JPMorgan Global Emerging Markets Income Trust Annual General Meeting 24th November 2016

Omar Negyal, Executive Director Portfolio Manager omar.r.negyal@jpmorgan.com Jeffrey Roskell, Managing Director Portfolio Manager jeffrey.roskell@jpmorgan.com

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JPMorgan Global Emerging Markets Income Trust plc

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Performance JPMorgan Global Emerging Markets Income Trust plc as of 30th September 2016 – 12 month rolling returns

(%) 30/09/15 to 30/09/16

30/09/14 to 30/09/15

30/09/13 to 30/09/14

30/09/12 to 30/09/13

30/09/11 to 30/09/12

Share price 43.02% -23.12% 5.10% 10.70% 17.46%

Net asset value 36.72% -16.98% 3.62% 10.73% 22.24%

MSCI Emerging Markets Net Index 36.18% -13.61% 4.19% 0.69% 12.81%

Source: Morningstar. J. P. Morgan Asset Management. Inception: July 2010. Benchmark: MSCI Emerging Markets Net. 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.

Past performance is not necessarily a reliable indicator for current and future performance.

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JPMorgan Global Emerging Markets Income Trust - Performance

Source: Annual Report and Accounts. J.P. Morgan Asset Management. Data as of 31st July 2016. The opinions and views expressed here are those held by the author as at date of this document, which are subject to change and are not to be taken as or constructed as investment advice. Past performance is not an indication of future performance. * Total Dividend for last financial year (per share) .

Emerging market equities delivered a strong positive return in the 12 months to 31st July 2016

Equities and currencies have strengthened slightly from cheap levels as sentiment has improved

Emerging market dividends remain under pressure, as companies struggle to increase their payouts against a challenging growth backdrop

The Company’s approach, which is to invest in a diversified portfolio of relatively high-yielding stocks to receive dividends from across sectors and countries, remains unchanged.

31st July 2015 – 31st July 2016

Portfolio return +18.3%

Index +16.7%

Return to shareholders +21.3%

Return on net assets +16.9%

Dividend* 4.90p

Past performance is not necessarily a reliable indicator for current and future performance.

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What do we need to understand? Key questions

Return on Equity (ROE)

Free cash flow

Dividend policy

Dividend yield

Dividend sustainability

Growth over 5 years

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Diversified combination of Income & Growth

Source: J.P. Morgan Asset Management. 12 month yield , Eikon, data as of September 2016 .For illustrative purposes only. For a representative account. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Moneta Bank: Czech Republic financial with consumer lending tilt,

yielding close to 7%.

Low dividend yield Target dividend yield High Dividend Yield

( <3% ) ( 3-6% ) ( >6% )

Target 20% of portfolio

Target 20% of portfolio

Delta Electronics: Taiwanese IT company which has successfully

evolved its business mix over time.

AVI: A South African food products company whose brands span

everything from hot beverages to frozen convenience foods. Dividend

payout 80%.

Target 60% of portfolio

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Portfolio Fund Index

Price to earnings (forward) 12.7x 12.3x

Price to book 2.5x 1.6x

*Gross prospective dividend yield 5.0% 2.8%

Return on equity 19.8 12.9

**Net Debt to Equity 18% 31%

Beta 0.94 (1.00 geared)

Holdings 70 817

Active share 89.8

Portfolio characteristics

Source: UBS PAS, PRISM 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. The portfolio 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. *Portfolio yield is the aggregate weighted sum of the stock level yields which are calculated (12-month forward DPS / Current price)*100. **Net debt to equity ratio excludes financials.

JPMorgan Global Emerging Markets Income Trust plc as of 30th September 2016

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Performance attribution JPMorgan Global Emerging Markets Income Trust plc – 12 months to 31st July 2016

Top Contributors Relative weight (%)

Stock return (%)

Impact (%)

Vanguard Intl Semiconductor 2.06 90.53 1.24

Siliconware Precision Industries 1.50 68.29 1.19

Bidvest 1.98 86.79 0.70

Engie Brasil Energia 1.58 49.78 0.52

Tofas 1.71 46.08 0.50

Country attribution (%)

Attribution summary Stock: +0.06 Country: +0.42

Benchmark MSCI Emerging Markets Index (Net)

Top Detractors Relative weight (%)

Stock return (%)

Impact (%)

Samsung Electronics -2.80 35.01 -1.32

Advanced Info Service Public 0.74 -44.06 -1.10

Tencent Holdings -2.95 51.79 -0.96

MTN 0.20 -50.79 -0.76

China Resources Power 1.32 -22.12 -0.64

-0.71

-0.32

0.53

-0.17 -1.43 -1.32

-0.91

-0.60

-0.27

0.06 0.13 0.31 0.34 0.53

1.63 3.18

-5.0 -2.5 0.0 2.5 5.0

Cash (o)South Korea (u)South Africa (o)

Thailand (o)India (u)

Saudi Arabia (o)Brazil (o)

Czech Republic (o)

Russia (o)Malaysia (u)Hungary (o)Greece (u)Mexico (u)Turkey (o)China (u)

Taiwan (o)

Stock selection

Asset allocation

Source: J.P. Morgan Asset Management, MSCI, Factset, gross of fees in GBP to 31st July 2016. Data for Total Attribution shown (stock selection plus country allocation). Attribution may not match official returns due to differences in systems, 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.

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Taiwanese Information Technology company, with minority ownership by TSMC

Beneficiary of the semiconductor outsourcing trend Cash accounts for 70% of balance sheet Management place a strong emphasis on the dividend –

current yield is 5%

JPMorgan Global Emerging Markets Income Trust – Stock holdings

Turkish telecommunication company Dividend was not ratified at the AGM, causing dividend stream

uncertainty Given this dividend disappointment, we sold this position

...and one that didn’t work: Turkcell

Source: Bloomberg. Company accounts. Data as of November 2016. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not positions on behalf of its clients in any or all of the aforementioned securities. There is no guarantee that any forecast made will come to pass.

One that worked: Vanguard International Semiconductor

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Portfolio positioning in key markets

Data as of 30th September 2016. Source: J.P. Morgan Asset Management. ’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 the investor/prospect

0.0

5.0

10.0

Fund%

Index%

+/-

0.0

2.0

4.0

6.0

8.0

10.0

Fund%

Index%

+/-

-5.0

0.0

5.0

10.0

Fund%

Index%

+/-

-10.0

0.0

10.0

20.0

Fund%

Index%

+/-

Other Key Markets

MSCI Russia has 6.6% yield so selective opportunities available

Structural underweight in India

Low payout ratios with expensive valuations

We own consumer names, telecoms, utilities

Avoid banks, low profitability cyclicals, internet, property

Largest overweight Taiwan – particularly Information Technology Largest underweight China – no state owned enterprises (SOEs) or internet held

Brazilian companies have legal obligation to pay out 25%

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What has changed over the year?

We have sold out of Chinese Banks

Financials exposure has remained consistent given new positions in Czech Republic, South Africa and Brazil, not just banks but also insurance companies and stock exchanges

Rotated positions in Russia, which remains an attractive market for yield

Trimmed names which have performed strongly, notably Brazil

Purchases are driven by individual stock opportunities, such as:

– FirstRand – high quality South African Bank

– HKT Trust – Asian telecom

– Bolsa Mexicana – Mexican stock exchange

Source: J.P. Morgan Asset Management Data as of 30th September 2016 The opinions and views expressed here are those held by the author at the date of publication which are subject to change and are not to be taken as or construed as investment advice. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not positions on behalf of its clients in any or all of the aforementioned securities. There is no guarantee that any forecast made will come to pass

It’s all about individual companies

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Emerging markets: Dividends and valuations GTM – UK

MSCI EM Index: Long-term growth in dividends per share (DPS) and earnings per share (EPS) in USD

Rebased to 100 at December 1995, in USD

Source: (Left) FactSet, IBES, MSCI, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 30th September 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. 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

EM EPS (fwd)

DM EPS (fwd) DM DPS

EM DPS

0

50

100

150

200

250

300

350

400

450

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

Emerging market dividends remain under pressure, as companies struggle to increase their payouts against a challenging growth backdrop

Dividends across EM declined in the financial year and we saw dividend receipts also decline

However, the Company held its dividend as the Board utilised part of the revenue reserve

Our expectation is that payout ratios will be held steady by emerging market companies, but the overall earnings environment remains weak, which means we should still be cautious when considering the trajectory of dividend receipts from the portfolio in the near term

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JPMorgan Global Emerging Markets Income Trust - Summary

The outlook for emerging markets remains difficult, but there are positive signs

Some currencies are rising from their low levels and trade balances improving, although there are still few signs of a true earnings recovery taking hold

We stick to our philosophy and disciplined approach, continuing to look for individual stocks that generate attractive returns on equity, produce positive free cash flow and have clear and understandable dividend policies

Even in an uncertain environment, we are able to identify many stocks with attractive dividend yields, which we think bodes well for returns to shareholders over the long term

The opinions and views expressed here are those held by the author as at date of this document, which are subject to change and are not to be taken as or constructed as investment advice. Investment in emerging markets may be more volatile and therefore risk to your capital could be greater. Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practises, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movement

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Investment objective and risk profile JPMorgan Global Emerging Markets Income Trust plc

Objective

The Company’s investment objective is to provide a dividend income combined with the potential for long term capital growth from a diversified portfolio of emerging markets investments.

Risk Profile

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 trust may invest in non investment grade bonds which increases the capital risk and have an adverse effect on the performance of funds which invest in them.

Where permitted, a trust may invest in other investment trusts that utilise gearing (borrowing) which will exaggerate market movements both up and down.

For income funds/shares - Dividend income is not guaranteed and will fluctuate.

Investing in high yielding stocks may involve a higher degree of risk as high yields are not guaranteed and will fluctuate.

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 in emerging markets may be more volatile and therefore risk to your capital could be greater. Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practises, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movement.

Please refer to the Investment Trust Profiles Document for more information relating to the Fund.

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J.P. Morgan Asset Management

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