JPMorgan Asian Investment Trust plcInvestment Manager Presentation5th February 2019 | Annual General Meeting

Richard Titherington, Managing DirectorChief Investment Officer of Emerging Markets and Asia Pacific Equities and Portfolio Manager

1

Investment objective and risk profile

Please refer to the Investor Disclosure Document, latest annual report, and Key Information Document (KID) for more information relating to the Company.

JPMorgan Asian Investment Trust plc

The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. Past performance is not a guide to the future.

Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.

Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems. Shares may also be traded less frequently than those on established markets. This means that there may be difficulty in both buying and selling shares and individual share prices may be subject to short-term price fluctuations.

This fund may use derivatives for investment purposes or for efficient portfolio management.

External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time.

This trust may utilise gearing (borrowing) which will exaggerate market movements both up and down.

This trust may also invest in smaller companies which may increase its risk profile.

Investment objectiveAims to provide capital growth from a diversified portfolio of around 50 to 80 companies quoted on the Asian stock markets, excluding Japan. The Company amended its distribution policy for the year commencing 1 October 2016. The Company pays quarterly dividends equivalent to 1% of its net asset value, set on the last business day of each financial quarter. The Company also has the ability to use gearing up to a maximum level of 20% of net assets to increase potential returns to shareholders.

2

Performance

Inception date: 12th September 1997**Arithmetic excess return presented.Source: J.P. Morgan Asset Management. Net asset value performance data has been calculated on a NAV to NAV (using the cum income NAV with debt at fair) basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy.

Past performance is not a reliable indicator of current and future results.

JPMorgan Asian Investment Trust plc as of 30th September 2018

2010 2011 2012 2013 2014 2015 2016 2017 2018

JPMorgan Asian Investment Trust (NAV) 28.88 -23.50 13.55 2.89 11.27 -2.03 26.37 35.97 -5.27

MSCI AC Asia ex Japan (net) 23.38 -16.69 16.99 1.16 11.32 -3.91 25.77 29.45 -9.05

NAV Excess Return** 5.50 -6.81 -3.43 1.74 -0.05 1.87 0.60 6.52 3.79

Annualised performance (%)

Calendar year performance (%)

Market valueJPMorgan Asian Investment Trust plc GBP 364.3m

Three months Six months YTD One year Three years Five years Since launch

JPMorgan Asian Investment Trust (NAV) 0.32 1.08 -0.68 7.30 22.56 13.63 7.83

MSCI AC Asia ex Japan (net) -0.35 0.18 -2.76 4.38 19.10 11.36 6.81

NAV Excess Return* 0.67 0.90 2.07 2.92 3.47 2.27 1.02

3

Performance

*Prior to 1st January 2001, MSCI AC Asia ex Japan (GDR). GDR = Gross Dividend Reinvested, NDR = Net Dividend ReinvestedSource: J.P. Morgan Asset Management. Data is re based as at inception date on a log basis. Inception date = 12th September 1997. Trust performance is shown based based on the Net asset value performance data which has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the exdividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Indices do not include fees or operating expenses and you cannot invest in them. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy.

Past performance is not a reliable indicator of current and future results.

JPMorgan Asian Investment Trust plc since inception to 30th September 2018

0

100

200

300

400

500

600

700

Sep

-97

Mar

-98

Sep

-98

Mar

-99

Sep

-99

Mar

-00

Sep

-00

Mar

-01

Sep

-01

Mar

-02

Sep

-02

Mar

-03

Sep

-03

Mar

-04

Sep

-04

Mar

-05

Sep

-05

Mar

-06

Sep

-06

Mar

-07

Sep

-07

Mar

-08

Sep

-08

Mar

-09

Sep

-09

Mar

-10

Sep

-10

Mar

-11

Sep

-11

Mar

-12

Sep

-12

Mar

-13

Sep

-13

Mar

-14

Sep

-14

Mar

-15

Sep

-15

Mar

-16

Sep

-16

Mar

-17

Sep

-17

Mar

-18

Sep

-18

JPM Asian Investment Trust

MSCI AC Asia ex Japan (NDR) (Prior to 1.1.01, MSCI AC Asia ex Japan (GDR))

Share Price

*

4

Performance attribution

Source: J.P. Morgan Asset Management, MSCI, FactSet, gross of fees in GBP. Data for Total Attribution shown (stock selection plus sector allocation). Attribution may not match official returns due to differences in systems, rounding. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy. (o) = overweight. (u) = underweight.

Past performance is not a reliable indicator of current and future results.

JPMorgan Asian Investment Trust plc 12 months to 30th September 2018

0.400.13

0.07-0.12

0.01

1.351.301.04

0.600.49

-0.35-0.36

-0.76

-2.0 -1.0 0.0 1.0 2.0

Financials (o)Industrials (u)

Consumer Discretionary (o)Health Care (u)Real Estate (u)

Managed Funds (o)Information Technology (u)

Telecommunication Services (u)Energy (u)Utilities (u)

Materials (u)Consumer Staples (u)

Cash

Asset allocationStock selection

Country attribution (%)

Attribution summary Stock: 3.52Sector: 0.28

Benchmark MSCI AC Asia ex Japan (net)

Sector attribution (%)

0.40

0.02

-0.21

0.01

4.41

0.800.50

0.230.07

-0.15-0.19

-0.75-1.33

-3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0

China (u)Korea (o)

Singapore (u)Vietnam (o)

Philippines (u)Hong Kong (o)

Pakistan (u)Malaysia (u)Thailand (o)

Indonesia (o)Taiwan (u)

India (u)Cash

Asset AllocationStock Selection

Attribution summary Stock: 3.53Sector: 0.27

Benchmark MSCI AC Asia ex Japan (net)

5

Top 10 contributors/detractors to active returns

Source: J.P. Morgan Asset Management, MSCI, FactSet, gross of fees in GBP. Data for Total Attribution shown (stock selection plus sector allocation). Attribution may not match official returns due to differences in systems, rounding. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy.

Past performance is not a reliable indicator of current and future results.

JPMorgan Asian Investment Trust plc 12 months to 30th September 2018

Top 10 contributors Country Sector Weight difference%

Stock return %

Impact%

Sino Biopharmaceutical Limited China Health Care 0.66 124.25 0.90Shenzhou International Group Holdings Limited China Consumer Discretionary 1.60 71.49 0.82Ping An Insurance (Group) Company of China, Ltd. China Financials 1.41 38.04 0.71Samsung Engineering Co., Ltd. Korea Industrials 0.81 87.41 0.65CNOOC Limited China Energy 1.51 63.94 0.64AIA Group Limited Hong Kong Financials 3.09 25.94 0.58DBS Group Holdings Ltd Singapore Financials 1.61 35.65 0.53Wuxi Biologics (Cayman) Inc. China Health Care 0.67 18.79 0.42JPMorgan Vietnam Fund Vietnam Managed Funds 1.92 27.50 0.40Daewoo Shipbuilding & Marine Engineering Co., Ltd Korea Industrials 0.24 72.23 0.33

Top 10 detractors Country Sector Weight difference%

Stock return %

Impact%

GlobalWafers Co., Ltd. Taiwan Information Technology 0.23 -43.31 -0.533SBio, Inc. China Health Care 0.45 -31.84 -0.47Maruti Suzuki India Limited India Consumer Discretionary -0.02 -28.49 -0.45GF Securities Co., Ltd. China Financials 0.69 -36.77 -0.39PT Astra International Tbk Indonesia Consumer Discretionary 1.95 -11.92 -0.37Reliance Industries Limited India Energy -0.87 50.27 -0.35CK Hutchison Holdings Ltd Hong Kong Industrials 1.01 -4.19 -0.34WH Group Ltd. (HK) Hong Kong Consumer Staples 0.85 -32.70 -0.31ICICI Bank Limited India Financials 0.09 -22.82 -0.30LARGAN Precision Co., Ltd. Taiwan Information Technology 1.02 -29.72 -0.30

Benchmark MSCI AC Asia ex Japan (net)

6

0.23

0.05

-0.18

0.15

1.250.58

0.450.29

0.16

0.03

-0.27-0.37

-0.48

-1.0 -0.5 0.0 0.5 1.0 1.5 2.0

Consumer Discretionary (o)Communication Services (u)

Information Technology (u)Real Estate (o)

Financials (o)Materials (u)

Energy (u)Industrials (u)

Managed Funds (o)Consumer Staples (u)

Utilities (u)Health Care (o)

Cash

Asset allocation

Stock selection

0.02

0.01

-0.08

-0.180.15

0.620.54

0.420.31

0.19

0.01

-0.02

-0.11

-1.0 0.0 1.0 2.0

Indonesia (o)Taiwan (u)

China (o)Korea (u)

Hong Kong (o)Thailand (u)

India (u)Pakistan (u)

Philippines (u)Malaysia (u)

Singapore (u)Vietnam (o)

Cash

Asset Allocation

Stock Selection

Performance attribution

Source: J.P. Morgan Asset Management, MSCI, FactSet, gross of fees in GBP. Data for Total Attribution shown (stock selection plus sector allocation). Attribution may not match official returns due to differences in systems, rounding. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy. (o) = overweight. (u) = underweight.

Past performance is not a reliable indicator of current and future results.

JPMorgan Asian Investment Trust plc 4Q 2018

Country attribution (%)

Attribution summary Stock: 1.55Sector: 0.35

Benchmark MSCI AC Asia ex Japan (net)

Sector attribution (%)

Attribution summary Stock: 1.45Country: 0.45

Benchmark MSCI AC Asia ex Japan (net)

7

Top 10 contributors/detractors to active returns

Source: J.P. Morgan Asset Management, MSCI, FactSet, gross of fees in GBP. Data for Total Attribution shown (stock selection plus sector allocation). Attribution may not match official returns due to differences in systems, rounding. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. The benchmark is for comparative purposes only, unless otherwise indicated in the Investment Trust’s Investment Objective and Policy.

Past performance is not a reliable indicator of current and future results.

Top 10 contributors Country Sector Weight difference%

Stock return %

Impact%

HDFC Bank Limited India Financials 3.78 12.43 0.66PT Astra International Tbk Indonesia Consumer Discretionary 2.41 19.56 0.53China Overseas Land & Investment Limited China Real Estate 2.57 12.23 0.42Baidu, Inc. Sponsored ADR China Communication Services -1.23 -28.99 0.32PT Bank Central Asia Tbk Indonesia Financials 1.09 14.50 0.21China Vanke Co., Ltd China Real Estate 1.85 5.26 0.21Jardine Matheson Holdings Limited Hong Kong Industrials 1.08 13.50 0.20Maruti Suzuki India Limited India Consumer Discretionary 1.45 8.18 0.18Hon Hai Precision Industry Co., Ltd. Taiwan Information Technology -0.80 -25.35 0.18PT Telekomunikasi Indonesia, Tbk Indonesia Communication Services 0.92 9.36 0.13

Top 10 detractors Country Sector Weight difference%

Stock return %

Impact%

Wuxi Biologics (Cayman) Inc. China Health Care 1.45 -35.49 -0.46Housing Development Finance Corporation Limited India Financials -0.97 19.27 -0.223SBio, Inc. China Health Care 1.12 -22.12 -0.19CNOOC Limited China Energy 1.14 -20.39 -0.18JPMorgan Vietnam Fund Vietnam Managed Funds 2.98 -12.17 -0.18PICC Property & Casualty Co. Ltd. China Financials 1.97 -11.26 -0.15Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan Information Technology 1.99 -12.64 -0.12Ping An Insurance (Group) Company of China, Ltd. China Financials 1.77 -11.18 -0.11Samsung Electronics Co., Ltd. Korea Information Technology 1.31 -14.56 -0.10Korea Electric Power Corporation Korea Utilities -0.06 -20.72 -0.10

Benchmark MSCI AC Asia ex Japan (net)JPMorgan Asian Investment Trust plc 4Q 2018

8

Current fund positioning

9

Portfolio weight (%) 6.2 2.8 36.0 12.7 0.0 1.2 4.0 2.2 9.4 14.0 10.9 0.0 0.6

3.5 2.8 1.1 1.0

0.0 -0.1 -0.1 -0.6 -1.4 -1.8 -2.2 -2.8

0.6

-10.0-5.00.05.0

10.0

Indonesia Vietnam China HongKong

Pakistan Philippines Singapore Thailand India Korea Taiwan Malaysia Cash

Relative to benchmark (%)

Country and sector positions

Source: J.P. Morgan Asset Management. Individual figures may not add up exactly to the total due to rounding.The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.

JPMorgan Asian Investment Trust as of 31st December 2018

Portfolio Weight (%) 34.2 13.8 17.5 2.8 15.0 2.8 8.4 3.4 11.9 14.3 2.7 2.1 1.8 0.0 2.8 0.6

Relative to benchmark (%)10.0 8.2

1.7 0.02.9 2.8 2.2 0.4

-1.0 -2.1 -2.4 -2.6 -3.1 -3.5 -4.2

0.6

-11.0-6.0-1.04.09.0

14.0

Financials Insurance Banks DiversifiedFinancials

ConsumerDiscretionary

ManagedFunds

RealEstate

HealthCare

CommunicationServices

InformationTechnology

ConsumerStaples

Energy Materials Utilities Industrials Cash

Benchmark MSCI AC Asia ex Japan

Active and absolute sector positions

Active and absolute country positions

10

Portfolio positions

Source: J.P. Morgan Asset Management.The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The holdings represent the current holdings of the fund. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future.

JPMorgan Asian Investment Trust as of 31st December 2018 Benchmark MSCI AC Asia ex Japan

Top 10 holdings Fund weight (%)

Tencent Holdings Ltd. 6.9

Taiwan Semiconductor Manufacturing Co., Ltd. 6.4

Samsung Electronics Co., Ltd. 5.8

AIA Group Limited 5.6

HDFC Bank Limited 4.2

China Construction Bank Corporation 3.9

Alibaba Group Holding Ltd. 3.2

China Overseas Land & Investment Limited 3.2

Ping An Insurance (Group) Company of China, Ltd. 3.1

PT Astra International Tbk 2.9

Top 5 overweights Fundweight (%)

Relative position (%)

HDFC Bank Limited 4.2 4.2

AIA Group Limited 5.6 3.2

China Overseas Land & Investment Limited 3.2 2.9

JPMORGAN VIETNAM OPPORTUNITIES FUND 2.8 2.8

PT Astra International Tbk 2.9 2.7

Top 5 underweights Fundweight (%)

Relative position (%)

Industrial and Commercial Bank of China Limited 0.0 -1.2

Reliance Industries Limited 0.0 -1.1

Housing Development Finance Corporation Limited 0.0 -1.1

Baidu, Inc. 0.0 -1.1

Alibaba Group Holding Ltd. 3.2 -1.0

11

Market outlook

12

Volatility is inherent in Asian equities

Source: FactSet, MSCI, J.P. Morgan Asset Management. Returns are price returns based on MSCI AC Asia ex Japan Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year. Data reflect most recently available as of 31/12/18.

Past performance is not a reliable indicator of current and future results.

Despite average intra-year drops of -22% (median: -18%), annual returns are positive in 20 of 31 years

26% 28%

-10%

27%18%

99%

-18%

2%8%

-42%

-10%

62%

-36%

-6% -10%

43%

14%19%

30%37%

-54%

68%

17%

-19%

19%

1% 2%

-11%

3%

39%

-16%-11%-20%

-29%

-11% -12%-5%

-26%-14% -11%

-46% -46%

-15%

-40% -38%-30%

-15%-21%

-9%-20% -18%

-63%

-20% -16%

-30%

-16% -15% -10%

-27%

-13%-5%

-26%

-80%

-60%

-40%

-20%

%

20%

40%

60%

80%

100%

'88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

YTD

Calendar year returnIntra-year decline

MSCI AC Asia ex Japan intra-year declines vs. calendar year returns

13

Macroeconomic growth expectations have moderated

Source: Consensus Economics, J.P. Morgan Asset Management. Data from December 1993 to 30th September 2018. NTM = next twelve months. EM = Emerging Markets, DM = Developed Markets, GDP = Gross Domestic Product. APACxJ = APAC excluding Japan

Asia and Emerging Markets growth ‘alpha’ over Developed Markets stable as economies rebalance

-2

-1

0

1

2

3

4

5

6

7

Dec

-93

Jun-

94D

ec-9

4Ju

n-95

Dec

-95

Jun-

96D

ec-9

6Ju

n-97

Dec

-97

Jun-

98D

ec-9

8Ju

n-99

Dec

-99

Jun-

00D

ec-0

0Ju

n-01

Dec

-01

Jun-

02D

ec-0

2Ju

n-03

Dec

-03

Jun-

04D

ec-0

4Ju

n-05

Dec

-05

Jun-

06D

ec-0

6Ju

n-07

Dec

-07

Jun-

08D

ec-0

8Ju

n-09

Dec

-09

Jun-

10D

ec-1

0Ju

n-11

Dec

-11

Jun-

12D

ec-1

2Ju

n-13

Dec

-13

Jun-

14D

ec-1

4Ju

n-15

Dec

-15

Jun-

16D

ec-1

6Ju

n-17

Dec

-17

Jun-

18

EM APACxJ DM EM-DM Spread

Consensus Real GDP growth expectations, next 12 months

14

Direction of the dollar is important

Source: FactSet, MSCI, J.P. Morgan Asset Management.Guide to the Markets – Asia 1Q 2019. *Based on MSCI total return index in U.S. dollar terms. Data reflect most recently available as of 31/12/18. REER = Real effective exchange rate. DM = Developed markets.

Past performance is not a reliable indicator of current and future results.

USD appreciation and Asian equity underperformance

90

95

100

105

110

115

120

125

13020

40

60

80

100

120

'95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17

USD depreciation and Asian equity outperformance

MSCI AC Asia ex Japan / MSCI World, rebased 1995 = 100 USD REER Index, inverted scale

Asian equity performance is correlated with USD weakness

MSCI AC Asia ex Japan / MSCI The World (Developed Markets)* USD REER

15

Global price-book valuations

PB = Price to Book Ratio.Source: Thomson Reuters Datastream, Bloomberg. As of 31st December 2018.Indices do not include fees or operating expenses and are not available for actual investment.

Past performance is not a reliable indicator of current and future results.

1.4

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

2004 2006 2008 2010 2012 2014 2016 2018

+1sd 2.1

xx

1.6

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

2004 2006 2008 2010 2012 2014 2016 2018

3.0

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

2004 2006 2008 2010 2012 2014 2016 2018

+1sd 2.2

Avg 1.8

-1sd 1.5

+1sd 3.1

-1sd 2.2

Avg 2.6

xx

Avg 1.8

-1sd 1.4

MSCI Asia ex Japan Trailing PB

MSCI Europe Trailing PB

MSCI US Trailing PB

16

Asia ex Japan: Valuations and returns

Source: FactSet, MSCI, J.P. Morgan Asset Management. Dots represent monthly data points between January 1997 and December 2018. Data reflect most recently available as of 31 December 2018.

Past performance is not a reliable indicator of current and future results.

MSCI AC Asia ex Japan: Price to Book and Returns

Price to Book Ratio

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

0.80x 1.20x 1.60x 2.00x 2.40x 2.80x

Current level

Subs

eque

nt 1

2 m

onth

s re

turn

in U

SD

17

China-US trade wars: It’s a systematic approach

Source: Market Insights – Market Bulletin: Investors eye the negotiating table: Rebalancing China-U.S. trade and markets. U.S. Bureau of Economic Analysis, U.S. Census Bureau, J.P. Morgan Asset Management. *Sales data is as of 2015, which is the most recent year for which sales of multinational firms are available. Data reflects most recently available as of 10 May 2018.

Where China makes concessions: Old China

Opening up market access Auto, financial services

Lowering import tariffAuto & auto parts, consumer products (cosmetics, perfumes, spirits etc.)

Increasing imports Oil & LNG, agricultural products

Where China holds the line: New China

Made in China 2025 Software, automation, healthcare services

Goods

Goods

Services

Services

Sales*

Sales*

$0

$100

$200

$300

$400

$500

$600

U.S. China

USD Billions, 2017*

Currently targeted with

tariffs

Could be targeted

Likely next target for

China

$150 billion level

What China has on hand: things beyond tariffs

18

Vietnam’s potential unlocked by strong economics and market reform

Source: Morgan Stanley, data as of 9th April 2018* China market cap includes Chinese stocks listed in Shanghai, Shenzhen, Hong Kong and US.

Source: Morgan Stanley, Data as of 24th January 2019ADV = Average Daily Value TradedADV illustrated represents each country’s main trading bourse thus may not fully be reflective of ADV of the whole country.

0%

50%

100%

150%

200%

250%

Indo

nesi

a

Vie

tnam

Indi

a

Kor

ea

Chi

na

Phi

lippi

nes

Thai

land

Mal

aysi

a

Taiw

an

Mkt Cap/GDP

Asia EM Average - ex Taiwan

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2016 2017 2018

Philippines Vietnam Indonesia

Malaysia Singapore Thailand

ADV (000’s)Vietnam poised to become a much bigger market Trading value has already overtaken Philippines

19

Important information

This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.

Investment is subject to documentation. The Investor Disclosure Document, Key Features and Terms and Conditions and Key Information Document can be obtained free of charge from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

Material ID: 0903c02a824ca018