FINANCIAL CALENDAR Financial year end 31st December Final results announced March Annual General Meeting May Half year end 30th June Half year results announced August Payment of quarterly interim dividends June, September, December, March Key Features 2 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Launched in 1963, JPMorgan Claverhouse Investment Trust plc (the ‘Company’ or ‘Claverhouse’) is an investment trust and public limited company, limited by shares, with a closed-ended investment fund listing on the London Stock Exchange. Objective To provide shareholders with a combination of capital and income growth from UK investments. Investment Policy • To invest in a diversified portfolio consisting mostly of leading companies listed on the London Stock Exchange. The Company’s portfolio consists of between 60 and 80 investments in which the Manager has high conviction. • To invest no more than 15% of gross assets in other UK listed investment companies (including investment trusts). • To invest no more than 15% of gross assets in any individual investment (including unit trusts and open ended investment companies) at the time of acquisition. • To invest no more than 10% of gross assets to be invested in companies that themselves may invest more than 15% of gross assets in UK listed investment companies. • To use short and long term gearing to increase potential returns to shareholders. Benchmark The FTSE All-Share Index (total return) (the ‘Benchmark’). Capital Structure As at 30th June 2025, the Company’s issued share capital comprised 60,145,653 ordinary shares of 25p each, including 4,895,394 ordinary shares held in Treasury. Gearing Policy The Company’s gearing policy (excluding the effect of any futures) is to operate within a range of 5% net cash to 20% geared in normal market conditions. The Manager has been granted discretion by the Board to vary the gearing level between 5% net cash and 17.5% geared (including the effect of any futures). Borrowings The Company holds £30 million in 3.22% private placement notes, maturing in March 2045. The Company maintained a £40 million one-year revolving loan facility with The Royal Bank of Scotland International Limited, originally set to mature in May 2025. The Company has successfully negotiated an extension for £20 million of this loan for four months and intends to use Contracts for Difference (CFDs) thereafter, while remaining within the existing investment guidelines. Management Company and Company Secretary The Company engages JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager and Company Secretary. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM’ or the ‘Investment Manager’). Callum Abbot, Anthony Lynch and Katen Patel are the Company’s portfolio managers on behalf of the Investment Manager. AIC Dividend Heroes The AIC Dividend Hero emblem on the front cover indicates that the Company has increased its dividends each year for at least 20 years. In 2024, the Company raised its dividend for its 52nd consecutive year. Website The Company’s website, which can be found at www.jpmclaverhouse.co.uk , includes useful information on the Company, such as daily prices, factsheets and current and historic half year and annual reports. Contact the Company General enquiries about the Company should be directed to the Company Secretary at jpmam.investment.trusts@jpmorgan.com

Contents J.P. Morgan Asset Management 3 Half Year Performance Financial Highlights 5 Chairman’s Statement Chairman’s Statement 8 Investment Review Investment Manager’s Report 12 Sector Analysis 16 Portfolio Information 17 Financial Statements Condensed Statement of Comprehensive Income 19 Condensed Statement of Changes in Equity 20 Condensed Statement of Financial Position 21 Condensed Statement of Cash Flows 22 Notes to the Condensed Financial Statements 23 Interim Management Report Interim Management Report 27 Shareholder Information Glossary of Terms and Alternative Performance Measures (‘APMs’) (Unaudited) 29 Investing in JPMorgan Claverhouse Investment Trust plc 32 Share Fraud Warning 33 Information About the Company 34 Keeping in Touch The Board appreciates the ongoing support of its shareholders. The Board and the Portfolio Managers are keen to increase dialogue with the Company’s 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 here or use the below QR Code.

Half Year Performance Energy

Financial Highlights J.P. Morgan Asset Management 5 Half Year Performance Total returns (including dividends reinvested) to 30th June 2025 3 Years 5 Years 10 Years 6 months Cumulative Cumulative Cumulative Return on share price 1,A Return on net assets 2,A – with debt at fair value Benchmark return 3 Net asset return relative to Benchmark return 3 Interim dividends 4 1 Source: Morningstar. 2 Source: Morningstar/J.P. Morgan, using cum income net asset value per share. Further details on net assets, with debt at fair value and debt at par value, are provided in the glossary of terms and APM. 3 Source: Morningstar. The Company’s Benchmark is the FTSE All-Share Index (total return). 4 This ﬁgure comprises one interim dividend paid of 8.40p and one payable of 8.40p (2024: 8.25p). A Alternative Performance Measure (‘APM’). A glossary of terms and APMs is provided on pages 29 to 31. +14.6% +40.5% +76.2% +100.3% +13.5% +42.7% +79.9% +97.1% +9.1% +35.3% +66.9% +92.0% 16.8p +4.4% +7.4% +13.0% +5.1%

Financial Highlights 6 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Half Year Performance Summary of results 30th June 31st December 2025 2024 % Change Shareholders’ funds (£’000) 447,634 409,695 +9.3 Net asset value per share with: – debt at fair value 1,2,A 826.5p 746.0p +10.8 4 – debt at par value 1,A 810.2p 729.8p +11.0 4 Share price 786.0p 704.0p +11.6 5 Share price discount to net asset value per share with: – debt at fair value 3,A 4.9% 5.6% – debt at par value 3,A 3.0% 3.5% Shares in issue (excluding shares held in Treasury) 55,250,259 56,136,366 Gearing (excluding effect of futures) A 6.4% 7.6% Gearing (including effect of futures) 6,A 6.4% 7.6% Ongoing charges A 0.63% 0.63% 1 Includes the current year revenue account balance after deducting dividends paid year to date. 2 The fair value of the £30 million private placement loan (2024: £30 million) has been calculated using discounted cash ﬂow techniques using the yield on a similarly dated gilt plus a margin based on the ﬁve year average for the AA Barclays Sterling Corporate Bond spread. 3 Source: JPMAM. 4 % change, excluding dividends reinvested. Including dividends reinvested the net asset value, with debt at fair value and debt at par value, total returns would be +13.5% and +13.8% respectively. 5 % change, excluding dividends reinvested. Including dividends reinvested, the total return would be +14.6%. 6 The Company did not hold futures as at 30th June 2025 and 31st December 2024. A Alternative Performance Measure (‘APM’). A list of APMs, with explanations and calculations, and a glossary of terms are provided on pages 29 to 31.

Chairman’s Statement Health Care

Chairman’s Statement 8 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Chairman’s Statement Performance and Manager review This is my first statement since becoming Chairman of your Company. It is my pleasure to be able to report that the Company has delivered strong returns to shareholders and outperformed its Benchmark, the FTSE All-Share Index, over the six months to 30th June 2025. UK equity markets outpaced their US and global counterparts during the review period. While domestic economic activity remains subdued and the implications of the Employers National Insurance Contributions increases, work their way through the economy, UK stock markets over the period under review drew support from some easing in UK inflation pressures and two quarter point interest rate reductions by the Bank of England taking the base rate to 4.25%. Subsequent to the period end, there has been a further quarter percentage point reduction in taking the rate to 4.0%. The Bank has signalled that, dependent on factors such as inflation and the strength of the labour market, additional cuts may follow, which should support household incomes and corporate profit margins. Although in a less parlous starting position than many countries, UK investors welcomed news that the UK Government reached agreement with the new US administration to limit initial new tariffs on many goods including cars, steel and aluminium and struck new deals with the European Union and India to ease the process of UK exports to those destinations. In response to these developments, the Company’s Benchmark returned 9.1% over the six months to 30th June 2025. The Company’s net asset value (NAV) (with debt at fair value) increased by 13.5%, and its share price rose 14.6%, resulting in a slight narrowing of the share price discount relative to NAV. This is a gratifying result which extends the Company’s long-term track record of absolute gains and outperformance relative to the Benchmark. Returns have been positive, and above Benchmark, in four of the five years ended 30th June 2025; over the corresponding 10-year period, the portfolio has delivered an average annual gain of 7.0%, compared to an average Benchmark return of 6.7%. As at 30th June 2025, the Company’s NAV per share (with debt at fair value) was 826.5p and the share price was 786.0p. Since the end of the period, the NAV per share (with debt at fair value) has increased to 843.1p and the share price has increased to 798.0p as at 12th August 2025. The Investment Manager’s report on pages 12 to 15 provides more detail on performance during the period, recent portfolio changes and the outlook for the market and the Company. Revenue and Dividends The Board’s dividend policy seeks to increase the total dividend each year and, taking a run of years together, to increase dividends at a rate close to or above the inflation rate. The Company has increased its dividend for 52 successive years, a record which very few investment trusts have achieved. For the financial year ended 31st December 2024, the total dividend was 35.40p (2023 total: 34.50p). This comprised three quarterly interim dividends of 8.25p and a fourth quarterly interim dividend of 10.65p. Although UK inflation has now fallen sharply from the 30-year high seen in October 2022, the Board continues to monitor closely the outlook for dividend income and will draw prudently on revenue reserves, if necessary, to assist the Company to meet its dividend policy objectives. The total dividend for 2024 was partially supplemented in this manner and the first two quarterly dividends for 2025 will also be partially funded by revenue reserves. The first quarterly dividend for 2025 was 8.40p per share, paid on 2nd June 2025. It remains the Board’s intention that the first three quarterly dividends should be of equal size, and, to this end, it has declared a second quarterly dividend of 8.40p per share to be paid on 1st September 2025 to shareholders on the register at the close of business on 25th July 2025. Portfolio revenue per share for the six months to 30th June 2025 was 18.96p, compared with 16.02p earned in the same period in 2024 and the Company’s revenue reserves remain substantial, having been accumulated over a number of years. After the payment of the second quarterly dividend for 2025, the revenue reserve will total £13.2 million, compared to £14.4 million at 30th June 2024. In accordance with usual practice, two further quarterly dividends will be paid one in December and one in March and fourth dividend to be announced in January 2026. Your Board is very focused on returning the Company to a fully covered dividend over time. Income generated by the portfolio is the key to achieving this goal. The Board welcomes the efforts of the new Portfolio Management team to enhance income generation over time by adding more companies with Victoria Stewart Chairman

good dividend growth prospects, as well as maintaining their focus on businesses already paying high and growing dividends. This fresh approach should narrow the differential between the Company’s revenue return and dividends per share, thus improving dividend cover over the next few years. Discount, Share Repurchases During the review period, the discount at which the Company’s shares traded relative to its NAV (with debt at fair value) ranged between 7.1% and 3.7% and averaged 5.7%. The Board’s objective remains to act in the best interest of shareholders by using its repurchase and allotment authorities to manage short-term imbalances between the supply and demand of the Company’s shares, with the intention of reducing the volatility of the discount or premium, in normal market conditions. To this end, during the reporting period, the Company repurchased a total of 886,107 shares, at a cost of £6.5 million. As at 30th June 2025, the Company’s discount (to its cum-income, debt at fair value NAV) was 4.9%. Since then, the Board has continued to make targeted repurchases, buying a further 220,136 shares, at a cost of £1.8 million, as at 12th August 2025, and the discount has widened to 5.3%. Nonetheless, the Board recognises that consistent and strong investment performance is an essential prerequisite to ensure that the Company’s shares trade close to NAV over the long term. Gearing/Long-Term Borrowing The Company’s gearing policy (excluding the effect of any futures) is to operate within a range of 5% net cash and 20% geared in normal market conditions. The Portfolio Managers have discretion to vary the gearing level between 5% net cash and 17.5% geared (including the effect of any futures). The Board believes that over the long-term, a moderate level of gearing is an efficient way to enhance shareholder returns. The level of gearing is determined by the Portfolio Managers’ bottom-up approach to selecting attractive stock opportunities, rather than adjusting the gearing level due to a top-down overlay. Taking into account borrowings, net of cash balances held, the Company ended the review period 6.4% geared, compared to 7.6% at 30th June 2024. Gearing is currently 6.9%. The Company holds £30 million of 3.22% private placement notes, maturing in March 2045. A one-year £40 million revolving credit facility with The Royal Bank of Scotland International Limited matured in May 2025. This facility has been reduced to £20 million and extended for an additional four months, until September 2025. Following this period, the Company plans to utilise Contracts for Difference (CFDs) as an efficient method to implement gearing, while adhering to existing investment guidelines. CFDs are a flexible, low-cost, capital efficient alternative to loan facilities and thus offer considerable advantages to the Portfolio Managers. These instruments are a form of financial derivative which allow investors to gain exposure to stock price movements without actually owning the individual shares. As such, CFDs provide the investor with leveraged exposure to the underlying asset. The Board will closely monitor the use and cost effectiveness of this form of gearing. Board Succession Your former Chairman, David Fletcher retired at the conclusion of the AGM on 1st May 2025. David had served as a Director of the Company since 2015, holding the position of Chairman from 2022. I would like to once again take this opportunity, on behalf of the entire Board, to thank him for his significant contribution and his effective stewardship of the Board and the Company during his tenure. David departs with our best wishes for the future. Outlook The Board shares the Portfolio Managers’ confidence in the outlook for UK equities, and for your Company, over the remainder of 2025 and beyond. The recent outperformance of UK equities suggests that investors may finally be starting to appreciate the number of high-quality, global companies available in this market at valuations which are attractive both on an historical basis and relative to other markets. If sustained, renewed inflows would provide a substantial support for the UK market. Meanwhile, the UK continues to offer many interesting, well-priced opportunities with attractive dividend yields for existing market participants such as your Company. Chairman’s Statement J.P. Morgan Asset Management 9 Chairman’s Statement

My fellow Board members and I are encouraged by the early results of the enhanced dividend strategy of the new portfolio management team and the total return generated in the year since they assumed responsibility for the portfolio. Each member of the team brings something unique to their role which complements the skills of their co-managers, and recent performance is testament to their team approach. The Board is especially pleased with their efforts to refocus the portfolio more towards dividend growth opportunities, while also maintaining significant exposure to companies already offering high yields, and we remain confident this approach will ensure the Company continues to perform well, delivering attractive returns and a growing income for shareholders over the long-term. Keeping in Touch The Company is committed to finding more ways of engaging with its shareholders and other interested parties. To support this goal, the Company delivers email updates on the Company’s progress with regular news and views, as well as the latest performance data. If you have not already signed up to receive these communications and you wish to do so, please click here or by scanning the QR code on this page. or use the QR Code. The Board appreciates the ongoing support of its shareholders. Victoria Stewart Chairman 13th August 2025 Chairman’s Statement 10 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Chairman’s Statement

Investment Review Consumer Discretionary

Investment Manager’s Report 12 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Investment Review Anthony Lynch Portfolio Manager Callum Abbot Portfolio Manager Market review So far in 2025, the focus of equity markets has once again been geopolitics, with the US ‘trade war’ and conflict in the Middle East dominating the market narrative. Each of these drivers has warranted attention and an understanding of the first and second order effects on portfolio companies. However, over time, geopolitical risk indices have proved to be a weak indicator for subsequent equity market returns, so we have spent our time concentrating more on the hard economic data and underlying operating momentum and valuations of the companies in which we invest. Against this backdrop, the UK equity market has performed remarkably well, with the FTSE All-Share delivering a total return of 9.1% in the six months to 30th June 2025, well in excess of the US and global equity markets. The UK’s outperformance has been a function of some upswing in the economic momentum, with GDP growth exceeding expectations, and valuations that represent a significant discount to those of other global markets. It is early days yet, but this may well mark a potential turning point following a period of so called ‘US exceptionalism’. As a largely services-based economy, the UK has been a relative winner in the current trade war, as it is well-positioned to sign deals with the US and European Union. In addition, lower US consumption and a weaker US Dollar have resulted in lower prices for products being imported into the UK, reducing domestic inflationary pressures and supporting UK corporate margins. The UK has also benefitted from an easing in the ‘cost of living’ pressures which have constrained household discretionary consumption in recent years. With the rate of inflation expected to decline to 3.2% this year, down from high single digit levels in 2022 and 2023, but average wage growth holding up at above 5%. The average household has experienced 26 consecutive months of improving year-on-year real income, with household discretionary income having increased by almost 20% cumulatively since the low point of April 2023. Furthermore, we are now approximately a year into a rate cutting cycle, and while the cadence of rate cuts has been slower than initially expected, with a cumulative 1% cut since the 5.25% peak, the direction of travel is clear, and positive for household finances. Performance In the six months to 30th June 2025, the Company delivered a total return on net assets (capital plus dividends re-invested, with debt at fair value) of 13.5%, compared to the Benchmark’s return of 9.1%. The total return to shareholders was 14.6%, with the discount narrowing to 4.9% (debt at fair value). Relative performance over the six-month review period benefitted from overweight positions in banks such as NatWest and OSB. Both these institutions saw their share prices perform well as interest rates remained higher for longer than the market expected, and a robust UK economy reduced the need to provision for credit risks. These overweight holdings more than offset the negative relative contribution from our decision not to hold Lloyds Banking Group, which we avoided due to its less attractive valuation. The portfolio’s holding in Rolls-Royce also contributed to returns, as the aerospace engine manufacturer benefitted from both strong customer demand and ongoing self-help, which have resulted in a material improvement in margins and free cash flow generation in recent years. Not holding Diageo also benefitted relative performance, as the alcoholic beverage brand continued to suffer from destocking and weak consumer sentiment in North America. The portfolio’s overweight position in 4imprint, a promotional branded merchandise business focused on North America, detracted. The shares performed poorly due to weak small business confidence among US-based customers and the direct negative impact of tariffs on their supply chain, as the bulk of their product is sourced from China. However, we remain confident about 4imprint’s longer-term prospects. The company has a strong track record of taking market-share and it is well positioned for recovery as and when the adverse impact of tariffs subsides, either via a reduction in tariff rates or via supply chain adjustments. With 4imprint’s shares having substantially de-rated, we believe they continue to offer a compelling investment opportunity. Katen Patel Portfolio Manager

Investment Manager’s Report J.P. Morgan Asset Management 13 Investment Review Top contributors and detractors to performance vs FTSE All-Share Index Average Average active active Top five contributors position Contribution Bottom five detractors position Contribution Diageo –1.7% +0.65% Lloyds Banking Group –1.7% –0.46% Rolls-Royce +0.9% +0.43% 4imprint 1.1% –0.30% NatWest +2.3% +0.39% Prudential –0.8% –0.24% OSB +1.3% +0.29% Intermediate Capital Group –1.8% –0.23% Serco +1.2% +0.26% Hollywood Bowl –0.9% –0.19% Source: JPMAM, six months to 30th June 2025. Purchases High yielding companies High yielding investments generate the lion’s share of the portfolio’s income, and a high dividend yield can be a sign of an undervalued business. We focus on identifying high yielders where we are confident that the dividend is not just secure, but also has the potential to grow over time. High yielding companies now comprise 52% of the portfolio. During the review period, we increased the portfolio’s overweight position in NatWest, which now represents the largest overweight position relative to the Benchmark. The bank is a significant beneficiary of the higher interest rate environment and is well positioned to earn an attractive spread between the interest paid on deposits and the rate received on loans. Additionally, we believe that NatWest’s track-record for generating efficiencies is likely to deliver profit growth at a faster rate than income growth. This in turn is likely to result in strong dividend growth, which would lift the already high dividend yield of 5.7%. Compounders 1 Compounders are businesses which deliver consistently attractive levels of organic growth and are typically capital-light, meaning that they can deliver this growth without the need for significant incremental capital investments. As a result, their free cash flow conversion tends to be very high and most of this cash flow is returned to shareholders, supporting a healthy, growing dividend yield. Compounders now comprise 31% of the portfolio. We made a new investment in one such compounder over the past six months, with the purchase of Coca-Cola Hellenic, the Coca-Cola bottler operating in the Mediterranean and Central and Eastern European markets. This business has a strong track record of generating high single digit to low double-digit levels of organic growth, underpinned by growing volumes, as the company operates in less mature markets than other bottlers. Additionally, a trend towards smaller, but higher value, pack sizes has also benefitted their financial performance. These factors should support dividend growth over time from the current 2.6% base yield. High dividend growth companies High growth companies, which now represent 17% of the portfolio, are not usually the most significant contributors to portfolio income at the time they enter the portfolio. However, we are nonetheless attracted to such names by the expectation that they will deliver strong total returns and become material contributors to the portfolio’s dividend growth over time. Softcat, the UK’s leading IT value-added reseller, was a new high growth addition to the portfolio during the review period. Technology vendors rely on businesses such as Softcat to extend their sales reach into the small and medium-sized business segment. Softcat has delivered double digit gross profit growth every year since its IPO in 2015, benefitting from market share gains in this growing, yet highly fragmented market. Having increased its basic dividend at a 12% annualised growth rate over 1 Compounders are those judged by the Investment Manager to be high quality companies with diﬀerentiated businesses capable of delivering above average earnings and dividend growth over a market cycle.

Investment Manager’s Report 14 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Investment Review the past five years and paid a special dividend every year since its IPO, we anticipate that this stock should continue to deliver significant dividend growth in coming years from the current 2.4% yield. Sales We sold the portfolio’s position in Glencore, the miner and marketer of commodities such as copper and coal. The investment case was predicated on improving execution. The company met production guidance for the first time in several years in 2024, repeatedly delivered higher earnings from its marketing operations and we expected these improved returns to drive dividend increases. However, the company has subsequently failed to maintain this operating momentum, with recent production and marketing profitability results both surprising to the downside. We decided to sell the holding as the investment case was clearly not playing out as we had originally intended. We also exited the portfolio’s holding in Man Group, the alternative fund management business. Following a prolonged period of poor performance, Man Group’s flagship, trend-following ‘AHL’ strategies are now well below high water mark levels, meaning that they are unlikely to generate performance fees for some time. In addition, longer-term performance has been disappointing and could begin to reduce net portfolio inflows. In a highly operationally leveraged business, this is likely to weigh heavily on profitability, cashflows and earnings. Portfolio positioning The portfolio held 64 stocks at the end of June, towards the lower end of the target range of 60-80 holdings. Nonetheless, this level of diversification is sufficient to allow us to take full advantage of the breadth of our investment universe, while also reducing reliance on any one company to generate a disproportionate portion of our income. One of the benefits of the investment trust structure is the ability to gear the portfolio, which tends to enhance returns over the medium to longer term. We reach our chosen level of gearing on a stock-by-stock basis, assessing the prospects for potential investments relative to the cost of that gearing. With economic momentum improving and valuations continuing to sit near historic lows, we see plenty of opportunities to invest in high quality, growing businesses at lower than usual valuation multiples, and we are therefore using gearing to increase our exposure to these opportunities. The portfolio is currently 6.9% geared. Top over-weight positions vs FTSE All-Share Index Position size relative Top five overweight positions to the Benchmark NatWest 2.6% 3i Group 2.6% Dunelm 1.7% Intermediate Capital Group 1.7% Aviva 1.7% Source: JPMAM, as at 30th June 2025. The largest active position in the portfolio is NatWest, following a recent addition to this holding, as we discussed earlier in this report. The portfolio has a similar overweight position in 3i Group, a high growth private equity business with a large holding in the European discount retailer, Action. Action has a track-record for delivering double-digit revenue growth, underpinned by same-store like-for-like sales growth and new store contributions, as it rapidly rolls-out additional stores across new and existing geographies. In the consumer sector, the portfolio’s largest active position is Dunelm, the homewares retailer. Dunelm is considered a ‘compounder’ due to its long track-record for delivering most of its sales growth through market-share gains, rather than purely relying on the buoyancy of the UK consumer. It has achieved this through ongoing investment in its online capabilities and supply-chain

Investment Manager’s Report J.P. Morgan Asset Management 15 Investment Review partnerships, allowing it to achieve ‘product mastery’ in new categories. Dunelm’s strong free cash flow conversion and limited capital requirements have allowed the company to pay special dividends in each of the past four years. We also have a significant overweight holding in Intermediate Capital Group, the alternative asset manager focused on private market investments. This business has demonstrated a very strong track record for fundraising, attracting investors to recently seeded strategies, as well as successfully scaling up subsequent vintages of well-established strategies. With fundraising now more broadly spread across a greater range of strategies, we are confident that this momentum can be maintained, as evidenced by the group’s continued strong performance in the more difficult fundraising environment seen since 2022. Furthermore, Intermediate Capital’s investors commit capital on a multi-year basis, but in our view, the market underappreciates the duration of associated management fees. We also see potential for significant operating leverage, which should feed through to attractive levels of dividend growth from an already high 4.5% dividend yield. Finally, we have been increasing the portfolio’s holding in the high yielding UK insurer Aviva over the past year and it is now one of the portfolio’s five largest active positions. Aviva has been undergoing a period of simplification, exiting a number of sub-scale operations and returning the proceeds of these transactions to shareholders. As part of their greater focus on capital-light UK personal insurance offerings, Aviva acquired Direct Line, a former competitor in this space. This merger will double Aviva’s UK market share to around 22% and is also expected to generate substantial synergy benefits, following years of mismanagement at Direct Line. Today Aviva yields over 6%, and we expect to see the dividend continue to grow from this already high level. Market outlook Global financial markets have shown remarkable resilience in the face of several shocks during the first half of 2025. The US President’s move to rapidly scale back initial threats to impose widespread and aggressive tariffs also supported market sentiment. This policy reversal suggests that the US administration is sensitive to financial market opinion, with an inclination to view the performance of US stock and bond market indices as a measure of approval, and it is possible that financial market scrutiny will continue to have a tempering effect on policy initiatives going forward. In the UK, bond markets remain hyper-sensitive to any signs of fiscal imprudence, and with the government failing to deliver promised spending efficiencies, there is a risk that the Autumn budget could impose additional burdens on both consumers and businesses. However, with around 70% of the FTSE All Share’s earnings being derived overseas, this is potentially more of a problem for the UK economy than it is for the UK stock market. Further, with valuations of domestically exposed equities remaining low versus history, we are finding many interesting opportunities in businesses where we are confident that strong operating momentum will be more than sufficient to offset any broader adverse macroeconomic developments. In sum, we believe that the portfolio is very well-positioned to continue to meet its objective to deliver capital and income growth to its shareholders in coming years. Anthony Lynch Callum Abbot Katen Patel Portfolio Managers 13th August 2025

Sector Analysis 16 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Investment Review Sector 30th June 2025 31st December 2024 Portfolio Benchmark Portfolio Benchmark % 1 % % 1 % Financials 32.7 27.9 30.2 26.5 Industrials 15.6 10.9 12.8 11.9 Consumer Staples 13.5 14.3 13.6 14.8 Consumer Discretionary 12.7 13.5 14.7 11.6 Energy 9.6 8.7 11.3 9.4 Health Care 7.0 10.6 8.2 10.9 Utilities 3.3 1.3 2.6 3.8 Technology 2.4 5.0 2.2 1.4 Basic Materials 2.2 4.1 3.6 6.2 Real Estate 1.0 2.5 0.8 2.4 Telecommunications — 1.2 — 1.1 Total 100.0 100.0 100.0 100.0 1 Based on total investments of £476.4m (2024: £440.8m).

Portfolio Information J.P. Morgan Asset Management 17 Investment Review Financials HSBC 33,519 7.0 NatWest 18,766 3.9 3i 18,524 3.9 Barclays 15,568 3.3 Aviva 10,468 2.2 Intermediate Capital 8,440 1.8 OSB 6,735 1.4 London Stock Exchange 6,495 1.4 Phoenix 6,284 1.3 Plus500 4,672 1.0 XPS Pensions 4,340 0.9 Legal & General 4,318 0.9 Alpha 3,355 0.7 Beazley 3,349 0.7 Bank of Georgia 3,271 0.7 Quilter 2,937 0.6 IntegraFin 2,924 0.6 Petershill Partners 1,984 0.4 155,949 32.7 Industrials Rolls-Royce 20,515 4.3 BAE Systems 10,710 2.2 Serco 6,294 1.3 Grafton 5,799 1.2 IMI 5,612 1.2 Mitie 5,525 1.2 Morgan Sindall 5,392 1.1 Intertek 4,079 0.9 Keller 2,707 0.6 Experian 2,383 0.5 Galliford Try 2,108 0.4 Mears 1,863 0.4 SThree 1,430 0.3 74,417 15.6 Consumer Staples Unilever 12,603 2.6 Tesco 11,861 2.5 Imperial Brands 9,564 2.0 British American Tobacco 7,060 1.5 Cranswick 7,004 1.5 Reckitt Benckiser 5,277 1.1 Coca-Cola HBC 3,654 0.8 Marks & Spencer 3,614 0.8 Hilton Food 3,551 0.7 64,188 13.5 Consumer Discretionary Dunelm 8,065 1.7 Bellway 7,141 1.5 RELX 6,960 1.4 Barratt Redrow 6,488 1.4 Games Workshop 5,637 1.2 Next 4,777 1.0 International Consolidated Airlines 4,611 1.0 4imprint 4,085 0.9 Taylor Wimpey 4,028 0.8 JET2 4,018 0.8 Hollywood Bowl 3,458 0.7 Bloomsbury Publishing 1,453 0.3 60,721 12.7 Energy Shell 34,013 7.1 BP 11,546 2.5 45,559 9.6 Health Care AstraZeneca 22,254 4.7 GSK 10,805 2.3 33,059 7.0 Utilities National Grid 9,525 2.0 Telecom Plus 6,108 1.3 15,633 3.3 Technology Bytes Technology 5,563 1.2 MONY 2,936 0.6 Softcat 2,920 0.6 11,419 2.4 Basic Materials Rio Tinto 10,527 2.2 10,527 2.2 Real Estate Segro 3,673 0.8 LondonMetric Property 1,220 0.2 4,893 1.0 Total investments 476,365 100.0 The above companies have been classiﬁed into sectors based on the Industry Classiﬁcation Benchmark (ICB). Valuation % of Company £’000 Portfolio Valuation % of Company £’000 Portfolio List of investments As at 30th June 2025

Financial Statements Financials

J.P. Morgan Asset Management 19 Condensed Statement of Comprehensive Income Financial Statements (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 2025 30th June 2024 31st December 2024 Revenue Capital Total Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 Gains on investments held at fair value through profit or loss — 45,554 45,554 — 26,282 26,282 — 18,022 18,022 Net foreign currency gains/(losses) — 7 7 — (13) (13) — (15) (15) Income from investments 11,373 98 11,471 9,996 653 10,649 18,745 704 19,449 Interest receivable and similar income 176 — 176 285 — 285 631 — 631 Gross return 11,549 45,659 57,208 10,281 26,922 37,203 19,376 18,711 38,087 Management fee (333) (619) (952) (312) (578) (890) (643) (1,195) (1,838) Other administrative expenses (394) — (394) (404) — (404) (801) — (801) Net return before finance costs and taxation 10,822 45,040 55,862 9,565 26,344 35,909 17,932 17,516 35,448 Finance costs (283) (524) (807) (370) (689) (1,059) (717) (1,331) (2,048) Net return before taxation 10,539 44,516 55,055 9,195 25,655 34,850 17,215 16,185 33,400 Taxation (charge)/credit (28) — (28) 6 — 6 (7) — (7) Net return after taxation 10,511 44,516 55,027 9,201 25,655 34,856 17,208 16,185 33,393 Return per share (note 3) 18.96p 80.31p 99.27p 16.02p 44.68p 60.70p 30.15p 28.36p 58.51p All revenue and capital items in the above statement derive from continuing operations. The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The net return/(loss) after taxation represents the profit/(loss) for the period/year and also the total comprehensive income for the period/year.

20 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Condensed Statement of Changes in Equity Financial Statements Called up Capital share Share redemption Capital Revenue capital premium reserve reserves 1 reserve 1 Total £’000 £’000 £’000 £’000 £’000 £’000 Six months ended 30th June 2025 (Unaudited) At 31st December 2024 15,037 176,867 6,680 193,302 17,809 409,695 Repurchase of shares into Treasury — — — (6,507) — (6,507) Net return — — — 44,516 10,511 55,027 Dividends paid in the period (note 4) — — — — (10,581) (10,581) At 30th June 2025 15,037 176,867 6,680 231,311 17,739 447,634 Six months ended 30th June 2024 (Unaudited) At 31st December 2023 15,037 176,867 6,680 188,588 20,625 407,797 Repurchase of shares into Treasury — — — (4,968) — (4,968) Proceeds from share forfeiture 2 — — — 168 — 168 Net return — — — 25,655 9,201 34,856 Dividends paid in the period (note 4) — — — — (10,780) (10,780) Forfeiture of unclaimed dividends 2 (note 4) — — — — 123 123 At 30th June 2024 15,037 176,867 6,680 209,443 19,169 427,196 Year ended 31st December 2024 (Audited) At 31st December 2023 15,037 176,867 6,680 188,588 20,625 407,797 Repurchase of shares into Treasury — — — (11,639) — (11,639) Proceeds from share forfeiture 2 — — — 168 — 168 Net return — — — 16,185 17,208 33,393 Dividends paid in the year (note 4) — — — — (20,147) (20,147) Forfeiture of unclaimed dividends 2 (note 4) — — — — 123 123 At 31st December 2024 15,037 176,867 6,680 193,302 17,809 409,695 1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors. 2 During 2024, the Company undertook an Asset Reuniﬁcation Program for its shareholders. In accordance with the Company’s Articles of Association, shares that could not be traced to shareholders over 12 years old were forfeited. These shares were sold in the open market and the proceeds returned to the Company. In addition, unclaimed dividends over 12 years old were also returned to the Company.

J.P. Morgan Asset Management 21 Condensed Statement of Financial Position Financial Statements (Unaudited) (Unaudited) (Audited) At 30th June At 30th June At 31st December 2025 2024 2024 £’000 £’000 £’000 Non current assets Investments held at fair value through profit or loss 476,365 463,248 440,797 Current assets Derivative financial assets — 8 — Debtors 1,978 1,673 954 Cash and cash equivalents 9,803 12,586 8,506 Cash held at broker — 299 — 11,781 14,566 9,460 Current liabilities Creditors: amounts falling due within one year (10,512) (20,618) (10,562) Net current assets/(liabilities) 1,269 (6,052) (1,102) Total assets less current liabilities 477,634 457,196 439,695 Non current liabilities Creditors: amounts falling due after more than one year (30,000) (30,000) (30,000) Net assets 447,634 427,196 409,695 Capital and reserves Called up share capital 15,037 15,037 15,037 Share premium 176,867 176,867 176,867 Capital redemption reserve 6,680 6,680 6,680 Capital reserves 231,311 209,443 193,302 Revenue reserve 17,739 19,169 17,809 Total shareholders’ funds 447,634 427,196 409,695 Net asset value per share (note 5) 810.2p 748.6p 729.8p For and on behalf of the Board Victoria Stewart Chairman 13th August 2025

22 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Condensed Statement of Cash Flows Financial Statements (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 30th June 31st December 2025 2024 2024 £’000 £’000 £’000 Cash flows from operating activities Net return before finance costs and taxation 55,862 35,909 35,448 Adjustment for: Net gains on investments held at fair value through profit or loss (45,554) (26,282) (18,022) Net foreign currency (gains)/losses (7) 13 15 Dividend income (11,471) (10,649) (19,449) Interest income (176) (285) (631) Realised gains/(losses) on foreign exchange transactions 13 (13) (15) (Increase)/decrease in accrued income and other debtors (33) 14 5 Decrease in accrued expenses (30) (83) (79) Net cash outflow from operations before dividends, interest and taxation (1,396) (1,376) (2,728) Dividends received 10,903 10,050 19,519 Interest received 176 273 665 Overseas withholding tax recovered 7 35 35 Net cash inflow from operating activities 9,690 8,982 17,491 Purchases of investments (43,122) (59,098) (219,594) Sales of investments 52,650 61,551 236,225 Settlement of futures contracts — (451) (431) Transfer of margin cash from the broker — 133 432 Net cash inflow from investing activities 9,528 2,135 16,632 Dividends paid (10,581) (10,780) (20,147) Refund from forfeiture of unclaimed dividends — 123 123 Repurchase of the Company’s shares into Treasury (6,510) (5,209) (11,880) Proceeds from share forfeiture — 168 168 Repayment of bank loan — (15,000) (25,000) Drawdown of bank loan — 25,000 25,000 Interest paid (824) (1,129) (2,177) Net cash outflow from financing activities (17,915) (6,827) (33,913) Increase in cash and cash equivalents 1,303 4,290 210 Cash and cash equivalents at start of period/year 8,506 8,296 8,296 Foreign exchange movements (6) — — Cash and cash equivalents at end of period/year 9,803 12,586 8,506 Cash and cash equivalents consist of: Cash at bank 601 258 243 Investment in JPMorgan GBP Liquidity Fund 9,202 12,328 8,263 Total 9,803 12,586 8,506

J.P. Morgan Asset Management 23 Notes to the Condensed Financial Statements Financial Statements For the six months ended 30th June 2025. 1. Financial statements The condensed financial information contained in this half yearly financial report does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The financial information for the six months ended 30th June 2025 and 30th June 2024 has not been audited or reviewed by the Company’s Auditor. The figures and financial information for the year ended 31st December 2024 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies including the report of the auditor which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. 2. Accounting policies The condensed financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’), including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and with the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ (the ‘SORP’) issued by the Association of Investment Companies in July 2022. FRS 104, ‘Interim Financial Reporting’, issued by the Financial Reporting Council (‘FRC’) in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 30th June 2025. All of the Company’s operations are of a continuing nature. The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st December 2024. 3. Return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 30th June 31st December 2025 2024 2024 £’000 £’000 £’000 Return per share is based on the following: Revenue return 10,511 9,201 17,208 Capital return 44,516 25,655 16,185 Total return 55,027 34,856 33,393 Weighted average number of shares in issue 55,429,122 57,422,451 57,065,999 Revenue return per share 18.96p 16.02p 30.15p Capital return per share 80.31p 44.68p 28.36p Total return per share 99.27p 60.70p 58.51p

24 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Notes to the Condensed Financial Statements Financial Statements 4. Dividends paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 2025 30th June 2024 31st December 2024 Pence £’000 Pence £’000 Pence £’000 Dividend paid Final dividend in respect of prior year 10.65 5,940 10.50 6,059 10.50 6,059 First quarterly dividend 8.40 4,641 8.25 4,721 8.25 4,721 Second quarterly dividend — — — — 8.25 4,704 Third quarterly dividend — — — — 8.25 4,663 Total dividends paid 19.05 10,581 18.75 10,780 35.25 20,147 Forfeiture of unclaimed dividends over 12 years old 1 — — — (123) — (123) Net dividends paid 19.05 10,581 18.75 10,657 35.25 20,024 1 During 2024, the Company undertook an Asset Reuniﬁcation Program to reunite inactive shareholders with their shares and unclaimed dividends. Pursuant to the Company’s Articles of Association, the Company has exercised its right to reclaim the shares of shareholders whom the Company, through its previous Registrar, has been unable to locate for a period of 12 years or more. These forfeited shares were sold in the open market by the Registrar and the proceeds, net of costs, were returned to the Company. In addition, any unclaimed dividends older than 12 years from the date of payment of such dividends were also forfeited and returned to the Company. All dividends paid in the period/year have been funded from the revenue reserve. A second quarterly dividend of 8.40p (2024: 8.25p) per share, amounting to approximately £4,553,000 (2024: £4,704,000) has been declared payable in respect of the year ending 31st December 2025. It will be paid on 1st September 2025 to shareholders on the register at the close of business on 25th July 2025. 5. Net asset value per share The net asset value per Ordinary share and the net asset value attributable to the Ordinary shares at the period/year end are shown below. These were calculated using 55,250,259 (30th June 2024: 57,067,358; 31st December 2024: 56,136,366) Ordinary shares in issue at the period/year end (excluding Treasury shares). (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 2025 30th June 2024 31st December 2024 Net asset value Net asset value Net asset value attributable attributable attributable £’000 pence £’000 pence £’000 pence Net asset value – debt at par 447,634 810.2 427,196 748.6 409,695 729.8 Add: amortised cost of £30 million 3.22% private placement loan March 2045 30,000 54.3 30,000 52.5 30,000 53.4 Less: fair value of £30 million 3.22% private placement loan March 2045 (20,998) (38.0) (22,214) (38.9) (20,906) (37.2) Net asset value - debt at fair value 456,636 826.5 434,982 762.2 418,789 746.0

J.P. Morgan Asset Management 25 Notes to the Condensed Financial Statements Financial Statements 6. Fair valuation of instruments The fair value hierarchy analysis for financial instruments held at fair value at the period end is as follows: (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th June 2025 30th June 2024 31st December 2024 Assets Liabilities Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 £’000 £’000 Level 1 476,365 — 463,256 1 — 440,797 — Total value of investments 476,365 — 463,256 — 440,797 — 1 Includes future currency contracts. 7. Analysis of change in net debt As at As at 31st December Other 30th June 2024 Cash flows non-cash charges 2025 £’000 £’000 £’000 £’000 Cash and cash equivalents Cash at bank 243 364 (6) 601 Investment in JPMorgan GBP Liquidity Fund 8,263 939 — 9,202 8,506 1,303 (6) 9,803 Borrowings Debt due within one year Bank loan (10,000) — — (10,000) Debt due after one year £30 million 3.22% private placement loan (30,000) — — (30,000) (40,000) — — (40,000) Net debt (31,494) 1,303 (6) (30,197)

Interim Management Report Technology

J.P. Morgan Asset Management 27 Interim Management Report Interim Management Report The Company is required to make the following disclosures in its half yearly report. Principal Risks and Uncertainties The Board has an ongoing process for identifying, evaluating and managing the principal risks, emerging risks and uncertainties of the Company. The principal risks and uncertainties faced by the Company fall into the following broad categories: geopolitical and macro-economic; cybersecurity; share price volatility; market factors such as interest rates, inflation and equity market performance; loss of investment team; strategy and performance; climate change; legal and regulatory/corporate governance; and operational. Detailed information on each of these areas is given in the Strategic Report within the Annual Report and Financial Statements for the year ended 31st December 2024 and in the view of the Board, these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the period under review. Whilst the Board has not identified any emerging risks at the time of publication of this report, it has noted the continued heightened level and evolving nature of the geopolitical risks facing the Company and is monitoring these accordingly. Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company. Going Concern The Directors believe, having considered the Company’s investment objectives, risk management policies, capital management policies and procedures, liquidity and nature of the portfolio, and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half yearly report. The Company’s assets, the vast majority of which are investments in quoted securities which are readily realisable,exceed its liabilities significantly under all stress test scenarios reviewed by the Board. For these reasons, they consider that there is sufficient evidence to continue to adopt the going concern basis in preparing the financial statements. The Board has, in particular, considered the impact of market volatility from the ongoing conflicts between Ukraine and Russia and in the Middle East, along with the impact of the tariff wars and does not believe the Company’s going concern status is affected. Furthermore, the Directors are satisfied that the Company’s key third party service providers have in place appropriate business continuity plans to ensure their operational resilience and the performance of these service providers is reviewed at least annually by the Management Engagement Committee. Statement of Directors’ Responsibilities The Board of Directors of the Company, confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half year financial report has been prepared in accordance with FRS 104 ‘Interim Financial Reporting’ and gives a true and fair view of the state of affairs of the Company, and of the assets, liabilities, financial position and net return of the Company as at 30th June 2025 as required by the Disclosure Guidance and Transparency Rules 4.2.4R; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the Disclosure Guidance and Transparency Rules. 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; • make judgements and accounting estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and the Directors confirm that they have done so. For and on behalf of the Board Victoria Stewart Chairman 13th August 2025

Shareholder Information Consumer Discretionary

J.P. Morgan Asset Management 29 Shareholder Information Glossary of Terms and Alternative Performance Measures (‘APMs’) (Unaudited) 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. Six months ended Total return calculation Page 30th June 2025 Opening share price as at 31st December 2024 (p) 6 704.0 (a) Closing share price as at 30th June 2025 (p) 6 786.0 (b) Total dividend adjustment factor 1 1.026241 (c) Adjusted closing share price (p) (d = b x c) 806.6 (d) Total return on share price (e = (d/a) – 1) +14.6% (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 Assets with Debt at Par Value (APM) Total return on net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Six months ended Total return calculation Page 30th June 2025 Opening cum-income NAV per share with debt at par value as at 31st December 2024 (p) 6 729.8 (a) Closing cum-income NAV per share with debt at par value as at 30th June 2025 (p) 6 810.2 (b) Total dividend adjustment factor 1 1.025300 (c) Adjusted closing cum-income NAV per share with debt at par value (p) (d = b x c) 830.7 (d) Total return on net assets with debt at par value (e = (d/a) – 1) +13.8% (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 cum-income NAV at the ex-dividend date. Return on Net Assets with Debt at Fair Value (APM) The Company’s long-term debt (private placement) is valued in the Statement of Financial Position 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’. 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 £30,000,000 private placement loan has been calculated using discounted cash flow techniques, using the yield from a similar dated gilt plus a margin based on the five year average for the AA Barclays Sterling Corporate Bond spread. As at 30th June 2025, the cum income NAV with debt at fair value was £456,636,000 (31st December 2024: 418,789,000) or 826.5p (31st December 2024: 746.0p) per share.

30 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Shareholder Information Glossary of Terms and Alternative Performance Measures (‘APMs’) (Unaudited) Six months ended Total return calculation Page 30th June 2025 Opening cum-income NAV per share with debt at fair value as at 31st December 2024 (p) 6 746.0 (a) Closing cum-income NAV per share with debt at fair value as at 30th June 2025 (p) 6 826.5 (b) Total dividend adjustment factor 1 1.024749 (c) Adjusted closing cum-income NAV per share with debt at fair value (p) (d = b x c) 847.0 (d) Total return on net assets with debt at fair value (e = (d/a) – 1) +13.5% (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. 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 assets. Benchmark 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 ‘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 net assets of total investments, expressed as a percentage of net assets. If the amount calculated is negative, this is shown as a ‘net cash’ position. Six months ended Year ended 30th June 31st December 2025 2024 Gearing calculation (excluding effect of futures) Page £’000 £’000 Investments held at fair value through profit or loss 21 476,365 440,797 (a) Net assets 24 447,634 409,695 (b) Gearing (c = (a/b) – 1) 6.4% 7.6% (c) Six months ended Year ended 30th June 31st December 2025 2024 Gearing calculation (including effect of futures) Page £’000 £’000 Investments held at fair value through profit or loss 21 476,365 440,797 (a) Futures notional market value (short/long) — — (b) Net assets 24 447,634 409,695 (c) Gearing (d = (a+b)/c – 1) 6.4% 7.6% (d)

J.P. Morgan Asset Management 31 Shareholder Information Glossary of Terms and Alternative Performance Measures (‘APMs’) (Unaudited) 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. The ongoing charges percentage shown in the six months ended 30th June 2025, is an annualised estimate for the full year ending 31st December 2025. Six months ended Year ended 30th June 31st December 2025 2024 Page £’000 £’000 Management fee 19 952 1,838 Other administrative expenses 19 394 801 Total management fee and other administrative expenses 1,346 2,639 (a) Average daily cum-income net assets 426,497 417,326 (b) Ongoing charges (c = (a/b) x 2) 6 0.63% (c) Ongoing charges (d = a/b) 0.63% (d) Share Price (Discount)/Premium to Net Asset Value (‘NAV’) per Share (APM) If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV per share. The opposite of a discount is a premium. It is more common for an investment trust’s shares to trade at a discount than at a premium. Six months ended Year ended 30th June 31st December Page 2025 2024 Share price (p) 6 786.0 704.0 (a) Net asset value per share with debt at fair value (p) 6 826.5 746.0 (b) Discount to net asset value with debt at fair value (c = (a–b)/b) (4.9)% (5.6)% (c) Six months ended Year ended 30th June 31st December Page 2025 2024 Share price (p) 6 786.0 704.0 (a) Net asset value per share with debt at par value (p) 6 810.2 729.8 (b) Discount to net asset value with debt at par value (c = (a–b)/b) (3.0)% (3.5)% (c)

Investing in JPMorgan Claverhouse Investment Trust plc 32 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Shareholder Information You can invest in JPMorgan Claverhouse Investment Trust plc through the following: 1. 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. 2. Voting on Company Business and Attending its Annual General Meeting 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. 3. 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 www. unbiased.co.uk . You may also buy investment trusts through stockbrokers, wealth managers and banks. To familiarise yourself with the Financial Conduct Authority adviser charging and commission rules, visit www. fca.org.uk . 4.Dividend reinvestment plan The Company operates a dividend reinvestment plan. For further information please contact the Registrars, platform provider or a professional adviser. AJ Bell Investcentre Barclays Smart investor Charles Stanley Direct Fidelity Personal Investing Halifax Share Dealing Hargreaves Lansdown Interactive investor

Share Fraud Warning J.P. Morgan Asset Management 33 Shareholder Information Investment and pension scams are 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 • even ask you to not tell anyone else about it How to avoid investment and pension scams Y 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 Scammers usually cold call, but contact can also come by email, post, word of mouth 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 our authorisation. Get impartial advice before investing – don’t use Be ScamSmart and visit 1 2 3

Information About the Company 34 JPMorgan Claverhouse Investment Trust plc – Half Year Report & Financial Statements 2025 Shareholder Information 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 the Company 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 ordinary shares are not considered to be ‘complex instruments’ under the FCA’s ‘Appropriateness’ rules and guidance in the COB sourcebook. Task Force on Climate-related Financial Disclosures As a regulatory requirement, JPMorgan Asset Management (JPMAM) has published its UK Task Force on Climate-related Financial Disclosures (‘TCFD’) Report for the Company in respect of the reporting period for the year ended 31st December 2024. The report is available on the Company’s website under the ESG documents section: w ww.jpmclaverhouse.co.uk Consumer Duty Value Assessment The Manager has conducted an annual value assessment on the Company in line with 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 Company (against both Benchmark and peers), total fees (including management fees and entry and exit fees as applicable to the Company), and also considers whether all consumers, including vulnerable consumers, are able to receive fair value from the product. The Manager has concluded that the Company is providing value based on the above assessment.

Information About the Company J.P. Morgan Asset Management 35 Shareholder Information A member of the AIC History The Company was launched as Claverhouse Investment Trust Limited in 1963 with assets of £5 million and managed by Robert Fleming & Co. The Company took its name from Viscount Claverhouse (‘Bonnie Dundee’) who was killed at the Battle of Killiecrankie in 1689 whilst leading a rebellion against William and Mary. The name was chosen to commemorate the Company’s link with Dundee, where Flemings originated in 1873. The Company changed its name to The Fleming Claverhouse Investment Trust plc in 1983, to JPMorgan Fleming Claverhouse Investment Trust plc in 2003 and adopted its present name in 2007. Directors Victoria Stewart (Chairman) Joanne Fintzen Jill May Nicholas Melhuish (Audit Committee Chairman) Tom Smethers Company Information Company registration number: 754577 London Stock Exchange code: 0342218 ISIN: GB0003422184 Bloomberg Code: JCH LN LEI: 549300NFZYYFSCD52W53 Market Information The Company’s net asset value per share is published daily, via the London Stock Exchange. The Company’s shares are listed on the London Stock Exchange. The market price is shown daily on the Company’s website at www.jpmclaverhouse.co.uk where the share price is updated every 15 minutes during trading hours. Website www.jpmclaverhouse.co.uk Share Transactions The Company’s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor’s behalf. Manager and Company Secretary JPMorgan Funds Limited Investment Manager JPMorgan Asset Management (UK) Limited Company’s Registered Office 60 Victoria Embankment London EC4Y 0JP Telephone: 0800 20 40 20 or +44 1268 44 44 70 Please contact Anmol Dhillon 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. Registrar Computershare Investor Services PLC The Pavilions Bridgwater Rd Bristol BS99 6ZZ United Kingdom Telephone + 44 (0) 370 707 1521 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 Auditor PricewaterhouseCoopers LLP Altria One 144 Morrison Street Edinburgh EH3 8EX Broker Deutsche Numis 45 Gresham St, London EC2V 7BF