Ukraine, tensions with China and the changes in trade and tariff policies introduced by the US government are causing increased volatility in the markets. Investment  Details of how the Board monitors the services provided by JPMF and its associates and the Depositary and Custodian and the key elements designed to provide effective internal control are included within the Internal Control section of the Audit Committee report on page 48. The Board has received the cyber security policies of its key third party service providers and JPMF has provided assurance to the Directors that the Company benefits directly or indirectly from all elements of JPMorgan’s cyber security programme. The information technology controls around the physical security of JPMorgan’s data centres, security of its networks and trading applications are tested and reported on every six months against the AAF standard. In common with most investment trusts the Board delegates the operation of the business to third parties, the principal delegate being the Manager JPMF. Disruption to, failure of, or fraud in JPMF’s accounting, dealing or payments systems or the Depositary or Custodian’s records could prevent timely implementation of investment decisions, and potentially shortfalls in the accuracy of reporting and monitoring of the Company’s financial position and loss. Cyber crime is a threat to business continuity and security. Operational Change Key Heightened Stable Reduced   

30 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Change in risk status during Principal risk Description Mitigating activities the year Regulatory  The Board relies on the services of its Company Secretary, the Manager and its professional advisers to ensure compliance with the Companies Act 2006, the FCA Prospectus Rules, Listing Rules, DTRs and the Alternative Investment Fund Managers Directive. The Board reviews compliance with CTA s1158 annually. The Company operates in an environment with significant regulation including the FCA Listing Rules, The UK Companies Act, the Corporation Taxes Act (CTA) (including s1158), Market Abuse Regulation, Disclosure Guidance and Transparency Regulations and the Alternative Investment Fund Managers Directive (AIFMD). There has been no significant change to this risk during the year though the environment as a whole is considered to be one of increasing costs for compliance. The Company also operates under the requirements of the Bribery Act 2010 as referred to in the Directors Report on page 41.  The discount is monitored daily and compared to peers/sector by both the Manager and the Broker and a share buy back programme is in place which can be used when required. The Board has stated it does not wish to see the discount widen beyond 10% in normal market conditions. Industry wide developments are also monitored and considered when evaluating the need for buyback activity. Regular updates and reporting are provided to the Board. Sales and Marketing Plans are in place and are designed to increase demand and diversification of the share register. The Board is prepared to consider and implement other discount control mechanisms. For details of the Performance related Tender Offer see Key Features at the front of this document. There is a risk that the share price lags NAV by significant level. A consistent, wide, discount can lead to action by arbitrageurs/activist shareholders, who may have undue influence due to lack of retail voting. It can also result in the Company not being able to react to relevant market events (e.g potential consolidation opportunities). The discount may become persistent due to market issues affecting all investment trusts, and may be difficult to manage using normal control mechanisms (eg buy-backs). Discount  The Board reviews the overall strategy and structure of the Company in comparison to performance against benchmark, peer group and share activity. The Board holds a separate meeting devoted to strategy each year which includes consideration of whether the Company’s objectives and structures are appropriate for the long term interests of shareholders. The Board and Manager regularly monitor the Company’s share register and receipts of formal disclosures of significant transactions. Regular discussions are held with the Company’s Brokers. Consideration of possible options to improve retail participation, including through S793 circulation to platform holders. An inappropriate investment strategy, for example asset allocation may lead to underperformance against the Company’s benchmark index and peer companies. Significant hostile action by shareholder/s – arbitrageurs diverts attention from normal business. These activists may have undue influence due to low level of retail voting, and may have interests not aligned with the majority of shareholders. Strategy Principal and Emerging Risks Change Key Heightened Stable Reduced   

J.P. Morgan Asset Management 31 Strategic Report Principal and Emerging Risks Change Key Heightened Stable Reduced    Change in risk status during Principal risk Description Mitigating activities the year Change in risk Emerging status during risk Description Mitigating activities the year  The Board will work with the Manager to monitor the developments concerning AI and its potential impact on the portfolio, our service providers and the wider market. While it might equally be deemed a great opportunity and force for good, there appears also to be an increasing risk to business and society more widely from AI. Advances in computing power means that AI has become a powerful tool that will impact a huge range of areas. AI could be a significant driver for new business as well as a disrupter to current business and processes leading to added uncertainty in corporate valuations. Artificial Intelligence (AI)  The Board addresses these global developments in regular questioning of the Manager and with external expertise as required will continue to monitor these issues, should they develop. The Manager regularly monitors the Company’s portfolio holdings to ensure compliance with any applicable sanctions. The recent global trade tensions arising from the changes to U.S trade policy, Russia’s invasion of Ukraine in February 2022 and conflict in the Middle East including the closure of the Strait of Hormuz, may cause long term changes in global trade and technology. This may challenge future growth potential and increased frictions in accessing global markets. Changes in financial or tax legislation in the UK or in some of the countries in which the Company invests may impact the operating model of the Company. In addition policies adopted by Governments/Central banks in response to the issues being seen in markets (e.g. inflation, interest rates and government deficits) may lead to adverse movements in asset prices and could result in concerns for the ongoing exposure to specific investee markets. Geopolitical and Economic concerns  The Company’s investment process integrates considerations of environmental, social and governance factors into decisions on which stocks to buy, hold or sell. This includes the approach investee companies take to recognising and mitigating climate change risks. The Board is also considering the threat posed by the direct impact on climate change on the operations of the Manager and other major service providers. As extreme weather events become more common, the resiliency, business continuity planning and the location strategies of our services providers will come under greater scrutiny. Climate change, which barely registered with investors a decade ago, continues to be one of the most critical issues confronting asset managers and their investors. Investors can no longer ignore the impact that the world’s changing climate will have on their portfolios, with the impact of climate change on returns now inevitable. Climate Change

32 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report The Company was established in 1929 and has now been in existence for 97 years. This year it will be hosting its 97th AGM. The Company is an investment trust and has the objective of providing capital growth and a rising share price over the longer term from Continental European investments. The Company has been investing over many economic cycles and some difficult market conditions. Although past performance and a long historic track record is no guide to the future, the Directors believe that the Company has an attractive future for investors as a long term investment proposition. Unfortunately, it is impossible to predict too far into the future, so the Directors have adopted a somewhat shorter time horizon to assess the Company’s viability, which is five years. The Board continue to consider five years to be a suitable time horizon as it is regarded by many as a reasonable time for investing in equities. The Directors have considered the Company’s prospects over the next five years, its principal and emerging risks and the outlook for the European economy, its equity market and the market for investment trusts, and the potential impact and the mitigation measures which key service providers, including the Manager, have in place to maintain operational resilience. Equity markets have remained volatile primarily due to concerns around the conflict in the Middle East, Russia’s invasion of Ukraine, the USA’s policies on tariffs and tensions between China and western economies. Although these concerns are currently hard to predict with any certainty, we do not believe that it calls into question the long term viability of the Company, particularly as the Company has no loan covenants or liabilities that cannot be readily met. The Board have reviewed income and expense projections, and the liquidity of the investment portfolio in making their assessment. It has also taken into account the fact that the Company will offer a Performance-Related Tender Offer for up to 25% of the issued share capital in 2027 (see Key Features on page 3, for further details of the tender offer) noting that the Company has outperformed the benchmark since the beginning of the period. Moreover, the existence of a Private Placement Notes maturing in 2035 and its ability to maintain its loan covenants, together with the recent proposal for JEGI to be the default option in the rollover of assets from European Opportunities Trust plc illustrates the confidence that the Directors and peers have placed in the long term viability of the Company. The Directors confirm that they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five years until 31st March 2031. Long Term Viability

J.P. Morgan Asset Management 33 Strategic Report Duty to Promote the Success of the Company Section 172 of the Companies Act 2006 (‘Companies Act’) states that: A Director of a company must act in the way that is considered in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the following six items. The Board’s philosophy is that the Company should foster a culture where all parties are treated fairly and with respect and the Board recognises the importance of keeping the interests of the Company’s stakeholders, and of acting fairly between them, front of mind in its key decision making. In managing the Company, the aim of both the Board and Manager is always to ensure the long-term success of the Company and, therefore, the likely long-term consequences of any decision made by the Board are a key consideration. In managing the Company during the year under review, the Board acted in the way which it considered, in good faith, would be most likely to promote the Company’s long-term success and to achieve its wider objectives for the benefit of shareholders as a whole, having had regard to the wider stakeholders and the other matters set out in section 172 of the Companies Act. The likely consequences of any decision in the long term The Company does not have any employees. The interests of the Company’s employees The Board’s approach is described under ‘Stakeholders’ on the next page. The need to foster the Company’s business relationships with suppliers, customers and others ESG considerations are assessed alongside traditional financial factors: the Managers incorporate financially material Environmental, Social and Governance inputs derived from proprietary research, direct company engagement and external datasets, as one of several decision-making inputs rather than a standalone determinant. The impact of the Company’s operations on the community and the environment The Board’s approach is described under the Company’s Purpose, Values, Strategy and Culture on page 26. The desirability of the Company maintaining a reputation for high standards of business conduct The Board’s approach is described under ‘Stakeholders’ on the next page. The need to act fairly between members of the Company

34 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Stakeholders Set out below are the key stakeholders and third party service providers of the Company. The Board believes the best interests of the Company are aligned with those of these key stakeholders as all parties wish to see and ultimately benefit from the Company achieving its investment objectives, whilst carrying on business in compliance with the highest possible regulatory, legal, ethical and commercial standards. The table below sets out details of the Company’s engagement with these stakeholders: Stakeholder Engagement Shareholders Continued shareholder engagement is critical to the continued existence of the Company and the successful delivery of its long term strategy. The Board is focused on fostering and maintaining good working relationships with shareholders and understanding the views of shareholders in order to incorporate them into the Board’s strategic thinking and objectives. Full details on how the Board ensures it is fully appraised of shareholder views and how it engages with all shareholder groups can be found on page 44. The Manager has a dedicated sales team. Representatives of this team regularly meet with those shareholders that are happy to engage with them, in particular institutional shareholders, and provides the Board with ongoing feedback. Shareholders are encouraged to attend the Company’s Annual General Meeting, either in person or online, although shareholders attending online will only be able to view the meeting and not participate in voting. The Portfolio Managers attend the Annual General Meeting and give a presentation on the Company’s performance and the future outlook. In the event that shareholders wish to raise issues or concerns with the Board, they are welcome to do so at any time by writing to the Chair at the registered office. Other members of the Board are also available to shareholders if they have concerns that have not been addressed through the normal channels. Manager and Investment Manager The principal supplier is the Manager, in particular the investment management team who are responsible for managing the Company’s assets in order to achieve its stated investment objective. The Board maintains a good working relationship with the Manager, who also provides administrative support and promotes the Company through its investment trust sales and marketing teams. The Manager’s investment management function is fundamental to the long term success of the Company through the pursuit of the investment objective. The Board monitors the Company’s investment performance at each Board Meeting in relation to its objective and also to its investment policy and strategy. The Board also maintains strong lines of communication with the Manager via its dedicated company secretary and client director whose interactions extend well beyond the formal business addressed at each Board and Committee meeting. This enables the Board to remain regularly informed of the views of the Manager and the Company’s shareholders (and vice versa). The Company Wider Society Shareholders Depositary Custodian Auditor Broker Registrar Third Party Service Providers Debt Provider Investee Companies Manager/Investment Manager Legal Advisers Duty to Promote the Success of the Company

J.P. Morgan Asset Management 35 Strategic Report Duty to Promote the Success of the Company Investee companies The Board is committed to responsible investing and actively monitors the activities of investee companies through its delegation to the Manager. In order to achieve this, the Manager has discretionary powers to exercise voting rights on behalf of the Company on all resolutions proposed by the investee companies. In respect of the year under review, the Manager voted at all of the annual general meetings and extraordinary meetings held during the year by the Company’s portfolio companies. The Board monitors investments made and divested and questions the Manager’s rationale for exposures taken and voting decisions made. Other key service providers The Board ensures that it promotes the success of the Company by engaging specialist third party suppliers, with appropriate capability, performance records, resources and controls in place to deliver the services that the Company requires for support in meeting relevant obligations and safeguarding the Company’s assets. For this reason, the Board consider the Company’s Custodian, Depositary, Registrar, Auditor and Broker to be stakeholders. Met-Life is also regarded as a key external service provider, as lender of a €50 million long term Private Placement Notes to the Company. The Board maintains regular contact with its key external service providers, either directly, or via its dedicated company secretary or client director, and receives regular reporting from these providers at Board and Committee meetings. The Management Engagement Committee meets annually to review and appraise its key service providers. Wider society and the Environment Whilst strong long term investment performance is essential for an investment trust, the Board recognises that both it and the Manager should have regard to ethical and environmental issues that impact society. The Portfolio Managers will consider the impact of financially material ESG factors, whether positive or negative, on an investee company’s ability to deliver attractive returns as part of the broader investment process. The Investment Manager is a signatory to the UK Stewardship Code. This reflects its commitment to stewardship responsibilities and to drive positive corporate change and industry developments to benefit not only the Company but also the environment and wider society over the long-term. The Directors confirm that they have considered their duty under Section 172 when making decisions during the financial year under review. Some of the key decisions and actions during the year which have required the Directors to have regard to applicable section 172 factors include: Key Decisions and Actions Dividends Payable to Shareholders Despite the turbulent markets experienced during the reporting year the Company increased the payout of its dividends giving a total dividend of 5.0p per share for the year compared to 4.80p per share in the previous year. Sales & Marketing The Board has worked to help ensure that the Company has a suitable sales and marketing plan in place to help improve scale and liquidity in the Company. The Board has undertaken enhanced marketing initiatives with the Manager and also engages Kepler & Co to provide research notes for the Company. In addition, the portfolio managers use webcasts and speak at video conferences, organised by brokers and external companies. The Company’s website has been enhanced and various promotional activities have been discussed and have been introduced over 2025. The Board has also engaged a third party to promote and refine the on-line profile of the Company which helps widen the transmission of the Company’s attributes and attractions, alongside the development of a marketing plan to raise awareness of the Company amongst existing and potential shareholders. The Company’s profile was further enhanced by being nominated in the best investment company in the European sector at the annual AIC Investment Week Award ceremony held in November 2025. Managing the Company’s Discount To ensure that the Board continue to have the power to manage the Company’s discount and issue shares in the Company, they recommend that shareholders vote in favour of the resolutions to renew the allotment and buy back authorities at the Company’s Annual General Meeting. From the start of this reporting period a combination of improving sentiment towards European equities together with a greater interest in the Company’s shares caused the Company’s discount to narrow considerably without requiring the Board to be particularly active in respect of buy-backs of shares. During periods when the Company’s shares traded at a premium the Board took the decision to issue shares as detailed in the Chair’s Statement.

36 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Strategic Report Gearing The Board reviewed the Company’s level of gearing and determined that the Company’s long term Private Placement Notes debt remained sufficient bearing in mind the Company’s objectives and market conditions. At the forthcoming AGM, the Board is proposing a change to the current investment restrictions within the investment policy, so that CFDs, a form of trading instrument, can be used by the Portfolio Managers. This will provide them with increased flexibility to construct the Company’s portfolio more efficiently and facilitate better cash management. CFDs may also be used for potential leverage in the future, subject to limits, should the Portfolio Managers consider it appropriate. The proposed changes are set out in full in the Directors’ Report on page 39 and the Appendix to the Notice of AGM on page 101 of this Annual Report, with the amendments highlighted for ease of reference. The revised investment restrictions in the investment policy, if approved by shareholders at the AGM, shall come into effect upon conclusion of the AGM and the Portfolio Managers may use CFDs when they consider it appropriate. Other Actions that Continue to Promote the Success of the Company In addition, the Directors have continued to hold the Manager to account on investment performance; undertaken a robust review of the principal and emerging risks faced by the Company; and continued to encourage the Manager to enhance its sales and marketing efforts. Furthermore, the Board received regular updates on the operational effectiveness of the Manager and key service providers and on areas such as portfolio activity, portfolio liquidity, gearing and the discount to NAV at which the Company’s shares trade. Assessments of value for money for some of the Company’s key service providers have also been undertaken, leading to efficiencies. By order of the Board Paul Winship, for and on behalf of JPMorgan Funds Limited Secretary 22nd June 2026 Duty to Promote the Success of the Company

Directors’ Report Mont Saint Michel – Normandie, France

Board of Directors 38 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report Rita Dhut (Chair of the Board of Directors) A Director since June 2019. Last reappointed to the Board: 2025. Rita Dhut is currently a Non-executive Director of Integrafin Holdings Plc, Ashoka India Equity Investment Trust Plc, a Non-executive Board Member of UK Research & Innovation (UKRI), and a founder trustee of the Financial Time’s Financial Literacy charity. She has over 28 years of varied and award winning investment experience including in UK, European equities and venture capital with previous roles including Director of European Equities at M&G and Head of Pan European Equity Value Investing at Aviva Investors. Connections with Manager: None. Shareholding in Company: 55,422 Shares. Shared directorships with other Directors: None. Andrew Robson (Chair of the Audit Committee) A Director since February 2024. Last appointed to the Board: 2025. Andrew Robson is a Chartered Accountant with extensive Board level experience in investment banking and services sector. He is currently a Non-executive Director and Audit Chair of Aberdeen New India Investment Trust plc and BlackRock Energy and Resources Income Trust plc. Connections with Manager: None. Shareholding in the Company: 25,000 Shares. Shared directorships with other Directors: None. Karen McKellar (Chair of the Management Engagement Committee) A Director since November 2021. Last reappointed to the Board: 2025. Karen McKellar is currently a Senior Independent Non-executive Director of Merchants Trust plc and has 28 years of investment management experience in UK equities across a range of different portfolio mandates. Connections with Manager: None. Shareholding in the Company: 30,000 Shares. Shared directorships with other Directors: None. Alexander Lennard A Director since July 2021. Last reappointed to the Board: 2025. Alexander Lennard is currently undertaking a Sloan Fellowship at the London Business School as a sabbatical from his role at Ruffer LLP, where he has been a Partner and Portfolio Manager since 2011. He has deep experience across global assets, including equities, fixed income and alternatives. Connections with Manager: None. Shareholding in the Company: 20,000 Shares. Shared directorships with other Directors: None. Guy Walker (Chair of the Nomination Committee and Senior Independent Director) A Director since February 2021. Last reappointed to the Board: 2025. Guy Walker is currently a Senior Adviser at the Investor Forum and has 30 years’ investment experience in UK and continental European equities with roles including Managing Director of European Equities at UBS Asset Management and Global Head of ESG Investment at Schroders. Connections with Manager: None. Shareholding in the Company: 26,256 Shares. Shared directorships with other Directors: None. All Directors are members of the Audit Committee, Nomination Committee and Management Engagement Committee and considered independent by the Board. The directors of the Company who were in office during the year and up to the date of signing the financial statements were:

Directors’ Report J.P. Morgan Asset Management 39 Directors’ Report The Directors present their report and the audited financial statements for the year ended 31st March 2026. In accordance with the UK Listing Rules and the Disclosure Guidance and Transparency Rules, the reports within the Directors’ Report and the Strategic Report should be read in conjunction with each other. As permitted, some of the matters normally included in the Directors’ Report have been instead included in the Strategic Report as the Board considers them to be of strategic importance. Reference to Financial Instruments and Future Developments and statements summarising how the directors have had regard to the need to foster the company’s business relationships are included in the Strategic Report on pages 26 to 36. Directors All Directors of the Company, detailed on page 38, held office throughout the year to 31st March 2026 and up to the date of signing of the financial statements. Details of Directors’ beneficial shareholdings can be found in the Directors’ Remuneration Report on page 52. No Director reported an interest in the Company’s loan notes during the year. In accordance with corporate governance best practice, all Directors will retire by rotation at the forthcoming Annual General Meeting and being eligible, all will offer themselves for reappointment. The Nomination Committee, having considered their qualifications, performance and contribution to the Board and its committees, confirms that each Director continues to be effective and demonstrates commitment to the role and the Board recommends to shareholders that they be reappointed. Director Indemnification and Insurance As permitted by the Company’s Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity, as defined by Section 234 of the Companies Act 2006. The indemnities were in place during the year and as at the date of this report. An insurance policy is maintained by the Company which indemnifies the Directors of the Company against certain liabilities arising in the conduct of their duties. There is no cover against fraudulent or dishonest actions. Management of the Company The Manager and Company Secretary is JPMF, a company authorised and regulated by the FCA. The active management of the Company’s assets is delegated by JPMF to an affiliate, JPMAM. Alexander Fitzalan Howard, Zenah Shuhaiber and Tim Lewis are the designated Portfolio Managers responsible for the management of the Company’s portfolio. The Manager is a wholly-owned subsidiary of JPMorgan Asset Management International Limited which, together with other subsidiaries, also provides marketing, banking, dealing and custodian services to the Company. The Manager is engaged under a contract which can be terminated on six months’ notice without penalty. If the Company wishes to terminate the contract on shorter notice, the balance of remuneration is payable by way of compensation. The Management Engagement Committee conducts a formal evaluation of the performance of, and contractual relationship with, the Manager on an annual basis. Part of this evaluation includes a consideration of the management fees and whether the service received is value for money for shareholders. In line with corporate governance best practice the Management Engagement Committee arranged an externally facilitated evaluation of the Manager in the financial year. The external evaluator used an anonymous survey tool and combined scale-based and comment-based responses across numerous questions to assess performance. The Management Engagement Committee reviewed the results report from the evaluation company. The Board approved the Management Engagement Committee’s recommendation that the continuing appointment of the Manager is in the best interests of shareholders as a whole. Such a review is carried out on an annual basis. The Alternative Investment Fund Managers Directive (‘AIFMD’) JPMF is the Company’s alternative investment fund manager (‘AIFM’). It is approved as an AIFM by the FCA. For the purposes of the AIFMD the Company is an alternative investment fund (‘AIF’). JPMF has delegated responsibility for the day to day management of the Company’s portfolio to JPMAM. The Company has appointed Bank of New York Mellon (International) Limited (‘BNY’) as its depositary. BNY has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian and BNY is responsible for the oversight of the custody of the Company’s assets and for monitoring its cash flows. The AIFMD requires certain information to be made available to investors in AIFs before they invest and requires that material changes to this information be disclosed in the annual report of each AIF. An Investor Disclosure Document, which sets out information on the Company’s investment strategy and policies, leverage, risk, liquidity, administration, management, fees, conflicts of interest and other shareholder information is available on the Company’s website at www.jpmeuropeangrowthandincome.com . There have been no material changes (other than those reflected in these financial statements) to this information requiring disclosure. Any information requiring immediate disclosure pursuant to the AIFMD will be disclosed to the London Stock Exchange through a primary information provider. JPMF’s remuneration disclosures are set out on page 93.

Directors’ Report 40 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report Management Fee The annual management fee was charged at 0.55% of the NAV of the Company up to and including £400 million; and 0.40% of the NAV of the Company exceeding £400 million, in each case adjusted for the principal amounts arising under loan agreements with an original maturity in excess of one year, calculated and being payable on a monthly basis. The management fee is calculated and paid monthly in arrears. If the Company invests in funds managed or advised by JPMAM or any of its associated companies, those investments are excluded from the calculation and therefore attract no fee. Disclosure of information to Auditors In the case of each of the persons who are Directors of the Company at the time when this report was approved: (a) so far as each of the Directors is aware, there is no relevant audit information (as defined in the Companies Act) of which the Company’s auditors are unaware, and (b) each of the Directors has taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information (as defined) and to establish that the Company’s Auditors are aware of that information. The above confirmation is given and should be interpreted in accordance with the provision of Section 418 of the Companies Act 2006. Section 992 Companies Act 2006 The following disclosures are made in accordance with Section 992 Companies Act 2006. Capital Structure The Company’s capital structure is summarised in Key Features on page 3 of this report. Voting Rights in the Company’s shares Details of the voting rights in the Company’s shares as at the date of this report are given in note 17 to the Notice of AGM on page 100. Notifiable Interests in the Company’s Voting Rights At the financial year end, the following shareholders had declared a notifiable interest in the Company’s voting rights: Shareholders % voting rights City of London Investment Management Company Ltd 9.9 Allspring Global Investments Holdings LLC 4.7 Miscellaneous Information The rules concerning the appointment and replacement of Directors, amendment of the Articles of Association and powers to issue or buy back the Company’s shares are contained in the Articles of Association of the Company and the Companies Act 2006. There are no restrictions concerning the transfer of securities in the Company; no special rights with regard to control attached to securities; no agreements between holders of securities regarding their transfer known to the Company; no agreements which the Company is party to that affects its control following a takeover bid; and no agreements between the Company and its Directors concerning compensation for loss of office. UK Listing Rule 6.6.4R UK Listing Rule 6.6.4R requires the Company to include certain information in an identified section of the Annual Report or a cross reference table indicating where the information is set out. The Directors confirm that there are no such disclosures to be made in this report. Independent Auditors PricewaterhouseCoopers LLP was appointed Auditor of the Company with effect from the 2021 Annual General Meeting. PricewaterhouseCoopers LLP have expressed their willingness to continue in office as Auditors to the Company and a resolution proposing their reappointment and to authorise the Directors to determine their remuneration for the ensuing year, will be proposed at the Annual General Meeting. See the Audit Committee Report on page 48 for details of Audit Partner rotation. Annual General Meeting Resolutions relating to the following items of special business will be proposed at the forthcoming Annual General Meeting. The full text of the resolutions are set out in the Notice of Meeting on pages 97 and 100. (i) Authority to allot new shares and to disapply statutory pre-emption rights (resolutions 10 ordinary and 11 special) The Directors will seek renewal of the authority at the AGM to issue up to 42,236,619 new Ordinary shares for cash up to an aggregate nominal amount of £211,183, such amount being equivalent to 10% of the present issued share capital as at the last practicable date before the publication of this document, and to disapply pre-emption rights in relation to such issues. The full text of the resolutions is set out in the Notice of Meeting on page 97. This authority will expire at the conclusion of the AGM of the Company in 2027 unless renewed at a prior general meeting. It is advantageous for the Company to be able to issue new shares to investors when the Directors consider that it is in the best interests of shareholders to do so. As such issues are only made at prices greater than the net asset value (the ‘NAV’), they increase the NAV per share and spread the Company’s administrative expenses, other than the management fee, over a greater number of shares. The issue proceeds are available for investment in line with the Company’s investment policies.

Directors’ Report (ii) Authority to repurchase the Company’s Shares (resolution 12 special) The authority to repurchase up to 14.99% of the Company’s issued share capital, granted by shareholders at the 2025 AGM, will expire on 28th January 2027 unless renewed at the forthcoming AGM. The Directors consider that the renewal of the authority is in the interests of shareholders as a whole as the repurchase of shares at a discount to NAV enhances the NAV of the remaining shares. The Board will therefore seek shareholder approval at the AGM to renew this authority, which will last until 22nd January 2028 or until the whole of the 14.99% has been acquired, whichever is the earlier. The full text of the resolution is set out in the Notice of Meeting on page 97. Repurchases will be made at the discretion of the Board, and will only be made in the market at prices below the prevailing NAV per share, thereby enhancing the NAV of the remaining shares, as and when market conditions are appropriate. (iii) Approval of dividend policy (resolution 13 ordinary) The Company pays interim dividends on its ordinary shares in order to provide shareholders with regular income. Consequently, it does not pay final dividends, which would otherwise be subject to shareholder approval at the Annual General Meeting. Therefore, in accordance with best practice, the Directors will seek approval, at the forthcoming Annual General Meeting, of the Company’s dividend policy to continue to pay four interim dividends on the Company’s ordinary shares. (iv) Approval of notice period for general meeting (resolution 14 special) Resolution 14 will give the Directors the ability to convene general meetings, other than annual general meetings, on a minimum of 14 clear days’ notice. The minimum notice period for annual general meetings will remain at 21 clear days. The approval will be effective until the Company’s Annual General Meeting to be held in 2027, at which it is intended that renewal will be sought. The Directors will only call a general meeting on 14 days’ notice where they consider it to be in the interests of Shareholders to do so and the relevant matter is required to be dealt with expediently. (v) Investment Policy (resolution 15 ordinary) Resolution 15, which will be proposed as an ordinary resolution, seeks shareholder approval to adopt an amended investment policy in substitution for the Company’s existing investment policy. The new investment policy will amend the current investment restriction, so CFDs, a form of trading instrument, are more specifically referred to as being available for use by the Portfolio Managers. This will provide the Investment Managers with increased flexibility to construct the Company’s portfolio more efficiently and facilitate better cash management. CFDs may also be used for potential leverage in the future, subject to limits, should the Investment Managers consider it appropriate. The proposed amended investment policy, which represents a material change under the FCA’s UK Listing Rules, is set out in full in the Appendix to the Notice of AGM on page 101 of this Annual Report, with the amendments highlighted for ease of reference. The new investment policy, if approved by shareholders at the Annual General Meeting, will come into effect upon conclusion of the AGM and the Portfolio Managers may then use CFDs when they consider it appropriate. Recommendation The Board considers that resolutions 10 to 14 to be proposed at the forthcoming AGM, are in the best interests of shareholders as a whole. The Directors unanimously recommend that you vote in favour of the resolutions as they intend to do in respect of their own beneficial holdings which amount in aggregate to 156,678 shares representing approximately 0.04% of the voting rights of the Company. Corporate Governance Statement Compliance The Board is committed to high standards of corporate governance. It has considered the principles and provisions of the AIC Code of Corporate Governance published in 2024 (the ‘AIC Code’), which addresses the principles and provisions set out in the UK Corporate Governance Code (the ‘UK Code’) published in 2024, as they apply to investment trust companies. It considers that reporting against the AIC Code, therefore, provides more appropriate information to the Company’s shareholders. The Board confirms that the Company has complied with the principles and provisions of the AIC Code, in so far as they apply to the Company’s business, throughout the year under review. The Board acknowledges that Provision 34 of the AIC Code is applicable for accounting periods beginning on or after 1st January 2026. Therefore, the Company will be reporting against Provision 34 of the AIC Code in the Annual Report and Financial Statements for the year ending 31st March 2027. As all of the Company’s day-to-day management and administrative functions are outsourced to third parties, it has no executive directors, employees or internal operations and therefore has not reported in respect of the following: • the role of the executive directors and senior management; • executive directors’ and senior management remuneration; • the workforce; • internal audit function as the Company relies on the internal audit department of the Manager; and • establishment of a separate Remuneration Committee, as this role is undertaken by the Nomination Committee chaired by the Senior Independent Director. Role of the Board A management agreement between the Company and JPMF sets out the matters over which the Manager has authority. This includes management of the Company’s assets and the J.P. Morgan Asset Management 41 Directors’ Report

42 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report Corporate Governance Statement provision of accounting, company secretarial, administrative, and some marketing services. All other matters are reserved for the approval of the Board. A formal schedule of matters reserved to the Board for decision has been approved. This includes determination and monitoring of the Company’s investment objectives and policy and its future strategic direction, gearing policy, management of the capital structure, appointment and removal of third party service providers, review of key investment and financial data and the Company’s corporate governance and risk control arrangements. At each Board meeting, Directors’ interests are considered. These are reviewed carefully, taking into account the circumstances surrounding them, and, if considered appropriate, are approved. It was resolved that there were no actual or indirect interests of a Director which conflicted with the interests of the Company, which arose during the year. Following the introduction of the Bribery Act 2010 the Board has adopted appropriate procedures designed to prevent bribery. It confirms that the procedures have operated effectively during the year under review. The Board meets on at least five occasions during the year and additional meetings are arranged as necessary. Full and timely information is provided in Board Papers and correspondence to the Board by JPMF to enable it to function effectively and to allow Directors to discharge their responsibilities. There is an agreed procedure for Directors to take independent professional advice if necessary and at the Company’s expense. This is in addition to the access that every Director has to the advice and services of the Company Secretary, JPMF, which is responsible to the Board for ensuring that Board procedures are followed and that applicable rules and regulations are complied with. Board Composition At the date of signing this Report the Board, chaired by Rita Dhut, consists of five Non-executive Directors, all of whom are regarded by the Board as independent of the Company’s Manager. The Directors have a breadth of investment knowledge, business and financial skills and experience relevant to the Company’s business. Brief biographical details of each Director are set out on page 38. A review of Board composition and balance is included as part of the annual performance evaluation of the Board, details of which may be found below. Board Diversity When recruiting a new Director, the Board’s policy is to appoint individuals on merit. Diversity is important in bringing an appropriate range of skills and experience to the Board and diversity in gender, race and social class as well as other forms of diversity will be sought when possible. As regards the gender diversity of the Board as at 31st March 2026, the Financial Conduct Authorities Listing Rule comply or explain requirement for females to represent at least 40% of the Company’s Board of Directors and at least one female be appointed in a senior position was met as there were three male Directors and two female Directors on the Board and Rita Dhut is the Chair of the Company’s Board of Directors. In addition the Listing Rule requirement that at least one member of the Board is from a minority ethnic background, is met as detailed in the table below. Reappointment of Directors The Directors of the Company and their brief biographical details are set out on page 38. The skills and experience that each Director brings to the Board, and hence why their contributions are important to the long term success of the Company, are summarised on page 42. All of the Directors held office throughout the year under review and all will stand for reappointment at the forthcoming AGM. See page 97 for further details regarding the AGM. Resolution 4 is for the reappointment of Rita Dhut. She joined the Board in June 2019 and has served for seven years as a Director. Resolution 5 is for the reappointment of Andrew Robson as a Director of the Company. He joined the Board in February 2024 and has served for two years as a Director. Resolution 6 is for the reappointment of Alexander Lennard. He joined the Board in July 2021 and has served for five years as a Director. Resolution 7 is for the reappointment of Karen McKellar. She joined the Board in November 2021 and has served for four years as a Director. Resolution 8 is for the reappointment of Guy Walker. He joined the Board in February 2021 and has served for five years as a Director. The Board confirms that each of the Directors standing for reappointment at the forthcoming AGM continue to contribute effectively and recommends that shareholders vote in favour of their reappointment. Tenure Directors are initially appointed until the following Annual General Meeting when, under the Company’s Articles of Association, it is required that they be reappointed by shareholders. Thereafter, Directors are subject to annual reappointment by shareholders, in line with corporate governance best practice. The Board does not believe that length of service in itself necessarily disqualifies a Director from seeking reappointment but, when making a recommendation, the Board will take into account the ongoing requirements of the UK Corporate Governance Code, including the need to refresh the Board and its Committees. The terms and conditions of Directors’ appointments are set out in formal letters of appointment, copies of which are available for inspection on request at the Company’s registered office and at the AGM.

Corporate Governance Statement Induction and Training On appointment, the Manager and Company Secretary provide all Directors with induction training. Thereafter, regular briefings are provided on changes in law and regulatory requirements that affect the Company and the Directors. Directors are encouraged to attend industry and other seminars covering issues and developments relevant to investment trust companies. Regular reviews of the Directors’ training needs are carried out by the Chair by means of the evaluation process described below. Meetings and Committees The Board delegates certain responsibilities and functions to committees. Details of membership of committees are shown with the Directors’ profiles on page 38. The table below details the number of Board and Committee meetings attended by each currently serving Director. In addition to ad-hoc telephone Board meetings, during the year there were five full Board meetings, including a private meeting of the Directors to evaluate the Manager and a separate meeting devoted to strategy. There were also three Audit Committee meetings and one meeting of the Nomination Committee and Management Engagement Committee during the year. Management Audit Nomination Engagement Board Committee Committee Committee Meetings Meetings Meetings Meetings Director Attended Attended Attended Attended Rita Dhut 5 3 1 1 Guy Walker 5 3 1 1 Alexander Lennard 5 3 1 1 Karen McKellar 5 3 1 1 Andrew Robson 5 3 1 1 Board Committees Nomination Committee The Nomination Committee, chaired by Guy Walker, consists of all of the Directors and meets at least annually to ensure that the Board has an appropriate balance of skills and experience to carry out its fiduciary duties and to select and propose suitable candidates for appointment when necessary. The appointment process takes account of the benefits of diversity, including gender. A variety of sources, including the use of external search consultants, may be used to ensure that a wide range of candidates is considered. The Committee conducts an annual performance evaluation of the Board, its committees and individual Directors to ensure that all Directors have devoted sufficient time and contributed adequately to the work of the Board and its Committees. The evaluation of the Board considers the balance of experience, skills, independence, corporate knowledge, its diversity, including gender, its effectiveness and how it works together. Questionnaires, drawn up by the Board, with the assistance of JPMF, are completed by each Director. The responses are collated and then discussed by the Committee. The evaluation of individual Directors is led by the Chair. The Senior Independent Director (SID) leads the evaluation of the Chair’s performance. In line with corporate governance best practice the Board undertook an externally facilitated evaluation of the Board, its Committees and the Directors in the financial year. The Nomination Committee engaged an external specialist evaluation company to undertake this year’s evaluation. The evaluation used an anonymous survey tool and combined scale-based and comment-based responses across numerous questions to assess performance. The Nomination Committee reviewed the results report from the evaluation company. The evaluation of individual directors was led by the Chair, the Senior Independent Director led the evaluation of the Chair’s performance. The Board considered that the evaluation process was a constructive means of assessing the contribution of individual directors and identifying ways to improve the functioning and performance of the Board and its committees. It also provided Directors with the opportunity to share any training needs with the Chair. The exercise further highlighted that the Board has a relevant balance of experience and knowledge of investment markets, legal regulation and financial accounting and continues to work in a collegiate and effective manner. The Committee also reviews Directors’ fees and makes recommendations to the Board as and when required. Board Composition at 31st March 2026 Number of Percentage of Number of Gender Board Members Board Senior Roles 1 Men 3 60% 1 Women 2 40% 1 Ethnicity White British (or any other white background) 4 80% 1 Ethnic Minority 1 20% 1 1 The roles of Chair of the Board of Directors and Senior Independent Director are classified as senior positions. The information in the above table is obtained in the annual appraisal process of the Directors, Board and Committees. J.P. Morgan Asset Management 43 Directors’ Report

44 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report Corporate Governance Statement The Management Engagement Committee The membership of the Management Engagement Committee consists of all the independent Directors and is chaired by Karen McKellar. The Committee meets at least once a year to review the terms of the management agreement between the Company and the Manager, to review the performance of the Manager and fees, to review the notice period that the Board has with the Manager and to make recommendations to the Board on the continued appointment of the Manager following these reviews. As referred to above, in accordance with corporate governance best practice, an externally facilitated evaluation of the Management Engagement Committee was undertaken in respect of this reporting period. The key service providers of the Company are also reviewed. Further information is set out on page 34. For details of the latest recommendations on Directors’ fees see the Directors Remuneration Report on page 52. Audit Committee The Audit Committee Report is set out on page 48. Terms of Reference The Nomination Committee, Audit Committee and the Management Engagement Committee have written terms of reference which define clearly their respective responsibilities, copies of which are available for inspection at the Company’s website, on request at the Company’s registered office and at the Company’s Annual General Meeting. Relations with Shareholders The Board regularly monitors the shareholder profile of the Company. It aims to provide shareholders with a full understanding of the Company’s activities and performance and reports formally to shareholders each year by way of the Annual Report and Financial Statements, and Half Year Report. This is supplemented by the daily publication, through the London Stock Exchange, of the net asset value of the Company’s shares. All shareholders are encouraged to attend the Company’s Annual General Meeting at which the Directors and representatives of the Manager are available in person to meet with shareholders and answer their questions. In addition, a presentation is given by the Portfolio Managers who review the Company’s performance. During the year the Company’s brokers, the Portfolio Managers and JPMF hold regular discussions with larger shareholders. The Directors are made fully aware of their views. The Chair and Directors make themselves available as and when required to address shareholder queries. The Directors may be contacted through the Company Secretary whose details are shown on page 109. Questions can also be raised through the link on the Company’s website w ww . jpmeuropeangrowthandincom e.co m . The Company’s Annual Report and Financial Statements is published in time to give shareholders at least 20 working days’ notice of the Annual General Meeting. Shareholders wishing to raise questions in advance of the meeting are encouraged to submit questions via the Company’s website or write to the Company Secretary at the address shown on page 109. Details of the proxy voting position on each resolution will be published on the Company’s website shortly after the Annual General Meeting. Risk Management and Internal Control The AIC Code requires the Directors, at least annually, to review the effectiveness of the Company’s system of risk management and internal control and to report to shareholders that they have done so. This encompasses a review of all controls; business, financial, operational, compliance and risk management. The Directors are responsible for the Company’s system of risk management and internal control which is designed to safeguard the Company’s assets, maintain proper accounting records and ensure that financial information used within the business, or published, is reliable. However, such a system can only be designed to manage rather than eliminate the risk of failure to achieve business objectives and therefore can only provide reasonable, but not absolute, assurance against fraud, material mis-statement or loss. Since investment management, custody of assets and all administrative services are provided to the Company by JPMF and its associates, the Company’s system of risk management and internal control mainly comprises monitoring the services provided by JPMF and its associates, including the operating controls established by them, to ensure they meet the Company’s business objectives. Given the foregoing, and in common with most investment trust companies, the Company does not have an internal audit function of its own. The Manager’s internal audit department conducts regular and rigorous reviews of the various functions within its asset management business. Any significant findings that are relevant to the Company and/or the Manager’s investment trust business are reported to the Board. The key elements designed to provide effective risk management and internal control are as follows: Financial Reporting Regular and comprehensive review by the Board of key investment and financial data, including financial statements, management accounts, revenue projections, analysis of transactions and performance comparisons. Management Agreement Appointment of a manager and depositary regulated by the Financial Conduct Authority (‘FCA’), whose responsibilities are clearly defined in a written agreement. Management Systems The Manager’s system of risk management and internal control includes organisational agreements which clearly

define the lines of responsibility, delegated authority, control procedures and systems. These are monitored by JPMF’s Compliance department which regularly monitors compliance with FCA rules. Investment Strategy Authorisation and monitoring of the Company’s investment strategy and exposure limits by the Board. The Board, either directly or through the Audit Committee, keeps under review the effectiveness of the Company’s system of risk management and internal control by monitoring the operation of the key operating controls of the Managers and its associates as follows: – the Board, through the Management Engagement Committee, reviews the terms of the management agreement and receives regular reports from JPMF’s Compliance department; – the Board reviews reports on the risk management and internal controls and the operations of its Depositary, The Bank of New York Mellon (International) Limited and Custodian, JPMorgan Chase Bank N.A., which are themselves independently reviewed; and – every six months the Directors review an independent report on the risk management and internal controls and the operations of JPMF. By the means of the procedures set out above, the Board confirms that it has reviewed the effectiveness of the Company’s system of risk management and internal control for the year ended 31st March 2026 and that systems have been in place during the year under review and up to the date of approval of this Annual Report and Financial Statements. During the course of its review of the system of risk management and internal control, the Board has not identified or been advised of any failings or weaknesses which it has determined to be significant. Going Concern The Directors believe that, having considered the Company’s investment objectives (see page 3), future cash flow projections, risk management policies (see pages 45 and 48), liquidity risk (see note 22(b) on page 87, principal and emerging risks (see page 29) capital management policies and procedures (see page 90), nature of the portfolios and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence to 30th June 2027, being at least 12 months from approving this annual report and financial statements. We considered as part of our risk assessment the nature of the Company, its business model and related risks including where relevant the impact of the conflict in the Middle East and Russia’s invasion of Ukraine, the requirements of the applicable financial reporting framework the covenants in respect of the Company’s Private Placement Notes and the system of internal control. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the report. Reference to this Going Concern is included in the Accounting Policies of the Company on page 71. Corporate Governance and Voting Policy The Company delegates responsibility for voting to the Manager. The following information is a summary of JPMAM’s policy statements on corporate governance and voting which has been reviewed and noted by the Board. Details on social and environmental issues are included in the Strategic Report on page 33. Corporate Governance We believe that there is a strong positive correlation between high governance standards and superior shareholder returns. Governance is about ensuring the quality of the decision-making process, which can determine the success and failure of the company. Effective corporate governance features transparency, accountability, oversight and respect for shareholders. We evaluate governance starting with the board composition, structure and performance, looking for independence, relevant skillsets and board dynamics. Importantly, it is the mandate of the board to oversee whether the corporate strategy is aligned with the purpose and value of the company. The board oversees management’s execution against the company’s capital, liquidity, strategic and financial operating plans in achieving its set objectives. Capital allocation issues are judged in terms of alignment with long-term strategy and value creation at the applicable company. Boards are also responsible for overseeing the management of financially material environmental and social matters, which could affect the longevity of the company. Proxy Voting We vote shares held in our clients’ portfolios in a prudent diligent manner, based on our reasonable judgement of what will best serve the long-term interests of our clients. To help ensure that proxies are voted in the best interests of clients, J.P. Morgan Asset Management has adopted detailed, regional, proxy voting guidelines that incorporate comprehensive guidelines for voting proxies on specific types of issues, and these are publicly available on our websites. We aim to keep abstentions to a minimum. In certain instances, however, it may be in a client’s best interests to intentionally refrain from voting. Stewardship/Engagement Engaging investee companies in dialogue and encouraging sound environmental, social and governance (ESG) practices is an important component of how we deliver our investment stewardship strategy. Our engagement is based on our in-depth investment research on companies, alongside our assessment of macroeconomic drivers, sector-specific factors and financially material ESG themes. This research Corporate Governance Statement J.P. Morgan Asset Management 45 Directors’ Report

Corporate Governance Statement 46 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report insight enables us to act proactively and encourage investee companies to acknowledge issues and improve practices before risks are realised and opportunities are missed. This is how we seek to drive impact in our investment stewardship activity and advocate for sound practices at our investee companies. We believe this will ultimately preserve and enhance asset value. Our engagement model is built on an investor-led, expert–driven approach and leverages the knowledge of more than 1,000 investment professionals around the world, working in close collaboration with investment stewardship specialists. Our engagement process benefits from the longstanding relationships our investment teams have with local investee companies, through regular interactions with board directors and chairs, senior executives, and CEOs. We believe this collaborative, well-resourced approach enables us to recognise significant risks early and identify new opportunities, supporting our goal of generating attractive risk-adjusted returns. Combining our ESG research capability with the experience and skill of our investment teams and the expertise of our investment stewardship specialists gives us a deep understanding of the risks and opportunities facing different sectors, industries, and geographies. By integrating this expertise into a global common platform, we seek to maintain a consistently high standard of engagement, considering the myriad of nuances a responsible investor needs to embrace. We have identified six Investment Stewardship Priorities that we believe can be broadly applied in our engagement efforts and will remain relevant through market cycles. These priorities address the ESG issues that pose the most significant long-term material financial risks to our investments, while also presenting the greatest opportunities. Engaging on these topics is therefore important to delivering value to our clients: – governance; – strategy alignment with the long term; – human capital management; – stakeholder engagement; – climate change; and – natural capital and ecosystems. Within each priority area, we have identified related sub-themes that we are seeking to address over a shorter timeframe (18-24 months). These subthemes will evolve, over. time, as we engage with investee companies to understand issues and promote best practices. This combination of priorities and evolving themes provides a structured and targeted framework for engagement for our investors and Investment Stewardship team globally. JPMAM’s Voting Policy and Corporate Governance Guidelines. are available on request from the Company Secretary or can. be downloaded from JPMAM’s website: https://am.jpmorgan.com/gb/en/assetmanagement/institution al/about-us/investment-stewardship/ Employees, Social, Community, Environmental, Human Rights Issues The Company is managed by its Manager, has no employees and all of its Directors are non-executive. The day to day activities are carried out by third parties. There are therefore no disclosures to be made in respect of employees. The Board notes JPMAM’s global policy statements in respect of Social, Community and Environmental and Human Rights issues, as highlighted in italics: We are committed to becoming the world’s most diverse and inclusive asset manager. We know diverse perspectives create differentiated thinking. We know our client relationships are stronger when our teams mirror the communities in which we work and invest. We reflect these beliefs in our hiring, development and promotion practices, and by nurturing a culture in which everyone is judged on their merits and empowered to hold each other accountable. Beyond our firm, we put our people and assets to work to help advance equity and economic opportunities – and influence other companies to do the same. We continually reinvest in our communities to close opportunity gaps wherever they exist. We’re working to support the transition to a low-carbon economy by scaling green solutions, balancing ESG needs, and managing our operational footprint. We help clients navigate the challenges and realise the economic opportunities of the transition to a low-carbon economy. We believe supporting our clients, through advice and capital, to accelerate their low-carbon transition objectives creates positive environmental benefits and generates long-term financial returns for our shareholders. We seek to deliver stronger financial outcomes, including by focusing on the most financially material ESG issues that we believe impact the long-term performance of companies in which we invest. Additionally, we advocate for robust corporate governance and sound business practices. We believe that understanding financially material ESG factors plays an important role in delivering long-term value creation for our clients. JPMorgan Chase supports fundamental principles of human rights across all our lines of business and in each region of the world in which we operate. JPMorgan Chase’s respect for the protection and preservation of human rights is guided by the principles set forth in the United Nations Universal Declaration of Human Rights. JPMorgan Chase believes it is the role of government in each country to protect the human rights, including the safety and security, of its citizens. However, we believe we can play a constructive role in helping to promote respect for human rights by our own actions and by seeking to engage with the governments of the countries with and in which we operate.

Greenhouse Gas Emissions The Company is managed by JPMF with portfolio management delegated to JPMAM. It has no employees and all of its Directors are non-executive, the day to day activities being carried out by third parties. There are therefore no disclosures to be made in respect of employees. The Company has no premises, consumes no electricity, gas or diesel fuel and consequently does not have a measurable carbon footprint and therefore qualifies as a low energy user and is exempt from reporting under the Streamlined Energy & Carbon Reporting requirements. JPMAM is also a signatory to the CDP (formerly known as Carbon Disclosure Project), as well as JPMorgan Chase being a signatory to the Equator Principles on managing social and environmental risk in project finance. The Modern Slavery Act 2015 (the ‘MSA’) The MSA requires companies to prepare a slavery and human trafficking statement for each financial year of the organisation. As the Company has no employees and does not supply goods and services, the MSA does not apply directly to it. The MSA requirements more appropriately relate to JPMF and JPMAM. JPMorgan’s statement on the MSA can be found on the following website: https://www.jpmorganchase.com/about/ourbusiness/human -rights Corporate Criminal Offence The Company has zero tolerance for tax evasion. Shares in the Company are purchased through intermediaries or brokers and no funds flow directly into the Company. As the Company has no employees, the Board’s focus is to ensure that the risk of the Company’s service providers facilitating tax evasion is also zero. To this end it seeks assurance from its service providers that effective policies and procedures are in place. By order of the Board Paul Winship, for and on behalf of JPMorgan Funds Limited Secretary 22nd June 2026 Corporate Governance Statement J.P. Morgan Asset Management 47 Directors’ Report

Audit Committee Report 48 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report Composition and Role I am pleased to present the Audit Committee Report for the year ended 31st March 2026. The Audit Committee is chaired by Andrew Robson. The members of the Audit Committee are independent and consider that they have the requisite skills and experience to fulfil the responsibilities of the Committee. The Chair of the Company is a member of the Committee, which benefits from her valuable contributions drawing on her extensive knowledge and experience. This is permitted under the AIC Code as the Board Chair was deemed to be independent on appointment. The Committee meets at least twice each year. The Committee reviews the actions and judgements of the Manager in relation to the half year and annual report and financial statements and the Company’s compliance with the AIC UK Corporate Governance Code. The Audit Committee also examines the effectiveness of the Company’s internal control systems. It monitors the Company’s Principal and Emerging risks and the controls relating to Key risks it receives information from the Manager’s Compliance department, see page 48 Risk Management and Internal Controls, and also reviews the scope and results of the external audit, its cost effectiveness and the independence and objectivity of the external auditors. In the Directors’ opinion the Auditors are independent. Financial Statements and Significant Accounting Matters During its review of the Company’s financial statements for the year ended 31st March 2026, the Audit Committee considered the following significant issues, in particular those communicated by the Auditors during their reporting: Significant issue How the issue was addressed Valuation The valuation of investments are ownership of undertaken in accordance with the investments accounting policies, disclosed in note 1(b) and (g) to the financial statements on pages 71 and 72. 100% of the portfolio can be verified against daily published prices. Controls are in place to ensure valuations are appropriate and existence is verified through custodian and depositary reconciliations. The Board monitors controls and significant movements in the underlying portfolio by reviewing reports regularly in Board Meetings. Material Controls – AIC Code Provision 34 In advance of changes to the AIC Code as detailed in Provision 34 due to take effect in respect of the Company’s financial year to 31st March 2027, the Audit Committee has started work to support the Board’s assessment of the effectiveness of its material controls, building on its existing review of risks and controls. Significant issue How the issue was addressed Recognition of The recognition of investment income investment income is undertaken in accordance with accounting policy note 1(d) to the financial statements on page 72. The Board regularly reviews subjective elements of income such as special dividends and agrees their accounting treatment. The Board also regularly reviews revenue estimates. Compliance with Approval for the Company as an Sections 1158 and investment trust under Sections 1158 and 1159 1159 has been obtained and ongoing compliance with the eligibility criteria is monitored on a regular basis by the Manager on behalf of the Board. Through its service providers the Board was made fully aware of any significant financial reporting issues and judgements made in connection with the preparation of the financial statements. Internal Audit The Committee continues to believe that the Company does not require an internal audit function, as it delegates its day-to-day operations to third parties from whom it receives internal control reports. The Board deems it sufficient to rely on the Manager’s internal audit department, along with the Auditor and Audit Committee, to understand the internal controls at the Manager. This is achieved, inter alia, by reviewing the relevant internal control reports issued by the Manager’s independent auditor. Risk Management and Internal Control The Committee examines evidence of the effectiveness of the Company’s internal control systems, receives information from the Manager and also reviews the scope and results of the external audit, its cost effectiveness and the independence and objectivity of the auditor. A risk matrix has been developed which identifies the key risks the Company faces, the likelihood of their occurrence, the potential impact on the Company if they were to occur, the monitoring of these risks, the mitigating controls in place both at the Manager, Investment Manager, third-party service providers and Company level and the effectiveness of the controls in place

Audit Committee Report J.P. Morgan Asset Management 49 Directors’ Report to mitigate them. The Board has ultimate responsibility for the management of risk and the Company’s systems of internal control. The Board, through the Audit Committee, has established an ongoing process for identifying, evaluating and managing these risks. The Committee has also examined the potential risks posed by climate change to the Company’s operations. As a company with no employees or physical offices, the direct risk is negligible. However, there is embedded risk in the Company’s investment holdings. The Board receives regular reports from the Manager on the portfolio and the way financially material ESG considerations are integrated into the investment decisions making process so as to mitigate this risk at the level of stock selection and portfolio construction. Furthermore, since the investments are diversified between sectors, the risk is further mitigated. Going Concern and Long Term Viability The accounting policies of the Company include a statement that the financial statements have been prepared on a Going Concern basis. The Audit Committee makes an assessment and recommendation to the Board on whether or not it was appropriate to prepare the Company’s financial statements on a going concern basis. This review also included challenging the assumptions on the longer term viability of the Company and reviewing stress tests designed to evidence its ability to remain viable in a number of extreme financial environments. The Board’s conclusions in respect of the Going Concern basis are set out in the Corporate Governance Statement on page 45 and also referred to in the Company’s Accounting Policies on page 71. The Long Term Viability statement is on page 32 in the Strategic Report of this Annual Report. Assessment of the Effectiveness of the External Audit Process The Audit Committee has a primary responsibility for making recommendations to the Board on the reappointment and removal of external Auditors. Representatives of the Company’s Auditors attended the Audit Committee meeting at which the draft Annual Report and Financial Statements were considered and also engage with Directors as and when required. Having considered the external Auditors’ performance, including their technical competence, strategic knowledge, the quality of work, communications and reporting, the Committee was satisfied with the effectiveness of the external audit process. The Audit Committee received confirmations from the Auditors in regard of their independence and objectivity during the review of their services. The Committee confirms that the Company is in compliance with the requirements of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014. This order relates to the frequency and governance of tenders for the appointment of the auditor and the setting of the policy on the provision of non-audit services. Committee Evaluation The activities of the Committee were considered as part of the externally facilitated Board evaluation process. The evaluation found that the Committee functioned well, with the appropriate balance of membership, skills and challenge. Audit Appointment and Tenure Regulations currently in force require the Company to conduct an Auditor tender at least every ten years and to rotate Auditor at least every 20 years. PwC was appointed in 2021 and completed its first audit of the Company in respect of its year ended 31st March 2022. As a public company, listed on the London Stock Exchange, the Company is subject to mandatory auditor rotation requirements. Based on these requirements, another tender process will be conducted no later than for the year ending 31st March 2031. As part of its review of the continuing appointment of the Auditor, the Committee considered the length of tenure of the audit firm, its fee, its independence from both JPMF and the Investment Manager, the most recent audit quality inspection report from the FRC, the experience of the audit partner and staff, the fulfillment of the agreed audit plan, and any matters raised during the audit. In accordance with professional and regulatory standards, the audit partner responsible for the audit is rotated at least every five years in order to protect independence and objectivity and to provide fresh challenge to the business. This is the fifth year that PricewaterhouseCoopers LLP have audited the Company’s financial statements. In accordance with present professional guidelines the Audit Partner will be rotated after no more than five years and the current year is the fifth year for which the present Audit Partner, Shujaat Khan, has served. A new audit partner will be introduced following the 2026 audit. Details of the fees paid for audit services are included in note 6 on page 75. Audit Fee and Non-Audit Services No non-audit fees were paid to the Auditor in the year (2025: nil). Details of the fees paid for audit services are included in note 6 on page 75.

Fair Balanced and Understandable Having discussed the content of the annual report and financial statements with the Alternative Investment Fund Manager (JPMF), Portfolio Managers, Company Secretary and other third party service providers, the Audit Committee has concluded that the Annual Report for the year ended 31st March 2026, taken as a whole, is fair, balanced and understandable and provides the information both positive and negative necessary for shareholders to assess the Company’s performance, business model and strategy, and has reported on these findings to the Board. The Board’s conclusions in this respect are set out in the Statement of Directors’ Responsibilities on page 56. Andrew Robson Chair of the Audit Committee By order of the Board Paul Winship, for and on behalf of JPMorgan Funds Limited, Secretary. 22nd June 2026 Audit Committee Report 50 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Report

Directors’ Remuneration Report Pharmaceuticals & biotechnology

The Board presents the Directors’ Remuneration Report for the year ended 31st March 2026, which has been prepared in accordance with the requirements of Section 421 of the Companies Act 2006. The law requires the Company’s Auditors to audit certain of the disclosures provided. Where disclosures have been audited, they are indicated as such. The Auditors’ opinion is included in their report on pages 58 to 65. As all of the Directors are non-executive, the Board has not established a Remuneration Committee. Instead, the Nomination Committee chaired by the Senior Independent Director reviews Directors’ fees on a regular basis and makes recommendations to the Board as and when appropriate. Directors’ Remuneration Policy The Directors’ Remuneration Policy is subject to a triennial binding vote, however, a decision has been taken to seek approval annually and therefore an ordinary resolution to approve this policy will be put to shareholders at the forthcoming Annual General Meeting. The policy subject to the vote, is set out in full below and is currently in force. At the AGM on 28th July 2025, 99.59% votes cast were in favour of (or granted discretion to the Chair who voted in favour of) the Remuneration Policy and 0.41% voted against. Abstentions were received from less than 0.53% of votes cast. The Board’s policy for this and subsequent years is that Directors’ fees should properly reflect the time spent by the Directors on the Company’s business and should be at a level to ensure that candidates of a high calibre are recruited to the Board and retained. The Chair of the Board and the Chair of the Audit Committee are paid higher fees than the other Directors, reflecting the greater time commitment involved in fulfilling those roles. Reviews are based on information provided by the Manager, JPMF, and industry research carried out by third parties on the level of fees paid to the Directors of the Company’s peers and within the investment trust industry generally. The involvement of remuneration consultants has not been deemed necessary as part of this review. The Company has no Chief Executive Officer and no employees and therefore no consultation of employees is required and there is no employee comparative data to provide, in relation to the setting of the remuneration policy for Directors. All of the Directors are non-executive. There are no performance-related elements to their fees and the Company does not operate any type of incentive, share scheme, award or pension scheme and therefore no Directors receive bonus payments or pension contributions from the Company or hold options to acquire shares in the Company. Directors are not granted exit payments and are not provided with compensation for loss of office. No other payments are made to Directors, other than the reimbursement of reasonable out–of-pocket expenses incurred in attending the Company’s business. The fees paid to Directors during the year ended 31st March 2026, as well as those payable from 1st April 2026, are set at the following rates. For the year ended With effect from 31st March 2026 1st April 2026 £ £ Chair of the Board 46,500 48,750 Chair of the Audit Committee 38,000 39,750 Other Directors 32,000 33,500 The fees for the Chair of the Board, Audit Committee and the Directors were last increased with effect from 1st April 2025. The Company’s Articles of Association (the ‘Articles’) provide for additional remuneration to be paid to the Company’s Directors for duties or services performed outside their ordinary duties, not limited by the maximum aggregate, referred to above. The Company’s Articles of Association provide that any increase in the maximum aggregate annual limit on Directors’ fees, currently £250,000, requires both Board and shareholder approval. This limit was previously increased from £225,000 by shareholder approval at the Company’s 2024 Annual General Meeting. The Company has not sought shareholder views on its remuneration policy. The Nomination Committee considers any comments received from shareholders on remuneration policy on an ongoing basis and takes account of those views. The terms and conditions of Directors’ appointments are set out in formal letters of appointment which are available for review at the Company’s Annual General Meeting and the Company’s registered office. Details of the Board’s policy on tenure are set out on page 42. Directors’ Remuneration Policy Implementation The Directors’ Remuneration Report, which includes details of the Directors’ remuneration policy and its implementation, is subject to an annual advisory vote and therefore an ordinary resolution to approve this report will be put to shareholders at the forthcoming Annual General Meeting. There have been no changes to the policy compared with the year ended 31st March 2025. At the Annual General Meeting held on 28th July 2025, of votes cast, 99.62% of votes cast were in favour of (or granted discretion to the Chair who voted in favour of) the remuneration report and 0.38% voted against. Abstentions were received from less than 0.47% of the votes cast. Details of voting on both the Remuneration Policy and the Directors’ Remuneration Report from the 2026 Annual General Meeting will be given in next year’s the annual report. Directors’ Remuneration Report 52 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Remuneration Report

Details of the implementation of the Company’s remuneration policy are given below. Single total figure of remuneration The single total figure of remuneration for each Director is detailed below together with the prior year comparative. Single total figure table 1 2026 2025 Taxable Taxable Fees expenses 2 Total Fees expenses 2 Total Directors’ Name £ £ £ £ £ £ Rita Dhut 46,500 — 46,500 44,500 — 44,500 Alexander Lennard 32,000 — 32,000 30,500 — 30,500 Karen McKellar 32,000 759 32,759 30,500 819 31,319 Jutta af Rosenborg 3 — — — 9,293 12,535 21,828 Guy Walker 32,000 — 32,000 30,500 — 30,500 Andrew Robson 38,000 — 38,000 34,580 — 34,580 Total 180,500 759 181,259 179,873 13,354 193,227 1 Audited information. 2 Taxable travel and subsistence expenses incurred in attending Board and Committee meetings. 3 Retired as Director of the Board on 3rd July 2024. Taxable expenses of £12,535 paid in 2025 include expense in respect of prior years that were not previously reclaimed. Effective from 1st April 2026: For the year ending 31st March 2027 £ Rita Dhut £48,750 Alexander Lennard £33,500 Guy Walker £33,500 Karen McKellar £33,500 Andrew Robson £39,750 Total £189,000 The above fees are as at 1st April 2026. Annual Percentage Change in Directors’ Remuneration The following table sets out the annual percentage change in Directors’ fees: % change for the year to 31st March Directors’ Name 2026 2025 2024 2023 2022 Rita Dhut 1 5 5 19 30 0 Alexander Lennard 2 5 5 0 5 n/a Karen McKellar 3 5 5 0 5 n/a Jutta af Rosenborg 4 n/a n/a 3 6 0 Guy Walker 5 5 5 0 5 0 Andrew Robson 6 10 n/a n/a n/a n/a 1 Appointed as Chair of the Board on 30th September 2022. 2 Appointed to the Board on 8th July 2021. The % change for 2023 is based on the annual fee rate payable on appointment for comparison purposes. 3 Appointed to the Board on 24th November 2021. The % change for 2023 is based on the annual fee rate payable on appointment for comparison purposes. 4 Retired from the Board on 3rd July 2024. 5 Appointed to the Board on 15th February 2021. The % change for 2023 is based on the annual fee rate payable on appointment for comparison purposes. 6 Appointed to the Board on 6th February 2024. Directors’ Remuneration Report J.P. Morgan Asset Management 53 Directors’ remuneration Report

A table showing the total remuneration for the role of Chair over the five years ended 31st March 2026 is below: Remuneration for the role of Chair over the five years ended 31st March 2026 Year ended 31st March Fees 2026 £46,500 2025 £44,500 2024 £42,500 2023 £42,500 2022 £40,000 Directors’ Shareholdings There are no requirements pursuant to the Company’s Articles of Association for the Directors to own shares in the Company. The Directors beneficial shareholdings in the Company’s shares, are detailed below: 1st April 1 2025 31st March 1 or date of Directors 2026 appointment Rita Dhut 55,422 37,422 Alexander Lennard 20,000 20,000 Guy Walker 26,256 26,256 Karen McKellar 30,000 30,000 Andrew Robson 25,000 25,000 1 Audited information. There have been no changes to the above details since the year end and the date of signing these report and financial statements. A graph showing the portfolio’s share price total return compared with the relevant benchmark is shown below. Ten Year Share Price and Benchmark Total Return to 31st March 2026 Figures were rebased to 100 on 31st March 2016 Source: Morningstar. Expenditure by the Company on remuneration and distribution to shareholders Year ended 31st March 2026 2025 Remuneration paid to all Directors 1 £181,259 £193,227 Distribution to shareholders — by way of dividend £26,164,000 £19,870,000 — by way of share repurchases £299,000 £7,259,000 1 Includes taxable expenses. For and on behalf of the Board Rita Dhut Chair 22nd June 2026 50 100 150 200 250 300 350 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Share price total return Benchmark total return Directors’ Remuneration Report 54 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Directors’ Remuneration Report

Statement of Directors’ Responsibilities Food & beverage

The Directors are responsible for preparing the Annual Report and the Financial Statements in accordance with applicable law and regulation. 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, comprising FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and applicable law). Under company law, Directors must not approve the financial statements unless they are satisfied that , taken as a whole, the Annual Report and the Financial Statements are fair, balanced and understandable, provide the information necessary for shareholders to assess the Company’s position and 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 order to provide these confirmations, and in preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • state whether applicable United Kingdom Accounting Standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; • make judgements and accounting estimates that are reasonable and prudent; and • prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business; and the Directors confirm that they have done so. The Directors are 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 Directors are also responsible for keeping adequate 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 and the Directors’ Remuneration Report comply with the Companies Act 2006. 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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Directors’ confirmations The Directors consider that the annual report and financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company’s position and performance, business model and strategy. Each of the Directors, whose names and functions are listed in page 38 confirm that, to the best of their knowledge: • the Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 102, give a true and fair view of the assets, liabilities, financial position and return of the Company; and • The Strategic Report and the Directors’ Report includes 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 it faces. For and on behalf of the Board Rita Dhut Chair 22nd June 2026 Statement of Directors’ Responsibilities 56 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Statement of Directors’ Responsibilities

Independent Auditors’ Report Banking professional

Independent Auditors’ Report 58 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Independent Auditors’ Report Independent auditors’ report to the members of JPMorgan European Growth & Income plc Report on the audit of the financial statements Opinion In our opinion, JPMorgan European Growth & Income plc’s financial statements: • give a true and fair view of the state of the Company’s affairs as at 31st March 2026 and of its return and cash flows for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, and applicable law); and • have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report & Financial Statements (the ‘Annual Report’), which comprise: • the Statement of Financial Position as at 31st March 2026; • the Statement of Comprehensive Income for the year then ended; • the Statement of Changes in Equity for the year then ended; • the Statement of Cash Flows for the year then ended; and • the notes to the financial statements, which include a description of the significant accounting policies. Our opinion is consistent with our reporting to the Audit Committee. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (‘ISAs (UK)’) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided. We have provided no non-audit services to the Company in the period under audit. Our audit approach Context JPMorgan European Growth & Income plc is an Investment Trust Company listed on the London Stock Exchange and invests primarily in equities quoted on European investment markets. The operations of the Company are located in the UK. We focus our audit work primarily on the valuation, existence and income from investments. Overview Audit scope • The Company is a standalone Investment Trust Company and engages JPMorgan Funds Limited (the ‘Manager’) to manage its assets. • We conducted our audit of the financial statements using information from JPMorgan Chase Bank N.A. (the ‘Administrator’) to whom the Manager has, with the consent of the Directors, delegated the provision of certain administrative functions. • We tailored the scope of our audit taking into account the types of investments within the Company, the involvement of the third parties referred to above, the accounting processes and controls, and the industry in which the Company operates.

Independent Auditors’ Report J.P. Morgan Asset Management 59 Independent Auditors’ Report • We obtained an understanding of the control environment in place at both the Manager and the Administrator and adopted a fully substantive testing approach using reports obtained from the Administrator. Key audit matters • Valuation and existence of investments. • Income from investments. Materiality • Overall materiality: £5,708,621 (2025: £4,985,794) based on 1% of net assets. • Performance materiality: £4,281,466 (2025: £3,739,346). The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where the Directors made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. Key audit matters Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. The key audit matters below are consistent with last year. Key audit matter How our audit addressed the key audit matter We assessed the accounting policy for the valuation of investments for compliance with accounting standards and performed testing to check that investments are accounted for in accordance with this stated accounting policy. We tested the valuation of the listed equity investments by agreeing the prices used in the valuation to independent third-party sources for all investments. We tested the existence of the investment portfolio by agreeing investment holdings to an independent custodian confirmation. Valuation and existence of investments Refer to Accounting policies and Notes to the Financial Statements. The investment portfolio at year-end consisted of listed equity investments valued at £599.2 million. We focused on the valuation and existence of investments because investments represent the principal element of the net asset value as disclosed in the Statement of Financial Position in the financial statements.

Key audit matter How our audit addressed the key audit matter How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which it operates. The Company is a standalone authorised, closed ended investment trust Company that has outsourced the management and Company secretarial services to JPMorgan Funds Limited (the ‘Manager’). The Company’s accounting is delegated to JPMorgan Chase Bank N.A. who provide Company administrative services and custodian services. We applied professional judgement to determine the extent of testing required over each balance in the financial statements and obtained our audit evidence, which was substantive in nature, from the Manager and Administrator. As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we looked at where subjective judgements are made, for example in respect of classification of special dividends. We found that the accounting policies implemented were in accordance with accounting standards and the AIC SORP, and that income has been accounted for in accordance with the stated accounting policy. The gains/losses on investments held at fair value through profit or loss comprise realised and unrealised gains/losses. For unrealised gains and losses, we tested the valuation of the portfolio at the year-end, together with testing the reconciliation of opening and closing investments. For realised gains/losses, we tested a sample of disposal proceeds by agreeing the proceeds to bank statements and we re-performed the calculation of a sample of realised gains/losses. We also tested a sample of purchases to underlying supporting documentation. We tested the accuracy and occurrence of dividend receipts by agreeing the dividend rates from investments to independent third-party data. To test for completeness, we tested that the appropriate dividends had been received in the year by reference to independent third-party data of dividends declared for listed investments during the year. We also tested the allocation and presentation of income between the revenue and capital return columns of the Statement of Comprehensive Income in line with the requirements set out in the AIC SORP by assessing the treatment applied in the context of the underlying facts and circumstances of a sample of special dividends. Income from investments Refer to Accounting policies and Notes to the Financial Statements. For the Company we consider that ‘income’ refers to both revenue and capital (including gains and losses on investments). We focused on the accuracy, occurrence and completeness of investment income as incomplete or inaccurate income could have a material impact on the Company’s net asset value. We also focused on the accounting policy for income recognition and its presentation in the Statement of Comprehensive Income as set out in the requirements of The Association of Investment Companies Statement of Recommended Practice (the ‘AIC SORP’) as incorrect application could result in a misstatement in income recognition. Independent Auditors’ Report 60 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Independent Auditors’ Report

Independent Auditors’ Report J.P. Morgan Asset Management 61 Independent Auditors’ Report The impact of climate risk on our audit As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on the Company’s financial statements, and we remained alert when performing our audit procedures for any indicators of the impact of climate risk. Our procedures did not identify any material impact as a result of climate risk on the Company’s financial statements. Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Overall Company materiality £5,708,621 (2025: £4,985,794). How we determined it 1% of net assets Rationale for benchmark applied We applied this benchmark, which is a generally accepted auditing practice for investment trust audits and is also a key measure used by the shareholders in assessing the performance of the entity. We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75% (2025: 75%) of overall materiality, amounting to £4,281,466 (2025: £3,739,346) for the Company financial statements. In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range was appropriate. We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £285,431 (2025: £249,290) as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. Conclusions relating to going concern Our evaluation of the Directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included: • Evaluating the Directors’ updated risk assessment and considering whether it addressed the relevant threats to the Company; • Evaluating the Directors’ assessment of potential operational impacts to the Company of relevant risks, considering their consistency with other available information and our understanding of the business and assessed the potential impact on the financial statements; • Reviewing the Directors’ assessment of the Company’s financial position in the context of its ability to meet future expected operating expenses, their assessment of liquidity as well as their review of the operational resilience of the Company and oversight of key third-party service providers; and • Assessing the implication of potential significant reductions in net asset as a result of market performance on the ongoing ability of the Company to operate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Company’s ability to continue as a going concern. In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Strategic report and Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. Strategic report and Directors’ Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors’ Report for the year ended 31st March 2026 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors’ Report. Directors’ Remuneration In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the Companies Act 2006. Corporate governance statement The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that part of the corporate governance statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other information are described in the Reporting on other information section of this report. Independent Auditors’ Report 62 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Independent Auditors’ Report

Independent Auditors’ Report J.P. Morgan Asset Management 63 Independent Auditors’ Report Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to: • The Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks; • The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an explanation of how these are being managed or mitigated; • The Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them, and their identification of any material uncertainties to the Company’s ability to continue to do so over a period of at least 12 months from the date of approval of the financial statements; • The Directors’ explanation as to their assessment of the Company’s prospects, the period this assessment covers and why the period is appropriate; and • The Directors’ statement as to whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. Our review of the Directors’ statement regarding the longer-term viability of the Company was substantially less in scope than an audit and only consisted of making inquiries and considering the Directors’ process supporting their statement; checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether the statement is consistent with the financial statements and our knowledge and understanding of the Company and its environment obtained in the course of the audit. In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit: • The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for the members to assess the company’s position, performance, business model and strategy; • The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and • The section of the Annual Report describing the work of the Audit Committee. We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review by the auditors. Responsibilities for the financial statements and the audit Responsibilities of the Directors for the financial statements As explained more fully in the Statement of Directors’ Responsibilities, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of section 1158 of the Corporation Tax Act 2010, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue (investment income and capital gains) or to increase the net asset value of the Company. Audit procedures performed by the engagement team included: • discussions with the Manager and the Audit Committee, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; • reviewing relevant committee meeting minutes, including those of the Board and Audit Committee; • assessment of the Company’s compliance with the requirements of section 1158 of the Corporation Tax Act 2010, including recalculation of numerical aspects of the eligibility conditions; • review of financial statement disclosures to underlying supporting documentation; • identifying and testing manual journal entries posted by the Administrator during the preparation of the financial statements; and • designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditors’ report. Use of this report This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, 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. Independent Auditors’ Report 64 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Independent Auditors’ Report

Independent Auditors’ Report J.P. Morgan Asset Management 65 Independent Auditors’ Report Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: • we have not obtained all the information and explanations we require for our audit; or • adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or • certain disclosures of Directors’ remuneration specified by law are not made; or • the financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Appointment We were first appointed by the Company for the financial year ended 31st March 2022. Our uninterrupted engagement covers five financial years. Shujaat Khan (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Edinburgh 22nd June 2026

Financial Statements Energy

For the year ended For the year ended 31st March 2026 31st March 2025 Revenue Capital Total Revenue Capital Total Notes £’000 £’000 £’000 £’000 £’000 £’000 Net gains on investments and derivatives held at fair value through profit or loss 3 — 86,937 86,937 — 2,685 2,685 Net foreign exchange gains/(losses) on JPMorgan EUR Liquidity Fund — 429 429 — (298) (298) Net foreign currency (losses)/gains — (1,583) (1,583) — 2,275 2,275 Income from investments 4 18,504 61 18,565 16,565 789 17,354 Interest receivable and similar income 4 284 — 284 516 — 516 Gross return 18,788 85,844 104,632 17,081 5,451 22,532 Management fee 5 (829) (1,935) (2,764) (759) (1,771) (2,530) Other administrative expenses 6 (804) — (804) (747) — (747) Net return before finance costs and taxation 17,155 83,909 101,064 15,575 3,680 19,255 Finance costs 7 (355) (828) (1,183) (346) (808) (1,154) Net return before taxation 16,800 83,081 99,881 15,229 2,872 18,101 Taxation 8 (1,999) — (1,999) (3,084) — (3,084) Net return after taxation 14,801 83,081 97,882 12,145 2,872 15,017 Return per ordinary share 9 3.51p 19.69p 23.20p 2.85p 0.67p 3.52p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. 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. Net return after taxation represents the profit for the year and also Total Comprehensive Income. The notes on pages 71 to 91 form an integral part of these financial statements. J.P. Morgan Asset Management 67 Statement of Comprehensive Income Financial Statements

Called up Share Capital share premium redemption Capital Revenue capital account reserve reserves 1 reserve 1 Total £’000 £’000 £’000 £’000 £’000 £’000 At 31st March 2024 2,185 131,163 18,273 355,039 4,031 510,691 Repurchase of ordinary shares into Treasury — — — (7,259) – (7,259) Net return after taxation — — — 2,872 12,145 15,017 Dividends paid in the year (note 10) — — — (3,694) (16,176) (19,870) At 31st March 2025 2,185 131,163 18,273 346,958 — 498,579 Repurchase of ordinary shares into Treasury — — — (299) — (299) Issue of ordinary shares from Treasury — 286 — 578 — 864 Net return after taxation — — — 83,081 14,801 97,882 Dividends paid in the year (note 10) — — — (11,363) (14,801) (26,164) At 31st March 2026 2,185 131,449 18,273 418,955 — 570,862 1 These reserves form the distributable reserves of the Company and may be used to fund distributions to shareholders. The amount that is distributable is not necessarily the full amount of the reserves of £418,955,000 as at 31st March 2026, as this includes unrealised holding gains and losses. See note 16 on page 80 for further details. The notes on pages 71 to 91 form an integral part of these financial statements. 68 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Statement of Changes in Equity Financial Statements

At At 31st March 31st March 2026 2025 Notes £’000 £’000 Non current assets Investments held at fair value through profit or loss 590,706 512,436 Investments on loan held at fair value through profit or loss 8,537 7,409 Total investments held at fair value through profit or loss 11 599,243 519,845 Current assets Derivative financial assets 12 69 31 Debtors 12 4,607 5,254 Cash and cash equivalents 11,182 15,490 15,858 20,775 Current liabilities Creditors: amounts falling due within one year 13a (316) (280) Derivative financial liabilities 13b (360) (41) Net current assets 15,182 20,454 Total assets less current liabilities 614,425 540,299 Non current liabilities Creditors: amounts falling due after more than one year 14 (43,563) (41,720) Net assets 570,862 498,579 Capital and reserves Called up share capital 15 2,185 2,185 Share premium account 16 131,449 131,163 Capital redemption reserve 16 18,273 18,273 Capital reserves 16 418,955 346,958 Revenue reserve 16 — — Total shareholders’ funds 570,862 498,579 Net asset value per ordinary share 17 135.2p 118.1p The financial statements on pages 67 to 70 were approved and authorised for issue by the Directors on 22nd June 2026 and were signed on their behalf by: Andrew Robson Director The notes on pages 71 to 91 form an integral part of these financial statements. JPMorgan European Growth & Income plc Company registration number: 237958 J.P. Morgan Asset Management 69 Statement of Financial Position Financial Statements

For the year ended For the year ended 31st March 31st March 2026 2025 Notes £’000 £’000 Cash flows from operating activities Net return before finance costs and taxation 101,064 19,255 Adjustment for: Net gains on investments held at fair value through profit or loss 3 (86,937) (2,685) Net foreign exchange (gains)/losses on JPMorgan EUR Liquidity Fund (429) 298 Net foreign currency losses/(gains) 1,583 (2,275) Dividend income 4 (18,565) (17,354) Interest and securities lending income (284) (491) Realised gains on foreign currency exchange transactions 78 56 Realised exchange gains/(losses) on JPMorgan EUR Liquidity Fund 376 (375) Decrease/(increase) in accrued income and other debtors 1 (1) Increase/(decrease) in accrued expenses 30 (10) Net cash outflow from operations before dividends, interest and taxation (3,083) (3,582) Dividends received 15,293 13,970 Interest and stock lending income received 284 491 Overseas withholding tax recovered 1,289 1,218 Net cash inflow from operating activities 13,783 12,097 Purchases of investments (248,282) (163,135) Sales of investments 256,453 179,036 Settlement of forward foreign currency contracts 448 716 Net cash inflow from investing activities 8,619 16,617 Dividends paid 10 (26,164) (19,870) Issue of ordinary shares from Treasury 10 864 — Repurchase of ordinary shares into Treasury (299) (7,364) Interest paid (1,167) (1,138) Net cash outflow from financing activities (26,766) (28,372) (Decrease)/increase in cash and cash equivalents (4,364) 342 Cash and cash equivalents at start of year 15,490 15,074 Exchange movements 56 74 Cash and cash equivalents at end of year 11,182 15,490 Cash and cash equivalents consist of: Cash at bank 434 632 Investment in JPMorgan EUR Liquidity Fund 10,748 14,858 Total 11,182 15,490 The notes on pages 71 to 91 form an integral part of these financial statements. 70 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Statement of Cash Flows Financial Statements

J.P. Morgan Asset Management 71 Notes to the Financial Statements Financial Statements For the year ended 31st March 2026 1. Accounting policies (a) Basis of accounting The financial statements are prepared under the historical cost convention, modified to include fixed asset investments and derivatives at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’), including ‘the Financial Reporting Standard applicable in the UK and Republic of Ireland’ (‘FRS 102’) 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. In forming this opinion, the Directors have considered as part of its risk assessment: the nature of the Company, its business model and related risks including ongoing conflict between Ukraine and Russia, the conflict in the Middle East, the requirements of the applicable financial reporting framework, the covenants in respect of the Company’s Private Placement Notes and the system of internal control. The Directors believe that, having considered the Company’s investment objectives, future cash flow projections, risk management policies, liquidity risk, principal and emerging risks, capital management policies and procedures, nature of the portfolios and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence to 30th June 2027, being at least 12 months from approving this annual report and financial statements. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the report. The policies applied in these financial statements are consistent with those applied in the preceding year. (b) Valuation of investments The Company has chosen to apply the provisions of Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company’s business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. The portfolio of financial assets is managed and its performance evaluated on a fair value basis, in accordance with a documented investment strategy and information is provided internally on that basis to the Company’s Board of Directors. Accordingly, upon initial recognition the investments are designated by the Company as ‘held at fair value through profit or loss’ They are included initially at fair value which is taken to be their cost, excluding expenses incidental to purchase which are written off to capital at the time of acquisition. Subsequently the investments are valued at fair value, which are quoted bid prices for investments traded in active markets. For investments which are not traded in active markets, unlisted and restricted investments, the Board takes into account the latest traded prices, other observable market data and asset values based on the latest management accounts. All purchases and sales are accounted for on a trade date basis. (c) Accounting for share capital and reserves Called up share capital Share capital is classified as equity and is the nominal value of the ordinary shares in issue and is not distributable. Share premium account Amounts received in excess of the par value of issued shares are held in Share premium. For shares that have been reissued from Treasury, the excess amount of the sales proceeds over the purchase price of those shares, will be transferred to share premium. This reserve is not distributable. Capital redemption reserve Par value of shares repurchased and cancelled by the Company are transferred from Called up share capital to the Capital redemption reserve. This reserve is not distributable. Capital reserve – realised gains and losses Gains and losses on sales of investments including the related foreign exchange gains and losses, realised gains and losses on foreign currency contracts, management fee and finance costs allocated to capital and any other capital charges, are included in the Statement of Comprehensive Income and dealt within capital reserves within ‘Realised gains and losses’. This reserve is available for distribution by way of share repurchases and dividends.

1. Accounting policies (continued) (c) Accounting for reserves (continued) Capital reserve – investment holding gains and losses Increases and decreases in the valuation of investments held at the year end including the related foreign exchange gains and losses, are included in the Statement of Comprehensive Income and dealt within capital reserves within ‘Holding gains and losses on investments’. This reserve may be available for distributions, only to the extent it represents realised profit, in accordance with the Company’s Articles of Association and with ICAEW Technical Release 02/17BL on Guidance on Realised and Distributable Profits under the Companies Act 2006. As this reserve is currently not realised, therefore it is not available for distributions by the Company. Capital reserve – unrealised reserve Unrealised gains and losses on foreign currency contracts (including futures and forwards) or foreign currency loans and private placements are included in the Statement of Comprehensive Income and dealt within capital reserves within ‘Unrealised reserve’. As this reserve is currently not realised, it is not available for distributions by the Company. Revenue reserve Net revenue return after taxation for the year is accounted for in the Revenue reserve. (d) Income Dividends receivable from equity shares are included in revenue on an ex-dividend basis. Overseas dividends are included gross of any withholding tax. Special dividends are looked at individually to ascertain the reason behind the payment. This will determine whether they are treated as revenue or capital. Where the Company has elected to receive scrip dividends in the form of additional shares rather than in cash, the amount of the cash dividend foregone is recognised in revenue. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital. Deposit interest receivable is taken to revenue on an accruals basis. Securities lending income is taken to revenue on an accruals basis. (e) Expenses All expenses are accounted for on an accruals basis. Expenses are allocated wholly to revenue with the following exceptions: – the management fee is allocated 30% to revenue and 70% to capital in line with the Board’s expected split of revenue and capital return from the investment portfolio. – expenses incidental to the purchase of an investment are charged to capital. These expenses are commonly referred to as transaction costs and comprise mainly brokerage commission. (f) Finance costs Finance costs, including any premium payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. – Finance costs on the assets are allocated 30% to revenue and 70% to capital in line with the Board’s expected split of revenue and capital return from the investment portfolio. (g) Financial instruments Financial instruments are recognised only when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or are settled. Financial liabilities are derecognised when the obligation specified in the contract is discharged, is cancelled or expires. Cash and cash equivalents comprises cash including demand deposits which are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Investment in the JPMorgan EUR Liquidity Fund is considered a cash equivalents as it is held for cash management purposes as an alternative to cash. The JPMorgan EUR Liquidity Fund portfolio consists of short dated deposits and commercial paper, a maturity profile of less than three months and low volatility net asset value. 72 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 73 Notes to the Financial Statements Financial Statements Other debtors and creditors do not carry any interest, are short term in nature and are accordingly stated at nominal value, with debtors reduced by appropriate allowances for estimated irrecoverable amounts. Bank loans are classified as financial liabilities measured at amortised cost. They are initially measured as proceeds and subsequently measured at amortised cost. Interest payable on the bank loan is accounted for on an accruals basis in the Statement of Comprehensive Income. The Private Placement Notes in issue is classified as financial liabilities at amortised cost. It was initially measured at the proceeds net of direct issue costs and subsequently measured at amortised cost. The amortisation of direct issue costs are accounted for on an accruals basis in the Statement of Comprehensive Income using the effective interest rate method. Derivative financial instruments, including short term forward currency contracts are classified as ‘held for trading’ and are valued at fair value, which is the net unrealised gain or loss, and are included in current assets or current liabilities in the Statement of Financial Position. Changes in the fair value of derivative financial instruments are recognised in the Statement of Comprehensive Income as capital. (h) Taxation Current tax is provided at the amounts expected to be paid or received and relates to taxation suffered at source on overseas income less amounts recoverable under taxation treaties. Taxation is charged or credited to the revenue column of the Income Statement, except where it relates to items of a capital nature, in which case it is charged or credited to the capital column of the Income Statement. Amounts recoverable under taxation treaties are recognised in overseas tax recoverable on receipt of the corresponding overseas income. The overseas tax recoverable debtor is reviewed periodically and amounts that are no longer recoverable, or the recovery is less certain, are provided against revenue. Deferred tax is provided on all timing differences that have originated but not reversed by the balance sheet date. Deferred tax liabilities are recognised for all taxable timing differences but deferred tax assets are only recognised to the extent that it is more likely than not that taxable profits will be available against which those timing differences can be utilised. Tax relief is allocated to expenses charged to capital on the ‘marginal basis’. On this basis, if taxable income is capable of being entirely offset by revenue expenses, then no tax relief is transferred to the capital column. Deferred tax is measured at the tax rate which is expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates that have been enacted or substantively enacted at the balance sheet date and is measured on an undiscounted basis. (i) Value Added Tax (‘VAT’) Expenses are disclosed inclusive of the related irrecoverable VAT. Recoverable VAT is calculated using the partial exemption method based on the proportion of zero rated supplies to total supplies. (j) Foreign currency The Company is required to identify its functional currency, being the currency of the primary economic environment in which the Company operates. The Board, having regard to the currency of the Company’s share capital and the predominant currency of the Company’s long term financing and expense payments, has determined that sterling is the functional currency. Sterling is also the currency in which the financial statements are presented. Transactions denominated in foreign currencies are converted at actual exchange rates at the date of the transaction. Monetary assets, liabilities and equity investments held at fair value, denominated in foreign currencies at the year end are translated at the rates of exchange prevailing at the year end. (k) Dividends payable Dividends are included in the financial statements in the year in which they are paid. (l) Share capital transactions The cost of repurchasing ordinary shares including the related stamp duty and transactions costs is charged to ‘Capital reserves realised’ and recognised within the Statement of Changes in Equity. Share repurchase transactions are accounted for on a trade date basis. The nominal value of ordinary shares repurchased and cancelled is transferred from ‘Called up share capital’ to the ‘Capital redemption reserve’. If shares held in Treasury are reissued, the proceeds from the sale will be recognised as a realised capital profit up to the original purchase price of those shares and allocated to capital reserves. Any amount received in excess of the purchase price will be credited to the share premium account. When the Company issues new ordinary shares, the nominal value is recorded in share capital, while any amount received above the nominal value is credited to the share premium account.

2. Significant accounting judgements, estimates and assumptions The preparation of the Company’s financial statements on occasion requires management to make judgements, estimates and assumptions that affect the reported amounts in the primary financial statements and the accompanying disclosures. These assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in the current and future periods, depending on circumstance. The Directors do not believe that any accounting judgements or estimates have been applied to this set of financial statements, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year. 3. Gains on investments and derivatives held at fair value through profit or loss 2026 2025 £’000 £’000 Net realised gains on sales of investments 51,115 32,679 Net change in unrealised gains and losses on investments 35,842 (29,980) Other capital charges (20) (14) Total capital gains on investments and derivatives held at fair value through profit or loss 86,937 2,685 4. Income 2026 2025 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Income from investments Overseas dividends 17,718 — 17,718 15,189 — 15,189 UK dividends 374 — 374 389 — 389 Special dividends 412 61 473 987 789 1,776 18,504 61 18,565 16,565 789 17,354 Other interest receivable and similar income Securities lending 21 — 21 25 — 25 Deposit Interest 1 — 1 2 — 2 Income from JPMorgan EUR Liquidity Fund 262 — 262 489 — 489 284 — 284 516 — 516 Total income 18,788 61 18,849 17,081 789 17,870 5. Management fee 2026 2025 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Management fee 829 1,935 2,764 759 1,771 2,530 Details of the management fee are given in the Directors’ Report on page 40. The annual management fee is charged at 0.55% of the net assets of the Company up to and including £400 million; and 0.40% thereafter, in each case adjusted for the principal amounts arising under loan agreements with an original maturity in excess of one year. If the Company invests in funds managed or advised by JPMAM or any of its associated companies, those investments are excluded from the calculation and therefore attract no fee. The management fee is allocated 30% to revenue and 70% to capital in accordance with the Company’s allocation policy. 74 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 75 Notes to the Financial Statements Financial Statements 6. Other administrative expenses 2026 2025 £’000 £’000 Administration expenses 1 308 228 Directors’ fees 2 181 180 Marketing fees 136 127 Auditors’ remuneration for audit services 59 57 Custody fees 55 48 Depositary fees 35 49 Registrar fees 30 58 804 747 1 Administration expenses include expenses payable in respect of AIC fees, brokers fees; regulatory and listing fees; tax and professional advisory fees; and other general expenses. 2 Full disclosure is given in the Directors’ Remuneration Report on page 52. Excludes taxable directors expenses which are included within administration expenses. 7. Finance Costs 2026 2025 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Interest on Private Placement Notes 351 820 1,171 342 800 1,142 Amortisation of Private Placement Notes issue costs 4 8 12 4 8 12 355 828 1,183 346 808 1,154 The finance costs are allocated 30% to revenue and 70% to capital in accordance with the Company’s allocation policy. 8. Taxation (a) Analysis of tax charge for the year 2026 2025 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Overseas withholding tax 1,999 — 1,999 3,084 — 3,084 Total tax charge for the year 1,999 — 1,999 3,084 — 3,084

8. Taxation (continued) (b) Factors affecting total tax charge for the year The tax charge for the year is lower (2025: lower) than the Company’s applicable rate of corporation tax for the year of 25.0% (2025: 25.0%). The factors affecting the total tax charge for the year are as follows: 2026 2025 Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 Net return before taxation 16,800 83,081 99,881 15,229 2,872 18,101 Net return before taxation multiplied by the Company’s applicable rate of corporation tax of 25.0% (2025: 25.0%) 4,200 20,770 24,970 3,807 718 4,525 Effects of: Non taxable capital gains — (21,446) (21,446) — (1,166) (1,166) Non taxable UK dividend income (93) — (93) (97) — (97) Non taxable overseas dividends (4,528) (15) (4,543) (4,044) (197) (4,241) Excess expenses over taxable income 422 691 1,113 1,015 — 1,015 Brought forward excess expenses utilised — — — (36) — (36) Overseas withholding tax 1,999 — 1,999 3,084 — 3,084 Overseas taxation expensed (1) — (1) — — — Tax attributable to expenses and finance costs charged to capital — — — (645) 645 — Total tax charge for the year 1,999 — 1,999 3,084 — 3,084 (c) Deferred taxation The Company has an unrecognised deferred tax asset of £29,519,000 (2025: £28,406,000) in respect of cumulative excess management expenses and loan relationships totalling £118,077,000 (2025: £113,625,000), based on a prospective corporation tax rate of 25.0% (2025: 25.0%) as enacted by the Finance Act 2021. The deferred tax asset has arisen due to the cumulative excess of deductible expenses over taxable income. Given the composition of the Company’s portfolio, it is not likely that this asset will be utilised in the foreseeable future and therefore no asset has been recognised in the financial statements. Due to the Company’s status as an investment trust company and the intention to continue meeting the conditions required to maintain such status in the foreseeable future, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation or disposal of investments. 9. Return per ordinary share 2026 2025 £’000 £’000 Return per ordinary share is based on the following: Revenue return 14,801 12,145 Capital return 83,081 2,872 Total return 97,882 15,017 Weighted average number of ordinary shares in issue during the year 421,928,243 426,040,273 Revenue return per ordinary share 3.51p 2.85p Capital return per ordinary share 19.69p 0.67p Total return per ordinary share 23.20p 3.52p The total return per ordinary share represents both basic and diluted return per share as the Company has no dilutive shares. 76 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 77 Notes to the Financial Statements Financial Statements 10. Dividends (a) Dividends paid and declared 2026 2025 Pence £’000 Pence £’000 Dividends paid Fourth interim dividend in respect of prior year 1.20 5,064 1.05 4,510 First interim dividend 1.20 5,064 1.20 5,148 Second interim dividend 1.20 5,061 1.20 5,128 Third interim dividend 1.20 5,061 1.20 5,084 Fourth interim dividend 1.40 5,914 — — Total dividends paid in the year 6.20 26,164 4.65 19,870 Dividends declared Fourth interim dividend — — 1.20 5,064 Total dividends declared 1 — — 1.20 5,064 1 In accordance with the accounting policy of the Company, declared dividends will be reflected in the financial statements of the following year. The fourth quarterly dividend of 1.40p per ordinary share was paid on 27th March 2026 for the financial year ended 31st March 2026. The first interim dividend of 1.36p per ordinary share in respect of the Company’s financial year ending 31st March 2027 was declared on 1st April 2026 for shareholders on the register on 17th April 2026 with payment on 5th June 2026. During the year, dividends paid amounted to £26,164,000 (2025: £19,870,000), of which £14,801,000 (2025: £16,176,000) were paid from current year revenue and revenue reserves of £14,801,000 (2025: £16,176,000). The remaining dividend of £11,363,000 (2025: £3,694,000) was funded from realised capital reserves as show in the Statement of Changes in Equity on page 68 and note 16 on page 80. (b) Dividend 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 dividends declared in respect of the financial year, as follows: The revenue available for distribution by way of dividend for the year is £14,801,000 (2025: £12,145,000). 2026 2025 Pence £’000 Pence £’000 First interim dividend 1.20 5,064 1.20 5,148 Second interim dividend 1.20 5,061 1.20 5,128 Third interim dividend 1.20 5,061 1.20 5,084 Fourth interim dividend 1.40 5,914 1.20 5,064 Total 5.00 21,100 4.80 20,424 11. Total investments held at fair value through profit or loss 2026 2025 £’000 £’000 Total Investments listed on a recognised stock exchange: Investments held at fair value through profit or loss 590,706 512,436 Investments on loan held at fair value through profit or loss 8,537 7,409 Total investments held at fair value through profit or loss 599,243 519,845

11. Total investments held at fair value through profit or loss (continued) 2026 2025 Listed Listed Listed Listed in UK overseas Total in UK overseas Total £’000 £’000 £’000 £’000 £’000 £’000 Opening book cost 502 367,911 368,413 502 351,777 352,279 Opening investment holding gains 11,718 139,714 151,432 11,203 170,209 181,412 Opening valuation 12,220 507,625 519,845 11,705 521,986 533,691 Movements in the year: Purchases at cost – 248,282 248,282 — 163,135 163,135 Sales proceeds – (255,841) (255,841) — (179,680) (179,680) Gains on investments 2,188 84,769 86,957 515 2,184 2,699 Closing valuation 14,408 584,835 599,243 12,220 507,625 519,845 Closing book cost 502 411,467 411,969 502 367,911 368,413 Closing investment holding gains 13,906 173,368 187,274 11,718 139,714 151,432 Total investments held at fair value through profit or loss 14,408 584,835 599,243 12,220 507,625 519,845 The Company received £255,841,000 (2025: £179,680,000) from investments sold in the year. The bookcost of these investments when they were purchased was £204,726,000 (2025: £147,001,000). These investments have been revalued over time and until they were sold any unrealised gains/losses were included in the fair value of the investments. Transaction costs on purchases during the year amounted to £422,000 (2025: £255,000) and on sales during the year amounted to £80,000 (2025: £64,000). These costs comprise mainly brokerage commission. The Company participates in securities lending arrangements and further details can be found in note 22(c), Credit risk, on page 88. At the year end, investments on loan amounted to £8,537,000 (2025: £7,409,000) which form part of the total investments held at fair value through profit or loss. 12. Current assets 2026 2025 £’000 £’000 Derivative financial assets Forward foreign currency contracts 1 69 31 69 31 1 As at 31st March 2026, there were three forward currency contracts in a net asset position. These have a settlement date of 29th April 2026. The gross currency exposure ﬁgures were EUR 1,305,099, DKK (14,588,547), NOK 84,128,636, GBP (5,913,127). As at 31st March 2025, there were eight forward currency contracts in a net asset position. These have a settlement date of 4th April 2025 and 29th April 2025. The gross currency exposure ﬁgures were EUR (8,337,334), CHF (4,358,653), SEK 207,548,996, USD (3,051,070), NOK (27,417,467), GBP (805,440). 2026 2025 £’000 £’000 Debtors Dividends and interest receivable 687 421 Overseas tax recoverable 3,846 4,128 Securities sold awaiting settlement — 630 Other debtors 74 75 4,607 5,254 The Directors consider that the carrying amount of debtors approximates to their fair value. 78 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 79 Notes to the Financial Statements Financial Statements 13a. Creditors: amounts falling due within one year 2026 2025 £’000 £’000 Interest payable on Private Placement Notes 106 102 Other creditors and accruals 210 178 316 280 13b. Derivative financial liabilities 2026 2025 £’000 £’000 Derivative financial liabilities Forward foreign currency contracts 1 360 41 360 41 1 As at 31st March 2026, there were eight forward currency contracts in a net liability position. These have a settlement date of 29th April 2026. The gross currency exposure ﬁgures were EUR (35,527,210) CHF 11,048,759, SEK 122,217,358, DKK 43,031,113, NOK (18,779,750), GBP 6,943,230. As at 31st March 2025, there were five forward currency contracts in a net liability position. These have a settlement date of 29th April 2025. The gross currency exposure figures were EUR (22,488,968) CHF 8,052,950, SEK 19,824,202, DKK 32,212,636, NOK 68,601,593, GBP 1,536,587. The Directors consider that the carrying amount of creditors falling due within one year approximates to their fair value. 14. Creditors: amounts falling due after more than one year 2026 2025 £’000 £’000 Private Placement Notes 43,563 41,720 On 26th August 2015 the Company issued a Euro 50 million Senior Unsecured Notes with Metlife (‘Private Placement Notes’) which has a capital repayment date of 26th August 2035, and an annualised fixed coupon rate of 2.69%. The interest is paid bi-annually. As is typical across the industry with such loans, the Company is required to comply with certain restrictions required by the lender regarding the amount of debt as a ratio of net assets and minimum requirements regarding the net asset value of the Company. The Company complies with all these requirements. For details regarding the fair valuation of the Private Placement Notes long term debt, see glossary of terms and APMs on page 102. The positive attributions arising from the fair valuation calculation of the Private Placement Notes is detailed on pages 13 to 17 in the Portfolio Manager’s Report. The Directors consider that the impact of the fair valuation calculation of the Private Placement Notes on attribution is outweighed by the potential benefits offered by the long term debt.

15. Called up share capital 2026 2025 Number Number of shares £’000 of shares £’000 Issued and fully paid 1 : Opening balance of ordinary shares of 0.50p each excluding shares held in Treasury 422,016,188 2,110 429,169,449 2,146 Issue of ordinary shares from Treasury 600,000 3 — — Repurchase of ordinary shares into Treasury (250,000) (1) (7,153,261) (36) Closing balance of ordinary shares of 0.50p each excluding shares held in Treasury 422,366,188 2,112 422,016,188 2,110 Shares held in Treasury 14,620,341 73 14,970,341 75 Closing balance of ordinary shares including shares held in Treasury 436,986,529 2,185 436,986,529 2,185 1 Fully paid ordinary shares, which have a par value of 0.50p each, carry one vote per share and carry a right to receive dividends. 16. Capital and reserves Capital reserves 1 Holding Called up Share Capital Realised gains and share premium redemption gains and losses on Unrealised Revenue capital account reserve losses investments reserve reserve 1 Total 2026 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Opening balance 2,185 131,163 18,273 200,141 151,432 (4,615) — 498,579 Net foreign currency gains on cash and cash equivalents — — — 510 — — — 510 Unrealised losses on Private Placement Notes — — — — — (1,831) — (1,831) Realised gains on sale of investments — — — 51,115 — — — 51,115 Net change in unrealised gains and losses on investments — — — — 35,842 — — 35,842 Unrealised losses on forward foreign currency contracts — — — — — (282) — (282) Realised gains on forward foreign currency contracts — — — 449 — — — 449 Special dividend received — — — 61 — — — 61 Issue of ordinary shares from Treasury — 286 — 578 — — — 864 Repurchase of ordinary shares into Treasury — — — (299) — — — (299) Management fee and finance costs charged to capital — — — (2,763) — — — (2,763) Other capital charges — — — (20) — — — (20) Retained revenue for the year — — — — — — 14,801 14,801 Dividends paid in the year — — — (11,363) — — (14,801) (26,164) Closing balance 2,185 131,449 18,273 238,409 187,274 (6,728) — 570,862 1 Capital reserves comprise of Realised gains and losses, Holding gains and losses on investments and the Unrealised reserve. As at 31st March 2026, these amounts aggregate to £418,955,000 as shown in the Statement of Financial Position on page 69. These reserves form the distributable reserves of the Company and may be used to fund distributions to shareholders, however the amount that is distributable is not necessarily the full amount of the reserves of £418,955,000, as this includes unrealised holding gains and losses as at 31st March 2026. 80 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 81 Notes to the Financial Statements Financial Statements Capital reserves 1 Holding Called up Share Capital Realised gains and share premium redemption gains and losses on Unrealised Revenue capital account reserve losses investments reserve reserve 1 Total 2025 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Opening balance 2,185 131,163 18,273 179,747 181,412 (6,120) 4,031 510,691 Net foreign currency gains on cash and cash equivalents — — — 472 — — — 472 Unrealised gains on Private Placement Notes — — — — — 900 — 900 Realised gains on sale of investments — — — 32,679 — — — 32,679 Net change in unrealised gains and losses on investments — — — — (29,980) — — (29,980) Unrealised gains on forward foreign currency contracts — — — — — 605 — 605 Special dividend received — — — 789 — — — 789 Repurchase of ordinary shares into Treasury — — — (7,259) — — — (7,259) Management fee and finance costs charged to capital — — — (2,579) — — — (2,579) Other capital charges — — — (14) — — — (14) Retained revenue for the year — — — — — — 12,145 12,145 Dividends paid in the year — — — (3,694) — — (16,176) (19,870) Closing balance 2,185 131,163 18,273 200,141 151,432 (4,615) — 498,579 1 Capital reserves comprise of Realised gains and losses, Holding gains and losses on investments and the Unrealised reserve. As at 31st March 2025, these amounts aggregate to £346,958,000 as shown in the Statement of Financial Position on page 69. These reserves form the distributable reserves of the Company and may be used to fund distributions to shareholders, however the amount that is distributable is not necessarily the full amount of the reserves of £346,958,000, as this includes unrealised holding gains and losses as at 31st March 2025. 17. Net asset value per ordinary share The net asset value per ordinary share and the net asset value attributable to the ordinary shares at the year end are shown below. These were calculated using 422,366,188 (2025: 422,016,188) ordinary shares in issue at the year end (excluding shares held in Treasury). 2026 2025 Net asset value attributable Net asset value attributable £’000 pence £’000 pence Net asset value - debt at par value 570,862 135.2 498,579 118.1 Euro 50 million 2.69% Private Placement Notes repayable on 26th August 2035 Add: Amortised cost 43,563 10.3 41,720 9.9 Less: Fair value (40,461) (9.6) (39,321) (9.3) Net asset value - debt at fair value 1 573,964 135.9 500,978 118.7 1 See the glossary of terms on page 102. The fair value of the Euro 50 million Private Placement Notes issued by the Company has been calculated using discounted cash flow techniques, using the yield from similar dated German government bond plus a margin based on the five year average for the AA Barclays Euro Corporate Bond spread.

18. Contingent liabilities and capital commitments At the balance sheet date there were no contingent liabilities or capital commitments (2025: none). 19. Related parties The Directors of the company are considered related parties. Full details of Directors’ remuneration and shareholdings can be found on pages 52 to 54 and in note 6 on page 75. 20. Transactions with the Manager Details of the management contract are set out in the Directors’ Report on page 39. The management fee payable to the Manager for the year was £2,764,000 (2025: £2,530,000), of which £nil (2025: £nil) was outstanding at the year end. Included in administration expenses in note 6 on page 75 are safe custody fees amounting to £55,000 (2025: £48,000) payable to JPMorgan Chase Bank, N.A of which £10,000 (2025: £8,000) 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. Commission amounting to £1,000 (2025: £19,000) was payable to JPMorgan Securities Limited for the year of which £nil (2025: £nil) was outstanding at the year end. The Company holds investments in JPMorgan European Discovery Trust plc, managed by JPMAM. At 31st March 2026 these were valued at £14.4 million (2025: £12.2 million) and represented 2.4% (2025: 2.3%) of the Company’s investment portfolio. During the year the Company made £nil purchases of such investments (2025: £nil) and sales with a total value of £nil (2025: £nil). Income amounting to £327,000 (2025: £277,000) was receivable from these investments during the year of which £nil (2025: £nil) was outstanding at the year end. Securities lending income amounting to £21,000 (2025: £25,000) was receivable by the Company during the year. JPMorgan Chase Bank, N.A, commissions in respect of such transactions amounted to £2,000 (2025: £2,700). Other capital charges (handling charges) on dealing transactions amounting to £20,000 (2025: £14,000) were payable to JPMorgan Chase Bank N.A. during the year of which £3,000 (2025: £1,000) was outstanding at the year end. At the year end, total cash of £0.4 million (2025: £0.6 million) was held with JPMorgan Chase Bank N.A. A net amount of interest of £1,000 (2025: £2,000) was receivable by the Company during the year from JPMorgan Chase Bank, N.A of which £nil (2025: £nil) was outstanding at the year end. The Company invests in the JPMorgan EUR Liquidity Fund, a triple A-rated money market fund managed by JPMorgan Asset Management (Europe) S.à r.l. At the year end this was valued at £10.7 million (2025: £14.9 million). Interest amounting to £262,000 (2025: £489,000) was receivable during the year of which £nil (2025: £nil) was outstanding at the year end. 21. Disclosures regarding financial instruments measured at fair value The fair value hierarchy disclosures required by FRS 102 are given below. The Company’s financial instruments within the scope of FRS 102 that are held at fair value comprise its investment portfolio and derivative financial instruments. The investments are categorised into a hierarchy consisting of the following three levels: Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. Details of the valuation policies of investments and derivatives are given in note 1(b) and note 1(g) on pages 71 and 72. Derivative financial instruments, including short term forward currency contracts are valued at fair value, which is the net unrealised gain or loss. 82 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 83 Notes to the Financial Statements Financial Statements The following table sets out the fair value measurements using the FRS 102 hierarchy at 31st March. 2026 2025 2 Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 Level 1 599,243 — 519,845 — Level 2 – JPMorgan EUR Liquidity Fund 1 10,748 — 14,858 — – Derivative financial instruments – Forward foreign currency contracts 69 (360) 31 (41) Total 610,060 (360) 534,734 (41) 1 Investment in the JPMorgan EUR Liquidity Fund, a AAA rated money market fund. 2 The ﬁgures for 31st March 2025 have been restated to include the current asset investment in the JPMorgan EUR Liquidity Fund as Level 2. There were no transfers between Level 1, 2 or 3 during the year (2025: nil). 22. Financial instruments’ exposure to risk and risk management policies As an investment trust, the Company invests in equities for the long term so as to secure its investment objective stated on the ‘Key Features’ page. In pursuing this objective, the Company is exposed to a variety of financial risks that could result in a reduction in the Company’s net assets or a reduction in the profits available for dividends. These financial risks include market risk (comprising currency risk, interest rate risk and other price risk), liquidity risk and credit risk. The Directors’ policy for managing these risks is set out below. The Company Secretary, in close cooperation with the Board and the Manager, coordinates the Company’s risk management policy. The objectives, policies and processes for managing the risks and the methods used to measure the risks that are set out below, have not changed from those applying in the comparative year. The Company’s classes of financial instruments are as follows: – investments in Continental European equity shares and collective investment funds, which are held in accordance with the Company’s investment objective; – investment in the JPMorgan EUR Liquidity Fund; – short term debtors, creditors and cash arising directly from its operations; – short term forward foreign currency contracts for the purpose of settling short term liabilities and manage working capital requirements; and – Euro denominated Private Placement Notes, the purpose of which is to finance the Company’s operations. (a) Market risk The fair value of future cash flows of a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk. Information to enable an evaluation of the nature and extent of these three elements of market risk is given in parts (i) to (iii) of this note, together with sensitivity analyses where appropriate. The Board reviews and agrees policies for managing these risks and these policies have remained unchanged from those applying in the comparative year. The Manager assesses the exposure to market risk when making each investment decision and monitors the overall level of market risk on the whole of the investment portfolio on an ongoing basis. (i) Currency risk Certain of the Company’s assets, liabilities and income are denominated in currencies other than sterling which is the Company’s functional currency and the currency in which it reports. As a result, movements in exchange rates may affect the sterling value of those items.

22. Financial instruments’ exposure to risk and risk management policies (continued) (a) Market risk (continued) (i) Currency risk (continued) Management of currency risk The Manager monitors the Company’s exposure to foreign currencies on a daily basis and reports to the Board, which meets on at least four occasions each year. The Manager measures the risk to the Company of the foreign currency exposure by considering the effect on the Company’s net asset value and income of a movement in the rates of exchange to which the Company’s assets, liabilities, income and expenses are exposed. Foreign currency borrowing may be used to limit the Company’s exposure to anticipated changes in exchange rates which might otherwise adversely affect the sterling value of the portfolio of investments. This borrowing is limited to currencies and amounts commensurate with the asset exposure to those currencies. Income denominated in foreign currencies is converted to sterling on receipt. The Company may use short term forward currency contracts for the purpose of settling short term liabilities and to manage working capital requirements. Foreign currency exposure The fair value of the Company’s monetary items that have foreign currency exposure at 31st March are shown below. Where the Company’s equity investments (which are not monetary items) are priced in a foreign currency, they have been included separately in the analysis so as to show the overall level of exposure. 2026 Euro Swiss Swedish Danish Norwegian francs krona krone US dollar krone Total £’m £’m £’m £’m £’m £’m £’m Current assets less current liabilities excluding the foreign currency Private Placement Notes (16.4) 12.2 9.8 3.6 — 5.1 14.3 Private Placement Notes (43.6) — — — — — (43.6) Foreign currency exposure on net monetary items (60.0) 12.2 9.8 3.6 — 5.1 (29.3) Total Investments held at fair value through profit or loss 434.7 95.0 27.5 16.7 9.4 1.5 584.8 Total net foreign currency exposure 374.7 107.2 37.3 20.3 9.4 6.6 555.5 2025 Euro Swiss Swedish Danish Norwegian francs krona krone krone US dollar Total £’m £’m £’m £’m £’m £’m £’m Current assets less current liabilities excluding the foreign currency Private Placement Notes (12.6) 5.0 17.7 3.9 3.0 (2.4) 14.6 Private Placement Notes (41.7) — — — — — (41.7) Foreign currency exposure on net monetary items (54.3) 5.0 17.7 3.9 3.0 (2.4) (27.1) Total Investments held at fair value through profit or loss 373.8 89.7 13.0 18.6 2.0 10.5 507.6 Total net foreign currency exposure 319.5 94.7 30.7 22.5 5.0 8.1 480.5 In the opinion of the Directors, the above year end amounts are broadly representative of the exposure to foreign currency risk during the year. This analysis is presented on an un-hedged basis. 84 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 85 Notes to the Financial Statements Financial Statements Foreign currency sensitivity The following table illustrates the sensitivity of return after taxation for the year and net assets with regard to the Company’s monetary financial assets and financial liabilities and exchange rates. The sensitivity analysis is based on the Company’s monetary currency financial instruments held at each balance sheet date and the income receivable in foreign currency and assumes a 10% (2025: 10%) appreciation or depreciation in sterling against the Euro, and the other currencies to which the Company is exposed, which is considered to be a reasonable illustration based on the volatility of exchange rates during the year. 2026 2025 If sterling If sterling If sterling If sterling strengthens weakens strengthens weakens by 10% by 10% by 10% by 10% £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Revenue return 1 (1,839) 1,839 (1,667) 1,667 Capital return 2,933 (2,933) 2,714 (2,714) Total return after taxation for the year 1,094 (1,094) 1,047 (1,047) Net assets 1,094 (1,094) 1,047 (1,047) 1 The sensitivity is calculated on the income received during the year. In the opinion of the Directors, the above sensitivity analysis is broadly representative of the whole year. (ii) Interest rate risk Interest rate movements may affect the level of income receivable on cash deposits, the liquidity fund and the interest payable on variable rate borrowings when interest rates are reset. Management of interest rate risk Liquidity and borrowings are managed with the aim of increasing returns to shareholders. The Company’s gearing policy is to operate within a range of 10% net cash to 20% geared in normal market conditions. Interest rate exposure The Company has a Private Placement Notes carrying a fixed rate of interest. The exposure of financial assets and liabilities to floating interest rates using the year end figures, giving cash flow interest rate risk when rates are reset, is shown below. 2026 2025 £’000 £’000 Exposure to floating interest rates: Cash at bank 434 632 JPMorgan EUR Liquidity Fund 10,748 14,858 Total exposure 11,182 15,490 Interest receivable on cash balances, or paid on overdrafts, is at a margin below or above Sterling Overnight Index Average (SONIA) or Euro Short-Term Rates respectively (2025: Sterling Overnight Index Average (SONIA) or Euro Short-Term Rates). The interest earned on the JPMorgan EUR Liquidity Fund is based on the average yield reflecting the performance of the underlying assets of the JPMorgan EUR Liquidity Fund. Details of the Private Placement Notes is given in note 13 and 14 on page 79.

22. Financial instruments’ exposure to risk and risk management policies (continued) (a) Market risk (continued) (ii) Interest rate risk (continued) Interest rate sensitivity The following table illustrates the sensitivity of the return after taxation for the year and net assets to a 1% (2025: 1%) increase or decrease in interest rates with regards to the Company’s monetary financial assets and financial liabilities. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the Company’s monetary financial instruments held at the balance sheet date, with all other variables held constant. 2026 2025 1% 1% 1% 1% Increase Decrease Increase Decrease in rate in rate in rate in rate £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Revenue return 112 (112) 155 (155) Total return after taxation for the year 112 (112) 155 (155) Net assets 112 (112) 155 (155) In the opinion of the Directors, this sensitivity analysis may not be representative of the Company’s future exposure to interest rate changes due to fluctuations in the level of cash balances and investment in the liquidity fund. (iii) Other price risk Other price risk includes changes in market prices, other than those arising from interest rate risk or currency risk, which may affect the value of equity investments. Management of other price risk The Board meets on at least four occasions each year to consider the asset allocation of the portfolio and the risk associated with particular industry sectors. The investment management team has responsibility for monitoring the portfolio, which is selected in accordance with the Company’s investment objectives and seeks to ensure that individual stocks meet an acceptable risk/reward profile. At the same time ensuring that the portfolio is in compliance with the agreed investment guidelines and policies. Other price risk exposure The Company’s total exposure to changes in market prices at 31st March comprises its holdings in equity investments as follows: 2026 2025 £’000 £’000 Total Investments held at fair value through profit or loss 599,243 519,845 599,243 519,845 The above data is broadly representative of the exposure to other price risk during the current and comparative year. Concentration of exposure to market price risk An analysis of the Company’s investments is given on pages 21 and 22. This shows that the majority of the investment portfolio’s value is in European companies but there is no concentration of exposure to any one European country. It should also be noted that an investment may not be entirely exposed to the economic conditions in its country of domicile or of listing. 86 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 87 Notes to the Financial Statements Financial Statements Other price risk sensitivity The following table illustrates the sensitivity of the return after taxation for the year and net assets to an increase or decrease of 10% (2025: 10%) in the market value of equity investments. This level of change is considered to be a reasonable illustration based on observation of current market conditions. The sensitivity analysis is based on the Company’s equities, adjusting for changes in the management fee but with all other variables held constant. 2026 2025 10% 10% 10% 10% Increase in Decrease in Increase in Decrease in fair value fair value fair value fair value £’000 £’000 £’000 £’000 Statement of Comprehensive Income – return after taxation Revenue return (72) 72 (62) 62 Capital return 59,757 (59,757) 51,839 (51,839) Total return after taxation 59,685 (59,685) 51,777 (51,777) Net assets 59,685 (59,685) 51,777 (51,777) (b) Liquidity risk This is the risk that the Company will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Management of the risk Liquidity risk is not significant as the Company’s assets comprise mainly readily realisable securities, which can be sold to meet funding requirements if necessary. Short term flexibility is achieved through the use of overdraft facilities. The Board’s policy is for the Company to remain fully invested in normal market conditions and that short term borrowings be used to manage short term liabilities and working capital requirements and to gear the Company as appropriate. Details of the Company’s Private Placement Notes are given in note 14 on page 79.

22. Financial instruments’ exposure to risk and risk management policies (continued) (b) Liquidity risk (continued) Liquidity risk exposure Contractual maturities of the financial liabilities, based on the earliest date on which payment can be required are as follows: 2026 More than Three three months months but not more One year or less than one year or more Total £’000 £’000 £’000 £’000 Creditors: amounts falling due within one year Other creditors and accruals 210 — — 210 Derivative financial instruments 1 360 — — 360 Creditors: amounts falling due after more than one year Private Placement Notes, including interest 396 885 53,572 54,853 966 885 53,572 55,423 2025 More than Three three months months but not more One year or less than one year or more Total £’000 £’000 £’000 £’000 Creditors: amounts falling due within one year Other creditors and accruals 178 — — 178 Derivative financial instruments 1 41 — — 41 Creditors: amounts falling due after more than one year Private Placement Notes, including interest 380 848 52,438 53,666 599 848 52,438 53,885 1 Forward foreign currency contracts. The liabilities shown above represent future contractual payments and therefore may differ from the amounts shown in the Statement of Financial Position. (c) Credit risk Credit risk is the risk that the failure of the counterparty to a transaction to discharge its obligations under that transaction could result in loss to the Company. Management of credit risk Portfolio dealing The Company invests in markets that operate Delivery Versus Payment (‘DVP’) settlement. The process of DVP mitigates the risk of losing the principal of a trade during the settlement process. The Manager continuously monitors dealing activity to ensure best execution, a process that involves measuring various indicators including the quality of trade settlement and incidence of failed trades. Counterparty lists are maintained and adjusted accordingly. 88 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 89 Notes to the Financial Statements Financial Statements Cash and cash equivalents Counterparties are subject to regular credit analysis by the Manager and deposits can only be placed with counterparties that have been approved by JPMAM’s Counterparty Risk Group. The Board regularly reviews the counterparties used by the Manager. At the year end the cash balance of £0.4 million (2025: £0.6 million) was placed across a range of suitably approved counterparties in line with the Board’s concentration guidelines. The JPMorgan EUR Liquidity Fund has a AAA rating. Exposure to JPMorgan Chase Bank, N.A JPMorgan Chase Bank, N.A. is the custodian of the Company’s assets. The Company’s assets are segregated from JPMorgan Chase’s own trading assets. Therefore these assets are designed to be protected from creditors in the event that JPMorgan Chase Bank, N.A were to cease trading. The Depositary, Bank of New York Mellon (International) Limited, is responsible for the safekeeping of all custodial assets of the Company and for verifying and maintaining a record of all other assets of the Company. However, no absolute guarantee can be given on the protection of all the assets of the Company. Credit risk exposure The amounts shown in the Statement of Financial Position under current assets represent the maximum exposure to credit risk at the current and comparative year ends. Securities Lending The aggregate value of securities on loan at 31st March 2026 amounted to £8.5 million (2025: £7.4 million) and the maximum value of stock on loan during the year amounted to £28.6 million (2025: £32.7 million). Collateral is obtained by JPMorgan Chase Bank, N.A and is called in on a daily basis to a minimum value of 102% (2025: 102%) of the value of the securities on loan if that collateral is denominated in the same currency as the securities on loan and a minimum value of 105% (2025: 105%) if it is denominated in a different currency. At the year end the amount of collateral held was £8.8 million (2025: £7.9 million). Full details of the collateral is disclosed on pages 94 and 95. (d) Fair values of financial assets and financial liabilities All financial assets and liabilities are either included in the Statement of Financial Position at fair value or the carrying amount which is a reasonable approximation of fair value except for the Euro 50 million 2.69% Senior Unsecured Notes 26th August 2035 with Metlife (Private Placement Notes) which the Company has in issue. The fair value of the Private Placement Notes have been calculated using discounted cash flow techniques, using the yield from a similarly dated German government bond plus a margin based on the five year average for the AA Barclays Euro Corporate Bond spread. 2026 2025 Carrying Fair Carrying Fair value value value value £’000 £’000 £’000 £’000 Private Placement Notes 43,563 40,461 41,720 39,321

23. Capital management policies and procedures The Company’s debt and capital structure comprises the following: 2026 2025 £’000 £’000 Debt Private Placement Notes 43,563 41,720 Total debt 43,563 41,720 Equity Called up share capital 2,185 2,185 Share premium account and other reserves 568,677 496,394 Total equity 570,862 498,579 Total debt and equity 614,425 540,299 The Company’s capital management objectives are to ensure that it will continue as a going concern and to maximise the income and capital return to its equity shareholders through an appropriate level of gearing. The Board’s policy is to limit gearing within the range of 10% net cash to 20% geared. 2026 2025 £’000 £’000 Total Investments held at fair value through profit or loss 599,243 519,845 Net assets 570,862 498,579 Gearing 5.0% 4.3% The Board, with the assistance of the Manager, monitors and reviews the broad structure of the Company’s capital on an ongoing basis. This review includes: – the planned level of gearing, which takes into account the Manager’s views on the market; – the need to buy back equity shares, either for cancellation or to hold in Treasury, which takes into account the share price discount or premium; – the opportunity for issues of new shares, including issues from Treasury; and – the level of dividend distributions in excess of that which is required to be distributed. 90 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Notes to the Financial Statements Financial Statements

J.P. Morgan Asset Management 91 Notes to the Financial Statements Financial Statements 24. Analysis of Changes in Net Debt As at Other As at 31st March Exchange non-cash 31st March 2025 Cash flows movements changes 2026 £’000 £’000 £’000 £’000 £’000 Cash and cash equivalents Cash at bank 632 (202) 4 — 434 Investment in JPMorgan EUR Liquidity Fund 14,858 (4,162) 52 — 10,748 15,490 (4,364) 56 — 11,182 Borrowings Debt due after one year – Private Placement Notes (41,720) — (1,831) (12) (43,563) Net debt (26,230) (4,364) (1,775) (12) (32,381) 25. Subsequent events The Directors have evaluated the period since the year end and have not noted any material subsequent events, except for the announcement on 29th May 2026 that the Company had signed Heads of Terms with the board of European Opportunities Trust PLC (‘EOT’) in respect of the proposed transfer of certain assets of EOT.

Regulatory Disclosures Porta Sempione – Milan, Italy

Alternative Investment Fund Managers’ Directive (‘AIFMD’) Disclosures (Unaudited) Leverage For the purposes of the Alternative Investment Fund Managers’ Directive (‘AIFMD’), leverage is any method which increases the Company’s exposure, including the borrowing of cash and the use of derivatives. It is expressed as a ratio between the Company’s exposure and its net asset value and is calculated on a gross and a commitment method in accordance with AIFMD. Under the gross method, exposure represents the sum of the Company’s positions without taking into account any hedging and netting arrangements. Under the commitment method, exposure is calculated after certain hedging and netting positions are offset against each other. The Company’s maximum and actual leverage levels at 31st March 2026 are shown below: Gross Commitment Method Method Maximum limit 350% 350% Actual 147% 113% AIFMD Remuneration Disclosures JPMorgan Funds Limited (the ‘Management Company’) is the authorised manager of JPMorgan European Growth & Income plc (the ‘Company’) and is part of the J.P. Morgan Chase & Co. group of companies. In this section, the terms ‘J.P. Morgan’ or ‘Firm’ refer to that group, and each of the entities in that group globally, unless otherwise specified. This section of the annual report has been prepared in accordance with the Alternative Investment Fund Managers’ Directive (the ‘AIFMD’), the European Commission Delegated Regulation supplementing the AIFMD, and the ‘Guidelines on sound remuneration policies’ issued by the European Securities and Markets Authority under the AIFMD. The information in this section is in respect of the most recent complete remuneration period (‘Performance Year’) as at the reporting date. This section has also been prepared in accordance with the relevant provisions of the Financial Conduct Authority Handbook (FUND 3.3.5). JPMF Remuneration Policy A summary of the Remuneration Policy currently applying to the Management Company (the ‘Remuneration Policy Statement’) can be found at https://am.jpmorgan.com/gb/en/asset- management/gim/per/legal/emea-remuneration-policy . This Remuneration Policy Statement includes details of how remuneration and benefits are calculated, including the financial and non-financial criteria used to evaluate performance, the responsibilities and composition of the Firm’s Compensation and Management Development Committee, and the measures adopted to avoid or manage conflicts of interest. A copy of this policy can be requested free of charge from the Management Company. The Remuneration Policy applies to all employees of the Management Company, including individuals whose professional activities may have a material impact on the risk profile of the Management Company or the Alternative Investment Funds it manages (‘AIFMD Identified Staff’). The AIFMD Identified Staff include members of the Board of the Management Company (the ‘Board’), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis. The JPMF Board reviews and adopts the Remuneration Policy on an annual basis, and oversees its implementation, including the classification of AIFMD Identified Staff. The Board last reviewed and adopted the Remuneration Policy that applied for the 2025 Performance Year in July 2025 with no material changes and was satisfied with its implementation. Quantitative Disclosures The table below provides an overview of the aggregate total remuneration paid to staff of the Management Company in respect of the 2025 Performance Year and the number of beneficiaries. These figures include the remuneration of all staff of JPMorgan Asset Management (UK) Ltd (the relevant employing entity) and the number of beneficiaries, both apportioned to the Management Company on an Asset Under Management (‘AUM’) weighted basis. Due to the Firm’s structure, the information needed to provide a further breakdown of remuneration attributable to the Company is not readily available and would not be relevant or reliable. However, for context, the Management Company manages 24 Alternative Investment Funds (with 4 sub-funds) and 2 UCITS (with 42 sub-funds) as at 31st December 2025, with a combined AUM as at that date of £26,122 million and £21,624 million respectively. Fixed Variable Total Number of remuneration remuneration remuneration beneficiaries All staff of the Management Company (US$’000s) 22,376 17,212 39,588 127 The aggregate 2025 total remuneration paid to AIFMD Identified Staff was US$145.7 million of which US$8.6 million relates to Senior Management and US$137.1 million relates to other Identified Staff 1 . 1 The AIFMD identified staff disclosures include employees of the companies to which portfolio management has been formally delegated in line with the latest ESMA guidance. Securities Financing Transactions Regulation Disclosure (‘SFTR’) (Unaudited) The Company engages in Securities Financing Transactions (as defined in Article 3 of Regulation (EU) 2015/2365, securities financing transactions include repurchase transactions, securities or commodities lending and securities or commodities borrowing, buy-selling back transactions or sell-buy back transactions and margin lending transactions) or Total Return Swaps. Accordingly, disclosures required by Article 13 of the Regulation are not applicable for the year ended 31st March 2026. Regulatory Disclosures J.P. Morgan Asset Management 93 Regulatory Disclosures

Global Data Amount of securities on loan The total value of securities on loan as a proportion of the Company’s total lendable assets, as at the balance sheet date, is 8.4%. Total lendable assets represents the aggregate value of assets types forming part of the Company’s securities lending programme. Amount of assets engaged in securities lending The following table represents the total value of assets engaged in securities lending: Value £’000 % of AUM Securities lending 8,537 1.42 Concentration and Aggregate Transaction Data Counterparties The following table provides details of the counterparties (based on gross volume of outstanding transactions with exposure on a gross absolute basis) in respect of securities lending as at the balance sheet date: Value Counterparty Country of Incorporation £’000 Morgan Stanley United States of America 4,614 JPMorgan United States of America 3,816 ING The Netherlands 107 Total 8,537 Maturity tenure of Security lending transactions The Company’s securities lending transactions have open maturity. Collateral issuers The following table lists the issuers by value of non-cash collateral received by the Company by way of title transfer collateral arrangement across securities lending transactions, as at the balance sheet date: Collateral Value Issuer £’000 United States of America Treasury 8,728 French Republic Government 63 United Kingdom Treasury 4 Kingdom of Belgium Government 3 Total 8,798 Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged. Type, quality and currency of collateral The following table provides an analysis of the type, quality and currency of collateral received by the Company in respect of securities lending transactions as at the balance sheet date. Value Type Quality Currency £’000 Treasury Bills Investment Grade USD 5,836 Treasury Bonds Investment Grade USD 2,892 Sovereign Debt Investment Grade EUR 66 Sovereign Debt Investment Grade GBP 4 Total 8,798 Maturity tenure of collateral The following table provides an analysis of the maturity tenure of collateral received in relation to securities lending transactions as at the balance sheet date. Value Maturity £’000 1 day to 1 week — 1 to 4 weeks — 1 to 3 months 6 3 to 12 months 189 more than 1 year 8,603 Total 8,798 Regulatory Disclosures 94 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Regulatory Disclosures

Settlement and clearing The Company’s securities lending transactions including related collaterals are settled and cleared either bi-laterally, tri-party or through a central counterparty. Re-use of collateral Share of collateral received that is reused and reinvestment return Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions cannot be sold, re-invested or pledged. Cash collateral received in the context of securities lending transactions may be reused in accordance with the provisions contained within the securities lending agreement. The Company currently reinvests cash collateral received in respect of securities lending transactions in the overnight cash market. Safekeeping of collateral All collateral received by the Company in respect of securities lending transactions as at the balance sheet date is held by the Custodian. Return and cost JPMorgan Chase Bank, N.A, the lending agent, receives a fee of 10% of the gross revenue for its services related to the Securities Lending Transactions. The remainder of the revenue, 90%, is received by the Company i.e. for the benefit of Shareholders. Regulatory Disclosures J.P. Morgan Asset Management 95 Regulatory Disclosures

Shareholder Information Financial Centre – Frankfurt, Germany

Important information: This document is important and requires your immediate attention. If you are in any doubt as to any aspect of the proposals referred to in this document or as to the action you should take, it is recommended that you seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or other appropriate independent professional adviser duly authorised pursuant to the Financial Services and Markets Act 2000 (as amended) if you are in the United Kingdom or, if not, from another appropriately authorised independent adviser. If you have sold or otherwise transferred all of your shares in the Company, please forward this document at once to the purchaser or transferee or to the stockbroker, banker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee. This document should not, however, be forwarded or transmitted in or into any jurisdiction in which such act would constitute a violation of the relevant laws in such jurisdiction. If you have sold or transferred only part of your holding of shares, you should retain this document. Notice is hereby given that the ninety-seventh Annual General Meeting of JPMorgan European Growth & Income plc will be held at 60 Victoria Embankment, London EC4Y 0JP on 22nd July 2026 at 2.00 p.m. for the following purposes: 1. To receive the Directors’ Report, the Annual financial statements and the Auditors’ Report for the year ended 31st March 2026. 2. To approve the Directors’ Remuneration Policy. 3. To approve the Directors’ Remuneration Report for the year ended 31st March 2026. 4. To reappoint Rita Dhut a Director of the Company. 5. To reappoint Andrew Robson as a Director of the Company. 6. To reappoint Alexander Lennard a Director of the Company. 7. To reappoint Karen McKellar as a Director of the Company. 8. To reappoint Guy Walker as a Director of the Company. 9. To reappoint PricewaterhouseCoopers LLP as auditors to the Company and to authorise the Directors to determine their remuneration for the ensuing year. Special Business To consider the following resolutions: Authority to allot new shares – Ordinary Resolution 10. THAT the Directors of the Company be and they are hereby generally and unconditionally authorised, in substitution of any authorities previously granted to the Directors, pursuant to and in accordance with Section 551 of the Companies Act 2006 (the ‘Act’) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for, or to convert any security into, shares in the Company (‘Rights’) up to an aggregate nominal amount of £211,183, (being approximately 10% of the issued share capital of the Ordinary shares of the Company as at 18th June 2026), provided that this authority shall expire at the conclusion of the Annual General Meeting of the Company to be held in 2027 unless renewed at a general meeting prior to such time, save that the Company may before such expiry make offers or agreements which would or might require shares to be allotted or Rights to be granted after such expiry and so that the Directors of the Company may allot shares and grant Rights in pursuance of such offers or agreements as if the authority conferred hereby had not expired. Authority to disapply pre-emption rights on allotment of relevant securities – Special Resolution 11. THAT, subject to the passing of Resolution 10 set out above, the Directors of the Company be and they are hereby empowered pursuant to Sections 570 and 573 of the Act to allot equity securities (within the meaning of Section 560 of the Act) for cash pursuant to the authority conferred by Resolution 10 as if Section 561(1) of the Act did not apply to any such allotment, provided that this power shall be limited to: (a) the allotment of equity securities in the Company by way of rights issue, open offer or otherwise to holders of Ordinary shares where the equity securities attributable to the interests of all Ordinary shares are proportionate to the numbers of Ordinary shares and Income shares held by them subject to such exclusions or other arrangements as the Board may deem necessary or expedient in relation to fractional entitlements or local or practical problems under the laws of, or the requirements of, any regulatory body or any stock exchange or any territory or otherwise howsoever; and/or (b) the allotment (otherwise than pursuant to sub paragraph (a) above) of equity securities up to an aggregate nominal value of approximately £211,183 (being approximately 10% of the total issued share capital of the Ordinary share class of the Company as at 18th June 2026) at a price not less than the net asset value per share; and shall expire upon the expiry of the general authority conferred by Resolution 10 above, save that the Company may before such expiry make offers or agreements which would or might require equity securities to be allotted after such expiry and the Board may allot equity securities in pursuance of such offers or agreements as if the power conferred hereby had not expired. Notice of Annual General Meeting J.P. Morgan Asset Management 97 Shareholder Information

Authority to Repurchase the Company’s shares – Special Resolution 12. THAT the Company be generally and, subject as hereinafter appears, unconditionally authorised in accordance with Section 701 of the Act to make market purchases (within the meaning of Section 693 of the Act) of its issued Ordinary shares (being a class of shares in the capital of the Company). PROVIDED ALWAYS THAT (i) the maximum number of shares hereby authorised to be purchased shall be 63,312,692 respectively, or, if different, that number of shares which is equal to 14.99% of the issued share capital of the share class as at the date of the passing of this Resolution; (ii) the minimum price which may be paid for any share shall be 0.5p; (iii) the maximum price which may be paid for any Ordinary share shall be an amount equal to: (a) 105% of the average of the middle market quotations for a share taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is purchased; or (b) the price of the last independent trade; or (c) the highest current independent bid; (iv) any purchase of shares will be made in the market for cash at prices below the prevailing net asset value per share (as determined by the Directors) at the date following not more than seven days before the date of purchase; (v) the authority hereby conferred shall expire on 22nd January 2028 unless the authority is renewed at the Company’s Annual General Meeting in 2027 or at any other general meeting prior to such time; and (vi) the Company may make a contract to purchase shares under the authority hereby conferred prior to the expiry of such authority and may make a purchase of shares pursuant to any such contract notwithstanding such expiry. Approval of dividend policy – Ordinary Resolution 13. THAT the Company’s policy to pay four interim dividends on the Company’s ordinary shares be approved. Authority to hold general meetings on short notice – Special Resolution 14. THAT, a general meeting, other than an Annual General Meeting, may be called on not less than 14 clear days’ notice. Investment Policy – Ordinary Resolution 15. THAT the proposed new investment policy of the Company as set out in the Appendix to the Company’s Annual Report and Financial Statements for the year ended 31st March 2026 (produced to the meeting and signed by the chair of the meeting for the purposes of identification), be and is hereby approved and adopted as the investment policy of the Company with immediate effect in substitution for, and to the exclusion of, the Company’s existing investment policy. By order of the Board Paul Winship, for and on behalf of JPMorgan Funds Limited, Secretary 22nd June 2026 Notes These notes should be read in conjunction with the notes on the reverse of the proxy form. 1. If law or Government guidance so requires at the time of the Meeting, the Chair of the Meeting will limit, in his sole discretion, the number of individuals in attendance at the Meeting. In addition, the Company may still impose entry restrictions on certain persons wishing to attend the AGM in order to secure the orderly and proper conduct of the Meeting. 2. A member entitled to attend and vote at the Meeting may appoint another person(s) (who need not be a member of the Company) to exercise all or any of his rights to attend, speak and vote at the Meeting. A member can appoint more than one proxy in relation to the Meeting, provided that each proxy is appointed to exercise the rights attaching to different shares held by him. 3. A proxy does not need to be a member of the Company but must attend the Meeting to represent you. Your proxy could be the Chair, another Director of the Company or another person who has agreed to attend to represent you. Details of how to appoint the Chair or another person(s) as your proxy or proxies using the proxy form are set out in the notes to the proxy form. If a voting box on the proxy form is left blank, the proxy or proxies will exercise his/their discretion both as to how to vote and whether he/they abstain(s) from voting. Your proxy must attend the Meeting for your vote to count. Appointing a proxy or proxies does not preclude you from attending the Meeting and voting in person. 4. Any instrument appointing a proxy, to be valid, must be lodged in accordance with the instructions given on the proxy form no later than 2.00 p.m. two business days prior to the Meeting (i.e. excluding weekends and bank holidays). Notice of Annual General Meeting 98 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Shareholder Information

5. You may change your proxy instructions by returning a new proxy appointment. The deadline for receipt of proxy appointments also applies in relation to amended instructions. Any attempt to terminate or amend a proxy appointment received after the relevant deadline will be disregarded. Where two or more valid separate appointments of proxy are received in respect of the same share in respect of the same Meeting, the one which is last received (regardless of its date or the date of its signature) shall be treated as replacing and revoking the other or others as regards that share; if the Company is unable to determine which was last received, none of them shall be treated as valid in respect of that share. 6. To be entitled to attend and vote at the Meeting (and for the purpose of the determination by the Company of the number of votes they may cast), members must be entered on the Company’s register of members as at 6.30 p.m. two business days prior to the Meeting (the ‘specified time’). If the Meeting is adjourned to a time not more than 48 hours after the specified time applicable to the original Meeting, that time will also apply for the purpose of determining the entitlement of members to attend and vote (and for the purpose of determining the number of votes they may cast) at the adjourned Meeting. If, however, the Meeting is adjourned for a longer period then, to be so entitled, members must be entered on the Company’s register of members as at 6.30 p.m. two business days prior to the adjourned Meeting or, if the Company gives notice of the adjourned Meeting, at the time specified in that notice. Changes to entries on the register after this time shall be disregarded in determining the rights of persons to attend or vote at the Meeting or adjourned Meeting. 7. Entry to the Meeting will be restricted to shareholders and their proxy or proxies, with guests admitted only by prior arrangement. 8. A corporation, which is a shareholder, may appoint an individual(s) to act as its representative(s) and to vote in person at the Meeting (see instructions given on the proxy form). In accordance with the provisions of the Companies Act 2006, each such representative may exercise (on behalf of the corporation) the same powers as the corporation could exercise if it were an individual member of the Company, provided that they do not do so in relation to the same shares. It is therefore no longer necessary to nominate a designated corporate representative. Representatives should bring to the Meeting evidence of their appointment, including any authority under which it is signed. 9. Members that satisfy the thresholds in Section 527 of the Companies Act 2006 can require the Company to publish a statement on its website setting out any matter relating to: (a) the audit of the Company’s financial statements (including the Auditors’ report and the conduct of the audit) that are to be laid before the AGM; or (b) any circumstances connected with Auditors of the Company ceasing to hold office since the previous AGM, which the members propose to raise at the Meeting. The Company cannot require the members requesting the publication to pay its expenses. Any statement placed on the website must also be sent to the Company’s Auditors no later than the time it makes its statement available on the website. The business which may be dealt with at the AGM includes any statement that the Company has been required to publish on its website pursuant to this right. 10. Pursuant to Section 319A of the Companies Act 2006, the Company must cause to be answered at the AGM any question relating to the business being dealt with at the AGM which is put by a member attending the Meeting except in certain circumstances, including if it is undesirable in the interests of the Company or the good order of the Meeting or if it would involve the disclosure of confidential information. 11. Under Sections 338 and 338A of the 2006 Act, members meeting the threshold requirements in those sections have the right to require the Company: (i) to give, to members of the Company entitled to receive notice of the Meeting, notice of a resolution which those members intend to move (and which may properly be moved) at the Meeting; and/or (ii) to include in the business to be dealt with at the Meeting any matter (other than a proposed resolution) which may properly be included in the business at the Meeting. A resolution may properly be moved, or a matter properly included in the business unless: (a) (in the case of a resolution only) it would, if passed, be ineffective (whether by reason of any inconsistency with any enactment or the Company’s constitution or otherwise); (b) it is defamatory of any person; or (c) it is frivolous or vexatious. A request made pursuant to this right may be in hard copy or electronic form, must identify the resolution of which notice is to be given or the matter to be included in the business, must be accompanied by a statement setting out the grounds for the request, must be authenticated by the person(s) making it and must be received by the Company not later than the date that is six clear weeks before the Meeting, and (in the case of a matter to be included in the business only) must be accompanied by a statement setting out the grounds for the request. 12. A copy of this notice has been sent for information only to persons who have been nominated by a member to enjoy information rights under Section 146 of the Companies Act 2006 (a ‘Nominated Person’). The rights to appoint a proxy can not be exercised by a Nominated Person: they can only be exercised by the member. However, a Nominated Person may have a right under an agreement between him and the member by whom he was nominated to be appointed as a proxy for the Meeting or to have someone else so appointed. If a Nominated Person does not have such a right or does not wish to exercise it, he may have a right under such an agreement to give instructions to the member as to the exercise of voting rights. Notice of Annual General Meeting J.P. Morgan Asset Management 99 Shareholder Information

13. In accordance with Section 311A of the Companies Act 2006, the contents of this notice of meeting, details of the total number of shares in respect of which members are entitled to exercise voting rights at the AGM, the total voting rights members are entitled to exercise at the AGM and, if applicable, any members’ statements, members’ resolutions or members’ matters of business received by the Company after the date of this notice will be available on the Company’s website www.jpmeuropeangrowthandincome.com . 14. The register of interests of the Directors and connected persons in the share capital of the Company and the Directors’ letters of appointment are available for inspection at the Company’s registered office during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted). It will also be available for inspection at the Annual General Meeting. No Director has any contract of service with the Company. 15. You may not use any electronic address provided in this Notice of Meeting to communicate with the Company for any purposes other than those expressly stated. 16. As an alternative to completing a hard copy Form of Proxy, you can appoint a proxy or proxies electronically by visiting www.investorcentre.co.uk/eproxy . You will need the Control Number, Shareholder Reference Number and PIN which are set out on your proxy form or the electronic broadcast you received from Computershare. 17. As at 18th June 2026 (being the latest business day prior to the publication of this Notice), the Company’s issued share capital consists of 422,366,188 Ordinary shares (excluding 14,620,341 held in Treasury) carrying one vote each. Therefore the total voting rights in the Company are 422,366,188. Electronic appointment – CREST members and Proxymity platform CREST members who wish to appoint a proxy or proxies by utilising the CREST electronic proxy appointment service may do so for the Meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual. See further instructions on the proxy form. In order for a proxy appointment or instruction made using the CREST service to be valid, the appropriate CREST message (a ‘CREST Proxy Instruction’) must be properly authenticated in accordance with Euroclear UK & International Limited’s specifications and must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy must, in order to be valid, be transmitted so as to be received by the Company’s Registrar (CREST ID is 3RA50) by the latest time(s) for receipt of proxy appointments specified in the notice of the meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the message by the CREST Application Host) from which the Company’s agent is liable to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change of instructions to proxies appointed through CREST should be communicated to the appointee through other means. If you are an institutional investor you may be able to appoint a proxy electronically via the Proxymity platform. For further information regarding Proxymity, please go to www.proxymity.io . Before you can appoint a proxy via this process you will need to have agreed to Proxymity’s associated terms and conditions. It is important that you read these carefully as you will be bound by them and they will govern the electronic appointment of your proxy. Notice of Annual General Meeting 100 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Shareholder Information

Changes to investment policy The amended investment policy for the Company, as proposed in resolution 15 of the Notice of AGM, is set out below. Changes to the existing investment restrictions and guidelines at the time of publication of this document are marked in red-lining. Investment Objective The investment objective of the Company is to provide capital growth and a rising share price over the longer term from Continental European investments by out-performance of the benchmark and taking carefully controlled risks through an investment method that is clearly communicated to shareholders. Investment Policies – To invest in a diversified portfolio of investments in the stockmarkets of Continental Europe. – To manage liquidity and borrowings to increase returns to shareholders. Investment Restrictions and Guidelines • The Company will not have invest more than 15% of gross assets, whether invested directly or indirectly through Contracts for Differences (CFDs), exposed to in any one individual stock at the time of acquisition or initiation of a CFD . • The Board has set no minimum or maximum limits on the number of investments in the Company’s portfolio. To gain the appropriate exposure, the Investment Manager is permitted to invest in pooled funds. • The Company may use CFDs, a form of trading instrument, to provide the Portfolio Managers with increased flexibility to construct the Company’s portfolio more efficiently and to facilitate better cash management. CFDs may also be used as a means of leverage should the Portfolio Managers consider it appropriate. The use of CFDs will be subject to the overall gearing limits set out below. • The Company’s gearing policy is to remain invested in the range of 90-120% of net asset value. The aggregate exposure of the Company to investments, including as a result of borrowings and the use of CFDs will not exceed 120% of net asset value. The Company may employ gearing and may in aggregate borrow amounts equalling up to 20 per cent. of gross asset value in normal market conditions. • The Company does not normally invest in unquoted investments and to do so requires prior Board approval . • Index Futures may be used to ensure market exposure is maintained for efficient portfolio management reasons where there are significant cash in/out flows. and Covered Call Options are permitted may be used, for example to generate income, and a maximum of 7.5% of gross assets may be exposed to Covered Call Options at the time of entering such contracts. restrictions included in the Company’s Investment Restrictions and Guidelines. All other derivative transactions are subject to approval by the Board . • Except for CFDs and the transactions referred to in the previous paragraph, the portfolio does not normally enter into derivative transactions, and to do so requires prior Board approval . However, the Investment Manager has authority to carry out currency hedging transactions in order to mitigate currency risk relative to the benchmark index. • In accordance with the Listing Rules of the Financial Conduct Authority UK Listing Authority , the portfolio will not invest more than 15% of its gross assets in other UK listed closed-ended investment funds and will not invest more than 10% of its gross assets in companies that themselves may invest more than 15% of gross assets in UK listed closed-ended investment funds. Appendix J.P. Morgan Asset Management 101 Shareholder Information

102 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Shareholder Information Alternative Performance Measures (APMs) Alternative Performance Measures (APMs) are numerical measures of current, historical or future financial performance, financial position or cash flow that are not GAAP measures. APMs are intended to supplement the information in the financial statements, providing useful industry-specific information that can assist shareholders to better understand the performance of the Company. Where a measure is labelled as an APM, a definition and reconciliation to a GAAP measure is set out below. Return on share price (APM) Total return on share price, on a last traded price to last traded price basis, assuming that all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend. Year ended Year ended 31st March 31st March Total return calculation Page 2026 2025 Opening share price (p) 111.0 104.0 (a) Closing share price (p) 7 129.5 111.0 (b) Total dividend adjustment factor 1 1.038786 1.047256 (c) Adjusted closing share price (p) (d = b x c) 134.5 116.2 (d) Total return on share price (e=(d/a)–1) +21.2% +11.8% (e) 1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the last traded price quoted at the ex-dividend date. Return on net asset value per ordinary share (NAV) with debt at fair value (APM) The Company’s debt (Private Placement Notes) is valued in the Statement of Financial Position (on page 69) at amortised cost, which is materially equivalent to the repayment value of the debt on the assumption that it is held to maturity. This is often referred to as ‘Debt at par value’. The current replacement or market value of the debt, which assumes it is repaid and renegotiated under current market conditions, is often referred to as the ‘Debt at fair value’. This fair value is explained in note 22(d) on page 89 on the financial statements . The difference between fair and par values of the debt is subtracted from the NAV to derive the NAV with debt at fair value. The fair value of the Euro 50.0 million Senior Unsecured Notes (Private Placement Notes) issued by the Company has been calculated using discounted cash flow techniques, using the yield from similar dated German government bond plus a margin based on the five year average for the AA Barclays Euro Corporate Bond spread. Year ended Year ended 31st March 31st March Total return calculation Page 2026 2025 Opening cum-income NAV per share (p) 118.7 119.3 (–) the 4th interim dividend declared but not paid pre year-end date (p) (1.20) (1.05) Adjusted opening cum-income NAV per share (p) 117.5 118.3 (a) Closing cum-income NAV per share (p) 7 135.9 118.7 (–) the 4th interim dividend declared but not paid pre year-end date (p) 7 — (1.20) Adjusted closing cum-income NAV per share (p) 135.9 117.5 (b) Total dividend adjustment factor 1 1.038013 1.041833 (c) Adjusted closing cum–income NAV per share (p) (d = b x c) 141.1 122.4 (d) Total return on net asset value per share with debt at fair value (e=(d/a)–1) +20.1% +3.5% (e) 1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum-income NAV at the ex-dividend date. Glossary of Terms and Alternative Performance Measures (‘APMs’) (Unaudited)

J.P. Morgan Asset Management 103 Shareholder Information Return on net asset value per ordinary share (NAV) with debt at par value (APM) Total return on net asset value (‘NAV’) per ordinary share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Year ended Year ended 31st March 31st March Total return calculation Page 2026 2025 Opening cum-income NAV per share (p) 118.1 119.0 (–) the 4th interim dividend declared but not paid pre year-end date (p) (1.20) (1.05) Adjusted opening cum-income NAV per share (p) 116.9 118.0 (a) Closing cum-income NAV per share (p) 7 135.2 118.1 (–) the 4th interim dividend declared but not paid pre year-end date (p) 7 — (1.20) Adjusted closing cum-income NAV per share (p) 135.2 116.9 (b) Total dividend adjustment factor 1 1.038140 1.041975 (c) Adjusted closing cum–income NAV per share (p) (d = b x c) 140.4 121.8 (d) Total return on net asset value per ordinary share with debt at par value (e=(d/a)–1) +20.1% +3.3% (e) 1 The dividend adjustment factor is calculated on the assumption that the dividends paid out by the Company are reinvested into the shares of the Company at the cum-income NAV at the ex-dividend date. In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the NAV per share when calculating the total return on net asset value per share. Net asset value per ordinary share The value of the Company’s net assets (total assets less total liabilities) divided by the number of ordinary shares in issue. Please see note 17 on page 81 for detailed calculations. Dividends per ordinary share Dividends per share represent the total quarterly interim dividends declared by the Company in respect of the year. Benchmark total return Total return on the benchmark, on a closing-market value to closing-market value basis, assuming that all dividends received were reinvested, without transaction costs, in the shares of the underlying companies at the 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 follow or ‘track’ this index and consequently, there may be some divergence between the Company’s performance and that of the benchmark. Gearing/(net cash) (APM) Gearing represents the excess amount above shareholders’ funds of total investments, expressed as a percentage of the shareholders’ funds. If the amount calculated is negative, this is shown as a ‘net cash’ position. 31st March 31st March 2026 2025 Gearing calculation Page £’000 £’000 Investments held at fair value through profit or loss 90 599,243 519,845 (a) Net assets 90 570,862 498,579 (b) Gearing (c = (a/b) – 1) 5.0% 4.3% (c) Glossary of Terms and Alternative Performance Measures (‘APMS’) (Unaudited)

104 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Shareholder Information Ongoing charges (APM) The ongoing charges represent the Company’s management fee and all other operating expenses excluding finance costs payable, expressed as a percentage of the average of the daily cum-income net assets during the year and is calculated in accordance with guidance issued by the Association of Investment Companies. Year ended Year ended 31st March 31st March 2026 2025 Ongoing charges calculation Page £’000 £’000 Management fee 74 2,764 2,530 Other administrative expenses 75 804 747 Total management fee and other administrative expenses 3,568 3,277 (a) Average daily cum-income net assets 556,168 494,712 (b) Ongoing charges (c = a/b) 0.64% 0.66% (c) Share price discount/premium to net asset value (‘NAV’) per ordinary share (APM) If the share price of an investment trust is lower than the NAV per ordinary share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per ordinary 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 (page 6). Year ended Year ended 31st March 31st March Page 2026 2025 Share price (p) 129.5 111.0 (a) Net assets value per ordinary share with debt at fair value (p) 7 135.9 118.7 (b) (–) the 4th interim dividend declared but not paid pre year-end date (p) 7 — (1.20) (c) Adjusted net assets value per ordinary share with debt at fair value (p) (d = b – c) 135.9 117.5 (d) Discount to net asset value with debt at fair value (e = (a–d)/d) (4.7)% (5.5)% (e) Year ended Year ended 31st March 31st March Page 2026 2025 Share price (p) 129.5 111.0 (a) Net assets value per ordinary share with debt at par (p) 7 135.2 118.1 (b) (–) the 4th interim dividend declared but not paid pre year-end date (p) 7 — (1.20) (c) Adjusted net assets value per ordinary share with debt at par (p) (d = b–c) 135.2 116.9 (d) Discount to net asset value with debt at par (e = (a–d)/d) (4.2)% (5.0)% (e) Dividend yield (APM) Dividend yield is the annual dividend payment divided by the Company’s share price, expressed as a percentage. It indicates the income return on the investment in the Company’s shares. Glossary of Terms and Alternative Performance Measures (‘APMS’) (Unaudited)

J.P. Morgan Asset Management 105 Shareholder Information Year ended Year ended 31st March 31st March Page 2026 2025 Dividends in respect of the year (p) 5.0 4.8 (a) Share price (p) 7 129.5 111.0 (b) Dividend yield % (c = a/b) 3.9% 4.3% (c) Performance attribution Analysis of how the Company achieved its recorded performance relative to its benchmark. Performance attribution definitions: Asset allocation Measures the impact of allocating assets differently from those in the benchmark, via the portfolio’s weighting in different countries, sectors or asset types. Stock/sector selection Measures the effect of investing in securities/sectors to a greater or lesser extent than their weighting in the benchmark, or of investing in securities which are not included in the benchmark. Currency effect Measures the impact of currency exposure differences between the Company’s portfolio and its benchmark. Gearing/(net cash) Measures the impact on returns of borrowings or cash balances on the Company’s relative performance. Management fee/other expenses The payment of fees and expenses reduces the level of total assets, and therefore has a negative effect on relative performance. Share buyback and issuances Measures the enhancement to net asset value per ordinary share of buying back the Company’s ordinary shares into Treasury or for cancellation at a price which is less than the Company’s net asset value per share. Shares issued at a price above the Company’s NAV will also enhance the net asset value per share. Other terms used in this document: Contracts for Difference (CFD) – is a financial derivative that allows traders to speculate on the price movement of an asset without actually owning the underlying asset. In a CFD, the buyer and seller agree to exchange the difference in the value of the asset from the time the contract is opened to the time it is closed. If the asset’s price increases, the seller pays the buyer the difference, and if the price decreases, the buyer pays the seller. CFDs are commonly used for trading in markets such as stocks, commodities, and currencies. Glossary of Terms and Alternative Performance Measures (‘APMS’) (Unaudited)

106 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Shareholder Information You can invest in JPMorgan European Growth & Income plc shares and other J.P. Morgan investment trust shares through the following: Via a third party provider Third party providers include: Please note this list is not exhaustive and the availability of individual trusts may vary depending on the provider. These websites are third party sites and J.P. Morgan Asset Management does not endorse or recommend any. Please observe each site’s privacy and cookie policies as well as their platform charges structure. Through a professional adviser Professional advisers are usually able to access the products of all the companies in the market and can help you to find an investment that suits your individual circumstances. An adviser will let you know the fee for their service before you go ahead. You can find an adviser at unbiased.co.uk . You may also buy investment trusts through stockbrokers, wealth managers and banks. To familiarise yourself with the Financial Conduct Authority (FCA) adviser charging and commission rules, visit fca.org.uk . Dividend reinvestment plan The Company operates a dividend reinvestment plan. For further information please contact the Registrars, platform provider or a professional adviser. Voting on Company business and attending the AGM The Board encourages all of its shareholders to exercise their rights and notes that many specialist platforms provide shareholders with the ability to receive company documentation, to vote their shares and to attend general meetings, at no cost. Please refer to your investment platform for more details, or visit the Association of Investment Companies’ (‘AIC’) website at https://www.theaic.co.uk/how- to-vote-your-shares for information on which platforms support these services and how to utilise them. AJ Bell Investcentre Barclays Smart investor Bestinvest Charles Stanley Direct Close brothers A.M. Self Directed Service Fidelity Personal Investing Freetrade Halifax Share Dealing Hargreaves Lansdown iDealing IG Interactive investor IWeb ShareDeal active Willis Owen X-O.co.uk Investing in JPMorgan European Growth & Income plc

J.P. Morgan Asset Management 107 Shareholder Information Investment and pension scams are often sophisticated and di�cult to spot Be a ScamSmart investor and spot the warning signs Fraudsters will often: • contact you out of the blue • apply pressure to invest quickly • downplay the risks to your money • promise tempting returns that sound too good to be true • say that they’re only making the o�er available to you or even ask you to not tell anyone else about it How to avoid investment and pension scams If you’re suspicious, report it You can report the �rm or scam to us by contacting our Consumer Helpline on 0800 111 6768 or using our reporting form using the link below. If you’ve lost money in a scam, contact Action Fraud on 0300 123 2040 or www.actionfraud.police.uk Reject unexpected o�ers Scammers usually cold call, but contact can also come by email, post, word of mouth or at a seminar. If you’ve been o�ered an investment out of the blue, chances are it’s a high risk investment or a scam. Check the FCA Warning List Use the FCA Warning List to check the risks of a potential investment – you can also search to see if the �rm is known to be operating without our authorisation. Get impartial advice Get impartial advice before investing – don’t use an adviser from the �rm that contacted you. Be ScamSmart and visit www.fca.org.uk/scamsmart 1 2 3 Share Fraud Warning

108 JPMorgan European Growth & Income plc – Annual Report & Financial Statements 2026 Shareholder Information Task Force on Climate-related Financial Disclosures As a listed Investment Trust, the Company is exempt from Task Force on Climate-related Financial Disclosures (‘TCFD’) disclosures. However, in accordance with the requirements of the TCFD, on 30th June 2025, the Investment Manager published its UK TCFD Report for the Company in respect of the year ended 31st December 2024. The report discloses estimates of the portfolio’s climate-related risks and opportunities according to the FCA Environmental, Social and Governance Sourcebook and the TCFD Recommendations. The report is available on the Company’s website: www.jpmeuropeangrowthandincome.com under ESG Documents section. Consumer Duty Value Assessment JPMF has conducted an annual Value Assessment on the Company in line with Financial Conduct Authority (‘FCA’) rules set out in the Consumer Duty regulation. The Assessment focuses on the nature of the product, including benefits received and its quality, limitations that are part of the product, expected total costs to clients and target market considerations. Within this, the assessment considers quality of services, performance of the trust (against both benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether vulnerable consumers are able to receive fair value from the product. JPMF has concluded that the Company is providing value based on the above assessment. Financial Conduct Authority (‘FCA’) regulation of ‘non-mainstream pooled investments’ and MiFID II ‘complex instruments’ The Company currently conducts its affairs so that the shares issued by JPMorgan European Growth & Income plc can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. The Company’s shares are not classified as ‘complex instruments’ under the FCA’s revised ‘appropriateness’ rules and guidance in the Conduct of Business sourcebook. Information About the Company

J.P. Morgan Asset Management 109 Shareholder Information A member of the AIC History JPMorgan European Growth & Income plc was formed in 1929 as The London and Holyrood Trust Limited and was a general investment trust until 1982 when the name was changed to The Fleming Universal Investment Trust. Under this name the portfolio became more internationally invested until November 1988, when the Board decided to concentrate on Continental European investments. In 1992 shareholders approved a formal adoption of this specialisation. The Company adopted separate growth and income portfolios and share classes under the name of JPMorgan European Investment Trust plc in August 2006. The current structure was approved by shareholders and the name changed from JPMorgan European Investment Trust plc to JPMorgan European Growth & Income plc on 4th February 2022. Company Numbers Company incorporated and registered in England number: 237958 a public company limited by shares LEI: 549300D8SPJFHBDGXS57 London Stock Exchange Sedol number: BPR9Y24 ISIN number: GB00BPR9Y246 JEGI LN Market Information The Company’s net asset value is published daily, via The London Stock Exchange. The Company’s shares are listed on the London Stock Exchange. The market prices are shown daily in the Financial Times and on the Company website at www.jpmeuropeangrowthandincome.com , where the share prices are updated every 15 minutes during trading hours. Website www.jpmeuropeangrowthandincome.com Share Transactions The Company’s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor’s behalf. Manager and Company Secretary JPMorgan Funds Limited Company’s Registered Office 60 Victoria Embankment London EC4Y 0JP Telephone number: 0800 20 40 20 or +44 (0) 1268 44 44 70 email: [email protected] Please contact Paul Winship at the above address for company secretarial and administrative matters. Depositary The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA The Depositary has appointed JPMorgan Chase Bank, N.A. as the Company’s custodian. Registrars Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZZ United Kingdom Telephone + 44 (0) 370 707 1406 Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Shareholders can manage their shareholding online by visiting Investor Centre at www.investorcentre.co.uk . Shareholders just require their Shareholder Reference Number (‘SRN’), which can be found on any communications previously received from Computershare. Independent Auditors PricewaterhouseCoopers LLP Edinburgh Atria One 144 Morrison Street Edinburgh EH3 8EX Brokers Winterflood Securities Limited Riverbank House 2 Swan Lane London EC4R 3GA Telephone +44 (0)20 3100 0000 Information About the Company