jpmorgan indian investment trust plc annual general...

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JPMorgan Indian Investment Trust plc

Annual General Meeting

January 2016

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JATGC3.pptx_24336

Performance and Attribution

JPMorgan Indian Investment Trust

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^ J.P. Morgan Asset Management shadow valuation

Fund launch date: 1 July 1994

* Prior to 1 Oct 2003, BSE100

Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any

applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment.

JPMorgan Indian Investment Trust Performance (GBP)

As at 31 December 2015

Annualised performance (%)

Market Value

JPMorgan Indian Investment Trust plc GBP 605.2m^

1 Year 2 Years 3 Years 5 Years 10 Years Since Inception

JPMorgan Indian Investment Trust plc +3.6 +22.0 +11.7 +2.3 +9.3 +8.8

MSCI India (NDR)* -0.7 +14.3 +7.2 -1.2 +8.9 +6.2

Excess Return (Arithmetic) (Diluted) +4.3 +7.7 +4.4 +3.5 +0.4 +2.6

Excess Return (Geometric) (Diluted) +4.3 +6.7 +4.1 +3.6 +0.4 +2.4

2011 2012 2013 2014 2015

JPMorgan Indian Investment Trust plc (Share Price) -33.8 +16.4 -10.5 +49.9 +1.2

JPMorgan Indian Investment Trust plc (NAV) -32.3 +18.9 -6.4 +43.7 +3.6

MSCI India (NDR)* -36.7 +20.4 -5.6 +31.6 -0.7

Rolling 12 Months at Year Ends (%)

3


Source: J.P. Morgan Asset Management, 31 Dec 2015

Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any

applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment.

JPMorgan Indian Investment Trust Performance (GBP)

0

100

200

300

400

500

600

700

800

7/94 7/95 7/96 7/97 7/98 7/99 7/00 7/01 7/02 7/03 7/04 7/05 7/06 7/07 7/08 7/09 7/10 7/11 7/12 7/13 7/14 7/15

NAV (Net of Fees)

Share Price

MSCI India (NDR) (Prior to 1 Oct 03, BSE100)

(%)

4


JPMorgan Indian Investment Trust Portfolio Holdings

Holdings# Country Sector

Fund

%

Benchmark^

%

HDFC Bank Limited India Financials 8.2 0.0

Infosys Limited India Information Technology 7.8 10.6

Housing Development Finance Corporation Limited India Financials 7.2 9.6

Tata Consultancy Services Limited India Information Technology 5.6 5.9

Sun Pharmaceutical Industries Limited India Health Care 4.9 3.7

Kotak Mahindra Bank Limited India Financials 4.9 0.0

Maruti Suzuki India Limited India Consumer Discretionary 4.4 0.0

IndusInd Bank Ltd. India Financials 4.4 0.0

Ashok Leyland Limited India Industrials 4.3 0.0

UltraTech Cement Limited India Materials 3.8 0.5

55.5 30.4

# As at 30 Nov 2015

^ MSCI India (NDR)

Source: J.P. Morgan Asset Management, as at 31 Dec 2015.

The Trust 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.

Concentration Fund Benchmark^

Top 10 Holdings 56.1 50.3



Active Shares: 60.4

5


JPMorgan Indian Investment Trust Active Positions

As at 30 November 2015

Top Five Active Portfolio Positions

Bottom Five Active Portfolio Positions

Stock Country Sector

Portfolio Weight

(%)

Benchmark^

Weight (%)

Relative Position

(%)

HDFC Bank Limited India Financials 8.2 0.0 8.2

Kotak Mahindra Bank Limited India Financials 4.9 0.0 4.9

Maruti Suzuki India Limited India Consumer Discretionary 4.4 0.0 4.4

IndusInd Bank Ltd. India Financials 4.4 0.0 4.4

Ashok Leyland Limited India Industrials 4.3 0.0 4.3

Stock Country Sector

Portfolio Weight

(%)

Benchmark^

Weight (%)

Relative Position

(%)

ITC Limited India Consumer Staples 0.0 4.1 -4.1

Reliance Industries Limited India Energy 2.7 6.6 -4.0

Hindustan Unilever Limited India Consumer Staples 0.0 3.2 -3.2

Infosys Limited India Information Technology 7.8 10.6 -2.8

Mahindra & Mahindra Ltd. India Consumer Discretionary 0.0 2.7 -2.7

Source: J.P. Morgan Asset Management. ^ MSCI India (NDR)

The Trust 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

6


JPMorgan Indian Investment Trust Performance Attribution

Market Cap (MSCI then WS) - AVAIL Parent

31/12/2014 USD

Total

Effect

> 10bn 3.5

4 - 10bn 0.4

< 4bn 2.1

Cash 0.0

N/A -0.3

Total 5.7

Market Cap (MSCI then WS) - AVAIL Parent

31/12/2012 USD

Total

Effect

> 10bn 5.8

4 - 10bn 1.4

< 4bn 11.5

Cash 0.8

N/A 0.0

Total 19.6

* Total effect in GBP

Source: Jaffa, FactSet, MSCI

* Total effect in GBP

Source: Jaffa, FactSet, MSCI

1 Year to 31 December 2015 3 Years to 31 December 2015

7


Top 10 contributors/detractors to active returns

Source: FactSet, J.P. Morgan Asset Management, as at 30 Nov 2015.

Past performance is not indicative of future performance. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to

buy or sell. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future. Subject to change at the discretion of the Investment

Manager without notice.

1 Year to 30 November 2015

Top 10 Contributors Sector

Average

Fund

Weight %

Average

Benchmark

Weight %

Stock

Return %

Contributions

To Active

Return %

HDFC Bank Limited Financials 7.49 0.00 22.15 2.21

Ashok Leyland Limited Industrials 3.45 0.00 76.14 2.18

Maruti Suzuki India Limited Consumer Discretionary 3.58 0.00 32.65 1.39

Kotak Mahindra Bank Limited Financials 4.54 0.00 12.30 0.93

IndusInd Bank Ltd. Financials 4.09 0.00 12.47 0.93

Vedanta Limited Materials 0.00 0.96 -60.46 0.62

Oil & Natural Gas Corp. Ltd. Energy 0.00 1.30 -37.25 0.46

Godrej Industries Limited Materials 1.28 0.00 29.93 0.42

Motilal Oswal Financial Services Limited Financials 1.30 0.00 25.55 0.41

Shree Cement Limited Materials 1.61 0.25 19.99 0.41

Top 10 Detractors Sector

Average

Fund

Weight %

Average

Benchmark

Weight %

Stock

Return %

Contributions

To Active

Return %

Aurobindo Pharma Ltd Health Care 0.00 0.95 44.36 -0.43

Hindustan Unilever Limited Consumer Staples 0.00 3.49 1.48 -0.40

Housing Development Finance Corporation Limited Financials 7.19 9.95 2.20 -0.39

Mahindra & Mahindra Ltd. Consumer Discretionary 1.88 2.39 -5.62 -0.33

Reliance Industries Limited Energy 3.41 6.32 -4.99 -0.32

Tata Motors Limited Consumer Discretionary 3.60 1.96 -23.79 -0.32

HCL Technologies Limited Information Technology 0.00 2.57 3.52 -0.31

IDFC Bank Ltd. Financials 0.16 0.00 -29.20 -0.31

Mahindra & Mahindra Financial Services Ltd. Financials 1.87 0.39 -26.34 -0.30

Bharat Heavy Electricals Limited Industrials 1.47 0.76 -39.90 -0.29

Benchmark MSCI India (NDR)

8


Market Outlook

9


Key Issues

Source: J.P. Morgan Asset Management. As at 4 Sep 2015.

B.J.P = Bharatiya Janata Party

The opinions and views expressed here are those held by the author as at 31 Mar 2015, which are subject to change and are not to be taken as or construed as investment advice.

Emerging markets: fundamentally different

India: much improved macro stability

Big beneficiary of low commodity prices

Growth – sluggish, but green shoots of recovery

Easing monetary policy should help

Valuations – headline multiples are near long term averages

But earnings are depressed

Polarised market = active management

10


Fundamental Risk – Overall: 2013Q1 vs. Current

EM Fundamental Risk: ‘Taper Tantrum’ vs. Now

Source: J.P. Morgan Asset Management. Oxford Economics. Data as at end June 2015.

Shifting external and overall vulnerability within EM

Low

Risk

High

Risk

1Q'13

Country

Rank

2Q'15

Country

Rank

Chile 1 Philippines 1

Philippines 1 Chile 1

Peru 1 Taiwan 1

Poland 1 India 1

China 2 Poland 2

Korea 2 Hungary 2

Colombia 2 Thailand 2

Indonesia 2 Czech 2

Argentina 3 Peru 3

Turkey 3 Korea 3

Taiwan 3 China 3

India 3 South Africa 3

Hungary 4 Argentina 4

Mexico 4 Malaysia 4

Thailand 4 Indonesia 4

Russia 4 Turkey 4

Malaysia 5 Mexico 5

Czech 5 Colombia 5

South Africa 5 Brazil 5

Brazil 5 Russia 5

5 key fundamental risks

External Imbalances

Sovereign risk

Economic Stability

Credit cycle

Governance

11


EM Valuations have been Pricing a Fairly Tough Macro Environment

Source: J.P. Morgan Asset Management. Oxford Economics. Data as of 5 Jan 2016.

Low

Risk

High

Risk

Ris

k S

co

recard

EM Economic Risk vs. P/B

0.22

0.17

0.12

0.07

0.02

-0.03

-0.08

2.8

2.6

2.4

2.2

2.0

1.8

1.6

1.4

1.2

EM (Mkt Cap weighted)

EM P/B (RHS)

3/01 9/02 3/04 9/05 3/07 9/08 3/10 9/11 3/13 9/14 3/16 12/01 6/03 12/04 6/06 12/07 6/09 12/10 6/12 12/13 6/15 12/16

12


Emerging Markets Equity Composition

Source: (All charts) MSCI, FactSet, J.P. Morgan Asset Management. “Defensive” is comprised of health care, telecommunication services and utility sectors.

“Industrials” is comprised of the industrials and materials sectors. Percentages may not sum to 100 due to rounding. Data as of 31 December 2015.

The Trust 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

MSCI Emerging Markets Index by sectorMSCI Emerging Markets Index by region

MSCI Emerging Markets indices: country index by sector

Asia

EMEA

Latin America

Financials

Tech

Industrials

Defensive

Energy

Consumer

Brazil Russia India China Mexico S. Korea Turkey Indonesia

%

Financials

Tech

Industrials

Defensive

Energy

Consumer

10%

58%

10% 7%2%

6%1%

8%

6%

19%15%

15% 5%8% 15%

16%

9%

12%

9% 24%

18%

18% 10%

27%

9%

23%

9%

43%

25%21% 33%

4%

21%

22%

36%

33%

19% 16%

38%

18% 13%

47%41%

0

20

40

60

80

100

28%

21%18%

13%

13%

7%

74%

14%

12%

13


Source: Morgan Stanley Research, Jan 2016.

The opinions and views expressed here are as at the date of this document, which are subject to change and are not to be taken as or construed as investment advice.

US and China risks: India stacks up well

US dollar and real rates

Current account balance

Reliance on foreign capital

Trend in total leverage (last 5 years)

China slowdown

Exports to China

Commodity exposure

High

Low

Less Exposed More Exposed

Imp

act

of

Gro

wth

Slo

wd

ow

n in

Ch

ina

Impact of Rising Dollar and Real Rates

Taiwan Korea

Hong Kong

Singapore

Philippines

Thailand

India

Indonesia

Malaysia

14


India Benefits from Lower Commodity Prices, Especially Oil

Note: Under-recovery refers to the gap between the cost of imports and the subsidised selling

price of diesel, liquefied petroleum gas (LPG) and kerosene in India.

Source: Morgan Stanley Researchestimate, as at 6 Jan 2016. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur.

Overall oil subsidy is sharply reduced…

29 30 23 12 5

112 108

106

84

54

FY12 FY13 FY14 FY15 FY16E

Petroleum Under-recovery (USDb)

Oil price (Indian Basket, USD/bbl)

Source: CEIC, RBI, Morgan Stanley Research, 6 Jan 2016

BE-Budget Estimate

2%

3%

4%

5%

6%

7%

8%

11/06 11/07 11/08 11/09 11/10 11/11 11/12 11/13 11/14 11/15

…Leading to a lower fiscal deficit

Central Govt Fiscal Deficit 12M trailing %

of GDP

15


Source: CEIC, Morgan Stanley Research, as at 6 Jan 2016 Source: CEIC, Morgan Stanley Research, as at 6 Jan 2016

Current Account Deficit Quarterly Annualized, % of GDP

External Sector: Much Improved

-2.9%

0.1%

-6.5%

-1.6%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

9/10 9/11 9/12 9/13 9/14 9/15

Current Account ex Gold

Overall Current Account

245

255

265

275

285

295

305

315

325

335

345

355

365

12/10 6/11 12/11 6/12 12/12 6/13 12/13 6/14 12/14 6/15 12/15

FX Reserves

16


Lower inflation allows for lower interest rates

Source: CEIC, Morgan Stanley Research, latest data available as at 6 Jan 2016

WPI = Wholesale Price Index CPI = Consumer Price Index

Source: Morgan Stanley Research, SBI and RBI, as at 31 Dec 2015

SBI = State Bank of India

Rates Inflation

-6%

-3%

0%

3%

6%

9%

12%

05 06 07 08 09 10 11 12 13 14 15

WPI

CPI - New Index

YoY%

4%

5%

6%

7%

8%

9%

10%

11%

04 05 06 07 08 09 10 11 12 13 14 15

Repo Rate

SBI 1 year Deposit Rate*

10 Yr Yield

17


Green Shoots of a Recovery…

3MMA = 3 months moving average

Source: CEIC, Morgan Stanley Research, latest data available as of 6 Jan 2016

Passenger Car Sales Medium & Heavy Vehicle Sales

-100%

-50%

0%

50%

100%

150%

200%

05 06 07 08 09 10 11 12 13 14 15

% YoY, 3MMA

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

05 06 07 08 09 10 11 12 13 14 15

YoY% 3MMA

18


Source: CMIE, Morgan Stanley Research, as at 31 Dec 2015 Source: CMIE, Morgan Stanley Research, as at 31 Dec 2015

Investment remains mixed

Projects Under Implementation

-10%

0%

10%

20%

30%

-10%

0%

10%

20%

30%

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

Public Private Total

Sustained improvement

14%

15%

16%

17%

18%

19%

20%

21%

F2001 F2003 F2005 F2007 F2009 F2011 F2013 F2015

Total Private Broad Market Gross Bloc % of GDP

19


Source: CSO, Morgan Stanley Research, latest data available as of 6 Jan 2016

Industrial activity looking up

Industrial Production

-2%

0%

2%

4%

6%

8%

10%

12%

14%

Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15

YoY%, 3MMA

20


Earnings have Disappointed…

Source: Motilal Oswal Securities Ltd, as at 31 Dec 2015

SENSEX = Bombay Stock Exchange Sensitive Index EPS = Earnings Per Share

Sensex EPS Revisions (F16)

16.3 16.2 17.5 18.8 20.5 21.0 21.4 22.1 19.9 19.7 18.4 18.5 15.3 11.9 8.7 6.0

EPS growth YoY (%)

1,766 1,792 1,793 1,811 1,836 1,854 1,875 1,866

1,761 1,698 1,662

1,605 1,561 1,515 1,471 1,435

Dec 13 Feb 14 Mar 14 May 14 June 14 Aug 14 Sep 14 Nov 14 Dec 14 Feb 15 Mar 15 May 15 June 15 Aug 15 Sep 15 Nov 15

FY16 EPS FY16 EPS Growth YoY (%)

21


… But have been navigable

Source: J.P. Morgan Asset Management. Data as of 6 Jan 2016.

% contribution to FY16 total estimate downgrade

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

GlobalCommodityCyclicals

DomesticCyclicals

PSU -Financials

PVT -Financials

Infra/CapexCyclicals

OthersCyclicals

Exporters -Gobal Non-

CyclicalsConsumer

Staples Tata Motors

22


Earnings are Cyclical and Depressed

Source: CLSA, as at 6 Jan 2016

Profits as % GDP

4.5

5.2

5.6

6.8

7.1

5.1

5.5

5.2

4.9 4.8

4.6

4.1 4.1

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16CL

average

23


Earnings Recovery will likely be a Key Driver of Returns

Estimated Earnings Universe = S&P BSE Sensex Index

Source: Motilal Oswal Securities Ltd, as at 31 Dec 2015

CAGR denotes to Compound Annual Growth Rate. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only

and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may

differ materially from those reflected or contemplated.

280 216 236

272 361

446 540

720

833 820 834

1024

1120 1180

1,329 1,354

1,435

FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E

24


Valuations: average

PB = Price to Book ratio

PE = Price to Earnings ratio

Source: RIMES, MSCI, IBES, Morgan Stanley Research, as of 15 Jan 2016

x x

MSCI India – Forward PE MSCI India – PB

5

7

9

11

13

15

17

19

21

23

25

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

Fwd PE

10Y Average

5Y Average

1

2

3

4

5

6

7

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

PB

10Y Average

5Y Average

25


Small Caps are No Longer Outright Cheap

PB = Price to Book Ratio

Source: RIMES, MSCI, Morgan Stanley Research, as of 15 Jan 2016


MSCI India Small Cap Trailing PB MSCI India Small Cap Relative to MSCI India Trailing PB

x

0.4

0.9

1.4

1.9

2.4

2.9

3.4

3.9

4.4

4.9

01 01 02 03 04 05 06 07 08 09 10 11 12 12 13 14 15

10-year average

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

01 01 02 03 04 05 06 07 08 09 10 11 12 12 13 14 15

10-year average

26


Cyclically adjusted, valuations are compelling

Source: Bloomberg, MSCI, Morgan Stanley Research, as at 6 Jan 2016

India Shiller PE

15x

20x

25x

30x

35x

40x

45x

50x

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

27


-4000

-2000

0

2000

4000

6000

8000

99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Flows into DMFs(Trailing 3M)

in USD mn

Source: SEBI, BSE, Morgan Stanley Research. C2015 data as at 31 Dec 2015

FII = Foreign Institutional Investor DII = Domestic Institutional Investor

MF = Mutual Funds Source: AMFI, Morgan Stanley Research, latest data available as at 6 Jan 2016

DMF = Domestic Mutual Funds

Flows have been Strong But...

India Fund Flows Domestic Mutual Fund Flows

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

20,000

25,000

30,000

C2000 C2003 C2006 C2009 C2012 C2015

FII (Cash)

DII (Domestic MF + Insurance)

FII Debt

USD mn

28


Source: CLSA & RBI, data available as of 6 Jan 2015

...Domestic Retail Exposure to Equities Remains Low, But has Risen

%

Household Assets (~US$ 6.5 tn) Equities Exposure (%)

Cash 3.1%

Bank deposits 14.3%

Non-banking deposits 0.6%

Insurance funds 5.0%

Provident and pension fund

4.1%

Equity 2.7%

Property 57.8%

Gold 12.4%

3.9

4.6

2.4

4.0

3.5

2.6

2.2 2.2

2.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15

29


Risks

Source: J.P. Morgan Asset Management as at 30 Sep 2015

BJP = Bharatiya Janata Party


Emerging market stress = correlation towards 1

Growth recovery is further delayed

Health of State-Owned banks

Reforms: willingness v/s ability

30


Summary

Source: J.P. Morgan Asset Management as at 30 Sep 2015.


Emerging markets: fundamentally different

India: much improved macro stability

Big beneficiary of low commodity prices

Growth – sluggish, but green shoots of recovery

Easing monetary policy should help

Valuations – headline multiples are near long term averages

But earnings are depressed

Polarised market = active management

31


Important notes

JPMorgan Indian Investment Trust plc ■ 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 ■ 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 utlilise 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 involves risk. Please refer to the offering document(s) for details, including the risk factors before investing.

32


J.P. Morgan Asset Management

FOR PROFESSIONAL CLIENTS ONLY. NOT FOR PUBLIC DISTRIBUTION

This is a promotional document and as such the views contained herein are not to be taken as an advice or 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 product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. 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 product(s), 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. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes.

You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with

the EMEA Privacy Policy which can be accessed through the following website http://www.jpmorgan.com/pages/privacy. Investment is subject to documentation (Investment Trust

Profiles, Key Features and Terms and Conditions), copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan

Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25

Bank St, Canary Wharf, London E14 5JP. Approval code: 4d03c02a80030adf

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