JPMorgan Funds statistics report: Emerging Markets Equity Fund

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Markets Equity Fund Offered on a limited basis - L Shares jpmorganfunds.com

Table of contents PERFORMANCE COUNTRY EXPOSURE Performance at NAV 3 Country breakdown 13 Calendar year returns 3 Regional breakdown 13 EXPENSES DISCLOSURE Annual expenses 4 Disclosures 14 CHARACTERISTICS Fund statistics 5 RISK Risk/return analysis 6 HOLDINGS Top 10 holdings 7 Top 10 active weights 8 Concentration 8 SECTORS Sector allocation 9 Portfolio allocation 9 ATTRIBUTION Quarterly attribution: Top 10 stocks 10 Quarterly attribution: Bottom 10 stocks 10 Quarterly attribution: By country 11 Quarterly attribution: By industry 12 2 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Performance Share class - inception date share class # A Shares - 9/28/2001 1256 1 with max 5.25% sales charge C Shares - 2/28/2006 1489 1 with max 1.00% CDSC I Shares - 9/10/2001 1235 * MSCI Emerging Markets Index (net of foreign withholding taxes) 1 month -3.09-8.18-3.11-4.11-3.09-4.15 3 months -7.93-12.76-8.03-9.03-7.88-7.96-6.66 8.20 AVERAGE ANNUAL TOTAL RETURNS (as of 6/30/2018) L Shares - 11/15/1993 1389-3.07-7.86-7.30 8.15 8.38 5.52 3.04 R2 Shares - 7/31/2017 2708 1-3.10-7.99-7.58 7.46 7.75 4.98 2.57 R3 Shares - 7/31/2017 2709 1-3.10-7.95-7.47 7.71 7.95 5.10 2.62 R4 Shares - 7/31/2017 2710 1-3.09-7.89-7.36 7.98 8.22 5.36 2.88 R5 Shares - 9/9/2016 2364 1-3.07-7.83-7.28 8.16 8.40 5.53 3.04 R6 Shares - 12/23/2013 1261 1-3.07-7.84-7.25 8.28 8.50 5.61 3.09 The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111. YTD -7.45-12.30-7.67-8.67-7.35 1 yr 7.74 2.08 7.27 6.27 8.03 3 yrs 7.96 6.04 7.44 7.44 8.23 5.60 5 yrs 5.10 3.98 4.59 4.59 5.37 5.01 10 yrs 2.63 2.07 2.11 2.11 2.88 2.26 Calendar year returns 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 A Shares - 9/28/2001 1256-49.72 66.57 17.84-17.32 18.53-5.63-0.04-16.19 12.90 42.14 C Shares - 2/28/2006 1489-49.93 65.66 17.27-17.74 17.90-6.05-0.57-16.66 12.39 41.44 I Shares - 9/10/2001 1235-49.58 67.02 18.10-17.11 18.83-5.35 0.21-16.06 13.24 42.49 L Shares - 11/15/1993 1389-49.47 67.19 18.30-16.98 19.01-5.23 0.36-15.91 13.39 42.70 R2 Shares - 7/31/2017 2708-49.72 66.57 17.84-17.32 18.53-5.63-0.04-16.23 12.71 41.77 R3 Shares - 7/31/2017 2709-49.72 66.57 17.84-17.32 18.53-5.63-0.04-16.19 12.90 42.12 R4 Shares - 7/31/2017 2710-49.58 67.02 18.10-17.11 18.83-5.35 0.21-16.06 13.24 42.44 R5 Shares - 9/9/2016 2364-49.47 67.19 18.30-16.98 19.01-5.23 0.36-15.91 13.41 42.69 R6 Shares - 12/23/2013 1261-49.47 67.19 18.30-16.98 19.01-5.23 0.44-15.82 13.52 42.85 MSCI Emerging Markets Index (net of foreign withholding taxes) -53.33 78.51 18.88-18.42 18.22-2.60-2.19-14.92 11.19 37.28 3 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Expenses Annual expenses Gross expense Net expense A Shares 1.52 1.24 C Shares 2.03 1.74 I Shares 1.27 0.99 L Shares 1.11 0.95 R2 Shares 1.80 1.54 R3 Shares 1.55 1.29 R4 Shares 1.30 1.04 R5 Shares 3.37 0.89 R6 Shares 1.01 0.79 4 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Characteristics Fund statistics Active share Fund assets (in billions) Market cap average (in billions) Market cap median (in billions) Market cap weighted average (in billions) Market cap weighted median (in billions) Number of securities Percentage of stocks held outside of benchmark Price to book weighted harmonic average Price to earnings harmonic ratio (1 yr forecast) Price to earnings harmonic ratio (last 12 months) Return on equity weighted harmonic average Turnover ratio FYE 10/31/2017 Fund 72.12 4.99 $44.90 $14.93 $115.18 $46.65 70 22.21 3.30 17.51 17.94 21.27 22.21 $14.41 $6.25 $95.50 $23.27 1074 1.64 11.78 13.13 18.06 5 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Risk Risk/return analysis Alpha Beta Correlation Information ratio R-squared Sharpe ratio Sharpe ratio benchmark Standard deviation Standard deviation benchmark Tracking error *Provisional 1 Year 0.12 0.90 0.94 0.12 0.89 0.60 0.54 13.48 14.16 4.71 2 Year 0.16 0.98 0.93 0.39 0.87 1.30 1.23 12.41 11.78 4.50 3 Years 0.31* 0.92* 0.96* 0.75* 0.91* 0.61* 0.38 15.47* 16.05 4.70* 5 Years 0.14* 0.94* 0.93* 0.25* 0.87* 0.47* 0.39 14.95* 14.85 5.44* 7 Years 0.18* 0.92* 0.95* 0.38* 0.90* 0.28* 0.16 16.58* 17.20 5.33* 6 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Holdings Top 10 holdings Holdings Tencent Holdings Ltd. Alibaba Group Holding Ltd. AIA Group Ltd. Samsung Electronics Co. Ltd. Housing Development Finance Corp. Ltd. Taiwan Semiconductor Manufacturing Co. Ltd. Ping An Insurance Group Co. of China Ltd., Class H Sberbank of Russia PJSC HDFC Bank Ltd. JD.com, Inc. Country China China Hong Kong South Korea India Taiwan China Russia India China Sector Information Technology Information Technology Financials Information Technology Financials Information Technology Financials Financials Financials Consumer Discretionary % 6.80 5.74 4.95 4.58 4.28 4.27 3.91 2.96 2.35 2.19 7 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Holdings Top 10 active weights Concentration AIA Group Limited HDFC Bank Limited Housing Development Finance Corporation Limited Ping An Insurance (Group) Company of China, Ltd. Sberbank Russia OJSC MercadoLibre, Inc. Bid Corporation Limited JD.com, Inc. IndusInd Bank Ltd. Alibaba Group Holding Ltd. Fund 5.10 4.32 4.27 3.92 3.03 1.79 1.83 2.19 1.64 5.73 0.84 0.93 0.72 0.13 0.54 4.09 Difference 5.10 4.32 3.43 2.99 2.32 1.79 1.71 1.65 1.64 1.63 Top 10 Holdings Top 20 Holdings Top 30 Holdings Fund 44.2 60.1 72.8 25.4 32.8 37.9 Difference 18.8 27.3 34.9 8 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Sectors Sector allocation * Portfolio allocation * Financials Information Technology Consumer Discretionary Consumer Staples Industrials Materials Energy Utilities Cash Total * Due to rounding, values may not total 100%. Fund 34.93 30.34 15.99 10.46 3.82 1.88 1.10 0.78 0.70 10 22.82 27.88 9.78 6.64 5.24 7.62 7.16 2.39 10 Difference 12.11 2.45 6.21 3.83-1.42-5.75-6.06-1.60 0.70 Common Stocks Other * Due to rounding, values may not total 100%. Fund 98.77 1.23 9 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Attribution Quarterly attribution: Top 10 stocks Name AIA Group Limited HDFC Bank Limited Tata Consultancy Services Limited LARGAN Precision Co., Ltd. Kotak Mahindra Bank Limited Banco Bradesco S.A. Housing Development Finance Corporation Limited President Chain Store Corporation EPAM Systems, Inc. Petroleo Brasileiro SA Account Average Weight 4.94 3.94 2.04 1.43 1.20 4.04 1.19 1.23 Account Stock Return 4.44 6.98 24.50 28.95 22.01-0.50 11.63 8.57 Account % Contribution 0.19 0.27 0.45 0.34 0.22-0.02 0.13 Average Weight 0.43 0.24 0.69 0.78 0.11 0.76 Stock Return 24.50 28.95-36.19-0.50 11.63-29.39 % Contribution 0.08 0.06-0.29 0.01-0.23 Weight Difference 4.94 3.94 1.61 1.18 1.20-0.69 3.26 1.08 1.23-0.76 Stock Selection 0.59 0.59 0.49 0.38 0.31 0.25 0.24 0.21 0.20 0.19 Quarterly attribution: Bottom 10 stocks Name Kroton Educacional SA MercadoLibre, Inc. Ultrapar Participacoes S.A. Naspers Limited Sberbank Russia OJSC Itau Unibanco Holding SA Lojas Renner S.A. Baidu, Inc. Petrobras Distribuidora SA Copa Holdings, S.A. Account Average Weight 1.11 2.53 0.69 2.99 1.51 1.13 0.67 0.90 Account Stock Return -40.18-16.12-44.03-16.49-33.15-25.65-30.40-25.87 Account % Contribution -0.52-0.48-0.40-0.55-0.57-0.32-0.24-0.25 Average Weight 0.09 2.00 0.71 0.76 0.11 1.26 0.01 Stock Return -40.18-44.03 4.18-16.49-32.02-25.65 8.88-2.73 % Contribution -0.04-0.06 0.09-0.13-0.27-0.03 0.08 Weight Difference 1.03 2.53 0.59-2.00 2.28 0.74 1.01-1.26 0.66 0.90 Stock Selection -0.41-0.33-0.30-0.25-0.25-0.24-0.21-0.19-0.19-0.19 10 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Attribution Quarterly attribution: By country Group India China Taiwan Belarus Turkey Thailand South Korea Papua New Guinea Peru Malaysia Saudi Arabia Poland Chile Egypt Philippines Hungary Pakistan Singapore Czech Republic Greece United Arab Emirates Spain Indonesia Mexico Colombia Qatar Panama Argentina South Africa Russia Brazil Cash Total * Due to rounding, values may not total 100%. Account Average Weight* 17.72 35.53 6.62 1.23 0.29 0.62 6.18 0.49 1.39 0.52 0.86 0.49 2.30 3.32 0.90 2.53 5.50 3.70 7.53 2.28 10 Account RTN 4.42-2.17-1.80 8.57-11.72-12.12-8.71 19.90 1.06 9.02-2.56-14.49-13.29-5.38-25.87-16.12-18.48-14.86-32.94 0.23-6.63 Average Weight* 8.38 31.48 11.54 0.83 2.36 15.13 0.42 2.44 1.18 1.18 0.13 0.97 0.30 0.07 0.01 0.18 0.32 0.61 1.98 2.83 0.46 0.65 6.55 3.38 6.61 10 RTN -0.60-3.45-6.06-25.69-14.92-9.09-3.18-11.44-11.59-10.98-7.96-11.09-14.40-20.59 3.31-3.19-2.04-4.35-12.19-3.49 6.78 3.53-11.75-5.79-26.37-7.86 Attribution Stock Select 0.88 0.55 0.29 0.04 0.02 0.03 0.06 0.04-0.03-0.07-0.42-0.34-0.73 0.30 Attribution Asset Allocation 0.64 0.12-0.07 0.19 0.12 0.13 0.12 0.04 0.08 0.05 0.04 0.03 0.02 0.01-0.01-0.02-0.02-0.04-0.01 0.01-0.07-0.07-0.19-0.34 0.03-0.08-0.12 0.93 Total 1.52 0.67 0.22 0.19 0.16 0.15 0.13 0.12 0.08 0.05 0.04 0.04 0.03 0.02 0.01-0.01-0.02-0.02-0.04-0.05-0.06-0.07-0.07-0.19-0.34-0.39-0.43-0.83 0.12 1.23 11 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Attribution Quarterly attribution: By industry Group Financials Information Technology Real Estate Telecommunication Services Utilities Consumer Staples Health Care Materials Industrials Energy Consumer Discretionary Cash Total * Due to rounding, values may not total 100%. Account Average Weight* 33.49 30.28 0.73 10.54 1.77 3.64 1.18 16.09 2.28 10 Account RTN -4.87-4.38-7.43-6.92-2.46-19.60-23.56-11.02 0.23-6.63 Average Weight* 23.35 27.91 2.93 4.42 2.38 6.46 2.89 7.54 5.28 7.23 9.59 10 RTN -12.55-4.97-11.15-9.55-8.05-6.09-5.04-5.39-11.11-4.60-7.09-7.86 Attribution Stock Select 2.77 0.18-0.05-0.34-0.27-0.68 1.60 Attribution Asset Allocation -0.51 0.08 0.07-0.09-0.15 0.07-0.21 0.05 0.11-0.37 Total 2.26 0.29 0.08-0.01-0.03-0.09 - -0.27-0.48-0.63 0.11 1.23 12 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

Country exposure Country breakdown Regional breakdown China India Brazil Taiwan South Korea South Africa Mexico Russia Indonesia Argentina Peru Belarus Egypt Panama Cash Thailand Papua New Guinea Saudi Arabia Spain Turkey Total Fund 37.38 18.31 7.41 7.23 5.97 5.05 3.51 3.50 2.18 1.79 1.44 1.32 0.94 0.82 0.70 0.60 0.56 0.55 0.46 0.28 10 32.70 8.61 5.83 11.62 14.57 6.55 2.93 3.53 1.90 0.41 0.13 2.17 0.76 10 Difference 4.68 9.71 1.58-4.39-8.60-1.51 0.59-0.03 0.28 1.79 1.02 1.32 0.80 0.82 0.70-1.57 0.56 0.55 0.46-0.48 Asia Lat Am EMEA Cash Total Fund 72.24 14.97 12.09 0.70 10 74.94 10.76 14.30 10 Difference -2.70 4.21-2.21 0.70 13 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

RISKS ASSOCIATED WITH INVESTING IN THE FUND: The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus. International investing bears greater risk due to social, economic, regulatory and political instability in countries in "emerging markets." This makes emerging market securities more volatile and less liquid developed market securities. Changes in exchange rates and differences in accounting and taxation policies outside the U.S. can also affect returns. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in "emerging markets." RETURNS: 1 The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. ANNUAL OPERATING EXPENSES: The Fund s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 1.24% for A Shares, 0.89% for R5 Shares, 0.79% for R6 Shares, 1.74% for C Shares, 0.99% for I Shares, 0.95% for L Shares, 1.54% for R2 Shares, 1.29% for R3 Shares and 1.04% for R4 Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund s adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund s investment in such money market funds. This waiver is in effect through 10/31/2019 for A Shares, 10/31/2019 for R5 Shares, 10/31/2019 for R6 Shares, 10/31/2019 for C Shares, 10/31/2019 for I Shares, 2/28/2019 for L Shares, 10/31/2019 for R2 Shares, 10/31/2019 for R3 Shares and 10/31/2019 for R4 Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. PORTFOLIO STATISTICS: Active Share represents the difference between a fund s holdings and the benchmark s holdings. It is calculated by taking the sum of the absolute value of the weighting of the fund s holdings versus the weighting of the benchmark s holdings excluding derivatives but including cash and cash equivalents. If a holding of the fund isn t a holding of the benchmark, the weighting of the benchmark is assumed to be zero. Similarly, if the benchmark includes a holding that isn t a holding of the fund, the weighting of the fund is assumed to be zero. High portfolio turnover will likely result in additional tax consequences. P/B ratio: the relationship between a stock's price and the book value of that stock. P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value. Return on Equity (ROE): Return on Equity is the amount of net income returned as a percentage of shareholders equity. ROE measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. RISK RETURN: Alpha: The relationship between the performance of the Fund and its beta over a three-year period of time. Beta: Beta measures a fund s volatility in comparison to the market as a whole. A beta of 1.00 indicates a fund has been exactly as volatile as the market. Correlation: A statistical measure of how the returns of two investments or indices move in relation to each other. Information ratio: A risk-adjusted performance measure defined as excess return divided by tracking error. Information ratio is a special version of the Sharpe Ratio where the benchmark does not have to be the risk-free rate. Since this ratio considers the annualized standard deviation of both series (measures of risks inherent in owning either a portfolio or the benchmark),the ratio shows the risk-adjusted excess return of the portfolio over the benchmark. R2: The percentage of a Fund's movements that result from movements in the index ranging from 0 to 100. A Fund with an R2 of 100 means that 100 percent of the Fund's movement can completely be explained by movements in the Fund's external index benchmark. Sharpe Ratio: Sharpe Ratio measures the fund s excess return compared to a risk-free investment. The higher the Sharpe Ratio, the better the returns relative to the risk taken. Standard Deviation/Volatility: A statistical measure of the degree to which the Fund s returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund s monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available. Tracking Error: The active risk of the portfolio, which determines the annualized standard deviation of the excess returns between the portfolio and the benchmark. HOLDINGS: The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. INDEXES DEFINED: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index measuring emerging market equity performance. 14 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

SHARECLASS OPTIMIZATION: * Effective April 3rd,Selectshare class becameishare class. 15 STATISTICS REPORT: EMERGING MARKETS EQUITY FUND

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Total return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. JPMorgan Chase & Co., July 2018 MFDP-EME-1-0618 jpmorganfunds.com