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Hello, everyone.

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My name is James Cook, and I'm
a Portfolio Manager on JPMorgan

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Global Growth and Income plc.

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This trust has got quite
an interesting history.

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It started back in 1887,
known as the British Steamship

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Investment Trust, where it
held around 30 steamships.

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Then by 1900, it had
expanded its horizon

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and had started to invest in
shipping companies and railroad

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stocks.

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It changed several times
more over the years.

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And roll the clock
forward to 1989,

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that's when this became
a global equity mandate.

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And if you look at
the trust today,

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it's now a global
unconstrained core portfolio

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where we're looking
to give shareholders

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a balance between
growth and income,

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and that's proven to
be really attractive.

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So the dividend policy
is set by the board

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at the start of each fiscal
year, which is July the 1st.

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So the policy is to pay
out 4% of the net asset

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value of the investment trust
in four quarterly installments.

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Now, that's recently
been reset to increase

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the dividend per share.

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That's an increase of 8.5%.

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That's a really attractive
level of growth in the dividend,

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and our enhanced
dividend policy has

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proven to be really
attractive with shareholders.

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So since we announced
this policy back in 2016,

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I believe this is one
of the key reasons we

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saw the investment trust go
from a discount to a premium.

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And we've managed to maintain
that premium going forward.

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On top of that, as
portfolio managers,

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we aim to look for the best
total return stocks, which

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means that we don't
have to find income

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in parts of those areas
of high yielding sectors

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that typically come with
a lot of earnings risk.

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But instead, we can
fund the dividend

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with some of the most
attractive total returns,

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and therefore, that
gives us more flexibility

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to find our favorite companies
at attractive prices.

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