Fund Performance Warning:
Past performance is not a guide to future returns. The value of investments and any income from them can go down as well as up. You may get back less than you invested. Exchange rates may also cause the value of underlying overseas investments to go down or up.

This information is being distributed to certain persons, including person in the US. US recipients of this information that wish to receive further information or effect transactions in the fund’s shares should contact JPM New York and not other brokers who may be listed in this report.

This document contains information concerning the performance of JF Investment Companies. It does not constitute or contain, and may not be used for the purposes of or in connection with, any offer or invitation or solicitation by or on behalf of any of the investment companies described herein to subscribe for or to purchase securities by anyone in any jurisdiction in which such offer, invitation or solicitation is not authorised, or to any person to whom it is unlawful to make such offer, invitation or solicitation. The distribution of this document may be restricted by law. Persons into whose possession this document comes are required by each investor company described herein to inform themselves and to observe any such restrictions.

The price of shares and any income from them may fall as well as rise. Past performance is not necessarily a guide to the future and investors may not get back the full amount invested. Subscriptions involving a foreign exchange transaction may be subject to the fluctuations of currency values, while exchange rates may also cause the value of underlying overseas investments to go up or down. Investing in an emerging markets and/or smaller companies fund carries a greater risk to your capital and volatility may be greater. The views expressed herein are not to be taken as advice or a recommendation to buy or sell any investment. There is no right to cancel an agreement to purchase shares under the Rules of the Financial Services Authority. The normal protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme is not available.

Issued by JPMorgan Asset Management Marketing Limited, which is authorised and regulated by the Financial Services Authority and is a member of the JPMorgan Asset Management marketing group, which sells investments, life assurance and pension products.