Speaker name, Title

Date of presentation

2

Commodities are used by everyone, everyday

An average 200kg of COPPER in a single-family home1. That’s equivalent to

the weight of 2.5 men.

Sources: 1Copper Facts, Copper Development Association, Inc, July 2012; 2A User Guide To Commodities (third edition), Deutsche Bank, May 2011; 3World Energy Outlook, IEA, Nov 2011 (updated annually)

Only 52% of GOLD is found in jewellery2. It’s also present

in every flat screen TV, computer and mobile phone.

Only 55% of OIL is used for transport2. It's also used in

clothes, soaps and cosmetics.

42% of COAL is used for energy production3. It’s also

used in soap, aspirin, cosmetics and toothpaste.

Consumption is expected to outstrip production

Average yearly increase between 2010 and 2015(e):

3

Source: Commodity Update, RBS Commodity Research, Royal Bank of Scotland, Jan 2012. Metals refer to average production and consumption of the following base metals: aluminium, copper, lead, nickel and zinc; 1Chinese Global Metal Consumption, Bloomberg, Dec 2011

Global metalproduction

Global metalconsumption

Chinese metalconsumption

5.0%5.6%

8.1%

China accounts for approximately 40% of global metal consumption1.

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It isn’t all about China either

The growing prospect of India1

In 2025, India will become the world’s most populous nation (according to UN estimates)

Urbanisation in India is set to increase at double the pace of China between 2015 – 2050

India’s growth will require USD 800bn of infrastructure spending in the next 20 yrs (The Ministry of Urban Development estimates)

Within 20 years, consumption from India is expected to exceed China2

Source: 1Credit Suisse, April 2012; 2Global Commodity Market Outlook, World Bank, Jan 2012

Commodity supply doesn’t just happen overnight

The Esperanza mine in Chile took almost 19 years to complete from discovery to production!

Over 19 years you could have built the Eiffel Tower, the Empire State Building, the Titanic and the M25.

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Source: Metals Cost Service (case study), Brook Hunt, Aug 2011

Future opportunities within commodities

48% of the world's oil reserves are in the Middle East. The oil price rose 34% as a result of the Arab Spring.

New frontier discoveries and new technologies are reshaping the oil sector into a dynamic land of opportunity.

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Canadian Oil Sands US Shale Gas

Colombia Offshore West Africa

North Sea Oil

Offshore East Africa

China Shale Gas

Kurdistan

New Zealand

Source: J.P. Morgan Asset Management. For illustrative purposes only.Source: A User Guide to Commodities (third edition), Deutsche Bank, May 2011 / J.P. Morgan Asset Management. Price rise Dec 2010 to Apr 2011 for Brent (European crude oil benchmark).

Companies are attractively undervalued

Average valuations of the largest mining companies over 5 years

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2008 2009 2010 2011 20120

1

2

3

4

5

6

7

8

98.26

3.37

6.30

5.34

3.91

5 year average: 5.43

J.P. Morgan Asset Management, Rio Tinto, Anglo American and Xstrata. Based on 'Enterprise Multiple' calculation of company valuations as at 1 Jan 2012.

Undervalued companies present a compelling buying opportunity for long-term investors.

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Tap into the strong long-term growth potential of commodities

JPM Natural Resources Fund

The fund aims to deliver long-term capital growth by investing in companies throughout the world engaged in the production of commodities.

It invests in companies that produce gold and precious metals, energy (such as oil and gas), base metals (such as copper and iron).

Our highly skilled fund management team has the proven ability to pick out the most attractive natural resources stocks.

The aims provided above are the Investment Manager’s targets and aims only and are not necessarily part of the Fund’s investment objectives and policies as stated in the prospectus. There is no guarantee that these will be achieved.

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JPM Natural Resources Fund:Investment objective and risk profile

Investment objective and policy

– To invest, primarily in the shares of, companies throughout the world engaged in the production and marketing of commodities. The Fund aims to provide capital growth over the long term.

Risk Profile

– The value of your investment may fall as well as rise and you may get back less than you originally invested.

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

– Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging market currencies may be subject to volatile price movements. Emerging market securities may also be subject to higher volatility and be more difficult to sell than non-emerging market securities.

– The Fund invests in securities of smaller companies which may be more difficult to sell, more volatile and tend to carry greater financial risk than securities of larger companies.

– The Fund will be concentrated in natural resources companies and may be concentrated in one or more countries. As a result, the Fund may be more volatile than more broadly diversified funds.

– The value of companies in which the Fund invests may be influenced by movements in commodity prices which can be very volatile.

– This Fund is aggressively managed, which may result in higher volatility of the Fund's performance and bigger differences between the performance of the Fund and its benchmark.

– Movements in currency exchange rates can adversely affect the return of your investment.

Please refer to the Fund’s Key Investor Information Document (KIIDs) for more information relating to the Fund.

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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

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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.

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