FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION

IT’S TIMETO CAPTURE US QUALITY

Stability withstands volatilityJPM US Equity Income Fund

A high quality US equity allocation can help investors share in the long-term growth of the world’s largest stock market while managing downside risk.

Share in US growth with less of the downside

Our JPM US Equity Income Fund seeks out high quality, attractively valued stocks that are able to pay a consistent dividend.

Since its launch in December 2008, this conservative approach has helped the fund deliver strong risk-adjusted performance, allowing investors to benefit from the attractive returns generated by the US stock market while managing volatility in times of market stress.

The fund’s focus on quality and value provides effective US market exposure with a particular advantage when it comes to downside capture. In months of negative market performance, the fund has captured just 90% of the downside of the median fund in the IA North America Sector.

The fund has also outperformed the S&P 500 in all 23 periods that the market has fallen by more than 3% since the launch of the fund’s C share class in July 2011. In times of volatility, it can pay to have quality on your side.

Conservative exposure to US equities can pay dividends

While US equities provide the potential for attractive long-term returns, periods of volatility can be unsettling. However, when the US economy weakens, stock markets in other regions can fall more than the US itself. Investors should therefore consider maintaining US equity exposure through the market cycle.

Because quality and value stocks have tended to outperform in economic downturns, investing in a US equity portfolio that is focused on quality, value and dividends may help investors better withstand the market’s ups and downs and ultimately achieve stronger long-term returns.

JPM US EQUITY INCOME FUND RETURNS DURING S&P 500 MARKET PULLBACKS

-20

-18

-16

-14

-12

-10

-8

-6

-4

-2

0

11.07.11 - 19.08.11

16.03.12 - 18.05.12

09.10.12 - 15.11.12

12.03.13 - 18.04.13

29.05.13 - 24.06.13

02.08.13 - 08.10.13

16.01.14 - 03.02.14

04.04.14 - 11.04.14

25.07.14 - 07.08.14

09.09.14 - 16.10.14

08.12.14 - 16.12.14

09.01.15 - 15.01.15

23.01.15 - 28.01.15

19.03.15 - 25.03.15

13.04.15 - 25.08.15

15.04.16 - 19.05.16

17.06.16 - 20.06.16

16.08.16 - 09.09.16

26.10.16 - 04.11.16

12.01.17 - 01.02.17

16.03.17 - 17.05.17

12.01.18 - 23.03.18

05.09.18 - 24.12.18

JPM US Equity Income C Net Acc S&P 500 NR GBP

Source: Morningstar Direct as at March 2019. © 2019 Morningstar. All Rights Reserved. Fund performance is shown based on the NAV of the share class C (net acc) GBP unless otherwise stated.

Past performance is not a reliable indicator of current and future results.

Source: J.P. Morgan Asset Management. Data as at 28.02.2019. Share class performance is shown based on the quoted price of the C share class, assumes any gross income was reinvested, and includes ongoing charges but not any entry or exit fees. Performance over one year is annualised. Share class inception date is 11.07.2011. *Benchmark is the S&P 500 Index (net of 15% withholding tax). 1 The performance shown prior the launch date of this share class relates to the A share class. The A share class performance has not been amended or simulated to adjust for the lower ongoing fees of the C share class.

Past performance is not a reliable indicator of current and future results.

PERFORMANCE (%)

3M YTD 1Y 3Y 5YSince

Inception 1

JPM US Equity Income C Net (acc) GBP -2.70 6.47 8.56 14.71 14.35 14.06

S&P 500 Index* 2.79 6.69 8.11 16.73 15.54 15.75Russell 1000 Value Total Return Index -3.55 6.50 6.86 14.57 13.21 14.19

2018 2017 2016 2015 2014JPM US Equity Income C Net (acc) GBP -0.35 6.98 36.80 2.54 21.62

S&P 500 Index* 1.26 10.95 33.11 6.92 20.39 Russell 1000 Value Total Return Index -2.57 3.83 39.97 1.74 20.51

FOR PROFESSIONAL CLIENTS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION

This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a 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 products or underlying overseas investments. Past performance and yield are not a reliable indicator of current and future results. 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 products, 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. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy https://www.jpmorgan.com/emea-privacy-policy. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products. Investment is subject to documentation, which is comprised of the Prospectus, Key Investor Information Document (KIID) and either the Supplementary Information Document (SID) or Key Features/Terms and Condition. These documents, together with the annual report, semi-annual report and instrument of incorporation are available free of charge from JPMorgan Asset Management (UK) Limited. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

LV-JPM51900 | 03/19 0903c02a82560f4f

RISK PROFILE

The value of equity and equity-linked securities may fluctuate in response to the performance of individual companies and general market conditions.

As the portfolio of the fund is primarily focused on generating income, it may bear little resemblance to the composition of its benchmark.

The single market in which the fund primarily invests, in this case the US, may be subject to particular political and economic risks and, as a result, the fund may be more volatile than more broadly diversified funds.

For investors in share classes which are not hedged to sterling, movements in currency exchange rates can adversely affect the return of your investment.

This fund charges the annual fee of the Authorised Corporate Director (ACD) against capital, which will increase the amount of income available for distribution to Shareholders, but may constrain capital growth. It may also have tax implications for certain investors.

J.P. Morgan Asset Management US Equity Group as at 30.09.2018:

• USD 285 billion AUM

• Over 100 investment professionals

• Over USD 150 million annual research budget

Clare HartLead Portfolio Manager

• 26 years of industry experience, 19 at J.P. Morgan and has managed our equity income strategy for over 15 years.

INVESTMENT OBJECTIVETo provide a portfolio designed to achieve income by investing primarily in US equities in any economic sector while participating in long-term capital growth.