JUPITER EMERGING & FRONTIER INCOME TRUST PL : JUPITER EMERGING & FRONTIER INCOME TRUST PLC

JUPITER

EMERGING & FRONTIER INCOME TRUST PLC

Half Yearly Financial Report

For the six months ended 31 March 2021

Contents

Investment Objective, Investment Policy, Investment Restrictions and Benchmark Index 2

Financial Highlights 4

Chairman's Statement 5

Investment Adviser's Review 8

List of Investments 11

Interim Management Report 12

Statement of Comprehensive Income 13

Statement of Financial Position 14

Statement of Changes in Equity 15

Statement of Cash Flows 16

Notes to the Accounts 17

Company Information 22

Investor Information 24

Important Risk Warnings 26

Glossary of Terms including Alternative Performance Measures 27

1

Investment Objective, Investment Policy, Investment Restrictions and Benchmark Index

Investment Objective

The Company's investment objective is to achieve capital growth and income, both over the long term, through investment predominantly in companies exposed directly or indirectly to Emerging Markets and Frontier Markets worldwide.

Investment Policy

The Company will invest at least 70% of Total Assets in companies that, at the time of investment, have their registered offices or principal places of business in Emerging Markets or Frontier Markets, or which exercise a material part of their economic activities in Emerging Markets and/or Frontier Markets, and which are considered by the Investment Manager to be undervalued or otherwise to offer good prospects for capital growth.

The Company may invest up to 25% of Total Assets in companies that, at the time of investment, have their registered offices or principal places of business in, or which exercise a material part of their economic activities in, Frontier Markets (calculated at the time of investment).

The Company may invest up to 5% of Total Assets in unquoted companies (calculated at the time of investment).

The Company will invest no more than 10% of Total Assets in any single holding (calculated at the time of investment).

The Company's portfolio is expected to be diversified across a number of geographical areas and, whilst there are no specific limits placed on exposure to any one geographical area, the Company will at all times invest and manage the portfolio in a manner consistent with spreading investment risk.

The Company does not expect to take controlling interests in investee companies.

The Company will not be restricted to investing in constituent companies of the Benchmark.

''Emerging Market'' means each constituent country of the Benchmark (the MSCI Emerging Markets Index) from time to time.

''Frontier Market'' means each country that is not a constituent of either the MSCI Emerging Markets Index or the MSCI Developed Markets Index. Generally, the Investment Manager considers Frontier Markets to be smaller, less well established economies that are at an earlier stage of economic and political development than Emerging Markets. Examples of countries that the Investment Manager currently considers to be Frontier Markets are Vietnam and Nigeria.

The Company may, in pursuance of the investment objective:

• " invest in equity and equity-related securities (including quoted preference shares, quoted convertible unsecured loan stock, quoted warrants and other similar securities);

• " hedge against directional risk using index futures and/or cash;

• " hold bonds and warrants on transferable securities;

• " utilise options and futures for hedging purposes and for efficient portfolio management;

• " enter into contracts for differences;

• " hold participation notes;

• " use forward currency contracts; and

• " hold liquid assets.

Notwithstanding the above, the Company does not intend to utilise derivatives or other financial instruments to take short positions, nor to increase the Company's gearing in excess of the limit set out in the borrowing policy.

It is expected that the Company's investments will predominantly be exposed to non-sterling currencies in terms of their revenues and profits. The base currency of the Company is sterling and it will pay any dividends to Shareholders in sterling, which creates a potential currency exposure. Whilst the Company retains the flexibility to do so, it is expected in the normal course that this potential currency exposure will not be hedged using any sort of foreign currency transactions, forward transactions or derivative instruments.

The Company may deploy gearing of up to 20% of Net Asset Value (calculated at the time of borrowing) to seek to enhance long-term capital growth and income returns and for the purpose of capital flexibility. The Company's gearing is expected to primarily comprise bank borrowings but may include the use of derivative instruments and such other methods as the Board may determine.

No material change will be made to the investment policy without the approval of Shareholders by ordinary resolution.

Investment Restrictions

The Company will at all times invest and manage its assets with the objective of spreading risk and in accordance with its published investment policy.

The Company will not invest more than 10% of its Total Assets in other listed closed ended investment funds (as defined in the Listing Rules).

Benchmark Index

MSCI Emerging Markets Index (Total Return) in sterling.

The constituent countries of the Benchmark are Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

The latest list of constituent countries of the MSCI Emerging Markets Index can also be obtained from the MSCI atwww.msci.com/emergingmarkets.

Financial Highlights

for the six months ended 31 March 2021

Capital Performance

31 March	30 September
2021	2020	% change
Total assets less current liabilities (£'000)	91,416	75,131	+21.7
Ordinary Share Performance
31 March	30 September
2021	2020	% change
Net asset value (pence)	106.96	87.91	+21.7
Net asset value total return with dividends added back (pence)*	108.96	87.91	+23.9
Middle market price (pence)	99.50	80.00	+24.4
Middle market price with dividends paid during the period (pence)	+26.9
MSCI Emerging Markets Index (Total Return) in Sterling	691.1	641.63	+7.7
Discount to net asset value (%)*	(7.0)	(9.0)	-
Total dividends declared during the period / year (pence)	2.0 †	4.4	-
Ongoing charges figure (%) excluding finance costs*	1.43	1.35	+5.4
* Alternative performance measure.

† The total dividends declared of 2.0p covers the six months to 31 March 2021 and not the full financial year.

For definitions of the above terms please refer to the Glossary of Terms on pages 27 and 28.

The graph below provides details of the Company's performance by reference to the Ordinary share price and net asset value ('NAV') compared against the MSCI Emerging Markets Index (Total Return) in sterling.

Performance from 15 May 2017 to 31 March 2021

40.0

%change

-20.0

-30.0

-10.0

20.0

30.0

10.0

0.0

15/05/2017

31/05/2017

30/06/2017

31/07/2017

31/08/2017

30/09/2017

31/10/2017

30/11/2017

31/12/2017

31/01/2018

28/02/2018

31/03/2018

30/04/2018

31/05/2018

30/06/2018

31/07/2018

31/08/2018

30/09/2018

Jupiter Emerging & Frontier Income NAV Ord

31/10/2018

30/11/2018

31/12/2018

31/01/2019

28/02/2019

31/03/2019

30/04/2019

31/05/2019

30/06/2019

31/07/2019

31/08/2019

30/09/2019

31/10/2019

30/11/2019

31/12/2019

31/01/2020

29/02/2020

31/03/2020

Jupiter Emerging & Frontier Income Ord

30/04/2020

31/05/2020

30/06/2020

31/07/2020

31/08/2020

30/09/2020

31/10/2020

30/11/2020

31/12/2020

MSCI EM NR USD

31/01/2021

28/02/2021

31/03/2021