JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting

JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting 26th February 2018 Richard Titherington, Managing Director Chief Investment Officer of Emerging Markets and Asia Pacific Equities and Portfolio Manager

Performance (GBP) Trailing Returns () Net Asset Value JPMorgan Asian Investment Trust GBP 353.7m (As of 30 th September 2017) To end September 2017 4Q 2017^ FY to 30 Sep 2017 1 Year 3 Years (Cumulative) 5 Years (Cumulative) Since Inception (Cumulative) JPMorgan Asian Investment Trust plc (NAV) +8.0 +21.5 +21.5 +66.6 +87.8 +366.6 JPMorgan Asian Investment Trust plc (Share Price) +6.5 +29.8 +29.8 +74.3 +96.6 +424.1 MSCI AC Asia ex Japan (NDR)* +7.3 +18.8 +18.8 +51.7 +72.3 +283.9 NAV Excess Return** +0.7 +2.7 +2.7 +14.9 +15.5 +82.7 Financial Year End Performance () 2012 2013 2014 2015 2016 2017 JPMorgan Asian Investment Trust plc (NAV) +11.4 +6.4 +6.0-2.9 +41.3 +21.5 JPMorgan Asian Investment Trust plc (Share Price) +6.4 +7.2 +5.2-3.2 +38.7 +29.8 MSCI AC Asia ex Japan (NDR)* +15.4 +5.1 +8.1-6.3 +36.2 +18.8 Inception date: 12 th September 1997 * Prior to 1 st January 2001, MSCI AC Asia ex Japan (GDR). ** Arithmetic excess return presented. Figures may not add up due to rounding. ^ Figures to 31 st December 2017 Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 st December 2017. 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. 1

Performance (GBP) JPMorgan Asian Investment Trust since inception to 30 th September 2017 600 500 400 525.5 456.5 383.9 300 200 100 JPM Asian Investment Trust MSCI AC Asia ex Japan (NDR) * Share Price 0 9/97 9/99 9/01 9/03 9/05 9/07 9/09 9/11 9/13 9/15 9/17 Inception date = 12th September 1997 *Prior to 1st January 2001, MSCI AC Asia ex Japan (GDR). Source: J.P. Morgan Asset Management. Data is re based as at inception date on a log basis. Trust performance is shown based on the NAV in GBP with income (Gross) reinvested including actual ongoing charges excluding any entry and exit fees. Past performance is not necessarily a reliable indicator for current and future results. 2

Performance attribution JPMorgan Asian Investment Trust 12M to 30 th September 2017 Attribution summary Benchmark Stock: 3.20 Country: 0.28 MSCI AC Asia ex Japan (NDR) Attribution summary Benchmark Stock: 3.28 Sector: 0.21 MSCI AC Asia ex Japan (NDR) Country attribution () Sector attribution () China (o) 2.35 Information Technology (o) 1.98 Korea (o) 0.70 Health Care (o) 1.42 Malaysia (u) 0.62 Consumer Staples (u) 1.09 India (o) 0.37 Telecommunication Services (u) 0.87 Thailand (o) 0.33 Financials (o) 0.32 Singapore (u) 0.31 Energy (o) 0.10 Philippines (u) 0.07 Materials (u) -0.05 Pakistan (u) 0.07 Industrials (u) -0.19 Indonesia (o) -0.10 Managed Funds (o) -0.20 Vietnam (o) -0.20 Asset Allocation Real Estate (u) -0.21 Asset Allocation Taiwan (u) Hong Kong (u) Cash (u) -0.22-0.47-0.35 Stock Selection Consumer Discretionary (o) Utilities (o) Cash (u) -0.44-0.88-0.35 Stock Selection -2.0-1.0 0.0 1.0 2.0 3.0-2.0-1.0 0.0 1.0 2.0 3.0 Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP. Data for Total Attribution shown (stock selection plus asset allocation). Attribution may not match official returns due to differences in system rounding. 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. 3

Top 10 contributors/detractors to active returns JPMorgan Asian Investment Trust 12M to 30 th September 2017 Benchmark MSCI AC Asia ex Japan (NDR) Top 10 contributors Country Sector Relative weight Stock return Impact Ping An Insurance (Group) Company of China, Ltd. China Financials 2.79 45.92 0.66 China Mobile Limited China Telecommunication Services -1.79-13.56 0.64 Alibaba Group Holding Ltd. Sponsored ADR China Information Technology 0.95 58.48 0.58 Tencent Holdings Ltd. China Information Technology 2.44 52.19 0.54 Samsung Electronics Co., Ltd. Korea Information Technology 1.65 51.81 0.53 Samsung BioLogics Co., Ltd. Korea Health Care 0.54 118.09 0.50 AAC Technologies Holdings Inc. China Information Technology 1.46 64.61 0.49 CSPC Pharmaceutical Group Ltd. China Health Care 0.82 64.08 0.36 IndusInd Bank Ltd. India Financials 1.92 39.34 0.34 Brilliance China Automotive Holdings Limited China Consumer Discretionary 0.64 74.85 0.32 Top 10 detractors Country Sector Relative weight Stock return Impact Korea Electric Power Corporation Korea Utilities 2.02-31.03-1.21 IMAX China Holding Inc China Consumer Discretionary 0.73-40.29-0.55 HYUNDAI GLOVIS Co., Ltd. Korea Industrials 1.09-23.05-0.53 Axis Bank Limited India Financials 1.76-6.52-0.48 PT Astra International Tbk Indonesia Consumer Discretionary 1.16-9.00-0.34 CK Hutchison Holdings Ltd Hong Kong Industrials 1.73-0.15-0.33 Regina Miracle International (Holdings) Limited Hong Kong Consumer Discretionary 0.28-38.64-0.32 Giant Manufacturing Co., Ltd. Taiwan Consumer Discretionary 0.47-33.68-0.31 AIA Group Limited Hong Kong Financials 3.45 9.08-0.30 China Resources Phoenix Healthcare Holdings Co., Ltd. China Health Care 0.28-31.59-0.29 Source: Jaffa, FactSet, J.P. Morgan Asset Management, gross of Fees in GBP. 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. Past performance is not an indication of current and future performance.. 4

Performance attribution JPM Asian Investment Trust QTD to 31 st December 2017 Attribution summary Benchmark Stock: 0.32 Country: 0.34 MSCI AC Asia ex Japan (NDR) Attribution summary Benchmark Stock: -0.06 Sector: 0.72 MSCI AC Asia ex Japan (NDR) Country attribution () Sector attribution () China (o) 1.74 Financials (o) 0.52 Singapore (u) 0.28 Health Care (o) 0.40 Vietnam (o) 0.19 Information Technology (u) 0.23 Thailand (o) 0.15 Managed Funds (o) 0.19 Hong Kong (o) 0.06 Telecommunication Services (u) 0.15 Philippines (u) 0.03 Utilities (u) 0.09 Pakistan (u) 0.02 Real Estate (u) -0.01 Malaysia (u) -0.05 Energy (u) -0.02 Indonesia (o) -0.22 Industrials (u) -0.05 Taiwan (u) India (u) Korea (o) Cash (o) -0.61-0.36-0.53-0.03 Asset Allocation Stock Selection Consumer Staples (u) Materials (u) Consumer Discretionary (o) Cash (o) -0.20-0.24-0.38-0.03 Asset Allocation Stock Selection -1.0 0.0 1.0 2.0-1.0 0.0 1.0 Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP. Data for Total Attribution shown (stock selection plus asset allocation). Attribution may not match official returns due to differences in system rounding. 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. 5

Top 10 contributors/detractors to active returns JPM Asian Investment Trust QTD to 31 st December 2017 Benchmark MSCI AC Asia ex Japan (NDR) Top 10 contributors Country Sector Relative weight Stock return Impact Ping An Insurance (Group) Company of China, Ltd. China Financials 2.07 33.40 0.56 Sino Biopharmaceutical Limited China Health Care 0.88 66.59 0.42 DBS Group Holdings Ltd Singapore Financials 2.11 20.22 0.24 AIA Group Limited Hong Kong Financials 3.48 14.67 0.22 Baidu, Inc. Sponsored ADR China Information Technology -1.48-6.22 0.20 Shenzhou International Group Holdings Ltd. China Consumer Discretionary 1.61 20.46 0.20 JPMorgan Vietnam Fund Vietnam Managed Funds 1.93 19.12 0.19 Hon Hai Precision Industry Co., Ltd. Taiwan Information Technology -1.18-8.37 0.18 Tencent Holdings Ltd. China Information Technology 0.92 19.64 0.17 Samsung Engineering Co., Ltd. Korea Industrials 1.16 19.61 0.12 Top 10 detractors Country Sector Relative weight Stock return Impact LARGAN Precision Co., Ltd. Taiwan Information Technology 1.29-23.78-0.39 Qudian, Inc. Sponsored ADR China Consumer Discretionary 0.18-50.98-0.26 Eclat Textile Co., Ltd. Taiwan Consumer Discretionary 0.84-18.48-0.23 CK Hutchison Holdings Ltd Hong Kong Industrials 1.72-2.64-0.18 IndusInd Bank Ltd. India Financials 1.86-0.54-0.17 GF Securities Co., Ltd. China Financials 0.79-8.28-0.14 Aluminum Corporation of China Limited China Materials 0.32-20.93-0.13 Celltrion, Inc. Korea Health Care -0.30 68.52-0.13 Axis Bank Limited India Financials 0.98 12.60-0.12 China Resources Land Limited China Real Estate 0.98-4.63-0.12 Source: Jaffa, FactSet, J.P. Morgan Asset Management, gross of Fees in GBP. 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. Past performance is not an indication of current and future results. 6

Current Fund Positioning 7

Changes in country and sector weightings JPM Asian Investment Trust as of 31 st December 2017 Sector Breakdown () Benchmark MSCI AC Asia ex Japan (NDR) 21.121.6 34.3 36.3 31.7 30.1 28.1 23.4 As of 30/9/2017 As of 31/12/2017 Benchmark* as of 31/12/2017 15.0 0.7 1.1 2.7 12.513.6 5.7 10.9 8.2 9.3 6.1 5.8 6.8 5.9 4.0 4.0 2.3 3.7 4.2 4.6 3.0 4.2 3.2 4.6 2.5 2.5 2.4 1.0 2.2 2.0 1.9 2.8 1.9 1.8 0.0 1.0 0.7 1.2 1.4 0.0 Banks Diversified Financials Insurance Financials Information Consumer Industrials TechnologyDiscretionary Real Estate Health Care Energy Consumer Staples Telecoms Utilities Managed Funds Materials Cash Country Weightings Financials () 34.4 33.4 34.4 19.9 20.4 17.7 12.5 12.8 11.3 13.0 9.3 10.7 8.6 10.1 7.3 5.1 5.1 2.6 As of 30/9/2017 As of 31/12/2017 Benchmark* as of 31/12/2017 3.2 3.2 4.3 2.8 3.1 2.6 1.9 1.8 2.7 0.0 1.0 0.9 0.0 0.0 0.1 0.0 0.0 1.3 1.2 1.4 0.0 China Korea Hong Kong Taiwan India Indonesia Singapore Thailand Vietnam Malaysia Pakistan Philippines Cash * MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management 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. 8

Portfolio strategy JPM Asian Investment Trust as of 31 st December 2017 Benchmark MSCI AC Asia ex Japan (NDR) Key Overweights Country Key Underweights Portfolio Weight Benchmark Weight Portfolio Active Korea 20.4 17.7 +2.7 Indonesia 5.1 2.6 +2.5 Key Sectors Financials (+2.0), Telecommunication Services (+1.3), Information Technology (+1.3) Consumer Discretionary (+2.2), Financials (+1.0), Telecommunication Services (+0.2) Key Stocks Shinhan Financial Group, Samsung Electronics, Samsung Fire & Marine Insurance Astra International, Bank Central Asia, Telekomunikasi Indonesia Vietnam 1.8 0.0 +1.8 Managed Funds (+1.8) JPMorgan Vietnam Opportunities Fund Country Portfolio Weight Benchmark Weight Portfolio Active India 7.3 10.1-2.8 Taiwan 10.7 13.0-2.3 Malaysia 0.9 2.7-1.9 Key Sectors Consumer Discretionary (-1.3), Energy (-1.3), Materials (-1.0) Information Technology (-1.5), Materials (-1.1), Telecommunication Services (-0.5) Financials (-0.4), Utilities (-0.4), Consumer Staples (-0.3) Key Stocks Housing Development Finance, Reliance Industries, Infosys Hon Hai Precision Industry, Taiwan Semiconductor Manufacturing, MediaTek Public Bank, Tenaga Nasional, Malayan Banking Source: J.P. Morgan Asset Management. The holdings represent the current holdings of the fund. 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. Past performance is not an indication of current and future performance. 9

Top 10 holdings JPM Asian Investment Trust as of 31 st December 2017 Stock Name Country Sector Portfolio 30/9/17 Portfolio 31/12/17 Benchmark* 31/12/17 1 Samsung Electronics Korea Information Technology 7.4 7.3 5.6 +1.7 2 Tencent Holdings China Information Technology 7.2 6.7 6.3 +0.5 3 AIA Group Hong Kong Financials 5.4 5.8 2.2 +3.7 4 Alibaba Group Holding China Information Technology 5.6 4.1 4.2-0.1 5 Taiwan Semiconductor Manufacturing Taiwan Information Technology 1.9 3.3 4.0-0.8 6 China Construction Bank China Financials 1.2 3.1 1.6 +1.5 7 HDFC Bank India Financials 3.2 2.8 0.0 +2.8 8 DBS Group Holdings Singapore Financials 2.7 2.7 0.7 +2.0 9 Ping An Insurance China Financials 3.2 2.7 1.2 +1.5 10 Shinhan Financial Group Korea Financials 2.5 2.6 0.4 +2.1 Number of Stocks: Portfolio 66 Top 20 Holdings 61.5 Benchmark 638 Top 30 Holdings 74.8 Active * MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management 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. Past performance is not an indication of current and future performance. 10

Market Outlook 11

Volatility is inherent in Asian Equities MSCI AC Asia ex Japan intra-year declines vs. calendar year returns Despite average intra-year drops of -21 (median: -16), annual returns are positive in 20 of 31 years 100 80 60 40 20-20 -40-60 -80 26 28 27 18 99 2 8 62 Source: FactSet, MSCI, J.P. Morgan Asset Management. Returns are price returns based on MSCI AC Asia ex Japan Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year. Data reflect most recently available as of 31/1/18. Past performance is not an indication of current and future results. 43 14 19 30 37 Calendar year return Intra-year decline YTD 39-18 -6-19 -10-10 -10-11 -11-11-12-5 -20-36 -42-29 -26-14 -11-9 -15-15 -21-20 -18-20 -16-16-15-10 -5-2 -13-30 -30-27 -54-40 -38-46-46-63 68 17 19 0 0 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 3 8 12

Subsequent 12 months return in USD Asia ex Japan: Valuations and returns MSCI AC Asia ex Japan: Price to Book and Returns 120 100 Current level 80 60 40 20 0-20 -40-60 -80 0.80x 1.20x 1.60x 2.00x 2.40x 2.80x Price to Book Ratio Source: FactSet, MSCI, J.P. Morgan Asset Management. Past performance is not indicative of future results. Dots represent monthly data points between January 1997 and January 2018. Data reflect most recently available as of 31 January 2018. 13

Global price-book valuations MSCI Europe Trailing PB MSCI US Trailing PB MSCI Asia ex Japan Trailing PB x 2.8 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 +1sd 2.2 Avg 1.8-1sd 1.5 1.9 x 3.6 3.4 3.2 3.0 2.8 2.6 2.4 2.2 2.0 1.8 1.6 +1sd 3.0 Avg 2.6-1sd 2.2 3.5 x 3.0 2.8 2.6 2.4 2.2 2.0 1.8 1.6 1.4 1.2 +1sd 2.1-1sd 1.4 Avg 1.8 1.9 1.0 04 06 08 10 12 14 16 18 1.4 04 06 08 10 12 14 16 18 1.0 04 06 08 10 12 14 16 18 PB = Price to Book Ratio Source: Thomson Reuters Datastream, Bloomberg. As of 31st January 2018. Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not a reliable indicator of current and future performance. 14

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Strong performance mainly driven by improving earnings and consistent upgrades MSCI Asia Pacific ex Japan earnings growth forecast Consensus EPS growth assumption, MXAPJ 28 2015 2016 24 2017 2018 20 16 12 8 4 0-4 2 years ago 1 year ago Current year Source: Goldman Sachs Investment Research, DataStream, I/B/E/S. MSCI, Data as of 17th January 2018. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. 15

Where are the opportunities in Asia? Earnings per share growth forecasts (, local currency) 50 52.5 2017E 2018E 40 30 27.8 20 10 22.9 11.6 12.5 4.3 23.4 14.7 14.1 6.1 12.6 20.0 14.9 14.1 13.2 5.4 2.0 13.1 6.2 10.5 11.3 10.0 8.9 7.8 7.2 0-0.9-10 APxJ Australia China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Taiwan Thailand Japan Source: Goldman Sachs Global Investment Research, I/B/E/S, MSCI, As of 17th January 2018. Market forecast numbers are derived from bottom-up calculations of each individual MSCI constituents using I/B/E/S estimates in local currencies. Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. 16

Investment objective and risk profile JPMorgan Asian Investment Trust plc Investment Objective Aims to provide capital growth from a diversified portfolio of around 50 to 80 companies quoted on the Asian stock markets, excluding Japan. The Company amended its distribution policy for the year commencing 1 October 2016. The Company pays quarterly dividends equivalent to 1 of its net asset value, set on the last business day of each financial quarter. The Company also has the ability to use gearing up to a maximum level of 20 of net assets to increase potential returns to shareholders. 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 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. 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. Please refer to the Investor Disclosure document for more information relating to the Trust. 17

J.P. Morgan Asset Management This is a marketing communication 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 products or underlying overseas investments. Past performance and yield are not reliable indicators 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. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/jpmpdf/1320694304816.pdf. Investment is subject to documentation (Investment Disclosure Document, Key Features and Terms and Conditions), copies of which can be obtained free of charge from JPMorgan Asset Management (UK) Limited. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP. Material ID: 0903c02a8207103a 18