Tranche Update on JPMorgan Elect PLC's Equity Buyback Plan announced on December 19, 2013.

JPMorgan Elect plc (the Trust) is a United Kingdom investment trust. The Trust offers three options depending on whether investors need to grow their capital, generate an income or combine both, which include Managed Growth, Managed Income and Managed Cash. The objective of Managed Growth is long-term capital growth delivered by investing in a range of investment trusts and open-ended funds managed principally by JPMAM. The objective of the Managed Income portfolio is to achieve a growing income return with potential for long term capital growth by investing primarily in United Kingdom equities. The investment objective of the Managed Cash portfolio is to achieve a return in excess of sterling money markets by investing primarily in Great Britain pound (GBP) denominated short-term debt securities. JPMorgan Asset Management is the investment manager of the Trust.