J.P. Morgan Asset Management US Investment Range

FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION. J.P. Morgan Asset Management US Investment Range A century of experience in J.P. Morgan s home market

Investing with J.P. Morgan Asset Management J.P. MORGAN S VIEW Proprietary research is at the core of our US equity strategies. We focus on recruiting and retaining the best analyst talent to provide real insight and successful investment ideas. Paul Quinsee Chief Investment Officer, US Equity J.P. Morgan Asset Management AT J.P. MORGAN ASSET MANAGEMENT WE HAVE BEEN INVESTING MONEY ON BEHALF OF OUR CLIENTS FOR WELL OVER 100 YEARS. We have expertise in all major asset classes, managing in excess of USD 1.7 trillion across equities, bonds, alternatives and cash (source: J.P. Morgan Asset Management as at 30 September 2014). Our fund managers and analysts are based in local markets around the world. We have 14 major investment centres and three main investment hubs in New York, London and Hong Kong. This global network of more than 1,300 investment professionals is among the most respected in the investment industry and forms the cornerstone of our rigorous researchdriven investment approach (source: J.P. Morgan Asset Management as at 30 September 2014). With a comprehensive fund range covering all major regions and asset classes, we can help meet the needs of the most demanding clients. J.P. Morgan Asset Management: US equity expertise gained over more than a century LAUNCH OF COMPANIES AND STRATEGIES 10,000 S&P 500 Composite Index 1,000 100 10 1874 Launch of Robert Fleming & Co. 1881 Launch of JPMorgan American Investment Trust 1895 JPMorgan & Co. is formed from Drexel Morgan & Co 1 1871 1881 1891 1901 1911 1921 1931 19 Source: Robert J. Shiller; data as at October 2014. For illustrative purposes only. 2 US EQUITY CAPABILITIES

Welcome to our home market J.P. Morgan Asset Management began its life in the United States and has managed US equities for more than 100 years. Today, we manage assets totalling USD 220 billion in over 50 US equity strategies (source: J.P. Morgan Asset Management as at 30 June 2014). Our commitment to our home market is borne out in the breadth and depth of our resources. Our funds benefit from the insight of over 100 dedicated US investment professionals, with an average of 16 years of industry experience (source: J.P. Morgan Asset Management as at 30 September 2014). Our product range, developed over our long history, offers diverse ways to access the US market from core funds to growth and value funds, and from small cap to large. Whichever fund our investors choose, they can feel confident that it is powered by the experience of our portfolio managers, the insight of our analysts and backed with the global resources of J.P. Morgan Asset Management. 1955 Chase Manhattan Bank is created 1984 Small Cap Growth 1986 Large Cap Core and Research Enhanced Index 2002 Equity Income 2000 JPMorgan Chase is created 2006 Highbridge Statistical Market Neutral 2003 Behavioural Finance 2004 130/30 2008 Long-Short 2011 America Equity 41 1951 1961 1971 1981 1991 2001 2011 J.P. MORGAN ASSET MANAGEMENT 3

Opportunities in the world s largest stock market THE US IS THE WORLD S LARGEST STOCK MARKET. It is home to many of the world s most recognisable brand names and most profitable companies, from Apple to Coca Cola, from MasterCard to Johnson & Johnson. It is also home to a wealth of fast-growing smaller companies that can offer enhanced long-term capital growth opportunities. Historically, US equities have delivered attractive returns for long-term investors (as the chart on pages two and three shows). Given the strength of the US economy and the strong outlook for corporate profits, we believe there is still more to come. The investment case for US equities remains compelling The US is a vital component of any diversified, long-term portfolio. Home to many of the most established and innovative companies in the world, the US offers a dynamic economy in which to invest, with opportunities across a wide choice of sectors and industries. As more and more US companies expand their businesses in emerging markets, investing in the US equity market also offers exposure to the rapid growth of developing countries. US economy is gathering momentum The US economy continues to show signs of strength. Economic growth rebounded strongly in the second quarter of 2014, increasing at an annual rate of 4.2%*. We believe the recovery is set to continue, with labour market conditions improving, and household incomes rising, which is filtering through to increased consumer spending. Meanwhile, businesses are also beginning to invest. Given that there is still plenty of pent-up demand in the most cyclical areas of the economy (eg housing and autos), the current expansion looks sustainable, which will be supportive for further corporate profits growth. The US unemployment rate has fallen sharply in recent years and continues to fall, which is supportive of future economic growth UNEMPLOYMENT RATE Seasonally adjusted 11 % 10 9 8 7 6 5 4 Average: 6.1% 3 '65 '70 '75 '80 '85 '90 '95 '00 '05 '10 Sep 2014: 5.9% Source: BLS, FactSet, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as at 30 September 2014. *Bureau of Economic Analysis (BEA), second estimate of real gross domestic product, second quarter of 2014, released on 28 August 2014. 4 US EQUITY CAPABILITIES

Record-high company profits support US equities IN A FAVOURABLE ECONOMIC CLIMATE FOR CORPORATE EARNINGS, US COMPANIES ARE AS PROFITABLE AS THEY HAVE EVER BEEN, WITH THE SECOND-QUARTER 2014 US EARNINGS SEASON REACHING A RECORD HIGH. With US companies having paid down debt and cut costs in recent years, we believe this trend of record high profitability could be set to continue as stronger domestic activity further boosts demand*. Stronger profits support valuations and allow companies to return more cash to shareholders, which ultimately creates a positive environment for US equity investing. Valuations are not expensive Despite recent strong share price gains, US equity valuations are not looking expensive, either on a price-to-earnings or price-to-book basis (see charts below), and US equities continue to look attractive compared to bonds. While both inflation and interest rates are expected to increase as the recovery continues, we believe the pace will remain slow and steady for a number of years. Earnings have rebounded, and should help support valuations S&P 500 EARNING AND PERFORMANCE 26x 24x 22x 20x 18x 16x Current: 15.2x 14x Average: 15.6x 12x 10x 8x '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 FORWARD P/E RATIO 14% 12% 10% S&P 500 earnings yield (Inverse of fwd. P/E): 6.6% 8% 6% 4% 2% Moody s Baa Yield: 4.8% '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 Source: Standard & Poor s, FactSet, Robert Shiller Data, FRB, J.P. Morgan Asset Management as at 30 September 2014. Price to Earnings is price divided by consensus analyst estimates of earnings per share for the next 12 months. Shiller s P/E uses trailing 10-years of inflation adjusted earnings as reported by companies. Dividend Yield is calculated as the trailing 12-month average dividend divided by price. Price/Earnings to Growth Ratio is calculated as NTM P/E divided by NTM earnings growth. Price to Book Ratio is the price divided by book value per share. Price to Cash Flow is price divided by NTM cash flow. EY Minus Baa Yield is the forward earnings yield (consensus analyst estimates of EPS over the next 12 months divided by price) minus the Moody s Baa seasoned corporate bond yield. *Source: S&P 500 as at 30 September 2014. J.P. MORGAN ASSET MANAGEMENT 5

Expert research at the core J.P. MORGAN & HIGHBRIDGE: EXPANDING OUR US OFFERING Since 2004, J.P. Morgan Asset Management has had a strategic partnership with Highbridge Capital Management. This strategic partnership has allowed us to further expand our US equity with the introduction of the Highbridge J.P. Morgan funds, bringing their expertise in statistical arbitrage techniques to long-only US equity investing. Highbridge s distinctive approach offers diversification benefits vs. other US equity strategies. Common sense investment ideas are combined with the latest technological advancements, with the aim of identifying and profiting from small mispricings in the US equity markets. CAREER ANALYSTS: ENDURING RELATIONSHIPS AND LONGSTANDING COMMITMENT Our analysts dedicate their careers to research. Kathleen Stack, our consumer non-durables analyst, has been with the firm since 1981 and covered her sector for nearly 30 years. Over this time she has built up an invaluable understanding of the companies she covers, providing our funds with insight that few other asset managers can match. Kathleen has met with the last five Coca Cola CEOs over the course of her career at J.P. Morgan Asset Management. OUR TRIED AND TESTED INVESTMENT APPROACH IS DISTINGUISHED BY FUNDAMENTAL, BOTTOM-UP ANALYSIS FROM THE INDIVIDUAL COMPANY LEVEL, TO THE INDUSTRY AND COMPETITION, AND TO THE BROADER SECTOR. Our funds are actively managed and powered by the insight of our career analysts, based on the ground in the US market. Powered by long-term insight Our funds draw on the proprietary research of our in-house US equity analysts. Our team of over 40 analysts average more than 10 years of experience at J.P. Morgan Asset Management, providing the long-term company coverage that translates into a key information advantage. Because around a third of the earnings of S&P 500 companies are sourced outside the US, our US equity analysts also leverage our global research presence to identify trends around the world. This means our local investing is informed by the global perspective of over 200 analysts worldwide. Differentiated by portfolio manager experience Investing in US equities with J.P. Morgan Asset Management means gaining exposure to a wealth of experience. Our senior US equity investors, Tom Luddy, Jonathan Simon, Eytan Shapiro, Greg Luttrell, Garrett Fish and Clare Hart, bring to bear an average of 29 years of experience. These decades of experience have taught our managers when to take risks and when to avoid them, when to trust valuations and when to treat them with caution. A history of excellence and innovation We offer a diverse range of US equity funds from traditional large cap core funds to small cap funds, style funds and high alpha funds providing investment solutions to meet a broad range of investor needs. Our funds are distinguished by fundamental, bottom-up research, expert portfolio management and rigorous risk control. Throughout our history, we have constantly sought to innovate, pioneering new investment approaches such as market neutral and 130/30 investing, research-enhanced index investing and behavioural finance, while continuing to offer excellence in traditional asset management. 6 US EQUITY CAPABILITIES

J.P. Morgan Asset Management Your guide to our home market WHY INVEST IN US EQUITIES? The world s biggest stock market by market capitalisation World-leading brands and household names Robust corporate profits Reasonable valuations Continued economic growth OUR US EQUITY STRATEGIES Large cap Small cap Growth oriented Value oriented Equity income 130/30 Long-short WHY CHOOSE J.P. MORGAN ASSET MANAGEMENT FOR US EQUITIES? Over 100 years of US equity investing Over 100 investment professionals with an average of 16 years experience Long-term analyst coverage providing true insight An investment approach powered by in-house research Backed by our vast global resources J.P. MORGAN ASSET MANAGEMENT 7

FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION. NEXT STEPS For further information about our US investment range, visit www.jpmorgan.co.uk/us or call 0800 727 770. FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR 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 there to. 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. As the product may not be authorised or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdiction. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the product(s). Shares or other interests may not be offered to or purchased directly or indirectly by US persons. All transactions should be based on the latest available prospectus, the Key Investor Information Document (KIID), Investment Trust Profiles and 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. LV JPM21535 10/14 www.jpmorgan.co.uk/adviser