JPMorgan Elect plc - Managed Income commences share repurchases on February 9, 2018, under the program mandated by the shareholders in the Annual General Meeting held on January 12, 2018. As per the mandate, the company is authorized to repurchase its own shares, representing 14.99% of its issued share capital. The minimum price which may be paid will be 0.001 pence per share. The maximum price which may be paid for a share shall be an amount equal to the highest of 105% of the average of the middle market quotations of the relevant share as derived from the Daily Official List of the London Stock Exchange, for each of the five business days immediately preceding the day on which the share is purchased or the price of the last independent trade or the highest current independent bid. The authority shall unless previously varied, revoked or renewed, shall come to an end at the conclusion of the Annual general Meeting of the company next flowing the passing of the resolution or on the expiry of 18 months from the passing of the resolution, whichever is the earlier. As of November 30, 2017, the company had 33,057,047 ordinary shares in issue.