JPMorgan Global Growth & Income plc* 2017 AGM Presentation

25th October 2017

*Formerly JPMorgan Overseas Investment Trust plc. On Friday 8 July 2016 the Board of JPMorgan Overseas Investment Trust plc announced that it was changing its name, with immediate effect, to JPMorgan Global Growth & Income plc

1

Long Term Performance – from 2017 Annual Report

Result Highlights – Portfolio returns ending 30 June 2017

Source: JP Morgan Global Growth & Income plc 2017 Annual Report (NAV values can be found on page 9) performance as at 30 June 2017. Share price return from Morningstar, mid market price to mid market price with dividends reinvested. © Morningstar. All Rights Reserved. Net asset return based on diluted net asset value. Benchmark is MSCI AC World. Dividends are subject to approval at the Annual General Meeting. Past performance is not necessarily a reliable indicator for current and future performance. All returns are net of fees.

JPMorgan Global Growth & Income plc (JPGI)

12 month Performance

Return to shareholders: 51.2%

Return on net assets: 29.0%

MSCI AC World Index: 22.2%

Dividend: 6.6p

65.8

130.5

187.1

55.6

111.4

173.9

51.6

99.3

118.9

0

20

40

60

80

100

120

140

160

180

200

3 year performance 5 year performance 10 year performance

JPMorgan Global Growth & Income plc - return to shareholdersJPMorgan Global Growth & Income plc - return on net assetsMSCI AC World Index

2

Performance – Rolling 12 months

Source: J.P. Morgan Asset Management. The Trust’s performance is shown based on Offer-net of fees in GBP with income reinvested. Past performance is not necessarily a reliable indicator for current and future performance.

JPMorgan Global Growth & Income plc (JPGI) returns vs. MSCI AC World at 30 September 2017, in GBP

Annualised returns (%)

16.3 20.4

11.0

1.8

30.6

17.5

11.8

21.8

9.2

2.4

28.5 28.1

16.7 17.4

11.2

-0.1

30.6

14.9

-10

0

10

20

30

40

2012 2013 2014 2015 2016 2017

JPGI - NAV net of feesJPGI - Share PriceMSCI AC World

NAV net of fees geometric excess (%) -0.32 +2.53 -0.16 +1.91 +0.35 +2.28

3

How am I managing JPMorgan Global Growth & Income plc (JPGI)?

Bottom-up stock picking – conviction based approach

Disciplined investment process – based on 4 demanding criteria

Experienced team of 70 analysts – on average 18 years’ industry experience

Flexibility to invest anywhere

The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice.

4

A strong financial year for equity markets

Source: J. P. Morgan Asset Management, Factset. (All charts) Calculated based on GBP data. Past performance is not a reliable indicator of current and future results.

MSCI ACWI for 12 months ending 30 June 2017

22.2 20.7 14.9

28.0

16.7 22.6 22.9

27.4

ACWI US Canada Europe ex UK UK Japan Pacific ex Japan Emerging Markets

48.5 42.9 41.6 32.8 32.6

8.6 6.7 6.6 5.4 2.4

Tech. - SemiConduct

Tech. - Hardware Banks Media Insurance Consumer NonDurable

Utilities Property Telecoms Energy

Sectors (%) – Top and Bottom 5

Regions / Countries (%)

5

Performance Attribution

Source: J.P. Morgan Asset Management , 30 June 2017, Local currency, Benchmark: MSCI AC World.. Data for Total Attribution shown (stock selection plus country allocation). Attribution may not match official returns due to differences in systems, rounding. Past performance is not an indication of future performance. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. * Formerly JPMorgan Overseas Investment Trust plc. On Friday 8 July 2016 the Board of JPMorgan Overseas Investment Trust plc announced that it was changing its name with immediate effect to JPMorgan Global Growth and Income plc.

JPMorgan Global Growth & Income plc* for 12 months ending 30 June 2017

Stock Selection (%)

Allocation (%)

Impact (%)

Banks 2.64 -0.30 2.35 Basic Industries 1.82 -0.20 1.63 Trans Svcs & Cons Cyc 1.42 0.14 1.56 Industrial Cyclical 1.28 0.10 1.37 Tech - Semi Conduct 0.12 0.59 0.71 Media -0.06 -0.16 -0.22 Healthcare 0.14 -0.40 -0.25 Tech – Software -0.06 -0.29 -0.35 Tech – Hardware -0.26 -0.51 -0.77 Retail -1.02 -0.25 -1.27

Stock Selection (%)

Allocation (%)

Impact (%)

North America 2.47 0.20 2.67 Europe ex UK 2.11 0.31 2.43 Japan 0.99 0.14 1.13 United Kingdom 1.18 -0.26 0.92 Pacific ex Japan 0.14 0.02 0.16 Emerging Markets -0.11 -0.29 -0.39

Sector attribution Region attribution

6

Market environment

7

Growth continues: Global Purchasing Managers’ Index (PMI) for manufacturing

Source: FactSet, Markit, J.P. Morgan Asset Management. The Global Purchasing Managers’ Index (PMI) assesses the economic health of the manufacturing sector by surveying output and employment intentions. The results are rebased such that a score of 50 means that economic conditions are neither accelerating nor deteriorating. Guide to the Markets - Europe. Data as of 30 September 2017.

51,0 51,0 50,7 50,9 50,0 50,6 50,2 50,1 50,4 51,0 50,8 51,1 52,0 52,1 52,7 52,8 53,0 53,0 52,7 52,6 52,6 52,7 53,2 53,2

52,5 52,3 52,0 52,1 50,8 50,9 50,5 50,4 51,2 51,5 51,2 51,5 52,6 53,0 53,8 54,2 54,1 53,9 54,1 54,1 53,9 54,0 54,2 54,6

49,0 49,2 49,0 49,4 48,9 50,2 49,6 49,5 49,3 50,3 50,1 50,3 51,0 50,8 51,1 50,8 51,3 51,6 50,9 50,6 50,8 50,9 51,7 51,3

52,3 52,8 53,2 52,3 51,2 51,6 51,7 51,5 52,8 52,0 51,7 52,6 53,5 53,7 54,9 55,2 55,4 56,2 56,7 57,0 57,4 56,6 57,4 58,150,6 50,6 51,4 50,0 50,2 49,6 48,0 48,4 48,3 48,6 48,3 49,7 51,8 51,7 53,5 53,6 52,2 53,3 55,1 53,8 54,8 54,9 55,8 56,152,1 52,9 53,2 52,3 50,5 50,7 51,8 52,1 54,5 53,8 53,6 54,3 55,0 54,3 55,6 56,4 56,8 58,3 58,2 59,5 59,6 58,1 59,3 60,654,1 54,9 55,6 53,2 52,2 53,5 53,9 52,4 53,5 51,2 49,8 51,0 50,9 52,2 53,2 53,0 55,0 55,7 56,2 55,1 55,2 55,1 56,3 56,351,3 53,1 53,0 55,4 54,1 53,4 53,5 51,8 52,2 51,0 51,0 52,3 53,3 54,5 55,3 55,6 54,8 53,9 54,5 55,4 54,7 54,0 52,4 54,347,3 48,1 50,2 50,0 48,4 49,0 49,7 48,4 50,4 48,7 50,4 49,2 48,6 48,3 49,3 46,6 47,7 46,7 48,2 49,6 50,5 50,5 52,2 52,853,6 53,3 54,2 54,3 52,9 54,9 52,6 51,5 53,0 50,2 51,7 51,3 52,1 53,7 55,7 55,5 53,8 53,6 55,0 55,9 56,0 54,6 56,1 55,453,4 54,9 55,9 55,3 51,6 53,0 53,9 54,1 52,9 55,5 51,1 54,9 58,5 57,4 60,3 62,1 60,9 65,1 62,5 58,7 62,3 60,4 54,7 63,749,6 49,0 49,9 50,2 51,1 53,0 53,1 55,3 51,5 51,5 51,6 54,4 55,2 55,9 56,2 54,6 57,8 58,6 57,4 55,6 60,1 60,9 61,2 61,754,5 52,4 51,2 52,2 50,9 51,3 49,6 50,5 53,1 48,4 53,0 55,6 54,2 53,4 55,8 55,4 54,6 54,3 57,2 56,4 54,2 55,2 56,7 55,954,1 52,8 51,2 52,4 51,3 51,5 50,8 50,7 51,3 52,9 52,0 51,5 53,4 54,1 54,3 55,0 54,2 53,3 52,8 52,7 52,0 53,3 52,8 53,150,2 52,5 51,9 51,5 53,5 58,1 53,4 51,0 51,8 56,4 46,9 49,8 50,9 54,2 55,4 51,2 59,3 57,5 59,2 54,8 55,0 56,0 59,8 54,252,4 52,6 52,6 52,3 50,1 49,1 48,2 47,7 48,1 49,3 49,5 50,4 51,4 51,3 52,4 52,7 53,3 52,4 52,7 53,1 52,4 52,1 52,2 52,948,3 48,6 48,2 48,4 48,0 49,7 49,4 49,2 48,6 50,6 50,0 50,1 51,2 50,9 51,9 51,0 51,7 51,2 50,3 49,6 50,4 51,1 51,6 51,047,8 46,9 47,8 48,9 48,7 50,6 50,9 50,6 51,9 48,4 50,4 50,9 48,7 49,7 49,0 50,4 49,3 50,5 51,2 50,6 49,5 48,6 50,7 50,449,1 49,1 50,7 49,5 48,7 49,5 50,0 50,1 50,5 50,1 48,6 47,6 48,0 48,0 49,4 49,0 49,2 48,4 49,4 49,2 50,1 49,1 49,9 50,647,8 49,5 51,7 50,6 49,4 51,1 49,7 48,5 50,5 51,0 51,8 52,2 52,7 54,7 56,2 55,6 54,5 56,2 54,4 53,1 53,3 53,6 54,3 54,250,7 50,3 49,1 51,1 51,1 52,4 50,5 50,7 51,7 51,8 52,6 52,1 54,4 52,3 49,6 50,4 50,7 52,5 52,5 51,6 50,9 47,9 51,2 51,244,1 43,8 45,6 47,4 44,5 46,0 42,6 41,6 43,2 46,0 45,7 46,0 46,3 46,2 45,2 44,0 46,9 49,6 50,1 52,0 50,5 50,0 50,9 50,953,0 53,0 52,4 52,2 53,1 53,2 52,4 53,6 51,1 50,6 50,9 51,9 51,8 51,1 50,2 50,8 50,6 51,5 50,7 51,2 52,3 51,2 52,2 52,850,2 50,1 48,7 49,8 49,3 48,3 48,0 49,6 51,5 49,5 50,8 51,1 52,4 53,6 53,7 54,7 52,5 52,4 50,8 52,4 50,3 52,7 51,6 51,9

India

Indonesia

Greece

Germany

US UK

Eurozone France

Italy Spain

Ireland

Australia Japan China

Korea

Global Developed Emerging

Taiwan

Mexico Brazil

Russia

Switzerland Sweden

Euro

zone

D

evel

oped

Em

ergi

ng

Lowest relative to 50 PMI Highest relative to 50 PMI 50

Jan

Mar

Nov

Dec

May

Jul

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2015 2016

Jun

Jul

Aug

Sep

Oct

2017

Feb

Apr

Jun

Aug

Sep GTM – Europe | Page 13

8

Markets have historically peaked about six months before recessions

Source: (Left) Bloomberg, MKM Partners. Data as of 8/31/2017. (Right) Bloomberg, NBER, FRED, Conference Board. As of 30/06/2017.

Stock Market Peak Cycle Peak Lead/ lag (months) Sep 1929 Aug 1929 -1 Mar 1937 May 1937 2 Jan 1945 Feb 1945 1 Jun 1948 Nov 1948 5 Jan 1953 Jul 1953 6 Aug 1956 Aug 1957 12 Aug 1959 Apr 1960 8 Nov 1968 Dec 1969 13 Jan 1973 Nov 1973 10 Feb 1980 Jan 1980 -1 Nov 1980 Jul 1981 8 Jul 1990 Jul 1990 0 Mar 2000 Mar 2001 12 Oct 2007 Dec 2007 2

Average 6 Median 6

Risk of a Recession Still Looks Low Peak of U.S stock market and business cycle

9

EURO Area Confidence Measures

Source: Datastream, 5 October 2017.

The European Commission’s monthly Euro area sentiment survey showed two key measures attaining fresh, multi-year highs in September As of 5 Oct 2017

Business climate

September 2017 (R.H.Scale)

September 2017 Economic Sentiment (R.H.Scale)

10

As of 5 Oct 2017

ISM Manufacturing

September 2017

September 2017 ISM Non-Manufacturing

US ISM surveys

Source: Datastream, 5 October 2017. ISM = Institute for Supply Management

The long-established ISM manufacturing and non-manufacturing surveys for September were extra-ordinarily buoyant, reaching their highest level since May 2004 and August 2005 respectively

11

Philly Fed survey’s CAPEX intentions

Source: Datastream, 5 October 2017. Capex = capital expenditure

The Philly Fed’s monthly capex intentions survey also remains extremely robust, with the Q3 2017 average the highest since early 1983. As of 5 Oct 2017

Capex intentions

Q3 2017

12

Earnings revisions – the pattern of recent years has changed

Source: Bank of America Merrill Lynch Global Investment Strategy, IBES, September 2017. 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.

MSCI ACWI Earnings-per-share growth estimates

13

Our analysts expect a sharply improved trend in global earnings…

Source: J.P. Morgan Asset Management (JPMAM) Estimates as of May 15, 2017. 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.

$1,752

$1,831

$1,953

$1,814 $1,857

$2,027

$2,287

$2,496

2012 2013 2014 2015 2016 2017E 2018E 2019E

Next 3 years 34% growth

Last 3 years 0% growth

JPMAM Global Developed Markets earnings estimates (USD billions)

+9%

+13%

+9%

14

…despite undemanding JPMAM macroeconomic assumptions

Source: J.P. Morgan Asset Management (JPMAM), as at 8 August 2017. Opinions, estimates, forecasts, projections and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. There can be no guarantee they will be met.

US Europe Japan China World

Real GDP

2017 2.25 1.75 1.25 6.00 2.75

2018 2.50 1.75 1.00 5.50 2.75

Normalized 2019 0.00 1.00 0.50 5.00 2.00

Normalized Trend 1.80 1.00 0.50 5.00 2.40

US Europe Japan

Short Term Rates

2017 1.00 0.00 -0.10

2018 1.85 0.10 -0.10

Normalized 2019 2.00 0.25 -0.10

Normalized 2024 2.00 1.00 0.50

15

Current Portfolio Positioning

16

Region and sector positions

Source: J. P. Morgan Asset Management, Factset . 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 Global Growth & Income plc as of 30 September 2017 relative to MSCI AC World

-11.2

-5.1

-1.7

0.1

8.9

9.1

-20 -15 -10 -5 0 5 10 15

North America

Emerging Markets

Pacific ex Japan

Japan

United Kingdom

Europe ex UK

Portfolio weight (%) Relative to benchmark (%)

24.8

14.8

7.8

2.2

6.4

44.0

Region/country exposures Sector exposures Absolute % Relative %

Retail 9.3 4.2

Basic Industries 9.0 3.0

Banks 17.6 2.8

Industrial Cyclical 10.4 2.7

Insurance 5.6 1.6

Utilities 1.6 -1.6

Media 3.9 -2.2

Property 0.0 -3.1

Technology - Software 2.6 -3.5

Technology - Hardware 0.0 -4.4

17

A healthcare insurer serving the health care needs of more customers and consumers in increasingly diverse ways

UnitedHealth Group

Source: Shutterstock, 30 September 2017. The company above is 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.

As of 30 September 2017

Valuation Signal - Ranked 1st quintile

Significant profit growth potential - 67% current to normalised

Catalysts - Strong Optum growth, membership expansion

- Medicare Advantage

Timeline – on the cusp of change - 6 – 18 months

Identifying the four key price drivers:

18

ArcelorMittal

Source: Shutterstock, 30 September 2017. The company above is 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.

As of 30 September 2017

Largest steel making entity in the world and one of the largest iron ore producers

Valuation Signal - Ranked 1st quintile

Significant profit growth potential - 78% current to normalised

Catalysts - Turnaround program of cost cutting and debt

reduction, European consolidation, Chinese capacity cuts, higher raw material/ scrap prices

Timeline – on the cusp of change - 6 – 18 months

Identifying the four key price drivers:

19

TJX

Source: J.P. Morgan Asset Management. Company website, 30 September 2017. The company above is 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. The use of their logos is in no way an endorsement of those companies by J.P. Morgan Asset Management nor is it intended to indicate an endorsement of J.P. Morgan Asset Management by those companies.

As of 30 September 2017

Leading global off-price apparel and home fashions retailer

Relatively immune from the online ‘Amazon’ threat given its relationships with brands who are sensitive to price disclosure

Valuation Signal - Ranked 1st quintile

Significant profit growth potential - 39% current to normalised

Catalysts - Store expansion, growth into new markets

Timeline – on the cusp of change - 6 – 18 months

Identifying the four key price drivers:

20

Global auto semiconductor supplier and market leader in microcontrollers

Identifying the four key price drivers:

Renesas

Source: J.P. Morgan Asset Management. Company website, 30 September 2017. The company above is 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.

As of 30 September 2017

Valuation Signal - Ranked 1st quintile

Significant profit growth potential - 71% current to normalised

Catalysts - Growth in average semiconductor content per

vehicle, high exposure to auto sector, M&A potential

Timeline – on the cusp of change - 6 – 18 months

21

How do we compare to peers?

Source: J.P. Morgan Asset Management, Morningstar. Data is based on five year returns as of 31 December 2016 suing excess returns versus MSCI ACWI NR USD. Top ten competitors from Morningstar peer group Global Equity Income Trusts have been selected. © 2016 Morningstar. All Rights Reserved. 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. Past performance is not necessarily a reliable indicator for current and future performance.

Holdings comparison between ten largest peers in Global Equity Income sector:

British American Tobacco Roche Cisco Systems Reynolds

American Diageo

Novartis Taiwan Semiconductors Japan Tobacco AstraZeneca GlaxoSmithKline

Microsoft Pfizer Johnson & Johnson BAE Systems Las Vegas

Sands

Philip Morris Royal Dutch Shell Nestle Deutsche

Börse PepsiCo

Crowded Less Crowded

Held by 9 funds

Held by 8 funds

Held by 7 funds

Held by 6 funds

Held by 5 funds

Held by 4 funds

22

Summary

Focused approach We continue to identify many attractive companies which meet the four key criteria – valuation signal,

significant profit growth potential, identifiable catalyst and timeline

Unrestricted approach Invest wherever four key characteristics exist

Deep partnership between analysts and portfolio managers An enduring partnership built on history and respect drives idea generation

The Company is delivering high conviction ideas from JPMorgan Asset Management in a focused portfolio of global equities

23

Appendix

24

Investment objective and risk profile

JPMorgan Global Growth and Income plc (the Company) as at 30 September 2017 Investment Objective

To provide superior capital growth and outperform the MSCI All Country World Index over the long-term by investing in companies based around the world.

Key Risks 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.

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

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, or fluctuate in response to the performance of individual companies and general market conditions. 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. The share price may trade at a discount to the Net Asset Value of the company. The key risks facing the Company and the mechanisms in place to monitor and measure these risks are set out in the Company’s annual

report, a copy of which is available from its website, www.jpmglobalgrowthandincome.co.uk.

25

Portfolio return Return on net assets, net of management fees and administration expenses, but excluding both the effect of Subscription shares which have been converted during the year and the dilutive impact of Subscription shares in issue at the year end. Return to Ordinary shareholders/Unit holders Total return to the Ordinary shareholder, or Unit holder, on a mid-market price to mid-market price basis, assuming that all dividends received were reinvested, without transaction costs, in the Ordinary shares of the Company at the time the shares were quoted ex-dividend. Diluted net asset value (‘NAV’) per Ordinary share The NAV per Ordinary share assuming that all outstanding Subscription shares were converted into Ordinary shares at the year end. Diluted return on net assets Return on the diluted net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested in the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Diluted net asset value (‘NAV’) per Ordinary share The NAV per Ordinary share assuming that all outstanding Subscription shares were converted into Ordinary shares at the year end. Diluted return on net assets Return on the diluted net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested in the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the diluted NAV per share when calculating the diluted return on net assets. Undiluted return on net assets Return on the undiluted net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all dividends paid out by the Company were reinvested in the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. In accordance with industry practice, dividends payable which have been declared but which are unpaid at the balance sheet date are deducted from the undiluted NAV per share when calculating the undiluted return on net assets.

Glossary of Terms and Definitions

26

Benchmark return Total return on the benchmark, on a mid-market value to mid-market value basis, assuming that all dividends received were reinvested in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company’s investment universe. The Company’s investment strategy does not follow or ‘track’ this index and consequently, there may be some divergence between the Company’s performance and that of the benchmark. Gearing/Net cash Gearing represents the excess amount above shareholders’ funds of total assets, expressed as a percentage of the shareholders’ funds. Total assets include total investments and net current assets/liabilities less cash/cash equivalents and excluding bank loans of less than one year. If the amount calculated is negative, this is shown as a ‘net cash’ position. Ongoing charges The ongoing charges represent the Company’s management fee and all other operating expenses, excluding finance costs, expressed as a percentage of the average of the daily net assets during the year. Share price discount/Premium to net asset value (‘NAV’) If the share price of an investment trust is lower than the NAV per share, the shares are is said to be trading at a discount. The discount is shown as a percentage of the NAV. The opposite of a discount is a premium. It is more common for an investment trust’s shares to trade at a discount than at a premium. Performance attribution Analysis of how the Company achieved its recorded performance relative to its benchmark.

Glossary of Terms and Definitions - continued

27

Important Information

This is a promotional document and as such the views contained herein are not to be taken as 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 products or underlying overseas investments. Both past performance and yield are not a reliable indicator 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. 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 www.jpmorgan.com/pages/privacy. Investment is subject to documentation (Investor Disclosure Document, 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 authorized 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.

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