J.P. Morgan Asset Management US Investment Range A century of experience in J.P. Morgan’s home market

FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION.

2 US EQUITY CAPABILITIES

J.P. MORGAN ASSET MANAGEMENT BEGAN ITS LIFE IN THE UNITED STATES AND HAS MANAGED US EQUITIES FOR MORE THAN 100 YEARS. TODAY, WE MANAGE ASSETS TOTALLING USD 240 BILLION IN OVER 50 US EQUITY STRATEGIES1

Our commitment to our home market is borne out in the breadth and depth of our resources. Our US equity funds benefit from the insight and experience of over 100 dedicated US investment professionals, with an average of 16 years of industry experience.

Our senior US equity investors – Tom Luddy, Jonathan Simon, Eytan Shapiro, Greg Luttrell, Tim Parton and Clare Hart – bring to bear an average of 29 years of investment experience.2

This long experience investing on Wall Street has taught our portfolio managers when to take risks and when to avoid them, when to trust valuations and when to treat them with caution.

1 Source: J.P. Morgan Asset Management, 30 November 2015. 2 Source: J.P. Morgan Asset Management, 30 November 2015. There can be no assurance that the professionals

currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional’s future performance or success.

Seeking out America’s best investment opportunities

J.P. MORGAN’S VIEW

“Proprietary research is at the core of our US equity strategies. We focus on recruiting and retaining the best analyst talent to provide real insight and successful investment ideas.”

Paul QuinseeChief Investment Officer, US Equity

J.P. Morgan Asset Management

Source: Robert J. Shiller; data as at November 2015. For illustrative purposes only.

1

10

100

1,000

10,000

1871 1881 1891 1901 1911 1921 1931 1941 1951 1961 1971 1981 1991 2001 2011

S&P 500 Composite Index

1881Launch of JPMorgan

AmericanInvestment Trust

1895JPMorgan & Co.is formed from

Drexel Morgan & Co

1874Launch of

Robert Fleming& Co.

1955Chase ManhattanBank is created

1984Small Cap

Growth

1986Large Cap Core andResearch Enhanced

Index

2000JPMorgan

Chaseis created

2003Behavioural

Finance

2004130/30

2006Highbridge Statistical

Market Neutral2002EquityIncome

2011AmericaEquity

2008Long-Short

J.P. Morgan Asset Management: US equity expertise gained over more than a centuryLAUNCH OF COMPANIES AND STRATEGIES

J .P. MORGAN ASSET MANAGEMENT 3

Source: Robert J. Shiller; data as at November 2015. For illustrative purposes only.

1

10

100

1,000

10,000

1871 1881 1891 1901 1911 1921 1931 1941 1951 1961 1971 1981 1991 2001 2011

S&P 500 Composite Index

1881Launch of JPMorgan

AmericanInvestment Trust

1895JPMorgan & Co.is formed from

Drexel Morgan & Co

1874Launch of

Robert Fleming& Co.

1955Chase ManhattanBank is created

1984Small Cap

Growth

1986Large Cap Core andResearch Enhanced

Index

2000JPMorgan

Chaseis created

2003Behavioural

Finance

2004130/30

2006Highbridge Statistical

Market Neutral2002EquityIncome

2011AmericaEquity

2008Long-Short

Research based on dedicated analysis Our funds draw on the proprietary research of our in-house US equity analysts. Our team of over 40 analysts average more than 10 years of experience at J.P. Morgan Asset Management, providing the long-term company coverage that translates into a key information advantage.

Furthermore, with around a third of the earnings of S&P 500 companies being sourced outside the US, our US equity funds are also able to leverage our global research presence to identify trends around the world. This means our local investing is informed by the global perspective of over 200 analysts worldwide.

At J.P. Morgan Asset Management, our US equity capabilities are built on long-term experience and rigorous research

4 US EQUITY CAPABILITIES

Opportunities in the world’s largest stock market

THE US IS THE WORLD’S LARGEST STOCK MARKET.

It is home to many of the world’s most recognisable brand names and most profitable companies, from Apple to Coca Cola, from MasterCard to Johnson & Johnson. It is also home to a wealth of fast-growing smaller companies that can offer enhanced long-term capital growth opportunities.

Historically, US equities have delivered attractive returns for long-term investors. Given the strength of the US economy and the strong outlook for corporate profits, we believe there is still more to come.

The investment case for US equities remains compelling The US is a vital component of any diversified, long-term portfolio. Home to many of the most established and innovative companies in the world, the US offers a dynamic economy in which to invest, with opportunities across a wide choice of sectors and industries. As more and more US companies expand their businesses in emerging markets, investing in the US equity market also offers exposure to the rapid growth of developing countries.

A positive picture for the US market The US economy has been expanding for over seven years, supported by low interest rates, strong corporate earnings and improving investor confidence.

Furthermore, with cyclical sectors, such as housing and durable goods still not back to long-term averages, the US economy’s expansion looks to still have room to run.

S&P 500 earnings and performanceIndex level, analyst estimates of the next 12 months of earnings

'07 '08 '09 '10 '11 '12 '13 '1460

70

80

90

100

110

120

130

600

800

1,000

1,200

1,400

1,600

1,800

2,000S&P 500 index levelS&P 500 profits$

Source: FactSet, Standard & Poor’s, J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 30 September 2015.

As the bull market enters its seventh year, US equities are no longer cheap, but nor are valuations currently stretched. With the US economy generating solid growth, monetary policy set to remain supportive and corporate America well placed for future growth, the long-term investment prospects continue to look positive for US equities.

J .P. MORGAN ASSET MANAGEMENT 5

Rigorous research at the core

J.P. MORGAN & HIGHBRIDGE: EXPANDING OUR US OFFERING

• Since 2004, J.P. Morgan AssetManagement has had a strategicpartnership with Highbridge CapitalManagement. This strategicpartnership has allowed us tofurther expand our US equitywith the introduction of theHighbridge J.P. Morgan funds,bringing their expertise in statisticalarbitrage techniquesto long-only US equity investing.

• Highbridge’s distinctive approachoffers diversification benefits vs.other US equity strategies. Commonsense investment ideas arecombined with the latesttechnological advancements, withthe aim of identifying and profitingfrom small mispricings in the USequity markets.

OUR TRIED AND TESTED INVESTMENT APPROACH IS DISTINGUISHED BY FUNDAMENTAL, BOTTOM-UP ANALYSIS – FROM THE INDIVIDUAL COMPANY LEVEL, TO THE INDUSTRY AND COMPETITION, AND TO THE BROADER SECTOR.

Our funds are actively managed and powered by the insight of our career analysts, based on the ground in the US market.

Powered by long-term insightOur funds draw on the proprietary research of our in-house US equity analysts. Our team of over 40 analysts average more than 10 years of experience at J.P. Morgan Asset Management, providing the long-term company coverage that translates into a key information advantage.

Because around a third of the earnings of S&P 500 companies are sourced outside the US, our US equity analysts also leverage our global research presence to identify trends around the world. This means our local investing is informed by the global perspective of over 200 analysts worldwide.

Differentiated by portfolio manager experienceInvesting in US equities with J.P. Morgan Asset Management means gaining exposure to a wealth of experience. Our senior US equity investors, Tom Luddy, Jonathan Simon, Eytan Shapiro, Greg Luttrell, Garrett Fish and Clare Hart, bring to bear an average of 29 years of experience.2

These decades of experience have taught our managers when to take risks and when to avoid them, when to trust valuations and when to treat them with caution.

A history of excellence and innovationWe offer a diverse range of US equity funds – from traditional large cap core funds to small cap funds, style funds and high alpha funds – providing investment solutions to meet a broad range of investor needs. Our funds are distinguished by fundamental, bottom-up research, expert portfolio management and rigorous risk control.

Throughout our history, we have constantly sought to innovate, pioneering new investment approaches such as market neutral and 130/30 investing, research-enhanced index investing and behavioural finance, while continuing to offer excellence in traditional asset management.

CAREER ANALYSTS: ENDURING RELATIONSHIPS AND LONGSTANDING COMMITMENT

Our analysts dedicate their careers to research. Urmas Wompa, our regional banks analyst, has been with the firm since 1987 and covered

his sector for more than 30 years.

Over this time he has built up an invaluable understanding of the companies he covers, providing our funds with insight that few other asset managers can match. Urmas experience during the US savings and loan crisis, served us well during the more recent global financial crisis.

6 US EQUITY CAPABILITIES

J.P. Morgan Asset Management – Your guide to our home market

WHY INVEST IN US EQUITIES?

• The world’s biggest stock market by market capitalisation

• World-leading brands and household names

• Robust corporate profits

• Reasonable valuations

• Continued economic growth

WHY CHOOSE J .P. MORGAN ASSET MANAGEMENT FOR US EQUITIES?

• Over 100 years of US equity investing

• Over 100 investment professionals with an average of 16 years’ experience

• Long-term analyst coverage providing true insight

• An investment approach powered by in-house research

• Backed by our vast global resources

OUR US EQUITY STRATEGIES

• Large cap

• Small cap

• Growth oriented

• Value oriented

• Equity income

• 130/30

• Long-short

FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION.

FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION

This is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest there to. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website http://www.jpmorgan.com/pages/privacy. As the product may not be authorised or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdiction. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the product(s). Shares or other interests may not be offered to or purchased directly or indirectly by US persons. All transactions should be based on the latest available prospectus, the Key Investor Information Document (KIID), Investment Trust Profiles and Key Features and Terms and Conditions, copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP.

LV–JPM28607 | 11/154d03c02a8002f43b

NEXT STEPS

For further information about our US investment range, visit www.jpmorgan.co.uk/us or call 0800 727 770.