JPM Europe Dynamic (ex UK) Fund

JPM Europe Dynamic (ex UK) Fund June 2017 Jon Ingram Portfolio Manager 1 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Our investment philosophy We believe that attractively valued, high quality stocks with positive momentum outperform the market Value Stocks that are attractively valued and are fundamentally sound Quality Profitable companies with sustainable earnings and disciplined capital management Momentum Stocks that are supported by positive earnings momentum and positive price momentum Quality Past performance is not necessarily a reliable indicator for current and future performance. 2 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Why combine Value, Quality & Momentum? Cumulative returns 3,200 Value Quality Momentum Combined 1,600 800 400 200 100 50 1994 1997 1999 2001 2003 2005 2007 2010 2012 2014 2016... three complementary styles to improve risk adjusted returns Source: J.P. Morgan Asset Management. Chart shows the cumulative performance (rebased to 100 at Jan 1995 on a log scale) of inter-quintile spreads for each measure. Returns are in EUR and are presented net of transaction costs (transaction costs are assumed to be 40 basis points per unit of turnover). Combined returns are based on top quintile minus bottom quintile ranked by Value, Quality & Momentum. Universe is the S&P Europe BMI Index. Data to 30 April 2017. Past performance is not necessarily a reliable indicator of current and future performance. 3 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Logitech All about the periphery EPS and share price trajectory CHF 35 Share price (left axis) EPSe (right axis) 30 25 20 15 10 Feb 16 May 16 Aug 16 Nov 16 Feb 17 CHF 1.5 1.4 1.3 1.2 1.1 1.0 0.9 Stock Sector Market cap Logitech Technology Hardware & Equipment CHF 5.8bn P/E Forward 15.7x! Background A global provider of personal computer and mobile accessories to enhance users experience of the digital world.! Value Attractively valued with a Free Cash Flow Yield of 4.4% above the 4.2% market average.! Quality Following cost cutting in recent years the company has a Return On Equity of 26%.! Momentum Consistently exceeded analyst forecasts with strong end market demand. Through innovation, able to command leading market share in niche products. Track record of earnings enhancing acquisitions, with significant cash pile to make further strategic bolt on acquisitions. Source: Bloomberg, J.P. Morgan Asset Management as of 28 April 2017. EPSe are estimates of earnings per share. Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. Past performance is not an indication of current and 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. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. The use of the above company logos is in no way an endorsement for and/or by J.P.Morgan Asset Management investment management services. 4 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Building a style driven portfolio Identify stocks Construct portfolio JPM Europe Dynamic (ex UK) Fund Consider a broad investment universe ~ 1500 stocks One or more desirable style characteristics: Attractive value High quality Positive momentum Invest in our best ideas to maximise exposure to the styles we seek. Portfolio constraints Stocks None Sectors <35% Countries Creating a reasonably valued portfolio, with good quality and better momentum Fund Benchmark Value eg Fwd PE 15.3x 16.1x Quality eg ROIC 9.4% 8.3% Momentum eg EPS mom. 5.1% 0.3% None attractively valued, with high quality and positive momentum Source: J.P. Morgan Asset Management, FactSet, as of 30 April 2017. Figures reported are weighted medians. Figures shown are Value = 12 month forward price earnings ratio, Quality = Return On Invested Capital, Momentum = 3 month historic earnings per share revisions. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. The benchmark is FTSE All-World Developed Europe ex UK Index (Net) 5 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Fund summary JPM Europe Dynamic (ex UK) Fund as of 30 April 2017 Jon Ingram Portfolio Manager Experience: 17/17 Blake Crawford Portfolio Manager Experience: 9/9 John Baker Portfolio Manager Experience: 23/23 Annualised performance Return versus FTSE All World-Developed Europe ex UK Index (Net) 35% 32.82% Fund Benchmark 30% 27.86% 25% Fund information Benchmark FTSE All-World Developed Europe ex UK Index (Net) Typical tracking error range 5-10% Market capitalisation Multi-cap Typical number of holdings 50+ Fund size GBP 741 m Inception date 30 September 2004 Morningstar rating* 20% 16.42% 13.48% 15% 10.45% 9.00% 10% 5% 0% 1 year 3 years (p.a.) 5 years (p.a.) Excess (%) 3.87 1.33 2.59 Quartile ranking* 1 2 1 Source: J.P. Morgan Asset Management. Experience: Industry/Firm. Fund performance is shown based on the NAV of Share Class A- Net Accumulation in GBP with income (gross) reinvested, including actual ongoing charges, excluding any entry and exit fees,. Excess return calculated geometrically. Past performance is not necessarily a reliable indicator of current and future performance. *Morningstar peer quartile is for share class A vs. IMA Europe ex-uk universe. Morningstar rankings/universe: Morningstar. All Rights Reserved. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be so, or that the past performance or success of any such professional serves as an indicator of such professional's future performance or success. 6 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Calendar year performance JPM Europe Dynamic (ex UK) Fund Excess return (%) 12 10 8 6 4 2 0-2 -4-6 10.2 10.2 9.2 9.1 4.9 3.5 2.4 1.3 0.2-1.9-2.5-3.9-4.9 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Fund 9.0 36.2 30.7 19.3-27.2 16.3 15.9-19.3 21.7 36.7 0.5 7.7 18.8 Benchmark* 11.1 23.6 19.7 15.3-24.2 19.3 5.2-15.1 16.0 25.3-0.8 5.2 18.5 Only 4 funds out of the 112 in the Morningstar universe have achieved positive excess return net of fees for each of the last 5 calendar years** Source: J.P. Morgan Asset Management. Data is as of 31 December 2016. Performance for 2004 is the performance for the year since inception. Inception of the fund was 30 September 2004. Performance of A class shares based on NAV, in GBP including ongoing charges, excluding any entry and exit charges, with any income (net) reinvested. Excess return calculated geometrically. Past performance is not an indication of current and future performance. * The fund benchmark is FTSE AWD Europe ex UK Index. The benchmark was FTSE Europe ex UK until 30 September 2008 and was changed to FTSE All World Developed Europe ex UK index from 1 October 2008. **Morningstar peer quartile is for share class A vs. IMA Europe ex-uk universe. Morningstar rankings/universe: Morningstar. All Rights Reserved. 7 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Managing exposure on a long-only fund? JPM Europe Dynamic (ex UK) Fund as of 30 April 2017 Active share 100 80 60 40 Jun-07 Apr-08 Feb-09 Dec-09 Oct-10 Aug-11 Jun-12 Apr-13 Feb-14 Dec-14 Oct-15 Aug-16 20 day volatility of the fund 15 10 5 0 Jun-07 Apr-08 Feb-09 Dec-09 Oct-10 Aug-11 Jun-12 Apr-13 Feb-14 Dec-14 Oct-15 Aug-16 dynamic scaling of risk protects from market volatility Source: J.P. Morgan Asset Management. Red circles correspond to periods of heightened fund volatility. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. 8 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Robust risk control Source: J.P. Morgan Asset Management Europe Equity Group. For illustrative purposes only. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. 9 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Conclusion JPM Europe Dynamic (ex UK) Fund as of 30 April 2017 Our expertise The portfolio The success Experienced portfolio managers supported by a team of 52 European equity professionals! Named managers have an average of 19 years industry experience! 17 years average experience across the broader team Common-sense philosophy applied within a rigorous, bottom-up process! Three complementary styles Value, Quality, Momentum used in conjunction to improve risk-adjusted returns! Disciplined construction to create a portfolio that is cheaper than the market, with good quality and better momentum Track record of outperformance! Outperformed by 2.6% p.a. over the last five years! First quartile over 1 and 5 years Source: J.P. Morgan Asset Management/Morningstar. Fund performance is shown based on the NAV of the share class A- Net Accumulation in GBP with income (gross) reinvested including actual ongoing charges excluding any entry and exit fees. Morningstar peer quartile is for share class A vs. IMA Europe ex-uk universe. Morningstar rankings/universe: Morningstar. All Rights Reserved. Excess return calculated geometrically. Past performance is not necessarily a reliable indicator of current and future performance. 10 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Appendix 11 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Investment objective and risk profile JPM Europe Dynamic (ex UK) Fund! Investment objective To maximise long-term capital growth by investing primarily in continental European Equities.! Risk profile The value of your investment may fall as well as rise and you may get back less than you originally invested. The value of Equity and Equity-Linked Securities may fluctuate in response to the performance of individual companies and general market conditions. The Fund may invest in securities of smaller companies which may be more difficult to sell, more volatile and tend to carry greater financial risk than securities of larger companies. This Fund is aggressively managed, which may result in higher volatility of the Fund s performance and bigger differences between the performance of the Fund and its Benchmark. For investors in Share Classes which are not hedged to Sterling, movements in currency exchange rates can adversely affect the return of your investment. Investors in GBP Hedged Share Classes should be aware that any currency hedging process may not give a precise hedge. Where currency hedging is undertaken, whilst it may protect an investor in Hedged Shares against a decrease in the value of the currency being hedged, it may also prevent the investor from participating in an increase in the value of that currency. See the latest Prospectus for further information. 12 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Performance JPM Europe Dynamic (ex UK) Fund as of 30 April 2017 Annualised performance (%) Market value JPM Europe Dynamic (ex UK) Fund GBP 741 m Three months YTD One year Three years Five years Ten years Since inception JPM Europe Dynamic (ex UK) Fund A Net Accumulation 6.19 9.33 32.82 10.45 16.42 7.04 12.26 Benchmark* 7.26 7.93 27.86 9.00 13.48 5.08 9.02 Excess return -1.00 1.30 3.87 1.33 2.59 1.87 2.98 Tracking error (%) - - - 4.99 5.11 6.14 5.87 Information ratio - - - 0.27 0.51 0.30 0.51 Calendar year performance (%) 2011 2012 2013 2014 2015 2016 JPM Europe Dynamic (ex UK) Fund A Net Accumulation -19.26 21.67 36.74 0.52 7.69 18.77 FTSE AWD Europe ex UK Index (Net) -15.14 15.99 25.30-0.80 5.16 18.53 Excess return -4.85 4.90 9.13 1.34 2.41 0.20 Source: J.P. Morgan Asset Management. Fund inception date is 30 September 2004. Share class inception date is 30 September 2004. *The benchmark was FTSE Europe ex UK Index (Net) until 30 September 2008 and FTSE All-World Developed Europe ex UK Index (Net) from 1 October 2008. Fund performance is shown based on the NAV of the share class A - Net Accumulation in GBP with income (gross) reinvested including actual ongoing charges excluding any entry and exit fees. Excess return calculated geometrically. Past performance is not necessarily a reliable indicator of current and future performance. 13 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Specialist investment teams with an average of 17 years experience Head of International Behavioural Finance Team Malcolm Smith (13,3) Core Style Investment Research & Portfolio Implementation Dynamic Small / Mid Cap Stephen Macklow-Smith (31,20) William Meadon (34,21) Michael Barakos (18,18) Nicholas Horne (11,11) James Ford (10,10) Jon Ingram (17,17) Jim Campbell (29,22) Martin Hudson (41,35) Joanna Crompton (10,10) Callum Abbot (5,5) Tom Buckingham (10,10) David Allen (16,15) Judy Bromfield (30,30) John Baker (23,23) Georgina Brittain (22,22) Guy Anderson (15,5) Alexander Fitzalan Howard (31,31) Sarah Emly (22,22) Ian Butler (12,12) Bruno Baisch (1,1) Rekha Halai (15,15) Blake Crawford (9,9) Francesco Conte (28,18) Ed Hezlet (2,2) Will Johnson (4,4) James Illsley (27,17) Ben Stapley (15,15) Philippa Clough (7,7) Chris Llewelyn (32,32) Anis Lahlou-Abid (17,17) Edward Greaves (10,6) Tim Lewis (4,4) Richard Webb (30,22) Kyle Williams (6,6) Matt Jones (3,3) John O Brien (20,18) Alex Whyte (4,4) Katen Patel (12,4) Anthony Lynch (8,8) Richard Morillot (7,4) Demos Philippou (5,5) Steve Satchell Louise Bonzano (18,18) Tom Bradley- Flannagan (7,7) Charlotte Crisp (6,6) Ceri Jones (17,16) Client Portfolio Management Andrew Robbens (19,1) As of March 2017 (number of years in the industry, number of years with the firm experience). There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional s future performance or success. Rupsa Roy (6,2) Paul Shutes (20,19) Karsten Stroh (26,24) Raphaelle Trancart (12,5) Nick Wilcox (12,12) 14 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Which styles have driven returns? Cumulative returns 12 months to 31 March 2017 110 Value Quality Momentum 100 90 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Source: J.P. Morgan Asset Management. Chart shows the cumulative performance (rebased to 100) of inter-quintile spreads for each measure. Returns are in EUR and are presented net of transaction costs (transaction costs are assumed to be 40 basis points per unit of turnover). Universe is the S&P Europe BMI Index. Past performance is not necessarily a reliable indicator of current and future performance. 15 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Performance attribution JPM Europe Dynamic (ex UK) Fund Calendar year ending 31 December 2016 Key sector (%) Attribution summary Benchmark Key stock contributors Stock: -0.65 Sector: -1.37 FTSE All-World Developed Europe ex UK Index (Net) Tech. Hardware & Equip. (o) Food & Drug Retailers (o) Pharma. & Biotech. (u) Mining (o) Chemicals (u) 0.91 0.82 0.74 0.66 0.57 Logitech (o), STMicroelectronics (o) VAT Group (o), Royal Ahold (o) Novo Nordisk (u), Novartis (u) Boliden (o) Covestro Ag (o), Bayer (u) Key stock detractors Nonlife Insurance (u) -0.42 AXA (o), Zurich Insurance (u) Autos. & Parts (o) -0.51 Continental (o), Peugeot (o) Financial Services (u) Electronic & Elec. Equip. (o) Oil & Gas Producers (u) -0.52-0.78-0.80 Stock selection Asset allocation Euronext (o), Azimut (o) Nordex (o), Schneider Electric (u) Total (u), Eni (u) -2.0-1.0 0.0 1.0 2.0 Source: Factset. (o)= overweight, (u)= underweight, (n)=neutral. 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. Past performance is not necessarily a reliable indicator for current and future performance. 16 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Additional information All dollar amounts mentioned are shown in U.S. dollars. The number of investment professionals includes portfolio managers, research analysts, traders and client portfolio managers with VP title and above. Sourced from J.P. Morgan Asset Management; as of December 31, 2016. Serving 67% of world s largest pension plans, sovereign wealth funds and central banks is sourced from J.P. Morgan Asset Management; as of 9/30/16. Top 10 global equity manager sourced from Pensions & Investments as of 12/31/15 based on firms self-reporting % of AUM in equity 2016 Markets Choice Awards is a peer-based survey of exchanges, sell-side desks, institutional buy-side investors, hedge funds and technology providers. The equity mutual funds rated 4 or 5 stars analysis is sourced from Morningstar for Global Investment Management open-ended funds that are rated by the aforementioned source. The equity classification used is based on J.P. Morgan s own categorization. The share class with the highest Morningstar star rating represents its respective fund. Other share classes may have different performance characteristics and may have different ratings; the highest rated share class may not be available to all investors. All star ratings sourced from Morningstar reflect the Morningstar Overall Rating TM. Funds with fewer than three years of history are not rated by Morningstar and hence excluded from this analysis. Fund Other funds which do not have a rating are also excluded from this analysis. Ratings are based on past performance and are not indicative of future results. 17 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION

J.P. Morgan Asset Management 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 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 current and 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 which is comprised of the Prospectus, Key Investor Information (KIID) and either the Supplementary Information Document (SID) or Key Features/Terms and Condition, 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. Material ID : b92dfe70-461b-11e7-9bc7-005056960c8a 18 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION