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Jpm investment trust profiles as of 19 08 11

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Facts and figures of J.P. Morgan Investment Trusts Investment Trust Profiles
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Page 1: Jpm investment trust profiles as of 19 08 11

Facts and figures of J.P. Morgan Investment Trusts

Investment Trust Profiles

Page 2: Jpm investment trust profiles as of 19 08 11
Page 3: Jpm investment trust profiles as of 19 08 11

Investment Trust Profiles 1

IntroductionJ.P. Morgan Investment Trusts offer investors a number ofimportant benefits, including low charges, flexibility and a diversespread of investment opportunities. Whatever your investmentgoals – whether you are looking for capital growth, income or acombination of both – with our extensive range of investment trustscovering the world’s leading equity markets you should be able tofind a trust, or a combination of trusts, to match your investmentneeds.

You can invest in any of our 21 investment trusts, subject to theinvestment minimums outlined in the Key Features and Terms andConditions document, through the following J.P. Morgan products:

• J.P. Morgan Investment Account

• J.P. Morgan ISA

• J.P. Morgan SIPP

This booklet contains a detailed profile of each of our 21investment trusts to help you identify the trust or trusts that bestsuit your investment objectives and attitude to risk.

If you need further information, visit our websitewww.jpmorganinvestmenttrusts.co.uk which provides daily prices,interactive charting tools, as well as monthly factsheets and copiesof each trust’s report and accounts, or call our Investor Servicesteam on 0800 20 40 20.

Why Investment TrustsSimplicityInvestment trusts are companies listed on the stock market, whichmake their returns by investing in other companies’ shares. So youeffectively invest in a wide range of companies by investing into justone company and therefore diversify the risk, unlike when youinvest in a single share.

Investment trusts give you the potential to benefit from capitalgrowth if the trust’s share price rises and you can also receiveincome from your investment.

Cost efficiencyHigh investment charges often deter people from putting theirmoney into investment products, but our investment trusts aim tokeep the cost of investing as low as possible. Most of ourinvestment trusts have annual management fees of 0.7% or less –

less than other types of funds and this is taken from the trust’sassets, not directly from your investment.

Shareholder benefitsInvestment trusts offer all the features of being a shareholder in apublic company. You can follow the share price in the nationalpress, receive annual and interim reports and accounts, detailingthe trust’s financial performance, and attend and vote at the AnnualGeneral Meeting.

Every investment trust is governed by an independent board whichaims to ensure that the trust is run in the best interests ofshareholders.

Features of Investment TrustsDiscounts/premiumsAs investment trust shares are traded on the stock market, theirshare price is driven by market demand. This means the shares canbe worth more or less than the value of the trust’s underlyingportfolio of assets. When the shares are priced below the value ofthe assets, they are said to be trading at a ‘discount’. When they aretrading above the value of the net assets, they are at a ‘premium’.

GearingLike other companies, investment trusts can borrow money to buymore assets. This is known as ‘gearing’ and can potentially increasethe returns made on behalf of shareholders. However, gearing canalso increase the potential for losses within the investmentportfolio when markets fall. It is always important to check that aninvestment trust has a level of gearing that is appropriate for yourpersonal risk profile.

Conventional or split capitalMost of our investment trusts have a conventional structureoffering just one type of share. However some are split capitaltrusts which offer a number of share classes and different capitalstructure, represented by different types of share, which can meetdifferent needs.

These trusts are more complex than conventional investment trustsowing to the different classes of share that they issue. In addition, atypical split capital trust will have a limited life with apredetermined wind up date.

On the following pages are profiles for each of our investment trusts. Further information isprovided in the individual trusts’ annual report and accounts, which are available on our websitewww.jpmorganinvestmenttrusts.co.uk or on request from our Investor Services team on 0800 20 40 20. Up-to-date share prices can also be found on our website or daily in theFinancial Times, The Times, The Daily Telegraph, The Independent, The Scotsman and on Trustnet.

You should particularly consider the information relating to investment risks.

Investment Trust Profiles

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2 Investment Trust Profiles

Risk Factors and Investment FeaturesAll investments carry an element of risk. The value of yourinvestments and the income from it is not guaranteed and can fallas well as rise. Past performance is not a guide to future returns.When you sell your investment, you may get back less than youoriginally invested.

The risk factors below apply generally to investment trust shares,or to particular investment trusts depending on the structure of theunderlying portfolio. Please refer to the specific risk factors of eachtrust in their profiles on the following pages.

DerivativesInvestments in derivatives may lead to losses that are exaggerated. Thepotential for losses could be greater than what the investmentoriginally invested in, which may lead to increased volatility of the priceof an investment. In addition, there is market counterparty risk. Wheninvesting in derivatives a counterparty in a derivatives transaction maydefault and an Investment may sustain losses as a result.

Emerging MarketsInvesting in emerging markets may involve a higher element of riskdue to political and economic instability and underdevelopedmarkets and systems. There could also be a lack of liquidity incertain emerging market stocks and currencies which may result ina more volatile price.

Exchange Rate and Currency RisksExchange rate changes may cause the value of underlying overseasinvestments and any income from them to go down as well as up.

GearingThe investments in which you invest may utilise gearing; that isincreasing the funds available for investment through borrowing, toseek to enhance returns to shareholders. Gearing is expected toexaggerate market movements both down and up which couldmean sudden and large falls in value.

Investment Trust Portfolio Composition The investment objective of an investment trust may allow someflexibility in terms of portfolio composition which increases thepotential risk of the investment trust. Where permitted, aninvestment trust may invest in another investment trust or companythat utilises gearing (leverage) which will exaggerate marketmovements both up and down.

LiquidityShares in smaller companies and emerging markets are generallytraded less frequently than those in larger companies andestablished markets. This means that there may be difficulty inboth buying and selling shares and individual share prices may besubject to short-term price fluctuations.

Market RisksExternal factors may cause an entire asset class to decline in value.Prices and values of all shares or all bonds could decline at thesame time.

Premiums and DiscountsWith investment trusts, the underlying investment product that you arebuying is a share in a company listed on the London Stock Exchange.The price of its shares is determined by supply and demand. The price,therefore, is not necessarily the same as the underlying value of theassets per share. Where the price of an investment trust is lower thanthe Net Asset Value per share, the trust is said to be trading at adiscount. Where the price is higher than the Net Asset Value per share,it is said to be trading at a premium. The discount or premium variesdepending on demand for an Investment Trust’s shares and representsan additional element of potential risk and reward.

Real Estate and PropertyInvestments in equity securities issued by companies which areprincipally engaged in the business of real estate and property aresubject to risks associated with the direct ownership of real estateand property.

Smaller CompaniesInvestments in smaller companies may involve a higher degree ofrisk as these types of companies are usually more sensitive to pricemovements, because their infrastructures, product lines andfinancial resources may be less developed than larger companies.

Split Capital Investment TrustsThese investment trusts are more complex than conventionalinvestment trusts because of the different classes of shares thatthey issue. A typical split-capital investment trust will also have alimited life with a predetermined wind-up date.

Stock Market Linked InvestmentAll investments have varying levels of risk. In this context youshould note that an investor’s capital in a bank or building society issecure whereas in a stock market linked investment it is exposed toelements of risk.

Tax Benefits and LiabilitiesThe level of tax benefits and liabilities arising from investment willdepend on individual circumstances and may change in the future.

Subscription SharesSome investment trusts may have subscription shares in issue,which, if exercised, may have an effect on the Net Asset Value.Subscription shares are derivatives; please refer to the specificDerivatives risk factor.

Other InformationTotal Expense Ratio This takes into account the annual management fee paid to themanager and all other operating expenses such as audit fees andirrecoverable VAT. Where appropriate, tax relief allowable onexpenses has been included. It represents the total net deductions(excluding interest payments) as a percentage of the trust’s averagenet assets over a year.

Rolling 12 Month PerformanceFigures use diluted NAVs to calculate the total return with netdividend (if any) reinvested, in sterling, unless otherwise stated.Source: J.P. Morgan/Fundamental Data.

YieldDividend yields are based on mid-prices, net and allow for the valueof declared distributions and rights. Source: Financial Times.

The views expressed in this document are not to be taken as advice or a recommendation to buy or sell any investment.

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Investment Trust Profiles 3

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from North American investments. Invests in UScompanies including, when appropriate, exposure to smallcapitalisation sector.

Benchmark indexS&P 500 Index (£)

ManagersGarrett Fish and Eytan Shapiro

Websitewww.jpmamerican.co.uk

Ten largest investments (% of total assets)

Exxon Mobil 4.2IBM 2.8Microsoft 2.5Apple 2.3Chevron 2.1United Technologies 2.1Merck & Co 2.0Pfizer 2.0Procter & Gamble 1.8Oracle 1.7

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share Price 24.1% 24.2% -1.3% -9.3% 11.4%Net asset value 24.6% 21.5% -6.1% -11.0% 11.6%Benchmark 21.4% 25.6% -11.2% -12.7% 10.7%

Investment trust information

Total assets GBP 450.3mYield 1.2%Dividends paid MaySubscription Shares NoSpecific risk factorsA Exchange rates

GearingSmaller companies

Gearing range 95-120%Annual management fee 0.50%B

Total expense ratio 0.70%Launch 1881Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.

American

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth, primarily from investing in equities quoted on thestockmarkets of Asia, excluding Japan. To have a diversifiedportfolio of Asian stocks and use borrowings from time to time togear the portfolio.

Benchmark indexMSCI AC Asia ex Japan Index (£) Total Return

ManagersJoshua Tay, Pauline Ng and Jenny Tan

Websitewww.jpmasian.co.uk

Ten largest investments (% of total assets)

Samsung Electronics 3.9Agricultural Bank of China H 3.5Hyundai Heavy Industries 3.0Samsung Engineering 2.8Siam Cement 2.6Astra International 2.5China Construction Bank H 2.4Keppel 2.4United Tractors 2.4Amorepacific 2.2

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 24.4% 21.9% -3.2% -5.1% 40.3%Net asset value 21.5% 24.9% -6.2% -7.1% 43.8%Benchmark 17.1% 34.4% -0.9% -4.9% 33.9%

Investment trust information

Total assets GBP 465.0mYield 0.7%Dividend paid FebruarySubscription Shares YesA

Specific risk factorsB Exchange ratesEmerging markets

GearingGearing range 90-120%Annual management fee 0.75%CD

Total expense ratio 0.85%Launch 1997Available via ISA • Investment Account • SIPP

A Issued on 4 February 2009. Please see the Company's website for further information.B Full details of the risk factors are outlined on pages 1-2.C An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.D On value of the equity not value of total assets (so it includes the discount).Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Asian

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

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4 Investment Trust Profiles

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesLong term total returns, predominantly comprising capital growthbut with the potential for income by investing primarily in Brazilianfocused companies.

Benchmark indexMSCI Brazil 10/40 Index (£)

ManagersLuis Carrillo, Sebastian Luparia

Websitewww.jpmbrazil.co.uk

Ten largest investments (% of total assets)

OGX Petroleo e Gas Participacoes 5.5Companhia De Bebidas das Americas ADR 4.6BRF Brasil Foods ADR 3.9Aes Tiete 3.5Souza Cruz 3.4Companhia Siderurgica Nacional ADR 3.4BR Malls Participacoes 3.2EcoRodovias Infraestrutura e Logistica 2.9Wilson Sons 2.8Mills Estruturas e Servicos 2.6

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price* 2.2% – – – –Net asset value* 15.3% – – – –Benchmark* 17.2% – – – –

*The presentation of this trust's performance is restricted by regulation because the trust is less than12 months old.

Investment trust informationTotal assets GBP 68.2mYield N/A*Dividends paid N/A*Subscription Shares YesSpecific risk factorsA Exchange rates

GearingEmerging markets

Gearing range Maximum 115%Annual management fee 1.00%B

Total expense ratio 1.49%Launch 2010Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. Please see the Company website for further

information.* The presentation of this trust's performance is restricted by regulation because the trust is less

than 12 months old.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Brazil

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesLong term capital growth by investment in ‘Greater China’companies. Invests in companies which are quoted on the stockexchanges of Hong Kong, China and Taiwan or which derive asubstantial part of their revenues or profits from these territories.

Benchmark indexMSCI Golden Dragon Index (£) Total Return

ManagersHoward Wang, Emerson Yip, Shumin Huang and William Tong

Websitewww.jpmchinese.co.uk

Ten largest investments (% of total assets)

JF China New Generation Fund 4.0China Construction Bank H China H 3.9Taiwan Semiconductor Taiwan 3.9CNOOC 3.5JF China Pioneer A Share Fund 2.8Cheung Kong 2.7Tencent 2.6Bank of China H 2.3China Petroleum & Chemical 2.0China National Building Material 2.0

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Ordinary share price 18.3% 17.3% 17.5% -5.8% 36.4%Net asset value 17.9% 24.2% 5.7% -4.4% 52.0%Benchmark 13.5% 24.4% 3.1% -1.3% 32.7%

Investment trust information

Total assets GBP 142.5mYield 0.9%Dividends paid DecemberSubscription Shares YesA

Specific risk factorsB Exchange ratesEmerging markets

GearingGearing range Maximum 115%Annual management fee 1.00%C

Total expense ratio 1.41%Launch 1993Available via ISA • Investment Account • SIPP

A Issued on 16 April 2008. Please see the Company's website for further information.B Full details of the risk factors are outlined on pages 1-2.C An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Chinese

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Investment Trust Profiles 5

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital and income growth from a portfolio of UK investmentsconsisting mostly of leading companies.

Benchmark indexFTSE All-Share Index (£)

ManagersJames Illsley and Sarah Emly

Websitewww.jpmclaverhouse.co.uk

Ten largest investments (% of total assets)

Royal Dutch Shell 9.0HSBC Holdings 6.7BP 5.5Vodafone 5.4Rio Tinto 4.6GlaxoSmithKline 3.7AstraZeneca 3.6BHP Billiton 3.4Anglo American 2.5BG Group 2.5

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 26.1% 21.0% -23.9% -15.3% 15.8%Net asset value 28.6% 20.6% -25.2% -14.5% 17.3%Benchmark 25.6% 21.1% -20.5% -13.0% 18.4%

Investment trust information

Total assets GBP 320.5mYield 3.7%Dividends paid Quarterly - March, June, September, DecemberSubscription Shares NoSpecific risk factorsA GearingGearing range 95-120%Annual management fee 0.55%BC

Total expense ratio 0.72%Launch 1963Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.C On value of the equity not value of total assets (so it includes the discount).Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Claverhouse

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

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6 Investment Trust Profiles

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesTo provide long-term capital growth from investing in a range ofclosed and open-ended funds managed principally by JPMorgan.

Benchmark index50% FTSE All-Share Index/50% FTSE World Index (ex UK) (£)

ManagerKaty Thorneycroft and Jonathan Lowe

Websitewww.jpmelect.co.uk

Ten largest investments (% of total assets)

JPMorgan Claverhouse Inv Trust 11.0JPMorgan American Inv Trust 8.1JPMorgan UK Dynamic A 7.4JPMorgan Asian Inv Trust 5.6JPMorgan US Select Equity A 5.5The Mercantile Inv Trust 4.9JPMorgan US Growth A 4.1JPMorgan European Inv Trust (Growth) 4.1JPMorgan Smaller Companies Inv Trust 4.0JPMorgan Emerging Markets Inv Trust 4.0

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 24.4% 21.8% -16.5% -13.5% 20.3%Net asset value 24.7% 22.1% -15.4% -14.4% 20.0%Benchmark 23.7% 22.0% -16.7% -10.9% 17.3%

Investment trust information

Total assets GBP 179.2mYield 1.2%C

Dividends paid June, DecemberSubscription Shares NoSpecific risk factorsA Exchange rates

Emerging marketsGearing

Gearing range NilAnnual management fee 0.3% on JPM funds

0.6% on non-JPM fundsTotal expense ratio 0.49%Launch 1999B

Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B Launch date of JPMorgan Managed Growth plc. The record of the trust prior to 15/01/04 is that of

the predecessor company JP Morgan Managed Growth plc.C Dividends yields are based on midmarket prices and the net declared dividends over the preceding

12 month period..Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. Allrights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor itslicensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings orunderlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

JPM Elect invests in other investment trusts, which may utilise gearing (leverage) which willexaggerate market movements both down and up.

Elect - Managed Growth

JPM Elect offers three investment choices:

• Managed Growth

• Managed Income

• Managed Cash

JPM Elect offers quarterly conversion dates which allow you to convert between each share class without incurring dealing charges or aliability to capital gains tax. The Managed Cash shareholders may also elect to have their shares repurchased by the Company on thequarterly conversion dates. The designated conversion dates are 28 February (29 February in a leap year), 31 May, 31 August and 30November. Conversion instructions must be received on the Elect Conversion Form no earlier than 45 days and no later than 14 days beforea chosen conversion date. Conversion dates may change subject to agreement between the Board of JPMorgan Elect and the Manager.Conversion Forms can be found at www.jpmelect.co.uk. If you request a switch outside the designated dates, it will not be treated as aconversion and will not be exempt from capital gains tax and will be subject to normal dealing charges.

JPM Elect

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Investment Trust Profiles 7

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesTo provide growth of income with the potential for long-termcapital growth from investing in equities, investment trusts andfixed interest securities.

Benchmark index85% FTSE All-Share Index/15% Barclays Capital Global CorporateBond Index hedged (£)

ManagerSarah Emly and John Baker

Websitewww.jpmelect.co.uk

Ten largest investments (% of total assets)

Royal Dutch Shell 7.3JPMorgan Income & Growth Inv Trust (Income 2016) 6.8JPM Global Corporate Bond Fund 5.8HSBC Holdings 5.1Vodafone 4.3Rio Tinto 3.5GlaxoSmithKline 3.4BHP Billiton 2.7AstraZeneca 2.6British American Tobacco 2.5

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 23.5% 21.3% -24.9% -27.0% 23.7%Net asset value 26.7% 19.9% -24.7% -24.5% 18.4%Benchmark 22.4% 20.6% -15.5% -17.1% 14.0%

Investment trust information

Total assets GBP 41.0mYield 4.7%C

Dividends paid Quarterly - March, June, September, DecemberSubscription Shares NoSpecific risk factorsA GearingGearing range NilAnnual management fee 0.0% on JPM funds

0.6% non-JPM fundsTotal expense ratio 0.66%Launch 2000B

Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.C Dividends yields are based on midmarket prices and the net declared dividends over the preceding

12 month period.Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Elect - Managed Income

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesTo preserve capital and deliver a yield based on short term interestrates by investing in five or more sterling liquidity funds.

Benchmark indexNot applicable

ManagerKaty Thorneycroft and Jonathan Lowe

Websitewww.jpmelect.co.uk

Largest investments (% of total assets)

Deutsche Global Liquidity Series Managed Sterling 19.2Insight Sterling Liquidity Fund 18.6SWIP Global Sterling Liquidity Fund 17.5JPMorgan Sterling Liquidity Fund 16.5Institutional Cash Series Heritage Fund 15.0Fidelity Institutional Sterling Cash Fund 13.2

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 0.1% 0.0% 2.4% 4.7% 4.5%Net asset value 0.6% -0.1% 3.1% 3.5% 4.7%

Investment trust information

Total assets GBP 16.6mYield 0.2%D

Dividends paid Quarterly - March, June, September, DecemberSubscription Shares NoSpecific risk factors Not applicableGearing range NilAnnual management fee NilA

Total expense ratio 0.20%B

Launch 2004Available viaC

A Management fees are paid to managers of the underlying funds.B Total expense ratio based on expenses charged to, and taxes arising within, the Managed Cash Pool.C Based on its return characteristics and the costs incurred in transacting in its shares, an investment

in Managed Cash should only be considered by existing holders of Managed Growth and/orManaged Income who wish to switch into Managed Cash on the designated quarterly conversiondates. Accordingly Elect Managed Cash shares are not available for purchase through the J.P. Morgan Investment Account, J.P. Morgan ISA or J.P. Morgan SIPP or on J.P. Morgan WealthManager+.

D Dividends yields are based on midmarket prices and the net declared dividends over the preceding12 month period.

Elect - Managed Cash

Based on its return characteristics and the costs incurred in transacting in its shares, an investment in Managed Cash should only considered by existing holders of Managed Growth and/or Managed Income whowish to switch into Managed Cash on the designated quarterly conversion dates. Accordingly Elect Managed Cash shares are not available for purchase through the J.P. Morgan Investment Account, J.P. MorganISA or J.P. Morgan SIPP or on J.P. Morgan WealthManager+.

Page 10: Jpm investment trust profiles as of 19 08 11

8 Investment Trust Profiles

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from a diversified portfolio of smaller Europeancompanies, excluding the United Kingdom.

Benchmark indexHSBC Smaller European Companies (ex UK) Index (£)

ManagersJim Campbell and Francesco Conte

Websitewww.jpmeuropeansmallercompanies.co.uk

Ten largest investments (% of total assets)

Nokian Renkaa 2.6Software 2.5Rheinmetall 2.5Elekta B 2.5Salvatore Ferragamo 2.5Unit 4 Agresso 2.3Hugo Boss 2.2TGS Nopec Geophysical 2.2Topdanmark 2.1Andritz 2.1

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 48.1% 20.2% -20.2% -18.9% 40.4%Net asset value 41.6% 25.9% -21.4% -16.0% 39.3%Benchmark 33.6% 22.0% -19.7% -18.9% 32.3%

Investment trust information

Total assets GBP 483.1mYield –Dividends paid N/ASubscription Shares NoSpecific risk factorsB Exchange rates

Emerging marketsGearing

Smaller companiesGearing range 80-120%Annual management fee On market capitalisation 1.3%C

Total expense ratio 1.21%Launch 1990Available via ISA • Investment Account • SIPP

A On 8 July 2010 JPMorgan European Fledgeling Investment Trust plc change its name to JPMorganEuropean Smaller Companies Trust plc.

B Full details of the risk factors are outlined on pages 1-2.C On value of the equity not value of total assets (so it includes the discount).

European Smaller CompaniesA

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from emerging markets worldwide. Invests in adiversified portfolio with no more than 50% of the Company’sassets invested in any one region.

Benchmark indexMSCI Emerging Markets Free Index (£)

ManagersAustin Forey and Richard Titherington

Websitewww.jpmemergingmarkets.co.uk

Ten largest investments (% of total assets)

Housing Development Finance 3.9Companhia Vale do Rio Doce ADR 3.7Petroleo Brasileiro ADR 2.9Hyundai Mobis 2.9Magnit 2.6International Personal Finance 2.6Infosys Technologies ADR 2.5China Merchants Bank H 2.4Bharti Airtel 2.3Turkiye Garanti Bankasi 2.2

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 20.1% 34.7% -13.1% 4.5% 39.9%Net asset value 20.7% 35.3% -13.2% 2.5% 41.4%Benchmark 19.1% 35.6% -13.1% 5.5% 33.7%

Investment trust information

Total assets GBP 786.9mYield 0.5%Dividends paid NovemberSubscription Shares YesA

Specific risk factorsB Exchange ratesEmerging markets

GearingGearing range 90-120%Annual management fee 1.00%C

Total expense ratio 1.26%Launch 1991Available via ISA • Investment Account • SIPP

A Issued on 11 June 2009. Please see the Company's website for further information.B Full details of the risk factors are outlined on pages 1-2.C An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Emerging Markets

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Investment Trust Profiles 9

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from Continental European investments byoutperformance of the Company's benchmark over the long term.

Benchmark indexFTSE ALL World Developed Europe (ex UK) Index (£)

ManagersStephen Macklow-Smith and Alexander Fitzalan Howard

Websitewww.jpmeuropean.co.uk

Ten largest investments (% of total assets)

BASF 3.0Total 2.9BNP Paribas 2.8Novartis 2.7SanofiAventis 2.6JPM European Smaller Companies Inv Trust 2.6Telefonica 2.4Nestle 2.3Enel 2.2Allianz 1.8

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 32.7% 14.3% -30.4% -12.6% 28.5%Net asset value 32.2% 19.3% -27.6% -13.6% 31.5%Benchmark 28.4% 15.2% -20.3% -9.3% 25.4%

Investment trust information

Total assets GBP 266.8mYield 2.5%D

Dividends paid April, OctoberSubscription Shares NoSpecific risk factorsA Exchange rates

Emerging marketsGearing

Gearing range 90-120%Annual management fee 0.45%B

Total expense ratio 1.08%Launch 1929C

Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report and

Accounts.C Launch date of JPMorgan European Growth Shares. The record of the trust prior to

01/08/06 is that of the predecessor company JP Morgan Fleming Continental European InvestmentTrust plc.

D Dividends yields are based on midmarket prices and the net declared dividends over the preceding 12month period.

Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. Allrights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor itslicensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings orunderlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

JPM European offers two investment choices:

• European Growth

• European Income

JPM European offers semi-annual conversion dates which allow you to convert between each share class without incurring dealing chargesor a liability to capital gains tax. The designated conversion dates are 15 March and 15 September. Conversion instructions must be receivedusing the Conversion Form on a business day in February in respect of 15 March conversion date or on a business day in August in respectof 15 September conversion date. Conversion dates may change subject to agreement between the Board of JPMorgan European and theManager. Conversion Forms can be found at www.jpmeuropean.co.uk. If you request a switch outside the dates, it will not be treated as aconversion and will not be exempt from capital gains tax and will be subject to normal dealing charges.

European - Growth Shares

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

JPM European

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10 Investment Trust Profiles

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesDividend income combined with the potential for long term capitalgrowth from investing in a diversified portfolio of emerging marketsinvestments.

Benchmark indexMSCI Emerging Markets Free Index, with net dividends reinvested,in sterling terms

ManagerRichard Titherington

Websitewww.jpmglobalemergingmarketsincome.co.uk

Ten largest investments (% of total assets)

Kumba Iron Ore 2.7SAFCO 2.7Cielo S/A 2.3Quanta Computer 2.2Berjaya Sports 2.2African Bank Investments 2.2Petrochina H 2.2Advanced Information Services (Alien Market) 2.0Perusahaan Gas Negara 2.0Telekomunikacja Polska 2.0

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price* – – – – –Net asset value* – – – – –Benchmark* – – – – –

*The presentation of this trust's performance is restricted by regulation because the trust is less than12 months old.

Investment trust information

Total assets GBP 175.9mYield 3.5%Dividends paid to date 3.25pSubscription Shares NoSpecific risk factorsA Exchange rates

GearingEmerging markets

Gearing range Maximum 120%Annual management fee 1.00%B

Total expense ratio 0.00%Launch 2010Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. Please see the Company website for further

information.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Global Emerging Markets Income

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesGrowing income together with the potential for long-term capitalgrowth from a diversified portfolio of investments in pan-Europeanstock markets.

Benchmark indexMSCI Europe Index (£)

ManagersStephen Macklow-Smith and Alexander Fitzalan Howard

Websitewww.jpmeuropean.co.uk

Ten largest investments (% of total assets)

Royal Dutch Shell 3.1Nestle 2.8Vodafone 2.0BP 2.0HSBC Holdings 1.8Novartis 1.8Total 1.8GlaxoSmithKline 1.6SanofiAventis 1.4BASF 1.3

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 22.8% 19.5% -17.4% -17.0%Net asset value 27.8% 20.5% -16.5% -16.4%Benchmark 26.8% 16.3% -20.9% -10.6%

Investment trust information

Total assets GBP 72.1mYield 4.1%Dividends paid Half-yearly – April, OctoberSubscription Shares NoSpecific risk factorsA Exchange rates

GearingGearing range 90-120%Annual management fee 0.75%B

Total expense ratio 1.26%Launch 2006C

Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report and

Accounts.C Launch date of JPMorgan European Growth Shares. The record of the Company prior to

01/08/06 is that of the predecessor company JP Morgan Fleming Continental European Investment Trust plcBenchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for aparticular purpose with respect to any of such data. Without limiting any of the foregoing, in no eventshall MSCI, any of its affiliates or any third party involved in or related to compiling computing orcreating the data have any liability for any direct, indirect, special, punitive, consequential or any otherdamages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

European - Income Shares

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Investment Trust Profiles 11

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from Japanese investments. To maintain a portfolioalmost wholly invested in Japan.

Benchmark indexTokyo Stock Exchange 1st Section Index (£) (TOPIX) expressed insterling terms

ManagerNicholas Weindling

Websitewww.jpmjapanese.co.uk

Ten largest investments (% of total assets)

Nippon Telegraph & Telephone 5.0Honda Motor 4.2Mitsubishi UFJ Financial 3.9Canon 3.2Sumitomo Mitsui Financial 3.1Sumitomo Electric Industries 2.6Omron 2.5Mitsubishi 2.5Mitsui & Co 2.4Orix 2.3

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 14.8% 13.0% -16.2% -22.4% -16.6%Net asset value 9.6% 14.0% -11.4% -22.8% -13.4%Benchmark 5.1% 10.4% -4.7% -11.3% -3.5%

Investment trust information

Total assets GBP 366.9mYield 1.6%Dividends paid DecemberSubscription Shares NoSpecific risk factorsA Exchange rates

GearingGearing range 95-115%Annual management fee Assets up to £465m 0.65%

Assets between £465m and £930m 0.485%Assets above £930m 0.4%

Total expense ratio 0.81%Launch 1927Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.

Japanese

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from investments in India. Invests in both Indian andnon-Indian companies which derive a material part of their revenuesfrom India. Will also invest in Indian equity-related securities, butnot in any other countries of the Indian sub-continent nor Sri Lanka.

Benchmark indexMSCI India Index (£)

ManagersEdward Pulling, Rukhshad Shroff and Rajendra Nair

Websitewww.jpmindian.co.uk

Ten largest investments (% of total assets)

Infosys Technologies 11.4Reliance Industries 8.3HDFC Bank 7.0Housing Development Finance 6.0ICICI Bank 5.7ITC 5.0Tata Consultancy Services 4.2Larsen & Toubro 3.0Bharat Heavy Electricals 3.0Tata Motors 2.4

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 6.1% 27.6% 15.9% -16.1% 36.2%Net asset value 3.5% 39.7% 13.1% -20.7% 50.4%Benchmark 0.6% 45.3% 14.8% -12.4% 47.9%

Investment trust information

Total assets GBP 560.9mYield –Dividends paid N/ASubscription Shares YesA

Specific risk factorsB Exchange ratesEmerging markets

GearingGearing range Maximum 115%Annual management fee 1.20%Total expense ratio 1.50%Launch 1994Available via ISA • Investment Account • SIPP

A Issued on 4 November 2008. Please see the Company's website for further information.B Full details of the risk factors are outlined on pages 1-2.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Indian

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12 Investment Trust Profiles

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from a portfolio of medium-sized and smaller UKcompanies. To maintain long-term dividend growth at least in linewith inflation.

Benchmark indexFTSE All-Share (ex 100, ex Inv Companies) (£)

ManagersMartin Hudson and Jane Lennard

Websitewww.mercantileit.co.uk

Ten largest investments (% of total assets)

Cable & Wireless 2.4Jardine Lloyd Thompson 2.4Cove Energy 2.2Pennon 2.2Persimmon 2.1Logica 2.0Northumbrian Water 1.9Meggitt 1.8Hiscox 1.8GoAhead 1.7

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 27.1% 17.2% -6.8% -29.9% 31.4%Net asset value 24.8% 26.4% -13.7% -27.6% 28.8%Benchmark 31.2% 29.4% -15.3% -22.1% 24.9%

Investment trust information

Total assets GBP 1411.0mYield 3.3%Dividends paid Quarterly - February, May, August, NovemberSubscription Shares NoSpecific risk factorsA Smaller Companies

GearingGearing range 90-120%Annual management fee On market capitalisation 0.50%B

Total expense ratio 0.49%Launch 1884Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B On the value of the share price, not the Net Asset Value.Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Mercantile

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesLong-term capital growth through investment in small and medium-sized Japanese companies.

Benchmark indexS&P Japan Small Cap Index (Total Return Net) ( £)

ManagersDavid Mitchinson and Nicholas Weindling

Websitewww.jpmjapansmallercompanies.co.uk

Ten largest investments (% of total assets)

Press Kogyo 3.7Don Quijote 3.1Osaka Securities Exchange 3.1Konami 2.9Trancom 2.8Cyber Agent 2.6F.C.C. 2.5Asahi Diamond Industrial 2.5Ship Healthcare Holdings 2.4Skymark Airlines 2.4

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 5.4% 6.0% -16.6% -28.6% -24.6%Net asset value 0.4% 11.4% -13.8% -29.6% -22.8%Benchmark 7.8% 12.5% 9.0% -15.7% -10.9%

Investment trust information

Total assets GBP 80.3mYield –Dividends paid N/ASubscription Shares YesA

Specific risk factorsB Exchange ratesSmaller Companies

GearingGearing range 90-120%Annual management fee Gross assets up to £115m 1.25%

Gross assets over £115m 1.0%Total expense ratio 1.96%Launch 2000Available via ISA • Investment Account • SIPP

A Issued on 5 March 2009. Please see the Company's website for further information.B Full details of the risk factors are outlined on pages 1-2.

Japan Smaller Companies

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You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from investing in world stockmarkets.

Benchmark indexMSCI AC World Index (£)

ManagersJeroen Huysinga

Websitewww.jpmoverseas.co.uk

Ten largest investments (% of total assets)

Intercontinental Hotels 2.3Royal Dutch Shell A 2.1Nippon Sheet Glass 2.0First Quantum Minerals 2.0Nokian Renkaat 1.9Associated British Foods 1.9Amazon 1.9InterOil 1.9KBC 1.8Sodexo 1.8

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 16.1% 49.0% -6.6% -9.3% 12.5%Net asset value 24.6% 33.3% -7.6% -8.7% 10.5%Benchmark 21.3% 23.0% -14.6% -9.9% 13.9%

Investment trust information

Total assets GBP 253.2mYield 1.5%Dividends paid NovemberSubscription Shares NoSpecific risk factorsA Emerging Markets

Exchange ratesGearing

Gearing range 95-120%Annual management fee 0.40%B

Total expense ratio 0.65%Launch 1887Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Overseas

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from medium-sized UK companies. Specialises inFTSE 250 companies, using long and short-term borrowings toincrease returns to shareholders.

Benchmark indexFTSE 250 Index (ex Inv Companies) (£)

ManagersJane Lennard and William Meadon

Websitewww.jpmmidcap.co.uk

Ten largest investments (% of total assets)

GoAhead 2.9Pennon 2.6Hiscox 2.5FirstGroup 2.5Logica 2.4Jardine Lloyd Thompson 2.4Meggitt 2.1Derwent Valley 2.1Babcock International 1.9Travis Perkins 1.9

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 30.0% 18.5% -29.7% -28.0% 27.3%Net asset value 28.3% 24.1% -32.9% -26.1% 25.9%Benchmark 32.1% 30.4% -14.8% -20.0% 25.9%

Investment trust information

Total assets GBP 145.2mYield 3.9%Dividends paid April, DecemberSubscription Shares NoSpecific risk factorsA GearingGearing range 97.5-112.5%Annual management fee 0.40%B

Total expense ratio 0.74%Launch 1972Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Mid Cap

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14 Investment Trust Profiles

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from a diversified portfolio of smaller UKcompanies.

Benchmark indexFTSE Small Cap Index (ex Inv Companies) (£)

ManagersGeorgina Brittain

Websitewww.jpmsmallercompanies.co.uk

Ten largest investments (% of total assets)

Oxford Instruments 3.3Brammer 3.0Diploma 2.5Hyder Consulting 2.3TT Electronics 2.1Senior 2.1Elementis 2.1KCOM 2.1RPC 2.0Fenner 2.0

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 52.9% 26.5% -27.7% -29.5% 34.6%Net asset value 52.2% 30.9% -29.7% -26.6% 34.7%Benchmark 24.6% 20.3% -21.0% -33.6% 20.3%

Investment trust information

Total assets GBP 131.4mYield 1.7%B

Dividends paid DecemberSubscription Shares NoSpecific risk factorsA Gearing

Smaller CompaniesGearing range 90-115%Annual management fee 0.80%Total expense ratio 1.26%Launch 1990Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.B Dividends yields are based on mid-market prices and the net declared dividends over the preceding

12 month period.Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Smaller Companies

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesTo achieve capital growth from investment in Russian securities.

Benchmark indexMSCI Russian 10/40 Equity Indices Index (£)

ManagersOleg Biryulyov and Vitaly Kazakov

Websitewww.jpmrussiansecurities.co.uk

Ten largest investments (% of total assets)

Sberbank of Russia 13.6Magnit GDR 11.4JSC MMC Norilsk Nickel ADR 7.2Mobile Telesystems ADR 5.8Tatneft ADS 4.9Novolipetsk Iron & Steel GDS 4.7Sistema GDR 3.9Mostotrest 3.7CTC Media 3.6Bank Saint Petersburg 3.5

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 29.5% 71.2% -60.8% 46.6% 28.6%Net asset value 28.6% 75.4% -61.2% 41.4% 39.9%Benchmark 36.0% 53.8% -45.5% 32.1% 23.9%

Investment trust information

Total assets GBP 405.8mYield –Dividends paid N/ASubscription Shares NoSpecific risk factorsA Emerging Markets

Exchange ratesGearing

Gearing range 90-115%Annual management fee 1.50%Total expense ratio 1.71%Launch 2002Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.

The record of the Company prior to 20/12/02 is that of the predecessor company Fleming RussiaSecurities Limited. The shares of this company were denominated in US dollars. The rates ofexchange used to convert this into GBP were those prevailing at the time JPMorgan Fleming RussianSecurities plc was launched on 20/12/02.Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling,computing or creating the MSCI data makes any express of implied warranties or representations withrespect to such data (or the results to be obtained by the use thereof), and all such parties herebyexpressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness fora particular purpose with respect to any of such data. Without limiting any of the foregoing, in noevent shall MSCI, any of its affiliates or any third party involved in or related to compiling computingor creating the data have any liability for any direct, indirect, special, punitive, consequential or anyother damages (including lost profits) even if notified of the possibility of such damages. No furtherdistribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.

Russian Securities

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You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

Investment Trust Profiles 15

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesCapital growth from investing in US smaller companies.

Benchmark indexRussell 2000 Index (£)

ManagersGlenn Gawronski and Don San Jose

Websitewww.jpmussmallercompanies.co.uk

Ten largest investments (% of total assets)

Coventry Health Care 2.7Jarden 2.4ProAssurance 2.4Penn National Gaming 2.3Papa Johns 2.2Calamos Asset Management 2.2Silgan 2.0IBERIABANK 1.9Altra 1.8HFF A 1.8

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price 24.1% 36.0% -11.1% -27.6% 8.2%Net asset value 32.3% 27.4% -8.9% -27.5% 3.4%Benchmark 27.7% 33.3% -9.7% -15.7% 7.0%

Investment trust information

Total assets GBP 62.4mYield –Dividends paid N/ASubscription Shares NoSpecific risk factorsB Exchange rates

GearingSmaller Companies

Gearing range Maximum 115% (+/-2.5%)Annual management fee 1.00%c

Total expense ratio 1.66%Launch 1998Available via ISA • Investment Account • SIPP

A On 22/04/10 JPMorgan US Discovery Investment Trust plc changed its name to JPMorgan US SmallerCompanies Investment Trust plc.

B Full details of the risk factors are outlined on pages 1-2.c An additional performance fee may be payable. For details see the Company's latest Annual Report

and Accounts.

US Smaller CompaniesA

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16 Investment Trust Profiles

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesTo meet the final capital entitlement of the JPMIC Zeros DividendPrefernce Shareholders to provide JPMIC ordinary shareholderswith a regular quarterly income and capital growth.

Benchmark index90% FTSE 350 Index (ex Inv Co.s) and 10% Barclays Capital GlobalCorporate Bond Index in sterling terms (£)

ManagerSarah Emly and John Baker

Websitewww.jpmincomeandcapital.co.uk

Ten largest investments (% of total assets)

Royal Dutch Shell 8.8HSBC Holdings 6.1Vodafone 5.4BHP Billiton 4.2GlaxoSmithKline 4.1Rio Tinto 4.1BP 3.1AstraZeneca 3.0British American Tobacco 2.9BG Group 2.5

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price– Ordinaries 26.5% 26.2% -25.8% - -– Units 26.4% 27.9% -22.6% - -– Zeros 24.1% 7.7% -1.2% - -

Net Asset Value– Ordinaries 57.0% 43.5% -46.3% - -– Units 27.5% 20.4% -22.0% - -– Zeros 6.8% 6.7% 6.8% - -

Benchmark 23.5% 21.2% -19.2% - -

Please note performance data is not available for funds under ayear.

Investment trust information

Total assets GBP 115.1mYield

Ordinary 7.0%Units 3.5%Zeros -

Dividends paid - Ordinaries and Units January, April,July, October

Subscription Shares NoSpecific risk factorsA Split-capital Investment trusts

GearingGearing range

Ordinary Not DisclosedUnits Not DisclosedZeros Not Disclosed

Annual management fee 0.85%Total expense ratio 1.21%Launch 2008Wind up date 28th February 2018Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Income & Capital SPLIT-CAPITAL TRUST

Page 19: Jpm investment trust profiles as of 19 08 11

All information as at 30 June 2011 unless indicated otherwiseTrust objective and policiesTo meet the final capital entitlement of the Income Shareholdersand to provide them with a regular quarterly income as well as toprovide capital growth for Capital Shareholders.

Benchmark indexFTSE 350 Index (£)

ManagerNeill Nuttall, Sarah Emly and John Baker

Websitewww.jpmincomeandgrowth.co.uk

Ten largest investments (% of total assets)

JPM Multi Asset Income Fund X Income 19.6JPM Strategic Bond Fund I Income 6.9Royal Dutch Shell 5.6HSBC Holdings 3.5Vodafone 3.4Rio Tinto 2.6GlaxoSmithKline 2.4BH Macro 2.3BP 2.3BHP Billiton 2.1

Rolling 12 month performance as at 30 June2011/2010 2010/2009 2009/2008 2008/2007 2007/2006

Share price– Capital -18.4% 26.4% -52.5% -68.0% -– Units 20.7% 19.5% -27.9% -32.5% -– Income 32.8% 14.0% -29.8% -9.5% -

Net asset value– Capital - - - - -– Units 33.7% 21.7% -36.3% -27.3% -– Income 34.6% 22.0% -35.6% 5.3% -

Benchmark 25.6% 21.1% -20.5% -12.5% -

Investment trust information

Total assets GBP 56.1mYield

Capital –Units 4.9%Income 5.3%

Dividends paid - Ordinaries and Units March, JuneSeptember and December

Subscription Shares NoSpecific risk factorsA Split-capital Investment trusts

GearingGearing range

Capital Not DisclosedUnits Not DisclosedIncome Not Disclosed

Annual management fee 0.80% (Reducing to 0.70% on net assets over £65m)

Total expense ratio 1.20%Launch 2006Wind up date 30th November 2016Available via ISA • Investment Account • SIPP

A Full details of the risk factors are outlined on pages 1-2.Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London StockExchange Plc and The Financial Times Limited and is used by FTSE International Limited underlicence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. NeitherFTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSEratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s expresswritten consent.

Income & Growth SPLIT-CAPITAL TRUST

You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested.

Investment Trust Profiles 17

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Who to contact

Investor Services0800 20 40 20

Financial Advisers’ Helpline0800 727 770

www.jpmorganinvestmenttrusts.co.uk

AddressJ.P. Morgan Asset ManagementClient Administration CentreFinsbury Dials20 Finsbury StreetLondonEC2Y 9AQ

Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Services Authority.

Registered in England No. 288553. Registered address: 125 London Wall, London EC2Y 5AJ.

GB H127 08/11

Printed on Hello Matt which contains virgin wood fibre and is produced at a mill that holds the ISO 14001 certificate forenvironmental management.The pulp is bleached using a combination of Elemental Chlorine Free (ECF) and Totally Chlorine Free (TCF) methods.


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