Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges

Monthly Bulletin May 2018 J.P. Morgan Luxembourg based fund ranges

Performance summary for Equity Fund Range EQUITY US A (dist) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.2 25.2 JPM America Equity A (acc) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.1 25.3 S&P 500 Index (Total Return Net of 30% witholding tax) 0.4-5.9 12.6 32.7 78.3 13.3 16.4 1.1 12.0 21.1 JPM Equity Premium Income A (mth) - USD 2.3-3.7 2.2 - - 1.2 - - - - S&P 500 Index (Total Return Net of 30% witholding tax) 0.4-5.9 12.6 - - 13.3 - - - - JPM Highbridge US STEEP A (acc) - USD 2.0-4.8 8.8 12.0 48.0 6.7 14.2-9.1 11.7 19.3 S&P 500 Index (Total Return Net of 30% witholding tax) 0.4-5.9 12.6 32.7 78.3 13.3 16.4 1.1 12.0 21.1 JPM US Equity All Cap A (acc) - USD 2.6-4.3 15.6 29.9-14.5 16.4-4.9 12.6 - S&P 500 Index (Total Return Net of 30% withholding tax) 0.4-5.9 12.6 32.7-13.3 16.4 1.1 12.0 - A (dist) - USD 4.0-2.9 26.9 41.8 100.5 25.5 15.0-4.7 16.7 22.1 JPM US Growth A (acc) - USD 4.1-2.9 26.9 42.1 101.0 25.5 15.1-4.7 16.7 22.1 Russell 1000 Growth Index (Total Return Net of 30% witholding tax) 0.3-5.1 18.5 41.8 97.7 20.8 15.2 2.0 15.6 22.6 JPM US Opportunistic Long Short Equity A (perf) (acc) USD -0.7-3.4 7.2 - - 10.8 4.5 - - - ICE 1 Month USD LIBOR 0.2 0.4 1.4 - - 1.3 0.6 - - - A (acc) - USD 2.6-6.0 11.3 27.0 72.4 9.7 17.5-4.1 12.0 23.1 JPM US Select Equity A (dist) - USD 2.6-6.1 11.2 26.7 72.1 9.6 17.4-4.0 12.0 23.1 S&P 500 Index (Total Return Net of 30% witholding tax) 0.4-5.9 12.6 32.7 78.3 13.3 16.4 1.1 12.0 21.1 A (dist) - USD 3.0-6.5 11.6 27.6 77.0 9.3 18.9-5.4 14.1 24.2 JPM US Select Equity Plus A (acc) - USD 2.9-6.5 11.6 27.8 77.2 9.4 18.9-5.4 14.1 24.2 S&P 500 Index (Total Return Net of 30% witholding tax) 0.4-5.9 12.6 32.7 78.3 13.3 16.4 1.1 12.0 21.1 A (dist) - USD 2.3 0.5 29.1 45.8 90.1 30.4 30.2-18.1 4.4 27.0 JPM US Small Cap Growth A (acc) - USD 2.3 0.4 29.1 45.7 90.1 30.4 30.2-18.1 4.4 27.0 Russell 2000 Growth Index (Total Return Net of 30% witholding tax) 0.1-1.5 16.4 31.8 82.9 18.4 22.7-12.0 11.9 27.0 A (perf) (dist) - USD 1.9-1.8 8.9 33.9 78.1 10.3 21.9-3.7 9.9 20.7 JPM US Smaller Companies A (perf) (acc) - USD 1.9-1.8 8.9 34.0 78.1 10.3 22.0-3.7 9.9 20.7 Russell 2000 Index (Total Return Net of 30% witholding tax) 0.9-1.9 11.1 30.2 70.8 11.4 25.7-10.1 7.8 24.4 A (dist) - USD 2.0-6.2 7.3 17.9 52.2 5.5 17.1-6.8 10.0 19.5 JPM US Value A (acc) - USD 1.9-6.2 7.2 17.9 52.2 5.6 17.0-6.8 10.0 19.5 Russell 1000 Value Index (Total Return Net of 30% withholding tax) 0.3-6.3 6.7 22.0 59.1 6.2 18.3-2.3 8.6 20.7 EQUITY EUROPE JPM Euroland Dynamic A (perf) (acc) - EUR 5.1-4.0 3.9 9.1 69.7 2.9 16.0-15.0 17.6 38.0 MSCI EMU Index (Total Return Net) 4.9-1.2 4.7 12.4 60.6 2.1 19.8-13.6 20.5 24.0 A (dist) - EUR 4.3-1.8 6.7 17.2 71.5 6.2 17.4-12.0 19.8 27.9 JPM Euroland Equity A (acc) - EUR 4.3-1.8 6.7 17.1 71.3 6.2 17.4-12.0 19.7 28.0 MSCI EMU Index (Total Return Net) 4.9-1.2 4.7 12.4 60.6 2.1 19.8-13.6 20.5 24.0 A (dist) - EUR 3.7-4.6-2.1 2.0 50.3-2.8 15.3-13.1 19.0 27.1 JPM Europe Dynamic A (acc) - EUR 3.7-4.6-2.1 2.0 50.4-2.8 15.3-13.1 19.0 27.0 MSCI Europe Index (Total Return Net) 4.6-1.5 2.4 5.1 46.4-0.4 17.0-13.7 22.0 16.0 A (perf) (dist) - EUR 3.6-0.6 9.9 36.0 110.9 13.7 13.3 3.7 15.3 34.6 JPM Europe Dynamic Small Cap A (perf) (acc) - EUR 3.6-0.6 9.9 36.2 111.1 13.7 13.4 3.7 15.2 34.6 EMIX Smaller Europe (inc UK) Index (Total Return Net) 3.6-1.1 5.4 22.6 86.1 6.4 16.4-3.0 14.5 32.4 A (dist) - EUR 3.4-2.9 2.7 8.1 54.1 1.9 16.1-11.9 20.3 20.6 JPM Europe Equity A (acc) - EUR 3.4-2.9 2.7 8.1 54.1 1.9 16.1-11.9 20.3 20.6 MSCI Europe Index (Total Return Net) 4.6-1.5 2.4 5.1 46.4-0.4 17.0-13.7 22.0 16.0 JPM Europe Equity Absolute Alpha A (perf) (acc) - EUR -1.5-1.7-0.3-2.1-1.3-1.2-3.7 18.4 - ICE 1 Month EUR LIBOR 0.0-0.1-0.4-1.0 - -0.4-0.4-0.1 0.1 - A (perf) (acc) - EUR 3.8-2.0 2.1 7.8 59.7 0.9 15.3-11.3 23.9 24.4 JPM Europe Equity Plus A (perf) (dist) - EUR 3.8-2.0 2.1 7.7 59.5 0.9 15.2-11.3 23.9 24.5 MSCI Europe Index (Total Return Net) 4.6-1.5 2.4 5.1 46.4-0.4 17.0-13.7 22.0 16.0 A (perf) (acc) - EUR 4.0-2.4 1.6 4.5 49.4-0.4 17.0-13.9 21.1 19.9 JPM Europe Select Equity A (perf) (dist) - EUR 4.0-2.4 1.5 4.2 49.0-0.5 16.9-13.9 21.1 19.9 MSCI Europe Index (Total Return Net) 4.6-1.5 2.4 5.1 46.4-0.4 17.0-13.7 22.0 16.0 A (dist) - EUR 3.4-2.0 7.8 30.4 108.9 10.6 14.1 1.3 17.1 36.1 JPM Europe Small Cap A (acc) - EUR 3.4-2.0 7.8 30.3 108.8 10.6 14.1 1.3 17.1 36.1 EMIX Smaller Europe (inc UK) Index (Total Return Net) 3.8-1.1 5.5 22.7 86.3 6.2 16.5-3.0 14.5 32.4 A (acc) - EUR 4.8-1.7 1.8 0.7 43.5-0.6 9.0-10.9 20.4 20.4 JPM Europe Strategic Dividend A (dist) - EUR 4.8-1.7 1.7 0.6 43.4-0.6 8.9-11.0 20.4 20.4 MSCI Europe Index (Total Return Net) 4.6-1.5 2.4 5.1 46.4-0.4 17.0-13.7 22.0 16.0 04/05 USD USD1,819.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 03/17 USD USD4.8 m 0.90%/0.30% max. USD 35,000 USD 5,000 05/08 USD USD613.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 02/14 USD USD1,810.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 10/00 USD USD425.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 10/15 USD USD289.8 m 1.50%/0.30% max. USD 35,000 USD 5,000 07/84 08/07 07/07 09/84 10/00 USD USD1,996.3 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD3,188.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD194.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD1,210.6 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD2,603.3 m 1.50%/0.30% max. USD 35,000 USD 5,000 09/11 EUR EUR693.8 m 1.50%/0.30% max. USD 35,000 USD 5,000 12/00 01/06 01/05 12/88 EUR EUR753.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR1,583.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR880.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR756.4 m 1.50%/0.30% max. USD 35,000 USD 5,000 12/13 EUR EUR206.7 m 1.50%/0.30% max. USD 35,000 USD 5,000 06/07 07/07 08/97 04/94 02/05 EUR EUR4,440.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR1,517.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR931.9 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR3,382.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 1 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 2

Performance summary for Equity Fund Range (continued) EQUITY EUROPE A (dist) - EUR 3.6-2.1 4.5 18.5 86.1 4.9 15.4-5.8 25.9 26.2 JPM Europe Strategic Growth A (acc) - EUR 3.6-2.1 4.4 18.4 85.9 4.9 15.4-5.8 25.9 26.3 MSCI Europe Growth Index (Total Return Net) 3.6-1.7 1.3 6.7 48.1-0.1 12.4-8.6 26.0 10.9 A (dist) - EUR 4.8-2.3 1.9 10.4 57.7 0.4 22.7-14.4 17.4 24.9 JPM Europe Strategic Value A (acc) - EUR 4.7-2.3 1.9 10.5 57.8 0.4 22.8-14.5 17.5 24.9 MSCI Europe Value Index (Total Return Net) 5.6-1.2 3.6 3.1 43.8-0.8 21.6-18.9 17.9 21.3 JPM Europe Sustainable Equity A (acc) - EUR 2.7-3.5 0.4 - - 0.4 - - - - MSCI Europe Index (Total Return Net) 4.6-1.5 2.4 - - -0.4 - - - - EQUITY EMERGING MARKETS JPM Africa Equity A (perf) (acc) - USD 0.0-0.8 25.4-4.8 0.7 30.4 1.2-23.9-4.8 5.4 Dow Jones Africa Titans 50 Index (Total Return Net) C 2.0-1.3 21.1 6.1 23.5 24.8 6.7-18.0 2.5 7.8 A (acc) - USD -2.5-9.5 17.4 17.0-25.0 21.3 31.2-14.9-29.3-19.8 JPM Brazil Equity A (dist) - USD -2.6-9.6 17.3 16.7-25.0 21.4 31.3-15.1-29.3-19.8 MSCI Brazil 10/40 Index (Total Return Net) -4.1-8.8 18.2 28.1-5.2 23.1 41.2-10.5-26.8-12.1 A (dist) - EUR -4.8-10.6-4.0 3.5-9.0 1.8 22.9-8.6 2.0-20.4 JPM Emerging Europe Equity D A (acc) - EUR -4.8-10.6-4.0 3.6-9.0 1.8 22.9-8.6 2.0-20.4 MSCI Emerging Markets Europe Index (Total Return Net) -3.2-9.1-0.4 1.6-5.6 5.5 18.6-9.9-2.1-14.6 JPM Emerging Europe, Middle East A (dist) - USD -4.2-9.8 7.2 5.4-2.1 16.5 14.4-12.5-7.4-5.6 and Africa Equity A (acc) - USD -4.2-9.7 7.2 5.4-2.1 16.6 14.3-12.4-7.4-5.6 MSCI Emerging Markets EMEA Index (Total Return Net) -2.4-8.9 12.4 4.5-1.3 20.1 9.1-11.5-12.0-1.4 JPM Emerging Markets Diversified Equity A (acc) - EUR -0.2-5.8 8.9 9.4 29.6 8.8 27.5-17.6 25.8-12.0 MSCI Emerging Markets (Total Return Net) 1.3-3.9 9.7 10.5 37.5 8.7 24.9-17.1 28.9-8.2 JPM Emerging Markets Dividend A (acc) - USD -1.5-5.9 16.1 11.7 9.3 19.0 14.8-13.0-3.0-1.9 MSCI Emerging Markets Index (Total Return Net) -0.4-6.8 21.7 19.1 26.0 24.9 17.2-12.0 0.4-1.4 A (dist) - USD -1.4-9.7 19.5 27.3 23.2 25.5 19.8-12.5 0.0-4.2 JPM Emerging Markets Equity A (acc) - USD -1.4-9.7 19.4 27.3 23.2 25.5 19.8-12.5 0.0-4.2 MSCI Emerging Markets Index (Total Return Net) -0.4-6.8 21.7 19.1 26.0 24.9 17.2-12.0 0.4-1.4 JPM Emerging Markets Opportunities E A (acc) - USD -0.7-8.8 26.9 21.6 24.2 30.7 20.1-16.2-0.4-2.3 MSCI Emerging Markets Index (Total Return Net) -0.4-6.8 21.7 19.1 26.0 24.9 17.2-12.0 0.4-1.4 JPM Emerging Markets Small Cap A (perf) (acc) - USD -1.0-4.2 18.2 28.9 47.0 21.7 18.0-4.5 10.5 0.3 MSCI Emerging Markets Small Cap Index (Total Return Net) -0.1-5.4 17.2 12.9 22.5 18.6 14.5-9.2 1.1 0.4 A (dist) - USD 3.2 6.4 16.8 0.9 1.0 16.0 3.1-14.2-3.4 2.7 JPM Emerging Middle East Equity A (acc) - USD 3.2 6.4 16.9 0.9 1.0 16.0 3.0-14.2-3.4 2.8 S&P Pan Arab Composite Index (Total Return Net) F 3.7 6.7 19.7 6.7 2.6 18.6 1.3-10.2-6.6 1.5 A (dist) - USD -1.4-8.0 14.5 12.5-14.2 16.6 18.4-10.4-19.8-14.6 JPM Latin America Equity A (acc) - USD -1.4-8.0 14.5 12.5-14.2 16.6 18.4-10.4-19.8-14.6 MSCI Emerging Markets Latin America Index (Total Return Net) -1.3-5.7 17.8 19.6-9.9 19.3 23.3-9.2-20.9-13.8 A (dist) - USD -5.5-8.6 6.3 25.6-2.3 12.1 30.0 2.0-19.3-15.7 JPM Russia A (acc) - USD -5.4-8.6 6.4 25.7-2.2 12.1 30.0 2.1-19.3-15.7 MSCI Russia 10/40 Index (Total Return Net) -5.0-7.3 7.3 23.9 2.6 12.5 27.9 5.5-20.3-13.4 EQUITY ASIA JPM ASEAN Equity A (acc) - USD 0.9-1.5 21.6 24.2 15.0 22.8 10.5-8.6 3.6-8.4 MSCI AC ASEAN Index (Total Return Net) 0.5 0.8-2.9 19.3 13.1 6.3 20.8 5.4-10.9 2.2-6.1 JPM Asia Growth G A (acc) - USD 0.7-7.5 25.1 29.2 40.6 28.2 21.4-13.3 2.8 3.4 MSCI All Country Asia ex Japan Index (Total Return Net) 0.7-5.8 24.0 22.4 46.7 25.8 17.5-11.9 10.7 2.8 JPM Asia Pacific Equity A (dist) - USD 2.2-5.3 26.8 28.1 43.9 27.2 18.1-12.4 8.0 2.5 MSCI All Country Asia Pacific ex-japan Index (Total Return Net) 1.0-5.9 20.0 20.4 35.3 20.7 18.2-11.6 6.3 2.4 A (dist) - USD -1.2-9.3 37.0 13.6 66.1 42.7 15.2-17.9 20.9 4.8 JPM China A (acc) - USD -1.2-9.3 37.0 13.6 66.1 42.7 15.2-17.9 20.9 4.8 MSCI China 10/40 Index (Total Return Net) 0.7-8.4 33.0 12.0 64.6 35.0 19.0-19.2 24.4 2.4 02/00 02/00 12/16 EUR EUR1,047.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR2,679.7 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR213.3 m 1.50%/0.30% max. USD 35,000 USD 5,000 05/08 USD USD223.4 m 1.50%/0.30% max. USD 35,000 USD 5,000 10/07 11/09 07/94 04/97 USD USD250.3 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR431.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD345.3 m 1.50%/0.30% max. USD 35,000 USD 5,000 02/11 USD USD334.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 12/12 USD USD601.4 m 1.50%/0.30% max. USD35,000 USD 5,000 04/94 USD USD7,332.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 10/09 USD USD3,121.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 11/07 USD USD2,143.6 m 1.50%/0.30% max. USD 35,000 USD 5,000 05/98 05/92 11/05 11/05 USD USD159.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD951.9 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD665.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 09/09 USD USD551.7 m 1.50%/0.30% max. USD 35,000 USD 5,000 11/05 USD USD110.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 04/11 USD USD1,109.4 m 1.50%/0.30% max. USD 35,000 USD 5,000 07/94 USD USD1,491.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 3 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 4

Performance summary for Equity Fund Range (continued) EQUITY ASIA JPM China A-Share Opportunities A (acc) - RMB -4.8-10.3 21.8 - - 31.4 4.3 - - - CSI 300 (Net) - - - - - 9.4 9.6 - - - A (dist) - USD -2.3-9.3 30.3 22.0 65.7 38.0 17.1-13.5 15.9 7.5 JPM Greater China A (acc) - USD -2.3-9.3 30.3 22.0 65.7 38.1 17.0-13.5 15.9 7.5 MSCI Golden Dragon Index (Total Return Net) -0.4-7.5 26.3 20.0 62.7 30.2 19.8-13.8 18.6 4.9 A (dist) - USD 0.5-7.7 27.1 13.7 49.9 30.7 16.5-15.5 12.4 4.9 JPM Hong Kong A (acc) - USD 0.4-7.7 27.1 13.7 49.8 30.7 16.6-15.6 12.4 5.0 FTSE MPF Hong Kong Index (Total Return Gross) 2.1-6.5 28.0 16.3 56.3 27.7 20.8-15.3 16.4 2.4 A (dist) - USD 4.6-5.5 12.3 22.4 46.2 10.3 11.0-10.8 28.4 4.3 JPM India A (acc) - USD 4.6-5.5 12.3 22.4 46.2 10.3 11.0-10.8 28.4 4.3 MSCI India 10/40 Index (Total Return Net) 4.1-6.4 12.6 26.6 47.0 10.2 19.0-13.1 21.0 6.6 JPM Indonesia Equity A (acc) - USD -3.5-12.0-1.6 5.0-23.9 4.5 9.9-13.3 4.3-21.8 MSCI Indonesia Index (Total Return Net) -4.6-14.1-0.4 12.3-13.2 7.8 12.5-12.5 6.9-18.2 A (acc) - JPY 0.3-0.7 29.6 30.2 84.3 31.4 0.8-3.3 36.9 21.2 JPM Japan Equity A (dist) - USD -2.4-0.9 32.4 42.6 64.7 38.2 1.4 3.4 17.8 10.5 TOPIX (Total Return Net) 0.6-2.7 20.3 28.8 48.1 21.0 15.3-5.2 11.9 8.0 A (acc) - JPY 3.4-1.8 21.0 15.1 53.7 18.1 13.8-14.3 27.4 14.3 JPM Japan Select Equity A (dist) - JPY 3.4-1.8 21.0 15.1 53.7 18.1 13.8-14.3 27.4 14.3 TOPIX (Total Return Net) 3.6-2.5 18.1 17.7 66.4 15.5 14.3-11.1 30.3 18.3 JPM Japan Strategic Value A (acc) - JPY 3.4-5.9 15.9 13.0 50.0 13.7 16.4-13.7 23.9 15.4 TOPIX (Total Return Net) 3.6-2.5 18.1 17.7 66.4 15.5 14.3-11.1 30.3 18.3 A (acc) - USD 4.9 1.3 29.3 30.9 44.3 23.5 14.4-4.5-5.7 3.7 JPM Korea Equity A (dist) - USD 4.9 1.3 29.3 31.1 44.4 23.7 14.3-4.6-5.7 3.7 Korean Composite Stock Price Index (KOSPI) 2.5-2.0 21.3 18.5 31.9 18.8 10.7-5.1-1.4 3.5 A (dist) - USD -1.1-5.5 21.8 36.3 53.6 27.4 18.8-4.6 8.8 4.3 JPM Pacific Equity A (acc) - USD -1.1-5.5 21.7 36.1 53.3 27.3 18.8-4.7 8.8 4.3 MSCI All Country Asia Pacific Index (Total Return Net) 0.9-4.8 19.7 21.4 37.4 20.3 16.7-9.7 8.1 4.3 A (dist) - USD 2.5-1.5 18.8 14.1 11.8 17.1 12.9-10.3 0.5-5.7 JPM Singapore A (acc) - USD 2.5-1.5 18.8 14.1 11.8 17.1 12.9-10.3 0.5-5.7 FTSE ST All Share Index (Total Return Net) H 4.0 0.3 22.0 12.0 13.8 17.8 9.4-10.8 0.6-2.2 A (dist) - USD -5.2-6.0 13.2 21.3 46.5 22.4 14.8-3.8 2.0 17.1 JPM Taiwan A (acc) - USD -5.2-6.0 13.3 21.3 46.5 22.3 14.8-3.8 2.0 17.1 Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) (Total Return Gross) -3.7-5.5 14.4 26.4 56.8 20.2 24.0-7.8 8.7 13.0 GLOBAL EQUITY JPM Global Dividend A (acc) - USD 2.1-5.1 12.4 19.9 36.8 12.2 9.2-2.3 2.5 13.9 MSCI All Country World Index (Total Return Net) 1.0-5.4 14.2 24.0 53.9 14.9 15.0-4.3 5.4 18.0 A (dist) - USD 2.6-4.8 14.9 21.5 48.8 14.2 13.3-7.2 3.6 19.3 JPM Global Dynamic A (acc) - USD 2.6-4.8 14.8 21.5 48.8 14.1 13.2-7.2 3.6 19.3 MSCI World Index (Total Return Net) 1.2-5.2 13.2 24.4 55.8 13.6 14.8-3.5 6.0 19.1 A (dist) - EUR 3.7-3.9-1.1 10.3 64.7-5.0 28.5-14.2 37.7 8.9 JPM Global Focus A (acc) - EUR 3.7-3.9-1.1 10.3 64.8-5.0 28.5-14.2 37.8 8.9 MSCI World Index (Total Return Net) 3.0-2.2 2.0 15.4 70.0-1.2 22.3-9.0 36.1 10.9 JPM Global Multi Strategy Income A (div) - EUR 1.3-2.4 1.6 5.0 16.4 1.2 8.2-5.3 6.7 6.5 40% Bloomberg Barclays US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to EUR/35% MSCI World Index (Total Return Net) Hedged to EUR/25% Bloomberg Barclays Global Credit Index (Total Return Gross) Hedged to EUR 0.7-2.5 3.3 12.4 30.1 3.6 12.3-3.4 6.9 9.7 A (acc) - USD 2.7-5.5 13.4 26.0 53.2 12.7 16.8-4.6 4.2 17.2 JPM Global Select Equity A (dist) - USD 2.7-5.5 13.4 26.0 53.2 12.7 16.8-4.6 4.2 17.2 MSCI World Index (Total Return Net) 1.2-5.2 13.2 24.4 55.8 13.6 14.8-3.5 6.0 19.1 A (dist) - USD 4.2-5.2 13.7 20.1 52.7 11.7 15.6-8.4 6.2 19.6 JPM Global Socially Responsible A (acc) - USD 4.2-5.3 13.6 20.2 52.7 11.6 15.7-8.5 6.2 19.7 ECPI Ethical Index Global (Total Return Net) 1.4-4.7 16.5 27.3 61.0 16.9 14.9-4.3 6.7 20.0 A (dist) - USD 2.8-7.6 8.7 14.0 46.7 7.5 16.0-7.4 6.5 17.7 JPM Global Unconstrained Equity A (acc) - USD 2.8-7.6 8.7 14.0 46.6 7.5 16.0-7.4 6.5 17.7 MSCI All Country World Index (Total Return Net) I 1.0-5.4 14.2 24.0 52.4 14.9 15.0-4.3 5.4 16.6 10/15 CNH CNH627.9 m 1.50%/0.30% max. USD 35,000 USD 5,000 05/01 05/01 08/95 USD USD640.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD75.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD1,126.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 03/12 USD USD45.9 m 1.50%/0.30% max. USD 35,000 USD 5,000 01/06 11/93 JPY JPY414,541.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 JPY JPY14,845.4 m 1.50%/0.30% max. USD 35,000 USD 5,000 11/07 JPY JPY48,181.8 m 1.50%/0.30% max. USD 35,000 USD 5,000 09/07 05/08 05/01 05/01 USD USD273.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD801.4 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD64.7 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD154.7 m 1.50%/0.30% max. USD 35,000 USD 5,000 11/07 USD USD177.8 m 1.50%/0.30% max. USD 35,000 USD 5,000 12/00 05/03 USD USD398.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR1,740.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 11/11 EUR EUR861.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 04/81 06/00 USD USD342.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD99.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD458.5 m 1.50%/0.30% max. USD 35,000 USD 5,000 5 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 6

Performance summary for Equity Fund Range (continued) Benchmark 2017/ 2016 2015/ 2014/ 2013/ EQUITY SECTOR A (dist) - EUR 3.1-3.1 10.0 43.8 142.6 11.1 24.7 0.3 27.8 32.8 JPM Europe Dynamic Technologies J A (acc) - EUR 3.1-3.1 10.0 43.7 142.6 11.1 24.6 0.3 27.8 32.8 MSCI Europe Investable Market Information Technology 10/40 Index (Total Return Net) 3.8-0.9 11.6 38.0 112.9 10.2 22.3-3.1 24.7 26.0 A (acc) - USD 2.7-5.3 7.9-2.3 64.7 7.0 6.3-16.6 23.3 43.6 JPM Global Healthcare K A (dist) - USD 2.7-5.3 7.9-2.3 64.6 6.9 6.3-16.6 23.3 43.6 MSCI World Healthcare Index (Total Return Net) 1.0-5.6 8.1 9.7 60.7 9.1 8.5-8.3 20.9 26.2 A (dist) - EUR 8.6 0.3 10.4 6.4-0.7-2.7 44.1-25.3-11.7-13.7 JPM Global Natural Resources A (acc) - EUR 8.6 0.2 10.4 6.4-0.7-2.7 44.1-25.4-11.7-13.7 EMIX Global Mining & Energy Index (Total Return Net) L 7.5 0.1 8.9 7.7 9.1-2.6 38.0-21.2 1.7-15.8 JPM Global Real Estate Securities (USD) A (acc) - USD 2.8-0.8 5.8 4.2 9.8 4.5-2.2-3.1 15.6-1.1 FTSE EPRA/NAREIT Developed Index (Total Return Net) M 2.0-2.7 4.1 8.4 16.3 3.2 0.9 0.4 15.2 1.5 A (dist) - USD 2.4-0.1 36.1 70.4 143.8 37.2 29.8-5.7 12.3 24.7 JPM US Technology A (acc) - USD 2.4-0.1 36.2 70.6 144.1 37.2 29.8-5.7 12.3 24.8 Russell 1000 Equal Weight Technology Index (Total Return Net) N -1.2-2.5 26.2 62.2 135.1 30.0 27.3-0.7 12.1 28.7 11/99 10/09 10/09 12/04 09/06 12/97 EUR EUR543.0 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD2,603.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 EUR EUR796.3 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD95.2 m 1.50%/0.30% max. USD 35,000 USD 5,000 USD USD642.9 m 1.50%/0.30% max. USD 35,000 USD 5,000 Please note only the A share classes are shown in this Bulletin. All performance details are based on the NAV of the specified share class with income (gross of tax) reinvested including actual ongoing charges excluding any entry and exit fees. Source: J.P. Morgan The funds are not closely managed with reference to the indices shown. They are a comparator, provided for comparison purposes only, as a means to show how the funds have performed against the broader market. Further information regarding the calculation of the benchmark returns can be obtained from the provider s website. A For certain share classes, an Initial Charge and/or Redemption Charge may be payable in addition to the Annual Management and Advisory Fee and Operating and Administrative Expenses shown in the table above. For more information, please refer to the appropriate prospectus for the relevant share class and speak to your local representative. B Certain share classes may charge a performance fee. Such share classes will be denoted by the inclusion of (perf) in the name of the share class. For information regarding performance fees, please refer to the relevant prospectus. C Prior to 03/07/17 the benchmark was MSCI Emerging and Frontier Markets Africa Index (Total Return Net). D As at 14/07/17 Turkey Equity Fund was merged into this Sub-Fund. E This Sub-Fund has been launched with the assets of the Sub-Fund JPMorgan Lux Funds - Emerging Markets Value Fund which has been merged into the Sub-Fund on 23/10/09. The historical performance shown corresponds to the historical performance of the former Sub-Fund JPMorgan Lux Funds - Emerging Markets Value Fund. F Prior to 01/08/17 the benchmark was MSCI Middle East Index (Total Return Net). G Formerly JPM Asia Fund, the Sub-Fund name was changed on 29/09/17. H Prior to 01/07/16 the benchmark was MSCI Singapore 10/40 Index (Total Return Net). Prior to 30/05/14 the benchmark was MSCI Singapore Index (Total Return Net). I On 01/12/12 the benchmark for the Fund was changed from MSCI World Index to MSCI All Country World Index (Total Return Net). J Formerly JPM Europe Technology Fund, the Sub-Fund name was changed on 29/09/17. K This Sub-Fund has been launched with the assets of the Sub-Fund JPMorgan Investment Funds - Global Healthcare Fund which has been merged into the Sub-Fund on 02/10/09. The historical performance shown corresponds to the historical performance of the former Sub-Fund JPMorgan Investment Funds - Global Healthcare Fund. L Prior to 04.01.16 the benchmark was Euromoney Global Gold, Mining & Energy Index (Total Return Net). M On 01/04/10 the benchmark for the Fund was changed from Global Property Research 250 Index (Total Return Net) to FTSE EPRA/NAREIT Developed Index (Total Return Net). N Prior to 01/10/11 the benchmark was CTN (CSFB Tech Index) (total return gross). Prior to 02/10/17 the benchmark was BofA Merrill Lynch 100 Technology Price Index. Benchmark sources: The S&P 500 Index (Total Return Net of 30% withholding tax) ( Index ) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by JP Morgan Chase Bank N.A. Copyright 2018. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Benchmark source: Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of Russell Investment Group. MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved, in or related to compiling, computing, or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent. Benchmark source: Markit Group. Benchmark source: The Dow Jones Africa Titans 50 Index (Total Return Net) ( Index ) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by J.P. Morgan. Copyright 2018. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC s indices please visit www.spdji.com. S&P is a registered trademark of Standard & Poor s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein. Benchmark source: The S&P Pan Arab Composite Index (Total Return Net) ( Index ) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by JP Morgan Chase Bank N.A. Copyright 2018. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. FTSE is a trade mark of London Stock Exchange Limited and The Financial Times Limited and is used by FTSE International Limited under license. The Products are not sponsored, endorsed, sold or promoted by Bloomberg Barclays Capital, and Bloomberg Barclays Capital makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of any index, any opening, intra-day or closing value therefor, or any data included therein or relating thereto, in connection with any Fund or for any other purpose. Bloomberg Barclays Capital s only relationship to the Licensee with respect to the Products is the licensing of certain trademarks and trade names of Bloomberg Barclays Capital and the Bloomberg Barclays Capital indexes that are determined, composed and calculated by Bloomberg Barclays Capital without regard to Licensee or the Products. 7 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 8

Performance summary for Bond and Balanced Fund Range LIQUIDITY JPM Australian Dollar Liquidity A (acc) - AUD 0.1 0.3 1.2 4.2 8.6 1.2 1.3 1.6 2.1 2.1 Reserve Bank of Australia Interbank Overnight Cash Rate 0.1 0.4 1.5 5.2 10.6 1.5 1.6 2.1 2.5 2.7 JPM Euro Liquidity A (acc) - EUR 0.0-0.1-0.5-1.2-1.2-0.5-0.4-0.2 0.0 0.0 1 Week Euro LIBID -0.1-0.1-0.6-1.4-1.6-0.5-0.5-0.3-0.1 0.0 JPM Euro Money Market A (acc) - EUR -0.1-0.1-0.5-1.2-1.2-0.5-0.4-0.2 0.0 0.0 1 Week Euro LIBID -0.1-0.1-0.6-1.4-1.6-0.6-0.5-0.3-0.1 0.0 JPM Sterling Gilt Liquidity A (acc) - GBP 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Overnight GBP LIBID 0.0 0.1 0.2 0.7 1.4 0.2 0.2 0.4 0.3 0.4 JPM Sterling Liquidity A (acc) - GBP 0.0 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 1 Week GBP LIBID 0.0 0.1 0.2 0.8 1.5 0.2 0.2 0.4 0.4 0.4 JPM US Dollar Government Liquidity A (acc) - USD 0.1 0.2 0.6 0.7 0.7 0.6 0.0 0.0 0.0 0.0 imoneynet Institutional Government Money Fund Index 0.1 0.3 0.8 1.1 1.1 0.8 0.2 0.0 0.0 0.0 JPM US Dollar Liquidity A (acc) - USD 0.1 0.3 1.0 1.3 1.4 0.9 0.3 0.0 0.0 0.0 1 Week USD LIBID 0.1 0.4 1.2 1.8 1.8 1.1 0.4 0.1 0.0 0.0 JPM US Dollar Money Market A (acc) - USD 0.1 0.4 1.1 1.6-1.0 0.4 0.0 - - 1 Week USD LIBID 0.1 0.4 1.2 1.8-1.1 0.4 0.1 - - JPM US Dollar Treasury Liquidity A (acc) - USD 0.1 0.3 0.6 0.7 0.7 0.6 0.0 0.0 0.0 0.0 imoneynet Institutional US Treasury and Repo Money Fund Index 0.0 0.2 0.7 1.0 1.0 0.8 0.2 0.0 0.0 0.0 FIXED INCOME JPM Aggregate Bond A (acc) - USD -0.2-0.2 1.1 4.4 10.9 1.7 0.6 1.3 7.2 1.3 Bloomberg Barclays Global Aggregate Index (Total Return Gross) hgd to USD -0.4 0.2 1.4 6.3 13.8 2.5 1.1 2.4 7.4 1.3 A (dist) - USD 1.2-4.1 6.6 10.1 18.7 6.0 8.5-2.0 9.7-2.1 JPMorgan Asia Pacific Income A (acc) - USD 1.1-4.0 6.6 10.1 18.7 6.0 8.5-2.0 9.7-2.1 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net)/50% J.P. Morgan Asia Credit Index (Total Return Gross) C 0.2-3.7 10.0 15.6 27.7 11.0 11.4-3.6 7.2 1.8 JPM China Bond A (acc) RMB 0.0-0.2 2.7 - - 3.1 3.9 - - - Citigroup Dim Sum Bond Index (Total Return Gross) 0.8 1.4 4.9 - - 4.7 3.2 - - - JPM Diversified Risk A (acc) - USD -0.1-2.2 0.0 4.1 15.0 0.5 5.0-1.9 6.6 5.4 ICE 1 Month USD LIBOR 0.2 0.4 1.4 2.4 2.7 1.3 0.6 0.3 0.2 0.2 JPM Emerging Markets Bond D A (acc) - USD -1.2-3.2 1.4 11.8 12.6 3.9 8.5 1.7 3.1-0.9 J.P. Morgan Emerging Markets Bond Index Global Diversified (Total Return Gross) E -1.5-3.1 1.3 14.8 20.4 4.3 8.9 4.2 5.7 0.6 JPM Emerging Markets Corporate Bond A (acc) - USD -0.4-2.1 1.3 9.8 13.0 2.6 8.6 0.6 3.2-0.6 J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified (Total Return Gross) -0.7-1.9 1.8 13.1 20.3 3.7 8.7 2.8 4.5 1.2 JPM Emerging Markets Debt A (acc) - USD -1.2-3.3 1.3 12.0 12.6 3.9 8.6 1.7 3.2-1.1 J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) F -1.7-3.8-1.0 9.5 14.1 2.1 7.1 3.4 5.3 0.2 A (acc) - USD -1.0-2.9 0.0 4.1 6.5 1.6 3.8 0.2 6.3-2.1 JPM Emerging Markets Investment Grade Bond A (dist) - USD -1.0-2.9 0.0 4.1 6.5 1.6 3.8 0.1 6.3-2.1 50% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade Index (Total Return Gross) 50% J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified Investment Grade Index (Total Return Gross) -1.0-2.5 0.7 7.9 13.4 2.6 4.8 2.0 8.0-0.8 JPM Emerging Markets Local Currency Debt A (acc) - USD -3.1-3.6 7.0 4.8-15.6 11.6 3.4-3.5-11.8-8.2 J.P. Morgan Government Bond Index - Emerging Markets Global Index Diversified (Total Return Gross) G -3.0-3.0 8.4 10.5-9.3 13.0 5.5-1.7-11.1-7.1 JPM Emerging Markets Strategic Fund A (perf) (acc) - USD -1.3-3.2 2.2 6.7 9.0 4.7 7.3-2.4 1.9 0.6 ICE 1 Month USD LIBOR 0.2 0.4 1.4 2.4 2.7 1.3 0.6 0.3 0.2 0.2 10/10 AUD AUD675.7 m 0.40%/0.15% AUD 50,000 AUD 5,000 0 1/95 EUR EUR12,471.4 m 0.40%/0.15% EUR 50,000 EUR 5,000 EUR EUR223.5 m 0.25%/0.20% max. USD 35,000 USD 5,000 12/08 GBP GBP51.9 m 0.40%/0.15% GBP 30,000 GBP 3,000 04/96 GBP GBP10,737.5 m 0.40%/0.15% GBP 30,000 GBP 5,000 03/09 USD USD2,139.9 m 0.40%/0.15% USD 50,000 USD 5,000 01/87 USD USD92,984.7 m 0.40%/0.15% USD 50,000 USD 5,000 06/14 USD USD466.0 m 0.25%/0.20% max. USD 35,000 USD 5,000 11/03 USD USD32,836.0 m 0.40%/0.15% USD 50,000 USD 5,000 11/09 USD USD3,182.2 m 0.80%/0.20% max. USD 35,000 USD 5,000 06/01 USD USD2,851.1 m 1.50%/0.30% max. USD 35,000 USD 5,000 06/15 CHN CHN84.4 m 1.00%/0.20% max. USD 35,000 USD 5,000 02/13 USD USD291.9 m 1.25%/0.30% max. USD 35,000 USD 5,000 04/93 USD USD496.3 m 1.15%/0.30% max. USD 35,000 USD 5,000 07/10 USD USD2,640.0 m 1.00%/0.30% max. USD 35,000 USD 5,000 04/10 USD USD2,247.8 m 1.15%/0.30% max. USD 35,000 USD 5,000 11/10 10/12 USD USD552.7 m 0.80%/0.30% max. USD 35,000 USD 5,000 01/08 USD USD2,571.5 m 1.00%/0.30% max. USD 35,000 USD 5,000 04/11 USD USD1,243.9 m 1.00%/0.40% max. USD 35,000 USD 5,000 9 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 10

Performance summary for Bond and Balanced Fund Range (continued) FIXED INCOME JPM EU Government Bond A (acc) - EUR -0.4 1.1 2.4 2.6 17.7 3.2-2.0 0.5 13.5 5.4 J.P. Morgan EMU Government Investment Grade Bond Index (Total Return Gross) H -0.4 1.4 2.2 3.3 19.5 3.2-1.8 0.9 13.9 5.8 JPM Euro Aggregate Bond A (acc) - EUR -0.2 0.6 1.0 0.8 13.0 1.6-1.0-0.7 10.7 4.6 Bloomberg Barclays Euro Aggregate Index (Total Return Gross) -0.3 0.9 1.6 3.3 16.8 2.4-0.6 0.7 11.2 4.9 JPM Euro Corporate Bond A (acc) - EUR 0.1-0.5 1.0 3.5 13.1 1.4 2.0-0.4 7.1 3.8 Bloomberg Barclays Euro Aggregate Corporate Index (Total Return Gross) 0.0-0.1 1.2 5.4 15.7 1.7 2.5 0.5 7.3 4.2 JPM Euro Government Short Duration Bond A (acc) - EUR -0.1 0.0-0.3-0.5 1.9-0.1-0.4 0.0 1.4 2.1 J.P. Morgan EMU Government Investment Grade Bond 1-3 Year Index (Total Return Gross) I -0.1 0.1-0.1 0.3 3.3 0.1-0.1 0.5 1.4 2.2 JPM Europe High Yield Bond A (acc) - EUR 0.6-0.4 2.3 11.4 28.0 2.8 7.5 0.8 5.7 10.5 ICE BofAML Euro Non-Financial High Yield Constrained Index (Total Return Gross) J 0.6-0.3 3.3 13.3 30.3 3.8 9.6-0.4 6.1 10.1 JPM Europe High Yield Short Duration Bond A (acc) - EUR 0.4 0.1 1.5 - - 1.9 - - - - ICE BofAML Euro Developed Markets High Yield ex-financials BB-B 1-3 year 3% Constrained Index (Total Return Gross) 0.5 0.2 2.7 - - 2.7 - - - - JPM Financials Bond A (acc) - EUR -0.4-2.4 0.1 4.3 13.0 1.3 3.9-0.8 6.8 3.7 33% Bloomberg Barclays Global Aggregate Corporate Senior Financials Index (Total Return Gross) Hedged to EUR/67% Bloomberg Barclays Global Aggregate Corporate Subordinated Financials Index (Total Return Gross) Hedged to EUR -0.5-2.1 0.3 6.3 15.1 1.8 3.8 0.6 6.8 3.4 JPM Flexible Credit A (acc) - USD 0.3-1.2 2.5 8.2 16.3 3.1 6.9-2.3 5.3 3.7 Bloomberg Barclays Multiverse Corporate Index (Total Return Gross) Hedged to USD K -0.3-1.2 1.9 9.2 17.6 3.2 5.9 0.2 5.4 4.0 JPM Global Aggregate Bond A (acc) - USD -1.4-1.8 3.7 5.3 2.3 6.4-2.5 3.6-3.5 1.8 Bloomberg Barclays Global Aggregate Index (Total Return Gross) -1.6-1.4 4.1 6.8 4.5 7.0-1.9 4.6-3.7 1.9 JPM Global Bond Opportunities A (acc) - USD -0.3-1.2 2.5 9.3 19.1 3.3 7.4-1.0 5.1 5.2 Bloomberg Barclays Multiverse Index (Total Return Gross) Hedged to USD -0.3 0.2 1.6 7.0 14.6 2.7 1.8 2.3 7.1 1.6 JPM Global Capital Structure Opportunities A (acc) EUR 0.3-2.0 3.1 3.0-2.7 6.5-5.6 - - 80% Bloomberg Barclays Global Aggregate Corporate Index (Total Return Gross) Hedged to EUR/20% MSCI World Index (Total Return Net) Hedged to EUR -0.2-2.4 1.1 6.7-2.2 5.0-0.6 - - A (dist) - EUR 1.0-1.7 3.0 1.5 21.1 3.5 4.5-6.0 6.4 13.2 JPM Global Convertibles (EUR) A (acc) - EUR 1.0-1.7 3.0 1.5 21.2 3.4 4.6-6.1 6.4 13.2 Thomson Reuters Global Focus Convertible Bond Index (Total Return Gross) Hedged to EUR 0.3-1.9 0.9 3.4 23.7 1.6 7.3-3.4 5.6 12.9 JPM Global Convertibles Conservative L A (acc) - USD 0.8-1.1 5.2 5.8 25.0 5.6 6.8-5.9 5.8 13.7 Thomson Reuters Global Focus Convertible Bond Index (Total Return Gross) Hedged to USD 0.5-1.3 2.8 5.6 26.5 3.4 7.0-3.0 5.7 13.0 JPM Global Corporate Bond A (acc) - USD -0.4-1.7 1.3 6.4 12.8 2.6 3.4 0.0 7.2 1.6 Bloomberg Barclays Global Aggregate A (dist) - USD -0.4-1.7 1.4 6.4 12.9 2.6 3.4 0.0 7.2 1.6 Corporate Index (Total Return Gross) Hedged to USD -0.5-1.2 1.5 8.3 16.0 3.0 4.0 1.0 7.1 2.3 Global Corporate Bond Duration-Hedged M A (acc) - USD 0.5-1.1 3.1 5.9 8.5 3.0 4.7-2.0 0.1?? Bloomberg Barclays Global Aggregate Corporate Duration Hedged Index (Total Return Gross) Hedged to USD 0.3-0.8-6.9-4.0-0.9-7.0 4.9-1.8-0.1?? JPM Global Government Bond A (acc) - EUR -0.5 0.2-0.2 1.3 8.0 0.8-1.7 2.0 8.3 0.3 J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to EUR -0.7 0.1-0.7 1.5 9.1 0.5-1.7 2.6 8.5 0.9 10/08 EUR EUR871.5 m 0.40%/0.20% max. USD 35,000 USD 5,000 11/09 EUR EUR59.9 m 0.70%/0.20% max. USD 35,000 USD 5,000 02/09 EUR EUR107.6 m 0.80%/0.20% max. USD 35,000 USD 5,000 02/09 EUR EUR156.7 m 0.35%/0.15% max. USD 35,000 USD 5,000 EUR EUR777.9 m 0.75%/0.20% max. USD 35,000 USD 5,000 01/17 EUR EUR174.1 m 0.75%/0.20% max. USD 35,000 USD 5,000 06/04 EUR EUR375.5 m 1.25%/0.20% max. USD 35,000 USD 5,000 01/10 USD USD575.4 m 0.80%/0.20% max. USD 35,000 USD 5,000 04/05 USD USD191.2 m 0.80%/0.20% max. USD 35,000 USD 5,000 02/13 USD USD5,793.4 m 1.00%/0.20% max. USD 35,000 USD 5,000 02/15 EUR EUR21.7 m 1.25%/0.20% max. USD 35,000 USD5,000 05/01 EUR EUR1,812.5 m 1.25%/0.30% max. USD 35,000 USD 5,000 06/04 USD USD389.1 m 1.25%/0.30% max. USD 35,000 USD 5,000 02/09 08/12 USD USD5,235.3 m 0.80%/0.20% max. USD 35,000 USD 5,000 07/17 USD USD218.4 m 0.80%/0.20% max. USD 35,000 USD 5,000 02/09 EUR EUR724.7 m 0.40%/0.20% max. USD 35,000 USD 5,000 11 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 12

Performance summary for Bond and Balanced Fund Range (continued) FIXED INCOME JPM Global Government Short Duration Bond A (acc) - EUR -0.2-0.4-1.4-2.1-0.8-1.2-0.7 0.0 1.0 0.6 J.P. Morgan Government Bond Index 1-3 Year (Total Return Gross) Hedged to EUR -0.2-0.3-1.5-1.9-0.4-1.3-0.8 0.4 1.0 0.7 A (acc) - USD 0.9-0.7 3.2 12.6 20.2 3.2 13.9-4.2 1.2 6.2 JPM Global High Yield Bond A (dist) - USD 0.9-0.7 3.1 12.2 19.8 3.1 13.8-4.2 1.2 6.1 ICE BofAML US High Yield Master II Constrained Index (Total Return Gross) N 0.5-1.5 0.9 10.4 19.7 1.4 15.1-4.8 1.8 7.2 A (div) - EUR 1.1-2.5 1.6 5.5 18.1 1.2 8.4-4.4 7.9 6.2 JPM Global Income A (acc) - EUR 1.1-2.5 1.6 5.5 18.1 1.2 8.4-4.4 7.9 6.2 40% Bloomberg Barclays US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to EUR/35% MSCI World Index (Total Return Net) Hedged to EUR/25% Bloomberg Barclays Global Credit Index (Total Return Gross) Hedged to EUR O 0.7-2.5 3.3 12.4 30.1 3.6 12.3-3.4 6.9 9.7 JPM Global Income Conservative A (acc) - EUR 0.2-2.2 1.4 - - 1.7 - - - - 55% Bloomberg Barclays Global Aggregate Index (Total Return Gross) Hedged to EUR / 30% Bloomberg Barclays US Corporate High Yield 2% Issuer Capped Index (Total Return Gross) Hedged to EUR / 15% MSCI World Index (Total Return Net) Hedged to EUR 0.1-1.3 1.1 - - 1.8 - - - - JPM Global Short Duration Bond A (acc) - USD 0.1 0.2 0.8 2.2 3.4 0.9 0.7 0.4 0.7 0.8 Bloomberg Barclays Global Aggregate 1-3 Years Index (Total Return Gross) Hedged to USD 0.1 0.3 1.1 3.5 5.8 1.2 1.2 1.1 1.3 1.1 JPM Global Strategic Bond A (acc) - USD 0.0-0.8 1.7 4.9 8.0 1.9 4.1-0.9 1.3 2.7 ICE Overnight USD LIBOR 0.2 0.4 1.3 2.1 2.3 1.2 0.5 0.2 0.1 0.1 JPM Income A (acc) - USD 0.2-0.8 3.2 9.5-3.7 7.6-1.3 - - Bloomberg Barclays US Aggregate Bond Index (Total Return Gross) -0.7-1.1-0.3 3.2-1.2 0.4 2.0 - - JPM Italy Flexible Bond A (perf) (acc) - EUR -0.1-0.4 0.2 1.0 6.9 0.5 0.3 0.2 2.7 5.9 ICE BofAML Italian Government 1-3 year Index (Total Return Gross) -0.1 0.2 0.9 1.7 7.3 1.1 0.0 0.7 2.2 4.8 JPM Latin America Corporate Bond P A (acc) - USD - - - - - - - - - - J.P. Morgan Corporate Emerging Markets Bond Index Diversified Latin America Index (Total Return Gross) - - - - - - - - - - JPM Managed Reserves A (acc) - USD 0.2 0.3 1.1 2.3 2.9 0.9 0.8 0.4 0.2 0.3 ICE BofAML US 3-month Treasury Bill Index (Total Return Gross) 0.1 0.4 1.2 1.7 1.8 1.1 0.4 0.1 0.0 0.1 JPM Multi-Asset Italy PIR P A (acc) - EUR - - - - - - - - - - 34% FTSE MIB (Total Return Net)/ 21% FTSE Italia Mid Cap (Total Return Net) / 12% Bank of America Merrill Lynch Euro Corporate 1-3 Years (Total Return Gross) / 13% ICE BofAML Euro Developed Markets Non-Financial High Yield Constrained Index (Total Return Gross) / 20% Bloomberg Barclays Global Aggregate Index (Total Return Gross) Hedged to EUR - - - - - - - - - - JPM Multi-Manager Alternatives A (acc) USD 0.1-1.0 1.7 - - 2.0 1.8 - - - ICE 1 Month USD LIBOR 0.2 0.4 1.4 - - 1.3 0.6 - - - A (dist) - GBP -0.5-1.2-0.3 15.8 27.6 0.6 12.5-1.0 20.0-0.6 JPM Sterling Bond A (acc) - GBP -0.5-1.1-0.3 15.8 27.4 0.5 12.5-1.0 19.8-0.6 Bloomberg Barclays Sterling Non-Gilt 10+ Year Index (Total Return Gross) -0.5-0.6 0.6 17.5 32.6 1.7 13.5-0.6 19.6 1.0 JPM Sterling Managed Reserves A (acc) - GBP 0.1 0.0 0.0 - - -0.1 - - - - ICE BofAML Sterling 3-Month Government Bill Index (Total Return Gross) 0.0 0.0 0.3 - - 0.3 - - - - JPM Total Emerging Markets Income A (acc) - USD -2.0-5.3 12.7 10.2-16.0 10.8-10.0-4.0-50% MSCI Emerging Markets Index (Total Return Net) / 25% J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) / 15% Emerging Market Bond Index Global Diversified (Total Return Gross) / 10% Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) 0.5-1.8 2.0 7.8-1.4 19.5-10.9 26.6 - JPM US Aggregate Bond A (acc) - USD -0.8-1.2-0.6 2.0 4.8 0.9 0.1 1.4 4.9-1.0 Bloomberg Barclays US Aggregate Index (Total Return Gross) -0.7-1.1-0.3 3.2 7.6 1.2 0.4 2.0 5.7-0.1 02/09 EUR EUR72.6 m 0.35%/0.15% max. USD 35,000 USD 5,000 09/08 10/12 12/08 03/13 USD USD6,081.9 m 0.85%/0.30% max. USD 35,000 USD 5,000 EUR EUR25,160.0 m 1.25%/0.20% max. USD 35,000 USD 5,000 10/16 EUR EUR805.5 m 1.25%/0.20% max. USD 35,000 USD 5,000 07/09 USD USD647.1 m 0.60%/0.20% max. USD 35,000 USD 5,000 06/10 USD USD1,739.5 m 1.00%/0.20% max. USD 35,000 USD 5,000 06/14 USD USD143.0 m 1.00%/0.20% max. USD 35,000 USD 5,000 07/12 EUR EUR192.5 m 1.00%/0.20% max. USD 35,000 USD 5,000 07/17 USD USD44.3 m 1.00%/0.30% max. USD 35,000 USD 5,000 06/10 USD USD2,421.9 m 0.40%/0.20% max. USD 35,000 USD 5,000 07/17 EUR EUR27.9 m 1.25%/0.20% max. USD 35,000 USD 5,000 01/16 U SD USD212.6 m 0.50%/0.30% max. USD 35,000 USD 5,000 03/92 08/16 GBP GBP62.1 m 0.90%/0.20% max. USD 35,000 USD 5,000 GBP GBP175.9 m 0.40%/0.20% max. USD 35,000 USD 5,000 09/13 USD USD225.7 m 1.25%/0.30% max. USD 35,000 USD 5,000 USD USD3,052.2 m 0.90%/0.20% max. USD 35,000 USD 5,000 13 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 14

Performance summary for Bond and Balanced Fund Range (continued) FIXED INCOME JPM US Bond A (acc) - USD -0.5-1.4-0.6 2.4 6.1 0.4 1.9 0.2 5.0 0.2 Bloomberg Barclays US Aggregate Index (Total Return Gross) -0.7-1.1-0.3 3.2 7.6 1.2 0.4 2.0 5.7-0.1 JPM US Corporate Bond A (acc) - USD -0.8-2.5 0.5 - - 2.3 - - - - Bloomberg Barclays U.S. Corporate Investment Grade Index (Total Return Gross) -0.9-2.3 0.7 - - 2.7 - - - - JPM US High Yield Plus Bond A (acc) - USD 0.6-1.2 2.3 10.3 17.2 2.8 14.1-5.5 1.6 5.8 Bloomberg Barclays US Corporate High-Yield 2% Issuer Capped Index (Total Return Gross) 0.7-0.8 3.3 15.7 26.2 3.8 16.4-3.7 2.0 7.5 JPM US Short Duration Bond A (acc) - USD -0.1-0.2-0.4 0.4 1.0-0.2 0.3 0.4 0.8 0.0 Bloomberg Barclays US Government/Credit 1-3 Year Index (Total Return Gross) -0.1 0.0-0.1 1.8 3.6 0.2 0.7 1.0 1.1 0.7 TOTAL AND ABSOLUTE RETURN JPM Asian Total Return Bond A (acc) - USD -0.8-2.2 1.2 - - 2.3 2.9 - - - ICE 1 Month USD LIBOR 0.2 0.4 1.4 - - 1.3 0.6 - - - JPM Global Absolute Return Bond A (acc) - USD 0.4 1.3 2.5 2.3 2.6 1.3 1.6-1.1 0.5 0.4 ICE Overnight USD LIBOR 0.2 0.4 1.3 2.1 2.3 1.2 0.5 0.2 0.1 0.1 JPM Global Macro Q A (acc) - USD 0.3-0.7 13.4 10.5 29.0 13.3-4.4-0.9 16.3 5.3 ICE 1 Month USD LIBOR 0.2 0.4 1.4 2.4 2.7 1.3 0.6 0.3 0.2 0.2 A (acc) - EUR -0.1-2.4 5.6 1.0 17.6 6.6-4.6-1.8 13.2 6.1 JPM Global Macro Balanced R A (dist) - EUR -0.1-2.4 5.6 1.0 17.6 6.6-4.6-1.8 13.2 6.1 70% JPM Government Bond Index Global (Total Return Gross) Hedged to EUR/ 30% MSCI World Index (Total Return Net) Hedged to EUR S - - - - - 2.8 3.4 0.5 10.0 6.0 A (acc) - EUR 0.3-1.9 18.0 13.4 43.2 18.1-7.4 0.5 23.4 8.1 JPM Global Macro Opportunities T A (dist) - EUR 0.3-1.9 18.0 13.4 42.9 18.1-7.4 0.5 23.2 8.0 ICE 1 Month Euro LIBOR 0.0-0.1-0.4-1.0-0.8-0.4-0.4-0.2 0.1 0.1 JPM Income Opportunity A (perf) (acc) - USD 0.6 0.3 1.6 6.2 7.3 1.4 7.7-3.0-0.5 1.4 ICE Overnight USD LIBOR 0.2 0.4 1.3 2.1 2.3 1.2 0.5 0.2 0.1 0.1 JPM Systematic Alpha A (acc) - EUR -0.4-3.2-7.3-5.8-2.6-6.6-0.3 0.3 0.9 3.8 ICE 1 Month Euro LIBOR 0.0-0.1-0.4-1.0-0.8-0.4-0.4-0.2 0.1 0.1 BALANCED A (acc) - EUR 0.8-3.4 6.2 8.8 27.7 6.4 4.1-3.2 12.5 6.0 JPM Global Balanced A (dist) - EUR 0.8-3.4 6.2 8.8 27.7 6.4 4.1-3.2 12.5 6.0 50% J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to EUR/45% MSCI World Index (Total Return Net) Hedged to EUR/5% MSCI Emerging Markets Index (Total Return Net) U 0.6-2.1 4.1 10.5 30.9 4.3 7.3-1.6 11.8 6.9 05/97 USD USD201.2 m 0.90%/0.20% max. USD 35,000 USD 5,000 10/16 USD USD42.0 m 0.80%/0.20% max. USD 35,000 USD 5,000 03/12 USD USD199.9 m 1.00%/0.20% max. USD 35,000 USD 5,000 12/10 USD USD758.2 m 0.60%/0.20% max. USD 35,000 USD 5,000 03/16 USD USD20.0 m 1.00%/0.30% max. USD 35,000 USD 5,000 10/10 USD USD90.4 m 1.00%/0.20% max. USD 35,000 USD 5,000 11/05 USD USD815.9 m 1.25%/0.20% max. USD 35,000 USD 5,000 09/95 06/06 10/98 06/06 EUR EUR229.4 m 1.25%/0.20% max. USD 35,000 USD 5,000 EUR EUR5,235.9 m 1.25%/0.20% max. USD 35,000 USD 5,000 10/08 USD USD3,390.6 m 1.00%/0.20% max. USD 35,000 USD 5,000 07/09 EUR EUR1,577.2 m 1.50%/0.40% max. USD 35,000 USD 5,000 07/95 EUR EUR1,804.9 m 1.45%/0.20% max. USD 35,000 USD 5,000 15 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 16

Performance summary for Bond and Balanced Fund Range (continued) Please note only the A share classes are shown in this Bulletin. All performance details are based on the NAV of the specified share class with income (gross of tax) reinvested including actual ongoing charges excluding any entry and exit fees. Source: J.P. Morgan The funds are not closely managed with reference to the indices shown. They are a comparator, provided for comparison purposes only, as a means to show how the funds have performed against the broader market. Further information regarding the calculation of the benchmark returns can be obtained from the provider s website. A For certain share classes, an Initial Charge and/or Redemption Charge may be payable in addition to the Annual Management and Advisory Fee and Operating and Administrative Expenses shown in the table above. For more information, please refer to the appropriate prospectus for the relevant share class and speak to your local representative. B Certain share classes may charge a performance fee. Such share classes will be denoted by the inclusion of (perf) in the name of the share class. For information regarding performance fees, please refer to the relevant prospectus. C On 14/06/12 the benchmark of the Fund was changed from 50% Morgan Stanley Capital International All Country Pacific Index (Total Return Net) / 50% J.P. Morgan Asia Credit Index (Total Return Gross) to 50% Morgan Stanley Capital International All Country Asia Pacific ex Japan Index (Total Return Net)/50% J.P. Morgan Asia Credit Index (Total Return Gross). D This Sub-Fund has been launched with the assets of the Sub-Fund JPMorgan Lux Funds - Emerging Markets Bond Fund which has been merged into the Sub-Fund on 30/10/09. The historical performance shown corresponds to the historical performance of the former Sub-Fund JPMorgan Lux Funds - Emerging Markets Bond Fund. E On 30/04/10 the benchmark for the fund was changed from JPM Emerging Markets Bond Index Global Gross to J.P. Morgan Emerging Markets Bond Index Global Diversified (Total Return Gross). F On 04/06/11 the benchmark for the Fund was changed from J.P. Morgan Emerging Markets Bond Index Global Diversified, hedged into EUR (Total Return Gross) to J.P. Morgan Emerging Markets Bond Index Global Diversified, hedged into USD (Total Return Gross). From 01/06/07 to 01/08/10 the benchmark for this Fund was J.P. Morgan Emerging Markets Bond Index Plus, hedged into EUR (Total Return Gross). Prior to 01/06/07 there was no index that accurately reflected the Fund s portfolio. G On 02/08/10 the benchmark for this Fund was changed from J.P. Morgan Government Bond Index Emerging Markets Global Index (Total Return Gross) to J.P. Morgan Government Bond Index Emerging Markets Global Index, Diversified (Total Return Gross). H On 01/07/10 the benchmark for the Fund changed from - J.P. Morgan EMU Bond Index, in EUR (Total Return Gross) to J.P. Morgan EMU Government Bond Investment Grade Index, in EUR (Total Return Gross). I On 01/07/10 the benchmark for the Fund changed from J.P. Morgan EMU Government Bond Index 1-3 years, in EUR (Total Return Gross) to J.P. Morgan EMU Government Bond Investment Grade Index 1-3 years, in EUR (Total Return Gross). J K On 18/02/12 the benchmark was changed from BofAML Europe High Yield Constrained Index to BofAML Euro Non-Financial High Yield Constrained Index. On 01/04/10 part of the element of the composite benchmark for the Fund changed from 10% Global Property Research 250 (Total Return Net) hedged into EUR to 10% FTSE EPRA/NAREIT Developed Index (Total Return Net) hedged into EUR. On 01/03/11 the composite benchmark changed from 10% Emerging Markets Global hedged to Euro, 45% BofA Merrill Lynch High Yield BB-B constrained hedged Euro, 10% FTSE EPRA/NAREIT Developed Index hedged Euro, 25% MSCI World hedged Euro and 10% Citigroup Euro Broad Investment Grade to 40% Barclays US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to EUR / 35% MSCI World Index (Total Return Net) Hedged to EUR / 25% Barclays Global Credit Index (Total Return Gross) Hedged to EUR. L Prior to 26/10/15 the benchmark was 67% Barclays Global Aggregate Corporate Index (Total Return Gross) Hedged to USD / 33% BofAML US High Yield Master II Constrained Index (Total Return Gross). M Formerly JPM Global Convertibles Fund (USD), the sub-fund name was changed on 02/02/18. N O P On 31/07/17 JPM Global Corporate Bond A (acc) - USD Duration (hedged) merged into JPM Global Corporate Bond Duration-Hedged A (acc) - with the assets of the latter, which was launched on 31/07/17. The historical performance shown corresponds to the historical performance of the former sub-fund JPM Global Corporate Bond A (acc) - USD Duration (hedged). Prior to 30/06/05 the benchmark for the Fund was Merrill Lynch High Yield US BB-B hedged into EUR. On 04/01/10 the benchmark was changed to Merrill Lynch US High Yield Master II Constrained Index (Total Return Gross). Local regulation does not allow us to show the performance on funds less than a year old. Q Formerly JPM Global Capital Preservation Fund (USD), the Sub-Fund name was changed on 01/04/16. R Formerly JPM Global Conservative Balanced Fund, the sub-fund name was changed on 01/07/16. S Prior to 01/05/05 the benchmark for the Fund was 25% MSCI (custom)/45% JPM GBI hedged EUR/30% JPM EUR Cash. On 01/05/05 the benchmark for the Fund was changed from 25% / MSCI (custom) / 45% JPM GBI hedged EUR / 30% JPM EUR Cash to BBA 1 Month EUR LIBOR. On 21/08/13 the benchmark for the Fund was changed to 70% JPM Government Bond Index Global (Total Return Gross) Hedged to EUR / 30% MSCI World Index (Total Return Net) Hedged to EUR. T Formerly JPM Global Capital Appreciation Fund, the sub-fund name was changed 14/12/15. U On 15/11/13 the benchmark for the Fund was changed from 40% J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to EUR / 25% MSCI Europe Index (Total Return Net) / 15% MSCI US Index (Total Return Net) / 10% J.P. Morgan Cash 1 Month EUR / 6% MSCI Japan Index (Total Return Net) / 4% MSCI Emerging Markets Index (Total Return Net) to 50% J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to EUR / 45% MSCI World Index (Total Return Net) Hedged to EUR / 5% MSCI Emerging Markets Index (Total Return Net). Benchmark sources: The Products are not sponsored, endorsed, sold or promoted by Bloomberg Barclays Capital, and Bloomberg Barclays Capital makes no warranty, express or implied, as to the results to be obtained by any person or entity from the use of any index, any opening, intra-day or closing value therefor, or any data included therein or relating thereto, in connection with any Fund or for any other purpose. Bloomberg Barclays Capital s only relationship to the Licensee with respect to the Products is the licensing of certain trademarks and trade names of Bloomberg Barclays Capital and the Bloomberg Barclays Capital indexes that are determined, composed and calculated by Bloomberg Barclays Capital without regard to Licensee or the Products. MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved, in or related to compiling, computing, or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent. 2018 Citigroup Index LLC. All Rights Reserved. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan s prior written approval. Copyright 2018, J.P. Morgan Chase & Co. All rights reserved. The index data referenced herein is the property of Merrill Lynch, Pierce, Fenner & Smith Incorporated (BofAML) and/or its licensors and has been licensed for use by JP Morgan Chase Bank N.A. BofAML and its licensors accept no liability in connection with its use. Benchmark source: UBS 2018. All rights reserved. The name UBS Global Convertible Bond Index and the names of the related UBS AG sub-indices (together the UBS Convertible Indices ) are proprietary to UBS AG ( UBS ). UBS and Reuters Limited, a Thomson Reuters company (the UBS Indices Calculation Agent) are together the Index Parties. The Index Parties do not warrant or represent or provide any guarantee, express or implied, either as to the results to be obtained using the benchmark of the UBS Convertible indices or otherwise or the figures or levels at which the UBS Convertible Indices stand at any particular day. In addition, the Index Parties give no assurance regarding any modification or change in any methodology used in calculating the UBS Convertible indices and are under no obligation to continue the calculation, publication and dissemination of the UBS Convertible Indices. Furthermore, the Index Parties make no representation or warranty and provide no guarantee, express or implied, to any person with respect to the accuracy or completeness of the UBS Convertible Indices or their computation and compilation of the UBS Convertible Indices, including but not limited to, any information or data related thereto or contained therein. The rules and/or guidelines of the UBS Convertible Indices, the process and basis of computation and compilation of the UBS Convertible Indices and the related formulae, constituent benchmarks and other relevant factors may at any time be changed or altered by the Index Parties without notice and at the Index Parties sole discretion. FTSE is a trade mark of London Stock Exchange Limited and The Financial Times Limited and is used by FTSE International Limited under license. 17 J.P. MORGAN ASSET MANAGEMENT J.P. MORGAN ASSET MANAGEMENT 18