Jupiter UK Growth Investment Trust : Change of Lead Fund Manager

Jupiter UK Growth Investment Trust PLC (the 'Company')

Legal Entity Identifier: 549300QSBKGE8ZO08A97

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014. This announcement has been authorised for release by the Board of Directors (the 'Board').

18 February 2020

Change of lead fund manager

AGREEMENT REACHED TO APPOINT RICHARD BUXTON AS LEAD FUND MANAGER

The Board is pleased to announce that it has reached an agreement with Jupiter Asset Management Limited ('Jupiter') for Richard Buxton to assume lead fund management responsibility for the Company. Richard will be supported by Errol Francis and Ed Meier, who have worked with Richard over many years.

This follows the announcement by the Board on 4 October 2019 that the Company had decided to review its investment strategy following a period of poor performance. This was a comprehensive exercise which considered various alternatives, including the adoption of an alternative manager from within Jupiter, the appointment of another fund management company as investment manager and the liquidation of the Company together with a rollover into another listed investment company.

Richard Buxton joined Merian as head of UK equities and manager of the Merian UK Alpha Fund in 2013. He was also the firm's CEO between August 2015 and January 2019. Richard was previously at Schroders, where he managed the Schroder UK Alpha Plus Fund and the Schroder UK Growth Fund plc, an investment trust. Prior to Schroders he spent more than a decade at Baring Asset Management, having commenced his investment career in 1985 at Brown Shipley Asset Management. Richard was awarded the Outstanding Contribution to the Industry honour at the Morningstar OBSR Awards in 2012 and has a degree in English language and literature from the University of Oxford.

Richard has worked with Errol and Ed for over 14 years. In respect of their UK Alpha strategy which will be adopted by the Company, the team utilises a high-conviction approach typically holding 30-40 stocks, combining fundamental research with a patient, long-term time horizon. The team principally invests in UK large cap companies but also selectively takes mid cap exposures. Following this approach the team has a strong long-term performance record with 10 year cumulative total returns of 145.4%, which compares with the FTSE All-Share Index return of 118.3%.

Investment objective and policy

There will be no change to the investment objective or policy as a result of the proposed change of lead fund manager. The Company's investment objective is to deliver capital appreciation from holding a portfolio of predominantly listed investments. While there are no specific individual stock, sector, geographical or market capitalisation limitations or weightings applicable, the manager will invest principally in companies which are listed in and/or which undertake a significant proportion of their business in the United Kingdom.

Investment management fees

The base management fee charged to the Company will continue to be 0.50% of adjusted net assets, reducing to 0.45% for adjusted net assets over £150 million and up to £250 million and reducing further to 0.40% for adjusted net assets over £250 million. However, as part of these new arrangements the Board has agreed with Jupiter that the Company will not be charged a base management fee for the period from 1 January 2020 to 31 December 2020. Based on the current net asset value this is an estimated saving of c.£240,000 over that period.

Discount and premium management

The Board and the investment manager remain committed to growing the Company over time, recognising that the net assets are currently below the minimum size preferred for prospective investment by many institutional and wealth management investors.

The Company will continue its stated policy of using share buybacks and new issues of shares to ensure that, in normal market conditions, the market price of its shares will closely track the net asset value per share. The Board believes that this commitment to active management of discount and premium produces improved liquidity for both buyers and sellers of the Company's shares.

Tom Bartlam, Chairman of the Board, commented: 'Over the last few months, the Board considered a range of options for the future of the Company. After careful consideration, we are pleased to have reached an agreement to appoint Richard Buxton as lead fund manager of the Company. Richard is one of the most prominent UK equity investors and brings with him a wealth of experience. The Board looks forward to working with Richard and his colleagues to determine the best way to broaden and grow the appeal of the Company, while continuing our association with Jupiter.'

Richard Buxton commented,'My team and I are delighted to be appointed to manage Jupiter UK Growth Investment Trust. We look forward to working with the Board and to using our proven long-term approach to improving the returns to shareholders and growing the Company over time.'

Andrew Formica, Chief Executive Officer of Jupiter, commented: 'I am delighted that Richard will be taking on the lead fund management responsibility for Jupiter UK Growth Investment Trust. Jupiter is committed to growing the assets under management of this trust and of our investment trust business generally. This appointment is a significant development inachieving this objective.'

For further information, please contact:

Jupiter Asset Management Limited

Magnus Spence, Head of Investment Trusts and Alternatives

investmentcompanies@jupiteram.com

Tel. 020 3817 1000

Numis Securities Limited

David Benda / Matthew Goss, Investment Banking

d.benda@numis.com

Tel. 020 7260 1000