JPMorgan Asian Investment Trust plc Investment Manager Presentation - - PowerPoint PPT Presentation

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JPMorgan Asian Investment Trust plc Investment Manager Presentation Annual General Meeting

29th January 2016

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1 Inception date: 12 Sep 1997 * Prior to 1 Jan 2001, MSCI AC Asia ex Japan (GDR). ** Arithmetic excess return presented. Figures may not add up due to rounding. ^ Figures to 31 Dec 2015 Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. 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.

Performance (GBP)

Trailing Returns (%) Rolling 12 Months at Year Ends (%)

To end September 2015 4Q 2015^ FY to 30 Sep 15 1 Year 3 Years (Cumulative) 5 Years (Cumulative) Since Inception (Cumulative) JPMorgan Asian Investment Trust plc (NAV) +7.9

• 2.9
• 2.9

+9.5

• 2.2

+166.0 JPMorgan Asian Investment Trust plc (Share Price) +7.9

• 3.2
• 3.2

+9.3

• 4.4

+191.9 MSCI AC Asia ex Japan (NDR)* +6.7

• 6.3
• 6.3

+6.5 +6.1 +137.2 NAV Excess Return** +1.2 +3.4 +3.4 +3.0

• 8.3

+28.8 2011 2012 2013 2014 2015 JPMorgan Asian Investment Trust plc (NAV)

• 23.5

+13.6 +2.9 +11.3

• 2.0

JPMorgan Asian Investment Trust plc (Share Price)

• 23.5

+11.6 +3.9 +9.7

• 2.6

MSCI AC Asia ex Japan (NDR)*

• 16.7

+17.0 +1.2 +11.3

• 3.9

Net Asset Value

JPMorgan Asian Investment Trust GBP 218.5m (As of 30 Sep 2015)

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Performance (GBP)

Inception date = 12 Sep 1997 * Prior to 1/1/01, MSCI AC Asia ex Japan (GDR). Source: J.P. Morgan Asset Management, as at 30 Sep 2015. Data is re based as at inception date on a log basis. Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31 Dec 2015. 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.

JPMorgan Asian Investment Trust since inception to 30 Sep 2015

266.0 237.2 291.9 25 50 100 200 400 9/97 3/99 9/00 3/02 9/03 3/05 9/06 3/08 9/09 3/11 9/12 3/14 9/15 JPM Asian Investment Trust MSCI AC Asia ex Japan (NDR) Share Price

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Performance attribution

Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP to 30 Sep 2015. Figures may not add up due to rounding. Data for Total Attribution shown (stock selection plus country allocation). Attribution may not match official returns due to differences in systems, rounding. Past performance is not an indication of future

• performance. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice.

JPMorgan Asian Investment Trust 1 Year to 30 Sep 2015

0.5 0.0 0.2 0.1

• 0.1

0.2 0.4

• 0.2

0.3

• 0.3
• 0.1

0.0 3.6 2.4 1.0 0.7 0.8 0.2

• 0.2

0.2

• 0.5
• 0.0
• 1.1
• 2.0

0.0 2.0 4.0 6.0 Total Financials Information Technology Industrials Materials Utilities Health Care Consumer Staples Energy Telecommunication Services Consumer Discretionary Cash

Asset Allocation Stock Selection

0.8 0.0 0.4 1.0

• 0.3
• 0.0

0.3

• 0.0

0.0

• 0.0
• 0.1
• 0.4

0.0 3.3 1.8 0.9

• 0.3

0.7 0.3

• 0.1

0.2

• 0.0
• 0.1
• 0.0
• 1.0

0.0 1.0 2.0 3.0 4.0 5.0 Total China India Malaysia Korea Philippines Singapore Indonesia Australia Taiwan Hong Kong Thailand Cash

Asset Allocation Stock Selection

By Country (%) By Sector (%)

% %

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Top 10 contributors/detractors to active returns

Source: Jaffa, FactSet, J.P. Morgan Asset Management. As at 30 Sep 2015. Past performance is not indicative of future performance. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future. Subject to change at the discretion of the Investment Manager without notice.

JPMorgan Asian Investment Trust 1 Year to 30 Sep 2015

Top 10 Contributors Country Sector Contributions To Active Return % HDFC Bank Limited India Financials 1.40 Lotte Chemical Corp. Korea Materials 0.88 BGF Retail Co., Ltd. Korea Consumer Staples 0.61 China Minsheng Banking Corp., Ltd. China Financials 0.57 China Vanke Co., Ltd China Financials 0.48 ING Vysya Bank Limited India Financials 0.43 China Pacific Insurance (Group) Co., Ltd. China Financials 0.42 Cheung Kong Property Holdings Limited Hong Kong Financials 0.39 Tencent Holdings Ltd. China Information Technology 0.36 AAC Technologies Holdings Inc. China Information Technology 0.34 Top 10 Detractors Country Sector Contributions To Active Return % Hyundai Wia Corporation Korea Consumer Discretionary

• 0.66

Tata Motors Limited India Consumer Discretionary

• 0.55

MGM China Holdings Limited Hong Kong Consumer Discretionary

• 0.54

China Mobile Limited China Telecommunication Services

• 0.42

PTT Public Co., Ltd. Thailand Energy

• 0.33

Ping An Insurance (Group) Company of China, Ltd. China Financials

• 0.33

SapuraKencana Petroleum Bhd. Malaysia Energy

• 0.31

China Life Insurance Co. Ltd. (China) China Financials

• 0.29

Chailease Holding Co. Ltd. Taiwan Financials

• 0.28

China Oilfield Services Limited China Energy

• 0.28

Benchmark MSCI AC Asia ex Japan (NDR)

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Current Fund Positioning

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6

 Greater China – fund remains overweight China and Taiwan and underweight Hong Kong  India – fund exposure has been decreased but remains ahead of the benchmark weight  ASEAN – we are underweight the ASEAN markets as a whole, but remain overweight in Thailand and have initiated an exposure

to Vietnam

Changes in country weightings

As of 31 December 2015

Country Weightings (%)

* MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 32.2 16.5 13.9 15.0 11.6 4.4 2.7 1.9 0.0 1.8 0.0 0.1 36.3 17.4 14.3 11.8 11.6 4.5 3.1 2.5 2.0 1.1 0.0

• 4.6

30.3 17.7 13.8 9.9 12.6 2.3 5.1 2.9 0.0 1.6 3.7 0.0

China Korea Taiwan India Hong Kong Thailand Singapore Indonesia Vietnam Philippines Malaysia Cash

As of 30/9/2015 As of 31/12/2015 Benchmark* as of 31/12/2015

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 Within financials we have raised weightings in insurance and reduced banks. We also remain overweight information technology.  Healthcare weighting has been further increased  We have increased over overweight in Consumer Discretionary  Energy, Material and Teleco’s were also reduced throughout the quarter.

Changes in sector weightings

As of 31 December 2015

Financials

Sector Breakdown (%)

22.7 11.2 6.9 3.9 19.8 13.1 8.0 3.1 15.7 6.4 6.8 3.2

Banks Insurance Real Estate Diversified Financials

* MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.

44.7 25.6 8.1 5.2 4.5 3.6 0.0 1.7 3.2 2.3 1.0 0.1 44.0 28.9 8.3 6.4 4.9 4.6 2.0 1.9 1.4 1.3 0.9

• 4.6

32.1 23.5 8.7 2.7 4.1 8.8 0.0 5.6 4.2 4.0 6.3 0.0

Financials Information Technology Industrials Health Care Utilities Consumer Discretionary Managed Funds Consumer Staples Materials Energy Telecom Services Cash

As of 30/9/2015 As of 31/12/2015 Benchmark* as of 31/12/2015

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Top 10 holdings

* MSCI AC Asia ex Japan (NDR) Source: J.P. Morgan Asset Management, as at 31 Dec 2015 The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The holdings represent the current holdings of the fund. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future.

Stock Name Country Sector Portfolio 30/9/15 % Portfolio 31/12/15 % Benchmark* 31/12/15 % Active % 1 Tencent Holdings China Information Technology 5.0 6.4 3.4 3.0 2 Samsung Electronics Korea Information Technology 4.9 6.4 4.6 1.8 3 Taiwan Semiconductor Manufacturing Taiwan Information Technology 5.6 6.2 3.5 2.6 4 AIA Group Hong Kong Financials 4.2 4.8 2.4 2.4 5 China Construction Bank China Financials 4.2 3.9 1.9 2.0 6 Ping An Insurance China Financials 2.2 3.7 1.0 2.7 7 HDFC Bank India Financials 4.4 3.7

• 3.7

8 CK Hutchison Holdings Hong Kong Industrials 2.7 2.4 1.2 1.2 9 China Merchants Bank China Financials 2.3 2.3 0.4 1.9 10 China Vanke China Financials 1.5 2.2 0.1 2.1 36.9 42.0 18.4 23.6 Number of Stocks: Portfolio 61 Top 20 Holdings 59.9% Benchmark 625 Top 30 Holdings 73.8%

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Market Outlook

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Calendar Year 2015 Calendar Year 2014

Performance of Asian markets in 2014 and 2015

MSCI Indices Total Return

Source: Factset. As at 31 Dec 2015. Indices performance calculated gross of tax with dividends reinvested into the index in GBP. Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance.

• 5.1
• 5.1

9.5 11.6 11.7 15.0 16.9 24.1 31.6 34.3 35.1

• 20

20 40 MSCI Korea MSCI Malaysia MSCI Singapore MSCI Hong Kong MSCI AC Asia ex Japan MSCI China MSCI Taiwan MSCI Thailand MSCI India MSCI Philippines MSCI Indonesia

• 18.9
• 15.4
• 14.4
• 12.9
• 5.8
• 3.6
• 2.3
• 0.9
• 0.8
• 0.7

5.2

• 25
• 15
• 5

5 15 MSCI Thailand MSCI Malaysia MSCI Indonesia MSCI Singapore MSCI Taiwan MSCI AC Asia ex Japan MSCI China MSCI Korea MSCI Philippines MSCI India MSCI Hong Kong % %

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Volatility is inherent in Asian Equities

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 Dec 2015.

MSCI AC Asia ex Japan intra-year declines vs. calendar year returns Despite average intra-year drops of -23% (median: -19%), annual returns are positive in 17 of 28 years

26 28

• 10

27 18 99

• 18

2 8

• 42
• 10

62

• 36
• 6
• 10

43 14 19 30 37

• 54

68 17

• 19

19 1 2

• 11
• 11
• 20
• 29
• 11
• 12
• 5
• 25
• 14
• 11
• 46
• 46
• 15
• 40
• 38
• 30
• 15
• 21
• 9
• 21
• 18
• 63
• 20
• 16
• 30
• 16
• 15
• 9
• 27
• 80%
• 60%
• 40%
• 20%

0% 20% 40% 60% 80% 100% '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

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Asia ex Japan: Valuations and returns

Source: MSCI, FactSet, J.P. Morgan Asset Management. * Dots represent monthly data points between January 1997 and December 2015. Data reflect most recently available as of 31 Dec 2015.

MSCI AC Asia ex Japan: Price to Book and Returns

• 80%
• 60%
• 40%
• 20%

0% 20% 40% 60% 80% 100% 120% 0.80x 1.20x 1.60x 2.00x 2.40x 2.80x

Current Level

Price to book ratio and next 12 months' price return in USD*

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13

MY CN TW ID TH KR IN PH AU NZ HK SG JP 2 4 6 8

• 30
• 20
• 10

10 20 30 Policy Rate less US REER Relative to Fair Value CHEAP EXPENSIVE LOW CARRY HIGH CARRY

Currency valuation and support

Currency adjustment: EM FX now at Asia crisis lows in fundamental terms

REER vs CARRY

Source: J.P. Morgan Asset Management estimates. Data as of end 30th September 2015 REER (real effective exchange rate) relative to fair value (export-adjusted 10 year average REER) on the x axis and policy rate on the y axis. CARRY (a currency with a high IR) Countries over the line of best fit provide good carry for their currency valuation Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.

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2016: Where will growth come from in Asia?

Source: I/B/E/S, MSCI, J.P. Morgan estimates. As of 8 Jan 2016. * Market forecast numbers are derived from bottom-up calculations of each individual MSCI constituents using I/B/E/S estimates. US trailing PE is calculated as per reported earnings. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.

1.6 2.9 19.9 11.0

• 10.5

1.0

• 7.9

0.6

• 10.3

10.2

• 3.3

5.7 4.1 6.4 8.5 7.4 17.7 4.0 1.4 6.9

• 2.5

4.5 6.1

• 8.3

11.4 14.8

• 15
• 10
• 5

5 10 15 20 APxJ China Korea India Hong Kong Taiwan Australia Singapore Indonesia Thailand Malaysia Philippines Japan* 2015E 2016E

Earnings per share growth forecasts (%)

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3/14 6/14 9/14 12/14 3/15 6/15 9/15 10/15 Consumption Activities Passenger vehicle regist. 20.5 23.4 20.3 14.0 11.6 5.2

• 1.4

12.0 Retail Sales (value) 12.2 12.4 11.6 11.9 10.2 10.6 10.9 11.0 Garment/footwear 8.6 11.7 11.1 10.6 13.9 9.4 8.5 9.8 Cosmetics 9.2 12.9 12.0 7.2 10.4 8.1 8.7 10.6 Daily-use items 8.5 12.5 12.5 12.2 15.6 8.9 8.8 10.1 Air passenger traffic 5.1 6.8 8.8 14.3 21.3 11.2 10.8 10.5 Freight volume 5.3 9.4 9.0 12.5

• 2.5

3.5 3.8 4.6 Caixin services PMI 51.9 53.1 53.5 53.4 52.3 51.8 50.5 52.0 Industrial Activities Railway Freight volume

• 4.1
• 0.7
• 5.5
• 10.7
• 10.1
• 11.7
• 15.6
• 16.3

NBS Steel production 2.6 4.8 0.1

• 8.2
• 2.1

0.2

• 3.7
• 3.1

Cement Production 5.5 1.2

• 2.5

0.7

• 20.2
• 6.1
• 2.6
• 3.8

Residential Starts

• 23.8
• 13.8
• 6.2
• 26.8
• 22.5
• 16.2

16.7

• 24.4

Residential Sales

• 10.2
• 3.5
• 12.1
• 4.1
• 0.9

18.2 8.8 5.9 Industrial Production 8.8 9.2 8.0 7.9 5.6 6.8 5.7 5.6 Heavy Industry Demand 6.0 5.2 5.3 4.0

• 2.4

0.3

• 2.2
• 1.5

Total China Power generation 6.2 5.7 4.1 1.3

• 3.7

0.5

• 3.1
• 3.2

NBS manufacturing PMI 50.3 51.0 51.1 50.1 50.1 50.2 49.8 49.8

China – finding pockets of growth in a sea of red

Source: CEIC and J.P. Morgan. As of October 2015. Note: recovery slowdown contraction The opinions and views expressed here are those held by the author at the time of publication, which are subject to change and are not to be taken as or construed as investment advice.

China economy: bulls versus bears

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China – Wide divergence in earnings forecasts

Source: IBES, as of 31 Dec 2015.

MSCI China 12-Mth Forward EPS Trend (Rebased Dec 2012 = 100)

Energy:

• Above market PE
• Earnings downgrades
• Poor execution

Telecoms:

• Above market PE
• 2-3% yield
• Seeing downgrades

Internet:

• Visible earnings

growing above market

• Constant upgrades

40 60 80 100 120 140 160 180 200 220 12/12 6/13 12/13 6/14 12/14 6/15 12/15 MSCI China Energy Financials Health Care Industrials Information Technology Telecommunication Services

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China valuations

PE = Price to Earnings Ratio PB = Price to Book Ratio Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance.

MSCI China Trailing PB MSCI China 12-Month Forward PE

Source: Thomson Reuters Datastream, FactSet, as of 31 Dec 2015 Source: Thomson Reuters Datastream, FactSet, as of 31 Dec 2015

x x 10.7 Avg 11.4 +1sd 14.4

• 1sd 8.5

5 7 9 11 13 15 17 19 21 23 25 04 05 06 07 08 09 10 11 12 13 14 15 Avg 2.2 +1sd 2.9

• 1sd 1.4

1.4 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 04 05 06 07 08 09 10 11 12 13 14 15

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India – Benefitting from lower commodity prices, especially oil

Source: CEIC, Morgan Stanley Research, as of 6 Jan 2016 E-Morgan Stanley Research Estimate Note - MS estimate is at USD 55/bbl for F2016

Big improvement in the external account Inflation pain point easing dramatically

Source: CEIC, Morgan Stanley Research, latest data available as of 6 Jan 2016 Note - CPI (with base 2012) from Jan-14

• 0.8%

0.2%

• 1.3%

53 40 60

20 40 60 80 100 120

• 6.0%
• 5.0%
• 4.0%
• 3.0%
• 2.0%
• 1.0%

0.0% 1.0% 2.0% 3.0% F2000 F2002 F2004 F2006 F2008 F2010 F2012 F2014 F2016E

CAD % of GDP, LS Oil Price (US$/bbl), RS

Scenario Analysis (F2016E)

• 5%
• 3%
• 1%

1% 3% 5% 7% 9% 11% 13% 05 06 07 08 09 10 11 12 13 14 15 WPI CPI - New Index YoY%

SLIDE 20

19 Source: CMIE, Morgan Stanley Research, as of 31 Dec 2015 Source: CMIE, Morgan Stanley Research, as of 31 Dec 2015

India – Leading indicators suggest investment cycle may have bottomed

New Investment Projects (Rs bn (4Q trailing sum)) Projects Under Implementation

• 10%

0% 10% 20% 30%

• 10%

0% 10% 20% 30% Dec-11 Dec-12 Dec-13 Dec-14 Dec-15

Public Private Total Sustained improvement

5,000 10,000 15,000 20,000 25,000 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15

Total Government Private Sector

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We believe the headwinds facing Asia are cyclical, not structural

 Shorter-term: Valuations have recently reached levels that suggest strong performance for long-term investors  Longer-term: To be confident in a new bull market for Asian equities, we are looking for three potential

catalysts:

– Improving relative growth – Stabilising currencies – Earnings upgrades

 Primary risks remain the strong dollar and China

Outlook for 2016

Source: J.P. Morgan Asset Management as at 30 Sep 2015 The opinions and views expressed here are as at the date of this document, which are subject to change and are not to be taken as or construed as investment advice.

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Appendices

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Deeply resourced, research-driven global manager

Source: J.P. Morgan Asset Management. All data as of end September 2015 Note: J.P. Morgan Asset Management’s equity professionals includes portfolio managers, research, client portfolio managers, traders and investment directors Past performance is not an indication of future performance.

Investing with J.P. Morgan Asset Management’s Equity Team

Strong belief and commitment to active management

430

Extensive, well-resourced research

 Over USD150 million annual

research budget

 Local focus with

collaboration across a global network

Investment performance culture

 Investment teams invest alongside

clients in their portfolios

Equity

professionals

Office locations of the equity professionals

Experience and stability

 Portfolio Managers and Research average

tenure: 17 years industry / 11 years J.P. Morgan

Client-centric, fiduciary heritage

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Emerging Markets & Asia Pacific (EMAP) Equities Team Structure

Source: J.P. Morgan Asset Management Joiners and Leavers as of 31st December 2015. Number of years with the firm/industry experience as of 31st December 2015. ^ Country Specialists who also manage portfolios. (number of years with the firm, number of years industry experience). There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional’s future performance or success.

Richard Titherington (30,32)

Chief Investment Officer

Oleg Biryulyov (22,22) Sonal Tanna (16,16) Luis Carrillo (17,23)

EMEA

Country Specialists

Latin

America

India Greater China Korea ASEAN Japan Australia

Raj Nair (17,19) Rukhshad Shroff (22,24) Harshad Patwardhan (14,22) Karan Sikka (11,12) Amit Gadgil (10,18) Praveen Kotian (12,19) Emerson Yip (10,22) Howard Wang (11,21) Lilian Leung (6,21) Song Shen (6,15) John Cho (9,16) David Choi (26,30) Jacob Kim (14,19) Joseph Kwon (4,4) Alex Lee (8,15) Sarinee Sernsukskul (8,19) Pauline Ng (11,15) Stacey Neo (4,13) Chang-qi Ong (4,7) Isaac Thong (3,7) Tim Wood (2,13) Sophie Bosch de Hood (16,16) Daisuke Nakayama (11,23) Shoichi Mizusawa (19,23) Koji Namiki (11,18) Nicholas Weindling (9,13) Eiji Saito (11,19) Miyako Urabe (2,7) Naohiro Ozawa (9,9) James Yeh (14,20) William Tong (8,22) Renee Lin (4,19) Andy Kung (3,15)

Global Emerging Market & Asia Pacific Portfolio Managers

GEM Fundamental GEM Core Asia Pacific Income Asia Pacific Core Asia Pacific Dynamic

George Iwanicki (24,28) Anuj Arora (10,13) Austin Forey (28,28) Amit Mehta (4,14) Omar Negyal (3,16) Leon Eidelman (13,13) Jeffrey Roskell (19,24) Julie Ho (10,10) Sonia Yu (3,13) Oliver Cox^ (8,11) Mark Davids (19,19) Geoff Hoare (15,8) Desmond Loh (4,12) Joanna Kwok (14,18) Aisa Ogoshi^ (18,18) Goro Fukami (5,29) Robert Lloyd^ (10,15) James Ewinger^ (8,16) Michiko Sakai (2,6) Ayaz Ebrahim (<1,26) Ruben Lienhard (2,7)

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Emerging Markets and Asia Pacific (EMAP) Equities Research Platform

Source: J.P. Morgan Asset Management. Joiners and Leavers as of 31st December 2015. Number of years with the firm/industry experience as of 31st December 2015. *Internal transfer from J.P. Morgan Securities in October 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.

Consumer Financials Natural Resources Industrials Product Analysts Greater China

Mark Ferguson Head of Sector Research

 Industry: 16 yrs  Firm: 16 yrs

Chris Birney

 Industry: 15 yrs  Firm: 6 yrs

Li Tan

 Industry: 5 yrs  Firm: 5 yrs

Elizabeth Pang

 Industry: 11 yrs  Firm: 11 yrs

Giovanni Carriere

 Industry: 18 yrs  Firm: 2 yrs

Maciej Wasilewicz

 Industry: 8 yrs  Firm: 1 yr

Felipe Teixeira

 Industry: 9 yrs  Firm: 5 yrs

John Citron

 Industry: 6 yrs  Firm: 6 yrs

Paul Chan

 Industry: 22 yrs  Firm: 16 yrs

Gokhan Ates

 Industry: 12 yrs  Firm: 5 yrs

Simmy Qi

 Industry: 5 yrs  Firm: 5 yrs

Tucker Grinnan

 Industry: 15 yrs  Firm: 1 yr

Veronika Lysogorskaya

 Industry: 10 yrs  Firm: 5 yrs

Amy Thavornsuk (EMEA)

Industry: 9 yrs  Firm: 5 yrs

Sandro Apostolico

 Industry: 19 yrs  Firm: 19 yrs

Andrew Tan

 Industry: 21 yrs  Firm: 8 yrs

Aline Gaspar

 Industry: 12 yrs  Firm: 12 yrs

Catherine Moong

 Industry: 15 yrs  Firm: 10 yrs

Yatian (Atena) Liu

 Industry: 2 yrs  Firm: 2 yrs

Andres Garcia- Amaya (Macro)

 Industry: 12 yrs  Firm: 5 yrs

Joyce Weng (GEM Core)

 Industry: 8 yrs  Firm: 6 yrs

Lina Nassar (GEM Core)

 Industry: 4 yrs  Firm: 4 yrs

Harold Yu (GEM Core)

 Industry: 2 yrs  Firm: 2 yrs

Mark Perrin (Small Cap)

 Industry: 11 yrs  Firm: 2 yrs

Weiying Dong (Small Cap)

 Industry: 10yrs  Firm: 1 yr

Pandora Omaset (Africa)

 Industry: 20 yrs  Firm: 16 yrs

Habib Saikaly (Middle East)

 Industry: 9 yrs  Firm: 4 yrs

Piotr Drozd

 Industry: 8 yrs  Firm: 1 yr

Rachel Rodrigues (LATAM)

 Industry: 7 yrs  Firm: 1 yr

Alice Wong (Asia Dynamic)

 Industry: 10 yrs  Firm: 2 yrs

Shumin Huang Head of Greater China Research

 Industry: 24 yrs  Firm: 10 yrs

Vincent Yen

 Industry: 18 yrs  Firm: 7 yrs

Vincent Yu

 Industry: 8 yrs  Firm: 3 yrs

Connie Shen

 Industry: 5 yrs  Firm: 2 yrs

Yvonne Lee

 Industry: 5 yrs  Firm: 2 yrs

Jodie Zhu

 Industry: 7 yrs  Firm: 1 yr

Penny Tu

 Industry: 10 yrs  Firm: 2 yrs

Bonnie Chang

 Industry: 16 yrs  Firm: 1 yr

Tommy Che (Asia Dynamic)

 Industry: 2 yrs  Firm: 2 yrs

William Chen*

 Industry: 9 yrs  Firm: 6 yrs

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J.P. Morgan Asset Management

This is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates

• worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes.

You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website http://www.jpmorgan.com/pages/privacy. Investment is subject to documentation (Investment Trust Profiles, 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. Approval code: 4d03c02a80030969