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1 IMPORTANT: This letter requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Dear Investor, Mergers of JPMorgan Funds (SICAV Range) share classes 18 March 2016 We are writing on behalf of the Management Company of JPMorgan Funds (the Fund ) to inform you that a share class in which you are invested will be merged with another share class of the same sub-fund. This merger was identified to eliminate duplicate share classes and will be carried out in accordance with applicable Luxembourg law(s) and Article 21 of the consolidated Articles of Incorporation of the Fund dated 16 February In order to rationalise duplicate share classes within the J.P. Morgan Asset Management fund range, your investment in the JPMorgan prefixed share class (the Merging Share Class(es) ) will be merged into an equivalent share class prefixed JPM within the same sub-fund (the Receiving Share Class(es) ). To accommodate the current system, the merger of share classes will be performed in two phases, on 20 May 2016 and 27 May 2016 for Phase 1 and Phase 2, respectively. Please refer to Appendix I for the list of share classes impacted and their latest sizes, the respective merger dates and details of the merger timeline. There are no unamortised preliminary expenses in relation to the Merging Share Class(es) and the costs of the mergers, estimated to approximately HK$ 70,000, will be borne by the Management Company. On the respective merger dates, your shares in the Merging Share Class(es) will be exchanged automatically for shares in the Receiving Share Class(es) of the same sub-fund(s). Charges of the Receiving Share Class(es) will be the same as the Merging Share Class(es). The value of your shares following the merger will remain the same; however you may receive a different number of shares in the Receiving Share Class(es) based on the net asset value per share for both share classes on the date of merger. A contract note will be issued to you after the respective merger date informing you of the number of shares you hold in the Receiving Share Class(es). From the date of this letter, the Merging Share Class(es) are no longer allowed to be marketed to the public in Hong Kong and shall not accept subscription from investors, except for investment (excluding top-up) through existing regular investment plan 1 and escheduler 2 which is still permissible until 6:00 p.m. Hong Kong time, 17 May 2016 (for Phase 1) and 6:00 p.m. Hong Kong time, 24 May 2016 (for Phase 2). 3 Please refer to the Appendix I for the details of the arrangement for existing regular investment plan and escheduler, including the arrangement that regular investments will automatically be directed to the Receiving Share Class(es) on the respective merger dates unless other instruction is received. The mergers do not alter the way in which the sub-funds and share classes are currently being managed and their investment objectives, risk profiles and fees will remain the same. There will be no changes to the share classes distribution policies. 1 If you invest with bank, distributor or financial adviser, please note that the arrangement of your regular investment plan is subject to the discretion of bank, distributor or financial adviser. 2 The escheduler is only applicable to clients dealing via our e-trading platform with JPMorgan in Hong Kong. 3 After the aforesaid cut-off times, you will not be able to subscribe shares through existing regular investment plan and escheduler in the Merging Share Class(es). Subscription will be rejected and the money in respect of such subscription will be handled in accordance with the terms of the offering document of the Fund.

2 You do not need to take any action. However, if you do not want your shares to be exchanged, as a shareholder of the Fund, you are entitled to redeem your shares in the Merging Share Class(es) at any time and will receive the redemption proceeds in accordance with the terms of the offering document of the Fund from the date of this letter until 6:00 p.m. Hong Kong time, 19 May 2016 (for Phase 1) and 6:00 p.m. Hong Kong time, 26 May 2016 (for Phase 2). Any charges for such redemption will be waived. Alternatively, if you prefer, you may switch your holding in the Merging Share Class(es) into any other funds which are managed by JPMorgan Funds (Asia) Limited or for which it acts as Hong Kong representative and which are authorised by the Securities and Futures Commission (the SFC ) for sale to the public in Hong Kong in accordance with the offering document of the Fund from the date of this letter until 6:00 p.m. Hong Kong time, 19 May 2016 (for Phase 1) and 6:00 p.m. Hong Kong time, 26 May 2016 (for Phase 2). Any charges for such switching will be waived #. Details of such funds (including the relevant offering documents) can be found at our website 4. SFC authorisation is not a recommendation or endorsement of a fund nor does it guarantee the commercial merits of a fund or its performance. It does not mean the fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. There may be potential tax consequences to any redemption, switching or exchange of shares. We recommend that you read this document carefully and that you seek tax and investment advice as appropriate before making a final decision. Please be advised that the latest version of the Hong Kong Offering Document and Articles of Incorporation as well as copies of the latest annual and semi annual reports are available free of charge upon request at the registered office of JPMorgan Funds (Asia) Limited. The Management Company of the Fund accepts responsibility for the accuracy of the contents of this letter. If you have any questions with regard to the contents of this letter or any other aspect of the Fund, please do not hesitate to contact: your bank or financial adviser; our Intermediary Hotline on (852) ; our Intermediary Clients Hotline on (852) ; if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) ; or your designated client advisor or your pension scheme trustee/administrator. Yours faithfully, For and on behalf of JPMorgan Funds (Asia) Limited As Hong Kong Representative of the Fund Eddy Wong Head of Funds Business, Hong Kong & China Retail Encl. 4 The website has not been reviewed by the SFC. # Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions.

3 APPeNdIx I - details ANd TIMelINe OF ShARe ClASSeS MeRgeRS Phase 1 - Merge on 20 May 2016 Sub-Fund Merging Share Class latest size of share class as at 31 January 2016 (in US$ million) JPMorgan Funds - America Equity Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Global Dynamic Fund JPMorgan Funds - Global Unconstrained Equity Fund JPMorgan Funds - US Dollar Money Market Fund JPMorgan America Equity A (dist) - USD JPMorgan Europe Dynamic A (dist) - EUR JPMorgan Global Dynamic A (dist) - USD JPMorgan Global Unconstrained Equity A (dist) - USD JPMorgan US Dollar Money Market A (acc) - USD Receiving Share Class 216 JPM America Equity A (dist) - USD 106 JPM Europe Dynamic A (dist) - EUR 17 JPM Global Dynamic A (dist) - USD 48 JPM Global Unconstrained Equity A (dist) - USD 535 JPM US Dollar Money Market A (acc) - USD latest size of share class as at 31 January 2016 (in US$ million) Phase 1 - Timeline 6:00 p.m. hong Kong time, 17 May :00 p.m. hong Kong time, 19 May May 2016, after close of business After this cut-off time, you will not be able to subscribe shares through existing regular investment plan and escheduler in the Merging Share Class(es). You may switch out or redeem shares in the Merging Share Class(es) free of charge # before this cut-off time. After this cut-off time, you will not be able to switch or redeem shares in the Merging Share Class(es). The merger transaction occurs. All the assets, liabilities and any accrued income in the Merging Share Class(es) will be transferred to the Receiving Share Class(es), and the Merging Share Class(es) will cease to exist. Your shares in the Merging Share Class(es) are exchanged free of charge for shares in the equivalent Receiving Share Class(es) of the same sub-fund, based on the net asset value per share in effect that day for both share classes. The value of the shares you own in the Merging Share Class(es) and the new shares you receive in the Receiving Share Class(es) will be the same but you may receive a different number of shares. The regular investments by investors of regular investment plan 1 and escheduler 2 into the Merging Share Class(es) will automatically be directed to the Receiving Share Class(es) of the same sub-fund unless other instruction is received. 23 May 2016 As an investor in the Receiving Share Class(es), you can switch and redeem your new shares and subscribe for additional shares in the Receiving Share Class(es). # Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions. 1 If you invest with bank, distributor or financial adviser, please note that the arrangement of your regular investment plan is subject to the discretion of bank, distributor or financial adviser. 2 The escheduler is only applicable to clients dealing via our e-trading platform with JPMorgan in Hong Kong. 1

4 Phase 2 - Merge on 27 May 2016 Sub-Fund Merging Share Class latest size of share class as at 31 January 2016 (in US$ million) JPMorgan Funds - Emerging Europe Equity Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - US Technology Fund JPMorgan Funds - US Value Fund JPMorgan Emerging Europe Equity A (dist) - EUR JPMorgan Europe Small Cap A (dist) - EUR JPMorgan Europe Technology A (dist) - EUR JPMorgan Latin America Equity A (dist) - USD JPMorgan US Technology A (dist) - USD JPMorgan US Value A (dist) - USD Receiving Share Class 70 JPM Emerging Europe Equity A (dist) - EUR 54 JPM Europe Small Cap A (dist) - EUR 13 JPM Europe Technology A (dist) - EUR 106 JPM Latin America Equity A (dist) - USD 89 JPM US Technology A (dist) - USD 121 JPM US Value A (dist) - USD latest size of share class as at 31 January 2016 (in US$ million) Phase 2 - Timeline 6:00 p.m. hong Kong time, 24 May :00 p.m. hong Kong time, 26 May May 2016, after close of business After this cut-off time, you will not be able to subscribe shares through existing regular investment plan and escheduler in the Merging Share Class(es). You may switch out or redeem shares in the Merging Share Class(es) free of charge # before this cut-off time. After this cut-off time, you will not be able to switch or redeem shares in the Merging Share Class(es). The merger transaction occurs. All the assets, liabilities and any accrued income in the Merging Share Class(es) will be transferred to the Receiving Share Class(es), and the Merging Share Class(es) will cease to exist. Your shares in the Merging Share Class(es) are exchanged free of charge for shares in the equivalent Receiving Share Class(es) of the same sub-fund, based on the net asset value per share in effect that day for both share classes. The value of the shares you own in the Merging Share Class(es) and the new shares you receive in the Receiving Share Class(es) will be the same but you may receive a different number of shares. The regular investments by investors of regular investment plan 1 and escheduler 2 into the Merging Share Class(es) will automatically be directed to the Receiving Share Class(es) of the same sub-fund unless other instruction is received. 30 May 2016 As an investor in the Receiving Share Class(es), you can switch and redeem your new shares and subscribe for additional shares in the Receiving Share Class(es). # Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions. 1 If you invest with bank, distributor or financial adviser, please note that the arrangement of your regular investment plan is subject to the discretion of bank, distributor or financial adviser. 2 The escheduler is only applicable to clients dealing via our e-trading platform with JPMorgan in Hong Kong. 2

5 IMPORTANT: This letter requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Dear Investor, 18 March 2016 Rename of Sub-Funds and Share Classes of JPMorgan Funds (SICAV Range) and JPMorgan Investment Funds (SICAV Range) We are writing on behalf of the Management Company of JPMorgan Funds and JPMorgan Investment Funds (the Funds ) to inform you that a sub-fund/share class in which you are invested will be renamed. In order to rationalise share class naming conventions within the J.P. Morgan Asset Management fund range, share classes prefixed JPMorgan will be renamed by replacing the prefix with JPM on 31 May 2016, as detailed in Appendix A. In addition, the Chinese names of certain sub-funds and share classes of the Funds offered in Hong Kong will also be renamed to better reflect their English names. Please refer to Appendix B for details. These changes will not alter your investment in the relevant sub-fund nor the way in which the sub-funds are currently being managed and the fees relating to your investment will remain unchanged. You do not need to take any action. However, we recommend that you read this document carefully and that you seek tax and investment advice as appropriate. The Management Company of the Funds accepts responsibility for the accuracy of the contents of this letter. If you have any questions with regard to the contents of this letter or any other aspect of the Funds, please do not hesitate to contact: your bank or financial adviser; our Intermediary Hotline on (852) ; our Intermediary Clients Hotline on (852) ; if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) ; or your designated client advisor or your pension scheme trustee/administrator. Yours faithfully, For and on behalf of JPMorgan Funds (Asia) Limited As Hong Kong Representative of the Funds Eddy Wong Head of Funds Business, Hong Kong & China Retail Encl.

6 APPeNdIx A ReNAMe OF ShARe ClASSeS Sub-fund existing share class name New share class name ISIN JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (acc) - HKD JPM Asia Pacific Income A (acc) - HKD LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (acc) - USD JPM Asia Pacific Income A (acc) - USD LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (dist) - USD JPM Asia Pacific Income A (dist) - USD LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - AUD (hedged) JPM Asia Pacific Income A (irc) - AUD (hedged) LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - CAD (hedged) JPM Asia Pacific Income A (irc) - CAD (hedged) LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - EUR (hedged) JPM Asia Pacific Income A (irc) - EUR (hedged) LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - GBP (hedged) JPM Asia Pacific Income A (irc) - GBP (hedged) LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - NZD (hedged) JPM Asia Pacific Income A (irc) - NZD (hedged) LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (mth) - HKD JPM Asia Pacific Income A (mth) - HKD LU JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (mth) - USD JPM Asia Pacific Income A (mth) - USD LU JPMorgan Funds - China Fund JPMorgan China A (acc) - USD JPM China A (acc) - USD LU JPMorgan Funds - China Fund JPMorgan China A (dist) - HKD JPM China A (dist) - HKD LU JPMorgan Funds - China Fund JPMorgan China A (dist) - USD JPM China A (dist) - USD LU JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Europe Equity Fund JPMorgan Euroland Equity A (dist) - USD JPM Euroland Equity A (dist) - USD LU JPMorgan Europe Equity A (dist) - USD JPM Europe Equity A (dist) - USD LU JPMorgan Funds - Greater China Fund JPMorgan Greater China A (acc) - USD JPM Greater China A (acc) - USD LU JPMorgan Funds - Greater China Fund JPMorgan Greater China A (dist) - HKD JPM Greater China A (dist) - HKD LU JPMorgan Funds - Greater China Fund JPMorgan Greater China A (dist) - USD JPM Greater China A (dist) - USD LU JPMorgan Funds - Hong Kong Fund JPMorgan Hong Kong A (dist) - HKD JPM Hong Kong A (dist) - HKD LU JPMorgan Funds - Hong Kong Fund JPMorgan Hong Kong A (dist) - USD JPM Hong Kong A (dist) - USD LU JPMorgan Funds - India Fund JPMorgan India A (acc) - USD JPM India A (acc) - USD LU JPMorgan Funds - Indonesia Equity Fund JPMorgan Indonesia Equity A (acc) - USD JPM Indonesia Equity A (acc) - USD LU JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity A (acc) - USD (hedged) JPM Japan Equity A (acc) - USD (hedged) LU JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity J (dist) - USD JPM Japan Equity J (dist) - USD LU JPMorgan Funds - Korea Equity Fund JPMorgan Korea Equity A (acc) - USD JPM Korea Equity A (acc) - USD LU JPMorgan Funds - Singapore Fund JPMorgan Singapore A (acc) - USD JPM Singapore A (acc) - USD LU JPMorgan Funds - Singapore Fund JPMorgan Singapore A (dist) - USD JPM Singapore A (dist) - USD LU JPMorgan Funds - Taiwan Fund JPMorgan Taiwan A (acc) - USD JPM Taiwan A (acc) - USD LU JPMorgan Funds - Taiwan Fund JPMorgan Taiwan A (dist) - HKD JPM Taiwan A (dist) - HKD LU JPMorgan Funds - Taiwan Fund JPMorgan Taiwan A (dist) - USD JPM Taiwan A (dist) - USD LU

7 APPeNdIx B ReNAMe OF ChINeSe NAMeS OF SuB-FuNdS ANd ShARe ClASSeS JPMorgan Funds existing sub-fund name (in Chinese) existing share class name (in Chinese) New sub-fund name (in Chinese) New share class name (in Chinese) ISIN 摩根美國基金摩根美國 ( 澳元對沖 ) - A 股 ( 累計 ) 摩根基金 - 美國基金 JPM 美國 ( 澳元對沖 ) - A 股 ( 累計 ) LU 摩根美國基金 摩根美國 ( 港元 )- A 股 ( 累計 ) 摩根基金 - 美國基金 JPM 美國 ( 港元 )- A 股 ( 累計 ) LU 摩根美國基金 摩根美國 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 美國基金 JPM 美國 ( 美元 )- A 股 ( 累計 ) LU 摩根亞洲本地貨幣債券基金 摩根亞洲本地貨幣債券 ( 港元 )- A 股 ( 每月派息 ) 摩根基金 - 亞洲本地貨幣債券基金 JPM 亞洲本地貨幣債券 ( 港元 )- A 股 ( 每月派息 ) LU 摩根亞洲本地貨幣債券基金 摩根亞洲本地貨幣債券 ( 美元 )- A 股 ( 每月派息 ) 摩根基金 - 亞洲本地貨幣債券基金 JPM 亞洲本地貨幣債券 ( 美元 )- A 股 ( 每月派息 ) LU 摩根亞太入息基金摩根亞太入息 ( 港元 ) - A 股 ( 累計 ) 摩根亞太入息基金摩根亞太入息 ( 美元 ) - A 股 ( 累計 ) 摩根亞太入息基金摩根亞太入息 ( 美元 ) - A 股 ( 分派 ) 摩根亞太入息基金摩根亞太入息 ( 澳元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 加元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 歐元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 英鎊對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 紐元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 港元 ) - A 股 ( 每月派息 ) 摩根亞太入息基金摩根亞太入息 ( 美元 ) - A 股 ( 每月派息 ) 摩根亞太股票基金摩根亞太股票 ( 港元 ) - A 股 ( 累計 ) 摩根亞太股票基金摩根亞太股票 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 港元 ) - A 股 ( 累計 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 美元 ) - A 股 ( 分派 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 澳元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 加元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 歐元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 英鎊對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 紐元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 港元 ) - A 股 ( 每月派息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 美元 ) - A 股 ( 每月派息 ) 摩根基金 - 亞太股票基金 JPM 亞太股票 ( 港元 ) - A 股 ( 累計 ) 摩根基金 - 亞太股票基金 JPM 亞太股票 ( 美元 ) - A 股 ( 累計 ) LU LU LU LU LU LU LU LU LU LU LU LU 摩根巴西基金 摩根巴西 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 巴西基金 JPM 巴西 ( 美元 )- A 股 ( 累計 ) LU 摩根中國基金 摩根中國 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 中國基金 JPM 中國 ( 美元 )- A 股 ( 累計 ) LU 摩根中國基金 摩根中國 ( 港元 )- A 股 ( 分派 ) 摩根基金 - 中國基金 JPM 中國 ( 港元 )- A 股 ( 分派 ) LU 摩根中國基金 摩根中國 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 中國基金 JPM 中國 ( 美元 )- A 股 ( 分派 ) LU

8 摩根新興歐洲 中東及非洲基金 摩根新興歐洲 中東及非洲 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 新興歐洲 中東及非洲基金 JPM 新興歐洲 中東及非洲 ( 美元 )- A 股 ( 累計 ) LU 摩根新興歐洲 中東及非洲基金 摩根新興歐洲 中東及非洲 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 新興歐洲 中東及非洲基金 JPM 新興歐洲 中東及非洲 ( 美元 )- A 股 ( 分派 ) LU 摩根新興市場債券基金摩根新興市場債券 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 新興市場債券基金 JPM 新興市場債券 ( 美元 ) - A 股 ( 累計 ) LU 摩根新興市場債券基金 摩根新興市場債券 ( 澳元對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興市場債券基金 JPM 新興市場債券 ( 澳元對沖 )- A 股 ( 利率入息 ) LU 摩根新興市場債券基金 摩根新興市場債券 ( 加元對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興市場債券基金 JPM 新興市場債券 ( 加元對沖 )- A 股 ( 利率入息 ) LU 摩根新興市場債券基金 摩根新興市場債券 ( 紐元對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興市場債券基金 JPM 新興市場債券 ( 紐元對沖 )- A 股 ( 利率入息 ) LU 摩根新興市場債券基金摩根新興市場債券 ( 港元 ) - A 股 ( 每月派息 ) 摩根基金 - 新興市場債券基金 JPM 新興市場債券 ( 港元 ) - A 股 ( 每月派息 ) LU 摩根新興市場債券基金摩根新興市場債券 ( 美元 ) - A 股 ( 每月派息 ) 摩根基金 - 新興市場債券基金 JPM 新興市場債券 ( 美元 ) - A 股 ( 每月派息 ) LU 摩根新興市場股息收益基金 摩根新興市場股息收益 ( 澳元對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興市場股息收益基金 JPM 新興市場股息收益 ( 澳元對沖 )- A 股 ( 利率入息 ) LU 摩根新興市場股息收益基金 摩根新興市場股息收益 ( 英鎊對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興市場股息收益基金 JPM 新興市場股息收益 ( 英鎊對沖 )- A 股 ( 利率入息 ) LU 摩根新興市場股息收益基金 摩根新興市場股息收益 ( 港元 )- A 股 ( 每月派息 ) 摩根基金 - 新興市場股息收益基金 JPM 新興市場股息收益 ( 港元 )- A 股 ( 每月派息 ) LU 摩根新興市場股息收益基金 摩根新興市場股息收益 ( 美元 )- A 股 ( 每月派息 ) 摩根基金 - 新興市場股息收益基金 JPM 新興市場股息收益 ( 美元 )- A 股 ( 每月派息 ) LU 摩根全方位新興市場基金 摩根全方位新興市場 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 全方位新興市場基金 JPM 全方位新興市場 ( 美元 )- A 股 ( 累計 ) LU 摩根全方位新興市場基金 摩根全方位新興市場 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 全方位新興市場基金 JPM 全方位新興市場 ( 美元 )- A 股 ( 分派 ) LU 摩根新興市場投資級別債券基金 摩根新興市場投資級別債券 ( 美元 )- A 股 ( 每月派息 ) 摩根基金 - 新興市場投資級別債券基金 JPM 新興市場投資級別債券 ( 美元 )- A 股 ( 每月派息 ) LU 摩根新興市場本地貨幣債券基金 摩根新興市場本地貨幣債券 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 新興市場本地貨幣債券基金 JPM 新興市場本地貨幣債券 ( 美元 )- A 股 ( 累計 ) LU 摩根新興市場本地貨幣債券基金 摩根新興市場本地貨幣債券 ( 澳元對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興市場本地貨幣債券基金 JPM 新興市場本地貨幣債券 ( 澳元對沖 )- A 股 ( 利率入息 ) LU 摩根新興市場本地貨幣債券基金 摩根新興市場本地貨幣債券 ( 港元 )- A 股 ( 每月派息 ) 摩根基金 - 新興市場本地貨幣債券基金 JPM 新興市場本地貨幣債券 ( 港元 )- A 股 ( 每月派息 ) LU 摩根新興市場本地貨幣債券基金 摩根新興市場本地貨幣債券 ( 美元 )- A 股 ( 每月派息 ) 摩根基金 - 新興市場本地貨幣債券基金 JPM 新興市場本地貨幣債券 ( 美元 )- A 股 ( 每月派息 ) LU 摩根環球新興市場機會基金 摩根環球新興市場機會 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 環球新興市場機會基金 JPM 環球新興市場機會 ( 美元 )- A 股 ( 累計 ) LU

9 摩根新興中東基金摩根新興中東 ( 美元 ) - A 股 ( 累計 ) 摩根新興中東基金摩根新興中東 ( 美元 ) - A 股 ( 分派 ) 摩根歐元區股票基金摩根歐元區股票 ( 歐元 ) - A 股 ( 累計 ) 摩根基金 - 新興中東基金 JPM 新興中東 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 新興中東基金 JPM 新興中東 ( 美元 ) - A 股 ( 分派 ) 摩根基金 - 歐元區股票基金 JPM 歐元區股票 ( 歐元 ) - A 股 ( 累計 ) LU LU LU 摩根歐元區股票基金 摩根歐元區股票 ( 美元對沖 )- A 股 ( 累計 ) 摩根基金 - 歐元區股票基金 JPM 歐元區股票 ( 美元對沖 )- A 股 ( 累計 ) LU 摩根歐元區股票基金摩根歐元區股票 ( 美元 ) - A 股 ( 分派 ) 摩根歐洲動力基金摩根歐洲動力 ( 澳元對沖 ) - A 股 ( 累計 ) 摩根歐洲動力基金摩根歐洲動力 ( 港元對沖 ) - A 股 ( 累計 ) 摩根歐洲動力基金摩根歐洲動力 ( 美元對沖 ) - A 股 ( 累計 ) 摩根基金 - 歐元區股票基金 JPM 歐元區股票 ( 美元 ) - A 股 ( 分派 ) 摩根基金 - 歐洲動力基金 JPM 歐洲動力 ( 澳元對沖 ) - A 股 ( 累計 ) 摩根基金 - 歐洲動力基金 JPM 歐洲動力 ( 港元對沖 ) - A 股 ( 累計 ) 摩根基金 - 歐洲動力基金 JPM 歐洲動力 ( 美元對沖 ) - A 股 ( 累計 ) LU LU LU LU 摩根歐洲基金 摩根歐洲 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 歐洲基金 JPM 歐洲 ( 美元 )- A 股 ( 累計 ) LU 摩根歐洲基金 摩根歐洲 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 歐洲基金 JPM 歐洲 ( 美元 )- A 股 ( 分派 ) LU 摩根歐洲小型企業基金摩根歐洲小型企業 ( 歐元 ) - A 股 ( 累計 ) 摩根基金 - 歐洲小型企業基金 JPM 歐洲小型企業 ( 歐元 ) - A 股 ( 累計 ) LU 摩根歐洲小型企業基金 摩根歐洲小型企業 ( 美元對沖 )- A 股 ( 累計 ) 摩根基金 - 歐洲小型企業基金 JPM 歐洲小型企業 ( 美元對沖 )- A 股 ( 累計 ) LU 摩根歐洲科技基金摩根歐洲科技 ( 歐元 ) - A 股 ( 累計 ) 摩根歐洲科技基金摩根歐洲科技 ( 美元對沖 ) - A 股 ( 累計 ) 摩根環球動力基金摩根環球動力 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 歐洲科技基金 JPM 歐洲科技 ( 歐元 ) - A 股 ( 累計 ) 摩根基金 - 歐洲科技基金 JPM 歐洲科技 ( 美元對沖 ) - A 股 ( 累計 ) 摩根基金 - 環球動力基金 JPM 環球動力 ( 美元 ) - A 股 ( 累計 ) LU LU LU 摩根環球政府債券基金 摩根環球政府債券 ( 美元對沖 )- A 股 ( 累計 ) 摩根基金 - 環球政府債券基金 JPM 環球政府債券 ( 美元對沖 )- A 股 ( 累計 ) LU 摩根環球天然資源基金摩根環球天然資源 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 環球天然資源基金 JPM 環球天然資源 ( 美元 ) - A 股 ( 累計 ) LU 摩根環球天然資源基金摩根環球天然資源 ( 歐元 ) - A 股 ( 分派 ) 摩根基金 - 環球天然資源基金 JPM 環球天然資源 ( 歐元 ) - A 股 ( 分派 ) LU 摩根環球房地產證券基金 ( 美元 ) 摩根環球房地產證券 ( 美元 )- A 股 ( 入息 ) 摩根基金 - 環球房地產證券基金 ( 美元 ) JPM 環球房地產證券 ( 美元 )- A 股 ( 入息 ) LU 摩根環球靈活策略股票基金 摩根環球靈活策略股票 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 環球靈活策略股票基金 JPM 環球靈活策略股票 ( 美元 )- A 股 ( 累計 ) LU 摩根大中華基金 摩根大中華 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 大中華基金 JPM 大中華 ( 美元 )- A 股 ( 累計 ) LU 摩根大中華基金 摩根大中華 ( 港元 )- A 股 ( 分派 ) 摩根基金 - 大中華基金 JPM 大中華 ( 港元 )- A 股 ( 分派 ) LU 摩根大中華基金 摩根大中華 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 大中華基金 JPM 大中華 ( 美元 )- A 股 ( 分派 ) LU

10 摩根香港基金 摩根香港 ( 港元 )- A 股 ( 分派 ) 摩根基金 - 香港基金 JPM 香港 ( 港元 )- A 股 ( 分派 ) LU 摩根香港基金 摩根香港 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 香港基金 JPM 香港 ( 美元 )- A 股 ( 分派 ) LU 摩根環球債券收益基金摩根環球債券收益 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 環球債券收益基金 JPM 環球債券收益 ( 美元 ) - A 股 ( 累計 ) LU 摩根環球債券收益基金摩根環球債券收益 ( 港元 ) - A 股 ( 每月派息 ) 摩根基金 - 環球債券收益基金 JPM 環球債券收益 ( 港元 ) - A 股 ( 每月派息 ) LU 摩根環球債券收益基金摩根環球債券收益 ( 美元 ) - A 股 ( 每月派息 ) 摩根基金 - 環球債券收益基金 JPM 環球債券收益 ( 美元 ) - A 股 ( 每月派息 ) LU 摩根印度基金 摩根印度 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 印度股票基金 JPM 印度股票 ( 美元 ) - A 股 ( 累計 ) LU 摩根印尼股票基金摩根印尼股票 ( 美元 ) - A 股 ( 累計 ) 摩根日本基金摩根日本 ( 美元對沖 ) - A 股 ( 累計 ) 摩根基金 - 印尼股票基金 JPM 印尼股票 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 日本股票基金 JPM 日本股票 ( 美元對沖 ) - A 股 ( 累計 ) LU LU 摩根日本基金 摩根日本 ( 美元 )- J 股 ( 分派 ) 摩根基金 - 日本股票基金 JPM 日本股票 ( 美元 ) - J 股 ( 分派 ) LU 摩根大韓基金 摩根大韓 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 大韓股票基金 JPM 大韓股票 ( 美元 ) - A 股 ( 累計 ) LU 摩根拉丁美洲基金摩根拉丁美洲 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 拉丁美洲基金 JPM 拉丁美洲 ( 美元 ) - A 股 ( 累計 ) LU 摩根俄羅斯基金 摩根俄羅斯 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 俄羅斯基金 JPM 俄羅斯 ( 美元 )- A 股 ( 累計 ) LU 摩根俄羅斯基金 摩根俄羅斯 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 俄羅斯基金 JPM 俄羅斯 ( 美元 )- A 股 ( 分派 ) LU 摩根新加坡基金 摩根新加坡 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 新加坡基金 JPM 新加坡 ( 美元 )- A 股 ( 累計 ) LU 摩根新加坡基金 摩根新加坡 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 新加坡基金 JPM 新加坡 ( 美元 )- A 股 ( 分派 ) LU 摩根台灣基金 摩根台灣 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 台灣基金 JPM 台灣 ( 美元 )- A 股 ( 累計 ) LU 摩根台灣基金 摩根台灣 ( 港元 )- A 股 ( 分派 ) 摩根基金 - 台灣基金 JPM 台灣 ( 港元 )- A 股 ( 分派 ) LU 摩根台灣基金 摩根台灣 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 台灣基金 JPM 台灣 ( 美元 )- A 股 ( 分派 ) LU 摩根新興股債入息基金摩根新興股債入息 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 新興股債入息基金 JPM 新興股債入息 ( 美元 ) - A 股 ( 累計 ) LU 摩根新興股債入息基金 摩根新興股債入息 ( 澳元對沖 )- A 股 ( 利率入息 ) 摩根基金 - 新興股債入息基金 JPM 新興股債入息 ( 澳元對沖 )- A 股 ( 利率入息 ) LU 摩根新興股債入息基金摩根新興股債入息 ( 港元 ) - A 股 ( 每月派息 ) 摩根基金 - 新興股債入息基金 JPM 新興股債入息 ( 港元 ) - A 股 ( 每月派息 ) LU 摩根新興股債入息基金摩根新興股債入息 ( 美元 ) - A 股 ( 每月派息 ) 摩根基金 - 新興股債入息基金 JPM 新興股債入息 ( 美元 ) - A 股 ( 每月派息 ) LU 摩根美國複合收益基金 摩根美國複合收益 ( 歐元對沖 )- A 股 ( 累計 ) 摩根基金 - 美國複合收益債券基金 JPM 美國複合收益債券 ( 歐元對沖 )- A 股 ( 累計 ) LU 摩根美國複合收益基金摩根美國複合收益 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 美國複合收益債券基金 JPM 美國複合收益債券 ( 美元 )- A 股 ( 累計 ) LU

11 摩根美國複合收益基金摩根美國複合收益 ( 美元 ) - A 股 ( 入息 ) 摩根基金 - 美國複合收益債券基金 JPM 美國複合收益債券 ( 美元 )- A 股 ( 入息 ) LU 摩根美國複合收益基金摩根美國複合收益 ( 港元 ) - A 股 ( 每月派息 ) 摩根基金 - 美國複合收益債券基金 JPM 美國複合收益債券 ( 港元 )- A 股 ( 每月派息 ) LU 摩根美國複合收益基金摩根美國複合收益 ( 美元 ) - A 股 ( 每月派息 ) 摩根基金 - 美國複合收益債券基金 JPM 美國複合收益債券 ( 美元 )- A 股 ( 每月派息 ) LU 摩根美國企業成長基金摩根美國企業成長 ( 美元 ) - A 股 ( 分派 ) 摩根基金 - 美國企業成長基金 JPM 美國企業成長 ( 美元 ) - A 股 ( 分派 ) LU 摩根美國高收益增值債券基金 摩根美國高收益增值債券 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 美國高收益增值債券基金 JPM 美國高收益增值債券 ( 美元 )- A 股 ( 累計 ) LU 摩根美國高收益增值債券基金 摩根美國高收益增值債券 ( 港元 )- A 股 ( 每月派息 ) 摩根基金 - 美國高收益增值債券基金 JPM 美國高收益增值債券 ( 港元 )- A 股 ( 每月派息 ) LU 摩根美國高收益增值債券基金 摩根美國高收益增值債券 ( 美元 )- A 股 ( 每月派息 ) 摩根基金 - 美國高收益增值債券基金 JPM 美國高收益增值債券 ( 美元 )- A 股 ( 每月派息 ) LU 摩根新興歐洲股票基金 摩根美元貨幣基金 摩根美國科技基金 Not applicable in this renaming exercise. 摩根基金 - 新興歐洲股票基金 摩根基金 - 美元貨幣基金 摩根基金 - 美國科技基金 Not applicable in this renaming exercise. Not applicable in this renaming exercise. 摩根美國價值基金 摩根基金 - 美國價值基金 JPMorgan Investment Funds existing sub-fund name (in Chinese) existing share class name (in Chinese) New sub-fund name (in Chinese) New share class name (in Chinese) ISIN 摩根投資基金 - 歐洲智選基金 摩根歐洲智選 ( 歐元 ) - A 股 ( 分派 ) JPM 歐洲智選 ( 歐元 ) - A 股 ( 分派 ) LU 摩根投資基金 - 環球股息基金 摩根環球股息 ( 美元 ) - A 股 ( 入息 ) JPM 環球股息 ( 美元 ) - A 股 ( 入息 ) LU 摩根投資基金 - 環球高收益債券基金 摩根環球高收益債券 ( 美元 )- A 股 ( 累計 ) JPM 環球高收益債券 ( 美元 )- A 股 ( 累計 ) LU 摩根投資基金 - 環球高收益債券基金 摩根環球高收益債券 ( 澳元對沖 )- A 股 ( 利率入息 ) JPM 環球高收益債券 ( 澳元對沖 )- A 股 ( 利率入息 ) LU 摩根投資基金 - 環球高收益債券基金 摩根環球高收益債券 ( 加元對沖 )- A 股 ( 利率入息 ) No change to the Chinese name of the sub-funds. JPM 環球高收益債券 ( 加元對沖 )- A 股 ( 利率入息 ) LU 摩根投資基金 - 環球高收益債券基金 摩根環球高收益債券 ( 紐元對沖 )- A 股 ( 利率入息 ) JPM 環球高收益債券 ( 紐元對沖 )- A 股 ( 利率入息 ) LU 摩根投資基金 - 環球高收益債券基金 摩根環球高收益債券 ( 港元 )- A 股 ( 每月派息 ) JPM 環球高收益債券 ( 港元 )- A 股 ( 每月派息 ) LU 摩根投資基金 - 環球高收益債券基金 摩根環球高收益債券 ( 美元 )- A 股 ( 每月派息 ) JPM 環球高收益債券 ( 美元 )- A 股 ( 每月派息 ) LU

12 IMPORTANT: This letter requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Dear Investor, 2 March 2016 Liquidation of JPMorgan Funds Asia Local Currency Debt Fund (the Sub-Fund ) We are writing to inform you that the Board of Directors (the Board ) of JPMorgan Funds (the Fund ) has decided to liquidate the Sub-Fund. The Board has taken this decision because the size of the Sub-Fund is relatively small and the Board does not see strong prospects for future growth. The Board therefore believes it is not in the best interest of shareholders to continue with the Sub-Fund to operate in an economically efficient manner, according to article 21 of the consolidated articles of incorporation of the Fund dated 16 February As at 31 January 2016, the size of the Sub-Fund was approximately USD22.0 million and the total expense ratio was approximately 1.0%. The total expense ratio represents the annual management and advisory fee plus operating and administrative expenses as a percentage of the Sub-Fund s average net asset value. The liquidation date is 8 April From the date of this letter, the Sub-Fund is no longer allowed to be marketed to the public in Hong Kong and further subscriptions and switching into the Sub- Fund, including through the Regular Investment Plan and escheduler will not be accepted. Given this decision, we would like to offer you the opportunity to switch your current holding in the Sub-Fund, free of charge 1, into any other funds which are managed by JPMorgan Funds (Asia) Limited or for which it acts as Hong Kong representative and which are authorised by the Securities and Futures Commission (the SFC ) from 2 March 2016 to 8 April Details of such funds (including the relevant offering documents) can be found at our website 2. SFC authorisation is not a recommendation or endorsement of a fund nor does it guarantee the commercial merits of a fund or its performance. It does not mean the fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. We do hope you will take advantage of this opportunity to switch your investment. If, however, you would prefer to redeem your holding in the Sub-Fund, you may do so up to and including 8 April 2016, on or before 6:00 p.m. (Hong Kong time). No redemption charge is applied. Your investment remaining in the Sub-Fund after such date will be liquidated automatically and proceeds would 1 2 Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions. The website has not been reviewed by the SFC.

13 normally be paid within one month after the liquidation date using the methods described under the Redemptions section in the latest Hong Kong Offering Document. Costs of the liquidation, estimated to be approximately USD11,500, will be borne by the Management Company (JPMorgan Asset Management (Europe) S.à r.l.). There are no unamortised preliminary expenses in relation to the Sub-Fund. As there may be potential tax consequences to any redemption, switching or realisation, we recommend that you obtain independent tax advice before making your decision to redeem, switch or realise your holding in the Sub-Fund. The Management Company accepts responsibility for the accuracy of the content of this letter. Copies of the Hong Kong Offering Document, Product Key Fact Statement and other documents of the Sub-Fund are available for inspection free of charge during normal working hours at our office. If you have any questions regarding the contents of this letter, please do not hesitate to contact: your bank or financial adviser; our Intermediary Hotline on (852) ; our Intermediary Clients Hotline on (852) ; or if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) Yours faithfully, For and on behalf of JPMorgan Funds (Asia) Limited As Hong Kong Representative of the Fund Eddy Wong Head of Funds Business, Hong Kong & China Retail

14 This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014 and addenda dated June 2014, October 2014, December 2014, March 2015 and August 2015, as amended from time to time Addendum dated February 2016 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated February 2016 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with immediate effect: (1) All references to JPMorgan Funds - Asia Pacific Strategic Equity Fund shall be deleted in their entirety and replaced by JPMorgan Funds - Asia Pacific Equity Fund. (2) The definition of Asset backed securities (ABS) in the section DEFINITIONS of the Offering Document shall be deleted in its entirety and replaced by the following: Asset-backed securities (ABS) Asset-Backed Securities (ABS) are securities that entitle the holder to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets. The underlying assets may include, but are not limited to, mortgages, auto loans, credit cards, student loans, equipment lease, collateralized repo loans and EETCs (Enhanced Equipment Trust Certificates). (3) The remarks * inserted at the end of the first paragraph of the Investment Policy of JPMorgan Funds - China Fund and JPMorgan Funds - Greater China Fund in section 3 of the Offering Document entitled INVESTMENT OBJECTIVES AND POLICIES shall be deleted in their entirety and replaced by the following: * The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares will be less than 30% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. (4) The Benchmark of JPMorgan Funds - Europe Small Cap Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: Benchmark for Hedged Share Class Euromoney Smaller Europe (Inc. UK) Index (Total Return Net) Hedged to USD for the USD Hedged Share Class (5) The Additional Information of JPMorgan Funds - Europe Small Cap Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: Currency hedged Share Classes seek to minimise the effect of currency fluctuations between the currency of certain (but not necessarily all) assets of the Sub-Fund and the Reference Currency of the relevant Share Class. (6) The Benchmark of JPMorgan Funds - Global Natural Resources Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be deleted in its entirety and replaced by the following: Benchmark Euromoney Global Mining & Energy Index (Total Return Net) (7) The Investment Policy of JPMorgan Funds - Asia Pacific Income Fund and JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be amended by inserting the following: The Sub-Fund may hold up to a maximum of 5% of its assets in Contingent Convertible Securities. (8) The Risk Profile of JPMorgan Funds - Asia Pacific Income Fund and JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be amended by inserting the following: Contingent Convertible Securities are likely to be adversely impacted should specific trigger events occur (as specified in the contract terms of the issuing company). This may be as a result of the security converting to

15 equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred. (9) The Benchmark for Hedged Share Classes of JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be deleted in its entirety and replaced with the following: Benchmark for Hedged Share Class 50% MSCI Emerging Markets Index (Net) USD Cross Hedged to AUD 1 / 25% J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) USD Hedged to AUD / 15% J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Hedged to AUD / 10% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to AUD for the AUD Hedged Share Class (10) The Investment Policy of JPMorgan Funds - Emerging Markets Debt Fund, JPMorgan Funds - Emerging Markets Investment Grade Bond Fund and JPMorgan Funds - Emerging Markets Local Currency Debt Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: The Sub-Fund may hold up to a maximum of 5% of its assets in Contingent Convertible Securities. (11) The Risk Profile of of JPMorgan Funds - Emerging Markets Debt Fund, JPMorgan Funds - Emerging Markets Investment Grade Bond Fund and JPMorgan Funds - Emerging Markets Local Currency Debt Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: Contingent Convertible Securities are likely to be adversely impacted should specific trigger events occur (as specified in the contract terms of the issuing company). This may be as a result of the security converting to equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred. (12) The following paragraph shall be inserted after the subsection 4.2 of the Offering Document entitled Political and/ or Regulatory and the existing subsections under section 4 RISK FACTORS of the Offering Document shall be renumbered accordingly: 4.3 Volcker Rule Recent legislative changes in the United States are relevant to JPMorgan Chase & Co. and may be relevant to the Fund and its investors. On 21 July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act ) was signed into law. The Dodd-Frank Act includes certain provisions (known as the Volcker Rule ) that restrict the ability of a banking entity, such as JPMorgan Chase & Co. and its affiliates, from acquiring or retaining any equity, partnership or other ownership interest in, or sponsoring, a covered fund and prohibit certain transactions between such funds and JPMorgan Chase & Co. Under the Volcker Rule, if JPMorgan Chase & Co., together with its employees and directors, owns 15% or more of the ownership interests of a Sub-Fund outside of the permitted seeding time period, the Sub-Fund could be treated as a covered fund. Generally, the permitted seeding time period is one year from the implementation of the Sub-Fund s investment strategy although the period may be extended an additional two years as permitted by the Federal Reserve in its discretion. Because JPMorgan Chase & Co. does not intend to operate the Sub-Fund as a covered fund, it may be required to reduce its ownership interests in a Sub-Fund at a time that is sooner than would otherwise be desirable. This may require the sale of portfolio securities, which may result in losses, increased transaction costs and adverse tax consequences. In addition, in cases where JPMorgan Chase & Co. continues to hold a seed position representing a significant portion of the Sub-Fund s assets at the end of the permitted seeding period, the anticipated or actual redemption of shares owned by JPMorgan Chase & Co. could adversely impact the Sub-Fund and could result in the Sub-Fund s liquidation. Impacted banking entities are generally required to be in conformance with the Volcker Rule by 21 July The full impact of the Volcker Rule on the Fund is not fully known at this time. (13) The disclosures under the heading Liquidity risk associated with financial derivative instruments which trade at low volumes in subsection 4.8 (renumbered as 4.9) of the Offering Document entitled Derivative Risks shall be deleted in their entirety. (14) Subsection 4.9 (renumbered as 4.10) of the Offering Document entitled Sub-Funds Investing in Commodity Index instruments shall be deleted in its entirety and replaced by the following: 4.10 Commodity Related Instruments Investments which grant an exposure to commodities involve additional risks than those resulting from traditional investments and may subject a Sub-Fund to greater volatility. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity. More specifically, political, military and natural events may influence the production and trading of commodities and, as a consequence, influence financial instruments which grant exposure to commodities; terrorism and other criminal activities may have an influence on the availability of commodities and therefore also negatively impact financial instruments which grant exposure to commodities.

16 (15) The heading Sub-Funds Investing in Technology Related Companies of subsection 4.11 (renumbered as 4.12) of the Offering Document shall be deleted and replaced by Technology Related Companies. (16) The heading Sub-Funds Investing in Global Natural Resources and Mining Companies Stocks of subsection 4.13 (renumbered as 4.14) of the Offering Document shall be deleted and replaced by Global Natural Resources and Mining Companies Stocks. (17) Subsection 4.14 (renumbered as 4.15) of the Offering Document entitled Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) shall be deleted in its entirety and replaced by the following: 4.15 Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) Certain Sub-Funds may have exposure to a wide range of asset-backed securities (including so-called sub-prime securities) (including asset pools in credit card loans, auto loans, residential and commercial mortgage loans, collateralised mortgage obligations, collateralised debt obligations and collateralized loan obligations), agency mortgage pass-through securities and covered bonds. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other debt securities such as government issued bonds. ABS and MBS are securities that entitle the holders thereof to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets such as residential or commercial mortgages, motor vehicle loans or credit cards. ABS and MBS are often exposed to extension and prepayment risks that may have a substantial impact on the timing and size of the cash flows paid by the securities and may negatively impact the returns of the securities. The average life of each individual security may be affected by a large number of factors such as the existence and frequency of exercise of any optional redemption and mandatory prepayment, the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets. (18) The heading Sub-Funds Investing in Participation Notes of subsection 4.17 (renumbered as 4.18) of the Offering Document shall be deleted and replaced by Participation Notes. (19) Subsection 4.18 (renumbered as 4.19) of the Offering Document entitled Depository Receipts shall be deleted in its entirety and replaced by the following: 4.19 Depository Receipts Investment into a given country may be made via direct investments into that market or by depository receipts traded on other international exchanges, including unsponsored depositary receipts, in order to benefit from increased liquidity in a particular security and other advantages. A depository receipt admitted to the official listing on a stock exchange in an Eligible State or traded on a Regulated Market may be deemed an eligible transferable security regardless of the eligibility of the market in which the security to which it relates normally trades. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. (20) Subsection 4.22 (renumbered as 4.23) of the Offering Document entitled Investment in Real Estate shall be deleted in its entirety and replaced by the following: 4.23 Investment in Real Estate Investments in equity securities issued by companies which are principally engaged in the business of real estate, and REITs in particular, will subject the strategy to risks associated with the direct ownership of real estate. These risks include, among others, possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition; property taxes and transaction, operating and foreclosure expenses; changes in zoning laws; costs resulting from the clean up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters and acts of terrorism; limitations on and variations in rents; and changes in interest rates. The underlying mortgage loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called sub-prime mortgages. The value of REITs will also rise and fall in response to the management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of securities. A Sub-Fund and its shareholders will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the Sub-Fund.

17 The strategy may invest in securities of small to mid-size companies which may trade in lower volumes and be less liquid than the securities of larger, more established companies, there are therefore risks of fluctuations in value due to the greater potential volatility in share prices of smaller companies (see Sub-Funds Investing in Smaller Companies, subsection 4.11 of this Offering Document). (21) Subsection 4.36 (renumbered as 4.37) of the Offering Document entitled Investments in Government Debt Securities shall be deleted in its entirety and replaced by the following: 4.37 Government Debt Securities Certain Sub-Funds may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies, US municipalities, quasi-government entities and state sponsored enterprises ( governmental entities ). This would include any bank, financial institution or corporate entity whose capital is guaranteed to maturity by a government, its agencies or government sponsored enterprises. Government securities (including sovereign debt and municipal securities) are subject to market risk, interest rate risk and credit risk. Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a Sub-Fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. The price of certain government securities may be affected by changing interest rates. Government securities may include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. In periods of low inflation, the positive growth of a government bond may be limited. Changes in a US municipality s financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Sub-Fund s income or affect the ability to preserve capital and liquidity. Under certain circumstances, municipal securities might not pay interest unless the state legislature or municipality authorises money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to a Sub- Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organisation. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for the Sub-Fund to sell the security at the time and the price that normally prevails in the market. (22) Subsection 4.37 (renumbered as 4.38) of the Offering Document entitled Risks related to the Sovereign Debt crisis shall be deleted in its entirety and replaced by the following: 4.38 Risks related to the Sovereign Debt crisis Certain Sub-Funds may invest substantially in sovereign debt. There are increasing concerns regarding the ability of certain sovereign states to continue to meet their debt obligations. This has led to the downgrading of the credit rating of certain European governments and the US government. Global economies are highly dependent on each other and the consequences of the default of any sovereign state may be severe and far-reaching and could result in substantial losses to the Sub-Fund and the investor. (23) The heading Investments in Debt Securities of Financial Institutions of subsection 4.38 (renumbered as 4.39) of the Offering Document shall be deleted and replaced by Debt Securities of Financial Institutions. (24) Subsection 4.40 (renumbered as 4.41) of the Offering Document entitled Investments in UCITS and UCIs shall be deleted in its entirety and replaced by the following: 4.41 UCITS and UCIs As any Sub-Fund may invest some or all of its assets in UCITS and UCIs, (the Underlying Funds ), the risks identified in this Appendix will apply whether a Sub-Fund invests directly or indirectly through the Underlying Funds. Investment decisions in respect of the Underlying Funds will be made independently of the Sub-Fund and it is possible that certain Underlying Funds may invest in the same security or in issues of the same asset class, industry, currency, country or commodity at the same time. Accordingly, there can be no assurance that effective diversification of the Sub-Fund s portfolio will always be achieved. Underlying Funds will be subject to certain fees and other expenses, which will be reflected in the Net Asset Value of the Sub-Fund. However where a Sub-Fund invests in Underlying Funds managed by the Management Company,

18 the Investment Managers or any other member of JPMorgan Chase & Co. there will be no duplication of initial charge, switching or redemption charges, Annual Management and Advisory Fees, or Operating and Administrative Expenses. Certain Underlying Funds traded on exchanges may be thinly traded and experience large spreads between the ask price quoted by a seller and the bid price offered by a buyer. A Sub-Fund investing in certain types of Underlying Funds may not have the same rights normally associated with ownership of other types of shares, including the right to elect directors, receive dividends or take other actions normally associated with the ownership of shares of a corporation. (25) Section 4 of the Offering Document entitled RISK FACTORS shall be amended by inserting the following: 4.44 Currency Risk Since the instruments held by a Sub-Fund may be denominated in currencies different from its reference currency, the Sub-Fund may be affected unfavourably by exchange control regulations or fluctuations in currency rates. For this reason, changes in currency exchange rates can affect the value of the Sub-Fund s portfolio and may impact the value of Shares in the Sub-Fund Liquidity Risk Certain Sub-Funds may invest in instruments where the volume of transactions may fluctuate significantly depending on market sentiment. There is a risk that investments made by those Sub-Funds may become less liquid in response to market developments or adverse investor perceptions. In extreme market situations, there may be few willing buyers and the investments cannot be readily sold at the desired time or price, and those Sub-Funds may have to accept a lower price to sell the investments or may not be able to sell the investments at all. Trading in particular securities or other instruments may be suspended or restricted by the relevant exchange or by a governmental or supervisory authority and a Sub-Fund may incur a loss as a result. An inability to sell a portfolio position can adversely affect those Sub-Funds value or prevent those Sub-Funds from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that those Sub-Funds will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other uncontrollable factors. To meet redemption requests, those Sub-Funds may be forced to sell investments, at an unfavourable time and/or conditions. Investment in debt securities, small and mid-capitalization stocks and emerging market issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions whether or not accurate. The downgrading of debt securities may affect the liquidity of investments in debt securities. Other market participants may be attempting to sell debt securities at the same time as a Sub-Fund, causing downward pricing pressure and contributing to illiquidity. The ability and willingness of bond dealers to make a market in debt securities may be impacted by both regulatory changes as well as the growth of bond markets. This could potentially lead to decreased liquidity and increased volatility in the debt markets Equity Securities The price of equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for a Sub-Fund s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of a Sub-Fund s securities goes down, your investment in the Sub-Fund decreases in value. Equity securities generally have greater price volatility than fixed income securities Preferred Securities There are special risks associated with investing in preferred securities. Distributions to holders of preferred securities are typically paid before any distributions are paid to holders of common stock. However, preferred securities may include provisions that permit the issuer, at its discretion, to defer paying distributions. Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities. Preferred securities generally have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods. Preferred securities, in certain instances, may be redeemed by the issuer prior to a specified date, which may negatively impact the return of the security held by the Sub-Fund. Preferred securities may be highly sensitive to changes in long-term interest rates and/or changes in underlying issuer credit since preferred securities generally do not have a maturity date. In addition, the preferred securities a Sub-Fund invests in may be rated below investment grade, which could increase their risks.

19 4.48 Convertible Securities A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities generally have characteristics similar to both debt and equity securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Convertible securities are usually subordinated to comparable nonconvertible securities. Convertible securities generally do not participate directly in any dividend increases or decreases of the underlying securities, although the market prices of convertible securities may be affected by any dividend changes or other changes in the underlying securities Cash Positions and Temporary Defensive Positions For liquidity and to respond to unusual market conditions, certain Sub-Funds, in accordance with their investment policy, may invest all or most of their assets in cash and cash equivalents for temporary defensive purposes. Investments in cash and cash equivalents may result in a lower yield than other investments, which if used for temporary defensive purposes rather than an investment strategy, may prevent a Sub-Fund from meeting its investment objective. Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased. They include, but are not limited to, securities issued by sovereign governments, their agencies and instrumentalities, repurchase agreements (other than equity repurchase agreements), certificates of deposit, bankers acceptances, commercial paper (rated in one of the two highest rating categories), and bank money market deposit accounts. (26) The last paragraph and the table at the end of the paragraphs under the heading Swing Pricing Adjustment under subsection 6.1 of the Offering Document entitled Net Asset Value per Share shall be deleted in their entirety. (27) The following section shall be inserted before the section Specific Restrictions for Sub-Funds registered for Public Distribution in Taiwan in Appendix II Investment Restrictions and Powers of the Offering Document: Investment Restrictions applying to Cluster Munitions The Grand Duchy of Luxembourg has implemented the United Nations Convention on Cluster Munitions dated 30 May 2008 into Luxembourg legislation by a law dated 4 June The Management Company has implemented a policy which seeks to restrict investments in securities issued by companies that have been identified by independent third party providers as being involved in the manufacture, production or supply of cluster munitions, depleted uranium ammunition and armor and/or anti-personnel mines. Should you require further details on the policy please contact the Management Company. (28) The Directors of the Fund and the address of the Auditors under the section entitled DIRECTORY shall be deleted in their entirety and replaced by the following: Directors of the Fund Iain O.S. Saunders Jacques Elvinger Jean Frijins Massimo Greco John Li How Cheong Peter Thomas Schwicht Daniel J. Watkins Auditors PricewaterhouseCoopers, Société Coopérative 2, rue Gerhard Mercator BP 1443, L-1014 Luxembourg Grand Duchy of Luxembourg

20 (29) The share classes of JPMorgan Funds - Asia Pacific Strategic Equity Fund in Appendix I of the Offering Document shall be deleted in their entirety and replaced by the following: Sub-Fund Share Class Initial Charge JPMorgan Funds - Asia Pacific Equity Fund JPMorgan Funds - Asia Pacific Equity Fund JPM Asia Pacific Equity A (acc) - HKD JPM Asia Pacific Equity A (acc) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max (30) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Equity Sub- Funds : Sub-Fund Share Class Initial Charge JPMorgan Funds - Europe Small Cap Fund JPM Europe Small Cap A (acc) - USD (hedged) Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.30% Max

21 This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014 and addenda dated June 2014, October 2014 and December 2014, as amended from time to time Addendum dated August 2015 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated August 2015 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with immediate effect: (1) The DEFINITIONS section of the Offering Document shall be amended by inserting the following: CNH CNY Contingent Convertible Securities CSRC QFII QFII/RQFII Eligible Securities QFII/RQFII Regulations RQFII RMB SAFE Chinese offshore RMB, accessible outside the PRC and traded primarily in Hong Kong. The government of the PRC introduced this currency in July 2010 to encourage trade and investment with entities outside the PRC. The value of CNY (onshore) and CNH (offshore) may be different. Chinese onshore RMB accessible within the PRC. A type of investment instrument that, upon the occurrence of a predetermined event (commonly known as a trigger event ), can be converted into shares of the issuing company, potentially at a discounted price, or the principal amount invested may be lost on a permanent or temporary basis. Coupon payments on Contingent Convertible Securities are discretionary and may also be cancelled by the issuer. Trigger events can vary but these could include the capital ratio of the issuing company falling below a certain level or the share price of the issuer falling to a particular level for a certain period of time. The China Securities Regulatory Commission. A qualified foreign institutional investor pursuant to the relevant PRC laws and regulations. Securities and investment permitted to be held or made by QFIIs/RQFIIs under QFII/RQFII regulations. The laws and regulations governing the establishment and the operation of the qualified foreign institutional investor s regime and the Renminbi qualified foreign institutional investor s regime in the PRC, as may be promulgated and/or amended from time to time. A Renminbi qualified foreign institutional investor where an investment quota is granted to the Investment Manager for the purposes of investing directly in domestic securities of the PRC under the RQFII Regulations. Renminbi, the official currency of the PRC; is used to denote the Chinese currency traded in the onshore (CNY) renminbi and the offshore (CNH) renminbi markets (primarily in Hong Kong). For clarity purposes, all the references to RMB in the name of a Share Class should be understood to refer to offshore renminbi (CNH). The PRC State Administration of Foreign Exchange. (2) The sixth to twelfth paragraphs of the IMPORTANT INFORMATION section of the Offering Document shall be deleted in their entirety and replaced by the following: None of the Shares representing the Sub-Funds contained in this Offering Document have been or will be registered under the United States Securities Act of 1933, as amended (the 1933 Act ), or under the securities laws of any state or political subdivision of the United States of America or any of its territories, possessions or other areas subject to its jurisdiction including the Commonwealth of Puerto Rico (the United States or US ). The Fund has not been and will not be registered under the United States Investment Company Act of 1940, as amended, nor under any other US federal laws. Accordingly, except as provided for below, no Shares are being offered to US Persons. Shares will only be offered to a US Person at the sole discretion of either the Directors or the Management Company.

22 For the purposes of this Offering Document, a US Person is being defined as: any individual person in the United States; any partnership, trust or corporation organised or incorporated under the laws of the United States; any agency or branch of a non-us entity located in the United States; any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated, or, if an individual, resident in the United States. A US Person would also include: any estate of which any executor or administrator is a US Person; any trust of which any trustee is a US Person; any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a US Person; any partnership of which any partner is a US Person. In addition, the Fund and/or the Management Company will, in principle, not accept any direct subscription from or direct holding by any individual who is a US citizen or a US tax resident or any non-us partnership, non-us trust or similar tax transparent non-us entity that has any partner, beneficiary or owner that is a US Person, US citizen or US tax resident. Should a Shareholder become a (i) US Person, (ii) US citizen or (iii) US tax resident or (iv) specified US person for purposes of the US Foreign Account Tax Compliance Act (FATCA), he may be subject to US withholding taxes and tax reporting to any relevant tax authority, including the US Internal Revenue Service and he is required to notify the Management Company immediately. If you are in doubt to your status, you should consult your financial or other professional adviser. (3) The third paragraph in section 1 of the Offering Document entitled FUND STRUCTURE shall be deleted in its entirety and replaced by the following: Directors that are employees of JPMorgan Chase & Co. or its direct or indirect subsidiaries or affiliates waive their Directors fees. The Board each year reviews and recommends Directors fees for approval by Shareholders at the Annual Meeting. Such Directors fees form part of the Fund s Operating and Administrative Expenses. (4) The Investment Policy of JPMorgan Funds - Emerging Markets Dividend Fund, JPMorgan Funds - Emerging Markets Equity Fund, JPMorgan Funds - Emerging Markets Opportunities Fund, JPMorgan Funds - Global Real Estate Securities Fund (USD) and JPMorgan Funds - Total Emerging Markets Income Fund in section 3 of the Offering Document entitled INVESTMENT OBJECTIVES AND POLICIES shall be amended by inserting the following: The Sub-Fund may invest up to 10% of its assets in China A-Shares via the Shanghai-Hong Kong Stock Connect program. (5) The Investment Policy of JPMorgan Funds - Asia Pacific Strategic Equity Fund, JPMorgan Funds - Greater China Fund and JPMorgan Funds - Asia Pacific Income Fund in section 3 of the Offering Document entitled INVESTMENT OBJECTIVES AND POLICIES shall be amended by inserting the following: The Sub-Fund may invest in China A-Shares via the Shanghai-Hong Kong Stock Connect program. (6) A remark * shall be inserted at the end of the first paragraph of the Investment Policy of JPMorgan Funds - Asia Pacific Income Fund in section 3.2 of the Offering Document entitled Mixed Asset Sub-Funds : * The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. (7) The Risk Profile of JPMorgan Funds - Asia Pacific Strategic Equity Fund, JPMorgan Funds - Emerging Markets Dividend Fund, JPMorgan Funds - Emerging Markets Equity Fund, JPMorgan Funds - Emerging Markets Opportunities Fund, JPMorgan Funds - Global Real Estate Securities Fund (USD), JPMorgan Funds - Greater China Fund, JPMorgan Funds - Asia Pacific Income Fund and JPMorgan Funds - Total Emerging Markets Income Fund in section 3 of the Offering Document entitled INVESTMENT OBJECTIVES AND POLICIES shall be amended by inserting the following: The Sub-Fund may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program which is subject to regulatory change, quota limitations and also operational constraints which may result in increased counterparty risk. (8) The Investment Policy of JPMorgan Funds - China Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: The Sub-Fund may invest in China A-Shares through the QFII investment quota granted to the Investment Manager and the Shanghai-Hong Kong Stock Connect.

23 (9) The Risk Profile of JPMorgan Funds - China Fund in subsection 3.1 of the Offering Document entitled Equity Sub- Funds shall be amended by inserting the following: The Sub-Fund may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program which is subject to regulatory change, quota limitations and also operational constraints which may result in increased counterparty risk. Investors should note that the QFII status could be suspended, reduced or revoked, which may have an adverse effect on the Sub-Fund s performance as CNY denominated debt securities would need to be liquidated. (10) The Benchmark of JPMorgan Funds - Euroland Equity Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: Benchmark for Hedged Share Class MSCI EMU Index (Total Return Net) Hedged to USD for the USD Hedged Share Class (11) The Additional Information of JPMorgan Funds - Euroland Equity Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: Currency hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. (12) The Benchmark of JPMorgan Funds - Global Natural Resource Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be deleted in its entirety and replaced by the following: Benchmark Euromoney Global Gold, Mining & Energy Index (Total Return Net) (13) The second paragraph under Investment Policy of JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be deleted in its entirety and replaced by the following: The Sub-Fund will hold between 20% and 80% of its assets in equity securities and between 20% and 80% of its assets in debt securities. (14) The Benchmark for Hedged Share Class of JPMorgan Funds - Emerging Markets Local Currency Debt Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be deleted in its entirety and replaced by the following: Benchmark for Hedged Share Class J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) USD Hedged to AUD for the AUD Hedged Share Class (15) The Investment Policy of JPMorgan Funds - Income Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: The Sub-Fund may hold up to a maximum of 10% of its assets in Contingent Convertible Securities. (16) The Investment Policy of JPMorgan Funds - US Aggregate Bond Fund and JPMorgan Funds - US High Yield Plus Bond Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: The Sub-Fund may hold up to a maximum of 5% of its assets in Contingent Convertible Securities. (17) The Risk Profile of JPMorgan Funds - Income Fund, JPMorgan Funds - US Aggregate Bond Fund and JPMorgan Funds - US High Yield Plus Bond Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: Contingent Convertible Securities are likely to be adversely impacted should specific trigger events occur (as specified in the contract terms of the issuing company). This may be as a result of the security converting to equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred. (18) The list under the heading Directors under subsection 3.8 entitled Additional Information Relating to JPMorgan Funds - India Fund shall be deleted in its entirety and replaced by the following: Directors Iain O. S. Saunders Pierre Dinan Paul Leech Peter Thomas Schwicht John Li How Cheong

24 (19) The disclosures under the heading Particular Risks of Exchange Traded Derivative Transactions in subsection 4.8 of the Offering Document entitled Derivative Risks shall be amended by inserting the following paragraph: Liquidity risk associated with financial derivative instruments which trade at low volumes Some financial derivative instruments traded on exchange may be illiquid and as a result the Sub-Fund might be unable to enter into an offsetting transaction with respect to an open position. As a result, the contract may need to be held until it expires and the Sub-Fund s Net Asset Value could be adversely affected. (20) Subsection 4.24 of the Offering Document entitled Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as seller shall be deleted in its entirety and replaced by the following: 4.24 Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as seller In the event of the failure of the counterparty with which collateral has been placed, there is the risk that the value of the collateral placed with the counterparty is higher than the cash originally received, which may be due to factors including that the value of the collateral placed usually exceeds the cash received, market appreciation of the value of the collateral, or an improvement in the credit rating of the issuer of the collateral. Locking investment positions in transactions of significant size or duration, or delays in recovering collateral placed out, may restrict the ability of the Sub-Fund to meet delivery obligations under security sales or payment obligations arising from redemptions requests. As a Sub-Fund may reinvest the cash received from purchasers, there is a risk that the value on return of the reinvested cash collateral may decline below the amount owed to those purchasers. (21) Subsection 4.27 of the Offering Document entitled Investment in China shall be deleted in its entirety and replaced by the following: 4.27 Investments in the People s Republic of China ( PRC ) Investing in the PRC is subject to the risks of investing in emerging markets (please refer above to the subsection 4.20 entitled Emerging and Less Developed Markets ) and additional risks which are specific to the PRC market. The economy of the PRC is in a state of transition from a planned economy to a more market oriented economy and investments may be sensitive to changes in law and regulation together with political, social or economic policy which includes possible government intervention. In extreme circumstances, the Sub-Funds may incur losses due to limited investment capabilities, or may not be able to fully implement or pursue its investment objectives or strategy, due to local investment restrictions, illiquidity of the Chinese domestic securities market, and/or delay or disruption in execution and settlement of trades. Investments by Sub-Funds in the domestic securities of the PRC denominated in CNY (onshore RMB) will be made through the Qualified Foreign Institutional Investor or through the Renminbi Qualified Foreign Institutional Investor. All Hong Kong and overseas investors in the Shanghai-Hong Kong Stock Connect will trade and settle SSE Securities in CNH (offshore RMB) only. Such Sub-Funds and Share Classes will be exposed to any fluctuation in the exchange rate between the Reference Currency of the relevant Sub-Fund and CNY (onshore RMB) or CNH (offshore RMB) in respect of such investments. Qualified Foreign Institutional Investor/Renminbi Qualified Foreign Institutional Investor (QFII/RQFII) Foreign investors can invest in the domestic securities markets of the PRC through a qualified foreign institutional investor or Investment Manager that has obtained status as a QFII (qualified foreign institutional investor) and/or an RQFII (Renminbi qualified foreign institutional investor) from the CSRC (China Securities Regulatory Commission) and has been granted quota(s) by SAFE (the PRC State Administration of Foreign Exchange). The CSRC has granted a QFII and RQFII licence to the Investment Manager and a portion of the QFII/RQFII Quota of the Investment Manager have been made available to the funds managed by JPMorgan Asset Management (Europe) S.à r.l. The Fund may invest directly in the domestic securities markets of the PRC on behalf of Sub-Fund(s) concerned through the QFII and/or RQFII Quota of the Investment Manager. The current QFII/RQFII Regulations impose strict restrictions (including rules on investment restrictions, minimum investment holding periods and repatriation of principle and profits) on investments. These are applicable to the Investment Manager and not only to the investments made by the Fund or Sub-Fund. Thus, investors should be aware that violations of the QFII/RQFII Regulations on investments arising out of activities of the Investment Manager could result in the revocation of, or other regulatory actions in respect of the quota, including any other portion utilised by the Fund for investment in QFII/RQFII Eligible Securities. There can be no assurance that the Investment Manager will continue to maintain its QFII/RQFII status or make available its QFII/RQFII Quota, or that the Fund or Sub-Fund will be allocated sufficient portion of the QFII/RQFII

25 Quota granted to the Investment Manager to meet all applications for subscription to the Sub-Fund(s) concerned, or that redemption requests can be processed in a timely manner. Investors should note that the Investment Manager s QFII/RQFII status could be suspended or revoked, which may have an adverse effect on the Sub-Fund s performance as the Fund will be required to dispose of its securities. Shanghai-Hong Kong Stock Connect All Sub-Funds which can invest in China may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program subject to any applicable regulatory limits. The Shanghai-Hong Kong Stock Connect program is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ( HKEx ), the Hong Kong Securities Clearing Company Limited ( HKSCC ), Shanghai Stock Exchange ( SSE ) and China Securities Depository and Clearing Corporation Limited ( ChinaClear ) with an aim to achieve mutual stock market access between mainland China and Hong Kong. This program will allow foreign investors to trade certain SSE listed China A-Shares through their Hong Kong based brokers. All Sub-Funds which can invest in China, may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program subject to any applicable regulatory limits. The Sub-Funds seeking to invest in the domestic securities markets of the PRC may use the Shanghai-Hong Kong Stock Connect, in addition to the QFII and RQFII schemes and, thus, are subject to the following additional risks: General Risk: The relevant regulations are untested and subject to change. There is no certainty as to how they will be applied which could adversely affect the Sub-Funds. The program requires use of new information technology systems which may be subject to operational risk due to its cross-border nature. If the relevant systems fail to function properly, trading in both Hong Kong and Shanghai markets through the program could be disrupted. Clearing and Settlement Risk: The HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants, and on the other hand undertake to fulfil the clearing and settlement obligations of its clearing participants with the counterparty clearing house. Legal/Beneficial Ownership: Where securities are held in custody on a cross-border basis, there are specific legal/ beneficial ownership risks linked to compulsory requirements of the local Central Securities Depositaries, HKSCC and ChinaClear. As in other emerging and less developed markets (please refer above to the section 4.20 entitled Emerging and Less Developed Markets ), the legislative framework is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. In addition, HKSCC, as nominee holder, does not guarantee the title to Shanghai-Hong Kong Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, the courts may consider that any nominee or custodian as registered holder of Shanghai-Hong Kong Stock Connect securities would have full ownership thereof, and that those Shanghai-Hong Kong Stock Connect securities would form part of the pool of assets of such entity available for distribution to creditors of such entities and/or that a beneficial owner may have no rights whatsoever in respect thereof. Consequently the Sub-Funds and the Depositary cannot ensure that the Sub-Funds ownership of these securities or title thereto is assured. To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that the Depositary and the Sub-Funds will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Sub-Funds suffer losses resulting from the performance or insolvency of HKSCC. In the event ChinaClear defaults, HKSCC s liabilities under its market contracts with clearing participants will be limited to assisting clearing participants with claims. HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. In this event, the Sub-Funds may not fully recover their losses or their Shanghai-Hong Kong Stock Connect securities and the process of recovery could also be delayed. Operational Risk: The HKSCC provides clearing, settlement, nominee functions and other related services of the trades executed by Hong Kong market participants. PRC regulations which include certain restrictions on selling and buying will apply to all market participants. In the case of sale, pre-delivery of shares are required to the broker, increasing counterparty risk. Because of such requirements, the Sub-Funds may not be able to purchase and/or dispose of holdings of China A-Shares in a timely manner. Quota Limitations: The program is subject to quota limitations which may restrict the Sub-Funds ability to invest in China A-Shares through the program on a timely basis.

26 Investor Compensation: The Sub-Funds will not benefit from local investor compensation schemes. Shanghai-Hong Kong Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Sub-Funds cannot carry out any China A-Shares trading. The Sub-Funds may be subject to risks of price fluctuations in China A-Shares during the time when Shanghai-Hong Kong Stock Connect is not trading as a result. Tax within the PRC The PRC enacted the Enterprise Income Tax Law ( EITL ) effective from 1 January Although the EITL imposes a withholding tax of 20% on the PRC sourced income derived by a foreign company without a permanent establishment in China, the rate is reduced to 10% by the Implementation Rules of the EITL effective from 1 January Income includes profit, dividend, interest, rental, royalties, etc. The enactment of the EITL effectively abolished all tax circulars previously issued which exempted tax on gains derived from certain PRC securities. The Sub-Funds investing in PRC securities may be subject to withholding and other taxes imposed in the PRC including the following: Dividends and interest paid by PRC companies are subject to 10% withholding tax. The paying entity in China will be responsible for withholding such tax when making a payment. Gains made on PRC securities could be subject to a 10% withholding tax ( EIT ) under the EITL. However, gains from the disposal of China A-Shares (including those on Shanghai-Hong Kong Stock Connect) on or after 17 November 2014 are subject to a temporary exemption from EIT. The PRC authorities are yet to provide definitive guidance as to the imposition of 10% EIT on gains from China A-Shares disposed of prior to 17 November With the uncertainty of whether and how certain gains on PRC securities are to be taxed, the possibility of the rules being changed and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of provision and when they subscribed and/or redeemed their Shares in/from the Sub-Fund. In these circumstances in order to achieve as fair an allocation as possible of this contingent tax among the investors within the relevant Sub-Funds, tax provisioning is currently made at 100% of the possible 10% EIT on gains on PRC securities, except for gains on China A-Shares (including those on Shanghai-Hong Kong Stock Connect) disposed of on or after 17 November The full withholding tax of 10% is also provided for PRC sourced dividends and interest where not deducted by the payor. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the relevant Sub-Funds assets, the relevant Sub-Funds asset value will be adversely affected. (22) Section 4 of the Offering Document entitled RISK FACTORS shall be amended by inserting the following: 4.42 Contingent Convertible Securities A Contingent Convertible Security is subject to certain predetermined conditions which, if triggered (commonly known as trigger events ), will likely cause the principal amount invested to be lost on a permanent or temporary basis, or the Contingent Convertible Security may be converted to equity, potentially at a discounted price. Coupon payments on Contingent Convertible Securities are discretionary and may also be cancelled by the issuer. Trigger events can vary but these could include the capital ratio of the issuing company falling below a certain level or the share price of the issuer falling to a particular level for a certain period of time. Holders of Contingent Convertible Securities may suffer a loss of capital when comparable equity holders do not. In addition the risk of capital loss may increase in times of adverse market conditions. This may be unrelated to the performance of the issuing companies. There is no guarantee that the amount invested in a Contingent Convertible Security will be repaid at a certain date as their termination and redemption is subject to prior authorisation of the competent supervisory authority. (23) The following paragraphs shall be inserted at the end of the paragraphs under the heading Swing Pricing Adjustment under subsection 6.1 Net Asset Value per Share of the Offering Document: The Management Company may consider it appropriate not to apply the swing price adjustment to the Net Asset Value per Share of a Sub-Fund where it is seeking to attract inflows so that the Sub-Fund reaches a certain size. If a decision is taken in relation to a Sub-Fund the Management Company will pay the dealing and other costs resulting from securities trades to avoid the Sub-Fund suffering dilution of the Net Asset Value. Where this happens shareholders will subscribe or redeem at a Net Asset Value that will not have been adjusted upwards as would have been the case if the swing pricing mechanism had been applied.

27 Shareholders will be notified of those Sub-Funds to which the Management Company has decided not to apply the swing pricing adjustment to the Net Asset Value per Share. The Management Company decided not to apply the swing pricing adjustment to the following Sub-Fund: Sub-Fund Target Fund Size End of waiver period JPMorgan Funds - Total Emerging Markets Income Fund USD 250 million 31 December 2015 (24) The sixth paragraph in section 7 of the Offering Document entitled DEALING shall be deleted in its entirety and replaced by the following: The Board of Directors or the Management Company may, at its sole discretion and in accordance with the provisions of the Articles, proceed with the compulsory redemption of the Shares held by a Shareholder if it appears to the Board of Directors or the Management Company that such holding might result (i) in a breach of any (a) applicable Luxembourg law and regulations or other law and regulations, (b) requirement of any country or (c) requirement of any governmental authority, (ii) in the Fund (including its Shareholders) or any of its delegates incurring any liability to taxation or suffering any sanction, penalty, burden or other disadvantage (whether pecuniary, administrative or operational) which the Fund (including its Shareholders) or its delegates might not otherwise have incurred or suffered, or (iii) in that Shareholder to exceed any limit to which his shareholding is subject. Where it appears that a person who should be precluded from holding Shares, either alone or in conjunction with any other person, is a Shareholder, the Board of Directors or the Management Company may compulsorily redeem all Shares so held in accordance with the provisions of the Articles. The Board of Directors or the Management Company may in particular decide, to the extent permitted by applicable laws and regulations and in accordance with the provisions of the Articles, to proceed with the compulsory redemption of Shares held by a person who is (i) a US Person, or held directly by a person who is (ii) a US citizen, (iii) a US tax resident, or (iv) a non-us partnership, non-us trust or similar tax transparent non-us entity that has any partner, beneficiary or owner that is a US Person, US citizen or US tax resident. The Board of Directors or the Management Company will require that intermediaries compulsory redeem Shares held by a US Person. Shareholders are required to notify the Management Company immediately in the event that they are or become (i) US Persons, (ii) US citizens, (iii) US tax residents or (iv) specified US person for purposes of FATCA or if their holding might result (i) in a breach of any (a) applicable Luxembourg law and regulations or other law and regulations, (b) requirement of any country or (c) requirement of any governmental authority, (ii) in the Fund (including its Shareholders) or any of its delegates incurring any liability to taxation or suffering any sanction, penalty, burden or other disadvantage (whether pecuniary, administrative or operational) which the Fund (including its Shareholders) or its delegates might not otherwise have incurred or suffered, or (iii) in that Shareholder to exceed any limit to which his shareholding is subject. Restrictions on subscription of Shares also apply to transfer of Shares to (i) US Persons, (ii) US citizens or (iii) US tax residents. The Board of Directors may restrict or prevent the ownership of Shares. Where it appears that a person who should be preluded from holding Shares, either alone, or in conjunction with any other person, is a beneficial owner of Shares, or a Shareholder, the Board of Directors and/or the Management Company may compulsorily redeem all Shares so owned in accordance with the provisions of the Articles. The Board of Directors and/or the Management Company in exercising the above powers shall act in good faith and on reasonable grounds. (25) The fourth paragraph in section 8 of the Offering Document entitled CHARGES AND EXPENSES shall be deleted in its entirety and replaced by the following: The Management Company may from time to time and at its sole discretion, pay all or part of the fees and charges it receives as a commission, retrocession, rebate or discount to some or all investors, financial intermediaries or Distributors on the basis of (but not limited to) the size, nature, timing or commitment of their investment. (26) The eighth paragraph in section 8 of the Offering Document entitled CHARGES AND EXPENSES shall be deleted entirety and replaced by the following: Subject to the investment restrictions set out in Appendix II Investment Restrictions and Powers, the Sub-Funds may invest in UCITS, other UCIs and closed ended investment undertakings qualifying as transferable securities within the meaning of UCITS rules (including investment trusts) (the Undertakings ) managed by the Management

28 Company, the Investment Managers or any other member of JPMorgan Chase & Co. In accordance with paragraph 5 b) of Appendix II, no double-charging of fees will occur. The avoidance of a double charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net assets on which the Annual Management and Advisory Fee are calculated or b) investing in the Undertakings via Share Classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager s group; or c) the Annual Management and Advisory Fee being netted off by a rebate to the Fund or Sub- Fund of the annual management and advisory fee (or equivalent) charged to the underlying Undertakings; or d) charging only the difference between the Annual Management and Advisory Fee of the Fund or the Sub-Fund as per Appendix I and the Annual Management and Advisory Fee (or equivalent) charged to the underlying Undertakings. Where a Sub-Fund invests in Undertakings managed by investment managers which are not members of JPMorgan Chase & Co. group, the Annual Management and Advisory Fee, as specified in Appendix I, may be charged regardless of any fees reflected in the price or shares or units of the Undertakings. (27) The twelfth to sixteenth paragraphs in section 8 of the Offering Document entitled CHARGES AND EXPENSES shall be deleted in their entirety and replaced by the following: The Fund bears all its ordinary operating and administrative expenses ( Operating and Administrative Expenses ) to meet all fixed and variable costs, charges, fees, and other expenses incurred in the operation and administration of the Fund from time to time. The Operating and Administrative Expenses are capped for each Share Class at the maximum rate set out in Appendix I. The Operating and Administrative Expenses are calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class. They are accrued daily and payable monthly in arrears and will not exceed the maximum rate as specified in the relevant section of Appendix I. The Operating and administrative Expenses cover: a. A Fund Servicing Fee paid to the Management Company for the services that the Management Company provides to the Fund. The Fund Servicing Fee will be reviewed annually and will not exceed 0.15% per annum. b. Expenses directly contracted by the Fund ( Direct Fund Expenses ) and expenses directly contracted by the Management Company on behalf of the Fund ( Indirect Fund Expenses ): i. Direct Fund Expenses include but are not limited to the Custodian fees, auditing fees and expenses, the Luxembourg taxe d abonnement, Directors fees (no fees will be paid to Directors who are also directors or employees of JPMorgan Chase & Co.) and reasonable out-of-pocket expenses incurred by the Directors. ii. Indirect Fund Expenses include but are not limited to formation expenses such as organisation and registration costs; accounting expenses covering fund accounting and administration services; transfer agency expenses covering registrar and transfer agency services; the Administrative Agent and Domiciliary Agent services; the fees and reasonable of out-of-pocket expenses of the paying agents and representatives; legal fees and expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost of publication of the Share prices and postage, telephone, facsimile transmission and other electronic means of communication; and the costs and expenses of preparing, printing, and distributing the Fund s offering document, financial reports and other documents made available to Shareholders. The Management Company will bear any Operating and Administrative Expenses which exceed the maximum rate specified in Appendix I. At its discretion, the Management Company may on a temporary basis meet the Direct and/ or Indirect Fund Expenses on a Sub-Fund s behalf and/or waive all or part of the Fund Servicing Fee. (28) Subsection 9.3 of the Offering Document entitled The People s Republic of China ( PRC ) shall be deleted in its entirety and replaced by the following: The People s Republic of China ( PRC ) The PRC enacted the Enterprise Income Tax Law ( EITL ) effective from 1 January Although the EITL imposes a withholding tax of 20% on the PRC sourced income derived by a foreign company without a permanent establishment in China, the rate is reduced to 10% by the Implementation Rules of the EITL effective from 1 January Income includes profit, dividend, interest, rental, royalties, etc. The enactment of the EITL effectively abolished all tax circulars previously issued which exempted tax on gains derived from certain PRC securities. The Sub-Funds investing in PRC securities may be subject to withholding and other taxes imposed in the PRC including the following: Dividends and interest paid by PRC companies are subject to 10% withholding tax. The paying entity in China will be responsible for withholding such tax when making a payment.

29 Gains made on PRC securities could be subject to a 10% withholding tax ( EIT ) under the EITL. However, gains from the disposal of China A-Shares (including those on Shanghai-Hong Kong Stock Connect) on or after 17 November 2014 are subject to a temporary exemption from EIT. The PRC authorities are yet to provide definitive guidance as to the imposition of 10% EIT on gains from China A-Shares disposed of prior to 17 November With the uncertainty of whether and how certain gains on PRC securities are to be taxed, the possibility of the rules being changed and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of provision and when they subscribed and/or redeemed their Shares in/from the Sub-Fund. In these circumstances in order to achieve as fair an allocation as possible of this contingent tax among the investors within the relevant Sub-Funds, tax provisioning is currently made at 100% of the possible 10% EIT on gains on PRC securities, except for gains on China A-Shares (including those on Shanghai-Hong Kong Stock Connect) disposed of on or after 17 November The full withholding tax of 10% is also provided for PRC sourced dividends and interest where not deducted by the payor. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the relevant Sub-Funds assets, the relevant Sub-Funds asset value will be adversely affected. (29) Subsection 9.4 of the Offering Document entitled European Union Tax Considerations shall be deleted in its entirety and replaced by the following: 9.4 European Union Tax Considerations The Council of the EU has, on 3 June 2003, adopted Council Directive 2003/48/EC on taxation of savings income in the form of interest payments (the Directive ). Under the Directive, Member States of the EU will be required to provide the tax authorities of another EU Member State with information on payments of interest or other similar income paid by a paying agent (as defined by the Directive) within its jurisdiction to an individual resident in that other EU Member State. Austria has opted instead for a tax withholding system for a transitional period in relation to such payments. Switzerland, Monaco, Liechtenstein, Andorra and San Marino and the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean, have also introduced measures equivalent to information reporting or, during the transitional period, withholding tax. The Directive has been implemented in Luxembourg by a law dated 21 June 2005 (the EUSD Law ) as amended by the Law of 25 November 2014 and several agreements concluded between Luxembourg and certain dependent or associated territories of the EU ( Territories ), a Luxembourg-based paying agent is required as from 1 January 2015 to report to the Luxembourg tax authorities the payment of interest and other similar income paid by it to (or under certain circumstances, to the benefit of) an individual or certain residual entities resident or established in another Member State or in the Territories, and certain personal details on the beneficial owner. Such details will be provided by the Luxembourg tax authorities to the competent foreign tax authorities of the state of residence of the beneficial owner (within the meaning of the Savings Directive). Dividends distributed by a Sub-Fund of the Fund will be subject to the Directive and the EUSD Law if more than 15% of such Sub-Fund s assets are invested in debt claims (as defined in the EUSD Law) and proceeds realised by Shareholders on the redemption or sale of Shares in a Sub-Fund will be subject to the Directive and the EUSD Law if more than 25% of such Sub-Fund s assets are invested in debt claims. The Fund reserves the right to reject any application for Shares if the information provided by any prospective investor does not meet the standards required by the EUSD Law as a result of the Directive. The foregoing is only a summary of the implications of the Directive and the EUSD Law, is based on the current interpretation thereof and does not purport to be complete in all respects. It does not constitute investment or tax advice and investors should therefore seek advice from their financial or tax adviser on the full implications for themselves of the Directive and the EUSD Law. The Directive does not apply to Hong Kong paying agents therefore individual investors who invest directly via Hong Kong paying agents should not be affected. (30) Subsection 9.5 of the Offering Document entitled People s Republic of China Tax Considerations shall be deleted in its entirety and replaced by the following: 9.5 People s Republic of China Tax Considerations The Management Company reserves the right to provide for tax for capital gains tax on Sub-Funds investing in Chinese assets, including China A or B Shares. With the uncertainty of whether and how certain gains on PRC securities are to be taxed, the possibility of the laws, regulations and practice in the PRC changing, and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities.

30 Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of provision and when they subscribed and/or redeemed their Shares in/from the Sub-Funds. This is unavoidable where investors can subscribe and/or redeem their Shares in/from the Sub-Funds and where there is uncertainty as to taxation. The net asset value per share of a Sub-Fund is calculated daily and Shares of a Sub-Fund can be redeemed at the bid price which is calculated by reference to the net asset value per Share. After redemption, an investor cannot be impacted either positively or negatively. Consequently, a past shareholder will receive nothing from a subsequent release of a provision or increase in the market value of investments and will not be adversely impacted by an increase in a provision where there is a shortfall. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the Sub-Funds assets, the Sub-Funds asset value will be adversely affected. (31) Subsection 9.7 of the Offering Document entitled Automatic Exchange of Information Agreements between Governments shall be amended by inserting the following paragraph after the first paragraph: In October 2014 Luxembourg signed a multilateral agreement with 50 other countries on automatic exchange of financial account information. It is intended that from 2017, Luxembourg will commence information sharing on certain cross border investors from those countries, subject to certain processes, safeguards and legal requirements being met. Luxembourg funds and entities will be required to comply with relevant Luxembourg law implementing these agreements. (32) The third and fourth points in subsection 12.3 of the Offering Document entitled Conflicts of Interest shall be deleted in their entirety and replaced by the following: (3) The Management Company, the Investment Managers, Corporate and Administrative Agent, the Custodian, and the Sales Agents, may from time to time act as management company, investment manager or adviser, sales agent, administrator, registrar, custodian or trustee in relation to, or be otherwise involved with, other funds or UCITS, other UCIs and other investment vehicles or other clients. It is therefore possible that any of them may, in the due course of their business, have potential conflicts of interest with the Fund or any Sub- Fund. In such event, each will at all times have regard to its obligations under any agreements to which it is party or by which it is bound in relation to the Fund or any Sub-Fund. In particular, when undertaking any dealings or investments where conflicts of interest may arise, each will respectively endeavour to ensure that such conflicts are resolved fairly. (4) Sub-Funds may invest from time to time in UCITS, UCIs and other investment vehicles managed by the Management Company, Investment Managers, or any other member of JPMorgan Chase & Co. It is therefore possible that any of them may, in the due course of their business, have potential conflicts of interest with the Fund or any Sub-Fund. When undertaking any investments where conflicts of interest may arise, each will respectively endeavour to ensure that such conflicts are resolved fairly. No double-charging of the Annual Management and Advisory Fee or the Operating and Administrative Expenses will occur as specified in the section Charges and Expense above. (33) The Directors of the Fund and the address of the Auditors under the section entitled DIRECTORY shall be deleted in their entirety and replaced by the following: Directors of the Fund Iain O.S. Saunders Jacques Elvinger Jean Frijins John Li How Cheong Peter Thomas Schwicht Daniel J. Watkins Auditors PricewaterhouseCoopers, Société Coopérative 2, rue Gerhard Mercator L-2182 Luxembourg Grand Duchy of Luxembourg

31 (34) Appendix I of the Offering Document shall be deleted in its entirety and replaced by the following: Appendix I Distributor : JPMorgan Funds (Asia) Limited (JPMFAL) or its sub-distributors Share Class Details Equity Sub-Funds Sub-Fund Share Class Initial Charge JPMorgan Funds - America Equity Fund JPMorgan Funds - America Equity Fund JPMorgan Funds - America Equity Fund JPMorgan Funds - America Equity Fund JPMorgan Funds - Asia Pacific Strategic Equity Fund JPMorgan Funds - Asia Pacific Strategic Equity Fund JPMorgan Funds - Brazil Equity Fund JPMorgan Funds - China Fund JPMorgan Funds - China Fund JPMorgan Funds - China Fund JPMorgan Funds - Eastern Europe Equity Fund JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Funds - Emerging Markets Dividend Fund JPM America Equity A (acc) - AUD (hedged) JPM America Equity A (acc) - HKD JPM America Equity A (acc) - USD JPMorgan America Equity A (dist) - USD JPM Asia Pacific Strategic Equity A (acc) - HKD JPM Asia Pacific Strategic Equity A (acc) - USD JPM Brazil Equity A (acc) - USD JPMorgan China A (acc) - USD JPMorgan China A (dist) - HKD JPMorgan China A (dist) - USD JPMorgan Eastern Europe Equity A (dist) - EUR JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD JPM Emerging Markets Dividend A (irc) - AUD (hedged) JPM Emerging Markets Dividend A (irc) - GBP (hedged) JPM Emerging Markets Dividend A (irc) - NZD (hedged) Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max

32 JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - Emerging Markets Equity Fund JPMorgan Funds - Emerging Markets Opportunities Fund JPMorgan Funds - Emerging Middle East Equity Fund JPMorgan Funds - Emerging Middle East Equity Fund JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Europe Equity Fund JPMorgan Funds - Europe Equity Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Global Dynamic Fund JPMorgan Funds - Global Dynamic Fund JPM Emerging Markets Dividend A (mth) - HKD JPM Emerging Markets Dividend A (mth) - USD JPM Emerging Markets Equity A (acc) - USD JPM Emerging Markets Equity A (dist) - USD JPM Emerging Markets Opportunities A (acc) - USD JPM Emerging Middle East Equity A (acc) - USD JPM Emerging Middle East Equity A (dist) - USD JPM Euroland Equity A (acc) - EUR JPM Euroland Equity A (acc) - USD (hedged) JPMorgan Euroland Equity A (dist) - USD JPM Europe Dynamic A (acc) - AUD (hedged) JPM Europe Dynamic A (acc) - HKD (hedged) JPM Europe Dynamic A (acc) - USD (hedged) JPMorgan Europe Dynamic A (dist) - EUR JPM Europe Equity A (acc) - USD JPMorgan Europe Equity A (dist) - USD JPM Europe Small Cap A (acc) - EUR JPMorgan Europe Small Cap A (dist) - EUR JPM Europe Technology A (acc) - EUR JPM Europe Technology A (acc) - USD (hedged) JPMorgan Europe Technology A (dist) - EUR JPM Global Dynamic A (acc) - USD JPMorgan Global Dynamic A (dist) - USD 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.00% Nil 0.30% Max 5.00% 1.00% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max

33 JPMorgan Funds - Global Natural Resources Fund JPMorgan Funds - Global Natural Resources Fund JPMorgan Funds - Global Real Estate Securities Fund (USD) JPMorgan Funds - Global Unconstrained Equity Fund JPMorgan Funds - Global Unconstrained Equity Fund JPMorgan Funds - Greater China Fund JPMorgan Funds - Greater China Fund JPMorgan Funds - Greater China Fund JPMorgan Funds - Hong Kong Fund JPMorgan Funds - Hong Kong Fund JPMorgan Funds - India Fund JPMorgan Funds - Indonesia Equity Fund JPMorgan Funds - Japan Equity Fund JPMorgan Funds - Japan Equity Fund JPMorgan Funds - Korea Equity Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - Russia Fund JPMorgan Funds - Russia Fund JPMorgan Funds - Singapore Fund JPMorgan Funds - Singapore Fund JPMorgan Funds - Taiwan Fund JPMorgan Funds - Taiwan Fund JPMorgan Funds - Taiwan Fund JPM Global Natural Resources A (acc) - USD JPM Global Natural Resources A (dist) - EUR JPM Global Real Estate Securities (USD) A (inc) - USD JPM Global Unconstrained Equity A (acc) - USD 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max JPMorgan Global Unconstrained Equity A (dist) - USD 5.00% 1.50% Nil 0.30% Max JPMorgan Greater 5.00% 1.50% Nil 0.30% Max China A (acc) - USD JPMorgan Greater 5.00% 1.50% Nil 0.30% Max China A (dist) - HKD JPMorgan Greater 5.00% 1.50% Nil 0.30% Max China A (dist) - USD JPMorgan Hong Kong A 5.00% 1.50% Nil 0.30% Max (dist) - HKD JPMorgan Hong Kong A 5.00% 1.50% Nil 0.30% Max (dist) - USD JPMorgan India A (acc) % 1.50% Nil 0.30% Max USD JPMorgan Indonesia 5.00% 1.50% Nil 0.30% Max Equity A (acc) - USD JPMorgan Japan Equity A 5.00% 1.50% Nil 0.30% Max (acc) - USD (hedged) JPMorgan Japan Equity J 5.00% 1.50% Nil 0.30% Max (dist) - USD JPMorgan Korea 5.00% 1.50% Nil 0.30% Max Equity A (acc) - USD JPM Latin America 5.00% 1.50% Nil 0.30% Max Equity A (acc) - USD JPMorgan Latin America 5.00% 1.50% Nil 0.30% Max Equity A (dist) - USD JPM Russia A (acc) - USD 5.00% 1.50% Nil 0.30% Max JPM Russia A (dist) - USD 5.00% 1.50% Nil 0.30% Max JPMorgan Singapore A (acc) - USD JPMorgan Singapore A (dist) - USD JPMorgan Taiwan A (acc) - USD JPMorgan Taiwan A (dist) - HKD JPMorgan Taiwan A (dist) - USD 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max

34 JPMorgan Funds - US Growth Fund JPMorgan Funds - US Technology Fund JPMorgan Funds - US Value Fund Mixed Asset Sub-Funds JPM US Growth A (dist) - USD JPMorgan US Technology A (dist) - USD JPMorgan US Value A (dist) - USD 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max Sub-Fund Share Class Initial Charge JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Asia Pacific Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Asia Pacific Income A (acc) - HKD JPMorgan Asia Pacific Income A (acc) - USD JPMorgan Asia Pacific Income A (dist) - USD JPMorgan Asia Pacific Income A (irc) - AUD (hedged) JPMorgan Asia Pacific Income A (irc) - CAD (hedged) JPMorgan Asia Pacific Income A (irc) - EUR (hedged) JPMorgan Asia Pacific Income A (irc) GBP (hedged) JPMorgan Asia Pacific Income A (irc) NZD (hedged) JPMorgan Asia Pacific Income A (mth) - HKD JPMorgan Asia Pacific Income A (mth) - USD JPM Total Emerging Markets Income A (acc) - USD JPM Total Emerging Markets Income A (irc) - AUD (hedged) JPM Total Emerging Markets Income A (mth) - HKD JPM Total Emerging Markets Income A (mth) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.50% Nil 0.30% Max 5.00% 1.25% Nil 0.30% Max 5.00% 1.25% Nil 0.30% Max 5.00% 1.25% Nil 0.30% Max 5.00% 1.25% Nil 0.30% Max

35 Bond Sub-Funds Sub-Fund Share Class Initial Charge JPMorgan Funds - Asia Local Currency Debt Fund JPMorgan Funds - Asia Local Currency Debt Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Debt Fund JPMorgan Funds - Emerging Markets Investment Grade Bond Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund JPMorgan Funds - Global Government Bond Fund JPMorgan Funds - Income Fund JPMorgan Funds - Income Fund JPMorgan Funds - Income Fund JPM Asia Local Currency Debt A (mth) - HKD JPM Asia Local Currency Debt A (mth) - USD JPM Emerging Markets Debt A (acc) - USD JPM Emerging Markets Debt A (irc) - AUD (hedged) JPM Emerging Markets Debt A (irc) - CAD (hedged) JPM Emerging Markets Debt A (irc) - NZD (hedged) JPM Emerging Markets Debt A (mth) - HKD JPM Emerging Markets Debt A (mth) - USD JPM Emerging Markets Investment Grade Bond A (mth) - USD JPM Emerging Markets Local Currency Debt A (acc) - USD JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) JPM Emerging Markets Local Currency Debt A (mth) - HKD JPM Emerging Markets Local Currency Debt A (mth) - USD JPM Global Government Bond A (acc) - USD (hedged) JPM Income Fund A (acc) - USD JPM Income Fund A (mth) - HKD JPM Income Fund A (mth) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 3.00% 0.80% Nil 0.20% Max 3.00% 0.80% Nil 0.20% Max 3.00% 1.15% Nil 0.30% Max 3.00% 1.15% Nil 0.30% Max 3.00% 1.15% Nil 0.30% Max 3.00% 1.15% Nil 0.30% Max 3.00% 1.15% Nil 0.30% Max 3.00% 1.15% Nil 0.30% Max 3.00% 0.80% Nil 0.30% Max 3.00% 1.00% Nil 0.30% Max 3.00% 1.00% Nil 0.30% Max 3.00% 1.00% Nil 0.30% Max 3.00% 1.00% Nil 0.30% Max 3.00% 0.40% Nil 0.20% Max 3.00% 1.00% Nil 0.20% Max 3.00% 1.00% Nil 0.20% Max 3.00% 1.00% Nil 0.20% Max

36 JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US Aggregate Bond Fund JPMorgan Funds - US High Yield Plus Bond Fund JPMorgan Funds - US High Yield Plus Bond Fund JPMorgan Funds - US High Yield Plus Bond Fund JPM US Aggregate Bond A (acc) - EUR (hedged) JPM US Aggregate Bond A (acc) - USD JPM US Aggregate Bond A (inc) - USD JPM US Aggregate Bond A (mth) - HKD JPM US Aggregate Bond A (mth) - USD JPM US High Yield Plus Bond A (acc) - USD JPM US High Yield Plus Bond A (mth) - HKD JPM US High Yield Plus Bond A (mth) - USD 3.00% 0.90% Nil 0.20% Max 3.00% 0.90% Nil 0.20% Max 3.00% 0.90% Nil 0.20% Max 3.00% 0.90% Nil 0.20% Max 3.00% 0.90% Nil 0.20% Max 3.00% 1.00% Nil 0.20% Max 3.00% 1.00% Nil 0.20% Max 3.00% 1.00% Nil 0.20% Max Money Market Sub-Fund Sub-Fund Share Class Initial Charge JPMorgan Funds - US Dollar Money Market Fund JPMorgan US Dollar Money Market A (acc) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses Nil 0.25% Nil 0.20% Max The currency denomination for each Share Class is indicated by a suffix to the name of the Share Class. (35) The following section shall be inserted at the end of the General Investment Rules in Appendix II Investment Restrictions and Powers of the Offering Document: Specific Restrictions for Sub-Funds registered for Public Distribution in Taiwan 1. Investments in China Sub-Funds registered for public distribution in Taiwan will not have any direct exposure of more than 10% of their net asset value to securities issued by companies incorporated in the PRC (this includes but is not limited to China A-Shares and China B-Shares and corporate bonds) and government bonds issued by the PRC. 2. Dealing in Financial Derivative Instruments Unless otherwise approved by the Taiwan Financial Supervisory Commission, for any Sub-Fund registered for public distribution in Taiwan it shall comply with the local Taiwanese regulation in respect of derivative exposure, which currently requires the total value of the Sub-Fund s non-offset position in derivatives held for: (i) any purposes other than hedging, and in any derivatives held for hedging purposes in excess of the position limit stated in (ii) below, not to exceed 40% of the net asset value of the Sub-Fund (or such other percentage as stipulated by the Taiwan regulator from time to time); and (ii) hedging purposes, not to exceed the total market value of the relevant securities held by the Sub-Fund. (36) The second and third paragraphs of subsection entitled 2. Global Exposure under the section entitled I. Financial Derivative Instruments in Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in their entirety and replaced by the following: The Fund shall ensure that the global exposure of each Sub-Fund relating to financial derivative instruments does not exceed the total net assets of that Sub-Fund. The Sub-Fund s overall risk exposure shall consequently not exceed 200% of its total net assets. In addition, this overall risk exposure may not be increased by more than 10% by means of temporary borrowings 1 (as referred to in paragraph 6 (e) above) so that the Sub-Fund s overall risk exposure may not exceed 210% of any Sub-Fund s total net assets under any circumstances. 1 Temporary borrowing is not permitted for investment purposes.

37 The global exposure relating to financial derivative instruments may be calculated through the commitment approach or VaR methodology. (37) The headings 2.1 VaR Methodology and 2.2 Commitment Approach under subsection 2. Global Exposure under the section entitled I. Financial Derivative Instruments in Appendix II Investment Restrictions and Powers of the Offering Document shall be renumbered and titled 2.2 VaR Methodology and 2.1 Commitment Approach respectively. (38) The first paragraph under the heading 2.1 Commitment Approach under subsection 2. Global Exposure under the section entitled I. Financial Derivative Instruments in Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in its entirety and replaced by the following: Unless otherwise specified in section 3 of this Offering Document, the Sub-Funds calculate their global exposure resulting from the use of financial derivative instruments and from the use of financial techniques and instruments on a commitment basis. Such Sub-Funds will make use of financial derivative instruments in a manner not to materially alter a Sub-Fund s risk profile over what would be the case if financial derivative instruments were not used. (39) The paragraphs under the heading 2.2 VaR Methodology under subsection 2. Global Exposure under the section entitled I. Financial Derivative Instruments in Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in their entirety and replaced by the following: 2.2 VaR Methodology Certain Sub-Funds apply a Value-at-Risk (VaR) approach to calculate their global exposure, and this will be specified for each applicable Sub-Fund in section 3 of this Offering Document. In respect of such Sub-Funds, the limits and restrictions a) to f) in the section Commitment Approach above shall not be applicable although they may use similar strategies and hedging techniques. A global exposure calculation using the VaR approach should consider all the positions of the relevant Sub-Fund. VaR is a means of measuring the potential loss to a Sub-Fund due to market risk and is expressed as the maximum potential loss at a 99% confidence level over a one month time horizon. The holding period for the purpose of calculating global exposure is one month. Sub-Funds using the VaR approach are required to disclose their expected level of leverage which is stated in section 3 of this Offering Document. The expected level of leverage disclosed for each Sub-Fund is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might significantly exceed the expected level from time to time however the use of financial derivatives instruments will remain consistent with the Sub- Fund s investment objective and risk profile and comply with its VaR limit. In this context leverage is a measure of the aggregate derivative use and is calculated as the sum of the notional exposure of the financial derivative instruments used, without the use of netting arrangements. As the calculation neither takes into account whether a particular financial derivative instrument increases or decreases investment risk, nor takes into account the varying sensitivities of the notional exposure of the financial derivative instruments to market movements, this may not be representative of the level of investment risk within a Sub-Fund. VaR is calculated using an absolute or relative approach. Relative VaR The relative VaR approach is used for Sub-Funds where a derivative free benchmark or reference portfolio is defined reflecting the investment strategy which the Sub-Fund is pursuing. The relative VaR of a Sub-Fund (including derivatives) is expressed as a multiple of the VaR of a benchmark or reference portfolio and is limited to no more than twice the VaR on the comparable benchmark or reference portfolio. The reference portfolio for VAR purposes, as amended from time to time, may be different from the benchmark as stated in section 3 of this Offering Document. Absolute VaR The absolute VaR approach calculates a Sub-Fund s VaR as a percentage of the Net Asset Value of the Sub-Fund and is measured against an absolute limit of 20% as defined by the ESMA Guidelines Absolute VaR is generally an appropriate approach in the absence of an identifiable reference portfolio or benchmark, for instance for funds using an absolute return target. (40) The subsection entitled 3. Specific restrictions on dealing in Financial Derivative Instruments under the section entitled I. Financial Derivative Instruments in Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in its entirety.

38 The following change to the Offering Document shall apply with effect from and including 15 September 2015: (1) The first remark to Investment Policy of JPMorgan Funds - China Fund and JPMorgan Funds - Greater China Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be deleted in its entirety and replaced by the following: * The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares will be less than 30% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. The following changes to the Offering Document shall apply with effect from and including 30 September 2015: (1) All references to JPMorgan Funds - Eastern Europe Equity Fund shall be deleted in their entirety and replaced by JPMorgan Funds - Emerging Europe Equity Fund. (2) The Investment Objective, Investment Policy and Investor Profile of JPMorgan Funds - Eastern Europe Equity Fund in subsection 3.1 entitled Equity Sub-Funds of the Offering Document shall be deleted in their entirety and replaced by the following: Investment Objective To provide long-term capital growth by investing primarily in companies in European emerging market countries, including Russia (the Emerging European Countries ). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an Emerging European Country. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund investing in Emerging European Countries. Whilst the long-term growth potential of Emerging European Countries makes this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five to ten year investment horizon. (3) The share class of JPMorgan Funds - Eastern Europe Equity Fund in the Appendix I of the Offering Document shall be deleted in its entirety and replaced by the following: Sub-Fund Share Class Initial Charge JPMorgan Funds - Emerging Europe Equity Fund JPMorgan Emerging Europe Equity A (dist) - EUR Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.30% Max # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

39 This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014 and addenda dated June 2014, October 2014 and December 2014, as amended from time to time Addendum dated March 2015 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated March 2015 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with effect from and including 6 March 2015: (1) The Benchmark of JPMorgan Funds - Japan Equity Fund in subsection 3.1 entitled Equity Sub-Funds shall be amended by inserting the following: Benchmark for Hedged Share Class TOPIX (Total Return Net) Hedged into USD for the USD Hedged Share Class (2) The Additional information of JPMorgan Funds - Japan Equity Fund in subsection 3.1 entitled Equity Sub-Funds shall be amended by inserting the following: Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. (3) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Equity Sub- Funds : Sub-Fund Share Class Initial Charge JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity A (acc) - USD (hedged) Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40%

40 This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014 and addenda dated June 2014 and October 2014, as amended from time to time Addendum dated December 2014 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated December 2014 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with immediate effect: (1) The Benchmark for Hedged Share Classes of JPMorgan Funds - Emerging Markets Dividend Fund in subsection 3.1 entitled Equity Sub-Funds of the Offering Document shall be deleted in its entirety and replaced by the following: Benchmark for Hedged Share Classes MSCI Emerging Markets Index (Net) USD Cross Hedged to AUD 1 MSCI Emerging Markets Index (Net) USD Cross Hedged to GBP 2 MSCI Emerging Markets Index (Net) USD Cross Hedged to NZD 3 (2) The second paragraph of the Investment Policy of JPMorgan Funds - Europe Dynamic Fund and JPMorgan Funds - Global Dynamic Fund in subsection 3.1 entitled Equity Sub-Funds of the Offering Document shall be deleted in its entirety and replaced by the following: The Sub-Fund uses an investment process that is based on systematic investments in equity securities with specific style characteristics, such as value, quality and momentum in price and earnings trends. Historical research has demonstrated that such securities can outperform over a market cycle as they exploit psychological factors (the behavioural and cognitive biases of investors) in stock markets. For example, investor overconfidence, the expectation that a security s earnings will continue to grow in perpetuity, or loss aversion, the reluctance of an investor to sell a security that is decreasing in price. (3) The Investment Policy of JPMorgan Funds - Japan Equity Fund in subsection 3.1 entitled Equity Sub-Funds of the Offering Document shall be deleted in its entirety and replaced by the following: Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Japan. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. A substantial part of the Sub-Fund s assets are denominated in Japanese Yen and currency exposure will not normally be hedged. The Sub-Fund may use financial derivative instruments for the purpose of hedging only. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. (4) The following shall be inserted to the end of section 3.1 entitled Equity Sub-Funds of the Offering Document: JPMorgan Funds - Asia Pacific Strategic Equity Fund Reference Currency US Dollar (USD) This is the MSCI Emerging Markets Index (Net) in USD with an overlay hedge applied from USD to AUD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. This is the MSCI Emerging Markets Index (Net) in USD with an overlay hedge applied from USD to GBP. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. This is the MSCI Emerging Markets Index (Net) in USD with an overlay hedge applied from USD to NZD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class.

41 Benchmark MSCI All Country Asia Pacific ex Japan Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an Asia Pacific Basin country (excluding Japan) 1. Certain countries in the Asia Pacific Basin may be considered Emerging Market countries. The Sub-Fund uses an investment process that is based on systematic investments in equity securities with specific style characteristics such as value, momentum in price and earnings trends. Historical research has demonstrated that such securities can outperform over a market cycle as they exploit psychological factors (the behavioural and cognitive biases of investors) in stock markets. For example, investor overconfidence, the expectation that a security s earnings will continue to grow in perpetuity, or loss aversion, the reluctance of an investor to sell a security that is decreasing in price. Cash and cash equivalents may be held on an ancillary basis. The Sub-Fund will not invest in debt securities. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency although currency exposure will not generally be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management #. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This Sub-Fund is designed for investors looking for broad market exposure across the Asia Pacific Basin excluding Japan. Because the Sub-Fund is diversified across a number of markets, it may be suitable for investors who are looking for a standalone Asia Pacific Basin ex-japan regional equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the individual economic, currency and political risks associated in the Asia Pacific Basin ex-japan region, the Sub-Fund may be suitable for investors with at least a five year investment horizon. 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 securities may go down as well as up 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, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Emerging Market currencies may be subject to volatile price movements. Emerging Market securities may also be subject to higher volatility and lower liquidity than non Emerging Market securities. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear some resemblance to its benchmark. The term Pacific Basin refers to an area including Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian sub-continent, excluding the United States of America, Central and South America. 1 # The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes.

42 (5) The following shall be inserted to the end of section 3.2 entitled Mixed Asset Sub-Funds of the Offering Document: JPMorgan Funds - Total Emerging Markets Income Fund Reference Currency US Dollar (USD) Benchmark 50% MSCI Emerging Markets Index (Total Return Net)/ 25% J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross)/ 15% J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross)/ 10% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Benchmark for Hedged Share Classes 50% MSCI Emerging Markets Index (Net) USD Cross Hedged to AUD 1 / 25% J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) Hedged to AUD / 15% J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Hedged to AUD / 10% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to AUD for the AUD Hedged Share Classes Investment Objective To achieve income and long term capital growth by investing primarily in income generating Emerging Market equity 2 and debt securities. For the definition of Emerging Markets, please refer to DEFINITIONS section of this Offering Document. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities and debt securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an Emerging Market country as well as in debt securities issued or guaranteed by Emerging Market governments or their agencies. These may include below investment grade debt securities 3 and also equity securities of smaller companies. The Sub-Fund will hold between 30% and 70% of its assets in equity securities and between 30% and 70% of its assets in debt securities. The Sub-Fund uses an investment process based on the fundamental analysis of individual securities and their income potential. The Investment Manager will actively vary asset and country allocations over time to reflect market conditions and opportunities. There are no credit quality or maturity restrictions with respect to the debt securities in which the Sub-Fund may invest 4. Cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund will neither invest more than 10% of its total assets in convertible bonds, nor invest more than 10% of its total assets in unrated securities. The Sub-Fund will not invest in asset backed securities or mortgaged backed securities. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management #. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers *. Investor Profile This Sub-Fund may be suitable for investors looking for income and long term capital growth through a portfolio of Emerging Market equity and debt securities. Investors in this Sub-Fund should have at least a three to five year investment horizon. 1 This is the MSCI Emerging Markets Index (Net) with an overlay hedge applied from USD to AUD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. 2 Income generating equity securities include equity securities issued by the companies whose management indicates their intention on future dividend payouts to shareholders. 3 Below investment grade securities are rated Ba1/BB+ or below using the highest rating available from one of the independent rating agencies (e.g. Moody s, Standard & Poor s, Fitch). 4 These may include investment grade debt securities. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.

43 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for Emerging Market and below investment grade debt securities. In addition, Emerging Market may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Emerging Market currencies may be subject to volatile price movements. Emerging Market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non Emerging Market and investment grade debt securities respectively. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimize the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 25% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time 5. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund may bear little resemblance to its benchmark. (6) The following shall be inserted to the end of section 3.4 entitled Bond Sub-Funds of the Offering Document: JPMorgan Funds - Income Fund Reference Currency US Dollar (USD) Benchmark Barclays US Aggregate Bond Index (Total Return Gross) Investment Objective To provide income by investing primarily in a portfolio of debt securities. Investment Policy The Sub-Fund seeks to achieve its objective by investing opportunistically 1 across multiple debt markets and sectors that the Investment Manager believes have high potential to produce risk adjusted return 2, whilst also seeking to benefit from capital growth opportunities. Exposures to certain countries, sectors, currencies and credit ratings of debt securities may vary and may be concentrated from time to time. The Investment Manager will manage the income of the Sub-Fund to help minimize fluctuations in periodic dividend payments 3. At least 67% of the Sub-Fund s assets will be invested in debt securities issued in developed markets and Emerging Markets, including, but not limited to, debt securities issued by governments and their agencies, state and provincial governmental entities and supranational organisations, corporate debt securities, asset-backed securities, mortgage-backed securities and covered bonds. Issuers of these securities may be located in any country. For the definition of Emerging Markets, please refer to DEFINITIONS section of this Offering Document. The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time. The Sub-Fund will invest through active management to exploit the opportunities in the respective markets. Research teams review fundamentals, technicals and valuation metrics by comparing the income against the risk level to identify debt markets and sectors with a high potential to produce risk adjusted return. The periodic dividend payments refer to the payments made by the Sub-Fund in respect of the relevant Share Classes.

44 The Sub-Fund may invest in below investment grade 4 and unrated debt securities. There are no credit quality or maturity restrictions with respect to the debt securities in which the Sub-Fund may invest 5. The Sub-Fund may also invest in other assets including, but not limited to, equity securities, convertible securities, preferred securities, and Real Estate Investment Trusts ( REITS ) 6. The Sub-Fund will neither invest more than 25% of its total assets in convertible securities, nor invest more than 10% of its total assets in equities securities, including preferred securities and REITS. The Sub-Fund will not invest in onshore or offshore PRC debt securities. The Sub-Fund may use financial derivative instruments for the purposes of hedging and for efficient portfolio management #. Cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may hold up to 100% of its assets temporarily for defensive purposes 7 in cash and cash equivalents. The Sub-Fund may also invest in UCITS and other UCIs. USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may not be hedged. All of the above investments will be made in accordance with the limits set out in Appendix II - Investment Restrictions and Powers *. Investor Profile This Sub-Fund may be suitable for investors looking for a source of income with the potential for capital growth, through exposure to a range of debt securities, globally. Investors in this Sub-Fund should have at least a three to five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Dividends to investors may vary and are not guaranteed 8. As the Sub-Fund is not managed to a benchmark, it is flexible and opportunistic and it may be subject to periods of higher volatility than its reference benchmark. The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for Emerging Market and below investment grade debt securities 9. In addition, 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 and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non Emerging Market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency, which will be determined by the investment manager as at the time of investment 10. Asset-backed and mortgage-backed securities may be highly illiquid, subject to adverse changes to interest rates and to the risk that the payment obligations relating to the underlying asset are not met (i.e. collateral risk). Convertible bonds are subject to the risks associated with both debt and equity securities, and to risks specific to convertible securities. Their value may change significantly depending on economic and interest rate conditions, the creditworthiness of the issuer, the performance of the underlying equity and general financial market conditions. In addition, issuers of convertible bonds may fail to meet payment obligations and their credit ratings may be downgraded. Convertible bonds may also be subject to lower liquidity than the underlying equities. The Sub-Fund may be concentrated in a limited number of countries, sectors or issuers and as a result, may be more volatile than more broadly diversified funds. 4 Below investment grade securities are rated Ba1/BB+ or below using the highest rating available from one of the independent rating agencies (e.g., Moody s, Standard & Poor s, Fitch) 5 These may include investment grade debt securities. 6 The underlying REITs which the Sub-Fund may invest in may not necessarily be authorized by the SFC and their dividend or payout policies are not representative of the dividend policy of the Sub-Fund. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. 7 Such circumstances may include, but not limited to, at times of high risk due to prevailing geo-political, economic, financial and/or other market circumstances. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 8 There is no assurance on a distribution or the frequency of distribution or distribution rate or dividend yield. 9 May also be applicable to unrated debt securities. 10 Credit research of such securities involves qualitative and quantitative analysis as well as peer group comparison. Ongoing monitoring on such securities is performed by the portfolio management team and a dedicated risk team.

45 Investments in REITs and companies engaged in the business of real estate may be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors. Additional information The global exposure of the Sub-Fund is measured by the absolute VaR methodology. The Sub-Fund s expected level of leverage is 150% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time 11. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will be managed without reference to its benchmark. The dividend rate for (mth) Share Classes of the Sub-Fund will be, as a maximum, the gross income attributable to that Share Class, as equalised for subscriptions and redemptions. The dividend rate is dependent on how much gross income is accrued for each Share Class, but subscriptions and redemptions may have the respective impact of decreasing or increasing the gross income per Share. Income equalisation is applied in order to minimize fluctuations in periodic dividend payments and to ensure that the level of income accrued within the Sub-Fund and attributable to each Share within a Share Class is not affected by the subscription or redemption of Shares during the period between the last and the next distribution. This is to ensure investors are treated fairly. Income equalisation will be used only for dividend rate calculations. The Management Company may choose not to distribute all of the resulting gross income accrued and attribute any undistributed gross income to a subsequent period in order to minimize fluctuations in dividend distributions. Such circumstances may include, but are not limited to, where there are income generating securities which do not accrue income every day, changes in portfolio composition resulting from trades or inflows to or outflows from the Sub-Fund, and where the underlying yields of the bonds held by the Sub-Fund fall. (mth) dividends for the Sub-Fund will be paid to Shareholders in the currency of the relevant Share Class. (7) Subsection 4.2 of the Offering Document entitled Regulatory shall be deleted in its entirety and replaced by the following: 4.2 Political and/or Regulatory The Fund is governed by EU legislation, specifically EC Directive 2009/65 and is a Luxembourg domiciled UCITS. Investors should note that the regulatory protections provided by their local regulatory authorities may differ or may not apply. Investors should consult their financial or other professional adviser for further information in this area. The value of a Sub-Fund s assets may be affected by uncertainties such as international political developments, civil conflicts and war, changes in government policies, changes in taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of countries in which investment may be made. For example, assets could be compulsorily re-acquired without adequate compensation. Events and evolving conditions in certain economies or markets may alter the risks associated with investments in countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in countries in emerging markets. (8) Subsection 4.16 of the Offering Document entitled Investment Grade Bonds shall be deleted in its entirety and replaced by the following: 4.16 Investment Grade Bonds Certain Sub-Funds may invest in investment grade bonds. Investment grade bonds are assigned ratings within the top rating categories by independent rating agencies (rated Baa3/BBB- or higher using the highest rating available from one of the independent ratings agencies (e.g. Moody s, Standard & Poor s, Fitch)) on the basis of the creditworthiness or risk of default of a bond issue. Rating agencies review, from time to time, such assigned ratings and bonds may therefore be downgraded in rating if economic circumstances impact the relevant bond issues. 11 The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time.

46 (9) Paragraphs (A) Political and Economic Risks and (E) Market and Settlement Risks under the subsection 4.20 of the Offering Document entitled Emerging and Less Developed Markets shall be deleted in their entirety and replaced by the following: (A) Political and Economic Risks Economic and/or political instability (including civil conflicts and war) could lead to legal, fiscal and regulatory changes or the reversal of legal/fiscal/regulatory/market reforms. Assets could be compulsorily re-acquired without adequate compensation. Administrative risks may result in the imposition of restrictions on the free movement of capital. A country s external debt position could lead to sudden imposition of taxes or exchange controls. High interest and inflation rates can mean that businesses have difficulty in obtaining working capital. Local management may be inexperienced in operating companies in free market conditions. A country may be heavily dependent on its commodity and natural resource exports and is therefore vulnerable to weaknesses in world prices for these products. In adverse social and political circumstances, governments may enter into policies of expropriation and nationalisation, sanctions or other measures by governments and international bodies. (E) Market and Settlement Risks The securities markets in some countries lack the liquidity, efficiency and regulatory and supervisory controls of more developed markets. Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by a Sub-Fund may make it difficult to assess reliably the market value of assets. The share register may not be properly maintained and the ownership or interest may not be (or remain) fully protected. Certain emerging markets may not afford the same level of investor protection or investor disclosure as would apply in more developed jurisdictions. Registration of securities may be subject to delay and during the period of delay it may be difficult to prove beneficial ownership of the securities. The provision for custody of assets may be less developed than in other more mature markets and thus provides an additional level of risk for the Sub-Funds. Settlement procedures may be less developed and still be in physical as well as in dematerialised form. Investment may carry risks associated with failed or delayed settlement. (10) Subsection 4.21 of the Offering Document entitled Investment in Russia shall be deleted in its entirety and replaced by the following: 4.21 Investment in Russia The relative infancy of the Russian governmental and regulatory framework may expose investors to various political (including civil conflicts and war) and economic risks. The Russian Securities Market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. The Sub-Funds may invest in securities listed on the Russian Trading System (RTS) Stock Exchange and on the Moscow Interbank Currency Exchange in Russia, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct investment in securities traded on the non-regulated Markets of the Commonwealth of Independent States (together with any other securities not traded on a Regulated Market) to 10% of its net assets. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities, and counterparty exposure. In addition, Russian securities have an increased custodial risk associated with them as such securities are, in accordance with market practice, held in custody with Russian institutions which may not have adequate insurance coverage to cover loss due to theft, destruction or default. (11) Subsection 4.23 of the Offering Document entitled Reverse Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as purchaser shall be deleted in its entirety and replaced by the following: 4.23 Reverse Repurchase Agreements and Sale with Right of Repurchase Transactions in which the Fund acts as Purchaser In the event of the failure of the counterparty with which cash has been placed, there is the risk that the value of the collateral received may be less than the cash placed out which may be due to factors including inaccurate pricing of the collateral, adverse market movements in the value of the collateral, a deterioration in the credit rating of the issuer of the collateral, or the illiquidity of the market in which the collateral is traded. Locking cash in transactions of significant size or duration, delays in recovering cash placed out, or difficulty in realising collateral may restrict the ability of the Sub-Fund to meet redemption requests or fund security purchases. As a Sub-Fund may reinvest

47 any cash collateral received from sellers, there is a risk that the value on return of the reinvested cash collateral may decline below the amount owed to those sellers. (12) Subsection 4.24 of the Offering Document entitled Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as seller shall be deleted in its entirety and replaced by the following: 4.24 Repurchase Agreements and Sale with Right of Repurchase Transactions in which the Fund acts as Seller In the event of the failure of the counterparty with which collateral has been placed, there is the risk that the value of the collateral placed with the counterparty is higher than the cash originally received, which may be due to factors including that the value of the collateral placed usually exceeds the cash received, market appreciation of the value of the collateral, or an improvement in the credit rating of the issuer of the collateral. Locking investment positions in transactions of excessive size or duration, or delays in recovering collateral placed out, may restrict the ability of the Sub-Fund to meet delivery obligations under security sales or payment obligations arising from redemptions requests. As a Sub-Fund may reinvest the cash received from purchasers, there is a risk that the value on return of the reinvested cash may decline below the amount owed to those purchasers. (13) The following paragraph shall be inserted at the end of section 4.34 entitled Currency Hedged Share Classes : While the hedging strategy may protect investors of the Currency Hedged Share Classes against a decrease in the value of the Sub-Fund s Reference Currency relative to the denominated currency of that Currency Hedged Share Class, the hedging strategy may substantially limit the benefits of any potential increase in the value of a Currency Hedged Share Class expressed in the Share Class currency, if the Currency Hedged Share Class denominating currency falls against the Reference Currency of the Sub-Fund. (14) Subsection 4.35 of the Offering Document entitled Risks in relation to Sub-Funds Investing in Debt Securities shall be deleted in its entirety and replaced by the following: 4.35 Risks in relation to Sub-Funds Investing in Debt Securities Sub-Funds investing in debt securities such as bonds, including covered bonds, may be affected by credit quality considerations and changes to prevailing interest rates. The issuer of a bond or other debt security (including, but not limited to, governments and their agencies, state and provincial governmental entities, supranationals and companies) may default on its obligations by failing to make payments due, or repay principal and interest in a timely manner which will affect the value of debt securities held by the Sub-Fund. Debt securities are particularly susceptible to interest rate changes and may experience significant price volatility. If interest rates increase, the value of a Sub-Fund's investments generally declines. In a historically low interest environment, risks associated with rising interest rates are heightened. On the other hand, if interest rates fall, the value of the investments generally increases. Securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Debt securities can be rated investment grade or below investment grade. Such ratings are assigned by independent rating agencies (e.g. Fitch, Moody s, Standard & Poor s) on the basis of the creditworthiness or risk of default of the issuer or of a bond issue. Rating agencies review, from time to time, such assigned ratings and debt securities may therefore be downgraded in rating if economic circumstances impact the relevant bond issues. Investment grade debt securities are assigned ratings within the top rating categories by independent ratings agencies (rated Baa3/BBB- or higher using the highest rating available from one of the independent ratings agencies (e.g. Moody s, Standard & Poor s, Fitch)). Below investment grade debt securities have a lower credit rating (rated Ba1/BB+ or below using the highest rating available from one of the independent ratings agencies (e.g. Moody s, Standard & Poor s, Fitch)) than investment grade debt securities and therefore will typically have a higher credit risk (i.e. risk of default, interest rate risk) and may also be subject to higher volatility and lower liquidity than investment grade debt securities. Changes to the financial condition of the issuer of the securities caused by economic, political or other reasons may adversely affect the value of debt securities and therefore the performance of the Sub-Funds. This may also affect a debt security s liquidity and make it difficult for a Sub-Fund to sell the debt security. It is possible that credit markets will experience a lack of liquidity during the term of a Sub-Fund which may result in higher default rates than anticipated on the bonds and other debt securities. (15) Section 9 of the Offering Document entitled TAXATION shall be amended by inserting the following subsection after subsection 9.6: 9.7 Automatic Exchange of Information Agreements between Governments Certain jurisdictions including the United Kingdom and Luxembourg are considering entering into or may have entered into, Automatic Exchange of Information Agreements ( AEOI ) under which relevant tax authorities that collect information on investors under applicable local law, may share information on investors resident in another

48 jurisdiction with the tax authority in that jurisdiction where an AEOI is in place between such jurisdictions. The scope and application of information reporting and exchange pursuant to such AEOIs may be subject to review by the relevant jurisdictions, and the rules in this respect may also change. Investors should contact their own tax advisors regarding the application of information reporting and exchange between governments to their particular circumstances. (16) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Equity Sub- Funds : Sub-Fund Share Class Initial Charge JPMorgan Funds - Asia Pacific Strategic Equity Fund JPMorgan Funds - Asia Pacific Strategic Equity Fund JPMorgan Funds - Emerging Markets Dividend Fund JPMorgan Funds - Emerging Markets Dividend Fund JPM Asia Pacific Strategic Equity A (acc) - HKD JPM Asia Pacific Strategic Equity A (acc) - USD JPM Emerging Markets Dividend A (irc) - GBP (hedged) JPM Emerging Markets Dividend A (irc) - NZD (hedged) Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% (17) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Mixed Asset Sub-Fund : Sub-Fund Share Class Initial Charge JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPMorgan Funds - Total Emerging Markets Income Fund JPM Total Emerging Markets Income A (acc) - USD JPM Total Emerging Markets Income A (irc) - AUD (hedged) JPM Total Emerging Markets Income A (mth) - HKD JPM Total Emerging Markets Income A (mth) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.25% Nil 0.40% 5.00% 1.25% Nil 0.40% 5.00% 1.25% Nil 0.40% 5.00% 1.25% Nil 0.40% (18) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Bond Sub- Funds : Sub-Fund Share Class Initial Charge JPMorgan Funds - Income Fund JPMorgan Funds - Income Fund JPMorgan Funds - Income Fund JPM Income Fund A (acc) - USD JPM Income Fund A (mth) - HKD JPM Income Fund A (mth) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 3.00% 1.00% Nil 0.20% 3.00% 1.00% Nil 0.20% 3.00% 1.00% Nil 0.20%

49 (19) The first to fifth paragraphs under the section entitled II. Financial Techniques and Instruments under Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in their entirety and replaced by the following: Financial techniques and instruments (such as securities lending, sale with right of repurchase transactions as well as repurchase and reverse repurchase agreements) may be used by any Sub-Fund for the purpose of generating additional capital or income or for reducing costs or risk, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 08 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when they use certain techniques and instruments relating to transferable securities and money market instruments ( CSSF Circular 08/356 ) (iii) CSSF circular 14/592 relating to the ESMA Guidelines on ETFs and other UCITS issues and (iv) any other applicable laws, regulations, circulars or CSSF positions. At the discretion of the Management Company, the Fund, for each Sub-Fund, may participate in a securities lending programme in which securities are transferred temporarily to approved borrowers in exchange for collateral (typically from 102% to 105% of the value of the lent securities). The lending agent for the Fund, JPMCB, receives a fee of 15% of the gross revenue for its services. JPMCB is an affiliate of the Management Company. The remainder of the revenue is received by the lending Sub-Funds i.e. to the benefit of Shareholders. The revenue received by the Sub- Funds arising from securities lending transactions is specified in the Fund s semi-annual and annual reports. Securities lending aims to generate additional income with an acceptably low level of risk. Certain risks, however, such as counterparty risk (e.g. borrower default) and market risk (e.g. decline in value of the collateral received or of the reinvested cash collateral) remain and need to be monitored. Certain risks are mitigated by the lending agent s agreement to compensate losses suffered by the Fund if a counterparty fails to return lent securities (e.g. in the event of default of a counterparty). The risk related to the reinvestment of cash collateral, which is not indemnified by the agent, is mitigated by investing cash collateral in highly liquid and diversified money market funds or in reverse repurchase agreements. In respect of repurchase agreements and reverse repurchase agreements, collateral management fees may apply to the services relating to tri-party service arrangements required to ensure optimal transfer of collateral between the Fund and its counterparties. Currently, the Fund has appointed Euroclear Bank, Bank of New York Mellon and JPMCB. JPMCB is an affiliate of the Management Company. The income received by the Sub-Funds arising from repurchase agreements and reverse repurchase agreements is specified in the Fund s semi-annual and annual reports. Cash collateral received in the context of the use of such techniques and instruments may be reinvested, pursuant to the laws, regulations and pronouncements above, in: (a) shares or units in short-term money market funds, as defined in the Guidelines on a Common Definition of European Money Market Funds, calculating a daily net asset value and being assigned a rating of AAA or its equivalent; (b) (c) (d) short-term bank deposits with entities prescribed in Article 50(f) of the UCITS Directive; short-term bonds issued or guaranteed by an EU Member State or its local authority, Switzerland, Canada, Japan or the United States or by supranational institutions and undertakings with at least one EU member; reverse repurchase agreement transactions according to the provisions described under section I (C) (a) of CSSF Circular 08/356 and provided the transactions are with credit institutions subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law. The full amount of cash invested must be recallable at any time. (20) The last paragraph under the section entitled II. Financial Techniques and Instruments under Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in its entirety and replaced by the following: Use of the aforesaid techniques and instruments involves certain risks including potential risks of the reinvestment of cash (see section 4 Risk Factors ) and there can be no assurance that the objective sought to be obtained from such use will be achieved. (21) The section entitled III. Collateral Received in respect of Financial Techniques and Financial Derivative Instruments under Appendix II Investment Restrictions and Powers of the Offering Document shall be deleted in its entirety and replaced by the following: III. Collateral Received in respect of Financial Techniques and Financial Derivative Instruments Assets received from counterparties in securities lending activities, reverse repurchase agreements, and OTC derivative transactions other than currency forwards constitute collateral. The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply

50 with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decisions made by a Sub-Fund. Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a haircut ) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in section 3 a) i) of Appendix II Investment Restrictions and Powers. Collateral is received in the form of securities and cash, please see Appendix III Collateral for further information on the collateral which might be received and any haircut applied. Non-cash collateral received is not sold, reinvested or pledged. Collateral should be sufficiently diversified in terms of country, markets and issuers. The criterion of sufficient diversification with respect to issuer concentration is considered to be respected if a Sub-Fund receives from a counterparty of efficient portfolio management and over-the-counter financial derivative transactions a basket of collateral with a maximum exposure to a given issuer of 20% of the Sub-Fund s net asset value. When a Sub- Fund is exposed to different counterparties, the different baskets of collateral should be aggregated to calculate the 20% limit of exposure to a single issuer. By way of derogation from this sub-paragraph, a Sub-Fund may be fully collateralised in different transferable securities and money market instruments issued or guaranteed by an EU Member State, one or more of its local authorities, or by another member state of the OECD, or a public international body to which one or more EU Member States belong. Such a Sub-Fund should receive securities from at least six different issues, but securities from any single issue should not account for more than 30% of the Sub- Fund s net asset value. Please see Appendix III Collateral for further details of the Sub-Funds which may take advantage of this derogation. The reinvestment of cash collateral received is restricted to high quality government bonds, deposits, reverse repos and short term money market funds, in order to mitigate the risk of losses on reinvestment. Sub-Funds which receive collateral for at least 30% of their assets have an appropriate stress testing policy in place to ensure regular stress tests are carried out under normal and exceptional liquidity conditions to enable an adequate assessment of the liquidity risks attached to the collateral. (22) The following shall be inserted as Appendix III of the Offering Document: Appendix III - Collateral The information contained in this Appendix should be read in conjunction with the full text of the Offering Document of which this forms an integral part. As further described in Appendix II Investment Restrictions and Powers section III. Collateral Received in respect of Financial Techniques and Instruments, certain Sub-Funds (as listed below) could receive collateral from a single issuer in excess of 20% of a Sub-Fund s net asset value under the conditions set forth in applicable Luxembourg laws and regulations: Sub-Fund JPMorgan Funds - US Dollar Money Market Fund Issuers US Treasury Where Sub-Funds enter into securities lending, repurchase agreements and OTC derivatives, the permitted types of collateral, level of collateral required and haircut policies are as follows: Activity Securities lending Reverse repurchase transactions in currencies other than the US dollar Level of collateralisation Full collateralisation plus a haircut, expressed below as a percentage of gross counterparty exposure Full collateralisation plus a haircut, expressed below as a percentage of gross counterparty exposure (See Note 1) Reverse repurchase transactions denominated in the US dollar Full collateralisation plus a minimum haircut of 2% excluding cash and Reverse Repos with Federal Reserve Bank of New York. (See Note 2) Bilateral OTC derivatives subject to ISDA agreements with Credit Support Annexes Daily cash settlement of gains and losses above the lower of a typical de minimis USD 250 thousand and the regulatory OTC counterparty credit limit of 10% of net asset value.

51 Collateral types accepted: Cash 2% 0% 0% 0% Cash with a mismatch 5% of currency of exposure and currency of collateral Reverse Repos with 0% Federal Reserve Bank of New York High quality 2% 2% government bonds High quality 5% government bonds with a mismatch of currency of exposure and currency of collateral US treasuries (bills, 2% bonds, notes and strips) US agency 2% debentures US agency CMO/ 3% REMIC US agency mortgage 2% backed securities US municipal debt, 5% investment grade Asset backed 5% securities, investment grade Corporate bonds, 5% investment grade Money market 5% securities, investment grade Other sovereign debt, 5% investment grade Equities 8% Private Label CMO, investment grade 8% Note 1: Non-USD reverse repos have fixed collateral levels. Note 2: USD collateral levels expressed as current target levels to reflect the frequent renegotiation of collateral levels in the US market. The policy is to track the market median haircut levels for each collateral type as reported by the Federal Reserve Bank of New York. The following changes to the Offering Document shall apply with effect from and including 31 December 2014: All references to and information relating to JPMorgan Funds - Euroland Select Equity Fund; JPMorgan Funds - Germany Equity Fund; JPMorgan Funds Global Consumer Trends Fund; JPMorgan Funds - Global Convertibles Fund (EUR); JPMorgan Funds - Global Focus Fund; and JPMorgan Funds - US Small Cap Growth Fund shall be deleted from the Offering Document.

52 This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014, as amended from time to time Addendum dated October 2014 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated October 2014 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with immediate effect: (1) The third and fourth paragraphs of the IMPORTANT INFORMATION section of the Offering Document shall be deleted in their entirety and replaced by the following: The following Sub-Funds may use financial derivatives instruments for any purpose other than efficient portfolio management or hedging, within the limitations specified in Appendix II: JPMorgan Funds Asia Local Currency Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Local Currency Debt Fund JPMorgan Funds Korea Equity Fund (2) The seventh to thirteenth paragraphs of the IMPORTANT INFORMATION section of the Offering Document shall be deleted in their entirety and replaced by the following: For the purposes of this Offering Document, a US Person is one falling under the definition of US Person under the Securities Act, under the guidelines set forth by the US Commodities Futures Trading Commission in its Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations, as amended, or under the US Internal Revenue Code ( IRC ) as specified below or under the US federal income tax law (as described below under paragraphs 1 through 4), or a non-us entity with certain US owners (as described below under paragraph 5): 1. An individual who is a citizen of the US or a resident alien for US federal income tax purposes. In general, the term resident alien is defined for this purpose to include any individual who (i) holds an Alien Registration Card (a green card ) issued by the US Citizenship and Immigration Services or (ii) meets a substantial presence test. The substantial presence test is generally met with respect to any calendar year if (i) the individual was present in the US on at least 31 days during such year and (ii) the sum of the number of days in which such individual was present in the US during such year, 1/3 of the number of such days during the first preceding year, and 1/6 of the number of such days during the second preceding year, equals or exceeds 183 days; 2. A corporation, an entity taxable as a corporation, or a partnership, created or organized in or under the laws of the US or any state or political subdivision thereof or therein, including the District of Columbia (other than a partnership that is not treated as a US person under Treasury Regulations); 3. An estate the income of which is subject to US federal income tax regardless of the source thereof; 4. A trust with respect to which a court within the US is able to exercise primary supervision over its administration and one or more US persons have the authority to control all of its substantial decisions, or certain electing trusts that were in existence on August 20, 1996 and were treated as domestic trusts on August 19, 1996; or 5. A Passive Non-Financial Foreign Entity ( Passive NFFE ) with one or more Controlling Persons (within the meaning of any Intergovernmental Agreement relating to the Foreign Account Tax Compliance Act (as set forth in Sections 1471 through 1474 of the IRC ( FATCA )) that may be entered into by the US and any other jurisdiction ( IGA )) that is a US Person (as described above under paragraph 1). A Passive NFFE is generally a non-us and non-financial institution entity that is neither a publicly traded corporation nor an active NFFE (within the meaning of the applicable IGA). (3) A remark # shall be inserted at the end of the second last paragraph under the Investment Policy of JPMorgan Funds - India Fund, JPMorgan Funds - US Growth Fund, JPMorgan Funds - US Small Cap Growth Fund, and JPMorgan Funds - Global Government Bond Fund in subsections 3.1 and 3.4 entitled Equity Sub-Funds and Bond Sub-Funds respectively: # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes.

53 (4) A remark # shall be inserted at the end of the second sentence in the second paragraph under the Investment Policy of JPMorgan Funds - Korea Equity Fund in subsection 3.1 entitled Equity Sub-Funds : # The Sub-Fund may invest in financial derivative instruments extensively for investment purposes. (5) The Investment Policy, Risk Profile and Additional Information of JPMorgan Funds Emerging Middle East Equity Fund in subsection 3.1 entitled Equity Sub-Funds shall be deleted in their entirety and replaced by the following: Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country of the Middle East. The Sub-Fund may also invest in Morocco and Tunisia. The Sub-Fund may invest up to 20% of its assets in participation notes. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. Participation notes are exposed not only to movements in the value of the underlying equity, but also to the risk of counterparty default, which could result in the loss of the full market value of the participation note. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund may bear little resemblance to its benchmark. Information regarding this Benchmark may be obtained from the registered office of the Fund. It is expected that the Sub-Fund will normally be closed on a Friday pursuant to the definition of JPMFs Valuation Day. (6) The Benchmark of JPMorgan Funds Singapore Fund in subsection 3.1 entitled Equity Sub-Funds shall be deleted in its entirety and replaced by the following: Benchmark MSCI Singapore 10/40 Index (Total Return Net) (7) The Investment Policy and Risk Profile of JPMorgan Funds Asia Pacific Income Fund in subsection 3.2 entitled Mixed Asset Sub-Fund shall be deleted in their entirety and replaced by the following: Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities, debt securities, convertible securities and Real Estate Investment Trusts ( REITS ). Issuers of these securities will be companies that are domiciled in, or carrying out the main part of their economic activity in, the Asia Pacific region (excluding Japan) or governments or their agencies of countries in the Asia Pacific region (excluding Japan). # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes.

54 The Sub-Fund will hold between 25% and 75% of its assets in equity securities and between 25% and 75% of its assets in debt securities. The Sub-Fund uses an investment process based on the fundamental analysis of individual securities and their income potential. The Investment Manager will vary asset and country allocations over time to reflect market conditions and opportunities. Certain countries in the Asia Pacific region may be considered emerging market countries. The Sub-Fund may invest a significant proportion of its assets in below investment grade and unrated debt securities. There are no credit quality or maturity restrictions with respect to the debt securities in which the Sub- Fund may invest. Cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency. The Investment Manager may choose to hedge all or some of the currency exposure. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Returns to investors will vary from year to year, depending on dividend income and capital returns generated by the underlying financial assets. Capital returns may be negative in some years and dividends are not guaranteed. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities 6. In addition, 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 and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non emerging market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The Sub-Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. Convertible bonds are subject to the credit, interest rate and market risks stated above associated with both debt and equity securities, and to risks specific to convertible securities. Convertible bonds may also be subject to lower liquidity than the underlying equity securities. Investments in REITS may be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. (8) A remark * shall be inserted at the end of the last paragraph under the Investment Policy of JPMorgan Funds Emerging Markets Debt Fund in subsection 3.4 entitled Bond Sub-Funds : *The Sub-Fund will neither invest more than 25% of its total assets in convertible bonds, nor invest more than 10% of its total assets in equities and other participation rights. (9) A remark * shall be inserted at the end of the last paragraph under the Investment Policy of JPMorgan Funds Global Government Bond Fund in subsection 3.4 entitled Bond Sub-Funds : *The Sub-Fund will not invest in convertible bonds, equities or other participation rights. # 6 The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. May also be applicable to unrated debt securities.

55 (10) The Investment Objective, Investment Policy and Risk Profile of JPMorgan Funds Emerging Markets Investment Grade Bond Fund in subsection 3.4 entitled Bond Sub-Funds shall be deleted in their entirety and replaced by the following: Investment Objective To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in Emerging Market investment grade USD denominated debt securities. For the definition of Emerging Markets, please refer to DEFINITIONS section of this Offering Document. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in investment grade USD denominated debt securities 1 issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, an Emerging Market country. Debt securities will be rated investment grade at the time of purchase. However, as a result of rating downgrade, removal of rating or default of the issuer of such securities after purchase, the Sub-Fund may hold below investment grade and unrated debt securities to a limited extent or may sell such securities. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. In principle, a substantial part of the assets of the Sub-Fund will be denominated in or hedged into USD. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities 2. In addition, Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks on the repatriation of monies or other currency control regulation. Emerging market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non emerging market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. Further information about risks can be found in section 4 Risk Factors of this Offering Document. (11) The Investment Objective, Investment Policy and Risk Profile of JPMorgan Funds US High Yield Plus Bond Fund in subsection 3.4 entitled Bond Sub-Funds shall be deleted in their entirety and replaced by the following: Investment Objective To achieve a return in excess of US bond markets by investing primarily in below investment grade USD denominated debt securities. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in below investment grade USD denominated debt securities 1, issued or guaranteed by companies that are domiciled in, or carrying out the main part of their economic activity, in the US. The Sub-Fund may also invest in USD denominated debt securities issued or guaranteed by companies outside the US. 1 Investment grade debt securities are rated long term BBB-/Baa3 or above by Fitch, Moody s and/or Standard & Poor s, respectively. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 2 May also be applicable to unrated debt securities. 1 Below investment grade debt securities are rated long term below BBB-/Baa3 by Fitch, Moody s and/or Standard & Poor s, respectively.

56 The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # The Sub-Fund may invest up to 20% of its total assets in debt securities which are unrated at time of purchase and up to 15% of its total assets in distressed debt securities at time of purchase. The Sub-Fund may hold up to 10% of its total assets in equity securities as a result of company reorganisations 2. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. USD is the reference currency of the Sub-Fund. However it may have exposure to other currencies and the Sub-Fund will seek to hedge this currency exposure. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. * 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for below investment grade debt securities 3 which may also be subject to higher volatility and lower liquidity than investment grade debt securities. Further information about ratings can be found in section 4 Risk Factors of this Offering Document. Distressed debt securities are issued by companies in severe financial distress and carry a significant risk of capital loss. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency which will be determined by the investment manager as at the time of investment 4. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. (12) The following shall be inserted in subsection 3.4 entitled Bond Sub-Funds : JPMorgan Funds Emerging Markets Local Currency Debt Fund Reference Currency US Dollars (USD) Benchmark J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) Benchmark for Hedged Share Class J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) Hedged to AUD for the AUD Hedged Share Classes Investment Objective To achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency debt securities, using financial derivatives instruments where appropriate. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in debt securities issued or guaranteed by emerging market governments or their agencies or by companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. Such debt securities may be denominated in any currency. However at least 67% of the Sub-Fund s assets will be invested in debt securities that are denominated in the local emerging market currency. The Sub-Fund s portfolio is concentrated. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. 2 The act of reorganising the legal, ownership, operational, or other structures of a company may result in bonds being converted to equity securities. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 3 May also be applicable to unrated debt securities. 4 Credit research of such securities involves qualitative and quantitative analysis as well as peer group comparison. Ongoing monitoring on such securities is performed by the portfolio management team and a dedicated risk team.

57 The Sub-Fund may invest, to an unlimited extent, in below investment grade and unrated debt securities and debt securities from emerging markets. There are no credit quality or maturity restrictions with respect to the debt securities in which the Sub-Fund may invest. The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. # Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts and other fixed income, currency and credit derivatives. Although these instruments may be issued in EUR and USD they may have an exposure to the local currencies of the emerging markets countries in which the Sub-Fund invests. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. * Investor Profile As this Sub-Fund has exposure to emerging market local currency debt securities, it is most suited for investors willing to take extra risks in search of higher future returns. Investors in the Sub-Fund will therefore likely use it to complement an existing core bond portfolio invested in investment grade bonds from developed markets, in order to gain greater diversification through exposure to the higher return potential of emerging markets securities and currencies. Because of the higher volatility of emerging market debt securities, investors should have at least a three to five year investment horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities. In addition, 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 and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non emerging market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The Sub-Fund will be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub- Fund. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 350% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time 1. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. * The Sub-Fund will neither invest more than 25% of its total assets in convertible bonds, nor invest more than 10% of its total assets in equities and other participation rights. 1 The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time.

58 Currency hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund may bear little resemblance to its benchmark. (13) The Benchmark of JPMorgan Funds US Dollar Money Market Fund in subsection 3.5 entitled Money Market Sub- Fund shall be deleted in its entirety and replaced by the following: Benchmark 1 Week USD LIBID (14) Section 4 of the Offering Document entitled RISK FACTORS shall be amended by inserting the following subsection: 4.41 Foreign Account Tax Compliance Act ( FATCA ) related risk Although the Fund will attempt to satisfy any obligations imposed on it to avoid the imposition of the FATCA withholding tax, no assurance can be given that the Fund will be able to satisfy these obligations. If the Fund or the underlying investments of the Fund become subject to a withholding tax as a result of the FATCA regime, the value of the Shares held by Shareholders may suffer material losses. (15) Subsection 9.6 of the Offering Document entitled United States ( US ) Tax Withholding and Reporting under the Foreign Account Tax Compliance Act ( FATCA ) shall be deleted in its entirety and replaced by the following: United States ( US ) Tax Withholding and Reporting under the Foreign Account Tax Compliance Act ( FATCA ) The US Foreign Account Tax Compliance Act ( FATCA ) aims at preventing US tax evasion by requiring foreign (non-us) financial institutions to comply with FATCA and report to the US Internal Revenue Service information on financial accounts held outside the United States by US investors. Non-US financial institutions that do not comply with the FATCA reporting regime will be subject to a US tax withholding of 30% on US source income (including interest and dividends), commencing on 1 July Beginning from 1 January 2017, the 30% withholding tax is extended to include the gross proceeds of sales of certain US assets that can produce US source income. The United States has entered Intergovernmental Agreements ( IGA ) with other jurisdictions to implement FATCA under local laws and Financial Institutions in those IGA jurisdictions will be required to comply with FATCA. Under the terms of the IGA entered between Luxembourg and the United States, the Fund will be obliged to comply with the provisions of FATCA as enacted by the Luxembourg legislation implementing the IGA (the Luxembourg IGA Legislation ), rather than directly complying with the US Treasury Regulations implementing FATCA. Under the terms of the IGA, Luxembourg resident financial institutions that comply with the requirements of the Luxembourg IGA Legislation will be treated as compliant with FATCA and, as a result, will not be subject to withholding tax under FATCA ( FATCA Withholding ). The Fund is considered to be a Luxembourg resident financial institution that will comply with the requirements of the Luxembourg IGA Legislation and, as a result of such compliance, the Fund should not be subject to FATCA Withholding. Under the Luxembourg IGA Legislation, the Fund will be required to report to the Luxembourg Tax Authority certain holdings by and payments made to certain US investors in the Fund, as well as to non-us financial institutions that do not comply with the terms of the Luxembourg IGA Legislation, on or after 1 July 2014 and under the terms of the IGA, such information will be onward reported by the Luxembourg Tax Authority to the US Internal Revenue Service under the general information exchange provisions of the US-Luxembourg Income Tax Treaty. The first report to the Luxembourg Tax Authority is in 2015 in respect of Additional intergovernmental agreements similar to the IGA have been entered into or are under discussion by other jurisdictions with the United States. Investors holding investments via distributors or custodians that are not in Luxembourg or another IGA country should check with such distributor or custodian as to the distributor s or custodian s intention to comply with FATCA. Additional information may be required by the Fund, custodians or distributors from certain investors in order to comply with their obligations under FATCA or under an applicable IGA. The scope and application of FATCA Withholding and information reporting pursuant to the terms of FATCA and the IGAs is subject to review by the US, Luxembourg and other IGA governments, and the rules may change. Investors should contact their own tax advisors regarding the application of FATCA to their particular circumstances. (16) The registered address of the Fund and the addresses of JPMorgan Asset Management (Europe) S.à r.l. and JPMorgan Asset Management (UK) Limited, JPMorgan Asset Management Advisory Company S.à r.l. and J.P. Morgan Bank Luxembourg S.A. under the section entitled DIRECTORY should be deleted in their entirety and replaced by the following: Registered Address of Fund 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg

59 JPMorgan Asset Management (Europe) S.à r.l. 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg JPMorgan Asset Management (UK) Limited 60 Victoria Embankment, London EC4Y 0JP, United Kingdom JPMorgan Asset Management Advisory Company S.à r.l. 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg J.P. Morgan Bank Luxembourg S.A. 6, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg (17) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Equity Sub- Funds : Sub-Fund Share Class Initial Charge JPMorgan Funds Global Unconstrained Equity Fund JPM Global Unconstrained Equity A (acc) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40% (18) Appendix I of the Offering Document shall be amended by inserting the following to the table entitled Bond Sub- Funds : Sub-Fund Share Class Initial Charge JPMorgan Funds Emerging Markets Local Currency Debt Fund JPMorgan Funds Emerging Markets Local Currency Debt Fund JPMorgan Funds Emerging Markets Local Currency Debt Fund JPMorgan Funds Emerging Markets Local Currency Debt Fund JPM Emerging Markets Local Currency Debt A (acc) - USD JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) JPM Emerging Markets Local Currency Debt A (mth) - HKD JPM Emerging Markets Local Currency Debt A (mth) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 3.00% 1.00% Nil 0.40% 3.00% 1.00% Nil 0.40% 3.00% 1.00% Nil 0.40% 3.00% 1.00% Nil 0.40% The following changes to the Offering Document shall apply with effect from and including 18 November 2014 (Please note that the changes are applicable only to the Chinese version of the Offering Document ( Chinese Offering Document )): (1) All references to 摩根美洲基金 in the Chinese Offering Document shall be deleted in their entirety and replaced by 摩根美國基金. (2) All references to the Chinese names of the share classes of JPMorgan Funds America Equity Fund in the Appendix I of Chinese Offering Document shall be deleted in their entirety and replaced as set out in the below table. Share Class (Existing Chinese name) Share Class (New Chinese name) 摩根美國增長 ( 澳元對沖 )-A 股 ( 累計 ) 摩根美國 ( 澳元對沖 )-A 股 ( 累計 ) 摩根美國增長 ( 港元 )-A 股 ( 累計 ) 摩根美國 ( 港元 )-A 股 ( 累計 ) 摩根美國增長 ( 美元 )-A 股 ( 累計 ) 摩根美國 ( 美元 )-A 股 ( 累計 ) 摩根美國增長 ( 美元 )-A 股 ( 分派 ) 摩根美國 ( 美元 )-A 股 ( 分派 )

60 This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014, as amended from time to time Addendum dated June 2014 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated June 2014 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with effect from and including 7 June 2014: (1) The third and fourth paragraphs under section 7.5 Switching of the Offering Document shall be deleted in their entirety and replaced by the following: Where an Investor switches from Shares (excluding MMFs Shares) to Shares of another Sub-Fund (excluding MMFs) or shares of JPMorgan Investment Funds ( JPMIF Shares ) or from Shares (excluding MMFs Shares) to Units (excluding Units in the JPMorgan Money Fund), the Shares will be redeemed at the bid price (including any redemption charge) and the Shares or JPMIF Shares or Units will be purchased at the net asset value per Share or Unit plus a switching charge of normally 1% of the relevant net asset value per Share or Unit. Where an Investor switches from Shares (excluding MMFs Shares ) to MMFs Shares or Units in the JPMorgan Money Fund, the Shares will be redeemed at the relevant bid price and the MMFs Shares or Units in the JPMorgan Money Fund will be issued at the relevant net asset value per Share or Unit. Where the switch is from Shares of each of the MMFs to Shares or JPMIF Shares or from Shares of each of the MMFs to Units, the MMFs Shares will be redeemed at the relevant bid price per Share and the Shares or JPMIF Shares or Units will be purchased at the relevant net asset value per share or Unit plus an initial charge applicable to that share or unit (the relevant manager of JPMorgan Money Fund does not currently intend to levy any initial charge).

61 Hong Kong Offering Document May 2014 JPMorgan Funds SICAV Range (Reprinted August 2015)

62 Contents.Page DEFINITIONS... 1 IMPORTANT INFORMATION FUND STRUCTURE SUB-FUNDS INVESTMENT OBJECTIVES AND POLICIES Equity Sub-Funds 3.2 Mixed Asset Sub-Fund 3.3 Convertibles Sub-Fund 3.4 Bond Sub-Funds 3.5 Money Market Sub-Fund 3.6 Risk Management Process 3.7 Additional Investment Policies For All Sub-Funds 3.8 Additional Information Relating to JPMorgan Funds India Fund 4 RISK FACTORS General 4.2 Regulatory 4.3 Investment Objective 4.4 Investor Profile 4.5 Suspension of Share Dealings 4.6 Warrants 4.7 Futures and Options 4.8 Derivative Risks 4.9 Sub-Funds Investing in Commodity Index Instruments 4.10 Sub-Funds Investing in Smaller Companies 4.11 Sub-Funds Investing in Technology Related Companies 4.12 Sub-Funds Investing in Concentrated Portfolios 4.13 Sub-Funds Investing in Global Natural Resources and Mining Companies Stocks 4.14 Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) 4.15 High Yield Bonds 4.16 Investment Grade Bonds 4.17 Sub-Funds Investing in Participation Notes 4.18 Depository Receipts 4.19 Listing 4.20 Emerging and Less Developed Markets 4.21 Investment in Russia 4.22 Investment in Real Estate 4.23 Reverse Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as purchaser 4.24 Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as seller 4.25 Securities Lending 4.26 Early Termination 4.27 Investment in China 4.28 Balance Sheet Risk 4.29 Interest Rates Risk

63 4.30 Credit Risk 4.31 Risks related to the Eurozone Sovereign Debt Crisis 4.32 Hedging Risk 4.33 Dividends 4.34 Currency Hedged Share Classes 4.35 Risks in relation to Sub-Funds Investing in Debt Securities 4.36 Investments in Government Debt Securities 4.37 Risks related to the Sovereign Debt crisis 4.38 Investments in Debt Securities of Financial Institutions 4.39 Unrated Bonds 4.40 Investments in UCITS and UCIs 5 DISTRIBUTION POLICY CALCULATION OF PRICES Net Asset Value per Share 6.2 Bid and Offer Prices 7 DEALING Subscriptions 7.2 Evidence of Identity 7.3 Nominee Arrangement 7.4 Redemptions 7.5 Switching 7.6 Suspension of Dealing 7.7 Restrictions on subscriptions and switches into certain Sub-Funds 8 CHARGES AND EXPENSES TAXATION Luxembourg 9.2 Hong Kong 9.3 The People s Republic of China ( PRC ) 9.4 European Union Tax Considerations 9.5 People s Republic of China Tax Considerations 9.6 United States ( US ) Tax Withholding and Reporting under the Foreign Account Tax Compliance Act ( FATCA ) 10 MEETINGS AND REPORTS TERMINATION GENERAL INFORMATION Price Information 12.2 Documents Available for Inspection 12.3 Conflicts of Interest 12.4 Complaints and Enquiries Handling DIRECTORY Appendix I - Share Class Details Appendix II - Investment Restrictions and Powers

64 DEFINITIONS Articles Asset backed securities (ABS) AUD Benchmark Caisse de Consignation CAD China A Shares and China B Shares Commission Sharing Arrangements CSSF Custodian Directors Distributor Domicile Dividend Yielding Equity Securities The Articles of Incorporation of the Fund as amended from time to time Asset Backed Securities (ABS) are securities that entitle the holder to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets. The underlying assets may include, but are not limited to, mortgages, auto loans, credit cards and student loans. Australian Dollar The benchmark, as amended from time to time, where listed in section 3 of this Offering Document for each Sub-Fund is a point of reference against which the performance of the Sub-Fund may be measured, unless otherwise stated. The benchmark may also be a guide to market capitalisation of the targeted underlying companies, and where applicable this will be stated in the Sub-Fund s investment policy. The degree of correlation with the benchmark may vary from Sub-Fund to Sub- Fund, depending on factors such as the risk profile, investment objective and investment restrictions of the Sub-Fund, and the concentration of constituents in the benchmark. Where a Sub-Fund s benchmark is part of the investment policy, this is stated in the investment objective and policy of the Sub-Fund in section 3 of this Offering Document and the Sub-Fund will be seeking to outperform such benchmark. The description Total Return Net is applied to a benchmark when the return is quoted net of tax on dividends, Total Return Gross is applied to a benchmark when the return quoted is gross of tax on dividends, and Price Index is applied when the return excludes dividend income. The Caisse de Consignation is a Luxembourg Government agency responsible for safekeeping unclaimed assets entrusted to it by financial institutions in accordance with applicable Luxembourg law(s). The Management Company will pay unclaimed Shareholder assets to the Caisse de Consignation in certain circumstances as described in this Offering Document. Canadian Dollar Most companies listed on Chinese stock exchanges will offer two different share classes: A shares and B shares. China A Shares are traded in Renminbi on the Shanghai and Shenzhen stock exchanges by companies incorporated in mainland China and may only be purchased by Chinese domestic investors and Qualified Foreign Institutional Investors. China B Shares are quoted in foreign currencies (such as the USD) on the Shanghai and Shenzhen stock exchanges and are open to both domestic and foreign investments. The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Commission de Surveillance du Secteur Financier J.P. Morgan Bank Luxembourg S.A. The board of directors of the Fund (the Board, the Directors or the Board of Directors ) A distributor of certain Share Classes of Sub-Funds in Hong Kong. Details of the Distributor and information on the Share Classes available through the relevant Distributor are contained in Appendix I of this Offering Document. The term domicile in the context of section 3 of this Offering Document refers to the country where a company is incorporated and has its registered office. Dividend yielding equity securities are equity securities issued by the companies whose management indicates their intention on future dividend payouts to shareholders. The following factors are typically considered when determining dividend yielding securities, but are not limited to: public company announcements and company interviews with regard to dividend policies; cash flow analysis; and historical records. 1

65 Eligible State Emerging Markets Equity Security ESMA EU Member State EUR/Euro FATF Fund or JPMFs GBP Hedged Share Classes or Currency Hedged Share Classes Any EU Member State, any member state of the Organisation for Economic Co-operation and Development ( OECD ), and any other state which the Directors deem appropriate with regard to the investment objectives of each Sub-Fund. Eligible States in this category include the countries in Africa, the Americas, Asia, Australasia and Europe. Countries with emerging and less developed markets include, but are not limited to (1) countries that have an emerging stock market in a developing economy as defined by the International Finance Corporation, (2) countries that have low or middle income economies according to the World Bank, and (3) countries listed in World Bank publication as developing. The list of emerging and less developed markets is subject to continuous change; broadly they include any country or region other than the United States of America, Canada, Japan, Australia, New Zealand and Western Europe. In the context of section 3 INVESTMENT OBJECTIVES AND POLICIES, equity security is a type of investment that represents an interest in a company. Equity exposure may be achieved through investment in shares, depository receipts, warrants and other participation rights. Subject to the foregoing, and unless otherwise stated in section 3 INVESTMENT OBJECTIVES AND POLICIES, equity exposure may also be achieved, to a limited extent, through investment in convertible securities, index and participation notes and equity linked notes. The European Securities and Markets Authority is an independent EU Authority that contributes to safeguarding the stability of the European Union s financial system by ensuring the integrity, transparency, efficiency and orderly functioning of securities markets, as well as enhancing investor protection. A member state of the European Union ( EU ) The official single European currency adopted by a number of the EU Member States participating in the Economic and Monetary Union (as defined in European Union legislation) Financial Action Task Force (also referred to as Groupe d Action Financière Internationale GAFI ). Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. JPMorgan Funds United Kingdom Pounds Sterling Where a Share Class is described as hedged (a "Hedged Share Class"), the intention will be to hedge the value of the net assets in the Reference Currency of the Sub-Fund or the currency exposure of certain (but not necessarily all) assets of the relevant Sub-Fund into either the Reference Currency of the Hedged Share Class, or into an alternative currency as specified in the relevant Share Class name mentioned in the list of available Share Classes in Appendix I. It is generally intended to carry out such hedging through the utilisation of various techniques, including entering into Over The Counter ("OTC") currency forward contracts and foreign exchange swap agreements. In cases where the underlying currency is not liquid, or where the underlying currency is closely linked to another currency, proxy hedging may be used. All costs and expenses incurred in affecting the hedging process will be borne on a pro rata basis by all Hedged Share Classes denominated in the same currency issued within the same Sub-Fund. Hong Kong HK Business Day HK Dealing Day HK$ Investors should be aware that any currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging will be totally successful. Investors in the Hedged Share Classes may have exposure to currencies other than the currency of the Hedged Share Class. The Hong Kong Special Administrative Region of the People s Republic of China A day other than a Saturday or Sunday or a local holiday on which the banks in Hong Kong are open for normal banking business A day which is both a JPMFs Valuation Day and a HK Business Day, other than New Year s Eve Hong Kong dollar 2

66 Institutional Investor(s) Investment Manager Investor ISDA JPMFAL JPMorgan Funds (Unit Trust Range) JPMorgan Chase & Co. JPMFs Business Day JPMFs Valuation Day JPY Management Company Mortgage-backed security (MBS) Net Asset Value Nominee Offering Document OTC PRC Reference Currency An investor, within the meaning of Article 174 of the Luxembourg Law, which currently includes credit institutions and other professionals in the financial sector investing either on their own behalf or on behalf of their clients who are also investors within the meaning of this definition or under discretionary management, insurance companies, pension funds, Luxembourg and foreign collective investment schemes and qualified holding companies. The Management Company has delegated investment management and advisory functions for each Sub-Fund to one or more of the Investment Managers listed in the Directory section below. Any person or entity who holds, whether singly or jointly, the beneficial interest in any Shares in respect of which the Nominee holds the legal title and dealing through JPMFAL or its sub-distributors (including insurance companies). The International Swaps and Derivatives Association is the global trade association representing participants in the privately negotiated derivatives industry. JPMorgan Funds (Asia) Limited( 摩根基金 ( 亞洲 ) 有限公司 ), the Fund s Hong Kong representative Any fund in respect of which JPMFAL acts as either the manager or Hong Kong representative The Management Company s ultimate holding company and its direct and indirect subsidiaries and affiliates worldwide A Week Day other than New Year s Day, Easter Monday, Christmas Day and the day prior to and following Christmas Day The Net Asset Value per Share of each Share Class is determined on each day that is a valuation day for that Sub-Fund. A "JPMFs Valuation Day" is a JPMFs Business Day other than, in relation to a Sub- Fund s investments, a day on which any exchange or market on which a substantial portion of the relevant Sub-Fund s investments is traded, is closed. When dealings on any such exchange or market are restricted or suspended, the Management Company may, in consideration of prevailing market conditions or other relevant factors, determine whether a JPMFs Business Day shall be a JPMFs Valuation Day or non-jpmfs Valuation Day. Requests for issue, redemption, transfer and switching of Shares of any Share Class are accepted by the Fund in Luxembourg on any JPMFs Valuation Day of the relevant Sub-Fund. By derogation to the above, on New Year's Eve, provided that such day is not a Saturday or Sunday, the Net Asset Value per Share of each Share Class in respect of this day shall be made available at the registered address of the Fund although no deals will be processed on that day. A list of expected non-jpmfs Valuation Days applicable to investors who deal through JPMFAL is available from JPMFAL on request. Japanese Yen JPMorgan Asset Management (Europe) S.à r.l. A security representing an interest in a pool of loans secured by mortgages. Principal and interest payments on the underlying mortgages are used to pay principal and interest on the security. In relation to any Shares (or, where the context requires, any Sub-Fund represented by any shares), the value per Share or per Share Class (or, where the context requires, Sub-Fund) determined in accordance with section 6.1 of this Offering Document. JPMorgan Investor Services (Asia) Limited This Hong Kong Offering Document, including Addenda and Product Key Facts Statements. Over-the-counter The People s Republic of China and for the purpose herein, excluding Hong Kong, Macau and Taiwan. The reference currency of a Sub-Fund (or a Share Class thereof, if applicable) which, however, does not necessarily correspond to the currency in which the Sub-Fund s assets are invested at any point in time. Where currency is used in the name of a Sub-Fund, this merely refers to the reference currency of the Sub-Fund and does not indicate a currency bias within the portfolio. Individual Share Classes may have different currency denominations which denote the currency in which the Net Asset Value per Share is expressed. 3

67 Regulated Market SGD SFC Shares Share Classes/ Class(es) of Shares Shareholder Sub-Fund TBAs (To-Be-Announced) Themed Sub-Fund UCI UCITS UCITS IV Directive Units USD or US$ Value at Risk (VaR) The market defined in item 14 of Article 4 of the European Parliament and the Council Directive 2004/39/EC of 21 April 2004 on markets in financial instruments, as well as any other market in an Eligible State which is regulated, operates regularly and is recognised and open to the public. Singapore dollar Securities and Futures Commission of Hong Kong Any Share Class issued by the Fund and set out in Appendix I of this Offering Document Pursuant to the Articles of the Fund, the Directors may decide to issue, within each Sub-Fund, separate classes of Shares (hereinafter referred to as a "Share Class" or "Class of Shares", as appropriate) whose assets will be commonly invested but where a specific initial or redemption charge structure, fee structure, minimum subscription amount, currency or dividend policy may be applied. Share Class details are available in Appendix I. A registered holder of shares of any Share Class in the capital of the Fund (including the Nominee). A specific portfolio of assets and liabilities within the Fund having its own Net Asset Value and represented by a separate Class or Classes of Shares, which are distinguished mainly by their specific investment policy and objective and/or by the currency in which they are denominated. The specifications of each Sub-Fund currently available to Hong Kong investors are described in section 3 of this Offering Document. The Directors may, at any time, decide to create additional Sub-Funds and, in such case, section 3 of this Offering Document will be updated. A forward contract on a generic pool of mortgages. The specific mortgage pools are announced and allocated prior to delivery date. A Sub-Fund that invests in companies related to specific trends or drivers of major changes throughout the world. Investment will be across a number of sectors, industrial groups and geographical areas. An Undertaking for Collective Investment An Undertaking for Collective Investment in Transferable Securities governed by the UCITS IV Directive The Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities. Units or shares in any JPMorgan Funds (Unit Trust Range) United States dollar Value at Risk (VaR) provides a measure of the potential loss that could arise over a given time interval under normal market conditions, and at a given confidence level. A day other than a Saturday or Sunday Week Day Words importing the singular shall, where the context permits, include the plural and vice versa. 4

68 IMPORTANT INFORMATION Prospective investors should review this Offering Document carefully and in its entirety and consult with their legal, tax and financial advisers in relation to (i) the legal and regulatory requirements within their own countries for the subscribing, purchasing, holding, switching, redeeming or disposing of Shares; (ii) any foreign exchange restrictions to which they are subject in their own countries in relation to the subscription, purchase, holding, switching, redemption or disposition of Shares; (iii) the legal, tax, financial or other consequences of subscribing for, purchasing, holding, switching, redeeming or disposing of Shares; and (iv) any other consequences of such activities. The Management Company accepts full responsibility for the accuracy of the information contained in this Offering Document and confirm, having made all reasonable enquiries, that to the best of their knowledge and belief there are no other facts the omission of which would make any statement misleading as at the date of publication. The following Sub-Funds may use financial derivatives instruments for any purpose apart from efficient portfolio management or hedging, within the limitations specified in Appendix II: JPMorgan Funds Asia Local Currency Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Investment Grade Bond Fund JPMorgan Funds Korea Equity Fund JPMorgan Funds US High Yield Plus Bond Fund For other Sub-Funds that are authorised by the SFC, notwithstanding the incorporation into this Offering Document of the Fund of the availability of investment powers under the UCITS IV Directive as set out in Appendix II, for so long as the Fund and those Sub-Funds are authorised by the SFC, they will not enter into financial derivatives instruments (other than for efficient portfolio management or hedging purposes). Should any of those Sub-Funds that are authorised by the SFC intend to take advantage of any change in its investment objectives, policy and/or restrictions in future, this Offering Document will be updated and Shareholders in Hong Kong will be provided with not less than one month s (or such other period as the SFC may require) prior written notification in respect of the amendment. None of the Shares representing the Sub-Funds contained in this Offering Document have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or under the securities laws of any state or political subdivision of the United States of America or any of its territories, possessions or other areas subject to its jurisdiction including the Commonwealth of Puerto Rico (the "United States" or US ). The Fund has not been and will not be registered under the United States Investment Company Act of 1940, as amended, nor under any other US federal laws. Accordingly, except as provided for below, no Shares are being offered to US Persons or persons who are in the United States at the time the Shares are offered or sold. Shares will only be offered to a US Person at the sole discretion of either the Directors or the Management Company. Certain restrictions also apply to any subsequent transfer of Shares in the United States or to US Persons (please see the compulsory redemption provisions under section 7, Dealing" below). Should a Shareholder become a US Person they may be subject to US withholding taxes and tax reporting. If you are in any doubt as to your status, you should consult your financial or other professional adviser. For the purposes of this Offering Document, a US Person is one falling under either the definition under the Securities Act or under US federal income tax law (as described below under paragraphs 1 through 4), or a non-us entity with certain US owners (as described below under paragraphs 5 and 6): 1. An individual who is a citizen of the U.S. or a resident alien for U.S. federal income tax purposes. In general, the term resident alien is defined for this purpose to include any individual who (i) holds an Alien Registration Card (a green card ) issued by the U.S. Immigration and Naturalization Service or (ii) meets a substantial presence test. The substantial presence test is generally met with respect to any calendar year if (i) the individual was present in the U.S. on at least 31 days during such year and (ii) the sum of the number of days in which such individual was present in the U.S. during such year, 1/3 of the number of such days during the first preceding year, and 1/6 of the number of such days during the second preceding year, equals or exceeds 183 days; 2. A corporation, an entity taxable as a corporation, or a partnership created or organized in or under the laws of the U.S. or any state or political subdivision thereof or therein, including the District of Columbia (other than a partnership that is not treated as a U.S. person under Treasury Regulations); 3. An estate the income of which is subject to U.S. federal income tax regardless of the source thereof; 5

69 4. A trust with respect to which a court within the U.S. is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions, or certain electing trusts that were in existence on August 20, 1996 and were treated as domestic trusts on August 19, 1996; 5. A Passive Non-Financial Foreign Entity ( Passive NFFE ) with substantial US owner(s) that are Specified US Person(s) (within the meaning of Treasury Regulations under the Foreign Account Tax Compliance Act ( FATCA ) as set forth in Sections 1471 through 1474 of the US Internal Revenue Code ( IRC )). A Passive NFFE is generally a non-us and non-financial institution entity that is neither a publicly traded corporation nor an active NFFE (within the meaning of Treasury Regulations under FATCA). A substantial US owner is generally a US Person (as described above under paragraphs 1 through 4) that owns, directly or indirectly, a more-than-10 percent interest in the Passive NFFE; however there are generally a number of exemptions with specified requirements including, but not limited to, the following types of entities: i) a regularly traded corporation on an established securities market or an affiliate; ii) an organization exempt from US tax under IRC Section 501(a), iii) an IRC Section 581 US bank, and iv) an IRC Section 851 regulated investment company; or 6. A Non-U.S. Entity with one or more Controlling Persons (within the meaning of any Intergovernmental Agreement relating to FATCA that may be entered into by the US and any other jurisdiction) that is a US Person (as described above under paragraphs 1 through 4 but with the exception of certain exempted US Person described in paragraph 5 above). Certain Sub-Funds of the Fund (the Restricted Sub-Funds ) have been entered onto the list of restricted schemes maintained by the Monetary Authority of Singapore (the MAS ) for purpose of restricted offer in Singapore pursuant to section 305 of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ) and the list of Restricted Sub-Funds may be accessed at the MAS website. In addition, certain Sub-Funds of the Fund (including some of the Restricted Sub-Funds), have also been recognised in Singapore for retail distribution (the Recognised Sub-Funds ). This Offering Document is not allowed to be distributed to the retail public in Singapore. Please refer to the Singapore prospectus (which has been registered by the MAS) relating to the retail offer of the Recognised Sub-Funds for the list of Sub-Funds which are Recognised Sub-Funds. The registered Singapore prospectus may be obtained from the relevant appointed distributors. A restricted offer or invitation of the Shares of each Restricted Sub-Fund is the subject of this Offering Document. Save for the Restricted Sub-Funds which are also Recognised Sub-Funds, the Restricted Sub-Funds are not authorised or recognized by the MAS, and the Shares are not allowed to be offered to the retail public in Singapore. A concurrent restricted offer of Shares of each Restricted Sub-Fund which is also a Recognised Sub-Fund is made under and in reliance of sections 304 and/or 305 of the SFA. This Offering Document and any other document or material issued in connection with this restricted offer or sale of the Restricted Sub-Funds is not a prospectus as defined in the SFA and has not be registered as a prospectus with the MAS. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you after reviewing this Offering Document. This Offering Document and any other document or material in connection with the restricted offer or sale, or invitation for subscription or purchase, of the relevant Sub-Funds may not be circulated or distributed, nor may the Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, pursuant to this Offering Document whether directly or indirectly, to persons in Singapore other than (a) to an institutional investor, and in accordance with the conditions specified in section 304 of the SFA; (b) to a relevant person pursuant to section 305(1), or any person pursuant to section 305(2) of the SFA, and in accordance with the conditions specified in section 305 of the SFA; or (c) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where Shares are subscribed or purchased under section 305 by a relevant person which is: (i) (ii) a corporation (which is not an accredited investor as defined in section 4A of the SFA) the sole business of which is to hold investments, and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or a trust (where the trustee is not an accredited investor) the sole purpose of which is to hold investments, and each beneficiary of the trust is an individual who is an accredited investor; securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 of the SFA except: (1) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA; 6

70 (2) where no consideration is or will be given for the transfer; (3) where the transfer is by operation of law; (4) as specified in Section 305A(5) of the SFA; or (5) as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore. Investors should note further that the other Sub-Funds of the Fund referred to in this Offering Document other than the Restricted Sub-Funds and/or the Recognised Sub-Funds, are not available to Singapore investors and references to such other Sub-Funds are not and should not be construed as an offer of shares of such other Sub-Funds in Singapore. No action has been taken to permit the distribution of this Offering Document, in any jurisdiction where action would be required for such purpose, other than Hong Kong. The distribution of this Offering Document is not authorised unless it is accompanied by the most recent audited annual report of the Fund and any subsequent half-yearly report. Such annual and half-yearly report (if applicable) will form part of this Offering Document. This Offering Document does not constitute an offer or solicitation to anyone in any country where such offer or solicitation is unlawful or unauthorised, or the person receiving the offer or solicitation may not lawfully receive it. The SFC has authorised the Sub-Funds described in this Offering Document or any addendum hereto, under (i) section 15 of the Securities Ordinance (now deemed to have been authorised under section 104 of the Securities and Futures Ordinance) and (ii) section 104 of the Securities and Futures Ordinance. SFC authorisation is not a recommendation or endorsement of the Sub-Funds nor does it guarantee the commercial merits of the Sub-Funds or their performance. It does not mean the Sub-Funds are suitable for all investors nor is it an endorsement of their suitability for any particular investor or class of investors. Investors should note that the price of Shares and any income from them may fall as well as rise and they may not get back the full amount invested. Past performance is not necessarily a guide to future performance and Shares should be regarded as a medium to long-term investment. 7

71 1 FUND STRUCTURE The Fund is an open-ended investment company domiciled in Luxembourg, which qualifies as a Société d Investissement à Capital Variable under Part I of the Luxembourg law of 17 December 2010 relating to collective investment undertakings ( Luxembourg Law ), and qualifies as an Undertaking for Collective Investments in Transferable Securities under the UCITS IV Directive. The Fund was incorporated on 14 April The Directors have appointed the Management Company to generally administer the business and affairs of the Fund, subject to the overall control and supervision of the Directors. Directors that are employees of JPMorgan Chase & Co. or its direct or indirect subsidiaries or affiliates waive their Directors fees. The Board each year reviews and recommends Directors fees for approval by Shareholders at the Annual Meeting. Such Directors fees form part of the Fund s Operating and Administrative Expenses. For some Share Classes, the Operating and Administrative Expenses are capped at a maximum figure. Please refer to section 8 of this Offering Document. The Management Company of the Fund has appointed JPMFAL as the Fund s representative in Hong Kong. The Fund operates separate Sub-Funds, each of which is represented by one or more Share Classes. The Sub-Funds are distinguished by their specific investment policy or any other specific features. At the discretion of the Management Company, Share Classes may be listed on the Luxembourg Stock Exchange and the Bermuda Stock Exchange. The Directors may decide to make an application to list any Share Class on any other recognised stock exchange. The rights of shareholders and of creditors concerning a Sub-Fund of the Fund or which have arisen in connection with the creation, operation or liquidation of a Sub-Fund are exclusively limited to the assets of that Sub-Fund. The Management Company has been permitted by the Fund to delegate its investment management functions in respect of the Sub-Funds listed in section 3 of this Offering Document to one or more investment managers (each an Investment Manager ). The Investment Managers are listed out in DIRECTORY of this Offering Document. The Directors may at any time resolve to set up new Sub-Funds and/or create within each Sub-Fund different Share Classes whose assets will be commonly invested pursuant to the specific investment policy of the relevant Sub-Fund. A distinct fee structure, currency denomination or other specific feature may apply and a separate Net Asset Value per Share will be calculated for each Share Class. The attention of Shareholders is drawn to the fact that the Net Asset Value of a Share Class denominated in one currency may vary unfavourably in respect of another Share Class denominated in another currency due to hedging transactions. 2 SUB-FUNDS The Share Classes of the Sub-Funds listed in Appendix I are available for subscription by investors in Hong Kong through the relevant Distributor (see Appendix I for further details). Certain Distributors have been appointed to distribute some but not all of the Sub-Funds listed in section 3 of this Offering Document. 3 INVESTMENT OBJECTIVES AND POLICIES The benchmarks of the respective Sub-Funds will either be: Total Return Net which is net of tax on dividends, Total Return Gross which is gross of tax on dividends or Price Index which excludes dividend income. The Investor Profile where listed in section 3 of this Offering Document for each Sub-Fund is for reference only. Before making any investment decisions, investors should consider their own specific circumstances, including, without limitation, their own risk tolerance level, financial circumstances, investment objectives and other relevant factors. If in doubt, investors should consult their stockbrokers, bank managers, solicitors, accountants, representative banks or other financial advisers, as necessary. 8

72 3.1 Equity Sub-Funds JPMorgan Funds America Equity Fund Reference Currency US Dollar (USD) Benchmark S&P 500 Index (Total Return Net of 30% withholding tax) Benchmark for Hedged Share Classes S&P 500 Index (Total Return Net of 30% withholding tax) Hedged to AUD for the AUD Hedged Share Classes Investment Objective To provide long-term capital growth by investing primarily in a concentrated portfolio of US companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in the US. The Sub-Fund s portfolio will invest in approximately 20 to 40 companies. The Sub-Fund may also invest in Canadian companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an aggressively managed equity Sub-Fund designed to give concentrated exposure to the US stock market. As the Sub-Fund s portfolio comprises approximately 20 to 40 stocks, it may be suitable for investors willing to accept higher risks in order to potentially generate higher long-term returns or for investors looking to add a single country holding to an existing diversified portfolio. The Sub-Fund may be suitable for investors with at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund will be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 9

73 JPMorgan Funds Brazil Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI Brazil 10/40 Index (Total Return Net) Investment Objective To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Brazil. The Sub-Fund s portfolio is concentrated in approximately 25 to 50 companies. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # More specifically, the Sub-Fund may invest in options, index swaps and index futures as well as in cash or cash equivalents to hedge against directional risk and market exposure. The net market exposure of the Sub-Fund will typically range between 80% and 100% of the Sub-Fund s net assets. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* Investor Profile This is an aggressively managed equity Sub-Fund designed to give concentrated exposure to Brazilian equities. This Sub- Fund is designed for investors looking for exposure to the Brazilian stock market, either in addition to an existing diversified portfolio or as a stand-alone Brazilian equity investment aimed at producing long-term capital growth. Since the Sub-Fund is concentrated in only these specific securities, it may be suitable for investors willing to accept higher risks in order to potentially generate higher returns. Investors in this Sub-Fund should also have at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise, and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may hold significant investments in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. There is a risk that the Sub-Fund may not participate fully in a rise in the market due to the fact that it may allocate up to 20% of the portfolio in cash. Investors should be aware that there is a Brazilian Presidential Decree in force, as amended from time to time, detailing the current IOF tax rate (Tax on Financial Operations), that applies to foreign exchange inflows and outflows. The application of the IOF tax may reduce the Net Asset Value per Share. 1 # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 1 Investors should note that the tax rate may be changed at any time by the Brazilian government. The changes may be made on very short notice and without prior announcement to investors. The deduction of amounts due to tax legislation in Brazil could have a negative effect on the performance of the Sub-Fund s investments in Brazil. 10

74 Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 11

75 JPMorgan Funds China Fund Reference Currency US Dollar (USD) Benchmark MSCI China 10/40 Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies of the People s Republic of China. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, the People s Republic of China.* Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed for investors looking for exposure to the Chinese stock market and to companies operating in China but whose shares are quoted elsewhere. Therefore, the Sub-Fund may be suitable for investors looking to add Chinese stock market exposure to an existing diversified portfolio, or for investors looking for a standalone Chinese equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with Chinese investments, the Sub-Fund may be suited for investors with a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities and industry sectors and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. * The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy in respect of China A-Shares and/or B-Shares change in the future, at least one month s prior notice will be given to investors and the offering document will be updated accordingly. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 12

76 JPMorgan Funds Eastern Europe Equity Fund Reference Currency Euro (EUR) Benchmark MSCI Emerging Markets Europe Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies in central and eastern Europe (the Eastern Europe Countries ). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an Eastern Europe Country. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund investing in the emerging markets of Eastern Europe. Whilst the long-term growth potential of East European emerging markets make this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities, industry sectors, and/or countries as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 13

77 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI Emerging Markets EMEA Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East and Africa. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country of central, eastern and southern Europe, Middle East or Africa. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund investing in European, Middle Eastern and African emerging markets. Whilst the long-term growth potential of these emerging market equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in the Sub-Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because emerging stock markets are very volatile, investors should also have a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 14 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

78 JPMorgan Funds Emerging Markets Dividend Fund Reference Currency US Dollar (USD) Benchmark MSCI Emerging Markets Index (Total Return Net) Benchmark for Hedged Share Class MSCI Emerging Markets Index (Net) USD Cross Hedged to AUD 1 Investment Objective To provide income by investing primarily in Dividend-Yielding Equity Securities of Emerging Market companies, whilst participating in long term capital growth. For the definition of Dividend Yielding Equity Securities or Emerging Markets, please refer to DEFINITIONS section of this Offering Document. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in Dividend-Yielding Equity Securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an Emerging Market country. These will include equity securities of smaller companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure will not normally be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* Investor Profile The Sub-Fund may be suitable for investors looking for a source of income and long term capital growth through exposure primarily to Emerging Markets. Investors should have at least a five year investment horizon. 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 securities may go down as well as up 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, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Emerging Market currencies may be subject to volatile price movements. Emerging Market securities may also be subject to higher volatility and lower liquidity than non Emerging Markets securities. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 1 This is the MSCI Emerging Markets Index (Net) in USD with an overlay hedge applied from USD to AUD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 15

79 JPMorgan Funds Emerging Markets Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI Emerging Markets Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in emerging markets companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund investing in global emerging markets. Whilst the growth potential of global emerging market equities make this Sub-Fund very attractive for investors looking for high investment returns, investors in this Sub-Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because emerging stock markets are very volatile, investors should also have at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 16 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

80 JPMorgan Funds Emerging Markets Opportunities Fund Reference Currency US Dollar (USD) Benchmark MSCI Emerging Markets Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in an aggressively managed portfolio of emerging market companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. The Sub-Fund uses a fundamental and a quantitative screen based investment process using country, sector and stock selection to generate returns. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* Investor Profile This is an equity Sub-Fund investing in emerging markets and so investors in the Sub-Fund need to be comfortable with the additional political and economic risks associated with emerging market investments. The Sub-Fund may, therefore, be suitable for experienced investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. As emerging stock markets are very volatile, investors should also have a five year investment horizon. Risk Profile The value of your investment may fall as well as rise, and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 17

81 JPMorgan Funds Emerging Middle East Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI Middle East Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country of the Middle East. The Sub-Fund may also invest in Morocco and Tunisia. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund investing primarily in companies of the emerging markets of the Middle East region. The longterm potential of emerging market companies in the Middle East makes this Sub-Fund attractive for investors looking for enhanced investment returns. However, investors in this Sub-Fund need to be comfortable with the substantial political and economic risks associated with the emerging markets of the Middle Eastern region. The Sub-Fund may, therefore, be particularly suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because of the high volatility of the region s stock markets, investors should also have a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. Information regarding this Benchmark may be obtained from the registered office of the Fund. # 18 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

82 JPMorgan Funds Euroland Equity Fund Reference Currency Euro (EUR) Benchmark MSCI EMU Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the Euroland Countries ). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a Euroland Country. The Sub-Fund may invest up to 10% of its net assets in companies from other continental European countries. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a core equity Sub-Fund designed to give a broad market exposure to Euro-zone stock markets. Because the Sub-Fund is diversified across a number of markets, it may be suitable for investors who are looking for a core equity investment to sit at the heart of their portfolio, or as a standalone investment aimed at producing long-term capital growth. Investors in this Sub-Fund should also have at least a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund will bear some resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 19

83 JPMorgan Funds Euroland Select Equity Fund Reference Currency Euro (EUR) Benchmark MSCI EMU Index (Total Return Net) Investment Objective To achieve a return in excess of Euro-zone equity markets by investing primarily in companies of countries which are part of the Euro-zone (the Euroland Countries ). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a Euroland Country. The Sub-Fund may invest up to 10% of its net assets in companies from other continental European countries. The Sub-Fund uses an investment process that is based on the fundamental analysis of companies and their future earnings and cash flows by a research team of specialist sector analysts. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a core equity Sub-Fund designed to give a broad market exposure to Euro-zone stock markets. Because the Sub-Fund is diversified across a number of markets, it may be suitable for investors who are looking for a core equity investment to sit at the heart of their portfolio, or as a standalone investment aimed at producing long-term capital growth. Investors in this Sub-Fund should also have at least a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund will bear some resemblance to its benchmark. # 20 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

84 JPMorgan Funds Europe Dynamic Fund Reference Currency Euro (EUR) Benchmark MSCI Europe Index (Total Return Net) Benchmark for Hedged Share Classes MSCI Europe Index (Total Return Net) Hedged to AUD for the AUD Hedged Share Classes MSCI Europe Index (Total Return Net) Hedged to HKD for the HKD Hedged Share Classes MSCI Europe Index (Total Return Net) Hedged to USD for the USD Hedged Share Classes Investment Objective To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. The Sub-Fund uses an active investment process that is based on systematic investment in equity securities with specific style characteristics, such as value and momentum, that are associated with long term outperformance 1, caused by the impact of psychological factors 2 on stock markets. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an aggressively managed equity Sub-Fund investing in a portfolio of European stocks chosen for their specific style characteristics. Therefore, the Sub-Fund may be suitable for investors looking for a higher risk equity strategy to complement an existing core portfolio, or looking to potentially enhance long-term returns and who are comfortable with the extra risks inherent in the Sub-Fund. The Sub-Fund may be suitable for investors with at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the currency of certain (but not necessarily all) assets of the Sub-Fund and the Reference Currency of the relevant Share Classes. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 1 2 # In the context of this Sub-Fund, long-term outperformance may be considered to mean performing better than the relevant market over a market cycle. In the context of this Sub-Fund, psychological factors may include but are not limited to investor overconfidence and loss aversion. The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 21

85 JPMorgan Funds Europe Equity Fund Reference Currency Euro (EUR) Benchmark MSCI Europe Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in European companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a core equity Sub-Fund designed to give broad market exposure to European stock markets. Because the Sub-Fund is diversified across a number of markets, it may be suitable for investors who are looking for a core equity investment to sit at the heart of their portfolio, or as a standalone investment aimed at producing long-term capital growth. Investors in this Sub-Fund should also have at least a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund will bear some resemblance to its benchmark. # 22 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

86 JPMorgan Funds Europe Small Cap Fund Reference Currency Euro (EUR) Benchmark Euromoney Smaller Europe (Inc. UK) Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in small capitalisation European companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of small capitalisation companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. Market capitalisation is the total value of a company s shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time of purchase. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed to give exposure to European small capitalisation companies. Although such companies have often produced periods of very high returns for investors, they have historically been less liquid and carry a higher risk of financial distress than larger, blue chip companies. Therefore, investors in this Sub-Fund should be comfortable with its potential to be more volatile than core, large-cap biased equity sub-funds. Because the Sub-Fund is invested in equities, it may be suitable for investors with at least a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The Sub-Fund invests in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 23

87 JPMorgan Funds Europe Technology Fund Reference Currency Euro (EUR) Benchmark MSCI Europe Investable Market Information Technology 10/40 Index (Total Return Net) Benchmark for Hedged Share Class MSCI Europe Investable Market Information Technology 10/40 Index (Total Return Net) Hedged to USD for the USD Hedged Share Class Investment Objective To provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of technology (including media and telecommunication) related companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a specialist sector equity Sub-Fund investing only in the European technology sector. Although this focused approach can result in high returns when the technology sector is in favour with the market, investors can suffer long periods of underperformance when that sector falls out of favour. The Sub-Fund may, therefore, be suitable for investors with a five to ten year investment horizon looking for a higher risk equity strategy to complement an existing core portfolio, or for investors looking for exclusive exposure to a single stock market sector. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The Sub-Fund will be concentrated in technology related companies and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the currency of certain (but not necessary all) assets of the Sub-Fund and the Reference Currency of the relevant Share Classes. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 24 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

88 JPMorgan Funds Germany Equity Fund Reference Currency Euro (EUR) Benchmark HDAX Index (Total Return Gross) Investment Objective To provide long-term capital growth by investing primarily in German companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, Germany. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a core equity Sub-Fund designed to give broad market exposure to the German stock market. Therefore, the Sub- Fund may be suitable for investors looking to add a single country holding to an existing diversified portfolio, or for investors looking for a standalone core equity investment aimed at producing long-term capital growth. Because the Sub- Fund is invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with at least a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 25

89 1 # 26 JPMorgan Funds Global Consumer Trends Fund Reference Currency Euro (EUR) Benchmark MSCI World Index (Total Return Net) MSCI World Index (Total Return Net), limited to two sectors; Consumer Discretionary and Consumer Staples. 1 Investment Objective To provide long-term capital growth by investing primarily in companies benefiting from consumer driven opportunities, globally. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies benefiting from consumer driven opportunities ( Consumer Trends Companies ). These may include, but are not limited to, companies providing goods and services relating to consumer related activities, wealth, leisure, lifestyle, health and wellness. Issuers of these securities may be located in any country and the Sub-Fund s portfolio may include significant investment in Asian and emerging markets. The Sub-Fund s portfolio is concentrated in a small number of companies and it may include significant investment in small capitalisation companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a themed equity Sub-Fund investing in Consumer Trends Companies globally. Although this focused approach can result in high relative returns when Consumer Trends Companies are in favour with the market, investors can suffer long periods of underperformance when Consumer Trends Companies fall out of favour. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment horizon looking for a global themed equity strategy to complement an existing core portfolio. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund will be concentrated in a limited number of securities, industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may hold significant investments in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. The proportion that each of these sectors constitutes in the Benchmark is based upon the market capitalisation of these sectors, as determined MSCI. Further information regarding this Benchmark may be obtained from the Registered Address of the Fund. The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

90 JPMorgan Funds Global Dynamic Fund Reference Currency US Dollar (USD) Benchmark MSCI World Index (Total Return Net) Investment Objective To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities. Issuers of these securities may be located in any country, including emerging markets. The Sub-Fund uses an active investment process that is based on systematic investment in equity securities with specific style characteristics, such as value and momentum, that are associated with long-term outperformance 1 caused by the impact of psychological factors 2 on stock markets. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an aggressively-managed global equity Sub-Fund. Therefore, the Sub-Fund may be suitable for investors looking for a higher risk equity strategy to complement an existing core portfolio, or looking to potentially enhance long-term returns and who are comfortable with the extra risks inherent in the Sub-Fund. Investors in this Sub-Fund should also have at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 1 2 # In the context of this Sub-Fund, long-term outperformance may be considered to mean performing better than the relevant market over a market cycle. In the context of this Sub-Fund, psychological factors may include but are not limited to investor overconfidence and loss aversion. The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 27

91 JPMorgan Funds Global Focus Fund Reference Currency Euro (EUR) Benchmark MSCI World Index (Total Return Net) Investment Objective To provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, globally, that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings recovery potential. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of large, medium and small companies that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings recovery potential. Issuers of these securities may be located in any country, including emerging markets. The Sub-Fund uses an investment process that is based on the fundamental analysis of companies and their future earnings and cashflows by a research team of specialist sector analysts. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure in this Sub-Fund may be hedged or may be managed by reference to its benchmark. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an aggressively managed equity Sub-Fund that invests in companies located in any country, including emerging markets. The Sub-Fund, therefore, may be suitable for investors looking for a higher risk equity strategy to complement a core portfolio, or for investors seeking to enhance long-term returns but are comfortable with the extra risks inherent in the Sub-Fund s investment strategy. Investors in this Sub-Fund should have at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund will be concentrated in companies with significant growth or earnings recovery potential and as a result, may be more volatile than more broadly diversified funds. Some companies in earnings recovery situations may not recover and may be wound up. The Sub-Fund will be concentrated in a limited number of securities, industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund invests in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. # 28 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

92 Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 29

93 # 30 JPMorgan Funds Global Natural Resources Fund Reference Currency Euro (EUR) Benchmark Euromoney Global Mining, Gold & Energy Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages of exploration. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of natural resources companies, globally. Natural resources companies are those which are engaged in the exploration for and the development, refinement, production and marketing of natural resources and their secondary products. The Sub-Fund will have exposure to companies that are in the early stages of exploration. A substantial part of the assets of the Sub-Fund may be invested in high risk markets and in small capitalisation companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in unquoted securities and in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a specialist sector equity Sub-Fund investing in natural resources companies, globally, many of which are in the early stages of exploration. Although this focused approach can result in high relative returns when the commodities sector is in favour with the market, investors can suffer long periods of underperformance when the sector falls out of favour. However, natural resources stocks have in the past demonstrated a low correlation with the stock market, which means that investing in the Sub-Fund may add diversification benefits to existing equity portfolios. The Sub-Fund may, therefore, be suitable for investors with at least a five year investment horizon looking for a higher risk equity strategy to complement an existing core portfolio, or for experienced, diversified investors looking for exclusive exposure to a single stock market sector. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund will be concentrated in natural resources companies and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. The value of companies in which the Sub-Fund invests may be influenced by movements in commodity prices which can be very volatile. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund will be managed without reference to its benchmark. The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

94 JPMorgan Funds Global Real Estate Securities Fund (USD) 1 Reference Currency US Dollar (USD) Benchmark FTSE EPRA/NAREIT Developed Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in a portfolio of Real Estate Investment Trusts ( REITs ) and in companies that own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of the value of such companies shares ( Real Estate Companies ). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of REITs and other Real Estate Companies (including smaller capitalisation companies). Issuers of these securities may be located in any country, including emerging markets. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged or may be managed by reference to its benchmark. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a specialist Sub-Fund investing in global real estate securities, designed to give broad market exposure to real estate securities markets. The Sub-Fund is diversified across a number of markets, but as the exposure is primarily to the real estate market, investors in this Sub-Fund should have at least a five year investment horizon. The Sub-Fund may be suitable for investors who are looking for a real estate securities investment to complement an existing core portfolio, or for investors looking for exclusive exposure to the real estate market. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Investments in REITs and companies engaged in the business of real estate may be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The Sub-Fund will be concentrated in one industry sector and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 1 # The Sub-Fund is authorised by the SFC under the Code on Unit Trusts and Mutual Funds, not the Code on Real Estate Investment Trusts. Authorisation of the Sub-Fund by the SFC does not imply that the underlying REITs held by the Sub-Fund are themselves authorised by the SFC. Furthermore the dividend policy of the Fund is not representative of the dividend policy of any of the underlying REITs held by the Sub-Fund. The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 31

95 JPMorgan Funds Global Unconstrained Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI All Country World Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities. Issuers of these securities may be located in any country, including emerging markets. The Sub-Fund may invest in companies of any size (including smaller capitalisation companies) and may have concentrated exposure to certain industry sectors or markets from time to time. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies. The currency exposure in this Sub-Fund may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This Sub-Fund may be suitable for investors looking for long term capital growth through exposure to an aggressively managed portfolio of companies, globally. Investors should have at least a three to five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 32

96 JPMorgan Funds Greater China Fund Reference Currency US Dollar (USD) Benchmark MSCI Golden Dragon Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in companies from the People s Republic of China, Hong Kong and Taiwan ( Greater China ). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China.* Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed for investors looking for diversified exposure to the Greater China region defined as mainland China, Hong Kong and Taiwan. Therefore, the Sub-Fund may be suitable for investors who are looking to add equities in the Greater China region to an existing diversified portfolio, or for investors looking for a standalone Greater China equity portfolio aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated in the region, the Sub-Fund is best suited for investors with a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities, industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. * The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy in respect of China A-Shares and/or B-Shares change in the future, at least one month s prior notice will be given to investors and the offering document will be updated accordingly. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 33

97 JPMorgan Funds Hong Kong Fund Reference Currency US Dollar (USD) Benchmark FTSE MPF Hong Kong Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in Hong Kong companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Hong Kong. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed for investors looking for exposure to the Hong Kong stock market. Therefore, the Sub- Fund may be suitable for investors who are looking to add Hong Kong stock market exposure to an existing diversified portfolio, or for investors looking for a standalone Hong Kong equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with single country investing, the Sub-Fund is best suited for experienced, diversified investors with at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund may be concentrated in a limited number of securities and industry sectors and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. The Sub-Fund is denominated in USD but its underlying assets are mainly denominated in Hong Kong dollars. The value of the Hong Kong dollar is pegged to the USD but this peg may be reset from time to time. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 34 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

98 JPMorgan Funds India Fund Reference Currency US Dollar (USD) Benchmark MSCI India 10/40 Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in Indian companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, India. The Sub-Fund may also invest in Pakistan, Sri Lanka and Bangladesh. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed for investors looking for exposure to the Indian stock market. Therefore, the Sub-Fund may be suitable for investors who are looking to add Indian stock market exposure to an existing diversified portfolio, or for investors looking for a standalone Indian equity investment aimed at producing long-term capital growth. Because the Sub- Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with Indian investments, the Sub-Fund may be suitable for investors with a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities and industry sectors and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. A Mauritius subsidiary, wholly-owned by JPMorgan Funds, may be used to facilitate an efficient means of investing. 35

99 JPMorgan Funds Indonesia Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI Indonesia Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in a portfolio of Indonesian companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity, in Indonesia. These may include equity securities of smaller companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure will not normally be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* Investor Profile This is an equity Sub-Fund designed for investors looking for exposure to the Indonesian stock market. Therefore, the Sub- Fund may be suitable for investors who are looking to add Indonesian stock market exposure to an existing diversified portfolio, or for investors looking for an Indonesian equity investment aimed at producing long-term capital growth. As the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with Indonesian investments, the Sub-Fund may be suitable for investors with at least a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Emerging Market currencies may be subject to volatile price movements. Emerging Market securities may also be subject to higher volatility and lower liquidity than non Emerging Markets securities. Due to the nature of its concentrated/small investible universe, the Sub-Fund may be concentrated in a limited number of securities and industry sectors and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 36

100 JPMorgan Funds Japan Equity Fund Reference Currency Japanese Yen (JPY) Benchmark TOPIX (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in Japanese companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Japan. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. A substantial part of the Sub-Fund s assets are denominated in Japanese Yen and currency exposure will not normally be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed to give investors broad market exposure to the Japanese stock market. Therefore, the Sub-Fund may be suitable for investors looking to add a single country holding to an existing diversified portfolio, or for investors looking for a standalone core equity investment aimed at producing long-term capital growth. Because the Sub- Fund is invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 37

101 JPMorgan Funds Korea Equity Fund Reference Currency US Dollar (USD) Benchmark Korea Composite Stock Price Index (KOSPI) Investment Objective To provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using financial derivative instruments where appropriate. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Korea. Periodically the Sub-Fund may use long financial derivative instruments to increase its total exposure to Korean equity securities up to a maximum of 130% of its net assets. The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, mortgage TBAs and swap contracts by private agreement and other fixed income, currency and credit derivatives. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. USD is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged. In addition the Sub-Fund may seek to partially achieve its investment objectives through the use of active long and short currency positions where appropriate. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This aggressively managed equity Sub-Fund is designed for investors looking for exposure to the Korean stock market. Therefore, the Sub-Fund may be suited to investors who are looking to add Korean stock market exposure to an existing diversified portfolio, or for experienced investors looking for a standalone Korean equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with investments in Korea, the Sub-Fund may be suitable for investors with at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. 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 lower liquidity than non emerging market securities. 38

102 The Sub-Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub-Fund. The Sub-Fund may take active long and short currency positions. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risk can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 50% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time. 1 In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 1 The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time. 39

103 JPMorgan Funds Latin America Equity Fund Reference Currency US Dollar (USD) Benchmark MSCI Emerging Markets Latin America Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in Latin American companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a Latin American country. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund investing in the Latin American region. Whilst the growth potential of Latin American equities makes the Sub-Fund attractive for investors looking for high investment returns, they need to be comfortable with the substantial political and economic risks, associated with the Latin American region. The Sub-Fund may, therefore, be suitable for investors who already have a globally diversified portfolio and now want to expand into riskier assets in order to potentially boost returns. Because Latin American stock markets are very volatile, investors should also have a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up 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 lower liquidity than non emerging market securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 40 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

104 JPMorgan Funds Russia Fund Reference Currency US Dollar (USD) Benchmark MSCI Russia 10/40 Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in a concentrated portfolio of equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, Russia. The Sub-Fund may also invest in other members of the Commonwealth of Independent States. The Sub-Fund will invest directly in securities listed on the Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct investment in securities traded on the non Regulated Markets of Russia and the Commonwealth of Independent States (together with any other securities not traded on a Regulated Market) to 10% of its net assets. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This aggressively managed equity Sub-Fund invests primarily in a concentrated portfolio of Russian and Russian-related companies. This Sub-Fund is designed for investors looking for exposure to the Russian stock market, therefore, may be suited to investors who are looking to add Russian stock market exposure to an existing diversified portfolio, or for investors looking for a standalone Russian equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with investments in Russia, the Sub-Fund may be suitable for investors with at least a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 41

105 JPMorgan Funds Singapore Fund Reference Currency US Dollar (USD) Benchmark MSCI Singapore Index (Total Return Net) Investment Objective To provide long-term capital growth by investing primarily in Singaporean companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are listed on the Singaporean stock exchange or are domiciled in, or carrying out the main part of their economic activity in, Singapore. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed for investors looking for exposure to the Singapore stock market. Therefore, the Sub- Fund may be suitable for investors who are looking to add Singapore stock market exposure to an existing diversified portfolio, or for investors looking for a standalone Singapore equity investment aimed at producing long-term capital growth. Because the Sub-Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for experienced, diversified investors with at least a five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund may be concentrated in a limited number of securities and industry sectors and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 42 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

106 JPMorgan Funds Taiwan Fund Reference Currency US Dollar (USD) Benchmark Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) (Total Return Gross) Investment Objective To provide long-term capital growth by investing primarily in Taiwanese companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Taiwan. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed for investors looking for exposure to the Taiwan stock market. Therefore, the Sub-Fund may be suited to investors who are looking to add Taiwan stock market exposure to an existing diversified portfolio, or for investors looking for a standalone Taiwan equity investment aimed at producing long-term capital growth. Because the Sub- Fund is invested in equities, and because of the additional individual economic, currency and political risks associated with investments in Taiwan, the Sub-Fund may be suitable for investors with a five to ten year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Because the Sub-Fund is aggressively managed, volatility may be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. 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 lower liquidity than non emerging market securities. The Sub-Fund may be concentrated in industry sectors and as a result, may be more volatile than more broadly diversified funds. The Sub-Fund may invest in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 43

107 JPMorgan Funds US Growth Fund Reference Currency US Dollar (USD) Benchmark Russell 1000 Growth Index (Total Return Net of 30% withholding tax) Investment Objective To provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in a growth style biased portfolio of equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Sub-Fund may also invest in Canadian companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a growth investment style equity Sub-Fund designed to give exposure to growth companies in the US. Because growth stocks tend to outperform at different times to value stocks, investors should be prepared for periods of underperformance, although research shows that over the long-term both investment styles have outperformed. Therefore, this Sub-Fund can be used both to provide a growth tilt to an existing diversified portfolio or as investment in its own right. Because the Sub- Fund is invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with at least a three to five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund may have greater volatility compared to broader market indices as a result of the Sub-Fund s focus on growth securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 44

108 JPMorgan Funds US Small Cap Growth Fund Reference Currency US Dollar (USD) Benchmark Russell 2000 Growth Index (Total Return Net of 30% withholding tax) Investment Objective To provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in a growth style biased portfolio of equity securities of small capitalisation companies that are domiciled in, or carrying out the main part of their economic activity in, the US. Market capitalisation is the total value of a company s shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the range of the market capitalisation of companies in the Benchmark for the Sub-Fund at the time of purchase. The Sub-Fund may also invest in Canadian companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is an equity Sub-Fund designed to give exposure to small capitalisation companies in the US. Although such companies have often produced periods of very high returns for investors, they have historically been less liquid and carry a higher risk of financial distress than larger, blue chip companies. Therefore, investors in this Sub-Fund should be comfortable with its potential to be more volatile than core, large-cap biased equity sub-funds. Because the Sub-Fund is invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with a five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund may have greater volatility compared to broader market indices as a result of the Sub-Fund s focus on small capitalisation growth securities. The Sub-Fund invests in securities of smaller companies which may be less liquid, more volatile and tend to carry greater financial risk than securities of larger companies. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 45

109 JPMorgan Funds US Technology Fund Reference Currency US Dollar (USD) Benchmark BofA Merrill Lynch 100 Technology Price Index Investment Objective To provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of technology, media and telecommunications related companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Sub-Fund may also invest in Canadian companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a specialist equity Sub-Fund investing in the US technology, media and telecommunications sectors. Although this focused approach can result in high relative returns when the technology sector is in favour, investors can suffer long periods of underperformance when the sector falls out of favour. The Sub-Fund may, therefore, be best suited for investors with a five to ten year investment horizon looking for a higher risk equity strategy to complement an existing core portfolio, or for investors looking for exclusive exposure to a single stock market sector. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund will be concentrated in technology, media and telecommunication related companies and as a result, may be more volatile than more broadly diversified funds. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further Information about the risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 46 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

110 JPMorgan Funds US Value Fund Reference Currency US Dollar (USD) Benchmark Russell 1000 Value Index (Total Return Net of 30% withholding tax) Investment Objective To provide long-term capital growth by investing primarily in a value style biased portfolio of US companies. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in a value style biased portfolio of equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Sub-Fund may also invest in Canadian companies. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a value investment style equity Sub-Fund designed to give exposure to value companies in the US. Because value stocks tend to outperform at different times to growth stocks, investors should be prepared for periods of underperformance, although research shows that over the long term both investment styles have outperformed. Therefore, this Sub-Fund can be used both to provide a value tilt to an existing diversified portfolio or as investment in its own right. Because the Sub-Fund is invested in equities, and because of the individual economic, currency and political risks associated with single country investing, the Sub-Fund may be suitable for investors with at least a three to five year investment horizon. 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 securities may go down as well as up in response to the performance of individual companies and general market conditions. The single market in which the Sub-Fund invests may be subject to particular political and economic risks, and as a result, the Sub-Fund may be more volatile than more broadly diversified funds. The Sub-Fund may have greater volatility compared to broader market indices as a result of the Sub-Fund s focus on value securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 47

111 3.2 Mixed Asset Sub-Fund JPMorgan Funds Asia Pacific Income Fund Reference Currency US Dollar (USD) Benchmark 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net)/50% J.P. Morgan Asia Credit Index (Total Return Gross) Benchmark for Hedged Share Classes 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net) USD Cross Hedged to AUD 1 /50% J.P. Morgan Asia Credit Index (Total Return Gross) Hedged to AUD for the AUD Hedged Share Classes 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net) USD Cross Hedged to CAD 2 /50% J.P. Morgan Asia Credit Index (Total Return Gross) Hedged to CAD for the CAD Hedged Share Classes 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net) USD Cross Hedged to EUR 3 /50% J.P. Morgan Asia Credit Index (Total Return Gross) Hedged to EUR for the EUR Hedged Share Classes 50% 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net) USD Cross Hedged to GBP 4 /50% J.P. Morgan Asia Credit Index (Total Return Gross) Hedged to GBP for the GBP Hedged Share Classes 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net) USD Cross Hedged to NZD 5 /50% J.P. Morgan Asia Credit Index (Total Return Gross) Hedged to NZD for the NZD Hedged Share Classes Investment Objective To provide income and long term capital growth by investing primarily in income generating securities of countries in the Asia Pacific region (excluding Japan). Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities, debt securities, convertible securities and Real Estate Investment Trusts ( REITS ). Issuers of these securities will be companies that are domiciled in, or carrying out the main part of their economic activity in, the Asia Pacific region (excluding Japan) or governments or their agencies of countries in the Asia Pacific region (excluding Japan). The Sub-Fund will hold between 25% and 75% of its assets in equity securities and between 25% and 75% of its assets in debt securities. The Sub-Fund uses an investment process based on the fundamental analysis of individual securities and their income potential. The Investment Manager will vary asset and country allocations over time to reflect market conditions and opportunities. Certain countries in the Asia Pacific region may be considered emerging market countries. The Sub-Fund may invest a significant proportion of its assets in below investment grade and unrated debt securities. There are no credit quality or maturity restrictions with respect to the debt securities in which the Sub-Fund may invest. Cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure will not normally be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers # 48 This is the MSCI All Country Asia Pacific ex Japan Index (Net) in USD with an overlay hedge applied from USD to AUD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. This is the MSCI All Country Asia Pacific ex Japan Index (Net) in USD with an overlay hedge applied from USD to CAD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. This is the MSCI All Country Asia Pacific ex Japan Index (Net) in USD with an overlay hedge applied from USD to EUR. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. This is the MSCI All Country Asia Pacific ex Japan Index (Net) in USD with an overlay hedge applied from USD to GBP. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. This is the MSCI All Country Asia Pacific ex Japan Index (Net) in USD with an overlay hedge applied from USD to NZD. This seeks to minimise the effect of currency fluctuation between the Reference Currency of the Benchmark and that of the relevant Share Class. The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

112 Investor Profile The Sub-Fund may be suitable for investors looking for a source of income and long term capital growth through exposure primarily to the Asia Pacific region (excluding Japan). Investors should have at least a three to five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Returns to investors will vary from year to year, depending on dividend income and capital returns generated by the underlying financial assets. Capital returns may be negative in some years and dividends are not guaranteed. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities 6. In addition, 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 and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non emerging market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The Sub-Fund may be concentrated in one or more industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds. Convertible bonds are subject to the credit, interest rate and market risks stated above associated with both debt and equity securities, and to risks specific to convertible securities. Convertible bonds may also be subject to lower liquidity than the underlying equity securities. Investments in REITS may be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates. Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 25% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time 7. In this context leverage is calculated as the sum of notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 6 7 May also be applicable to unrated debt securities. The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time. 49

113 3.3 Convertibles Sub-Fund JPMorgan Funds Global Convertibles Fund (EUR) Reference Currency Euro (EUR) Benchmark UBS Global Focus Convertible Bond Index (Total Return Gross) Hedged to EUR Investment Objective To provide a return by investing primarily in a diversified portfolio of convertible securities, globally. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in convertible securities. Issuers of these securities may be located in any country, including emerging markets. Convertible securities exposure may be achieved through convertible bonds, convertible notes, convertible preference shares and any other suitable convertible or exchangeable instruments. The Sub-Fund may also invest in warrants. Debt securities, equity securities and cash and cash equivalents may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. EUR is the reference currency of the Sub-Fund but assets may be denominated in other currencies. However a substantial part of the assets of the Sub-Fund will be denominated in or hedged into EUR. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers Investor Profile This is a convertibles Sub-Fund which offers some of the potential returns of an equity portfolio but with some of the lower volatility characteristics associated with bonds. Therefore the Sub-Fund may be suitable for investors looking for long-term capital growth but with potentially lower risk than for pure equity sub-funds. Investors in this Sub-Fund should also have at least a three to five year investment horizon. Risk Profile The value of your investment may fall as well as rise and you may get back less than you originally invested. Convertible bonds are subject to the risks associated with both debt and equity securities, and to risks specific to convertible securities. Their value may change significantly depending on economic and interest rate conditions, the creditworthiness of the issuer, the performance of the underlying equity and general financial market conditions. In addition, issuers of convertible bonds may fail to meet payment obligations and their credit ratings may be downgraded. Convertible bonds may also be subject to lower liquidity than the underlying equity securities. 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 lower liquidity than non emerging market securities. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. # 50 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose.

114 3.4 Bond Sub-Funds JPMorgan Funds Asia Local Currency Debt Fund Reference Currency US Dollar (USD) Benchmark HSBC Asian Local Bond Index (Total Return Gross) Investment Objective To achieve a return in excess of Asian bond markets by investing primarily in Asian local currency debt securities, using financial derivative instruments where appropriate. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in local currency denominated debt securities issued or guaranteed by Asian governments or their agencies, or by companies that are domiciled in, or carrying out the main part of their economic activity in, countries in Asia. Certain countries in Asia may be considered emerging market countries. The Sub-Fund may invest a significant portion of its assets in below investment grade debt securities and unrated debt securities. The Sub-Fund may also invest in convertible bonds. The Sub-Fund will invest in financial derivative instruments to achieve its investment objective. # Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts by private agreement, equivalent cash settled instruments and other fixed income, currency and credit derivatives. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. While USD is the reference currency of the Sub-Fund, it will be exposed primarily to Asian local currencies. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a bond Sub-Fund that offers access to a broad range of Asian debt securities and currencies. The Sub-Fund may be suitable for investors seeking to gain diversification opportunities and the higher return potential from investing in Asian securities and currencies. Investors should have at least a three to five year investment horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities. 1 In addition, 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 and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non emerging market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. Convertible bonds are subject to the credit, interest rate and market risks stated above associated with both debt and equity securities and to risks specific to convertible securities. Convertible bonds may also be subject to lower liquidity than the underlying equity securities. The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub-Fund. # 1 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. May also be applicable to unrated debt securities. 51

115 Movements in currency exchange rates can adversely affect the return of your investment. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 50% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time. 2 In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time.

116 JPMorgan Funds Emerging Markets Debt Fund Reference Currency US Dollar (USD) Benchmark J.P. Morgan Emerging Markets Bond Index Global Diversified (Total Return Gross) Benchmark for Hedged Share Classes J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Hedged to AUD for the AUD Hedged Share Classes J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Hedged to CAD for the CAD Hedged Share Classes J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Hedged to NZD for the NZD Hedged Share Classes Investment Objective To achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities, including corporate securities and securities issued in local currencies, using financial derivatives instruments where appropriate. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. These investments will likely include Brady bonds, Yankee bonds and government and corporate eurobonds and bonds and notes which are traded in domestic markets. The Sub-Fund may invest, to an unlimited extent, in below investment grade and unrated debt securities and debt securities from emerging markets. There are no credit quality or maturity restrictions with respect to the debt securities in which the Sub-Fund may invest. The Sub-Fund will invest in financial derivative instruments to achieve its investment objective. # Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts and other fixed income, currency and credit derivatives. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile As this bond Sub-Fund invests in emerging market debt securities, including corporate securities and securities issued in local currencies, it is most suited for investors willing to take extra risks in search of higher future returns. Investors in the Sub-Fund will therefore likely use it to complement an existing core bond portfolio invested in lower risk government or agency bonds, in order to gain greater diversification through exposure to the higher return potential of non-investment grade securities. Because of the higher volatility of emerging market debt securities, investors should have at least a three to five year investment horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for emerging market and below investment grade debt securities. # The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. 53

117 In addition, 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 and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non emerging market and investment grade debt securities respectively. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub-Fund. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 100% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time. 1 In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time.

118 JPMorgan Funds Emerging Markets Investment Grade Bond Fund Reference Currency US Dollar (USD) Benchmark 70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross)/30% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross) Investment Objective To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in Emerging Market investment grade USD denominated debt securities, using financial derivative instruments where appropriate. For the definition of Emerging Markets, please refer to DEFINITIONS section of this Offering Document. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in investment grade USD denominated debt securities 1 issued or guaranteed by Emerging Market governments or their agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, an Emerging Market country. Debt securities will be rated investment grade at the time of purchase. However, as a result of rating downgrade, removal of rating or default of the issuer of such securities after purchase, the Sub-Fund may hold below investment grade and unrated debt securities to a limited extent or may sell such securities. The Sub-Fund will invest in financial derivative instruments to achieve its investment objective. # Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, swap contracts and other fixed income, currency and credit derivatives. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. In principle, a substantial part of the assets of the Sub-Fund will be denominated in or hedged into USD. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* Investor Profile As this bond Sub-Fund invests in Emerging Market investment grade bonds, it is most suited for investors willing to take the extra risks associated with Emerging Market investments in search of higher future returns but wishing to restrict their exposure to investment grade bonds. Investors in the Sub-Fund may therefore use it to complement an existing core bond portfolio invested in government or agency bonds from developed markets. As the assets of the Sub-Fund are in principle denominated in, or hedged into, USD, it may be suitable for investors who wish to benefit from these diversification opportunities whilst limiting foreign exchange risks. Due to the higher volatility of Emerging Market debt securities, investors should have at least a three to five year time horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for Emerging Market and below investment grade debt securities 2. In addition, Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Emerging Market and below investment grade debt securities may also be subject to higher volatility and lower liquidity than non Emerging Market and investment grade debt securities respectively. 1 Investment grade debt securities are rated long term BBB-/Baa3 or above by Fitch, Moody s and/or Standard & Poor s, respectively. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 2 May also be applicable to unrated debt securities. 55

119 The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub-Fund. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 50% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time 3. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time.

120 JPMorgan Funds Global Government Bond Fund Reference Currency Euro (EUR) Benchmark for Hedged Share Classes J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to USD for the USD Hedged Share Classes Investment Objective To achieve a return in line with the benchmark by investing primarily in a portfolio of global government debt securities. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in debt securities issued or guaranteed by governments globally, excluding supranationals, local governments and agencies. Short-term money market instruments, deposits with credit institutions and money market UCITS may be held on an ancillary basis. EUR is the reference currency of the Sub-Fund but assets may be denominated in other currencies and currency exposure may be hedged. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a bond Sub-Fund which offers access to a broad range of global government debt securities. Therefore, the Sub-Fund may be suitable for investors looking for a relatively low risk investment. When added to an equity portfolio, the Sub-Fund can also potentially enhance risk-adjusted returns, offering diversification for equity investors who have little or no bond exposure. Investors should have at least a two to four year investment horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 150% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time. 1 In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 1 The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time. 57

121 JPMorgan Funds US Aggregate Bond Fund Reference Currency US Dollar (USD) Benchmark Barclays US Aggregate Index (Total Return Gross) Benchmark for Hedged Share Classes Barclays US Aggregate Index (Total Return Gross) Hedged to EUR for the EUR Hedged Share Classes Investment Objective To achieve a return in excess of US bond markets by investing primarily in US investment grade debt securities. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in investment grade debt securities issued or guaranteed by the US government or its agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, the US. These may include mortgage-backed securities. The Sub-Fund may invest in below investment grade and unrated debt securities and debt securities from emerging markets. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. The Sub-Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management. # The Sub-Fund may invest in assets denominated in any currency and currency exposure may be hedged. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers. Investor Profile This is a bond Sub-Fund which offers access to a broad range of US investment grade securities, bringing investors enhanced return opportunities and the benefits of effective portfolio diversification. When added to an equity portfolio, the Sub-Fund can also potentially enhance risk-adjusted returns, making it an ideal diversification opportunity for equity investors who have little or no bond exposure. Investors in this Sub-Fund should have at least a two to four year investment horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. Mortgage-backed securities may be highly illiquid, subject to adverse changes to interest rates and to the risk that the payment obligations relating to the underlying asset are not met. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 10% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time. 1 In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. # 1 58 The Sub-Fund invests in financial derivative instruments in a limited extent for investment purpose. The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time.

122 Currency Hedged Share Classes seek to minimise the effect of currency fluctuations between the Reference Currency of the Sub-Fund and that of the relevant Share Class. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund will bear some resemblance to its benchmark. 59

123 JPMorgan Funds US High Yield Plus Bond Fund Reference Currency US Dollar (USD) Benchmark Barclays US Corporate High-Yield 2% Issuer Capped Index (Total Return Gross) Investment Objective To achieve a return in excess of US bond markets by investing primarily in below investment grade USD denominated debt securities, using financial derivative instruments where appropriate. Investment Policy At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in below investment grade USD denominated debt securities 1, issued or guaranteed by companies that are domiciled in, or carrying out the main part of their economic activity, in the US. The Sub-Fund may also invest in USD denominated debt securities issued or guaranteed by companies outside the US. The Sub-Fund will invest in financial derivative instruments to achieve its investment objective. # Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments, mortgage TBAs and swap contracts by private agreement and other fixed income, currency and credit derivatives. The Sub-Fund may invest up to 20% of its total assets in debt securities which are unrated at time of purchase and up to 15% of its total assets in distressed debt securities at time of purchase. The Sub-Fund may hold up to 10% of its total assets in equity securities as a result of company reorganisations 2. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Sub-Fund may also invest in UCITS and other UCIs. USD is the reference currency of the Sub-Fund. However it may have exposure to other currencies and the Sub-Fund will seek to hedge this currency exposure. All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers.* Investor Profile As this Sub-Fund invests in below investment grade debt securities it is most suited for investors willing to accept higher risks in order to potentially generate higher future returns. Investors in the Sub-Fund are likely to use it to complement an existing core bond portfolio invested in lower risk government or agency bonds, in order to gain greater diversification through exposure to the higher return potential of below investment grade debt securities. Because of the higher volatility of below investment grade debt securities, investors should have at least a three to five year investment horizon. 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 debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. These risks are typically increased for below investment grade debt securities 3 which may also be subject to higher volatility and lower liquidity than investment grade debt securities. Further information about ratings can be found in section 4 Risk Factors of this Offering Document. Distressed debt securities are issued by companies in severe financial distress and carry a significant risk of capital loss. 1 Below investment grade debt securities are rated long term below BBB-/Baa3 by Fitch, Moody s and/or Standard & Poor s, respectively. # The Sub-Fund invests in financial derivative instruments to a limited extent for investment purposes. 2 The act of reorganising the legal, ownership, operational, or other structures of a company may result in bonds being converted to equity securities. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 3 May also be applicable to unrated debt securities. 60

124 The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency, which will be determined by the investment manager as at the time of investment 4. The value of financial derivative instruments can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the financial derivative instrument and therefore, investment in such instruments may result in losses in excess of the amount invested by the Sub-Fund. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The global exposure of the Sub-Fund is measured by the relative VaR methodology. The applied reference portfolio is the Sub-Fund s benchmark. The Sub-Fund s expected level of leverage is 50% of the Net Asset Value of the Sub-Fund, although it is possible that leverage might significantly exceed this level from time to time 5. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, as defined in section 2.1 VaR Methodology in Appendix II Investment Restrictions and Powers. The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub- Fund may bear little resemblance to its benchmark. 4 5 Credit research of such securities involves qualitative and quantitative analysis as well as peer group comparison. Ongoing monitoring on such securities is performed by the portfolio management team and a dedicated risk team. The expected level of leverage is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might exceed the expected level temporarily from time to time under a number of circumstances provided the usage of financial derivative instruments is consistent with the Sub-Fund s investment objective and risk profile and complies with its VaR limit. Such circumstances may include, but are not limited to, changes in hedging strategy due to unexpected market movements, adjusting exposures as a result of substantial subscriptions and redemptions and significant changes in market volatility. The expected level of leverage will be updated from time to time. 61

125 3.5 Money Market Sub-Fund JPMorgan Funds US Dollar Money Market Fund This Sub-Fund qualifies as a Short-Term Money Market Fund in accordance with ESMA guidelines reference CESR/ Reference Currency US Dollar (USD) Benchmark BBA 1 Week USD LIBID Investment Objective The Sub-Fund seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity by investing in USD denominated short-term debt securities. Investment Policy The Sub-Fund will invest all of its assets, excluding cash and cash equivalents, in USD denominated short-term 2 debt securities 3. Debt securities with a long-term rating will be rated at least A and debt securities with a short-term rating will be rated at least A-1 by Standard & Poor s or otherwise similarly rated by another independent rating agency 4. The Sub-Fund may also invest in unrated debt securities of comparable credit quality to those specified above 5. The weighted average maturity of the Sub-Fund s investments will not exceed 60 days and the initial or remaining maturity of each debt security will not exceed 397 days at the time of purchase in accordance with Chapter 8.2 of the Code on Unit Trusts and Mutual Funds of the SFC. The Sub-Fund may have exposure to investments in zero or negative yielding 6 securities in adverse market conditions. Cash and cash equivalents may be held on an ancillary basis. Within the investment restrictions contained in Appendix II - Investment Restrictions and Powers and in accordance with Chapter 8.2 of the Code on Unit Trusts and Mutual Funds of the SFC, this Sub-Fund may at any time enter into repurchase agreements, including reverse repurchase agreements, with highly rated financial institutions specialised in this type of transaction. The collateral underlying the repurchase agreements, including reverse repurchase agreements, will also comply with the above credit quality restrictions, although no maturity constraints will apply. 7 All of the above investments will be made in accordance with the limits set out in Appendix II Investment Restrictions and Powers 8.* 1 The Sub-Fund does not have a constant NAV. The Management Company has no obligation to redeem Shares at the offer value. 2 Short-term debt securities also include debt securities for which a long term rating has been assigned by credit rating agencies with a remaining maturity not exceeding 397 days at the time of purchase. 3 These debt securities may be rated by an independent rating agency or unrated. 4 Independent rating agencies include Standard & Poor s, Moody s and Fitch. 5 The Investment Manager assigns an internal credit rating to all debt securities, whether they are rated or unrated by an independent credit rating agency. Credit research of debt securities involves qualitative and quantitative analysis as well as peer group comparison. Ongoing monitoring on debt securities is performed by the portfolio management team and a dedicated risk team. 6 In adverse market conditions, investments in short-term debt securities may generate a zero or negative yield. A short-term debt security may have a negative yield if, for example, the security has a zero coupon (i.e. it is a security that normally earns a positive yield by being purchased at a price below its final maturity value, such as a three month US Treasury Bill) and in adverse market conditions is available for purchase only at a price above its final maturity value. 7 The Sub-Fund will not typically invest more than 30% of its assets in repurchase agreements, including reverse repurchase agreements. All income generated from repurchase transactions, including reverse repurchase agreements, entered into by the Sub-Fund will accrue to the Sub- Fund. The Sub-Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a credit rating of A- or above as rated by Standard & Poor s or otherwise similarly rated by Moody s and Fitch. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The collateral underlying the repurchase agreements, including reverse repurchase agreements, will only include USD denominated short-term debt securities valued greater than or equal to the value of the repurchase agreements, including reverse repurchase agreements. 8 The Sub-Fund does not intend to invest in financial derivative instruments for any purposes. * The Sub-Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 62

126 Specific investment restrictions Further to the provisions 3a) iii), 3a) iv) and 3b) iii) in the main part of the Offering Document under the heading Appendix II Investment Restrictions and Powers, the following additional investment restrictions will apply to allow for public distribution of the Sub-Fund in Hong Kong. The aggregate value of the Sub-Fund's holding of instruments and deposits issued by a single issuer may not exceed 10% of the total net asset value of the Sub-Fund except: (i) (ii) (iii) where the issuer is a substantial financial institution 9 and the total amount does not exceed 10% of the issuer s issued capital and published reserves, the limit may be increased to 25%; or in the case of government and other public securities, up to 30% may be invested in the same issue; or in respect of any deposit of less than USD1,000,000, where the Sub-Fund cannot otherwise diversify as a result of its size. From time to time it may be necessary for the Sub-Fund to borrow on a temporary basis to fund redemption requests or defray operating expenses. The Sub-Fund may borrow on a temporary basis up to 10% of its total Net Asset Value. Investor Profile This Sub-Fund is a liquidity sub-fund that uses high quality money market instruments to enhance returns. Investors in the Sub-Fund are therefore likely to be looking for an alternative to cash deposits for their medium-term or temporary cash investments, including seasonal operating cash for pension funds or the liquidity components of investment portfolios. Risk Profile The value of your investment may fall as well as rise and in adverse market conditions, the Sub-Fund s objective may not be achieved. Shareholders may get back less than they originally invested. In adverse market conditions, the Sub-Fund may invest in zero or negative yielding securities which will have an impact on the return of the Sub-Fund. The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The credit rating assigned by the Investment Manager does not guarantee the credit worthiness of the issuer and such credit rating may be downgraded. Decline in the credit quality of the issuer may adversely affect the valuation of the relevant unrated debt securities and the Sub-Fund. Further information about risks can be found in section 4 Risk Factors of this Offering Document. Additional information The purchase of a Share in the Sub-Fund is not the same as placing funds on deposit with a bank or deposit-taking company, that the Management Company has no obligation to redeem Shares at the offer value and that the Sub- Fund is not subject to the supervision of the Hong Kong Monetary Authority. 9 Substantial financial institution as defined in the Code on Unit Trusts and Mutual Funds of the SFC means financial institution with a minimum paid-up capital of HK$150,000,000 or its equivalent in foreign currency. 63

127 3.6 Risk Management Process The Management Company employs a risk management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each individual Sub-Fund. Furthermore, the Management Company also employs a process for accurate and independent assessment of the value of OTC derivative instruments which is communicated to the CSSF on a regular basis in accordance with Luxembourg Law. The Conducting Person with responsibility for the Portfolio Risk Management is responsible for the risk management process of the Fund. The Conducting Person sets the objectives, approves the procedures and reviews the monitoring reports generated from the risk management or control teams of the Investment Managers of the Sub-Funds. For details relating to the calculation methodology of the global exposures of the Sub-Funds, please refer to the section Financial Derivative Instruments in Appendix II. For the risks associated with the use of financial derivative instruments, please refer to the section entitled 4.8 Derivative Risks for details. Upon request of investors, supplementary information relating to the risk management process is available for inspection between 09:30 and 17:30 on a HK Business Day at the registered office of JPMFAL. 3.7 Additional Investment Policies For All Sub-Funds To the extent described in section 4 b) v) of Appendix II, Investment Restrictions and Powers, the investments of a Sub- Fund may be held indirectly through one or more wholly-owned subsidiaries of the Fund (which are referred to hereafter as the "Subsidiaries"). Therefore, investments of a Sub-Fund may include assets held directly by the Fund and indirectly through Subsidiaries. The Shares in one or more Subsidiaries are not considered to be investments of a Sub-Fund. Consequently, when preparing the Fund's audited annual and unaudited half-yearly reports, the financial results of any Subsidiary will be consolidated with the financial results of the Sub-Fund in relation to which it has been created. 3.8 Additional Information Relating to JPMorgan Funds India Fund The Fund incorporated the JPMorgan SICAV Investment Company (Mauritius) Limited ( the Mauritius Subsidiary ) on 9 August 1995, as a wholly-owned subsidiary. It holds a substantial proportion of the assets of the JPMorgan Funds India Fund to facilitate efficient portfolio management of the assets. The Mauritius Subsidiary has received a tax residence certificate from the Commissioner of Income Tax in Mauritius, on which basis the Mauritius Subsidiary should be entitled to appropriate relief under the India/Mauritius Double Taxation Treaty. The Mauritius Subsidiary makes direct investment in India. There are provisions within the Indian Finance Act 2012 that may impact upon investors into India and further clarification of the interpretation and implementation of any changes arising from these provisions is awaited from the Indian government. The Mauritius Subsidiary is an open-ended private company limited by Shares incorporated under the Mauritius Companies Act 1984 and is now governed by the Companies Act The Mauritius Subsidiary holds a Category 1 Global Business Licence under the Financial Services Development Act The directors of the Mauritius Subsidiary are: Directors Iain O. S. Saunders Pierre Dinan Oliver Hare Peter Thomas Schwicht John Li How Cheong The directors of the Mauritius Subsidiary are responsible for establishing the investment policy and restrictions of the Mauritius Subsidiary and for monitoring its operations. The Mauritius Subsidiary adheres to the investment policy and restrictions contained in this offering document which apply to the JPMorgan Funds India Fund and the Fund on a collective basis. The Mauritius Subsidiary carries out exclusively activities consistent with investment on behalf of the Sub- Fund. 64

128 The Mauritius Subsidiary has appointed CIM Fund Services Limited, Port Louis, Mauritius to provide company secretarial and administrative services, including maintenance of accounts, books and records. CIM Fund Services Limited is incorporated in Mauritius and is licensed by the Mauritius Offshore Business Activities Authority to provide inter alia company management services to offshore companies. All cash, securities and other assets constituting the assets of the Mauritius Subsidiary shall be held under the control of the Custodian on behalf of the Mauritius Subsidiary. The Custodian may entrust the physical custody of securities and other assets, mainly securities traded abroad, listed on a foreign stock market or accepted by clearing institutions for their transactions, to such institutions or to one or more of its banking correspondents. PricewaterhouseCoopers of Cathedral Square, Port Louis, Mauritius have been appointed auditors of the Mauritius Subsidiary. As a wholly-owned subsidiary of the Fund all assets and liabilities, income and expenses of the Mauritius Subsidiary are consolidated in the statement of net assets and operations of the Fund. All investments held by the Mauritius Subsidiary are disclosed in the accounts of the Fund. The use of the Mauritius Subsidiary and the tax treatment it is afforded is based on the law and practice currently in force in the relevant countries as understood by the Directors after making all reasonable enquiries. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes any circumstances where the India/Mauritius Double Taxation Treaty may not or ceases to be applied, resulting from, inter alia, any future ruling by the Indian tax authorities. The Indian government has released an official statement whereby it has confirmed that the Indian tax authorities should accept a registration certificate issued by the Mauritian government as proof of an investor s residence, thus making investments routed through Mauritius not liable to local Indian capital gains tax. Should, the Indian government change its position and the treaty not be applied, interest on securities listed on an Indian stock exchange (earned by the Mauritius Subsidiary being treated as a Foreign Institutional Investor) would be subject to tax at a rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0% or 15% in respect of listed securities depending on the length of time the relevant investment has been held. The Indian market has the characteristics of an emerging market. It is recommended that investors read carefully section 4 of this Offering Document entitled Risk Factors and in particular section 4.20 Emerging and Less Developed Markets. In addition, investors should note that settlement of securities is still in part in physical form and that the Mauritius Subsidiary may experience difficulties in the registration of securities purchased. 4 RISK FACTORS 4.1 General The following statements are intended to inform investors of the uncertainties and risks associated with investments and transactions in transferable securities and other financial instruments. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Past performance is not necessarily a guide to future performance and Shares should be regarded as a medium to long-term investment. Where the currency of the relevant Sub-Fund varies from the investor s home currency, or where the currency of the relevant Sub-Fund varies from the currencies of the markets in which the Sub-Fund invests, there is the prospect of additional loss (or the prospect of additional gain) to the investor greater than the usual risks of investment. 4.2 Regulatory The Fund is governed by EU legislation, specifically EC Directive 2001/107 and 108, and is a Luxembourg domiciled UCITS. Investors should note that the regulatory protections provided by their local regulatory authorities may differ or may not apply. Investors should consult their financial or other professional adviser for further information in this area. 4.3 Investment Objective Investors should be fully aware of the investment objectives of the Sub-Funds as these may state that the Sub-Funds may invest on a limited basis in areas which are not naturally associated with the name of the Sub-Fund. These other markets and/or assets may act with more or less volatility than the core investments and performance will, in part, be dependent on these investments. All investments involve risks and there can be no guarantee against loss resulting from an investment in any Shares, nor can there be any assurance that a Sub-Fund s investment objectives will be attained in respect of its overall performance. Investors should therefore ensure (prior to any investment being made) that they are satisfied with the risk profile of the overall objectives disclosed. 65

129 4.4 Investor Profile Investors should be aware that the Investor Profile section included for each Sub-Fund in section 3 of this Offering Document is for indicative purposes only. Before making an investment, investors should consider carefully the information contained in the Offering Document. Investors should consider their own personal circumstances including their level of risk tolerance, financial circumstances and investment objectives. Prospective investors should consult with their legal, tax and financial advisors before making any decision to invest in the Fund. 4.5 Suspension of Share Dealings Investors are reminded that in certain circumstances their right to redeem Shares may be suspended (see section 7.6 Suspension of Dealing ). 4.6 Warrants When the Fund invests in warrants, the values of these warrants are likely to fluctuate more than the prices of the underlying securities because of the greater volatility of warrant prices. 4.7 Futures and Options Under certain conditions, the Fund may use options and futures on securities, indices and interest rates, as described in Appendix II - Investment Restrictions and Powers for the purpose of efficient portfolio management. Also, where appropriate, the Fund may hedge market currency and interest rate risks using futures, options or forward foreign exchange contracts. There is no guarantee that hedging techniques will achieve the desired result. In order to facilitate efficient portfolio management and to better replicate the performance of the benchmark, the Fund may finally, for a purpose other than hedging, invest in derivative instruments. The Fund may only invest within the limits set out in Appendix II - Investment Restrictions and Powers. Transactions in futures carry a high degree of risk. The amount of the initial margin is small relative to the value of the futures contract so that transactions are leveraged or geared. A relatively small market movement will have a proportionately larger impact which may work for or against the investor. The placing of certain orders which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Transactions in options also carry a high degree of risk. Selling ( writing or granting ) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obliged either to settle the option in cash or to acquire or deliver the underlying investment. If the option is covered by the seller holding a corresponding position in the underlying investment or a future on another option, the risk may be reduced. 4.8 Derivative Risks Leverage Risk Due to the low margin deposits normally required in trading financial derivative instruments, an extremely high degree of leverage is typical for trading in financial derivative instruments. As a result, a relatively small price movement in a derivative contract may result in substantial losses to the investor. Investment in derivative transactions may result in losses in excess of the amount invested. Short Selling Risk Certain Sub-Funds may take short positions on a security through the use of financial derivative instruments in the expectation that their value will fall in the open market. The possible loss from taking a short position on a security differs from the loss that could be incurred from a cash investment in the security; the former may be unlimited as there is no restriction on the price to which a security may rise, whereas the latter cannot exceed the total amount of the cash investment. The short selling of investments may also be subject to changes in regulations, which could impose restrictions that could adversely impact returns to investors. Risk of Trading Credit Default Swaps ( CDS ) The price at which a CDS trades may differ from the price of CDS referenced security. In adverse market conditions, the basis (difference between the spread on bonds and the spread of CDS) can be significantly more volatile than the CDS referenced securities. 66

130 Particular Risks of Exchange Traded Derivative Transactions Suspensions of Trading Each securities exchange or commodities contract market typically has the right to suspend or limit trading in all securities or commodities which it lists. Such a suspension would render it impossible for the Sub-Funds, to liquidate positions and, accordingly, expose the Fund to losses and delays in its ability to redeem Shares. Particular Risks of OTC Derivative Transactions Absence of regulation; counterparty default In general, there is less governmental regulation and supervision of transactions in the OTC markets (in which currencies, forward, spot and option contracts, credit default swaps, total return swaps and certain options on currencies are generally traded) than of transactions entered into on organised exchanges. In addition, many of the protections afforded to participants on some organised exchanges, such as the performance guarantee of an exchange clearinghouse, may not be available in connection with OTC transactions. Therefore, any Sub-Fund entering into OTC transactions will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Sub-Fund will sustain losses. The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy, and may reduce the exposure incurred in connection with such transactions through the receipt of letters of credit or collateral from certain counterparties. Regardless of the measures the Fund may seek to implement to reduce counterparty credit risk, however, there can be no assurance that a counterparty will not default or that the Fund and Shareholders will not sustain losses as a result. Liquidity; requirement to perform From time to time, the counterparties with which the Fund effects transactions might cease making markets or quoting prices in certain of the instruments. In such instances, the Fund might be unable to enter into a desired transaction in currencies, credit default swaps or total return swaps or to enter into an offsetting transaction with respect to an open position, which might adversely affect its performance. Further, in contrast to exchange-traded instruments, forward, spot and option contracts on currencies do not provide the Investment Manager with the possibility to offset the Fund s obligations through an equal and opposite transaction. For this reason, in entering into forward, spot or options contracts, the Fund may be required, and must be able, to perform its obligations under the contracts. Necessity for counterparty trading relationships As noted above, participants in the OTC market typically enter into transactions only with those counterparties which they believe to be sufficiently creditworthy, unless the counterparty provides margin, collateral, letters of credit or other credit enhancements. The Fund may, but does not currently intend to, enter into transactions on the basis of credit facilities established on behalf of any company within JPMorgan Chase & Co. While the Fund and the Investment Manager believe that the Fund will be able to establish multiple counterparty business relationships to permit the Fund to effect transactions in the OTC market and other counterparty markets (including credit default swaps, total return swaps and other swaps market as applicable), there can be no assurance that it will be able to do so. An inability to establish or maintain such relationships would potentially increase the Fund s counterparty credit risk, limit its operations and could require the Fund to cease investment operations or conduct a substantial portion of such operations in the futures markets. Moreover, the counterparties with which the Fund expects to establish such relationships will not be obligated to maintain the credit lines extended to the Fund, and such counterparties could decide to reduce or terminate such credit lines at their discretion. 4.9 Sub-Funds Investing in Commodity Index Instruments Investments which grant an exposure to commodities involve additional risks than those resulting from traditional investments. More specifically, political, military and natural events may influence the production and trading of commodities and, as a consequence, influence financial instruments which grant exposure to commodities; terrorism and other criminal activities may have an influence on the availability of commodities and therefore also negatively impact financial instruments which grant exposure to commodities Sub-Funds Investing in Smaller Companies Sub-Funds which invest in smaller companies may fluctuate in value more than other Sub-Funds because of the greater potential volatility of share prices of smaller companies Sub-Funds Investing in Technology Related Companies Sub-Funds which invest in technology related companies may fluctuate in value more than other Sub-Funds because of the greater potential volatility of share prices of technology related companies. 67

131 4.12 Sub-Funds Investing in Concentrated Portfolios Sub-Funds which invest in a concentrated portfolio may be subject to greater volatility than those Sub-Funds with a more diversified portfolio Sub-Funds Investing in Global Natural Resources and Mining Companies Stocks Sub-Funds which invest in global natural resources and mining companies stocks may be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. They may also be affected by changes in energy prices, international political and economic developments, terrorists attacks, clean-up and litigation costs relating to oil spills and environmental damage, reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, changes in commodity prices, tax and other government regulations and interventions. Global natural resources stocks are also influenced by, inter alia, interest rates, trade, fiscal, monetary policies and foreign exchange controls. Mining companies stock may be affected by the varying expected life spans of the mines. Securities of mining companies that have mines with a short expected life span may experience greater price volatility than those that have a long expected life span Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) Certain Sub-Funds may have exposure to a wide range of asset backed securities (including asset pools in credit card loans, auto loans, residential and commercial mortgage loans, collateralised mortgage obligations and collateralised debt obligations), agency mortgage pass-through securities and covered bonds. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other fixed income securities such as government issued bonds. ABS and MBS are securities that entitle the holders thereof to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets such as residential or commercial mortgages, motor vehicle loans or credit cards. ABS and MBS are often exposed to extension and prepayment risks that may have a substantial impact on the timing and size of the cashflows paid by the securities and may negatively impact the returns of the securities. The average life of each individual security may be affected by a large number of factors such as the existence and frequency of exercise of any optional redemption and mandatory prepayment, the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets High Yield Bonds Investment in debt securities is subject to interest rate, sector, security and credit risks. Compared to investment grade bonds, high yield bonds are normally lower-rated securities (not qualified as investment grade bonds as defined below) and will usually offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Some Sub-Funds may invest substantially in high yield bonds, which are typically rated below investment grade or are unrated and as such are often subject to a higher risk of issuer default. During economic downturns such high yield bonds typically fall more in value than investment grade bonds as (i) investors become more risk averse and (ii) default risk rises. In addition, the Net Asset Value of a Sub-Fund that invests in high yield bonds may decline or be negatively affected if there is a default of any of the high yield bonds that it invests in or if interest rates change Investment Grade Bonds Certain Sub-Funds may invest in investment grade bonds. Investment grade bonds are assigned ratings within the top rating categories by rating agencies (rated long term BBB-/Baa3 or above by Fitch, Moody s and/or Standard & Poor s, respectively) on the basis of the creditworthiness or risk of default of a bond issue. Rating agencies review, from time to time, such assigned ratings and bonds may therefore be downgraded in rating if economic circumstances impact the relevant bond issues Sub-Funds Investing in Participation Notes Participation Notes are a type of equity-linked structured product involving an OTC transaction with a third party. Therefore Sub-Funds investing in Participation Notes are exposed not only to movements in the value of the underlying equity, but also to the risk of counterparty default, which may in the event of counterparty default result in the loss of the full market value of the equity. 68

132 4.18 Depository Receipts Investment into a given country may be made via direct investments into that market or by depository receipts traded on other international exchanges in order to benefit from increased liquidity in a particular security and other advantages. A depository receipt admitted to the official listing on a stock exchange in an Eligible State or traded on a Regulated Market may be deemed an eligible transferable security regardless of the eligibility of the market in which the security to which it relates normally trades Listing Where the Shares are listed, the exchanges on which those Shares are listed take no responsibility for the contents of this document, make no representations as to its accuracy or completeness and expressly disclaim any liability whatsoever for any kind of loss arising from or in reliance upon any part of the contents of this document. This Offering Document will include particulars given in compliance with the Listing Regulations of any exchange on which the Shares may be listed for the purpose of giving information with regard to the Fund. The Directors collectively and individually accept full responsibility for the accuracy of the information contained in this Offering Document and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief there are no other facts the omission of which would make any statement herein misleading Emerging and Less Developed Markets In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing but there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Investments in emerging and less developed markets should be made only by sophisticated investors or professionals who have independent knowledge of the relevant markets, are able to consider and weigh the various risks presented by such investments, and have the financial resources necessary to bear the substantial risk of loss of investment in such investments. Countries with emerging and less developed markets include, but are not limited to (1) countries that have an emerging stock market in a developing economy as defined by the International Finance Corporation, (2) countries that have low or middle income economies according to the World Bank, and (3) countries listed in World Bank publication as developing. The list of emerging and less developed markets is subject to continuous change; broadly they include any country or region other than the United States of America, Canada, Japan, Australia, New Zealand and Western Europe. The following statements are intended to illustrate the risks which in varying degrees are present when investing in emerging and less developed markets. Investors should note that the statements do not offer advice on suitability of investments. (A) Political and Economic Risks Economic and/or political instability could lead to legal, fiscal and regulatory changes or the reversal of legal/fiscal/ regulatory/market reforms. Assets could be compulsorily re-acquired without adequate compensation. Administrative risks may result in the imposition of restrictions on the free movement of capital. A country s external debt position could lead to sudden imposition of taxes or exchange controls. High interest and inflation rates can mean that businesses have difficulty in obtaining working capital. Local management may be inexperienced in operating companies in free market conditions. A country may be heavily dependent on its commodity and natural resource exports and is therefore vulnerable to weaknesses in world prices for these products. (B) Legal Environment The interpretation and application of decrees and legislative acts can be often contradictory and uncertain particularly in respect of matters relating to taxation. Legislation could be imposed retrospectively or may be issued in the form of internal regulations not generally available to the public. Judicial independence and political neutrality cannot be guaranteed. State bodies and judges may not adhere to the requirements of the law and the relevant contract. There is no certainty that investors will be compensated in full or at all for any damage incurred. Recourse through the legal system may be lengthy and protracted. 69

133 (C) Accounting Practices The accounting, auditing and financial reporting system may not accord with international standards. Even when reports have been brought into line with international standards, they may not always contain correct information. Obligations on companies to publish financial information may also be limited. (D) Shareholder Risk Existing legislation may not yet be adequately developed to protect the rights of minority shareholders. There is generally no concept of any fiduciary duty to shareholders on the part of management. Liability for violation of what shareholder rights there are, may be limited. (E) Market and Settlement Risks The securities markets in some countries lack the liquidity, efficiency and regulatory and supervisory controls of more developed markets. Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by a Sub-Fund may make it difficult to assess reliably the market value of assets. The share register may not be properly maintained and the ownership or interest may not be (or remain) fully protected. Registration of securities may be subject to delay and during the period of delay it may be difficult to prove beneficial ownership of the securities. The provision for custody of assets may be less developed than in other more mature markets and thus provides an additional level of risk for the Sub-Funds. Settlement procedures may be less developed and still be in physical as well as in dematerialised form. (F) Price Movement and Performance Factors affecting the value of securities in some markets cannot easily be determined. Investment in securities in some markets carries a high degree of risk and the value of such investments may decline or be reduced to zero. (G) Currency Risk Conversion into foreign currency or transfer from some markets of proceeds received from the sale of securities cannot be guaranteed. Investors might be exposed to currency risk when investing in Share Classes that are not hedged to the investors reference currency. Exchange rate fluctuations may also occur between the trade date for a transaction and the date on which the currency is acquired to meet settlement obligations. (H) Taxation Investors should note in particular that the proceeds from the sale of securities in some markets or the receipt of any dividends and other income may be or may become subject to tax, levies, duties or other fees or charges imposed by the authorities in that market, including taxation levied by withholding at source. Tax law and practice in certain countries into which the Fund invests or may invest in the future (in particular Russia, China and other emerging markets) is not clearly established. It is therefore possible that the current interpretation of the law or understanding of practice might change, or that the law might be changed with retrospective effect. As a result, the Fund could become subject to additional taxation in such countries that is not anticipated either at the date of this Offering Document or when investments are made, valued or disposed of. Investors should be aware that there is a Brazilian Presidential Decree in force, as amended from time to time, detailing the current IOF tax rate (Tax on Financial Operations), that applies to foreign exchange inflows and outflows. The Brazilian government may change the applicable rate at any time and without prior notification. The application of the IOF tax will reduce the Net Asset Value per Share. (I) Execution and Counterparty Risk In some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. 70

134 (J) Nomineeship The legislative framework in some markets is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. Consequently the courts in such markets may consider that any nominee or custodian as registered holder of securities would have full ownership thereof and that a beneficial owner may have no rights whatsoever in respect thereof Investment in Russia The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian Securities Market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. The Sub-Funds may invest in securities listed on the Russian Trading System (RTS) Stock Exchange and on the Moscow Interbank Currency Exchange in Russia, which are classified as Regulated Markets. Until such time that they become Regulated Markets, the Sub-Fund will limit any direct investment in securities traded on the non-regulated Markets of the Commonwealth of Independent States (together with any other securities not traded on a Regulated Market) to 10% of its net assets. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities, and counterparty exposure. In addition, Russian securities have an increased custodial risk associated with them as such securities are, in accordance with market practice, held in custody with Russian institutions which may not have adequate insurance coverage to cover loss due to theft, destruction or default Investment in Real Estate Investments in equity securities issued by companies which are principally engaged in the business of real estate will subject the strategy to risks associated with the direct ownership of real estate. These risks include, among others, possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition; property taxes and transaction, operating and foreclosure expenses; changes in zoning laws; costs resulting from the clean up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters and acts of terrorism; limitations on and variations in rents; and changes in interest rates. The strategy may invest in securities of small to mid-size companies which may trade in lower volumes and be less liquid than the securities of larger, more established companies, there are therefore risks of fluctuations in value due to the greater potential volatility in share prices of smaller companies (see Sub-Funds Investing in Smaller Companies, section 4.10 of this Offering Document) Reverse Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as purchaser In the event of the failure of the counterparty with which cash has been placed, there is the risk that the value of the collateral received may be less than the cash placed out which may be due to factors including inaccurate pricing of the collateral, adverse market movements in the value of the collateral, a deterioration in the credit rating of the issuer of the collateral, or the illiquidity of the market in which the collateral is traded. Locking cash in transactions of significant size or duration, delays in recovering cash placed out, or difficulty in realising collateral may restrict the ability of the Sub-Fund to meet redemption requests or fund security purchases Repurchase Agreements and sale with right of repurchase transactions in which the Fund acts as seller In the event of the failure of the counterparty with which collateral has been placed, there is the risk that the value of the collateral placed with the counterparty is higher than the cash originally received, which may be due to factors including that the value of the collateral placed usually exceeds the cash received, market appreciation of the value of the collateral, or an improvement in the credit rating of the issuer of the collateral. Locking investment positions in transactions of significant size or duration, or delays in recovering collateral placed out, may restrict the ability of the Sub-Fund to meet delivery obligations under security sales or payment obligations arising from redemptions requests Securities Lending Securities lending involves counterparty risk, including the risk that the loaned securities may not be returned or returned in a timely manner if the borrower defaults, and that the rights to the collateral are lost if the lending agent defaults. Should the borrower of securities fail to return securities lent by a Sub-Fund, there is a risk that the collateral received may be realised at a value lower than the value of the securities lent out, whether due to inaccurate pricing of the collateral, 71

135 72 adverse market movements in the value of the collateral, a deterioration in the credit rating of the issuer of the collateral, or the illiquidity of the market in which the collateral is traded. As a Sub-Fund may reinvest the cash collateral received from borrowers, there is a risk that the value on return of the reinvested cash collateral may decline below the amount owed to those borrowers. Delays in the return of securities on loan may restrict the ability of the Sub-Fund to meet delivery obligations under security sales or payment obligations arising from redemption requests Early Termination Whilst the Fund has been established for an unlimited period, the Fund, a Sub-Fund or certain Share Classes may be liquidated or merged under certain circumstances which are detailed further under section 11 TERMINATION of this Offering Document. The costs and expenses of any such liquidation or merger will be borne by the Fund or relevant Sub-Fund or Share Class up to the fixed level of Operating and Administrative Expenses as specified in Appendix I. Any unamortised costs of the terminating sub-fund will be charged as expense in full against the assets of the sub-fund. Also, the amount distributed to Shareholders may be less than their original investment Investment in China Under the prevailing regulations in the People s Republic of China ( PRC ), foreign investors can invest in China A Shares through institutions that have obtained Qualified Foreign Institutional Investor ( QFII ) status in the PRC. The current QFII regulations impose strict restrictions (including rules on investment restrictions, minimum investment holding period and repatriation of principle and profits) on China A Share investment. In extreme circumstances, the Sub-Funds may incur losses due to limited investment capabilities, or may not be able to fully implement or pursue its investment objectives or strategy, due to QFII investment restrictions, illiquidity of the China A Shares market, and/or delay or disruption in execution of trades or in settlement of trades. Investments by Sub-Funds in China A Shares and other permissible securities denominated in Renminbi will be made through the QFII in Renminbi. Such Sub-Funds and Share Classes will be exposed to any fluctuation in the exchange rate between the Reference Currency of the relevant Sub-Fund and the Renminbi in respect of such investments Balance Sheet Risk Risk of accounting loss that does not directly affect the income statement (profit and loss account) and cash flow statement of a firm to which the Sub-Fund has exposure to. For example, a risk of loss caused by the devaluation of a foreign currency asset (or from revaluation of foreign currency liabilities) shown on the firm s balance sheet. There would not be any direct impact on the Sub-Fund unless such a loss occurred and impacted the valuation of the firm to which the Sub-Fund has exposure Interest Rates Risk Interest rates in the countries in which the Sub-Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Sub-Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes Credit Risk If the issuer of any of the securities in which the Sub-Fund s assets are invested defaults, the performance of the Sub-Fund will be adversely affected and the Sub-Fund could suffer substantial loss. For fixed income securities, a default on interest or principal may adversely impact the performance of the Sub-Funds Risks related to the Eurozone Sovereign Debt Crisis Some Sub-Funds may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Sub-Funds investments in the region may be more volatile. The performance of the Sub-Funds may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country Hedging Risk The Sub-Funds may use hedging techniques to attempt to offset market and currency risk. There is no guarantee that hedging techniques will achieve the desired result.

136 4.33 Dividends Share Classes which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Share Classes which pay dividends may also at their discretion pay dividends out of gross income while charging all or part of the relevant Share Class s fees and expenses to the capital of that Share Class, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the Net Asset Value per Share, and a reduction in the potential for long-term capital growth. (A) (dist) and (inc) Share Classes (dist) Share Classes pay dividends which at least meet the greater of the reportable income under the United Kingdom tax legislation relating to offshore funds or the taxable earnings from investments in accordance with the German Investment Tax Act. (inc) Share Classes pay dividends which meet the taxable earnings from investments in accordance with the German Investment Tax Act. This can result in the payment of dividends from capital as well as from investment income, and realised and unrealised capital gains. (B) (mth) Share Classes (mth) Share Classes give priority to dividends, rather than to capital growth. In calculating the dividend rate, the Annual Management and Advisory Fee and the Operating and Administrative Expenses will be reflected only in the capital value of the Shares and will not reduce the dividend paid. (C) (irc) Share Classes Investors should be aware of the uncertainty of interest and FX forward rates which are subject to change and this will have an impact on the return of the (irc) Share Class. This Share Class gives priority to dividends, rather than to capital growth and will typically distribute more than the income received by the Sub-Fund. As such, dividends may be paid out of capital, resulting in greater erosion of the capital invested than other Share Classes. If the interest rate of the Reference Currency of the (irc) Share Class is equal to or lower than the interest rate of the Reference Currency of the Sub-Fund, the interest rate carry is likely to be negative. Such negative interest rate carry will be deducted from the estimated gross yield for the (irc) Share Class. This will have an impact on the dividend paid by this Share Class which could ultimately result in no dividend being paid. The Net Asset Value of "(irc)" Share Classes may fluctuate more than and may significantly differ from other Share Classes due to a more frequent distribution of dividends and the fluctuation of the interest rate differential between the Reference Currency of the Share Class and the Reference Currency of the Sub-Fund. Investors should be aware that the (irc) dividend policy will only be offered as part of a Currency Hedged Share Class and therefore the risks associated with Currency Hedged Share Classes are also applicable to this Share Class. These can be found in the relevant subsection of this section 4. Investors in the (irc) Share Class may therefore have exposure to currencies other than the currency of their share class. Dividends may be paid out of capital. Where investors are subject to lower tax rates on capital gains than on dividends the (irc) Share Classes may be tax inefficient in certain countries. Investors should consult their local tax adviser about their own tax position before investing in (irc) Share Classes Currency Hedged Share Classes Investors should be aware that, whilst the intention will be to hedge the value of the net assets in the Reference Currency of the Sub-Fund or the currency exposure of certain (but not necessarily all) assets of the relevant Sub-Fund into either the Reference Currency of the Currency Hedged Share Class, or into an alternative currency, the currency hedging process may not give a precise hedge. Furthermore, there is no guarantee that the hedging will be totally successful. Investors in the Currency Hedged Share Classes may have exposure to currencies other than the currency of their Share Class and may also be exposed to the risks associated with the instruments used in the hedging process. 73

137 4.35 Risks in relation to Sub-Funds Investing in Debt Securities Sub-Funds investing in debt securities such as bonds may be affected by credit quality considerations and changes to prevailing interest rates. The issuer of a bond or other debt security (including, but not limited to, governments and their agencies, state and provincial governmental entities, supranationals and companies) may default on its obligations by failing to make payments due, or repay principal and interest in a timely manner which will affect the value of debt securities held by the Sub-Fund. Debt securities are particularly susceptible to interest rate changes and may experience significant price volatility. If interest rates increase, the value of a Sub-Fund s investments generally declines. In a historically low interest environment, risks associated with rising interest rates are heightened. On the other hand, if interest rates fall, the value of the investments generally increases. Securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Debt securities can be rated investment grade or below investment grade. Such ratings are assigned by independent rating agencies (e.g. Fitch, Moody s and/or Standard & Poor s) on the basis of the creditworthiness of the issuer or of a bond issue. Rating agencies review, from time to time, such assigned ratings and debt securities may therefore be downgraded in rating if economic circumstances impact the relevant bond issues. Below investment grade debt securities have a lower credit rating (rated long term below BBB-/Baa3 by Fitch, Moody s and/or Standard & Poor s, respectively) than investment grade debt securities and therefore will typically have a higher credit risk (i.e. risk of default, interest rate risk) and may also be subject to higher volatility and lower liquidity than investment grade debt securities. Changes to the financial condition of the issuer of the securities caused by economic, political or other reasons may adversely affect the value of debt securities and therefore the performance of the Sub-Funds. This may also affect a debt security s liquidity and make it difficult for a Sub-Fund to sell the debt security. It is possible that credit markets will experience a lack of liquidity during the term of a Sub-Fund which may result in higher default rates than anticipated on the bonds and other debt securities Investments in Government Debt Securities Certain Sub-Funds may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a Sub-Fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. There are increasing concerns regarding the ability of multiple sovereign states to continue to meet their debt obligations. This has led to the downgrading of the credit rating of certain European governments and the US government. Global economies are highly dependent on each other and the consequences of the default of any sovereign state may be severe and far-reaching and could result in substantial losses to the Sub-Fund and the investor Risks related to the Sovereign Debt crisis Certain Sub-Funds may invest substantially in Sovereign Debt. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries, a Sub-Fund s investment in Sovereign Debt may be more volatile. The performance of the Sub-Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any country Investments in Debt Securities of Financial Institutions Certain financial institutions may be adversely affected by market events and could be forced into restructurings, mergers with other financial institutions, nationalised (whether in part or in full), be subject to government intervention or become bankrupt or insolvent. All of these events may have an adverse effect on a Sub-Fund and may result in the disruption or complete cancellation of payments to the Sub-Fund. Such events may also trigger a crisis in global credit markets and may have a significant effect on a Sub-Fund and its assets. Prospective investors should note that a Sub-Fund s investments may include bonds and other debt securities that constitute subordinated obligations of such institutions. Upon the occurrence of any of the events outlined above the claims of any holder of such subordinated securities shall rank behind in priority to the claims of senior creditors of such institution. No payments will be made to the Sub-Fund in respect of any holdings of such subordinated bonds or debt securities until the claims of the senior creditors have been satisfied or provided for in full. 74

138 4.39 Unrated Bonds Certain Sub-Funds may invest in debt securities which do not have a rating issued by an independent rating agency. In such instances, the credit worthiness of such securities will be determined by the investment manager as at the time of investment. Investment in an unrated debt security will be subject to those risks of a rated debt security of comparable quality. For example, an unrated debt security of comparable quality to a debt security rated below investment grade will be subject to the same risks as a below investment grade rated security Investments in UCITS and UCIs As any Sub-Fund may invest some or all of its assets in UCITS and UCIs, (the Underlying Funds ), the risks identified in this section will apply whether a Sub-Fund invests directly or indirectly through the Underlying Funds. Investment decisions in respect of the Underlying Funds will be made independently of the Sub-Fund and it is possible that certain Underlying Funds may invest in the same security or in issues of the same asset class, industry, currency, country or commodity at the same time. Accordingly, there can be no assurance that effective diversification of the Sub-Fund s portfolio will always be achieved. Underlying Funds will be subject to certain fees and other expenses, which will be reflected in the Net Asset Value of the Sub-Fund. However where a Sub-Fund invests in Underlying Funds managed by the Management Company, the Investment Managers or any other member of JPMorgan Chase & Co. there will be no duplication of initial charge, switching or redemption charges, Annual Management and Advisory Fees, or Operating and Administrative Expenses. The foregoing risk factors are indicative of those risks involved in investing in the Shares. Prospective investors should read the entire Offering Document and consult their legal, tax and financial advisors before making any decision to invest in the Fund. 5 DISTRIBUTION POLICY Share Classes with the suffix (acc) are accumulation Share Classes and will not normally pay dividends. Distribution Share Classes will normally pay dividends as described below. Declaration of Dividends Dividends will either be declared as annual dividends by the Annual General Meeting of Shareholders or as interim dividends by the Board of Directors. Dividends may be paid by the Fund more frequently in respect of some or all Share Classes, from time to time, or be paid at different times of the year to those listed below, as deemed appropriate by the Directors. The declaration and payment of dividends is subject to the dividend policy referred to below. Different categories of distributing Shares Classes Share Classes suffixed (dist) and suffixed (inc) It is intended that all those Share Classes with the suffix (dist) will meet the conditions to qualify as reporting for the purposes of the United Kingdom tax legislation relating to offshore funds, and will, if appropriate, pay dividends which at least meet the greater of the reportable income under that legislation or the taxable earnings from investments in accordance with the German Investment Tax Act. It is intended that all those Share Classes with the suffix (inc) will, if appropriate, pay dividends equal to or in excess of the taxable earnings from investments in accordance with the German Investment Tax Act. Unless otherwise stated in Section 3 - Investment Objectives and Policies, payment of dividends on these Share Classes will normally be made in September of each year. Share Classes with the suffix (dist) or (inc) in issue at the dividend record date will be eligible for any dividends, which will normally be reinvested. Shareholders in these Share Classes may inform JPMFAL in writing to receive a dividend payment, in which case payment will normally be made in the currency of the relevant Share Class by cheque and sent to the Shareholder s address by ordinary mail. Notwithstanding any such written instructions, any distributions of US$250 75

139 or less, or the equivalent amount in another currency, will normally be automatically reinvested in further Shares of the same Sub-Fund without further reference to the Investor. Such further Shares will be purchased as soon as practicable and normally on the distribution date, or if not a HK Dealing Day, on the next HK Dealing Day at the relevant Net Asset Value per Share. No initial charge will be levied on the reinvestment of distributions. In the event that an Investor redeems or switches his/her entire holding of a Sub-Fund before the actual payment date of any distributions, JPMFAL will redeem the reinvested shares on the actual payment date and pay the redemption proceeds to the Investor in cash if the reinvested shares do not meet the relevant minimum holding requirement. Dividends to be reinvested will be reinvested on behalf of Shareholders in additional Shares of the same Share Class. Such Shares will be issued on the payment date at the Net Asset Value per Share of the relevant Share Class. Fractional entitlements to registered Shares will be rounded to three decimal places. Share Classes suffixed (mth) Share Classes with the suffix (mth) will be available to investors subscribing, and remaining subscribed, through specific Asian distribution networks and to other investors at the sole discretion of the Management Company. Unless otherwise stated in section 3 of this Offering Document, Share Classes with the suffix (mth) will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio s expected yield. Investors should be aware that (mth) Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend payments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class. The Management Company reserves the right to fix a minimum amount per Share Class, below which the actual payment of the dividend would not be economically efficient for the Fund. These payments will be deferred to the following month or reinvested in further Shares of the same Share Class and not paid directly to the Shareholders. The Net Asset Value of (mth) Share Classes may fluctuate more than other Share Classes due to more frequent distribution of income. Share Classes suffixed (irc) Share Classes with the suffix (irc) will be available to investors subscribing, and remaining subscribed, through specific Asian distribution networks and to other investors at the sole discretion of the Management Company. Investors should be aware that the (irc) dividend policy will only be offered as part of a Currency Hedged Share Class and is intended for investors whose currency of investment is the Reference Currency of the Share Class they are investing in. Share Classes with the suffix (irc) will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculated by the Management Company based on the estimated gross annual yield of the relevant Sub-Fund s portfolio attributable to that Share Class, which is revised at least semiannually; and the addition or deduction of, the estimated interest rate carry depending on whether such carry is positive or negative respectively. The expected yield for each (irc) Share Class will be calculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses. The interest rate carry is based on the approximate interest rate differential between the Reference Currency of the (irc) Share Class and the Reference Currency of the Sub-Fund resulting from a currency hedging strategy. The interest rate carry is calculated using the average daily differential of the 1 month FX forward rate and the spot rate between these two currencies of the preceding calendar month. Dividend payments for the (irc) Share Class will normally be made to Shareholders each month in the currency of the relevant Share Class. All costs and expenses incurred from the currency transactions will be borne on a pro rata basis by the (irc) Share Classes issued within the same Sub-Fund. The Management Company reserves the right to fix a minimum amount per Share Class, below which the actual payment of the dividend would not be economically efficient for the Share Class. These payments will be deferred to the following month or reinvested in further Shares of the same Share Class and not paid directly to the Shareholders. 76

140 Investors should be aware that (irc) Share Classes give priority to dividends, rather than to capital growth and will typically distribute more than the income received by the Sub-Fund. As such, dividends may be paid out of capital, resulting in erosion of the capital invested. In addition, any negative interest rate carry will be deducted from the estimated gross yield for the (irc) Share Class. This will have an impact on the dividend paid by this Share Class which could ultimately result in no dividend being paid. Authentication Procedure The Management Company may at its discretion carry out any authentication procedures that it considers appropriate relating to dividend payments. This aims to mitigate the risk of error and fraud for the Fund, its agents or Shareholders. Where it has not been possible to complete any authentication procedures to its satisfaction, the Management Company may delay the processing of payment instructions to a date later than the envisaged dividend payment date when authentication procedures have been satisfied. If the Management Company is not satisfied with any verification or confirmation, it may decline to execute the relevant dividend payment until satisfaction is obtained. Neither the Management Company nor the Fund shall be held responsible to the Shareholder or anyone if it delays execution or declines to execute dividend payments in these circumstances. Dividends remaining unclaimed five years after the dividend record date will be forfeited and will accrue for the benefit of the relevant Sub-Fund. Dividends due on bearer Shares will be distributed. Other Information The Sub-Funds may at their discretion pay dividends out of capital. The Sub-Funds may also at their discretion pay dividends out of gross income while charging all or part of the relevant Sub-Fund s fees and expenses to the capital of that Sub-Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, Share Classes of the Sub-Funds which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the Net Asset Value per Share. Composition of the distributions (i.e. the percentages of distribution being made out of the income and capital) for the last 12 months* are available from the Hong Kong Representative upon request and at the website +. The Management Company has the sole and absolute discretion to amend the distribution policy, subject to the SFC s prior approval and one month s prior notice to the relevant investors. 6 CALCULATION OF PRICES 6.1 Net Asset Value per Share The Net Asset Value per Share of each Share Class will be calculated on each JPMFs Valuation Day in the currency of the relevant Share Class. It will be calculated by dividing the Net Asset Value attributable to each Share Class, being the value of its assets less its liabilities, by the number of Shares of such Share Class then in issue. The resulting sum shall be rounded to the nearest two decimal places. The Management Company reserves the right to allow prices to be calculated more frequently than once daily, or to otherwise alter dealing arrangements on a permanent or a temporary basis, for example, where the Management Company considers that a material change to the market value of the investments in one or more Sub-Funds so demands or where there is an in-specie subscription and the Management Company deems it is in the interest of the Shareholders to value such a subscription separately. The Offering Document will be amended, following any such permanent alteration, and Shareholders will be informed accordingly. * This refers to a rolling 12 month period after 8 November The website has not been reviewed by the SFC. 77

141 In valuing total assets, the following rules will apply: (i) (ii) (iii) (iv) (v) (vi) The value of securities and/or financial derivative instruments will be determined on the basis of the last quoted price on the relevant stock exchange or over-the-counter market or any other Regulated Market on which these securities are traded or admitted for trading. Where such securities are quoted or dealt on more than one stock exchange or Regulated Market, the Management Company or any agent appointed by them for this purpose may, at their discretion, select the stock exchanges or Regulated Markets where such securities are primarily traded to determine the applicable value. If a security is not traded or admitted on any official stock exchange or any Regulated Market or, in the case of securities so traded or admitted, if the last quoted price does not reflect their true value, the Management Company or any agent appointed for this purpose will proceed with a valuation on the basis of the expected sale price, which shall be valued with prudence and in good faith. The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in a reliable and verifiable manner on a daily basis and in accordance with market practice. Units or shares in open-ended UCIs and/or UCITS shall be valued on the basis of their last net asset value, as reported by such undertakings. Cash, bills payable on demand and other receivables and prepaid expenses will be valued at their nominal amount, unless it appears unlikely that such nominal amount is obtainable. Any assets or liabilities in currencies other than the currency of the relevant Sub-Fund will be valued using the relevant spot rate quoted by a bank or other responsible financial institution. Any asset or liability which cannot be considered as being attributable to a particular Sub-Fund, shall be allocated pro rata to the Net Asset Value of each Sub-Fund. All liabilities attributable to a particular Sub-Fund shall be binding solely upon that Sub-Fund. For the purpose of the relations as between Shareholders, each Sub-Fund will be deemed to be a separate entity. (vii) Swaps are valued at their fair value based on the underlying securities (at the close of business or intraday) as well as on the characteristics of the underlying commitments. (viii) Liquid assets and money market instruments may be valued at nominal value plus any interest or on an amortised cost basis. All other assets, where practice allows, may be valued in the same manner. The value of assets denominated in a currency other than the reference currency of a Sub-Fund shall be determined by taking into account the rate of exchange prevailing at the time of the determination of the net asset value. Swing Pricing Adjustment A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect the dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. In order to counter this impact, a swing pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any JPMFs Valuation Day, the aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of the Net Asset Value per Share. The swing pricing mechanism may be applied across all Sub-Funds with the exception of the money market Sub-Funds. The extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the original Net Asset Value per Share. The price adjustment applicable to a specific Sub-Fund is available on request from JPMFAL at its registered office. Similarly, in order to protect the interests of Shareholders in a Sub-Fund that is being merged, the Management Company may adjust the final Net Asset Value per Share of the merging Sub-Fund, or make other appropriate adjustments in order to neutralise for the Sub-Fund being merged, the impact of any pricing adjustment made through the swing pricing mechanism in the absorbing Sub-Fund as a result of cash inflows or outflows in the absorbing Sub-Fund on the merger date. 78

142 Pricing Underlying Securities at Bid or Offer The Management Company may consider it in the interests of the Shareholders (or potential Shareholders) to value securities at either their bid or offer prices, given the prevailing market conditions and/or the level of subscriptions or redemptions relative to the size of the relevant Sub-Fund. The Net Asset Value may also be adjusted for such sum as may represent the appropriate provision for dealing charges that may be incurred by a Sub-Fund, provided always that such sum shall not exceed 1% of the Net Asset Value of the Sub-Fund at such time. Under these circumstances, swing pricing would not be applied to the Net Asset Value. Alternative Valuation Principles The Management Company, in circumstances where the interests of the Shareholders or the Fund so justify, may take appropriate measures such as applying other appropriate valuation principles to certain or all of the assets of the Sub- Funds and/or the assets of a given Share Class if the aforesaid valuation methods appear impossible or inappropriate. Alternatively, the Management Company may, in the same circumstances, adjust the Net Asset Value per Share of a Sub- Fund prior to publication to reflect what is believed to be the fair value of the portfolio as at the point of valuation. If an adjustment is made, it will be applied consistently to all Share Classes of Shares in the same Sub-Fund. It should be noted that due to the difference of the fund domiciles the valuation points used by the JPMorgan Funds (Unit Trust Range) and the Fund for fair valuation (where applied) may vary. For details please refer to the respective offering document(s). 6.2 Bid and Offer Prices The offer price per Share is calculated by adding an initial charge, if any, to the Net Asset Value per Share. The resultant sum shall be rounded up to the nearest two decimal places. The initial charge is calculated as a percentage of the Net Asset Value per Share. The current initial charge is set out in Appendix I. The Management Company may increase the initial charge (including fiscal charge, commissions and roundings) up to a maximum of 8.5% of the Net Asset Value per Share by giving Shareholders written notice as required or prescribed by the SFC from time to time. The bid price per Share is calculated by deducting from the Net Asset Value per Share a redemption charge of currently at 0% of the Net Asset Value per Share. The resultant sum shall be rounded to the nearest two decimal places. The Management Company may increase the redemption charge up to a maximum of 1.0% of the Net Asset Value per Share by giving Shareholders written notice as required or prescribed by the SFC from time to time. The Management Company agrees that JPMFAL or such other distributor appointed by JPMFAL or the Management Company may retain any initial charge, redemption charge and any rounding adjustment. The rounding adjustment will vary on a daily basis from normally 0.0% to 0.16% of the Net Asset Value per Share. 7 DEALING Applications for subscription, redemption and switching of Shares may be made through JPMFAL or such other distributor appointed by JPMFAL or the Management Company. The dealing practices described in sections 7.1, 7.2, 7.4 and 7.5 of this section 7 are applicable to dealings made through JPMFAL. Other Distributors may have different dealing practices, for example, earlier dealing cut-off time and different minimum investment amount. As such, investors who intend to subscribe for, redeem or switch Shares through a Distributor other than JPMFAL should consult the relevant Distributor to find out the dealing practices that are applicable to them. Applications for subscription, redemption and switching of Shares may also be made through other channels from time to time specified by JPMFAL. Investors who intend to subscribe, redeem or switch Shares through such channels should consult JPMFAL to find out the dealing procedures that are applicable to them. Applications received by JPMFAL before 18:00 (Hong Kong time) on a HK Dealing Day, or such other time agreed by JPMFAL and permitted by the Directors, will be dealt at the relevant offer price determined on that day. Applications received after 18:00 (Hong Kong time) will normally be executed on the next HK Dealing Day. As a result of this, applications for the subscription, redemption and switching of Shares shall be dealt with on an unknown net asset value basis before the determination of the net asset value for that day. Instructions for subscriptions, redemptions or switches which JPMFAL considers unclear or incomplete may lead to a delay in their execution. Such instructions will only be executed once they have been verified and confirmed to JPMFAL s satisfaction. JPMFAL will not be liable for any losses which may result from delays that arise from unclear instructions. 79

143 Specifically, the Fund does not permit market timing (as set out in CSSF circular 04/146) or related excessive, short-term trading practices. The Management Company and/or JPMFAL have the right to reject any request for the subscription or switching of Shares from any investor engaging in such practices or suspected of engaging in such practices and to take such further action as they may deem appropriate or necessary. Shareholders are required to notify the Management Company immediately in the event that they are or become US Persons or hold Shares for the account or benefit of US Persons or hold Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or otherwise be detrimental to the interests of the Fund. If the Management Company becomes aware that a Shareholder is holding Shares in breach of any law or regulation or otherwise in circumstances having, or which may have, adverse regulatory, tax or fiscal consequences for the Fund or the Shareholders or would otherwise be detrimental to the interests of the Fund or that the Shareholder has become or is a US Person, the Management Company may, in its sole discretion, redeem the Shares of the Shareholder in accordance with the provisions of the Articles. Should a Shareholder become a US Person, they may be subject to US withholding taxes and tax reporting. The Management Company may, at any time, decide to compulsorily redeem all Shares from Shareholders whose holding is less than the minimum holding amount as specified by the Board of Directors or on application, or who fail to satisfy any other applicable eligibility requirements. In such case, the Shareholder concerned will receive one month s prior notice so as to be able to increase his holding above such amount or otherwise satisfy the eligibility requirements. Under the same circumstances, the Management Company may switch Shares of one Share Class into Shares of another Share Class within the same Sub-Fund with higher charges or fee load. Investors dealing through JPMFAL are subject to the dealing practices described below. 7.1 Subscriptions The Management Company and/or JPMFAL have absolute discretion to accept or reject in whole or in part any application for Shares. If an application is rejected, the money in respect of such application will be returned (without interest) by cheque or, at the cost of the applicant, by telegraphic transfer, within 30 HK Business Days. The minimum initial and subsequent lump sum investment in the Shares of any one Sub-Fund, subscribed through JPMFAL, is US$2,000 or an equivalent amount in another currency. The minimum monthly investment through the Regular Investment Plan is HK$1,000 per Sub-Fund per month. JPMFAL may apply a different minimum lump sum investment and/or a different minimum monthly investment in respect of dealing through other channels as specified by JPMFAL. The first time an applicant deals through JPMFAL the applicant must complete, sign and return a MasterAccount application form incorporating the MasterAccount, and for monthly subscribers the Regular Investment Plan, terms and conditions as amended from time to time (the Terms and Conditions ). No application or money should be lodged with any intermediary in Hong Kong who is not licensed or registered to carry on Type 1 regulated activities (dealing in securities) under Part V of the Securities and Futures Ordinance or who does not fall within the statutory or other applicable exemption from the requirement to be licensed or registered to carry on Type 1 regulated activity (dealing in securities) under Part V of the Securities and Futures Ordinance. Applicants may normally subscribe for Shares through JPMFAL on each HK Dealing Day. Applications for Shares (excluding Shares of Money Market Sub-Funds MMFs Shares ) received by JPMFAL before 18:00 (Hong Kong time) on a HK Dealing Day, or such other time agreed by JPMFAL and permitted by the Directors, will be dealt at the relevant offer price calculated on that day. Applications received after 18:00 (Hong Kong time) will normally be executed on the next HK Dealing Day. Applications for MMFs Shares made through JPMFAL will only be effected after JPMFAL has received confirmation from its bankers that cleared funds have been received. If an application and cleared funds are received by JPMFAL before 18:00 (Hong Kong time) on a HK Dealing Day, or such other time agreed by JPMFAL and permitted by the Directors, the MMFs Shares will normally be issued at the relevant offer price calculated on that day. Applications and cleared funds received after 18:00 (Hong Kong time) on a HK Dealing Day will normally be executed at the offer price calculated on the next HK Dealing Day. All applications to subscribe for Shares shall be dealt with on an unknown net asset value basis before the determination of the net asset value for that day. 80

144 Shares subscribed for through JPMFAL will be registered in the name of the Nominee, on behalf of the applicant. The Nominee is a limited liability company incorporated under the laws of the British Virgin Islands. The registered address of the Nominee is PO Box 3151, Road Town, Tortola, British Virgin Islands. The Nominee has been appointed by JPMFAL in accordance with the Terms and Conditions. Shares will be issued in registered form to three decimal places. Subscription monies representing smaller fractions of a Share will be retained by JPMFAL. Please note that share certificates will not be issued to Investors subscribing through JPMFAL. A contract note will be sent to successful Investors. Prices are quoted in the currency denomination of the relevant Shares (see Appendix I for further details). Payment may be made by either cheque, payable to JPMorgan Funds (Asia) Limited, or bank transfer, at the expense of the applicant, and should be in the currency of the relevant Shares. JPMFAL, however, may arrange on behalf of, and at the cost of, the applicant a currency exchange service for subscriptions received in other currencies. Such currency conversion will normally be effected on the first HK Business Day after the relevant HK Dealing Day at either a spot or forward rate at JPMFAL s absolute discretion. Third party cheques and cash will not be accepted. Where payment is not received with an application form for Shares (excluding MMFs Shares), settlement is due within five JPMFs Business Days of the relevant HK Dealing Day. If payment in cleared funds is not received within five JPMFs Business Days from the relevant HK Dealing Day, JPMFAL may, at its absolute discretion, cancel the application. In such an event, JPMFAL will be entitled to charge the applicant (and retain for its own account) a cancellation fee, the cost of any currency exchange (if applicable) and require such applicant to pay the difference between the offer price of the Shares, on the date the Shares were issued, and the bid price of the Shares, on the date the Shares were cancelled. 7.2 Evidence of Identity In order to ensure compliance with any guidelines or regulations for the prevention of money laundering, applicants will be required to provide evidence of identity and, in the case of corporate applicants, of legal existence and corporate authority. Where an applicant is acting on behalf of another person, evidence of the identity of the principal, or confirmation by the applicant that evidence of the underlying principal has been obtained and that the applicant is satisfied as to the source of funds, will be required. Where an applicant fails to provide such evidence or confirmation on request, the relevant application will be rejected. 7.3 Nominee Arrangement JPMFAL has appointed the Nominee, under the terms of the nominee agreement, to hold the Shares on behalf of the applicant in accordance with the Terms and Conditions which are summarised below: - (i) (ii) (iii) JPMFAL has the right at any time, upon giving an Investor not less than ten calendar days notice in writing, to require the Nominee to transfer any Shares then registered in the name of the Nominee for the account of the Investor directly to the Investor. JPMFAL acting as agent for each Investor may: (a) place any orders for the sale or purchase of Shares held or to be held (i) by the Nominee for the account of that Investor or (ii) directly by that Investor upon or following JPMFAL exercising its right referred to in paragraph (i); (b) without further instructions from that Investor, deal with the switching of any such Shares, whether pursuant to their terms or pursuant to any plan of merger, consolidation, reorganisation, recapitalisation or readjustment or otherwise; and (c) without further instructions from that Investor, direct the Nominee or the Fund to procure that, or cause, any dividends or other entitlements or redemption proceeds paid or payable in respect of any such Shares to be paid directly to JPMFAL on behalf of that Investor. Any such dividends or proceeds will be applied by JPMFAL in accordance with the relevant Investor s instructions from time to time. Subject to the above, instructions in connection with any Shares held for an Investor s account will only be given to the Nominee by JPMFAL acting as agent for that Investor. Each of JPMFAL and the Nominee will act on any instructions given to it by that Investor and JPMFAL, respectively, provided that each of JPMFAL and the Nominee receives sufficient notice to enable it to so act (that period of notice to be determined, in its absolute discretion, by JPMFAL). 81

145 (iv) (v) (vi) (vii) Instructions referred to in (iii) above include instructions in connection with attendance at meetings or voting in respect of any such Shares or as regards any merger, consolidation, reorganisation, receivership, bankruptcy or insolvency proceedings, compromise or arrangement or the deposit of any such Shares but, save as provided in the immediately preceding paragraph, neither JPMFAL nor the Nominee will have any duty or responsibility in respect thereof nor will either of them be under any duty to investigate or participate therein or to take any affirmative action in connection therewith. An Investor may terminate the above arrangements in relation to his/her Shares by giving JPMFAL ten calendar days written notice. Upon giving any such notice, an Investor will be deemed to have given JPMFAL instructions to cause any Shares then held by the Nominee for the account of that Investor to be, at JPMFAL s absolute discretion, (a) redeemed on the day upon which that notice is received by JPMFAL, or if that day is not a HK Dealing Day or if that notice is received after such time on any HK Dealing Day from time to time specified in this Offering Document, with effect on the next HK Dealing Day ( Effective Date ) and for the redemption proceeds thereof to be remitted to that Investor; or (b) transferred by the Nominee on the Effective Date directly to that Investor. If an Investor is at any time in breach of these arrangements, JPMFAL may at any time whilst that breach is continuing by notice in writing immediately terminate its agency and cause all or any Shares then held by the Nominee for the account of the Investor to be redeemed. JPMFAL and other relevant parties, including the Management Company, shall be indemnified by each Investor against any actions, proceedings, claims, losses, damages, taxes, costs and expenses which may be brought against, suffered or incurred by any or all of them arising either directly or indirectly out of or in connection with JPMFAL s or the Nominee s accepting, relying on or failing to act on any instructions given or purported to be given by or on behalf of that Investor or given by JPMFAL, unless due to the wilful default or negligence of JPMFAL or any other relevant party. (viii) Any taxes incurred by the Nominee in respect of any Shares held on account of that Investor shall be the responsibility of each Investor. Distributors other than JPMFAL may appoint their own nominee under terms and conditions different from the above. Investors should contact the relevant Distributor to find out the applicable terms and conditions. Investment via these nominee arrangements is subject to the following risk factors: (i) (ii) (iii) The legislative framework in some markets is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. Consequently the courts in such markets may consider that any nominee or custodian as registered holder of securities would have full ownership thereof and that a beneficial owner may have no rights whatsoever in respect thereof. Investors investing under nominee arrangements do not have any direct contractual relationship with JPMFAL or the Management Company. For Investors investing via JPMFAL, although the Investors are the beneficial owners of the Shares, legally the Shares are owned by the Nominee. In these circumstances, Investors do not have any direct contractual relationship with JPMFAL, and therefore will not have direct recourse on JPMFAL as Investors can only pursue claims through the Nominee. Investors should contact the relevant Distributor to find out details of the applicable nominee arrangement. The nominee may not necessarily be registered with the SFC. As such, the SFC has limited powers to take action against the nominee. 7.4 Redemptions Investors may redeem Shares subscribed for through JPMFAL, and held on their behalf by the Nominee, on any HK Dealing Day. Redemption instructions should be in writing and may be sent by facsimile or other electronic form agreed in advance by JPMFAL. The instructions should specify the number of Shares or an amount in US$ or other currency to be redeemed. JPMFAL may also agree to accept redemption requests over the telephone, subject to certain conditions. Partial redemptions of Shares are permitted, provided that they do not result in a holding with an aggregate value of less than US$2,000 per Sub-Fund. If a switching or redemption request results in a holding below US$2,000, or equivalent in another currency, on the relevant HK Dealing Day, JPMFAL may, at its absolute discretion, treat the switching or redemption requests as an instruction to redeem or switch, as appropriate, the total holding in the relevant Sub-Fund. 82

146 For partial redemptions of Shares through any other channels from time to time specified by JPMFAL, investors should consult JPMFAL to find out the minimum holding amount that is applicable to them. Redemption instructions received by JPMFAL before 18:00 (Hong Kong time) on a HK Dealing Day, or such other time agreed by JPMFAL, and permitted by the Directors, will normally be executed at the relevant bid price on that day. Instructions received after 18:00 (Hong Kong time) on a HK Dealing Day will normally be executed at the bid price calculated on the next HK Dealing Day. The Management Company may at its option carry out any authentication procedures that it considers appropriate relating to a redemption request. This aims to mitigate the risk of error and fraud for the Fund, its agents or Shareholders. Where it has not been possible to complete any authentication procedures to its satisfaction, the Management Company may delay the processing of payment instructions, until authentication procedures have been satisfied. This will not affect the JPMFs Valuation Day on which the redemption application is accepted and the Bid Price to be applied. Neither the Management Company nor the Fund shall be held responsible to the Shareholder or anyone if it delays execution or declines to execute redemption instructions in these circumstances. All instructions to switch or redeem Shares shall be dealt with on an unknown net asset value basis before the determination of the net asset value for that day. The bid price will be quoted in the currency of the relevant Shares and payment will normally be made in that currency. On request, JPMFAL may arrange for payment to be made in certain other freely convertible currencies, at the Investor s expense. The Management Company may request that a Shareholder accepts redemption in kind i.e. receives a portfolio of securities from the Sub-Fund equivalent in value to the redemption proceeds. The Shareholder is free to refuse the redemption in kind. Where the Shareholder agrees to accept a redemption in kind it will receive a selection of the Sub- Fund s holdings having due regard to the principle of equal treatment to all Shareholders. The Management Company may also, at its sole discretion, accept redemption in kind request from Shareholders. The value of the redemption in kind will be certified by an auditor s report, to the extent required by Luxembourg law. All supplemental costs associated with redemptions in kind will be borne by the Shareholder requesting the redemption in kind or such other party as agreed by the Management Company. However, as at the date of this Offering Document, the Fund has no intention to make any such redemption in kind to Shareholders in respect of those Shares that have been subscribed for through the Nominee. The redemption proceeds will normally be paid within five JPMFs Business Days (within three JPMFs Business Days in the case of Money Market Sub-Funds MMFs and up to fifteen JPMFs Business Days in the case of JPMorgan Funds India Fund) and in any event not later than one calendar month from the relevant HK Dealing Day provided that a duly completed redemption request in a prescribed format and such other information as the Management Company or JPMFAL may reasonably require has been provided by the Investor. Failure to provide such information may delay the payment of redemption proceeds. Payment will normally be made by telegraphic transfer where the Investor has provided payment details for this purpose. Investors may be liable for any bank charges on payment by telegraphic transfer. Where the Investor has not provided bank payment details or where the redemption amount is less than US$1,000 or its equivalent, redemption proceeds will normally be paid by cheque, posted at the risk of the Investor. No third party payments will be made. If, on the settlement date, the banks in the country of the currency of the relevant Shares are not open for normal banking business or an interbank settlement system is not operational, then payment will be on the next JPMFs Business Day on which those banks and settlement systems are open. 7.5 Switching Instructions to switch from Shares of one Sub-Fund to Shares of another Sub-Fund, or from Shares to Units of a JPMorgan Funds (Unit Trust Range) (excluding the JPMorgan Money Fund) received before 18:00 (Hong Kong time) on a HK Dealing Day, will normally be effected on the same HK Dealing Day. If the switching instruction is received by JPMFAL on a day that is not a HK Dealing Day for the Shares to be redeemed or after 18:00 (Hong Kong time) on a HK Dealing Day, the switching (i.e. both the redemption and the allotment) will be effected on the next HK Dealing Day. If the switching instruction is received on a day that is a HK Dealing Day for the Shares to be redeemed but is not a HK Dealing Day for the Shares or Units (except for Units in the JPMorgan Money Fund) to be purchased, the redemption will be effected on the day on which the instruction is received and the allotment will be effected on the next day which is a HK Dealing Day for the Sub-Fund and, if applicable, is a dealing day for the Units. For switches from Shares to Units in the JPMorgan Money Fund, the Shares will normally be redeemed on the day on which the instructions are received, provided the instruction is received before 18:00 (Hong Kong time) on a HK Dealing Day, or if the instructions are received after such time or on a day which is not a HK Dealing Day, on the next HK Dealing Day, and such 83

147 Units will normally be issued on the fifth JPMFs Business Day (on the third JPMFs Business Day in the case of switches from Shares of Money Market Sub-Funds to Units in the JPMorgan Money Fund) after the HK Dealing Day on which the Shares were redeemed or if not a dealing day for the JPMorgan Money Fund, on the next such dealing day. Where an Investor switches from Shares (excluding MMFs Shares) to Shares of another Sub-Fund (excluding MMFs) or shares of JPMorgan Investment Funds JPMIF Shares or from Shares (excluding MMFs Shares) to Units (excluding Units in the JPMorgan Money Fund), the Shares will be redeemed at the bid price (including any redemption charge) and the Shares or JPMIF Shares or Units will be purchased at the net asset value per Share or Unit plus a switching charge of normally 1% of the relevant net asset value per Share or Unit. Where an Investor switches from Shares (excluding MMFs Shares ) to MMFs Shares or shares of JPMorgan Series II Funds or Units in the JPMorgan Money Fund, the Shares will be redeemed at the relevant bid price and the MMFs Shares or shares of JPMorgan Series II Funds or Units in the JPMorgan Money Fund will be issued at the relevant net asset value per Share or Unit. Where the switch is from Shares of each of the MMFs to Shares or JPMIF Shares or from Shares of each of the MMFs to Units, the MMFs Shares will be redeemed at the relevant bid price per Share and the Shares or JPMIF Shares or Units will be purchased at the relevant net asset value per share or Unit plus an initial charge applicable to that share or unit (the relevant manager of JPMorgan Money Fund does not currently intend to levy any initial charge). Where an Investor switches from MMFs Shares to shares of JPMorgan Series II Funds, the MMFs Shares will be redeemed at the relevant bid price and the Shares of JPMorgan Series II Funds will be issued at the relevant net asset value per share. The above provisions only apply to investors dealing through JPMFAL or its sub-distributors (including insurance companies). For investors dealing through other distributors, an application for switching may be treated as an application for redemption followed by an application for subscription, and the full applicable redemption and initial charges may be applied accordingly. Please contact the relevant Distributor for further information. The Management Company agrees that JPMFAL or such other Distributor appointed by JPMFAL or the Management Company may retain any charges on switching and any rounding adjustments as set out in section 6.2. For switches of Shares out of JPMorgan Funds India Fund into Shares of another Sub-Fund, or to shares of any other UCITS or UCIs managed or advised by a member of JPMorgan Chase & Co., the offer price will be that calculated on the date the redemption proceeds are received; however Shares in the new Sub-Fund will only be purchased when the redemption proceeds are available (subject to the fifteen JPMFs Business Days limit for payment of redemption proceeds from JPMorgan Funds India Fund). Please note that subscription instructions into another Sub-Fund, UCITS or UCI will normally only be executed when any previously related redemption transaction in respect of JPMorgan Funds India Fund has been completed. Requests for switching of Shares between the other Sub-Funds of the Fund and any other UCITS or other UCIs managed by a member of JPMorgan Chase and Co. are subject to the discretion of the Management Company. 7.6 Suspension of Dealing If the total requests for redemptions and switches out of a Sub-Fund on any JPMFs Valuation Day exceeds 10% of the total value of shares in issue of that Sub-Fund, the Management Company may decide that redemption and switching requests in excess of 10% shall be deferred until the next JPMFs Valuation Day. On the next JPMFs Valuation Day or JPMFs Valuation Days until completion of the original requests, deferred requests will be dealt with in priority to later requests. In the event that the Fund exercises the above right and defers a redemption instruction placed by JPMFAL for the Nominee, on behalf of Investors, JPMFAL will defer the redemption of such Shares pro rata between Investors that have given JPMFAL an instruction to redeem those Shares on that HK Dealing Day. Investors affected will be informed by JPMFAL. The Fund may suspend or defer the calculation of the Net Asset Value of any Share Class (including the Shares) in any Sub- Fund and the issue and redemption of any Share Class (including the Shares) in such Sub-Fund, as well as the right to switch shares of any Share Class in any Sub-Fund into shares of another Share Class of the same Sub-Fund or any other Sub-Fund: (i) (ii) while any transfer of funds involved in the realisation, acquisition or disposal of investments or payments due on sale of such investments by the Fund cannot, in the opinion of the Directors, be effected at normal prices or rates of exchange or be effected without seriously prejudicing the interests of the Shareholders or the Fund; or during any breakdown in the communications normally employed in valuing any of the Fund s assets, or when, for any reason, the price or value of any assets cannot be promptly and accurately ascertained; or 84

148 (iii) (iv) (v) (vi) if the Fund, a Sub-Fund or a Share Class is being, or may be, wound-up on or following the date on which notice is given of the meeting of the relevant Shareholders at which a resolution to wind up the Fund, the Sub-Fund or a Share Class is proposed; or during the existence of any state of affairs which, in the view of the Directors, constitutes an emergency as a result of which disposal or valuation of investments of the relevant Sub-Funds by the Management Company is impracticable; or if the Directors have determined that there has been a material change in the valuation of a substantial proportion of the investments of the Fund attributable to a particular Sub-Fund and the Directors have decided, in order to safeguard the interest of the Shareholders and the Fund, to delay the preparation or use of a valuation or carry out a later or subsequent valuation; or while the value of any subsidiary of the Fund may not be determined accurately; or (vii) during any other circumstance or circumstances where a failure to do so might result in the Fund or its Shareholders incurring any liability to taxation or suffering other pecuniary disadvantages or other detriment to which the Fund or its Shareholders might not otherwise have suffered. The suspension of the calculation of the Net Asset Value of any Sub-Fund or Share Class shall not affect the valuation of other Sub-Funds or Share Classes, unless these Sub-Funds or Share Classes are also affected. During a period of suspension or deferral, an Investor may withdraw his/her request in respect of any Shares not redeemed or switched, by notice in writing received by JPMFAL before the end of such period. In the case of JPMorgan Funds India Fund, payment of redemption proceeds and execution of switches may be deferred for a period of up to fifteen JPMFs Business Days from the relevant JPMFs Valuation Day if market conditions do not allow earlier settlement. Investors will be informed of any suspension or deferral as appropriate. 7.7 Restrictions on subscriptions and switches into certain Sub-Funds A Sub-Fund, or Share Class, may be closed to new subscriptions or switches in (but not to redemptions or switches out) if, in the opinion of the Management Company, closing is necessary to protect the interests of existing Shareholders. Without limiting the circumstances where closing may be appropriate, one such circumstance would be where the Sub-Fund has reached a size such that the capacity of the market and/or the capacity of the Investment Manager has been reached, and where to permit further inflows would be detrimental to the performance of the Sub-Fund. Any Sub-Fund or Share Class, may be closed to new subscriptions or switches in without notice to Shareholders. Once closed, a Sub-Fund, or Share Class, will not be re-opened until, in the opinion of the Management Company, the circumstances which required closure no longer prevail. For Sub-Funds available for subscription by investors in Hong Kong through JPMFAL or its sub-distributors, where any of them is closed to new subscriptions or switches in, the website + will be amended to indicate the change in status of the applicable Sub-Fund or Share Class. Investors dealing with JPMFAL or its sub-distributors should confirm with JPMFAL or check the website for the current status of Sub-Funds or Share Classes. Investors dealing with distributors other than JPMFAL or its sub-distributors should consult the relevant Distributor to find out the current status of Sub-Funds or Share Classes. 8 CHARGES AND EXPENSES The Directors have appointed the Management Company to generally administer the business and affairs of the Fund, subject to the overall control and supervision of the Directors. The Management Company is entitled to receive the initial charge, redemption charge, any charge on switching and any rounding adjustments where applicable to a Share Class. The Management Company has agreed that JPMFAL or such other Distributors appointed by JPMFAL or the Management Company may retain such amounts in respect of transactions in Shares effected through them respectively. The Fund pays to the Management Company, as agreed from time to time, an annual management fee calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class under its management ( Annual Management and Advisory Fee ), in respect of the Shares at the level set out in Appendix I. The Annual Management and Advisory Fees are accrued daily and payable monthly in arrears. The Annual Management and Advisory Fee may be increased to, or towards, 3% of the Net Asset Value of the Shares subject to three months written notice to Shareholders. + The website has not been reviewed by the SFC. 85

149 The Management Company may at its absolute discretion and from time to time (which in certain circumstances may be daily), decide to vary such rate between the maximum and 0.0%. Should the rate of fee be reduced, investors will be informed as soon as practicable. The Management Company may pay all or part of the fees and charges it receives as a commission, retrocession or discount to financial intermediaries and distributors. For details of the current fees and charges applicable to dealing through any other channels from time to time specified by JPMFAL, please consult JPMFAL to find out the fees and charges that are applicable to them. The Management Company has been permitted by the Fund to delegate its investment management functions in respect of the Sub-Funds listed in section 3 of this Offering Document to the Investment Managers. The Investment Managers are entitled to receive, out of the annual management and advisory fee, such fee as is set out in the relevant agreement between the Management Company and the Investment Manager or as may otherwise be agreed upon from time to time. Subject to the investment restrictions set out in Appendix II Investment Restrictions and Powers, Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Managers or any other member of JPMorgan Chase & Co. In accordance with paragraph 5 b) of Appendix II, no double-charging of fees will occur. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either: a) excluding the assets from the net assets on which the Annual Management and Advisory Fee are calculated; or b) investing in UCITS or other UCIs via share classes that do not accrue an Annual Management and Advisory Fee or other equivalent fees payable to the relevant adviser s group; or c) the Annual Management and Advisory Fee being netted off by a rebate to the Fund or the Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or other UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the Fund or Sub-Fund as per Appendix I and the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or other UCIs. Where a Sub-Fund invests in UCITS and other UCIs managed by investment managers which are not members of JPMorgan Chase & Co. group, the Annual Management and Advisory Fee, as specified in Appendix I, may be charged regardless of any fees reflected in the price of the shares or units of such underlying UCITS and UCIs. Each Sub-Fund shall bear all costs and expenses of buying and selling securities and financial instruments including, without limitation, any brokerage fees and commissions, interest, taxes, governmental duties, charges and levies and any other transaction related expenses excluding any costs and expenses relating to custody (collectively Transaction Fees ) which relate to the relevant Sub-Fund. Such costs and expenses are allocated across each Share Class of the relevant Sub-Fund. Subscription, redemption and switching charges of the UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase & Co. into which a Sub-Fund may invest will be waived. Each Sub-Fund shall also bear any extraordinary expenses including, without limitation, litigation expenses, interest and the full amount of any tax, levy, duty, or similar charge imposed on the Sub-Fund or its assets excluding the taxe d abonnement as referred to in section 9.1 of this Offering Document (collectively Extraordinary Expenses ). The Fund bears all the ordinary operating and administrative expenses at the rates set out in Appendix I (the Operating and Administrative Expenses ) to meet all fixed and variable costs, charges, fees and other expenses incurred in the operation and administration of the Fund from time to time. The Operating and Administrative Expenses are calculated as a percentage of the average daily net assets of each Sub-Fund or Share Class. They are accrued daily and payable monthly in arrears at a maximum rate as specified in the relevant section in Appendix I of the Offering Document. The Operating and Administrative Expenses cover: a. Expenses directly contracted by the Fund, including but not limited to the Custodian fees, auditing fees and expenses, the Luxembourg taxe d abonnement, Directors fees (no fees will be paid to Directors who are also directors or employees of JPMorgan Chase & Co.) and reasonable out-of-pocket expenses incurred by the Directors. 86

150 b. A fund servicing fee paid to the Management Company for administrative and related services which will be the remaining amount of the Operating and Administrative Expenses after deduction of the expenses detailed under section a) above. The Management Company then bears all expenses incurred in the day to day operation and administration of the Fund, including but not limited to formation expenses such as organisation and registration costs; accounting expenses covering fund accounting and administrative services; transfer agency expenses covering registrar and transfer agency services; the Administrative Agent and Domiciliary Agent services; the fees and reasonable out-of-pocket expenses of the paying agents and representatives; legal fees and expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost of publication of the Share prices and postage, telephone, facsimile transmission and other electronic means of communication; and the costs and expenses of preparing, printing and distributing the offering document, financial reports and other documents made available to Shareholders. Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses as defined above. Expenses related to the formation of new Sub-Funds may be amortised over a period not exceeding five years, as permitted by Luxembourg Law. The Management Company will bear any Operating and Administrative Expenses which exceed the rate specified in Appendix I of the Offering Document. Notwithstanding Article 23(B)(e) of the Articles, expenses and charges arising out of advertising and promotional activities in connection with the Fund will not be borne by the Fund. The Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, any other member of JPMorgan Chase & Co. and also other investment managers. Where a Sub-Fund invests primarily in UCITS and other UCIs managed by the Management Company or any other member of JPMorgan Chase & Co. and where specifically indicated for each Sub- Fund in section 3 of this Offering Document, no double-charging of Operating and Administrative Expenses will occur. The avoidance of a double-charge is achieved by the Operating and Administrative Expenses being netted off by a rebate to the Sub-Fund of the Operating and Administrative Expenses (or equivalent) charged to the underlying UCITS or other UCIs managed by the Management Company and any other member of JPMorgan Chase & Co. Where the Sub-Funds invest in UCITS and other UCIs managed by other investment managers, the Operating and Administrative Expenses may not be subject to the above-mentioned rebate process. The Investment Managers may enter into Commission Sharing Arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations. Details of any Commission Sharing Arrangements will be disclosed in the Fund s annual report. No cash or other rebates from brokers, dealers or market makers may be retained by the Management Company, Investment Manager or any of their connected persons in consideration of directing transactions on behalf of the Fund to such brokers, dealers or market makers. Sub-Funds may invest in UCITS and other UCIs including those managed by the Management Company, the Investment Managers or any other member of JPMorgan Chase & Co which may charge performance fees. Such fees will be reflected in the Net Asset Value of the relevant Sub-Fund. All fees, charges, expenses and costs to be borne by the Fund will be subject, where applicable, to the addition of value added tax or any analogous taxation. 9 TAXATION Prospective investors should inform themselves of, and take advice on the taxes applicable to the subscription, holding, transferring, switching and redemption of Shares, and any distribution (each, a Relevant Event ) under the laws of the place of their operations, domicile, residence, citizenship and/or incorporation. Neither the Fund nor any of the parties listed in the Directory of this Offering Document makes any warranty and/or representation as to the tax consequences in relation to any Relevant Event (or combination of Relevant Events), takes any responsibility for any tax consequences in relation 87

151 to any Relevant Event (or combination of Relevant Events) and each of the Fund and such parties expressly disclaims any liability whatsoever for any tax consequences in relation to any Relevant Event (or combination of Relevant Events) and/or for any loss howsoever arising (whether directly or indirectly) from any Relevant Event (or combination of Relevant Events). Dividends, interest income, gains on the disposal of investments and other income received by the Fund on its investments in some countries may be liable to the imposition of irrecoverable withholding tax or other tax. The following paragraphs are based on the law and practice in force in Luxembourg and Hong Kong, and also based on the requirements under the European Union Council Directive 2003/48/EC, at the date of this Offering Document which are subject to change in content and interpretation. They are intended as a general guide only and do not necessarily describe the tax consequences for all types of investors and no reliance, therefore, should be placed upon them. The following is based on the Directors understanding of the law and practice in force at the date of this Offering Document and applies to investors acquiring Shares in the Fund as an investment. 9.1 Luxembourg The Fund is not subject to any taxes in Luxembourg on income or capital gains. The only tax to which the Fund in Luxembourg is subject is the subscription tax, taxe d abonnement up to a rate of 0.05% per annum based on the Net Asset Value of each Share Class at the end of the relevant quarter, calculated and paid quarterly. This subscription tax is included in the fees and expenses referred to under Charges and Expenses above. No stamp duty or other tax is payable in Luxembourg on the issue of Shares in the Fund except a tax, payable once only, which was paid upon incorporation of the Fund. Interest income, dividend income and capital gains received by the Fund in respect of some of its securities and cash deposits may be subject to non-recoverable withholding taxes at varying rates in the countries of origin. A reduced tax rate of 0.01% per annum of the net assets will be applicable to Share Classes which are only sold to and held by Institutional Investors. In addition, those Sub-Funds which invest exclusively in deposits and money market instruments in accordance with the Luxembourg law regarding undertakings for collective investment are liable to the same reduced tax rate of 0.01% per annum of their net assets. The 0.01% and 0.05% rates described above, as appropriate, are not applicable for the portion of the assets of the Fund invested in other Luxembourg collective investment undertakings which are themselves subject to the taxe d abonnement. No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the Fund. Although the Fund s realised capital gains, whether short- or long-term, are not expected to become taxable in another country, the Shareholders must be aware and recognise that such a possibility is not totally excluded. Shareholders are not normally subject to any capital gains, income, gift, estate, inheritance or other taxes in Luxembourg except for Shareholders domiciled, resident or having a permanent establishment in Luxembourg. Also see European Union Tax Considerations below. 9.2 Hong Kong The Sub-Funds listed in Appendix I are authorised under section 104 of the Securities and Futures Ordinance. As a result, the Sub-Funds are exempt from Hong Kong profits tax provided they are carried on in accordance with the purposes stated in their constitutive documents as approved by the SFC and provided they are carried on in accordance with the requirements of the SFC. An investor would not normally be liable to Hong Kong profits tax on gains realised on the sale or redemption of Shares except where the acquisition and disposal of Shares is or forms part of a trade, profession or business carried on by the investor in Hong Kong and the gains are revenue in nature for Hong Kong profits tax purposes. The classification of a gain as revenue or capital will depend on the particular circumstances of the investor. Also, the investor should not be taxed in Hong Kong on distribution of any dividend from the Shares. Investors should take advice from their own professional advisers as to their particular tax position. 9.3 The People s Republic of China ( PRC ) Currently, there is no specific PRC legislation governing the taxation of income derived by the Fund. There is legislation for a company (including a foreign trustee company) which derives income from the PRC. 88

152 The PRC enacted the Enterprise Income Tax Law ( EITL ) effective from 1 January Although the EITL imposes a withholding tax of 20% on the PRC sourced income derived by a foreign company without a permanent establishment in China, the rate is reduced to 10% by the Implementation Rules of the EITL effective from 1 January Income includes profit, dividend, interest, rental, royalties, etc. The enactment of the EITL effectively abolished all tax circulars previously issued which exempted tax on gains derived from certain PRC securities. The PRC State Administration of Taxation ( SAT ) has issued circulars clarifying that QFIIs are subject to 10% PRC withholding tax on dividends and interest that are sourced in China. The paying entity in China will be responsible for withholding such tax when making a payment. The PRC taxation of gains on PRC securities is however presently unclear. Under the previous and current EITL, a 10% tax may be payable on gains derived from the sale of PRC securities by foreign investors (with the exception of gains on B shares derived before 1 January 2008 which were exempt). While this tax is yet to be collected, it is possible that the SAT will start collection in respect of the gains on PRC securities retrospectively from the launch of the Sub-Funds. Guidelines on the tax treatment of gains derived from the disposal of PRC securities are expected to be announced to clarify this issue. For more information on the taxation risks involved in investing in PRC securities and tax provisioning followed by the Fund, please see section 9.5 below under PRC Tax Consideration. 9.4 European Union Tax Considerations The Council of the EU has, on 3 June 2003, adopted Council Directive 2003/48/EC on taxation of savings income in the form of interest payments (the Directive ). Under the Directive, Member States of the EU will be required to provide the tax authorities of another EU Member State with information on payments of interest or other similar income paid by a paying agent (as defined by the Directive) within its jurisdiction to an individual resident in that other EU Member State. Austria and Luxembourg have opted instead for a tax withholding system for a transitional period in relation to such payments. Switzerland, Monaco, Liechtenstein, Andorra and San Marino and the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean, have also introduced measures equivalent to information reporting or, during the above transitional period, withholding tax. The Directive has been implemented in Luxembourg by a law dated 21 June 2005 (the EUSD Law ). Dividends distributed by a Sub-Fund of the Fund will be subject to the Directive and the EUSD Law if more than 15% of such Sub-Fund s assets are invested in debt claims (as defined in the EUSD Law) and proceeds realised by Shareholders on the redemption or sale of Shares in a Sub-Fund will be subject to the Directive and the EUSD Law if more than 25% of such Sub- Fund s assets are invested in debt claims (such Sub-Funds, hereafter Affected Sub-Funds ). The applicable withholding tax is at a rate of 35%. Consequently, if in relation to an Affected Sub-Fund a Luxembourg paying agent makes a payment of dividends or redemption proceeds directly to a Shareholder who is an individual resident or deemed resident for tax purposes in another EU Member State or certain of the above mentioned dependent or associated territories, such payment will, subject to the next paragraph below, be subject to withholding tax at the rate indicated above. No withholding tax will be withheld by the Luxembourg paying agent if the relevant individual either (i) has expressly authorised the paying agent to report information to the tax authorities in accordance with the provisions of the EUSD Law or (ii) has provided the paying agent with a certificate drawn up in the format required by the EUSD Law by the competent authorities of his/her State of residence for tax purposes. The Fund reserves the right to reject any application for Shares if the information provided by any prospective investor does not meet the standards required by the EUSD Law as a result of the Directive. The Luxembourg government has announced on 10 April 2013 its intention to elect out of the withholding system in favour of automatic exchange of information with effect from 1 January The necessary amending laws and regulations will need to be passed before that date. The foregoing is only a summary of the implications of the Directive and the EUSD Law, is based on the current interpretation thereof and does not purport to be complete in all respects. It does not constitute investment or tax advice and investors should therefore seek advice from their financial or tax adviser on the full implications for themselves of the Directive and the EUSD Law. 89

153 The Directive does not apply to Hong Kong paying agents therefore individual investors who invest directly via Hong Kong paying agents should not be affected. 9.5 People s Republic of China Tax Considerations The Management Company reserves the right to provide for tax on gains of the Sub-Funds that invest in PRC securities for the reasons that follow. By investing in PRC securities, the Fund may be subject to withholding and other taxes imposed in the PRC. Various groups have sought clarification of the tax treatment of PRC securities. Whilst withholding tax (currently 10%) on dividends paid by PRC companies has now been confirmed by the State Administration of Taxation ( SAT ), an announcement on the tax treatment of gains derived from the disposal of PRC securities is still pending. The tax laws, regulations and practice in the PRC are constantly changing, and they may be changed with retrospective effect. With the uncertainty of whether and how gains on PRC securities are to be taxed under the Enterprise Income Tax Law ( EITL ), the possibility of the rules being changed and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of tax provisioning and when they subscribed and/or redeemed their shares in/from the Sub-Funds. With the various uncertainties in relation to the PRC taxation of gains on PRC securities, the Management Company is of the view that it is possible that the SAT may start to collect this tax retrospectively from the launch of the Sub-Funds. In these circumstances in order to achieve as fair an allocation as possible of this contingent tax among the investors within the Sub-Funds, tax provisioning is currently made at 100% of the possible 10% tax on realized and unrealized gains on PRC securities since the Fund s launch. The full tax of 10% is provided for PRC sourced dividends and interest. For more information on the taxation of PRC securities, please refer to section 9.3 above for the PRC taxation note. 9.6 United States ( US ) Tax Withholding and Reporting under the Foreign Account Tax Compliance Act ( FATCA ) Luxembourg has announced that it intends to enter into a Model I Intergovernmental Agreement with the United States. Under the terms of the Intergovernmental Agreement ( IGA ), the Fund will be obliged to comply with the provisions of FATCA under the terms of the IGA and under the terms of Luxembourg legislation implementing the IGA (the Luxembourg IGA Legislation ), rather than under the US Treasury Regulations implementing FATCA. Under the IGA, Luxembourg-resident financial institutions that comply with the requirements of the Luxembourg IGA Legislation will be treated as compliant with FATCA and, as a result, will not be subject to withholding tax under FATCA ( FATCA Withholding ). The Fund expects that it will be considered to be a Luxembourg-resident financial institution that will need to comply with the requirements of the Luxembourg IGA Legislation and, as a result of such compliance, the Fund should not be subject to FATCA Withholding. Under the Luxembourg IGA, as of 1 January 2013, the Fund will be required to report to the Luxembourg tax authorities certain holdings by and payments made to (a) certain US investors, (b) certain US controlled foreign entity investors and (c) non-us financial institution investors that do not comply with the terms of the Luxembourg IGA Legislation. Under the Luxembourg IGA, such information will be onward reported by the Luxembourg tax authorities to the US Internal Revenue Service under the general information exchange provisions of the US-Luxembourg Income Tax Treaty. The first report to the Luxembourg tax authorities is anticipated to occur in 2015, in respect of 2013 and Additional intergovernmental agreements similar to the IGA have been entered into or are under discussion by other jurisdictions with the United States. Investors holding investments via distributors or custodians that are not in Luxembourg or another IGA country should check with such distributor or custodian as to the distributor s or custodian s intention to comply with FATCA. Additional information may be required by the Fund, custodians or distributors from certain investors in order to comply with their obligations under FATCA or under an applicable IGA. The scope and application of FATCA Withholding and information reporting pursuant to the terms of FATCA and the IGAs is subject to review by the US, Luxembourg and other IGA governments, and the rules may change. Investors should contact their own tax advisors regarding the application of FATCA to their particular circumstances. 10 MEETINGS AND REPORTS The annual general meeting of Shareholders of the Fund is held in Luxembourg on the third Wednesday of November annually at hours (Luxembourg time) or, if such day is not a business day in Luxembourg, on the next business day. Notice of any general meeting will be sent to Shareholders by post at least eight days prior to the Meeting. 90

154 The financial year end of the Fund is 30 June each year. The audited annual report of the Fund will be made available to investors through the website + within four months of the end of each financial year. In addition, an unaudited half-yearly report will be made available to investors through the website within two months of the end of each interim accounting period. When the audited accounts and unaudited half-yearly report are finalised, investors will be notified with details of where they can access them. The audited accounts and unaudited halfyearly report will be published in English only. Such reports form an integral part of the Offering Document. Investors may obtain the printed copies of the financial reports from JPMFAL s registered office. 11 TERMINATION The Fund has been established for an unlimited period. However, the Fund may be liquidated at any time by a resolution adopted by an extraordinary meeting of Shareholders, at which meeting one or several liquidators will be named and their powers defined. Liquidation will be carried out in accordance with the provisions of Luxembourg law. The net proceeds of liquidation corresponding to each Sub-Fund shall be distributed by the liquidators to the Shareholders of the relevant Sub- Fund in proportion to the value of their holding of Shares. The minimum capital requirement of the Fund is set out in Luxembourg law. The share capital of the Fund is represented by fully paid shares of no par value and is at any time equal to its net asset value. Should the capital of the Fund fall below two thirds of the minimum capital, an extraordinary meeting of Shareholders must be convened to consider the dissolution of the Fund. Any decision to liquidate the Fund must be taken by a majority of the votes cast. Where the share capital falls below one quarter of the minimum capital, the Directors must convene an extraordinary meeting of Shareholders to decide upon the liquidation of the Fund. At that meeting, the decision to liquidate the Fund may be taken by Shareholders holding together one quarter of the shares present or represented. If and when for any reason the total number of shares of all Share Classes (including the Shares) in any Sub-Fund is reduced to 1,000,000 shares or the Net Asset Value of shares of all Share Classes in any Sub-Fund is less than US$30,000,000 or if a change in the economical or political situation relating to the Sub-Fund concerned would justify it, or in order to proceed to an economic rationalisation or if the interest of the Shareholders would justify it, the Directors may decide to redeem all the shares of that Sub-Fund. Shareholders will be given written notice, as prescribed or required by the SFC from time to time, of any such compulsory redemption, and will be paid the Net Asset Value of the shares of the relevant Share Class held as at the redemption date. Under the same circumstances, the Directors may reorganise the Shares of a Sub-Fund into two or more Share Classes or combine two or more Share Classes (including the Shares) into a single Share Class. Shareholders will be given written notice, as prescribed or required by the SFC from time to time, of any such reorganisation. Shareholders of the relevant Sub-Fund or Share Classes may request redemption of their shares free of charge for at least one calendar month prior to the reorganization taking effect. The decision to liquidate a Sub-Fund may also be made at a meeting of Shareholders of the particular Sub-Fund concerned. Apart from exceptional circumstances, no subscriptions will be accepted after notification to Shareholders of a liquidation. Mergers of a Sub-Fund with another Sub-Fund of the Fund or with another UCITS may be decided by the Directors. The Directors may however also decide to submit the decision for a merger to a meeting of shareholders of the relevant Sub- Fund. Such a merger will be undertaken in accordance with the provisions of Luxembourg Law. Shareholders will be given written notice, as prescribed or required by the SFC from time to time, of any such merger. Shareholders of the relevant Sub-Fund to be merged may request redemption of their shares free of charge for at least one calendar month prior to the merger taking effect. Assets which are not distributed upon the close of the liquidation of the Sub-Fund will be transferred to the Caisse de Consignations on behalf of those entitled, within the time period prescribed by Luxembourg laws and regulations, and shall be forfeited in accordance with the Luxembourg law. 12 GENERAL INFORMATION 12.1 Price Information The prices of Shares are published regularly in The Standard and the Hong Kong Economic Times. Prices of Shares distributed via JPMFAL are also available on the Internet on The website has not been reviewed by the SFC. 91

155 12.2 Documents Available for Inspection Copies of the financial reports of the Fund may be obtained free of charge from the registered office of JPMFAL. Copies of the Articles, Hong Kong Offering Document, any supplemental documents and the following material contracts (as may from time to time be amended) are available for inspection between 09:30 and 17:30 on a HK Business Day at the registered office of JPMFAL: - An agreement effective from 12 September 2005 between the Fund and JPMorgan Asset Management (Europe) S.à r.l., pursuant to which the latter was appointed to act as Management Company of the Fund. This agreement is entered into for an unlimited period and may be terminated by either party upon three months written notice. An agreement dated 31 January 2001 between the Fund and J.P. Morgan Bank Luxembourg S.A. pursuant to which the latter was appointed to act as custodian of the assets of the Fund. The agreement is entered into for an unlimited period and may be terminated by either party upon three months written notice. An agreement effective from 12 September 2005 between JPMorgan Asset Management (Europe) S.à r.l. and J.P. Morgan Bank Luxembourg S.A. pursuant to which the latter has been delegated the function of providing net asset value calculations, company secretarial and paying agency services (the "Administration Agreement"). The Administration Agreement is entered into for an unlimited period and may be terminated by either party upon three months' written notice. An agreement effective from 30 November 2005 between JPMorgan Asset Management (Europe) S.à r.l. and JPMorgan Asset Management (UK) Limited pursuant to which the latter was appointed to act as investment manager for certain Sub-Funds. An agreement effective from 30 November 2005 between JPMorgan Asset Management (Europe) S.à r.l. and JF Asset Management Limited pursuant to which the latter was appointed to act as investment manager for certain Sub-Funds. An agreement effective from 30 November 2005 between JPMorgan Asset Management (Europe) S.à r.l. and JPMorgan Asset Management (Singapore) Limited pursuant to which the latter was appointed to act as investment manager for certain Sub-Funds. An agreement effective from 30 November 2005 between JPMorgan Asset Management (Europe) S.à r.l. and JPMorgan Asset Management (Japan) Limited pursuant to which the latter was appointed to act as investment manager for certain Sub-Funds. An agreement effective from 30 November 2005 between JPMorgan Asset Management (Europe) S.à r.l. and J.P. Morgan Investment Management Inc. pursuant to which the latter was appointed to act as investment manager for certain Sub-Funds. An agreement dated 16 May 2000 between JPMorgan Asset Management (Europe) S.à r.l. and JPMorgan Funds (Asia) Limited pursuant to which the latter was appointed to act as Hong Kong representative of the Fund. An agreement dated 8 February 2001 between JPMorgan Funds (Asia) Limited and JPMorgan Investor Services (Asia) Limited pursuant to which the latter was appointed to hold Shares on behalf of applicants who deal through JPMFAL. An agreement dated 24 April 2001 between JPMorgan Asset Management (Europe) S.à r.l. and JPMorgan Funds (Asia) Limited pursuant to which the latter was appointed to act as a Distributor of the Shares in Hong Kong. An agreement effective from 16 April 2010 between JF Asset Management Limited and JPMorgan Asset Management (Taiwan) Limited pursuant to which the latter was appointed to act as sub-investment manager for certain Sub- Fund(s) Conflicts of Interest (1) The Management Company, the Investment Managers, Corporate and Administrative Agent, the Custodian and the Sales Agents are part of JPMorgan Chase & Co., which is a multi-service banking group, providing its clients all forms of banking and investment services. As a result, there may be conflicts of interest between the various activities of these companies and their duties and obligations to the Fund. (2) The Management Company, under the rules of conduct applicable to it, must try to avoid conflicts of interest and, when they cannot be avoided, ensure that its clients (including the Fund) are fairly treated. (3) The Management Company, the Investment Managers, Corporate and Administrative Agent, the Custodian, and the Sales Agents, may from time to time act as Management Company, investment manager or adviser, sales agent, administrator, registrar, custodian or trustee in relation to, or be otherwise involved with, other funds or UCITS, other UCIs or other clients. It is therefore possible that any of them may, in the due course of their business, have potential conflicts of interest with the Fund or any Sub-Fund. In such event, each will at all times have regard to its obligations under any agreements to which it is party or by which it is bound in relation to the Fund or any Sub-Fund. In particular, when undertaking any dealings or 92

156 investments where conflicts of interest may arise, each will respectively endeavour to ensure that such conflicts are resolved fairly. (4) Sub-Funds may invest from time to time in UCITS and other UCIs managed by the Management Company, Investment Managers, or any other member of JPMorgan Chase & Co. It is therefore possible that any of them may, in the due course of their business, have potential conflicts of interest with the Fund or any Sub-Fund. When undertaking any investments where conflicts of interest may arise, each will respectively endeavour to ensure that such conflicts are resolved fairly. No doublecharging of the Annual Management and Advisory Fee or the Operating and Administrative Expenses will occur as specified in the section Charges and Expenses. (5) The Management Company and JPMorgan Chase & Co., may effect transactions in which they have, directly or indirectly, an interest which may involve a potential conflict with the Management Company s duty to the Fund. Neither the Management Company nor JPMorgan Chase & Co. shall be liable to account to the Fund for any profit, commission or remuneration made or received from or by reason of such transactions or any connected transactions nor will the Management Company s fees, unless otherwise provided, be abated. The Management Company will ensure that such transactions are effected on terms that are at least as favourable to the Fund than if the potential conflict had not existed. (6) There is no prohibition on the Fund entering into any transactions with the Management Company, or any Investment Manager, the Sales Agents, or the Custodian or with any of their affiliates, provided that such transactions are carried out as if effected on normal commercial terms negotiated at arm's length. In such case, in addition to the management fees the Management Company or the Investment Managers earn for managing the Fund, they may also have an arrangement with the issuer, dealer and/or distributor of any products entitling them to a share in the revenue from such products that they purchase on behalf of the Fund. In addition, there is no prohibition on the Management Company or the Investment Managers to purchase any products on behalf of the Fund where the issuer, dealer and/or distributor of such products are their affiliates provided that such transactions are carried out as if effected on normal commercial terms negotiated at arm s length, in the best interest of the Fund. JPMorgan Chase & Co. acts as counterparty for financial derivative contracts entered into by the Fund. (7) Potential conflicting interests or duties may arise because the Management Company or JPMorgan Chase & Co. may have invested directly or indirectly in the Fund. JPMorgan Chase & Co. could hold a relatively large proportion of Shares and voting rights in any Sub-Fund or Share Class. JPMorgan Chase & Co. may make substantial investments in a Sub-Fund or a Share Class for various purposes including, but not limited to, facilitating the growth of the Sub-Fund or Share Class, for facilitating the portfolio management or tax reporting of a Sub-Fund or Share Class, or for meeting future remuneration payment obligations to certain employees. JPMorgan Chase & Co. is under no obligation to make or maintain its investments and may reduce or dispose of any of these in the Sub-Fund or Share Class at any time. As part of its financial planning, JPMorgan Chase & Co. may also hedge the risk of its investments in any Share Class with the intention of reducing all or part of its exposure to such investments. JPMorgan Chase & Co. acting in a fiduciary capacity with respect to client accounts may recommend to or direct clients to buy and sell Shares of the Fund. If a client defaults on its obligation to repay indebtedness to JPMorgan Chase & Co. that is secured by Shares in the Fund, and JPMorgan Chase & Co. forecloses on such interest, JPMorgan Chase & Co. would become a Shareholder of the Fund. (8) Employees (including but not limited to portfolio managers) and Directors of JPMorgan Chase & Co. and Directors of the Fund may hold shares in the Fund. Employees of JPMorgan Chase & Co. are bound by the terms of JPMorgan Chase & Co. policy on personal account dealings and managing conflicts of interest Complaints and Enquiries Handling Investors may contact JPMFAL, the Hong Kong Representative of the Fund, for any queries or complaints in relation to the Fund. To contact JPMFAL, investors may either: Write to the registered office of JPMFAL (address at 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong); Call J.P. Morgan Funds InvestorLine on (852) ; or Call Intermediary Clients Hotline on (852) JPMFAL will, under normal circumstances, endeavour to send an acknowledgement of receipt of the enquiries and complaints to the relevant investor within 5 HK Business Days of receipt. Enquiries and complaints will be handled on a case by case basis. 93

157 DIRECTORY Directors of the Fund Iain O. S. Saunders Berndt May Jacques Elvinger Jean Frijns John Li How Cheong Peter Thomas Schwicht Registered Address of Fund European Bank & Business Centre 6, route de Trèves, L-2633 Senningerberg Grand Duchy of Luxembourg Management Company and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Investment Managers JPMorgan Asset Management (UK) Limited Finsbury Dials, 20 Finsbury Street London, EC2Y 9AQ United Kingdom JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road Central Hong Kong JPMorgan Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2-chome Chiyoda-ku, Tokyo Japan J.P. Morgan Investment Management Inc. 270 Park Avenue New York, NY United States of America Sub-Investment Manager JPMorgan Asset Management (Taiwan) Limited 20th Floor 1, Songzhi Road, Xinyi Dist Taipei City 110 Taiwan, R.O.C. Advisory Company JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Auditors PricewaterhouseCoopers Société Coopérative 400, Route d Esch B.P L-1014 Luxembourg Grand Duchy of Luxembourg Custodian, Corporate and Administrative Agent and Paying Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Hong Kong Representative JPMorgan Funds (Asia) Limited 21st Floor, Chater House 8 Connaught Road Central Hong Kong 94

158 Appendix I Distributor : JPMorgan Funds (Asia) Limited (JPMFAL) or its sub-distributors Share Class Details Equity Sub-Funds Sub-Fund Share Class Initial Charge JPMorgan Funds - America Equity Fund JPMorgan Funds - America Equity Fund JPMorgan Funds - America Equity Fund JPMorgan Funds - America Equity Fund JPMorgan Funds Brazil Equity Fund JPMorgan Funds China Fund JPMorgan Funds China Fund JPMorgan Funds China Fund JPMorgan Funds Eastern Europe Equity Fund JPMorgan Funds Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds Emerging Europe, Middle East and Africa Equity Fund JPMorgan Funds Emerging Markets Dividend Fund JPMorgan Funds Emerging Markets Dividend Fund JPMorgan Funds Emerging Markets Dividend Fund JPMorgan Funds Emerging Markets Equity Fund JPMorgan Funds Emerging Markets Equity Fund JPMorgan Funds Emerging Markets Opportunities Fund JPMorgan Funds Emerging Middle East Equity Fund JPMorgan Funds Emerging Middle East Equity Fund JPM America Equity A (acc) - AUD (hedged) JPM America Equity A (acc) - HKD JPM America Equity A (acc) - USD JPMorgan America Equity A (dist) USD JPM Brazil Equity A (acc) - USD JPMorgan China A (acc) USD JPMorgan China A (dist) HKD JPMorgan China A (dist) USD JPMorgan Eastern Europe Equity A (dist) EUR JPM Emerging Europe, Middle East and Africa Equity A (acc) USD JPM Emerging Europe, Middle East and Africa Equity A (dist) USD JPM Emerging Markets Dividend A (irc) AUD (hedged) JPM Emerging Markets Dividend A (mth) HKD JPM Emerging Markets Dividend A (mth) USD JPM Emerging Markets Equity A (acc) USD JPM Emerging Markets Equity A (dist) USD JPM Emerging Markets Opportunities A (acc) - USD JPM Emerging Middle East Equity A (acc) USD JPM Emerging Middle East Equity A (dist) USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.45% 5.00% 1.50% Nil 0.45% 5.00% 1.50% Nil 0.45% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.45% 5.00% 1.50% Nil 0.45% 95

159 Sub-Fund Share Class Initial Charge JPMorgan Funds Euroland Equity Fund JPMorgan Funds Euroland Equity Fund JPMorgan Funds Euroland Select Equity Fund JPMorgan Funds Europe Dynamic Fund JPMorgan Funds Europe Dynamic Fund JPMorgan Funds Europe Dynamic Fund JPMorgan Funds Europe Dynamic Fund JPMorgan Funds Europe Equity Fund JPMorgan Funds Europe Equity Fund JPMorgan Funds Europe Small Cap Fund JPMorgan Funds Europe Small Cap Fund JPMorgan Funds Europe Technology Fund JPMorgan Funds Europe Technology Fund JPMorgan Funds Europe Technology Fund JPMorgan Funds Germany Equity Fund JPMorgan Funds Global Consumer Trends Fund JPMorgan Funds Global Dynamic Fund JPMorgan Funds Global Dynamic Fund JPMorgan Funds Global Focus Fund JPMorgan Funds Global Natural Resources Fund JPMorgan Funds Global Natural Resources Fund JPMorgan Funds Global Real Estate Securities Fund (USD) JPMorgan Funds Global Unconstrained Equity Fund JPM Euroland Equity A (acc) EUR JPMorgan Euroland Equity A (dist) USD JPM Euroland Select Equity A (dist) EUR JPM Europe Dynamic A (acc) AUD (hedged) JPM Europe Dynamic A (acc) HKD (hedged) JPM Europe Dynamic A (acc) USD (hedged) JPMorgan Europe Dynamic A (dist) EUR JPM Europe Equity A (acc) USD JPMorgan Europe Equity A (dist) USD JPM Europe Small Cap A (acc) EUR JPMorgan Europe Small Cap A (dist) EUR JPM Europe Technology A (acc) - EUR JPM Europe Technology A (acc) - USD (hedged) JPMorgan Europe Technology A (dist) EUR JPMorgan Germany Equity A (dist) EUR JPM Global Consumer Trends A (acc) USD JPM Global Dynamic A (acc) USD JPMorgan Global Dynamic A (dist) USD JPMorgan Global Focus A (dist) USD JPM Global Natural Resources A (acc) USD JPM Global Natural Resources A (dist) EUR JPM Global Real Estate Securities (USD) A (inc) - USD JPMorgan Global Unconstrained Equity A (dist) USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 96

160 Sub-Fund Share Class Initial Charge JPMorgan Funds Greater China Fund JPMorgan Funds Greater China Fund JPMorgan Funds Greater China Fund JPMorgan Funds Hong Kong Fund JPMorgan Funds Hong Kong Fund JPMorgan Funds India Fund JPMorgan Funds Indonesia Equity Fund JPMorgan Funds Japan Equity Fund JPMorgan Funds Korea Equity Fund JPMorgan Funds Latin America Equity Fund JPMorgan Funds Latin America Equity Fund JPMorgan Funds Russia Fund JPMorgan Funds Russia Fund JPMorgan Funds Singapore Fund JPMorgan Funds Singapore Fund JPMorgan Funds Taiwan Fund JPMorgan Funds Taiwan Fund JPMorgan Funds Taiwan Fund JPMorgan Funds US Growth Fund JPMorgan Funds US Small Cap Growth Fund JPMorgan Funds US Small Cap Growth Fund JPMorgan Funds US Technology Fund JPMorgan Funds US Value Fund Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses JPMorgan Greater China A (acc) USD 5.00% 1.50% Nil 0.40% JPMorgan Greater China A 5.00% 1.50% Nil 0.40% (dist) HKD JPMorgan Greater China A 5.00% 1.50% Nil 0.40% (dist) USD JPMorgan Hong Kong A 5.00% 1.50% Nil 0.40% (dist) HKD JPMorgan Hong Kong A 5.00% 1.50% Nil 0.40% (dist) USD JPMorgan India A (acc) 5.00% 1.50% Nil 0.60% USD JPMorgan Indonesia 5.00% 1.50% Nil 0.40% Equity A (acc) USD JPMorgan Japan Equity J 5.00% 1.50% Nil 0.40% (dist) USD JPMorgan Korea Equity A 5.00% 1.50% Nil 0.40% (acc) - USD JPM Latin America Equity 5.00% 1.50% Nil 0.40% A (acc) - USD JPMorgan Latin America 5.00% 1.50% Nil 0.40% Equity A (dist) USD JPM Russia A (acc) - USD 5.00% 1.50% Nil 0.40% JPM Russia A (dist) - USD 5.00% 1.50% Nil 0.40% JPMorgan Singapore A (acc) USD JPMorgan Singapore A (dist) USD JPMorgan Taiwan A (acc) USD JPMorgan Taiwan A (dist) HKD JPMorgan Taiwan A (dist) USD JPM US Growth A (dist) USD JPM US Small Cap Growth A (acc) - USD JPM US Small Cap Growth A (dist) USD JPMorgan US Technology A (dist) USD JPMorgan US Value A (dist) USD 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 97

161 Mixed Asset Sub-Fund Sub-Fund Share Class Initial Charge JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Funds Asia Pacific Income Fund JPMorgan Asia Pacific Income A (acc) HKD JPMorgan Asia Pacific Income A (acc) USD JPMorgan Asia Pacific Income A (dist) USD JPMorgan Asia Pacific Income A (irc) AUD (hedged) JPMorgan Asia Pacific Income A (irc) CAD (hedged) JPMorgan Asia Pacific Income A (irc) EUR (hedged) JPMorgan Asia Pacific Income A (irc) GBP (hedged) JPMorgan Asia Pacific Income A (irc) NZD (hedged) JPMorgan Asia Pacific Income A (mth) HKD JPMorgan Asia Pacific Income A (mth) USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% 5.00% 1.50% Nil 0.40% Convertibles Sub-Fund Sub-Fund Share Class Initial Charge JPMorgan Funds Global Convertibles Fund (EUR) JPMorgan Global Convertibles (EUR) A (dist) USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 5.00% 1.50% Nil 0.40% Bond Sub-Funds Sub-Fund Share Class Initial Charge JPMorgan Funds Asia Local Currency Debt Fund JPMorgan Funds Asia Local Currency Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPM Asia Local Currency Debt A (mth) - HKD JPM Asia Local Currency Debt A (mth) - USD JPM Emerging Markets Debt A (acc) - USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 3.00% 0.80% Nil 0.20% 3.00% 0.80% Nil 0.20% 3.00% 1.15% Nil 0.40% 98

162 Sub-Fund Share Class Initial Charge JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Debt Fund JPMorgan Funds Emerging Markets Investment Grade Bond Fund JPMorgan Funds - Global Government Bond Fund JPMorgan Funds US Aggregate Bond Fund JPMorgan Funds US Aggregate Bond Fund JPMorgan Funds US Aggregate Bond Fund JPMorgan Funds US Aggregate Bond Fund JPMorgan Funds US Aggregate Bond Fund JPMorgan Funds US High Yield Plus Bond Fund JPMorgan Funds US High Yield Plus Bond Fund JPMorgan Funds US High Yield Plus Bond Fund JPM Emerging Markets Debt A (irc) - AUD (hedged) JPM Emerging Markets Debt A (irc) - CAD (hedged) JPM Emerging Markets Debt A (irc) - NZD (hedged) JPM Emerging Markets Debt A (mth) HKD JPM Emerging Markets Debt A (mth) USD JPM Emerging Markets Investment Grade Bond A (mth) USD JPM Global Government Bond A (acc) - USD (hedged) JPM US Aggregate Bond A (acc) EUR (hedged) JPM US Aggregate Bond A (acc) USD JPM US Aggregate Bond A (inc) USD JPM US Aggregate Bond A (mth) HKD JPM US Aggregate Bond A (mth) USD JPM US High Yield Plus Bond A (acc) USD JPM US High Yield Plus Bond A (mth) HKD JPM US High Yield Plus Bond A (mth) USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses 3.00% 1.15% Nil 0.40% 3.00% 1.15% Nil 0.40% 3.00% 1.15% Nil 0.40% 3.00% 1.15% Nil 0.40% 3.00% 1.15% Nil 0.40% 3.00% 0.80% Nil 0.40% 3.00% 0.40% Nil 0.20% 3.00% 0.90% Nil 0.20% 3.00% 0.90% Nil 0.20% 3.00% 0.90% Nil 0.20% 3.00% 0.90% Nil 0.20% 3.00% 0.90% Nil 0.20% 3.00% 1.00% Nil 0.40% 3.00% 1.00% Nil 0.40% 3.00% 1.00% Nil 0.40% Money Market Sub-Fund Sub-Fund Share Class Initial Charge JPMorgan Funds US Dollar Money Market Fund JPMorgan US Dollar Money Market A (acc) USD Annual Management and Advisory Fee Redemption Charge Operating and Administrative Expenses Nil 0.25% Nil 0.22% The currency denomination for each Share Class is indicated by a suffix to the name of the Share Class. 99

163 Appendix II Investment Restrictions and Powers Pursuit of the investment objective and policy of any Sub-Fund must be in compliance with the limits and restrictions set forth in this Appendix. Such limits and restrictions are subject at all times to any regulations and guidance issued from time to time by the CSSF or any other appropriate regulatory body. General Investment Rules 1) a) The Fund may exclusively invest in: i) Transferable securities and money market instruments admitted to official listing on a stock exchange; and/or ii) iii) iv) Transferable securities and money market instruments dealt in on another Regulated Market; and/or Recently issued transferable securities and money market instruments, provided that the terms of issue include an undertaking that application will be made for admission to official listing on a Regulated Market and such admission is secured within a year of the issue; and/or Units of UCITS authorised according to Directive 2009/65/EC and/or other UCI within the meaning of the first and second indent of Article 1, paragraph (2) of Directive 2009/65/EC, whether situated in an EU member state or not, provided that: - such other UCIs have been authorised under the laws which provide that they are subject to supervision considered by the CSSF to be equivalent to that laid down by European law and that cooperation between authorities is sufficiently ensured, - the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS, and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of the Directive 2009/65/EC, - the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets and liabilities, income and operations over the reporting period, - no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, according to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs; and/or v) Deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in no more than 12 months, provided that the credit institution has its registered office in a Member State of the European Union or, if the registered office of the credit institution is situated in a non-eu Member State, provided that it is subject to prudential rules considered by the CSSF as equivalent to those laid down in the European law; and/or vi) Financial derivative instruments, including equivalent cash-settled instruments, dealt in on a Regulated Market referred to in sub-paragraphs i) and ii) above, and/or financial derivative instruments dealt in over-the-counter ("OTC derivatives"), provided that: - the underlying consists of instruments covered by this paragraph 1) a), financial indices, interest rates, foreign exchange rates or currencies, in which the Sub-Funds may invest according to their investment objective; - the counterparties to OTC derivative transactions are institutions subject to prudential supervision, and belonging to the categories approved by the Luxembourg supervisory authority; - the OTC derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by an offsetting transaction at any time at their fair value at the Directors' initiative. and/or 100

164 vii) Money market instruments other than those dealt in on a Regulated Market, if the issue or the issuer of such instruments are themselves regulated for the purpose of protecting investors and savings, and provided that such instruments are: a. issued or guaranteed by a central, regional or local authority or by a central bank of an EU Member State, the European Central Bank, the EU or the European Investment Bank, a non-eu Member State or, in case of a Federal state, by one of the members making up the federation, or by a public international body to which one or more EU Member States belong; or b. issued by an undertaking, any securities of which are dealt in on Regulated Markets referred to in paragraphs 1) a) i) and ii) above; or c. issued or guaranteed by a credit institution subject to prudential supervision in accordance with criteria defined by European law or by a credit institution which is subject to and complies with prudential rules considered by the CSSF to be at least as stringent as those laid down by the European law; or d. issued by other bodies belonging to the categories approved by the CSSF provided that investments in such instruments are subject to investor protection equivalent to that laid down in a. b. or c. above and provided that the issuer is a company whose capital and reserves amount to at least ten million Euro (EUR 10,000,000) and which presents and publishes its annual accounts in accordance with the fourth Directive 78/660/EEC, is an entity which, within a group of companies, is dedicated to the financing of the group or is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking liquidity line. b) In addition, the Fund may invest a maximum of 10% of the assets of any Sub-Fund in transferable securities and money market instruments other than those referred to under paragraph a) above. 2) The Fund may hold ancillary liquid assets. 3) a) i) The Fund will invest no more than 10% of the assets of any Sub-Fund in transferable securities or money market instruments issued by the same issuing body. The Fund may not invest more than 20% of the total assets of such Sub-Fund in deposits made with the same body. The risk exposure to a counterparty of a Sub-Fund in an OTC derivative transaction may not exceed 10% of its assets when the counterparty is a credit institution referred to in paragraph 1) a) v) above or 5% of its assets in other cases. ii) The total value of the transferable securities and money market instruments held by the Fund on behalf of the Sub-Fund in the issuing bodies in each of which it invests more than 5% of the assets of such Sub-Fund must not exceed 40% of the value of the assets of such Sub-Fund. This limitation does not apply to deposits and OTC derivative transactions made with financial institutions subject to prudential supervision. Notwithstanding the individual limits laid down in paragraph 3) a) i), the Fund may not combine for each Sub- Fund: - investments in transferable securities or money market instruments issued by a single body, - deposits made with a single body, and/or - exposures arising from OTC derivative transactions undertaken with a single body, in excess of 20% of its assets. iii) The limit of 10% laid down in sub-paragraph 3) a) i) above will be increased to a maximum of 35% in respect of transferable securities or money market instruments which are issued or guaranteed by an EU Member State, its local authorities or agencies, or by another Eligible State or by public international bodies of which one or more EU Member States are members. 101

165 iv) The limit laid down in the first paragraph of 3) a) i) may be of a maximum of 25% for certain debt instruments when they are issued by a credit institution which has its registered office in the EU and is subject by law, to special public supervision designed to protect unitholders. In particular, sums deriving from the issue of these debt instruments must be invested in accordance with the law, in assets which, during the whole period of validity of the debt instruments, are capable of covering claims attached to said instruments and which, in case of bankruptcy of the issuer, would be used on a priority basis for the repayment of the principal and payment of accrued interest. If a Sub-Fund invests more than 5% of its assets in the debt instruments referred to in the above paragraph and issued by one issuer, the total value of such investments may not exceed 80% of the value of the assets of the Sub-Fund. v) The transferable securities and money market instruments referred to paragraphs iii) and iv) above shall not be included in the calculation of the limit of 40% stated in paragraph 3) a) ii) above. vi) The limits set out in sub-paragraphs i), ii) iii) and iv) may not be aggregated and, accordingly, investments in transferable securities or money market instruments issued by the same issuing body, in deposits or derivative instruments made with this body carried out in accordance with sub-paragraphs i), ii) iii) and iv) above may not, in any event, exceed a total of 35% of any Sub-Fund s assets; Companies which are part of the same group for the purposes of the establishment of consolidated accounts, as defined in accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules, are regarded as a single body for the purpose of calculating the limits contained in section 3) a). A Sub-Fund may cumulatively invest up to 20% of the assets in transferable securities and money market instruments within the same group. b) i) Without prejudice to the limits laid down in section 4 below, the limits laid down in section 3 a) above are raised to a maximum of 20% for investments in shares and /or debt securities issued by the same body when, according to the prospectus, the aim of the Sub-Funds investment policy is to replicate the composition of a certain stock or debt securities index which is recognised by the CSSF, on the following basis: - the composition of the index is sufficiently diversified, - the index represents an adequate benchmark for the market to which it refers, - it is published in an appropriate manner. ii) iii) The limit laid down in paragraph 3) b) i) above is raised to 35% where that proves to be justified by exceptional market conditions in particular in regulated markets where certain transferable securities or money market instruments are highly dominant. The investment up to this limit is only permitted for a single issuer. Notwithstanding the provisions outlined in paragraph 3) a), the Fund is authorised to invest up to 100% of the assets of any Sub-Fund, in accordance with the principle of risk spreading, in transferable securities and money market instruments issued or guaranteed by an EU Member State, by its local authorities or agencies, or by another member state of the OECD or by public international bodies of which one or more EU Member States are members, provided that such Sub-Fund must hold securities from at least six different issues and securities from one issue do not account for more than 30% of the total assets of such Sub-Fund. 4) a) The Fund may not acquire: i) Shares carrying voting rights which should enable it to exercise significant influence over the management of an issuing body; or ii) More than: a. 10% of the non-voting shares of the same issuer; and/or b. 10% of the debt securities of the same issuer; and/or c. 25% of the units of the same UCITS and/or other UCI; and/or d. 10% of the money market instruments of the same issuer; 102

166 The limits under paragraphs 4) a) ii) b. c. and d. may be disregarded at the time of acquisition, if at that time the gross amount of the debt securities, or of money market instruments or units or the net amount of the instruments in issue cannot be calculated. b) Paragraphs 4 a) i) and 4 a) ii) above are waived as regards: i) Transferable securities and money market instruments issued or guaranteed by an EU Member State or its local authorities; ii) iii) iv) Transferable securities and money market instruments issued or guaranteed by a non-member state of the EU; Transferable securities and money market instruments issued by public international bodies of which one or more EU Member States are members; Shares held by a Sub-Fund in the capital of a company incorporated in a non-member state of the EU which invests its assets mainly in the securities of issuing bodies having their registered office in that state, where under the legislation of that state, such a holding represents the only way in which the Sub-Fund can invest in the issuing bodies of that state. This derogation, however, shall apply only if in its investment policy the company from the non-member State of the EU complies with the limits laid down in paragraphs 3) a), 4) a) i) and ii), and 5). v) Shares held by one or more investment companies in the capital of subsidiary companies which, exclusively on its or their behalf carry on only the business of management, advice or marketing in the country where the subsidiary is located, in regard to the redemption of Shares at the request of Shareholders. 5) a) The Fund may acquire units of the UCITS and/or other UCIs as defined under paragraph 1) a) iv), provided that no more than 10% in total of a Sub-Fund s assets be invested in the units of UCITS and/or other UCIs unless provided for in the specific Sub-Fund investment policy in section 3 of this Offering Document. b) If a specific Sub-Fund is allowed to invest more than 10% of its assets in units of UCITS or other UCIs the following restrictions will apply: i) No more than 20% of a Sub-Fund s assets may be invested in the units of a single UCITS or other UCI. For the purpose of the application of this investment limit, each compartment of a UCITS or other UCI with multiple compartments is to be considered as a separate issuer provided that the principle of segregation of the obligations of the various compartments vis-à-vis third parties is ensured. ii) Investments made in units of UCIs other than UCITS may not in aggregate exceed 30% of the assets of a Sub- Fund. c) The Management Company will waive any subscription or redemption fees, or any Annual Management and Advisory Fee of the UCITS and/or other UCIs into which the Fund may invest and which: i) it manages itself either directly or indirectly; or ii) are managed by a company with which it is related by virtue of: a. common management, or b. control, or c. a direct or indirect interest of more than 10 percent of the capital or the votes. The Fund will indicate in its annual report the total Annual Management and Advisory Fee charged both to the relevant Sub-Fund and to the UCITS and other UCIs in which such Sub-Fund has invested during the relevant period. d) The underlying investments held by the UCITS or other UCIs in which the Fund invests do not have to be considered for the purpose of the investment restrictions set forth under paragraph 3) a) above. e) A Sub-Fund may subscribe, acquire and/or hold securities to be issued or issued by one or more Sub-Funds without the Fund being subject to the requirements of the Law of 10 August 1915 on commercial companies, as amended, with respect to the subscription, acquisition and/or the holding by a company of its own shares, under the condition however that: - the target Sub-Fund does not, in turn, invest in the Sub-Fund invested in this target Sub-Fund; and 103

167 - no more than 10% of the assets that the target Sub-Funds whose acquisition is contemplated may be in units of UCITS and/or other UCIs; and - voting rights, if any, attaching to the shares of the target Sub-Fund are suspended for as long as they are held by the Sub-Fund concerned and without prejudice to the appropriate processing in the accounts and the periodic reports; and - in any event, for as long as these securities are held by the Sub-Fund, their value will not be taken into consideration for the calculation of the net assets of the Fund for the purposes of verifying the minimum threshold of the net assets imposed by the 2010 Law; and - there is no duplication of management/subscription or redemption fees between those at the level of the Sub- Fund having invested in the target Sub-Fund, and this target Sub-Fund. 6) In addition the Fund will not: a) Make investments in, or enter into transactions involving, precious metals, commodities, commodities contracts, or certificates representing these; b) Purchase or sell real estate or any option, right or interest therein, provided the Fund may invest in transferable securities secured by real estate or interests therein or issued by companies which invest in real estate or interests therein; c) Carry out uncovered sales of transferable securities or other financial instruments, money market instruments or UCITS and/or other UCIs referred to above; d) Make loans to or act as guarantor on behalf of, third parties, provided that this restriction shall not prevent the Fund from: i) Lending of its portfolio securities; and ii) Acquiring transferable securities, money market instruments or other financial instruments referred to in paragraphs 1) a) iv), vi) and vii), which are not fully paid. e) Borrow for the account of any Sub-Fund amounts in excess of 10% of the total assets of that Sub-Fund, any such borrowings to be from banks and to be effected on a temporary basis. However, the Fund may acquire foreign currency by means of a back-to-back loan; f) Mortgage, pledge, hypothecate or otherwise encumber as security for indebtedness any securities held for the account of any Sub-Fund, except as may be necessary in connection with the borrowings mentioned above, and then such mortgaging, pledging, or hypothecating may not exceed 10% of the asset value of each Sub-Fund. In connection with OTC transactions including amongst others, swap transactions, option and forward exchange or futures transactions, the deposit of securities or other assets in a separate account shall not be considered a mortgage, pledge or hypothecation for this purpose; g) Underwrite or sub-underwrite securities of other issuers; h) Make investments in any transferable securities involving the assumption of unlimited liability. 7) To the extent that an issuer is a legal entity with multiple compartments where the assets of a compartment are exclusively reserved to the investors in such compartment and to those creditors whose claim has arisen in connection with the creation, operation or liquidation of that compartment, each compartment is to be considered to be a separate issuer for the purpose of the application of the risk-spreading rules set out in paragraphs 3) a); 3) b) i) and ii); and 5) above. 8) During the first six months following its launch, a new Sub-Fund may derogate from paragraphs 3) and 5) while ensuring observance of the principle of risk-spreading. 9) Each Sub-Fund must ensure an adequate spread of investment risks by sufficient diversification. 10) The Fund will in addition comply with such further restrictions as may be required by the regulatory authorities in which the Shares are marketed. 104

168 11) The Fund need not comply with the investment limit percentages when exercising subscription rights attached to securities which form part of its assets. If the percentage limitations set forth in the above restrictions are exceeded for reasons beyond the control of the Fund or as a result of the exercise of subscription rights, it must adopt as a priority objective for its sales transactions the remedying of that situation, taking due account of the interests of its Shareholders. I. Financial Derivative Instruments 1. General As specified in 1. a) vi) above, the Fund may in respect of each Sub-Fund invest in financial derivative instruments, including but not limited to financial futures contracts, options (on equities, interest rates, indices, bonds, currencies, commodity indices or other instruments), forward contracts (including foreign exchange contracts), swaps (including total return swaps, foreign exchange swaps, commodity index swaps, interest rate swaps, and swaps on baskets of equities, volatility swaps and variance swaps), credit derivatives (including credit default derivatives, credit default swaps and credit spread derivatives), warrants, mortgage TBAs, and structured financial derivative instruments such as credit-linked and equity-linked securities. The use of financial derivative instruments may not cause the Fund to deviate from the investment objectives set out in section 3 of this Offering Document. If any Sub-Fund intends to make use of financial derivative instruments for any purpose other than efficient portfolio management or to hedge against market or currency risks, this will be specified in section 3 of this Offering Document. Each Sub-Fund may invest in financial derivative instruments within the limits laid down in restriction 3) a) v) and vi) above, provided that the exposure to the underlying assets does not exceed in aggregate the investment limits laid down in restrictions 3) a) i) to vi) above. When a Sub-Fund invests in a total return swap or other financial derivative instrument with similar characteristics, the underlying assets and investment strategies to which exposure will be gained are described in the relevant Sub-Fund s investment objective and policy set out in section 3 of this Offering Document. When a Sub-Fund invests in index-based financial derivative instruments, these investments do not have to be combined to the limits laid down in restriction 3) a) above. The rebalancing frequency of the underlying index of such financial derivative instruments is determined by the index provider and there is no cost to the Sub-Fund when the index itself rebalances. When a transferable security or money market instrument embeds a derivative, the latter must be taken into account when complying with the requirements of this restriction. Where a Sub-Fund enters into financial derivative positions, it will hold sufficient liquid assets (including, if applicable, sufficient liquid long positions) to cover at all times the Sub-Fund s obligations arising from its financial derivative positions (including short positions). 2. Global Exposure The global exposure relating to financial derivative instruments is calculated taking into account the current value of the underlying assets, counterparty risk, foreseeable market movements and the time available to liquidate the positions. The Fund shall ensure that the global exposure of each Sub-Fund relating to financial derivative instruments does not exceed the total net assets of that Sub-Fund. The Sub-Fund s global exposure shall consequently not exceed 200% of its total net assets. In addition, this global exposure may not be increased by more than 10% by means of temporary borrowings 1 (as referred to in paragraph 6 (e) above) so that the Sub-Fund s overall risk exposure may not exceed 210% of any Sub-Fund s total net assets under any circumstances. The global exposure relating to financial derivative instruments may be calculated through the VaR methodology or the commitment approach. 2.1 VaR Methodology Certain Sub-Funds apply a Value-at-Risk (VaR) approach to calculate their global exposure, and this will be specified in their respective investment policies in section 3 of this Offering Document. In respect of such Sub-Funds, the limits and restrictions a) to f) in the section Commitment Approach below shall not be applicable although they may use similar strategies and hedging techniques. 1 Temporary borrowing is not permitted for investment purposes. 105

169 VaR is a means of measuring the potential loss to a Sub-Fund due to market risk and is expressed as the maximum potential loss measured at a 99% confidence level over a one month time horizon. The holding period relating to financial derivative instruments, for the purpose of calculating global exposure, is one month. Sub-Funds using the VaR approach are required to disclose their expected level of leverage which is stated in section 3 of the Offering Document. The expected level of leverage disclosed for each Sub-Fund is an indicative level and is not a regulatory limit. The Sub-Fund s actual level of leverage might significantly exceed the expected level from time to time however the usage of financial derivatives instruments will remain consistent with the Sub-Fund s investment objective and risk profile and comply with its VaR limit. In this context leverage is a measure of the aggregate derivative usage is calculated as the sum of the notional exposure of the financial derivative instruments used, without the use of netting arrangements. As the calculation neither takes into account whether a particular financial derivative instrument increases or decreases investment risk, nor takes into account the varying sensitivities of the notional exposure of the financial derivative instruments to market movements, this may not be representative of the level of investment risk within a Sub-Fund. VaR is calculated using an absolute or relative approach. Absolute VaR The absolute VaR approach calculates a Sub-Fund s VaR as a percentage of the Net Asset Value of the Sub-Fund and is measured against an absolute limit of 20% as defined by the ESMA Guidelines Absolute VaR is generally an appropriate approach in the absence of an identifiable reference portfolio or benchmark, for instance for funds using an absolute return target. Relative VaR The relative VaR approach is used for Sub-Funds where a derivative free benchmark or reference portfolio is defined reflecting the investment strategy which the Sub-Fund is pursuing. The relative VaR of a Sub-Fund is expressed as a multiple of the VaR of a benchmark or reference portfolio and is limited to no more than twice the VaR on the comparable benchmark or reference portfolio. The reference portfolio for VaR purposes, as amended from time to time, may be different from the benchmark as stated in section 3 of the Offering Document. 2.2 Commitment Approach Unless otherwise specified in section 3 of this Offering Document, the Sub-Funds calculate their global exposure resulting from the use of financial derivative instruments on a commitment basis. Such Sub-Funds will make use of financial derivative instruments in a manner not to materially alter a Sub-Fund s risk profile over what would be the case if financial derivative instruments were not used. When using the financial derivative instruments described in the preceding paragraphs within this section, those Sub-Funds using the commitment approach must comply with the limits and restrictions in items a) to f) below. a) With respect to options on securities: i) the Fund may not invest in put or call options on securities unless: - such options are quoted on a stock exchange or traded on a regulated market; and - the acquisition price of such options does not exceed, in terms of premium, 15% of the total net assets of the relevant Sub-Fund; ii) iii) the Fund may write call options on securities that it does not own. However, the aggregate of the exercise prices of such call options must not exceed 25% of the net asset value of the relevant Sub-Fund; the Fund may write put options on securities. However, the relevant Sub-Fund must hold sufficient liquid assets to cover the aggregate of the exercise prices of such options written. b) The Fund may enter into forward currency contracts or write call options or purchase put options on currencies provided however that the transactions made in one currency in respect of one Sub-Fund may in principle not exceed the valuation of the aggregate assets of such Sub-Fund denominated in that currency (or currencies which are likely to fluctuate in the same manner) nor exceed the period during which such assets are held. By derogation to the above, Sub-Funds may be managed by reference to a benchmark to hedge currency risk. These benchmarks are appropriate, recognised indices or combinations thereof and disclosed in section 3 of this Offering Document. The neutral risk position of any Sub-Fund will be the composition of the index in both its investment and currency component weightings. The Investment Manager may take currency positions towards this index by purchasing (or selling) currencies for forward settlement by the sale (or purchase) of other currencies held in the portfolio. The Investment 106

170 Manager may however give to the Sub-Fund a currency exposure that differs from that applicable index provided that, when using forward currency contracts, purchases of currencies that are not a reference currency of the relevant Sub-Fund will be permitted to increase the exposure up to a maximum of 15% above the benchmark weight of a given currency and in total such purchase transactions providing a currency exposure which is greater than the benchmark weightings (except purchases in the reference currency of the Sub-Fund) will not be in excess of the value of 20% of the assets of the relevant Sub-Fund. In addition, the Fund may engage in the following currency hedging techniques: (i) (ii) (iii) hedging by proxy, i.e. a technique whereby a Sub-Fund effects a hedge of the reference currency of the Sub-Fund (or benchmark or currency exposure of the assets of the Sub-Fund) against exposure in one currency by instead selling (or purchasing) another currency closely related to it, provided however that these currencies are indeed likely to fluctuate in the same manner. cross-hedging, i.e. a technique whereby a Sub-Fund sells a currency to which it is exposed and purchases more of another currency to which the Sub-Fund may also be exposed, the level of the base currency being left unchanged, provided however that all such currencies are currencies of the countries which are at that time within the Sub-Fund s benchmark or investment policy and the technique is used as an efficient method to gain the desired currency and asset exposures. anticipatory hedging, i.e. a technique whereby the decision to take a position on a given currency and the decision to have some securities held in a Sub-Fund s portfolio denominated in that currency are separate, provided however that the currency which is bought in anticipation of a later purchase of underlying portfolio securities is a currency associated with those countries which are within the Sub-Fund s benchmark or investment policy. A Sub-Fund may not sell forward more currency exposure than there is in underlying assets exposure on either an individual currency (unless hedging by proxy) or a total currency basis. In case the publication of the benchmark has been stopped or where major changes in that benchmark have occurred or if for some reason the Directors feel that another benchmark is appropriate, another benchmark may be chosen. Any such change of benchmark will be reflected in an updated Offering Document. The Fund may only enter into forward currency contracts if they constitute private agreements with highly rated financial institutions specialised in this type of transaction and may write call options and purchase put options on currencies if they are traded on a regulated market operating regularly, being recognised and open to the public. c) The Fund may not deal in financial futures, except that: i) for the purpose of hedging the risk of the fluctuation of the value of the portfolio securities of its Sub-Funds, the Fund may sell stock index futures provided that there exists sufficient correlation between the composition of the index used and the corresponding portfolio of the relevant Sub-Fund; ii) for the purpose of efficient portfolio management, the Fund may, in respect of each Sub-Fund, purchase and sell futures contracts on any kind of financial instrument; d) The Fund may not deal in index options except that: i) for the purpose of hedging the risk of the fluctuation of the value of the portfolio securities of its Sub-Funds, the Fund may sell call options on indices or purchase put options on indices provided there exists a sufficient correlation between the composition of the index used and the corresponding portfolio of the relevant Sub-Fund. The value of the underlying securities included in the relevant index option shall not exceed, together with outstanding commitments in financial futures contracts entered into for the same purpose, the aggregate value of the portion of the securities portfolio to be hedged; and ii) for the purpose of efficient portfolio management the Fund may, in respect of each Sub-Fund, purchase and sell options on any kind of financial instrument; provided however that the aggregate acquisition cost (in terms of premiums paid) of options on securities, index options, interest rate options and options on any kind of financial instruments purchased by the Fund in respect of a particular Sub-Fund shall not exceed 15% of the total net assets of the relevant Sub-Fund; 107

171 provided that the Fund may only enter into the transactions referred to in paragraphs c) and d) above, if these transactions concern contracts which are traded on a regulated market operating regularly, being recognised and open to the public. e) i) The Fund may sell interest rate futures contracts for the purpose of managing interest rate risk. It may also for the same purpose write call options or purchase put options on interest rates or enter into interest rate swaps by private agreement with highly rated financial institutions specialised in this type of operation. In principle, the aggregate of the commitments of each Sub-Fund relating to futures contracts, options and swap transactions on interest rates may not exceed the aggregate estimated market value of the assets to be hedged and held by the Sub-Fund in the currency corresponding to those contracts. ii) The Fund may use bond and interest rate options, bond and interest rate futures, index futures contracts and MBS TBAs for the purposes of efficient portfolio management and may enter into currency, interest rate and index swaps. The Fund may enter into swap contracts in which the Fund and the counterparty agree to exchange payments where one or both parties pay the returns generated by a security, instrument, basket or index thereof. The payments made by the Fund to the counterparty and vice versa are calculated by reference to a specific security, index, or instruments and an agreed upon notional amount. Any such underlying security or instrument must be a transferable security and any such index must be an index of a regulated market. The value of the underlying securities shall be taken into account for the calculation of the investment restrictions applicable to individual issuers. The relevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices. The Fund may enter into swap contracts relating to any financial instruments or index, including total return swaps. All such permitted transactions must be effected through highly rated financial institutions specialised in this type of transaction. iii) The Fund may use credit default swaps. A credit default swap is a bilateral financial contract in which one counterpart (the protection buyer) pays a periodic fee in return for a contingent payment by the protection seller following a credit event of a reference issuer. The protection buyer must either sell particular obligations issued by the reference issuer for its par value (or some other designated reference or strike price) when a credit event occurs or receive a cash settlement based on the difference between the market price and such reference price. A credit event is commonly defined as bankruptcy, insolvency, receivership, material adverse restructuring of debt, or failure to meet payment obligations when due. The ISDA has produced standardised documentation for these transactions under the umbrella of its ISDA Master Agreement. The Fund may use credit default swaps in order to hedge the specific credit risk of some of the issuers in its portfolio by buying protection. In addition, the Fund may, provided it is in its exclusive interest, buy protection under credit default swaps without holding the underlying assets provided that the aggregate premiums paid together with the present value of the aggregate premiums still payable in connection with credit default swap purchased together with the amount of the aggregate of premiums paid relating to the purchase of options on transferable securities or on financial instruments for a purpose other than hedging, may not, at any time, exceed 15% of the net assets of the relevant Sub-Fund. Provided it is in its exclusive interest, the Fund may also sell protection under credit default swaps in order to acquire a specific credit exposure. The Fund will only enter into credit default swap transactions with highly rated financial institutions specialised in this type of transaction and only in accordance with the standard terms laid down by the ISDA. Also, the Fund will only accept obligations upon a credit event that are within the investment policy of the relevant Sub-Fund. The Fund will ensure it can dispose of the necessary assets at any time in order to pay redemption proceeds resulting from redemption requests and to meet its obligations resulting from credit default swaps and other techniques and instruments. The aggregate commitments of all credit default swap transactions will not exceed 20% of the net assets of any Sub- Fund provided that all swaps will be fully funded. f) With respect to options referred to under a), b), d) and e) above, notwithstanding any provision to the contrary, the Fund may enter into OTC option transactions with highly rated financial institutions participating in these types of transactions. 108

172 3. Specific restrictions on dealing in Financial Derivative Instruments Unless otherwise approved by the Taiwan Financial Supervisory Commission, for any Sub-Fund registered for public distribution in Taiwan it shall comply with the local Taiwanese regulation in respect of derivative exposure, which currently requires the total value of the Sub-Fund s non-offset position in derivatives held for: (i) any purposes other than hedging, and in any derivatives held for hedging purposes in excess of the position limit stated in (ii) below, not to exceed 40% of the net asset value of the Sub-Fund (or such other percentage as stipulated by the Taiwan regulator from time to time); and (ii) hedging purposes, not to exceed the total market value of the relevant securities held by the Sub-Fund. II. Financial Techniques and Instruments Financial techniques and instruments (such as securities lending, sale with right of repurchase transactions as well as repurchase and reverse repurchase agreements) may be used by any Sub-Fund for the purpose of generating additional capital or income or for reducing costs or risk, to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 08 February 2008 relating to certain definitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when they use certain techniques and instruments relating to transferable securities and money market instruments ( CSSF Circular 08/356 ) and (iii) any other applicable laws, regulations, circulars or CSSF positions. At the discretion of the Management Company, the Fund, for each Sub-Fund, may participate in a securities lending programme in which securities are transferred temporarily to approved borrowers in exchange for collateral (typically from 102% to 105% of the value of the lent securities). The lending agent for the Fund, JPMCB, receives a fee of 15% of the gross revenue for its services. JPMCB is an affiliate of the Management Company. The remainder of the revenue is received by the lending Sub-Funds i.e. to the benefit of Shareholders. The revenue received by the Sub-Funds arising from securities lending transactions is specified in the Fund s semi-annual and annual reports. Securities lending aims to generate additional income with an acceptably low level of risk. Certain risks, however, such as counterparty risk (e.g. borrower default) and market risk (e.g. decline in value of the collateral received or of the reinvested cash collateral) remain and need to be monitored. Certain risks are mitigated by the lending agent s agreement to compensate losses suffered by the Fund if a counterparty fails to return lent securities (e.g. in the event of default of a counterparty). The risk related to the reinvestment of cash collateral, which is not indemnified by the agent, is mitigated by investing cash collateral in highly liquid and diversified money market funds or in reverse repurchase agreements. In respect of repurchase agreements and reverse repurchase agreements, collateral management fees may apply to the services relating to tri-party service arrangements required to ensure optimal transfer of collateral between the Fund and its counterparties. Currently, the Fund has appointed Euroclear Bank, Bank of New York Mellon and JPMCB. JPMCB is an affiliate of the Management Company. The income received by the Sub-Funds arising from repurchase agreements and reverse repurchase agreements is specified in the Fund s semi-annual and annual reports. Cash collateral received in the context of the use of such techniques and instruments may be reinvested pursuant to the laws, regulations and pronouncements above, in: (a) (b) (c) (d) shares or units in short term money market funds calculating a daily net asset value and being assigned a rating of AAA or its equivalent; short-term bank deposits; short-term bonds issued or guaranteed by an EU Member State or its local authority, Switzerland, Canada, Japan or the United States or by supranational institutions and undertakings with at least one EU member; reverse repurchase agreement transactions according to the provisions described under section I (C) (a) of CSSF Circular 08/356 and provided the transactions are with credit institutions subject to prudential rules considered by the CSSF as equivalent to those laid down in EU law. The full amount of cash invested must be recallable at any time. To the extent required by CSSF Circular 08/356, reinvestments of such cash collateral must be taken into account for the calculation of the Sub-Fund s global exposure. In accordance with the provisions of CSSF Circular 11/512, the net exposures to a counterparty arising from one or several securities lending transactions or reverse repurchase/repurchase agreement transactions shall be taken into account in the 20% limit provided for in investment restrictions 3) a) (ii) above. 109

173 Securities Lending and Repurchase Agreement Arrangement The Fund may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. The Fund will seek to appoint counterparties who have a minimum credit rating of at least A- by Standard & Poor s Rating Agency or be of a similar credit status. Such transactions may not be entered into for longer than 30 days. If the loan of securities exceeds 50% of the securities portfolio of the Sub-Fund concerned, it may only be effected on condition that it is possible to terminate the loan contract with immediate effect. The Fund may share with parties organising or structuring securities lending arrangements or acting as agents in relation to securities lending transactions the revenues arising from the securities lending transactions as may be agreed between the Fund and such parties from time to time. For this purpose, no distinction is made between members of the JPMorgan Chase & Co. and any other party that may participate in such securities lending transactions. The Directors will ensure that revenues arising from securities lending arrangements and the division thereof are in accordance with usual market practice and that the Sub-Fund retains an appropriate share thereof. For this arrangement, 70% of any incremental income earned from securities lending is accrued to the applicable Sub-Fund, with the remaining income payable to the relevant parties which arrange the transaction. The net revenues of the Fund arising from securities lending transactions are specified in the half-yearly and annual reports of the Fund. The Fund may enter into repurchase agreement transactions, which consist of a forward transaction at the maturity of which the Fund has the obligation to repurchase the asset sold and the buyer (the counterparty) the obligation to return the asset received under the transaction. The Fund may enter into these transactions only if the counterparties to these transactions are subject to prudential supervision rules considered by the CSSF as equivalent to those prescribed by Community law. The Fund must ensure that, at maturity of the agreement, it has sufficient assets to be able to settle the amount agreed with the counterparty for the restitution to the Fund. Notwithstanding the above, no Sub-Funds currently intend to enter into any repurchase agreement transactions, except for the JPMorgan Funds US Dollar Money Market Fund. Should other Sub-Funds decide to enter into these transactions, this Hong Kong Offering Document will be amended. All transactions with connected parties are carried out on an arm s length basis. JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts, financial futures contracts and swaps contracts. The Investment Managers, Custodian, Corporate, Administrative and Domiciliary Agent, Management Company and Global Distributors and other elated Agents of the Fund are considered as connected parties. Limitation of the counterparty risk in accordance with CSSF Circular 08/356 The Fund will receive for each securities lending transaction, in accordance with the fourth paragraph of section I. A. 1. of CSSF Circular 08/356, a guarantee (collateral) the value of which is, during the lifetime of the lending agreement, at least equivalent to 90% of the global valuation (interests, dividends and other eventual rights included) of the securities lent. The risk exposure to a single counterparty of the Fund arising from one or more securities lending transactions, sale with right of repurchase transactions and/or reverse repurchase/repurchase transactions may not exceed 10% of its assets when the counterparty is a credit institution referred to in article 41, paragraph (1) (f) of the Luxembourg law of 17 December 2010 or 5% of its assets in other cases. The Fund may take into account a guarantee (collateral) to reduce the counterparty risk in sale with right of repurchase transactions and/or reverse repurchase and repurchased transactions. The Fund must receive guarantee (collateral) in cash and/or in the form of securities until termination of the lending contract and the value of which must be at least equal to the value of the global valuation of the securities lent. The guarantee (collateral) must normally take the form of: (i) Liquid assets Liquid assets include not only cash and short term bank certificates, but also money market instruments such as defined within Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to certain UCITS as regards the clarification of certain definitions. A letter of credit or a guarantee at first-demand given by a first class credit institution not affiliated to the counterparty are considered as equivalent to liquid assets; (ii) bonds issued or guaranteed by a Member State of the OECD or by their local public authorities or by supranational institutions and undertakings with EU, regional or world-wide scope; 110

174 (iii) (iv) (v) (vi) shares or units issued by money market UCIs calculating a daily net asset value and being assigned a rating of AAA or its equivalent; shares or units issued by UCITS investing mainly in bonds/shares mentioned in (v) and (vi) below; bonds issued or guaranteed by first class issuers offering an adequate liquidity; or shares admitted to or dealt in on a regulated market of a Member State of the European Union or on a stock exchange of a Member State of the OECD, on the condition that these shares are included in a main index. Use of the aforesaid techniques and instruments involves certain risks (see section 4 Risk Factors) and there can be no assurance that the objective sought to be obtained from such use will be achieved. III. Collateral Received in respect of Financial Techniques and Financial Derivative Instruments Assets received from counterparties in securities lending activities, reverse repurchase agreements, and OTC derivative transactions other than currency forwards constitute collateral. The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a public rating of A- or above. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The counterparty does not have discretion over the composition or management of a Sub-Fund s portfolio or over the underlying of financial derivative instruments used by a Sub-Fund. Counterparty approval is not required in relation to any investment decisions made by a Sub-Fund. Collateral may be offset against gross counterparty exposure provided it meets a range of standards, including those for liquidity, valuation, issuer credit quality, correlation and diversification. In offsetting collateral its value is reduced by a percentage (a haircut ) which provides, inter alia, for short term fluctuations in the value of the exposure and of the collateral. Collateral levels are maintained to ensure that net counterparty exposure does not exceed the limits per counterparty as set out in section 3 a) i) of Appendix II Investment Restrictions and Powers. Collateral is received in the form of securities and cash. Non-cash collateral received is not sold, reinvested or pledged. The reinvestment of cash collateral received is restricted to high quality government bonds, deposits, reverse repos and short term money market funds, in order to mitigate the risk of losses on reinvestment. For funds which receive collateral for at least 30% of their assets, the associated liquidity risk is assessed. 111

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176 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - America Equity Fund 摩根美國基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - AUD (hedged) share class A( 累計 )- 澳元對沖股份類別 1.80% A (acc) - HKD share class A( 累計 )- 港元股份類別 1.80% A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.70% A (dist) - USD share class A( 分派 )- 美元股份類別 1.74% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in Australian dollars, HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以澳元 港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 1 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

177 Product Key Facts - JPMorgan Funds - America Equity Fund 產品資料概要 - 摩根美國基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in a concentrated portfolio of US companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in the US. The Fund s portfolio will invest in approximately 20 to 40 companies. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於美國公司的集中組合, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在美國註冊成立或在美國從事其大部分經濟活動之公司之股票 本基金之組合將投資於約 20 至 40 家公司 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 集中之風險 - 本基金可能集中於有限數目之證券, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 2

178 Product Key Facts - JPMorgan Funds - America Equity Fund 產品資料概要 - 摩根美國基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 16 August 2011, the investment objective and risk profile were changed to allow the Fund to be aggressively managed/concentrated. Performance prior to 16 August 2011 was achieved under circumstances that no longer apply. 1 由 2011 年 8 月 16 日起, 本基金的投資目標及風險取向已作出更改以容許其趨向進取管理 / 集中 2011 年 8 月 16 日之前的表現是在現時不再適用的情況下達致 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: S&P 500 Index (Total Return Net of 30% withholding tax) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1988 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 標準普爾 500 指數 ( 已扣 30% 預扣稅之總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1988 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) 3

179 Product Key Facts - JPMorgan Funds - America Equity Fund 產品資料概要 - 摩根美國基金 Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00140/DP/v12/0416 4

180 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Asia Pacific Equity Fund 摩根亞太股票基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management Company 管理公司 : JPMorgan Asset Management (Europe) S.à r.l. Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - HKD share class A ( 累計 )- 港元股份類別 1.80% A (acc) - USD share class A ( 累計 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends) ( 累計 ) 類別 - 累計 ( 通常不會支付股息 ) 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies in the Asia Pacific Basin (excluding Japan). At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an Asia Pacific Basin country (excluding Japan). Certain countries in the Asia Pacific Basin may be considered emerging market countries. The Fund may invest in China A-Shares via the Shanghai-Hong Kong Stock Connect program. The Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. The Fund uses an investment process that is based on systematic investments in equity securities with specific style characteristics such as value, momentum in price and earnings trends. Historical research has demonstrated that such securities can outperform over a market cycle as they exploit psychological factors (the behavioural and cognitive biases of investors) in stock markets. For example, investor overconfidence, the expectation that a security s earnings will continue to grow in perpetuity, or loss aversion, the reluctance of an investor to sell a security that is decreasing in price. 5 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

181 Product Key Facts - JPMorgan Funds - Asia Pacific Equity Fund 產品資料概要 - 摩根亞太股票基金 Cash and cash equivalents may be held on an ancillary basis. The Fund will not invest in debt securities. The Fund may also invest in UCITS and other UCIs. The Fund invests in financial derivative instruments to a limited extent for investment purposes. The term Pacific Basin refers to an area including Australia, Hong Kong, New Zealand, Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian sub-continent, excluding the United States of America, Central and South America. 透過主要投資於亞洲太平洋盆地 ( 除日本外 ) 的企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於亞洲太平洋盆地 ( 除日本外 ) 成立或於亞洲太平洋盆地 ( 除日本外 ) 從事其大部分經濟活動之公司 ( 包括小型公司 ) 的股票證券 若干亞洲太平洋盆地之國家可被視為新興市場國家 本基金可透過滬港通機制投資於中國 A 股 本基金於中國 A 股及 B 股的總投資 ( 直接及間接 ) 不可超過其資產淨值的 10% 此投資政策於未來如有改變, 將尋求證監會的批准 ( 如適用 ), 而銷售文件將作出相應更新 本基金採用的投資流程是為建基於系統性地投資於具有個別風格特徵的股票證券, 如價值 價格及收益趨勢中的動力 由於該等證券利用在股票市場中的心理因素 ( 投資者的行為和認知偏差 ), 故歷史研究顯示此等證券能在一個市場週期中有突出表現 例如, 投資者信心過大, 會預期一項證券的收益將永久持續增長, 或迴避損失, 因此投資者不願出售價格下降中的證券 現金及現金等價物可以輔助投資方式持有 本基金將不投資於債務證券 本基金亦可投資於可轉讓證券集體投資企業及其他集體投資企業 本基金有限度投資於金融衍生工具作投資目的 太平洋盆地 一詞指地區包括澳洲 香港 新西蘭 新加坡 中國 印尼 韓國 馬來西亞 菲律賓 台灣 泰國及印度次大陸, 但不包括美國 中美洲和南美洲 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Certain countries in the Asia Pacific Basin may be considered as emerging markets countries. Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund s investments will be concentrated in the Asia Pacific Basin and, as a result, may be more volatile than more broadly diversified global funds and investors may get back less than they originally invested. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Derivative risk The Fund may invest in derivatives in a limited extent for investment purposes including over-the-counter derivatives, and may therefore be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. Given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor. Although the Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management, the use of financial derivative instruments may give rise to leverage, liquidity, counterparty and valuations risks at times. In adverse situations, the Fund s use of derivative instruments may become ineffective and the Fund may suffer significant losses. 新興市場風險 - 若干於亞洲太平洋盆地之國家可能被視作新興市場國家 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險及政府對資金調回的限制或其他貨幣管制規例 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 6

182 Product Key Facts - JPMorgan Funds - Asia Pacific Equity Fund 產品資料概要 - 摩根亞太股票基金 集中之風險 - 本基金可能集中投資於亞洲太平洋盆地, 以致本基金的波幅可能會高於投資組合較為多元化的環球性基金 因此, 投資者收回的金額可能低於其原本的投資額 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 衍生工具風險 - 本基金可有限度投資於衍生工具作投資用途, 包括場外衍生工具, 故可能須受制於其直接交易對象不履行其於交易項下的責任, 以及基金將承受損失的風險 鑑於衍生工具所隱含之槓桿效應, 衍生工具合約價格的相對小幅變動已可能導致投資者承擔重大損失 雖然本基金可為對沖目的及有效組合管理投資於金融衍生工具, 使用衍生工具可能會引致槓桿 流動性 交易對手及估值風險 在不利情況下, 基金所使用的衍生工具可能會失效, 而基金可能需承受重大損失 How has the fund performed? 本基金過往的業績表現如何? 30 % A (acc) - USD share class A( 累計 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI All Country Asia Pacific ex Japan Index (Total Return Net). Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (acc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2009 Share class launch date: 2009 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 綜合亞太區 ( 不包括日本 ) 指數 ( 總回報淨額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 累計 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2009 股份類別成立日期 :2009 7

183 Product Key Facts - JPMorgan Funds - Asia Pacific Equity Fund 產品資料概要 - 摩根亞太股票基金 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.50% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 1.50%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : Other fees 其他費用 N/A 不適用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00236/DP/v5/0416 8

184 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Asia Pacific Income Fund 摩根亞太入息基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management Company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - HKD share class 1 1 A( 累計 )- 港元股份類別 1.80% A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.78% A (dist) - USD share class A( 分派 )- 美元股份類別 1.78% A (irc) - AUD (hedged) share class A( 利率入息 )- 澳元對沖股份類別 1.79% A (irc) - CAD (hedged) share class A( 利率入息 )- 加元對沖股份類別 1.80% A (irc) - EUR (hedged) share class A( 利率入息 )- 歐元對沖股份類別 1.80% A (irc) - GBP (hedged) share class A( 利率入息 )- 英鎊對沖股份類別 1.80% A (irc) - NZD (hedged) share class A( 利率入息 )- 紐元對沖股份類別 1.80% A (mth) - HKD share class A( 每月派息 )- 港元股份類別 1.78% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.78% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in Australian dollars, Canadian dollars, Euro, Sterling, HK dollars, New Zealand dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以澳元 加元 歐元 英鎊 港元 紐元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)*/ (mth) class/(irc) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )*/ ( 每月派息 ) 類別 /( 利率入息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 9 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

185 Product Key Facts - JPMorgan Funds - Asia Pacific Income Fund 產品資料概要 - 摩根亞太入息基金 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide income and long term capital growth by investing primarily in income generating securities of countries in the Asia Pacific region (excluding Japan). At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities, debt securities, convertible securities and Real Estate Investment Trusts ( REITS ). Issuers of these securities will be companies that are domiciled in, or carrying out the main part of their economic activity in, the Asia Pacific region (excluding Japan) or governments or their agencies of countries in the Asia Pacific region (excluding Japan). The Fund may invest a significant proportion of its assets in below investment grade and unrated debt securities. There are no credit quality or maturity restrictions with respect to the debt securities in which the Fund may invest. The Fund may invest in China A-Shares via the Shanghai-Hong Kong Stock Connect program. The Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares may not exceed 10% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. The Fund may hold up to a maximum of 5% of its assets in contingent convertible securities. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於亞太地區之國家 ( 除日本外 ) 內可產生收入之證券, 以期提供收入及長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於股票 債務證券 可換股證券及房地產投資信託 ( REITS ) 此等證券的發行人為於亞太地區 ( 除日本外 ) 註冊成立或從事其大部分經濟活動之公司或於亞太地區 ( 除日本外 ) 之國家的政府或其機構 本基金可投資其大部分資產於低於投資級別及未經評級債務證券 本基金可投資的債務證券並無信貸質素或到期日的限制 本基金可透過滬港通機制投資於中國 A 股 本基金於中國 A 股及 B 股的總投資 ( 直接或間接 ) 不可超過其資產淨值的 10% 此投資政策於未來如有改變, 將尋求證監會的批准 ( 如適用 ), 而銷售文件將作出相應更新 本基金最多可持有或然可換股證券達其資產的 5% 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Certain countries in the Asia Pacific region may be considered emerging markets countries. Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Below investment grade/unrated investment risk The Fund may invest in debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade/unrated debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Convertibles risk Convertibles are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. Investors should be prepared for greater volatility than straight bond investments, with an increased risk of capital loss. Factors that may affect the value of the Fund s holdings include: (i) credit risk, (ii) interest rate risk; and (iii) equity risk. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Risk related to (irc) share classes The (irc) share classes will give priority to dividends, rather than to capital growth and will typically distribute more than the income received by the Fund. As such, dividends may be paid out of capital, resulting in greater erosion of the capital 10

186 Product Key Facts - JPMorgan Funds - Asia Pacific Income Fund 產品資料概要 - 摩根亞太入息基金 invested than other share classes. Furthermore, movements in currency exchange rates and interest rates can adversely affect the return of the (irc) share classes. The net asset value of (irc) share classes may fluctuate more than and may significantly differ from other share classes due to a more frequent distribution of dividends and the fluctuation of the interest rate differential between the reference currency of the share class and the reference currency of the Fund. Please refer to the currency hedged share classes risk for the additional risk associated with (irc) share classes. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. REITs risk The Fund may invest in REITs and may therefore be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates, and the Fund may be adversely impacted. The underlying REITs which the Fund may invest in may not necessarily be authorised by the SFC and their dividend or payout policies are not representative of the dividend policy of the Fund. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. 新興市場風險 - 若干於亞太地區之國家可能被視作新興市場國家 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 低於投資級別 / 未獲評級投資之風險 - 本基金可投資於未獲評級或低於投資級別之債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當本基金投資的任何低於投資級別 / 未經評級債務證券 ( 例如部分高收益債券 ) 違約或如利率改變, 本基金資產淨值或會下跌或受負面影響 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 可換股證券風險 - 可換股證券為債券與股票的組合, 准許其持有人於指定的未來日期將債券轉換為發行債券的公司之股份 因此, 投資者應準備承擔較其他債券投資更大之波幅, 而資本損失之風險亦會增加 可能影響基金所持有的價格的因素包括 :(i) 信貸風險 ; (ii) 利率風險 ; 及 (iii) 股票風險 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 ( 利率入息 ) 股份類別之風險 - ( 利率入息 ) 股份類別將以股息而非資本增長為優先及將一般分派多於本基金所收到之入息 因此, 股息或從資本中支付, 導致被侵蝕的投資資本大於其他股份類別 此外, 貨幣匯率和利率的變動可對 ( 利率入息 ) 股份類別之回報構成不利影響 由於較頻密的股息分派, 以及股份類別的參考貨幣與本基金的參考貨幣之間的利率差異的波動, ( 利率入息 ) 股份類別的資產淨值之波動可能大於其他股份類別及可能有顯著差別 ( 利率入息 ) 股份類別相關之額外風險, 請參閱 貨幣對沖股份類別之風險 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 11

187 Product Key Facts - JPMorgan Funds - Asia Pacific Income Fund 產品資料概要 - 摩根亞太入息基金 房地產投資信託基金 ( REITs ) 之風險 - 本基金可投資於房地產投資信託, 並可能因經濟狀況及利率的變動而承受更高的流通性風險及價格波動, 本基金可能需承受不利影響 本基金可投資的相關 REITs 不一定獲證監會認可及相關 REITs 的派息或派付政策並不代表本基金的派息政策 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 7 July 2014, the Fund s approach to currency exposure within the portfolio was changed. On 14 June 2012, the Fund was restructured. Key changes include investment objectives, investment universe, benchmark and distribution yield. Performance prior to 7 July 2014 was achieved under circumstances that no longer apply. 2 A different benchmark was used during this period. Benchmark change was due to the restructuring of the Fund. 1 由 2014 年 7 月 7 日起, 子基金對投資組合內的貨幣風險的取向已作更改 本基金於 2012 年 6 月 14 日作出重組 主要變更包括投資目標 投資範疇 基準指數及派息率 2014 年 7 月 7 日之前的表現是在現時不再適用的情況下達致 2 有別於現行的基準指數在此期間使用 基準指數的變動是由於本基金之重組 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently 50% MSCI All Country Asia Pacific ex Japan Index (Total Return Net)/50% J.P. Morgan Asia Credit Index (Total Return Gross). Prior to 14 June 2012, 50% MSCI All Country Pacific Index (Total Return Net)/50% J.P. Morgan Asia Credit Index (Total Return Gross). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2001 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 50%MSCI 綜合亞太區 ( 不包括日本 ) 指數 ( 總回報淨額 ),50% 摩根亞洲信貸指數 ( 總回報總額 ) 2012 年 6 月 14 日以前為 50%MSCI 綜合太平洋指數 ( 總回報淨額 ),50% 摩根亞洲信貸指數 ( 總回報總額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2001 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 12

188 Product Key Facts - JPMorgan Funds - Asia Pacific Income Fund 產品資料概要 - 摩根亞太入息基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00104/DP/v16/

189 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Brazil Equity Fund 摩根巴西基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : JPMorgan Asset Management (Europe) S.à r.l. J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class A( 累計 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends) ( 累計 ) 類別 - 累計 ( 通常不會支付股息 ) 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. At least 67% of the Sub-Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Brazil. The Sub-Fund s portfolio is concentrated in approximately 25 to 50 companies. The Fund invests in financial derivatives instruments in a limited extent for investment purpose. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 14

190 Product Key Facts - JPMorgan Funds - Brazil Equity Fund 產品資料概要 - 摩根巴西基金 透過主要投資於巴西企業的集中投資組合, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在巴西註冊成立或在巴西從事其大部分經濟活動之公司 ( 包括小型公司 ) 之股票 基金之組合集中投資於 25 至 50 所公司 本基金有限度投資於金融衍生工具作投資目的 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於有限數目之證券, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 15

191 Product Key Facts - JPMorgan Funds - Brazil Equity Fund 產品資料概要 - 摩根巴西基金 How has the fund performed? 本基金過往的業績表現如何? % A (acc) - USD share class A( 累計 )- 美元股份類別 Benchmark 基準指數 1 On 16 August 2011, the investment objective and policy of the Fund were changed to reflect long-only nature of investment approach. On 18 August 2011 the performance fee for the Fund was removed. Performance prior to 18 August 2011 was achieved under circumstances that no longer apply. 1 由 2011 年 8 月 16 日起, 本基金之投資目標及政策已作出更改, 以反映僅持長倉性質的投資策略 由 2011 年 8 月 18 日起, 本基金已不再收取表現費 2011 年 8 月 18 日之前的表現是在現時不再適用的情況下達致 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Brazil 10/40 Index (Total Return Net) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (acc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2007 Share class launch date: 2007 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 巴西 10/40 指數 ( 總回報淨額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 累計 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2007 股份類別成立日期 :2007 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 16

192 Product Key Facts - JPMorgan Funds - Brazil Equity Fund 產品資料概要 - 摩根巴西基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.50% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 1.50%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00240/DP/v7/

193 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - China Fund 摩根中國基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.78% A (dist) - HKD share class A( 分派 )- 港元股份類別 1.82% A (dist) - USD share class A( 分派 )- 美元股份類別 1.77% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 18

194 Product Key Facts - JPMorgan Funds - China Fund 產品資料概要 - 摩根中國基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies of the People s Republic of China. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, the People s Republic of China. The Fund may invest in China A-Shares through the Qualified Foreign Institutional Investor ( QFII ) investment quota granted to the Investment Manager and the Shanghai-Hong Kong Stock Connect. The Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares will be less than 30% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於中華人民共和國之企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在中華人民共和國註冊成立或在中華人民共和國從事其大部份經濟活動之公司 ( 包括小型公司 ) 之股票 本基金可透過投資經理人獲授的合格境外機構投資者 ( QFII ) 投資額度及滬港通投資於中國 A 股 本基金於中國 A 股及 B 股的總投資 ( 直接及間接 ) 將會少於其資產淨值的 30% 倘此投資政策在日後有任何改變, 將尋求證監會的批准 ( 如適用 ), 而銷售文件將相應作出更新 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk China is an emerging market, which may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. China market may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in a limited number of securities and may have concentrated exposure to one or more industry sectors, and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Investments in the People s Republic of China ( PRC ) risk Investing in the PRC is subject to the risks of investing in emerging markets and additional risks which are specific to the PRC market. Investments may be sensitive to changes in law and regulation together with political, social or economic policy which includes possible government intervention. In extreme circumstances, the Fund may incur losses due to limited investment capabilities, or may not be able to fully implement or pursue its investment objectives or strategy, due to local investment restrictions, illiquidity of the Chinese domestic securities market, and/or delay or disruption in execution and settlement of trades. The Fund will be exposed to any fluctuation in the exchange rate between the reference currency of the Fund and CNY (onshore RMB) or CNH (offshore RMB) in respect of such investments. QFII risk The Fund may invest directly in the domestic securities markets of the PRC through the QFII quota of the Investment Manager since the China Securities Regulatory Commission ( CSRC ) has granted a QFII licence to the Investment Manager and a portion of the QFII quota of the Investment Manager have been made available to the Fund. The current QFII regulations impose strict restrictions (including rules on investment restrictions, minimum investment holding periods and repatriation of principle and profits) on investments. These are applicable to the Investment Manager and not only to the investments made by the Fund. Thus, investors should be aware that violations of the QFII regulations on investments arising out of activities of the Investment Manager could result in the revocation of, or other regulatory actions in respect of the quota, including any other portion for investment in QFII eligible securities. There can be no assurance that the Investment Manager will continue to maintain its QFII status or make available its QFII quota, or that the Fund will be allocated sufficient portion of the QFII quota granted to the Investment Manager to meet all applications for subscription to the Fund, or that redemption requests can be processed in a timely manner. Investors should note that the Investment Manager s QFII status could be suspended or revoked, which may have an adverse effect on the Fund s performance as the Fund will be required to dispose of its securities. Risks associated with the Shanghai-Hong Kong Stock Connect The Fund may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program and thus is subject to the following risks: The relevant regulations are untested and subject to change. There is no certainty as to how they will be applied which could adversely affect the Fund. The program requires use of new information technology systems which may be subject to operational risk due to its cross-border nature. If the relevant systems fail to function properly, trading in both Hong Kong and Shanghai markets through the program could be disrupted. The program is subject to quota limitations which may restrict the Fund s ability to invest in China A-Shares through the program on a timely basis. Where securities are held in custody on a cross-border basis, there are specific legal/beneficial ownership risks linked to compulsory requirements of the local Central Securities Depositaries, the Hong Kong Securities Clearing Company Limited ( HKSCC ) and China Securities Depository and Clearing Corporation Limited ( ChinaClear ). It should be noted that the depositary and the Fund will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency 19

195 Product Key Facts - JPMorgan Funds - China Fund 產品資料概要 - 摩根中國基金 of HKSCC. In the event ChinaClear defaults, the Fund may not fully recover its losses or its Shanghai-Hong Kong Stock Connect securities and the process of recovery could also be delayed. Trading in securities through the program may be subject to operational, clearing and settlement risk. In the case of sale, pre-delivery of shares are required to the broker, increasing counterparty risk. Because of such requirements, the Fund may not be able to purchase and/or dispose of holdings of China A-Shares in a timely manner. Shanghai-Hong Kong Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Fund cannot carry out any China A-Shares trading. The Fund may be subject to risks of price fluctuations in China A-Shares during the time when Shanghai-Hong Kong Stock Connect is not trading as a result. The Fund will not benefit from local investor compensation schemes. PRC tax consideration The Management Company reserves the right to provide for tax for capital gains tax on Fund investing in Chinese assets, including China A or B Shares. With the uncertainty of whether and how certain gains on PRC securities are to be taxed, the possibility of the laws, regulations and practice in the PRC changing, and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of provision and when they subscribed and/or redeemed their shares in/from the Fund. This is unavoidable where investors can subscribe and/or redeem their shares in/from the Fund and where there is uncertainty as to taxation. The net asset value per share of the Fund is calculated daily and shares of the Fund can be redeemed at the bid price which is calculated by reference to the net asset value per share. After redemption, an investor cannot be impacted either positively or negatively. Consequently, a past shareholder will receive nothing from a subsequent release of a provision or increase in the market value of investments and will not be adversely impacted by an increase in a provision where there is a shortfall. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the Fund s assets, the Fund s asset value will be adversely affected. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 中國屬於新興市場, 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 中國市場風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於有限數目之證券及集中投資於一個或多個行業組別, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 於中華人民共和國 ( 中國 ) 之投資風險 - 於中國之投資須承受新興市場的風險及與中國市場相關的額外風險 投資可能對法律法規的改變, 以及政治 社會或經濟政策 ( 包括政府可能作出干預 ) 的改變敏感 在極端情況下, 本基金可能因有限的投資能力而招致損失, 或因為當地投資限制 中國內地證券市場缺乏流通性, 及 / 或執行及結算交易出現延誤或干擾而未能全面實施或實行其投資目標或策略 本基金就該等投資承受相關本基金的參考貨幣兌 CNY( 境內人民幣 ) 或 CNH( 境外人民幣 ) 的匯率波動之影響 QFII 風險 - 由於中國證監會已向投資經理人授予 QFII 牌照而投資經理人的 QFII 額度的一部分已經提供給本基金, 本基金可透過投資經理人的 QFII 額度直接投資於中國國內證券市場 現行 QFII 規例對投資設有嚴格的限制 ( 包括投資限制 最短投資持有期及調回本金和溢利的規則 ), 此等規則適用於投資經理人, 且並非只適用於由本基金進行的投資 因此, 投資者應注意, 倘若投資經理人的投資活動違反了 QFII 規則, 可能導致有關額度 ( 包括投資於 QFII 合資格證券的任何其他部分 ) 被撤銷, 或被施加其他監管行動 概不保證投資經理人將可繼續維持其 QFII 資格或其 QFII 額度可予提供, 或本基金將可從投資經理人獲分配充足份額的 QFII 額度, 以應 20

196 Product Key Facts - JPMorgan Funds - China Fund 產品資料概要 - 摩根中國基金 付本基金的所有申購, 亦不保證贖回要求可適時獲得處理 投資者應注意, 由於投資經理人的 QFII 資格可被暫停或撤銷而需出售其所持有之證券, 或會對本基金的表現造成不利影響 與滬港通相關的風險 - 本基金可透過滬港通機制投資於中國 A 股, 故此須承受以下風險 : 有關法規未經驗證, 並可能會變更 目前還不確定該機制將如何應用, 可能對本基金造成不利影響 該機制需要利用新的資訊科技系統, 由於涉及跨界性質, 故可能承受操作風險 倘若有關系統無法正常運作, 透過該機制在香港及上海市場進行的交易可能受到干擾 機制受額度限制之規限, 可能限制本基金及時地通過滬港通投資於中國 A 股的能力 倘證券在跨境以託管形式持有, 存在與當地中央證券存管處 香港中央結算有限公司 ( 香港結算 ) 及中國證券登記結算有限責任公司 ( 中國結算 ) 的強制規定相關的法律 / 實益擁有權風險 應注意存管處與本基金將與香港結算沒有任何法律關係, 及倘本基金因香港結算的表現或無力償債而蒙受損失, 本基金對香港結算沒有直接法律追索權 倘若中國結算違約, 本基金可能無法完全追討其損失或其滬港通證券, 以及追討過程亦可能有所延誤 通過滬港通買賣證券可能承受操作 交收及結算風險 在出售情況, 須把證券提前交付予經紀, 因而增加交易對象風險 由於該等要求, 本基金或許無法及時購入及 / 或出售持有的中國 A 股 滬港通將只在中國及香港市場均開放交易及兩地市場的銀行均在相應結算日開門營業的日子運作 可能出現於中國市場的正常交易日本基金不能進行任何中國 A 股交易之情況 當滬港通不進行交易的時候, 本基金可能承受中國 A 股股價波動的風險 本基金將不受當地的投資者賠償基金保障 中國稅務考慮 - 管理公司保留就本基金投資於中國資產 ( 包括中國 A 股或 B 股 ) 的資本收益稅提撥稅項之權利 由於未能確定中國證券的收益是否及如何被徵稅 中國之法律 規例及慣例可能有所更改及稅項可能被追溯應用, 管理公司為應付出售中國證券所獲取之收益的最終中國稅項負擔而提撥的任何稅務準備可能會過多或不足 因此, 對投資者有利或不利乃取決於如何就該等收益徵稅之最終結果 撥備額及投資者認購及 / 或贖回其本基金股份之時間 由於投資者可從本基金認購及 / 或贖回其股份, 以及稅務存在不確定性時, 上述情況無可避免 本基金的每股資產淨值每日計算, 而本基金的股份可按參考每股資產淨值計算的買入價予以贖回 贖回後, 投資者不會受到正面或負面影響 因此, 倘若其後解除準備或投資市值增加, 以往的股東將不能從中獲益, 而且倘出現撥備不足而須提高撥備時, 亦不會受到影響 任何因撥備少於實際稅務負擔而造成之短缺將於本基金的資產中扣帳, 將對本基金之資產價值造成不利影響 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. Benchmark was changed for better representation of the Fund s eligible investment universe. 1 有別於現行的基準指數在此期間使用 基準指數的變動是為了更能代表本基金合資格的投資領域 21 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

197 Product Key Facts - JPMorgan Funds - China Fund 產品資料概要 - 摩根中國基金 Benchmark of the share class: Currently MSCI China 10/40 Index (Total Return Net). Prior to 1 August 2008, BNP Paribas China Index (Price Index). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1994 Share class launch date: 1994 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 中國 10/40 指數 ( 總回報淨額 ) 2008 年 8 月 1 日以前為法國巴黎銀行中國指數 ( 價格指數 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1994 股份類別成立日期 :1994 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 1.5% of NAV p.a. (maximum 3.0%) 管理及顧問費 : 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 22

198 Product Key Facts - JPMorgan Funds - China Fund 產品資料概要 - 摩根中國基金 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00111/DP/v13/

199 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Europe Equity Fund 摩根新興歐洲股票基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : J.P. Morgan Bank Luxembourg S.A. A (dist) - EUR share class A( 分派 )- 歐元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 EUR 歐元 (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 Financial year end 財政年度終結日 : 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. *The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies in European emerging market countries, including Russia (the Emerging European Countries ). At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an Emerging European Country. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於歐洲新興市場國家 ( 包括俄羅斯 ) 之公司 ( 新興歐洲國家 ), 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在新興歐洲國家註冊成立或在新興歐洲國家從事其大部分經濟活動之公司之股票 本基金有限度投資於金融衍生工具作投資目的 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 24

200 Product Key Facts - JPMorgan Funds - Emerging Europe Equity Fund 產品資料概要 - 摩根新興歐洲股票基金 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in a limited number of securities, industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Russia market risk The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian securities market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於有限數目之證券, 行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 俄羅斯市場風險 - 俄羅斯之政府及監管制度相對仍處初期, 投資者可能面對不同的政治及經濟風險 俄羅斯證券市場亦可能不時承受缺乏市場效率及流通性, 從而可能引致較高之價格波動及市場中斷 投資於俄羅斯現時受制於有關證券擁有權及託管的若干備受關注之風險 投資者應謹記, 股份價格及其任何收入可升亦可跌 投資者可能無法取回其投資的全數金額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 25

201 Product Key Facts - JPMorgan Funds - Emerging Europe Equity Fund 產品資料概要 - 摩根新興歐洲股票基金 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % & 2 A (dist) - EUR share class A( 分派 )- 歐元股份類別 Benchmark 基準指數 1 On 2 October 2006, the investment policy was expanded to include investment in Turkey and certain regulated markets. Performance prior to 2 October 2006 was achieved under circumstances that no longer apply. 2 A different benchmark was used during this period. Benchmark was changed to more accurately reflect the Fund s investment policy. 1 由 2006 年 10 月 2 日起, 本基金的投資政策已擴闊至涵蓋土耳其及若干受管轄市場 2006 年 10 月 2 日之前的表現是在現時不再適用的情況下達致 2 有別於現行的基準指數在此期間使用 基準指數的變動是為了更精確反映本基金之投資政策 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI Emerging Markets Europe Index (Total Return Net). Prior to 2 October 2006, MSCI Eastern Europe Index (Total Return Net). Prior to 1 June 2005, Nomura Central & Eastern Europe Index (Price Index). Management Company views A (dist) - EUR share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1994 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以歐元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 新興市場歐洲指數 ( 總回報淨額 ) 2006 年 10 月 2 日以前為 MSCI 東歐指數 ( 總回報淨額 ) 2005 年 6 月 1 日以前為野村中歐及東歐指數 ( 價格指數 ) 管理公司視 A( 分派 )- 歐元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1994 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 26

202 Product Key Facts - JPMorgan Funds - Emerging Europe Equity Fund 產品資料概要 - 摩根新興歐洲股票基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00142/DP/v11/

203 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 摩根新興歐洲 中東及非洲基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.80% A (dist) - USD share class A( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 28

204 Product Key Facts - JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 產品資料概要 - 摩根新興歐洲 中東及非洲基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East and Africa. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country of central, eastern and southern Europe, Middle East or Africa. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於中歐 東歐及南歐新興市場 中東及非洲之公司, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在中歐 東歐及南歐新興市場 中東及非洲國家註冊成立或於中歐 東歐及南歐新興市場 中東及非洲國家從事其大部分經濟活動之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Russia market risk The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian securities market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 29

205 Product Key Facts - JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 產品資料概要 - 摩根新興歐洲 中東及非洲基金 俄羅斯市場風險 - 俄羅斯之政府及監管制度相對仍處初期, 投資者可能面對不同的政治及經濟風險 俄羅斯證券市場亦可能不時承受缺乏市場效率及流通性, 從而可能引致較高之價格波動及市場中斷 投資於俄羅斯現時受制於有關證券擁有權及託管的若干備受關注之風險 投資者應謹記, 股份價格及其任何收入可升亦可跌 投資者可能無法取回其投資的全數金額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % & 2 A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 2 October 2006 the investment objective of the Fund has evolved to reflect changes in the emerging markets investment universe and the political and economic structure of the region. Performance prior to 2 October 2006 was achieved under circumstances that no longer apply. 2 A different benchmark was used during this period. 1 由 2006 年 10 月 2 日起, 本基金的投資政策已演變以反映新興市場投資領域的改變及該地區政治及經濟格局 2006 年 10 月 2 日之前的表現是在現時不再適用的情況下達致 2 有別於現行的基準指數在此期間使用 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI Emerging Markets EMEA Index (Total Return Net). Prior to 2 October 2006, MSCI EM Europe Index (Total Return Net). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1997 Share class launch date: 1997 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 新興歐洲 中東及非洲指數 ( 總回報淨額 ) 2006 年 10 月 2 日以前為 MSCI 新興歐洲指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1997 股份類別成立日期 :

206 Product Key Facts - JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 產品資料概要 - 摩根新興歐洲 中東及非洲基金 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00157/DP/v10/

207 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Markets Debt Fund 摩根新興市場債券基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Managers 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.41% A (irc) - AUD (hedged) share class A( 利率入息 )- 澳元對沖股份類別 1.45% A (irc) - CAD (hedged) share class A( 利率入息 )- 加元對沖股份類別 1.45% A (irc) - NZD (hedged) share class A( 利率入息 )- 紐元對沖股份類別 1.45% A (mth) - HKD share class A( 每月派息 )- 港元股份類別 1.45% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.42% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in Australian dollars, Canadian dollars, HK dollars, New Zealand dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以澳元 加元 港元 紐元及美元計價 ) Dividend policy 派息政策 : (acc) class - Accumulative (will not normally pay dividends) / (mth) class/(irc) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 每月派息 ) 類別 /( 利率入息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 Financial year end 財政年度終結日 : 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 32

208 Product Key Facts - JPMorgan Funds - Emerging Markets Debt Fund 產品資料概要 - 摩根新興市場債券基金 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities, including corporate securities and securities issued in local currencies, using financial derivative instruments where appropriate. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. These investments will likely include Brady bonds, Yankee bonds and government and corporate Eurobonds and bonds and notes which are traded in domestic markets. The Fund may invest, to an unlimited extent, in below investment grade and unrated debt securities and debt securities from emerging markets. There are no credit quality or maturity restrictions with respect to the debt securities in which the Fund may invest. The Fund may hold up to a maximum of 5% of its assets in contingent convertible securities. The Fund will invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts and other fixed income, currency and credit derivatives. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於新興市場債務證券, 包括企業證券及以當地貨幣發行之證券, 並於適當時運用金融衍生工具, 以期取得較新興國家債券市場更高的回報 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將直接或透過運用金融衍生工具投資於新興市場政府或其機構及於新興市場國家註冊成立或於新興市場國家從事其大部分經濟活動之公司發行或擔保之債務證券 此等投資可包括 Brady Bonds 揚基債券及政府及公司之歐元債券, 以及於當地市場買賣之債券及票據 本基金可無限制地投資低於投資級別和未評級的債務證券及新興市場債務證券 本基金可投資證券之信貸質素及年期並無限制 本基金最多可持有或然可換股證券達其資產的 5% 本基金可運用金融衍生工具以達致其投資目標 該等工具亦可能用於對沖目的 金融衍生工具可包括 ( 但不限於 ) 期貨 期權 差價合約 金融工具的遠期合約及該等合約的期權 信貸掛鈎工具 按揭 ( 將公佈 ) 及透過私人協議訂立的掉期合約以及其他定息證券 貨幣及信貸衍生工具 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Below investment grade/unrated investment risk The Fund may invest in debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade/unrated debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. 33

209 Product Key Facts - JPMorgan Funds - Emerging Markets Debt Fund 產品資料概要 - 摩根新興市場債券基金 Risk related to (irc) share classes The (irc) share classes will give priority to dividends, rather than to capital growth and will typically distribute more than the income received by the Fund. As such, dividends may be paid out of capital, resulting in greater erosion of the capital invested than other share classes. Furthermore, movements in currency exchange rates and interest rates can adversely affect the return of the (irc) share classes. The net asset value of (irc) share classes may fluctuate more than and may significantly differ from other share classes due to a more frequent distribution of dividends and the fluctuation of the interest rate differential between the reference currency of the share class and the reference currency of the Fund. Please refer to the currency hedged share classes risk for the additional risk associated with (irc) share classes. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Derivative risk The Fund may invest in derivatives for investment purposes including over-the-counter derivatives, and may therefore be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. Given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor. Investment in derivative transactions may result in a total loss of the Fund s assets. The Fund s expected level of leverage is 100% of the NAV of the Fund. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, without the use of netting arrangements. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 低於投資級別 / 未獲評級投資之風險 - 本基金可投資於未獲評級或低於投資級別之債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當本基金投資的任何低於投資級別 / 未經評級債務證券 ( 例如部分高收益債券 ) 違約或如利率改變, 本基金資產淨值或會下跌或受負面影響 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 ( 利率入息 ) 股份類別之風險 - ( 利率入息 ) 股份類別將以股息而非資本增長為優先及將一般分派多於本基金所收到之入息 因此, 股息或從資本中支付, 導致被侵蝕的投資資本大於其他股份類別 此外, 貨幣匯率和利率的變動可對 ( 利率入息 ) 股份類別之回報構成不利影響 由於較頻密的股息分派, 以及股份類別的參考貨幣與本基金的參考貨幣之間的利率差異的波動, ( 利率入息 ) 股份類別的資產淨值之波動可能大於其他股份類別及可能有顯著差別 ( 利率入息 ) 股份類別相關之額外風險, 請參閱 貨幣對沖股份類別之風險 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 34

210 Product Key Facts - JPMorgan Funds - Emerging Markets Debt Fund 產品資料概要 - 摩根新興市場債券基金 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 衍生工具風險 - 本基金可投資於衍生工具作投資用途, 包括場外衍生工具, 故可能須受制於其直接交易對象不履行其於交易項下的責任, 以及基金將承受損失的風險 鑑於衍生工具所隱含之槓桿效應, 衍生工具合約價格的相對小幅變動已可能導致投資者承擔重大損失 投資於衍生工具交易可能會令基金的資產全數損失 本基金之預期槓桿水平為本基金資產淨值之 100% 就此而言槓桿之計算為所採用之金融衍生工具的名義承擔總和, 並無運用對銷安排 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (mth) - USD share class A( 每月派息 )- 美元股份類別 Benchmark 基準指數 1 On 4 July 2011, the reference currency of the Fund was changed from EUR to USD and as a result, USD (hedged) share class was converted to USD denominated share class. Performance prior to 4 July 2011 was achieved under circumstances that no longer apply. 1 由 2011 年 7 月 4 日起, 本基金的參考貨幣已由歐元轉為美元 由於此項更改,( 美元對沖 ) 股份類別已轉換為以美元為單位之股份類別 2011 年 7 月 4 日之前的表現是在現時不再適用的情況下達致 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (mth) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1997 Share class launch date: 2010 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 摩根新興市場債券指數全球多元化 ( 總回報總額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 每月派息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1997 股份類別成立日期 :2010 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 35

211 Product Key Facts - JPMorgan Funds - Emerging Markets Debt Fund 產品資料概要 - 摩根新興市場債券基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.15% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.15%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00200/DP/v11/

212 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Markets Dividend Fund 摩根新興市場股息收益基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Managers 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : JPMorgan Asset Management (Europe) S.à r.l JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (irc) - AUD (hedged) share class A( 利率入息 )- 澳元對沖股份類別 1.80% A (irc) - GBP (hedged) share class A( 利率入息 )- 英鎊對沖股份類別 1.80% A (mth) - HKD share class A( 每月派息 )- 港元股份類別 1.80% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : Daily 每日 USD (The share classes offered in Hong Kong are in Australian dollars, Sterling, HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以澳元 英鎊 港元及美元計價 ) (mth) class/(irc) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 每月派息 ) 類別 /( 利率入息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 37 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

213 Product Key Facts - JPMorgan Funds - Emerging Markets Dividend Fund 產品資料概要 - 摩根新興市場股息收益基金 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide income by investing primarily in dividend-yielding equity securities of emerging market companies, whilst participating in long term capital growth. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in dividend-yielding equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. These will include equity securities of smaller companies. The Fund may invest up to 10% of its asset in China A-Shares via the Shanghai-Hong Kong Stock Connect program. Debt securities, cash and cash equivalents may be held on an ancillary basis. The Fund may also invest in UCITS and other UCIs. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. This Fund invests in financial derivative instruments to a limited extent for investment purposes. Dividend yielding equity securities are equity securities issued by the companies whose management indicates their intention on future dividend payouts to shareholders. The following factors are typically considered when determining dividend yielding securities, but are not limited to: public company announcements and company interviews with regard to dividend policies; cash flow analysis; and historical records. Countries with emerging and less developed markets include, but are not limited to (1) countries that have an emerging stock market in a developing economy as defined by the International Finance Corporation, (2) countries that have low or middle income economies according to the World Bank, and (3) countries listed in World Bank publication as developing. The list of emerging and less developed markets is subject to continuous change; broadly they include any country or region other than the United States of America, Canada, Japan, Australia, New Zealand and Western Europe. 透過主要投資於新興市場企業的派息股票證券, 以期提供收入, 並參與長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在新興市場國家成立, 或於新興市場國家從事其大部分經濟活動之公司的派息股票證券, 當中包括小型公司之股票證券 本基金可透過滬港通機制投資最多達其資產之 10% 於中國 A 股 債務證券 現金及現金等價物可以輔助投資方式持有 本基金亦可投資於可轉讓證券集體投資企業及其他集體投資企業 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 本基金有限度投資於金融衍生工具作投資目的 派息股票證券為其管理層表示有意在未來向股東派息的公司所發行的股票證券 在決定派息證券時通常考慮 ( 但不限於 ) 以下因素 : 上市公司公告和有關股息政策方面之公司訪問 ; 現金流分析和歷史記錄 屬於新興及發展中市場的國家包括但不限於 (1) 在發展中經濟 ( 由國際金融公司定義 ) 中設有新興股市的國家 (2) 屬於低或中收入經濟 ( 由世界銀行定義 ) 的國家, 及 (3) 世界銀行刊物中列為發展中的國家 新興及發展中國家的名單可持續加以修訂, 大致上包括下列國家以外的任何國家或地區 : 美國 加拿大 日本 澳洲 新西蘭及西歐 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. 38

214 Product Key Facts - JPMorgan Funds - Emerging Markets Dividend Fund 產品資料概要 - 摩根新興市場股息收益基金 Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Risk related to (irc) share classes The (irc) share classes will give priority to dividends, rather than to capital growth and will typically distribute more than the income received by the Fund. As such, dividends may be paid out of capital, resulting in greater erosion of the capital invested than other share classes. Furthermore, movements in currency exchange rates and interest rates can adversely affect the return of the (irc) share classes. The net asset value of (irc) share classes may fluctuate more than and may significantly differ from other share classes due to a more frequent distribution of dividends and the fluctuation of the interest rate differential between the reference currency of the share class and the reference currency of the Fund. Please refer to the currency hedged share classes risk for the additional risk associated with (irc) share classes. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Russia market risk The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian securities market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Derivative risk The Fund may invest in derivatives in a limited extent for investment purposes including over-the-counter derivatives, and may therefore be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. Given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor. Although the Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management, the use of financial derivative instruments may give rise to leverage, liquidity, counterparty and valuations risks at times. In adverse situations, the Fund s use of derivative instruments may become ineffective and the Fund may suffer significant losses. Distribution risk There is no assurance on the distribution or the distribution rate or dividend yield. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度 較大的金融風險及政府對資金調回的限制或其他貨幣管制規例 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 39

215 Product Key Facts - JPMorgan Funds - Emerging Markets Dividend Fund 產品資料概要 - 摩根新興市場股息收益基金 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 ( 利率入息 ) 股份類別之風險 - ( 利率入息 ) 股份類別將以股息而非資本增長為優先及將一般分派多於本基金所收到之入息 因此, 股息或從資本中支付, 導致被侵蝕的投資資本大於其他股份類別 此外, 貨幣匯率和利率的變動可對 ( 利率入息 ) 股份類別之回報構成不利影響 由於較頻密的股息分派, 以及股份類別的參考貨幣與本基金的參考貨幣之間的利率差異的波動, ( 利率入息 ) 股份類別的資產淨值之波動可能大於其他股份類別及可能有顯著差別 ( 利率入息 ) 股份類別相關之額外風險, 請參閱 貨幣對沖股份類別之風險 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 俄羅斯市場風險 - 俄羅斯之政府及監管制度相對仍處初期, 投資者可能面對不同的政治及經濟風險 俄羅斯證券市場亦可能不時承受缺乏市場效率及流通性, 從而可能引致較高之價格波動及市場中斷 投資於俄羅斯現時受制於有關證券擁有權及託管的若干備受關注之風險 投資者應謹記, 股份價格及其任何收入可升亦可跌 投資者可能無法取回其投資的全數金額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 衍生工具風險 - 本基金可有限度投資於衍生工具作投資用途, 包括場外衍生工具, 故可能須受制於其直接交易對象不履行其於交易項下的責任, 以及基金將承受損失的風險 鑑於衍生工具所隱含之槓桿效應, 衍生工具合約價格的相對小幅變動已可能導致投資者承擔重大損失 雖然本基金可為對沖目的及有效組合管理投資於金融衍生工具, 使用衍生工具可能會引致槓桿 流動性 交易對手及估值風險 在不利情況下, 基金所使用的衍生工具可能會失效, 而基金可能需承受重大損失 分派風險 - 分派或分派率或收益率並不受保證 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % A (mth) - USD share class A( 每月派息 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. 40

216 Product Key Facts - JPMorgan Funds - Emerging Markets Dividend Fund 產品資料概要 - 摩根新興市場股息收益基金 Benchmark of the share class: MSCI Emerging Markets Index (Total Return Net) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (mth) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2012 Share class launch date: 2013 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 新興市場指數 ( 總回報淨額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 每月派息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表 股份類別 本基金成立日期 :2012 股份類別成立日期 :2013 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.5% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 41

217 Product Key Facts - JPMorgan Funds - Emerging Markets Dividend Fund 產品資料概要 - 摩根新興市場股息收益基金 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00251/DP/v5/

218 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Markets Equity Fund 摩根全方位新興市場基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.75% A (dist) - USD share class A( 分派 )- 美元股份類別 1.75% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 43 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

219 Product Key Facts - JPMorgan Funds - Emerging Markets Equity Fund 產品資料概要 - 摩根全方位新興市場基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in emerging market companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. The Fund may invest up to 10% of its asset in China A-Shares via the Shanghai-Hong Kong Stock Connect program. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於新興市場公司, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在新興市場國家註冊成立或於新興市場國家從事其大部分經濟活動之公司之股票 本基金可透過滬港通機制投資最多達其資產之 10% 於中國 A 股 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Russia market risk The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian securities market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital, The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund's fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal or part of an investor s original investment of from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 俄羅斯市場風險 - 俄羅斯之政府及監管制度相對仍處初期, 投資者可能面對不同的政治及經濟風險 俄羅斯證券市場亦可能不時承受缺乏市場效率及流通性, 從而可能引致較高之價格波動及市場中斷 投資於俄羅斯現時受制於有關證券擁有權及託管的若干備受關注之風險 投資者應謹記, 股份價格及其任何收入可升亦可跌 投資者可能無法取回其投資的全數金額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 44

220 Product Key Facts - JPMorgan Funds - Emerging Markets Equity Fund 產品資料概要 - 摩根全方位新興市場基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 2 October 2006, the investment policy was amended to allow investment in certain regulated markets. Performance prior to 2 October 2006 was achieved under circumstances that no longer apply. 1 由 2006 年 10 月 2 日起, 本基金的投資政策已作出修改, 以容許投資於若干受管轄市場 2006 年 10 月 2 日之前的表現是在現時不再適用的情況下達致 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Emerging Markets Index (Total Return Net) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1994 Share class launch date: 1994 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 新興市場指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1994 股份類別成立日期 :1994 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) 45

221 Product Key Facts - JPMorgan Funds - Emerging Markets Equity Fund 產品資料概要 - 摩根全方位新興市場基金 Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00153/DP/v10/

222 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 摩根新興市場投資級別債券基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.à r.l Investment Managers 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.10% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD 美元 (mth) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 每月派息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 47 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

223 Product Key Facts - JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 產品資料概要 - 摩根新興市場投資級別債券基金 Objective and investment strategy 目標及投資策略 To achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade USD denominated debt securities. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in investment grade USD denominated debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. Investment grade debt securities are rated long-term BBB-/Baa3 or above by Fitch, Moody s and/or Standard & Poor s, respectively. Debt securities will be rated investment grade at the time of purchase. However, as a result of rating downgrade, removal of rating or default of the issuer of such securities after purchase, the Fund may hold below investment grade and unrated debt securities to a limited extent or may sell such securities. The Fund may hold up to a maximum of 5% of its assets in contingent convertible securities. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Fund may also invest in UCITS and other UCIs. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. This Fund invests in financial derivative instruments to a limited extent for investment purposes. Countries with emerging and less developed markets include, but are not limited to (1) countries that have an emerging stock market in a developing economy as defined by the International Finance Corporation, (2) countries that have low or middle income economies according to the World Bank, and (3) countries listed in World Bank publication as developing. The list of emerging and less developed markets is subject to continuous change; broadly they include any country or region other than the United States of America, Canada, Japan, Australia, New Zealand and Western Europe. 透過主要投資於新興市場投資級別之美元債務證券, 以期取得較新興國家投資級別債券市場更高的回報 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於新興市場政府或其機構及於新興市場國家成立, 或於新興市場國家從事其大部分經濟活動之公司所發行或擔保之投資級別美元債務證券 投資級別債務證券分別被惠譽 穆迪及 / 或標準普爾給予長期 BBB-/Baa3 或以上的評級 債務證券會於購入時已被評級為投資級別 然而, 本基金可有限度持有於購入後被調低評級 除去評級或其發行人違約而導致之低於投資級別及未經評級的債務證券或可出售該等證券 本基金最多可持有或然可換股證券達其資產的 5% 短期金融市場票據及信貸機構存款可以輔助投資方式持有 本基金亦可投資於可轉讓證券集體投資企業及其他集體投資企業 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 本基金有限度投資於金融衍生工具作投資目的 屬於新興及發展中市場的國家包括但不限於 (1) 在發展中經濟 ( 由國際金融公司定義 ) 中設有新興股市的國家 (2) 屬於低或中收入經濟 ( 由世界銀行定義 ) 的國家, 及 (3) 世界銀行刊物中列為發展中的國家 新興及發展中國家的名單可持續加以修訂, 大致上包括下列國家以外的任何國家或地區 : 美國 加拿大 日本 澳洲 新西蘭及西歐 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Investment grade bond risk Investment grade bonds are assigned ratings within the top rating categories. Rating agencies review such assigned ratings and bonds may therefore be downgraded in rating if economic circumstances (e.g. subject to market or other conditions) impact the relevant bond issues. Downgrading of the bonds may adversely affect the value of the relevant bonds and therefore the performance of the Fund. Also, the Fund may face higher risks of default in interest payment and principal repayment. As a result, investors may get back less than they originally invested. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. 48

224 Product Key Facts - JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 產品資料概要 - 摩根新興市場投資級別債券基金 Sovereign risk The Fund may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. As a result, investors may get back less than they originally invested. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss/gain to the investor greater than the usual risks of investment. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. Below investment grade risk The Fund may hold debt securities which become below investment grade after purchase as a result of rating downgrade, default of the issuer of such securities and other similar events. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. Unrated Investment risk The Fund may hold debt securities which become unrated after purchase as a result of removal of rating. Removal of the credit rating may adversely affect the valuation of the relevant unrated debt securities and the Fund. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度 較大的金融風險及政府對資金調回的限制或其他貨幣管制規例 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 投資級別債券風險 - 投資級別債券是由信貸評級機構給予屬於高評級界別的評級 信貸評級機構不時覆核該等評級 倘若經濟環境 ( 如市場或其他狀況 ) 影響有關債券發行, 該等債券的評級可能因此下降 債券評級的下調或會對有關債券的價值及本基金之表現造成不利影響 此外, 本基金可能面對較高不獲履行支付利息及償還本金之責任的風險 因此, 投資者收回的金額可能低於其原本的投資額 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 主權風險 - 本基金可投資於由政府或其代理機構 ( 政府實體 ) 發行或擔保的債務證券 ( 主權債務 ) 政府實體可拖欠其主權債務 主權債務的持有人, 包括基金可被要求參與重組該項債務, 以及向政府實體進一步貸款 概無任何破產法律程序可全部或部分收回政府實體所拖欠的主權債務 因此, 投資者收回的金額可能低於其原本的投資額 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 ( 或有機會賺取額外收益 ) 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 49

225 Product Key Facts - JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 產品資料概要 - 摩根新興市場投資級別債券基金 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 低於投資級別之風險 - 本基金可持有於購入後被調低評級 其發行人違約或其他類似事件而導致而成為未評級或被評低於投資級別的債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當基金投資的任何低於投資級別債務債券 ( 例如部分高收益債券 ) 違約或如利率改變, 基金資產淨值或會下跌或受負面影響 未獲評級投資之風險 - 本基金可持有於購入後被除去評級而導致而成為未經評級的債務證券 除去信貸評級, 或會對有關債券及基金之估值造成不利影響 How has the fund performed? 本基金過往的業績表現如何? % A (mth) - USD share class A( 每月派息 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: 70% J.P. Morgan Emerging Markets Bond Index Global Diversified Investment Grade (Total Return Gross) / 30% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Investment Grade (Total Return Gross) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (mth) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2010 Share class launch date: 2014 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :70% 摩根新興市場債券環球多元化投資級別指數 ( 總回報總額 )/30% 摩根公司新興市場債券廣泛多元化投資級別指數 ( 總回報總額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 每月派息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2010 股份類別成立日期 :

226 Product Key Facts - JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 產品資料概要 - 摩根新興市場投資級別債券基金 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 0.8% of NAV p.a. (maximum 3.0%) 每年資產淨值之 0.8%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00345/DP/v7/

227 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 摩根新興市場本地貨幣債券基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Managers 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.30% A (irc) - AUD (hedged) share class A( 利率入息 )- 澳元對沖股份類別 1.30% A (mth) - HKD share class A( 每月派息 )- 港元股份類別 1.30% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.30% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in Australian dollars, HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以澳元 港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (mth) class/(irc) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 每月派息 ) 類別 /( 利率入息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 52

228 Product Key Facts - JPMorgan Funds - Emerging Markets Local Currency Debt Fund 產品資料概要 - 摩根新興市場本地貨幣債券基金 Objective and investment strategy 目標及投資策略 To achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency debt securities, using financial derivatives instruments where appropriate. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested, either directly or through the use of financial derivative instruments, in debt securities issued or guaranteed by emerging market governments or their agencies or by companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. Such debt securities may be denominated in any currency. However at least 67% of the Fund s assets will be invested in debt securities that are denominated in the local emerging market currency. The Fund s portfolio is concentrated. The Fund may invest, to an unlimited extent, in below investment grade and unrated debt securities from emerging markets. There are no credit quality or maturity restrictions with respect to the debt securities in which the Fund may invest. The Fund may hold up to a maximum of 5% of its assets in contingent convertible securities. The Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, futures, options, contracts for difference, forward contracts on financial instruments and options on such contracts, credit linked instruments and swap contracts and other fixed income, currency and credit derivatives. The Fund invests in financial derivative instruments to a limited extent for investment purpose. 透過主要投資於新興市場本地貨幣債務證券, 並於適當時運用金融衍生工具, 取得高於新興市場國家政府債券市場的回報 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將直接或透過運用金融衍生工具投資於新興市場政府或其機構或在新興市場國家註冊成立或在新興市場國家從事其大部分經濟活動之公司發行或擔保之債務證券 此等債務證券可以任何貨幣為單位, 惟本基金之資產至少 67% 將投資於以新興市場本地貨幣為單位之債務證券 本基金的投資組合屬集中 本基金可無限制地投資於低於投資級別及未經評級之新興市場債務證券 本基金可投資債務證券之信用質素或年期並無限制 本基金最多可持有或然可換股證券達其資產的 5% 本基金可運用金融衍生工具以期達致其投資目標 ; 該等工具亦可能用於對沖目的 金融衍生工具可包括 ( 但不限於 ) 期貨 期權 差價合約 金融工具的遠期合約及該等合約的期權 信貸掛鈎工具及掉期合約以及其他定息證券 貨幣及信貸衍生工具 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Below investment grade/unrated investment risk The Fund may invest in debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade/unrated debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Sovereign Risk The Fund may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies, US municipalities, quasi-government entities and state sponsored enterprises ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including the Fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. As a result, investors may get back less than they originally invested. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. 53

229 Product Key Facts - JPMorgan Funds - Emerging Markets Local Currency Debt Fund 產品資料概要 - 摩根新興市場本地貨幣債券基金 Risk related to (irc) share classes The (irc) share classes will give priority to dividends, rather than to capital growth and will typically distribute more than the income received by the Fund. As such, dividends may be paid out of capital, resulting in greater erosion of the capital invested than other share classes. Furthermore, movements in currency exchange rates and interest rates can adversely affect the return of the (irc) share classes. The net asset value of (irc) share classes may fluctuate more than and may significantly differ from other share classes due to a more frequent distribution of dividends and the fluctuation of the interest rate differential between the reference currency of the share class and the reference currency of the Fund. Please refer to the currency hedged share classes risk for the additional risk associated with (irc) share classes. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Derivative risk The Fund may invest in derivatives for investment purposes including over-the-counter derivatives, and may therefore be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. Given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor. Investment in derivative transactions may result in a total loss of the Fund s assets. The Fund s expected level of leverage is 350% of the NAV of the Fund. In this context leverage is calculated as the sum of the notional exposure of the financial derivative instruments used, without the use of netting arrangements. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於有限數目之證券, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 低於投資級別 / 未獲評級投資之風險 - 本基金可投資於未獲評級或低於投資級別之債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當本基金投資的任何低於投資級別 / 未經評級債務證券 ( 例如部分高收益債券 ) 違約或如利率改變, 本基金資產淨值或會下跌或受負面影響 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 主權風險 - 本基金可投資於由政府或其代理機構 美國城市 半政府實體及國家資助企業 ( 政府實體 ) 發行或擔保的債務證券 ( 主權債務 ) 政府實體可拖欠其主權債務 主權債務的持有人, 包括本基金可被要求參與重組該項債務, 以及向政府實體進一步貸款 概無任何破產法律程序可全部或部分收回政府實體所拖欠的主權債務 因此, 投資者收回的金額可能低於其原本的投資額 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 ( 利率入息 ) 股份類別之風險 - ( 利率入息 ) 股份類別將以股息而非資本增長為優先及將一般分派多於本基金所收到之入息 因此, 股息或從資本中支付, 導致被侵蝕的投資資本大於其他股份類別 此外, 貨幣匯率和利率的變動可對 ( 利率入息 ) 股份類別之回報構成不利影響 由於較頻密的股息分派, 以及股份類別的參考貨幣與本基金的參考貨幣之間的利率差異的波動, ( 利率入息 ) 股份類別的資產淨值之波動可能大於其他股份類別及可能有顯著差別 ( 利率入息 ) 股份類別相關之額外風險, 請參閱 貨幣對沖股份類別之風險 54

230 Product Key Facts - JPMorgan Funds - Emerging Markets Local Currency Debt Fund 產品資料概要 - 摩根新興市場本地貨幣債券基金 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 衍生工具風險 - 本基金可投資於衍生工具作投資用途, 包括場外衍生工具, 故可能須受制於其直接交易對象不履行其於交易項下的責任, 以及基金將承受損失的風險 鑑於衍生工具所隱含之槓桿效應, 衍生工具合約價格的相對小幅變動已可能導致投資者承擔重大損失 投資於衍生工具交易可能會令基金的資產全數損失 本基金之預期槓桿水平為本基金資產淨值之 350% 就此而言, 槓桿之計算為所採用之金融衍生工具的名義承擔總和, 並無運用對銷安排 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 How has the fund performed? 本基金過往的業績表現如何? % A (mth) - USD share class A( 每月派息 )- 美元股份類別 Benchmark 基準指數 1 On 2 August 2010, the investment objective, investment policy and risk profile of the Fund were changed to allow greater flexibility in the use of financial derivative instruments. On 1 July 2013, the performance fee for the Fund was removed. Performance prior to 1 July 2013 was achieved under circumstances that no longer apply. 2 A different benchmark was used during this period. 1 由 2010 年 8 月 2 日起, 本基金之投資目標 投資政策及風險取向已作出更改, 以容許更靈活地運用金融衍生工具 由 2013 年 7 月 1 日起, 本基金已不再收取表現費 2013 年 7 月 1 日之前的表現是在現時不再適用的情況下達致 2 有別於現行的基準指數在此期間使用 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently J.P. Morgan Government Bond Index - Emerging Markets Global Diversified (Total Return Gross). Prior to 2 August 2010, J.P. Morgan Government Bond Index - Emerging Markets Global Index (Total Return Gross). Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (mth) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2008 Share class launch date: 2009 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為摩根政府債券指數 - 新興市場全球多元化指數 ( 總回報總額 ) 2010 年 8 月 2 日以前為摩根政府債券指數 - 新興市場全球指數 ( 總回報總額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 每月派息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2008 股份類別成立日期 :

231 Product Key Facts - JPMorgan Funds - Emerging Markets Local Currency Debt Fund 產品資料概要 - 摩根新興市場本地貨幣債券基金 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.0% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.0%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00350/DP/v6/

232 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Markets Opportunities Fund 摩根環球新興市場機會基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Managers 投資經理人 : Custodian 託管人 : JPMorgan Asset Management (Europe) S.à r.l. JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : A (acc) - USD share class A( 累計 )- 美元股份類別 1.76% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : USD 美元 (acc) class - Accumulative (will not normally pay dividends) ( 累計 ) 類別 - 累計 ( 通常不會支付股息 ) 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in an aggressively managed portfolio of emerging market companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. 57 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

233 Product Key Facts - JPMorgan Funds - Emerging Markets Opportunities Fund 產品資料概要 - 摩根環球新興市場機會基金 The Fund uses a fundamental and a quantitative screen based investment process using country, sector and stock selection to generate returns. The Fund may invest up to 10% of its asset in China A-Shares via the Shanghai-Hong Kong Stock Connect program. The Fund invests in financial derivatives instruments in a limited extent for investment purpose. 透過主要投資於進取式管理的新興市場企業組合, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在新興市場國家註冊成立或從事其大部分經濟活動之公司之股票 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 本基金運用以基本及定量分析為主的投資過程, 利用國家 行業及股票的選擇以產生回報 本基金可透過滬港通機制投資最多達其資產之 10% 於中國 A 股 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Russia market risk The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian securities market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 俄羅斯市場風險 - 俄羅斯之政府及監管制度相對仍處初期, 投資者可能面對不同的政治及經濟風險 俄羅斯證券市場亦可能不時承受缺乏市場效率及流通性, 從而可能引致較高之價格波動及市場中斷 投資於俄羅斯現時受制於有關證券擁有權及託管的若干備受關注之風險 投資者應謹記, 股份價格及其任何收入可升亦可跌 投資者可能無法取回其投資的全數金額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 58

234 Product Key Facts - JPMorgan Funds - Emerging Markets Opportunities Fund 產品資料概要 - 摩根環球新興市場機會基金 How has the fund performed? 本基金過往的業績表現如何? % A (acc) - USD share class A( 累計 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Emerging Markets Index (Total Return Net) Management Company views A (acc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1990 Share class launch date: 1990 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 新興市場指數 ( 總回報淨額 ) 管理公司視 A( 累計 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份 類別 本基金成立日期 :1990 股份類別成立日期 :1990 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 59

235 Product Key Facts - JPMorgan Funds - Emerging Markets Opportunities Fund 產品資料概要 - 摩根環球新興市場機會基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.50% of NAV p.a. (maximum 3.0%) 管理及顧問費每年資產淨值之 1.50%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00241/DP/v6/

236 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Emerging Middle East Equity Fund 摩根新興中東基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.80% A (dist) - USD share class A( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 61 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

237 Product Key Facts - JPMorgan Funds - Emerging Middle East Equity Fund 產品資料概要 - 摩根新興中東基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country of the Middle East. The Fund may invest up to 20% of its assets in participation notes. The Fund invests in financial derivative instruments to a limited extent for investment purpose. 透過主要投資於中東地區新興市場的公司, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在中東新興市場國家註冊成立或在中東新興市場國家從事其大部分經濟活動之公司之股票 本基金可將其資產最多 20% 投資於參與票據 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Risks related to participation notes Participation notes are exposed not only to movements in the value of the underlying equity, but also to the risk of counterparty default, which could result in the loss of the full market value of the participation note. Concentration risk The Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 參與票據相關風臉 - 參與票據投資不單須承受其相關股票價值之變動, 亦須承受由於交易對象違約而引致參與票據市值全數損失之風險 集中之風險 - 本基金可能集中於有限數目之證券, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影 響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 62

238 Product Key Facts - JPMorgan Funds - Emerging Middle East Equity Fund 產品資料概要 - 摩根新興中東基金 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 3 September 2014, the Fund s investment policy was amended to permit greater use of participation notes. Performance prior to 3 September 2014 was achieved under circumstances that no longer apply. 2 A different benchmark was used during this period. 1 由 2014 年 9 月 3 日起, 本基金之投資政策已作出修改以准許更大程度地利用參與票據 2014 年 9 月 3 日之前的表現是在現時不再適用的情況下達致 2 有別於現行的基準指數在此期間使用 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI Middle East Index (Total Return Net). On 15 June 2009, Israel was removed and Oman, Qatar and the United Arab Emirates were added. On 15 July 2009, Kuwait was also included. Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1998 Share class launch date: 1998 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 中東指數 ( 總回報淨額 ) 由 2009 年 6 月 15 日起, 已剔除以色列及加入阿曼 卡塔爾及阿拉伯聯合酋長國 由 2009 年 7 月 15 日起, 並已加入科威特國 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1998 股份類別成立日期 :1998 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 63

239 Product Key Facts - JPMorgan Funds - Emerging Middle East Equity Fund 產品資料概要 - 摩根新興中東基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00156/DP/v12/

240 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Euroland Equity Fund 摩根歐元區股票基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - EUR share class 1 1 A( 累計 )- 歐元股份類別 1.81% A (acc) USD (hedged) share class A( 累計 )- 美元對沖股份類別 1.81% A (dist) - USD share class A( 分派 )- 美元股份類別 1.81% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 EUR (The share classes offered in Hong Kong are in Euro and US dollars) 歐元 ( 在香港銷售之股份類別分別以歐元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 65 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

241 Product Key Facts - JPMorgan Funds - Euroland Equity Fund 產品資料概要 - 摩根歐元區股票基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the Euroland Countries ). At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a Euroland Country. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於屬於歐元區一部分 ( 歐元區國家 ) 之企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在歐元區國家註冊成立或於歐元區國家從事其大部分經濟活動之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. Currency hedged share class risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other that the currency of their share class and may also exposed to the risks associated with the instruments used in the hedging process. 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 66

242 Product Key Facts - JPMorgan Funds - Euroland Equity Fund 產品資料概要 - 摩根歐元區股票基金 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI EMU Index (Total Return Net) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1988 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 歐洲貨幣聯盟指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1988 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 67

243 Product Key Facts - JPMorgan Funds - Euroland Equity Fund 產品資料概要 - 摩根歐元區股票基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00141/DP/v10/

244 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Europe Dynamic Fund 摩根歐洲動力基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (acc) - AUD (hedged) share class A( 累計 )- 澳元對沖股份類別 1.78% A (acc) - HKD (hedged) share class A( 累計 )- 港元對沖股份類別 1.77% A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別 1.75% A (dist) - EUR share class A( 分派 )- 歐元股份類別 1.77% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 EUR (The share classes offered in Hong Kong are in Australian dollars, Euro, HK dollars and US dollars) 歐元 ( 在香港銷售之股份類別分別以澳元 歐元 港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 69 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

245 Product Key Facts - JPMorgan Funds - Europe Dynamic Fund 產品資料概要 - 摩根歐洲動力基金 Objective and investment strategy 目標及投資策略 To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 設有進取管理的投資組合, 主要投資於歐洲企業, 以期盡量提高長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在歐洲國家註冊成立或於歐洲國家從事其大部分經濟活動之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 70

246 Product Key Facts - JPMorgan Funds - Europe Dynamic Fund 產品資料概要 - 摩根歐洲動力基金 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - EUR share class A( 分派 )- 歐元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Europe Index (Total Return Net) Management Company views A (dist) - EUR share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2000 Share class launch date: 2004 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以歐元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 歐洲指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 歐元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2000 股份類別成立日期 :2004 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 71

247 Product Key Facts - JPMorgan Funds - Europe Dynamic Fund 產品資料概要 - 摩根歐洲動力基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00150/DP/v11/

248 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Europe Equity Fund 摩根歐洲基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.28% A (dist) - USD share class A( 分派 )- 美元股份類別 1.27% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : Daily 每日 EUR (The share class offered in Hong Kong is in US dollars) 歐元 ( 在香港銷售之股份類別以美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 73 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

249 Product Key Facts - JPMorgan Funds - Europe Equity Fund 產品資料概要 - 摩根歐洲基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in European companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於歐洲企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在歐洲國家註冊成立或於歐洲國家從事其大部分經濟活動之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 74

250 Product Key Facts - JPMorgan Funds - Europe Equity Fund 產品資料概要 - 摩根歐洲基金 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Europe Index (Total Return Net) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1988 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 歐洲指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1988 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 75

251 Product Key Facts - JPMorgan Funds - Europe Equity Fund 產品資料概要 - 摩根歐洲基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.0% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.0%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00143/DP/v10/

252 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Europe Small Cap Fund 摩根歐洲小型企業基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (acc) - EUR share class 1 1 A( 累計 )- 歐元股份類別 1.80% A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別 1.81% A (dist) - EUR share class A( 分派 )- 歐元股份類別 1.81% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. The ongoing charges figure is estimated because the share class is recently launched. The figure is based on the estimated costs and expenses of the Fund over 12 months and expressed as a percentage of the Fund s estimated average net asset value. The actual figure may be different from the estimated figure and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 由於股份類別是近期成立, 經常性開支比率為估算收費 開支比率是根據本基金 12 個月的估計成本及開支計 算, 以佔本基金估計平均資產淨值的百分比列示 實際數字可能與估算數字不同, 且每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 EUR 歐元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 77 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

253 Product Key Facts - JPMorgan Funds - Europe Small Cap Fund 產品資料概要 - 摩根歐洲小型企業基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in small capitalisation European companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of small capitalisation companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. Market capitalisation is the total value of a company s shares and may fluctuate materially over time. Small capitalisation companies are those whose market capitalisation is within the range of the market capitalisation of companies in the Benchmark for the Fund at the time of purchase. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於歐洲小型企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在歐洲國家註冊成立或於歐洲國家從事其大部分經濟活動之小型公司之股票 市值為公司股份的總值, 並可能隨着時間而大幅波動 小型公司為於買入時其市值合乎本基金指標內公司市值之範圍的公司 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. Currency hedged share class risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share class may have exposure to currencies other than the currency of their share class and may also exposed to the risks associated with the instruments used in the hedging process. 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 78

254 Product Key Facts - JPMorgan Funds - Europe Small Cap Fund 產品資料概要 - 摩根歐洲小型企業基金 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - EUR share class A( 分派 )- 歐元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. The benchmark was changed to represent a more accurate reference against which to measure the Fund s performance (i.e. net of withholding taxes paid by the Fund). 1 有別於現行的基準指數在此期間使用 基準指數的變動是為了代表一個更準確量度本基金表現的參考 ( 即扣除已由基金支付的預扣稅 ) Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently Euromoney Smaller Europe (Inc. UK) Index (Total Return Net). Prior to 1 October 2007, HSBC Smaller Europe (Inc. UK) Index (Total Return Gross). Prior to 1 October 2013, known as HSBC Smaller Europe (Inc. UK) Index (Total Return Net). Management Company views A (dist) - EUR share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1994 Share class launch date: 2000 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以歐元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為歐洲貨幣歐洲 ( 包括英國 ) 小型股指數 ( 總回報淨額 ) 2007 年 10 月 1 日以前為滙豐歐洲小型股 ( 包括英國 ) 指數 ( 總回報總額 ) 2013 年 10 月 1 日以前稱為滙豐歐洲小型股 ( 包括英國 ) 指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 歐元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1994 股份類別成立日期 :2000 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 79

255 Product Key Facts - JPMorgan Funds - Europe Small Cap Fund 產品資料概要 - 摩根歐洲小型企業基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00148/DP/v11/

256 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Europe Technology Fund 摩根歐洲科技基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : J.P. Morgan Bank Luxembourg S.A. A (acc) - EUR share class 1 1 A( 累計 )- 歐元股份類別 1.82% A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別 1.82% A (dist) - EUR share class A( 分派 )- 歐元股份類別 1.82% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 EUR (The share classes offered in Hong Kong are in Euro and US dollars) 歐元 ( 在香港銷售之股份類別分別以歐元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 Financial year end 財政年度終結日 : 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 81 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

257 Product Key Facts - JPMorgan Funds - Europe Technology Fund 產品資料概要 - 摩根歐洲科技基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of technology (including media and telecommunication) related companies that are domiciled in, or carrying out the main part of their economic activity in, a European country. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資與科技有關 ( 包括媒體及電訊 ) 之歐洲企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在歐洲國家註冊成立或在歐洲國家從事其大部分經濟活動且與科技 ( 包括媒體及電訊 ) 有關之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Technology related companies risk The Fund invests in a concentrated portfolio may be subject to greater volatility than other funds because of the greater potential volatility of share prices of technology related companies. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund will invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. Currency hedged share class risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 科技相關公司風險 - 本基金只集中投資於科技相關公司, 因為科技相關公司股價的潛在波幅較大, 故本基金的價值可能較其他基金為波動 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 82

258 Product Key Facts - JPMorgan Funds - Europe Technology Fund 產品資料概要 - 摩根歐洲科技基金 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金將大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - EUR share class A( 分派 )- 歐元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. 1 有別於現行的基準指數在此期間使用 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in EUR including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI Europe Investable Market Information Technology 10/40 Index (Total Return Net). Prior to 1 April 2008, Morgan Stanley Eurotec Index (Price Index). Management Company views A (dist) - EUR share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1999 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以歐元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 歐洲可投資市場資訊科技股 10/40 指數 ( 總回報淨額 ) 2008 年 4 月 1 日以前為摩根士丹利 Eurotec 指數 ( 價格指數 ) 管理公司視 A( 分派 )- 歐元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1999 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 83

259 Product Key Facts - JPMorgan Funds - Europe Technology Fund 產品資料概要 - 摩根歐洲科技基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份單位類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00160/DP/v11/

260 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Global Dynamic Fund 摩根環球動力基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.76% A (dist) - USD share class A( 分派 )- 美元股份類別 1.81% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 85 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

261 Product Key Facts - JPMorgan Funds - Global Dynamic Fund 產品資料概要 - 摩根環球動力基金 Objective and investment strategy 目標及投資策略 To maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities. Issuers of these securities may be located in any country, including emerging markets. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 設有進取管理的投資組合, 主要投資於環球企業, 以期盡量提高長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於股票 此等證券之發行人可位於任何國家, 包括新興市場 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 86

262 Product Key Facts - JPMorgan Funds - Global Dynamic Fund 產品資料概要 - 摩根環球動力基金 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI World Index (Total Return Net) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2000 Share class launch date: 2004 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 世界指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2000 股份類別成立日期 :2004 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 87

263 Product Key Facts - JPMorgan Funds - Global Dynamic Fund 產品資料概要 - 摩根環球動力基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00149/DP/v10/

264 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Global Government Bond Fund 摩根環球政府債券基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別 0.60% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 EUR (The share class offered in Hong Kong is in US dollars) 歐元 ( 在香港銷售之股份類別以美元計價 ) (acc) class - Accumulative (will not normally pay dividends) ( 累計 ) 類別 - 累計 ( 通常不會支付股息 ) Financial year end 財政年度終結日 : 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To achieve a return in line with the benchmark by investing primarily in a portfolio of global government debt securities. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in debt securities issued or guaranteed by governments globally, excluding supranationals, local governments and agencies. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於環球政府債務證券組合, 以期取得指標相若的回報 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於由環球政府 ( 不包括跨國機構 本地政府及機構 ) 發行或擔保之債務證券 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. 89 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

265 Product Key Facts - JPMorgan Funds - Global Government Bond Fund 產品資料概要 - 摩根環球政府債券基金 Sovereign risk The Fund may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. As a result, investors may get back less than they originally invested. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 主權風險 - 本基金可投資於由政府或其代理機構 ( 政府實體 ) 發行或擔保的債務證券 ( 主權債務 ) 政府實體可拖欠其主權債務 主權債務的持有人, 包括基金可被要求參與重組該項債務, 以及向政府實體進一步貸款 概無任何破產法律程序可全部或部分收回政府實體所拖欠的主權債務 因此, 投資者收回的金額可能低於其原本的投資額 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: J.P. Morgan Government Bond Index Global (Total Return Gross) Hedged to USD. Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (acc) - USD (hedged) share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. 90

266 Product Key Facts - JPMorgan Funds - Global Government Bond Fund 產品資料概要 - 摩根環球政府債券基金 Fund launch date: 2009 Share class launch date: 2009 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 摩根政府債券環球指數 ( 總回報總額 ), 對沖為美元 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 累計 )- 美元對沖股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2009 股份類別成立日期 :2009 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 0.4% of NAV p.a. (maximum 3.0%) 每年資產淨值之 0.4%( 最高可達 3.0%) Operating and administrative expenses up to 0.2% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.2% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00201/DP/v8/

267 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Global Natural Resources Fund 摩根環球天然資源基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class A( 累計 )- 美元股份類別 1.75% A (dist) - EUR share class A( 分派 )- 歐元股份類別 1.76% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 EUR (The share classes offered in Hong Kong are in Euro and US dollars) 歐元 ( 在香港銷售之股份類別分別以歐元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 92

268 Product Key Facts - JPMorgan Funds - Global Natural Resources Fund 產品資料概要 - 摩根環球天然資源基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages of exploration. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of natural resources companies, globally. Natural resources companies are those which are engaged in the exploration for and the development, refinement, production and marketing of natural resources and their secondary products. The Fund will have exposure to companies that are in the early stages of exploration. A substantial part of the assets of the Fund may be invested in high risk markets and in small capitalisation companies. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於環球天然資源企業 ( 大量該等企業正處於開採天然資源的初期階段 ), 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於環球天然資源公司之股票 天然資源公司為從事開採及開發 提煉 生產及推廣天然資源及副產品之公司 本基金將投資於正處於開採天然資源的初期階段的公司 本基金之絕大部分資產可投資於高風險市場及小型公司 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Risk of indirect exposure to commodities The Fund is indirectly exposed to commodities, primarily through investing in natural resources companies and, to a lesser extent, other transferable securities. The risks associated with commodities may be greater than those resulting from other investments. Natural resources stock risk The Fund may be significantly affected by (often rapid) changes in supply of, or demand for, various natural resources. The Fund may also be affected by changes in energy prices, international political and economic developments, terrorists attacks, clean-up and litigation costs relating to oil spills and environmental damage, reduced demand as a result of increases in energy efficiency and energy conservation, the success of exploration projects, changes in commodity prices, tax and other government regulations and interventions. The Fund concentration on natural resources companies limits the room for risk diversification within the Fund. The volatility of the Fund may therefore be higher than a broadly based investment. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 93

269 Product Key Facts - JPMorgan Funds - Global Natural Resources Fund 產品資料概要 - 摩根環球天然資源基金 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 非直接投資商品的風險 - 本基金主要透過投資於天然資源公司及較少部分投資於其他可轉讓證券以非直接投資於商品 與商品相關之風險可能較其他投資的風險為高 天然資源股票風險 - 本基金可能顯著地受不同天然資源供求迅速變動所影響 本基金亦可能受能源價格 國際政治及經濟發展 恐怖份子襲擊 環保行動及有關油輪漏油及環境破壞之訴訟 基於能源效益及能源保護增加而導致之需求下降 勘探項目之成功 商品價格之變動 稅項及其他政府規條及干預所影響 本基金只集中投資於天然資源公司, 將限制本基金分散風險的空間 故本基金之波幅可能較廣泛的投資為高 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (acc) - USD share class A( 累計 )- 美元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. Benchmark was changed for more accurate representation of the Fund s investible universe. 1 有別於現行的基準指數在此期間使用 基準指數的變動是為了更精確代表本基金合資格的投資領域 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently Euromoney Global Mining & Energy Index (Total Return Net). Prior to 4 January 2016, Euromoney Global Gold, Mining & Energy Index (Total Return Net) (formerly known as Euromoney Global Mining, Gold & Energy Index (Total Return Net) prior to 24 November 2014 and HSBC Gold, Mining & Energy Index (Total Return Net) prior to 1 October 2013). Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (acc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2004 Share class launch date: 2006 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 94

270 Product Key Facts - JPMorgan Funds - Global Natural Resources Fund 產品資料概要 - 摩根環球天然資源基金 股份類別之基準指數 : 現時為歐洲貨幣環球礦業及能源指數 ( 總回報淨額 ) 2016 年 1 月 4 日以前為歐洲貨幣環球黃金 礦業及能源指數 ( 總回報淨額 )(2014 年 11 月 24 日以前稱為歐洲貨幣環球礦業 黃金及能源指數 ( 總回報淨額 ) 及 2013 年 10 月 1 日以前稱為滙豐黃金 礦務及能源指數 ( 總回報淨額 )) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 累計 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2004 股份類別成立日期 :2006 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 95 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00170/DP/v11/0416

271 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Global Real Estate Securities Fund (USD) 摩根環球房地產證券基金 ( 美元 ) April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : JPMorgan Asset Management (Europe) S.à r.l. J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (inc) - USD share class A( 入息 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : USD 美元 (inc) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 入息 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. *The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 96

272 Product Key Facts - JPMorgan Funds - Global Real Estate Securities Fund (USD) 產品資料概要 - 摩根環球房地產證券基金 ( 美元 ) Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in a portfolio of Real Estate Investment Trusts ( REITs ) and in companies that own, develop, operate or finance real estate, where real estate assets or activities account for more than 50% of the value of such companies shares ( Real Estate Companies ). At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of REITs and other Real Estate Companies (including smaller capitalisation companies). Issuers of these securities may be located in any country, including emerging markets. The Fund may invest up to 10% of its asset in China A-Shares via the Shanghai-Hong Kong Stock Connect program. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於房地產投資信託基金 ( REITs ) 的投資組合, 以及投資於擁有 開發 經營房地產或為房地產融資而房地產資產或業務活動佔其公司股份價值 50% 以上的公司 ( 房地產公司 ), 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於房地產投資信託基金及其他房地產公司 ( 包括小型公司 ) 的股票 此等證券之發行人可位於任何國家, 包括新興市場 本基金可透過滬港通機制投資最多達其資產之 10% 於中國 A 股 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in one industry sector and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. REITs and real estate companies risk The Fund may invest in REITs and real estate companies and may therefore be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 集中之風險 - 本基金可能集中於一個行業, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 房地產投資信託基金 ( REITs ) 及房地產公司之風險 - 本基金可投資於房地產投資信託及房地產公司, 並可能因經濟狀況及利率的變動而承受更高的流通性風險及價格波動 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 97

273 Product Key Facts - JPMorgan Funds - Global Real Estate Securities Fund (USD) 產品資料概要 - 摩根環球房地產證券基金 ( 美元 ) 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % A (inc) - USD share class A( 入息 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: FTSE EPRA/NAREIT Developed Index (Total Return Net) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (inc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2006 Share class launch date: 2013 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 富時 EPRA/NAREIT 房地產發達國家指數 ( 總回報淨額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 入息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2006 股份類別成立日期 :2013 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 98

274 Product Key Facts - JPMorgan Funds - Global Real Estate Securities Fund (USD) 產品資料概要 - 摩根環球房地產證券基金 ( 美元 ) What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.50% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 1.50%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00242/DP/v6/

275 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Global Unconstrained Equity Fund 摩根環球靈活策略股票基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Managers 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : JPMorgan Asset Management (Europe) S.à r.l JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class A( 累計 )- 美元股份類別 1.76% A (dist) - USD share class A( 分派 )- 美元股份類別 1.78% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 100

276 Product Key Facts - JPMorgan Funds - Global Unconstrained Equity Fund 產品資料概要 - 摩根環球靈活策略股票基金 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities. Issuers of these securities may be located in any country, including emerging markets. The Fund may invest in companies of any size (including smaller capitalisation companies) and may have concentrated exposure to certain industry sectors or markets from time to time. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於環球企業之進取管理組合, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於股票 此等證券之發行人可位於任何國家, 包括新興市場 本基金可投資於任何規模的公司 ( 包括小型公司 ) 及可能不時集中投資於某些行業或市場 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 101

277 Product Key Facts - JPMorgan Funds - Global Unconstrained Equity Fund 產品資料概要 - 摩根環球靈活策略股票基金 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中投資於若干行業 / 國家, 其波幅可能因此較更廣泛分散投資的基金為高, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % & 2 A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 5 December 2012, the Fund s investment objective was amended to invest primarily in an aggressively managed portfolio of companies, globally. Performance prior to 5 December 2012 was achieved under circumstances that no longer apply. 2 A different benchmark was used during this period because the Fund s investment objective has changed. 1 由 2012 年 12 月 5 日起, 為了進取管理並主要投資於環球企業, 本基金之投資目標已作出修改 2012 年 12 月 5 日之前的表現是在現時不再適用的情況下達致 2 有別於現行的基準指數在此期間使用 基準指數的變動是由於本基金之投資目標已作出更改 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI All Country World Index (Total Return Net). Prior to 5 December 2012, MSCI World Index (Total Return Net). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1988 Share class launch date:

278 Product Key Facts - JPMorgan Funds - Global Unconstrained Equity Fund 產品資料概要 - 摩根環球靈活策略股票基金 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 全球指數 ( 總回報淨額 ) 2012 年 12 月 5 日以前為 MSCI 世界指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1988 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 :1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 103

279 Product Key Facts - JPMorgan Funds - Global Unconstrained Equity Fund 產品資料概要 - 摩根環球靈活策略股票基金 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00146/DP/v12/

280 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Greater China Fund 摩根大中華基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.79% A (dist) - HKD share class A( 分派 )- 港元股份類別 1.82% A (dist) - USD share class A( 分派 )- 美元股份類別 1.79% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 105 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

281 Product Key Facts - JPMorgan Funds - Greater China Fund 產品資料概要 - 摩根大中華基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in companies from the People s Republic of China, Hong Kong and Taiwan ( Greater China ). At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China. The Fund may invest in China A-Shares via the Shanghai-Hong Kong Stock Connect program. The Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares will be less than 30% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於中華人民共和國 香港及台灣 ( 大中華區 ) 之企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在大中華區國家註冊成立或在大中華區國家從事其大部分經濟活動之公司 ( 包括小型公司 ) 之股票 本基金可透過滬港通機制投資於中國 A 股 本基金於中國 A 股及 B 股的總投資 ( 直接及間接 ) 將會少於其資產淨值的 30% 倘此投資政策在日後有任何改變, 將尋求證監會的批准 ( 如適用 ), 而銷售文件將相應作出更新 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Investments in the People s Republic of China ( PRC ) risk Investing in the PRC is subject to the risks of investing in emerging markets and additional risks which are specific to the PRC market. Investments may be sensitive to changes in law and regulation together with political, social or economic policy which includes possible government intervention. In extreme circumstances, the Fund may incur losses due to limited investment capabilities, or may not be able to fully implement or pursue its investment objectives or strategy, due to local investment restrictions, illiquidity of the Chinese domestic securities market, and/or delay or disruption in execution and settlement of trades. The Fund will be exposed to any fluctuation in the exchange rate between the reference currency of the Fund and CNY (onshore RMB) or CNH (offshore RMB) in respect of such investments. Risks associated with the Shanghai-Hong Kong Stock Connect The Fund may invest in China A-Shares through the Shanghai-Hong Kong Stock Connect program and thus is subject to the following risks: The relevant regulations are untested and subject to change. There is no certainty as to how they will be applied which could adversely affect the Fund. The program requires use of new information technology systems which may be subject to operational risk due to its cross-border nature. If the relevant systems fail to function properly, trading in both Hong Kong and Shanghai markets through the program could be disrupted. The program is subject to quota limitations which may restrict the Fund s ability to invest in China A-Shares through the program on a timely basis. Where securities are held in custody on a cross-border basis, there are specific legal/beneficial ownership risks linked to compulsory requirements of the local Central Securities Depositaries, the Hong Kong Securities Clearing Company Limited ( HKSCC ) and China Securities Depository and Clearing Corporation Limited ( ChinaClear ). It should be noted that the depositary and the Fund will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event ChinaClear defaults, the Fund may not fully recover its losses or its Shanghai-Hong Kong Stock Connect securities and the process of recovery could also be delayed. Trading in securities through the program may be subject to operational, clearing and settlement risk. In the case of sale, pre-delivery of shares are required to the broker, increasing counterparty risk. Because of such requirements, the Fund may not be able to purchase and/or dispose of holdings of China A-Shares in a timely manner. Shanghai-Hong Kong Stock Connect will only operate on days when both the PRC and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when it is a normal trading day for the PRC market but the Fund cannot carry out any China A-Shares trading. The Fund may be subject to risks of price fluctuations in China A-Shares during the time when Shanghai-Hong Kong Stock Connect is not trading as a result. The Fund will not benefit from local investor compensation schemes. PRC tax consideration The Management Company reserves the right to provide for tax for capital gains tax on Fund investing in Chinese assets, including China A or B Shares. With the uncertainty of whether and how certain gains on PRC securities are to be taxed, the possibility of the laws, regulations and practice in the PRC changing, and the possibility of taxes being applied retrospectively, any provision for taxation made by the Management Company may be excessive or inadequate to meet final PRC tax liabilities on gains derived from the disposal of PRC securities. Consequently, investors may be advantaged or disadvantaged depending upon the final outcome of how such gains will be taxed, the level of provision and when they subscribed and/or redeemed their shares in/from the Fund. This is unavoidable where investors can subscribe and/or redeem their shares in/from the Fund and where there is uncertainty as to taxation. The net asset value per share of the Fund is calculated daily and shares of the Fund can be redeemed at the bid price which is calculated by reference to the net asset value per share. After redemption, an investor cannot be impacted either positively or negatively. Consequently, a past shareholder will receive nothing from a subsequent release of a 106

282 Product Key Facts - JPMorgan Funds - Greater China Fund 產品資料概要 - 摩根大中華基金 provision or increase in the market value of investments and will not be adversely impacted by an increase in a provision where there is a shortfall. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the Fund s assets, the Fund s asset value will be adversely affected. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 於中華人民共和國 ( 中國 ) 之投資風險 - 於中國之投資須承受新興市場的風險及與中國市場相關的額外風險 投資可能對法律法規的改變, 以及政治 社會或經濟政策 ( 包括政府可能作出干預 ) 的改變敏感 在極端情況下, 本基金可能因有限的投資能力而招致損失, 或因為當地投資限制 中國內地證券市場缺乏流通性, 及 / 或執行及結算交易出現延誤或干擾而未能全面實施或實行其投資目標或策略 本基金就該等投資承受相關本基金的參考貨幣兌 CNY( 境內人民幣 ) 或 CNH( 境外人民幣 ) 的匯率波動之影響 與滬港通相關的風險 - 本基金可透過滬港通機制投資於中國 A 股, 故此須承受以下風險 : 有關法規未經驗證, 並可能會變更 目前還不確定該機制將如何應用, 可能對本基金造成不利影響 該機制需要利用新的資訊科技系統, 由於涉及跨界性質, 故可能承受操作風險 倘若有關系統無法正常運作, 透過該機制在香港及上海市場進行的交易可能受到干擾 機制受額度限制之規限, 可能限制本基金及時地通過滬港通投資於中國 A 股的能力 倘證券在跨境以託管形式持有, 存在與當地中央證券存管處 香港中央結算有限公司 ( 香港結算 ) 及中國證券登記結算有限責任公司 ( 中國結算 ) 的強制規定相關的法律 / 實益擁有權風險 應注意存管處與本基金將與香港結算沒有任何法律關係, 及倘本基金因香港結算的表現或無力償債而蒙受損失, 本基金對香港結算沒有直接法律追索權 倘若中國結算違約, 本基金可能無法完全追討其損失或其滬港通證券, 以及追討過程亦可能有所延誤 通過滬港通買賣證券可能承受操作 交收及結算風險 在出售情況, 須把證券提前交付予經紀, 因而增加交易對象風險 由於該等要求, 本基金或許無法及時購入及 / 或出售持有的中國 A 股 滬港通將只在中國及香港市場均開放交易及兩地市場的銀行均在相應結算日開門營業的日子運作 可能出現於中國市場的正常交易日本基金不能進行任何中國 A 股交易之情況 當滬港通不進行交易的時候, 本基金可能承受中國 A 股股價波動的風險 本基金將不受當地的投資者賠償基金保障 中國稅務考慮 - 管理公司保留就本基金投資於中國資產 ( 包括中國 A 股或 B 股 ) 的資本收益稅提撥稅項之權利 由於未能確定中國證券的收益是否及如何被徵稅 中國之法律 規例及慣例可能有所更改及稅項可能被追溯應用, 管理公司為應付出售中國證券所獲取之收益的最終中國稅項負擔而提撥的任何稅務準備可能會過多或不足 因此, 對投資者有利或不利乃取決於如何就該等收益徵稅之最終結果 撥備額及投資者認購及 / 或贖回其本基金股份之時間 由於投資者可從本基金認購及 / 或贖回其股份, 以及稅務存在不確定性時, 上述情況無可避免 本基金的每股資產淨值每日計算, 而本基金的股份可按參考每股資產淨值計算的買入價予以贖回 贖回後, 投資者不會受到正面或負面影響 因此, 倘若其後解除準備或投資市值增加, 以往的股東將不能從中獲益, 而且倘出現撥備不足而須提高撥備時, 亦不會受到影響 任何因撥備少於實際稅務負擔而造成之短缺將於本基金的資產中扣帳, 將對本基金之資產價值造成不利影響 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 107

283 Product Key Facts - JPMorgan Funds - Greater China Fund 產品資料概要 - 摩根大中華基金 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Golden Dragon Index (Total Return Net) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2001 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 金龍指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2001 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 108

284 Product Key Facts - JPMorgan Funds - Greater China Fund 產品資料概要 - 摩根大中華基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00103/DP/v13/

285 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Hong Kong Fund 摩根香港基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : JPMorgan Asset Management (Europe) S.á r.l. JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (dist) - HKD share class A( 分派 )- 港元股份類別 1.82% A (dist) - USD share class A( 分派 )- 美元股份類別 1.82% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 110

286 Product Key Facts - JPMorgan Funds - Hong Kong Fund 產品資料概要 - 摩根香港基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in Hong Kong companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Hong Kong. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於香港企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在香港註冊成立或在香港從事其大部分經濟活動之公司 ( 包括小型公司 ) 之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in a limited number of securities and may have concentrated exposure to one or more industry sectors, and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 集中之風險 - 本基金可能集中於有限數目之證券及集中投資於一個或多個行業組別, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 111

287 Product Key Facts - JPMorgan Funds - Hong Kong Fund 產品資料概要 - 摩根香港基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. 1 有別於現行的基準指數在此期間使用 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently FTSE MPF Hong Kong Index (Total Return Net). Prior to 1 September 2009, FTSE All World Hong Kong Index (Total Return Gross). Prior to 1 October 2006, Hang Seng Index (Total Return Gross). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2001 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為富時強積金香港指數 ( 總回報淨額 ) 2009 年 9 月 1 日以前為富時環球香港指數 ( 總回報總額 ) 2006 年 10 月 1 日以前為恆生指數 ( 總回報總額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2001 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) 112

288 Product Key Facts - JPMorgan Funds - Hong Kong Fund 產品資料概要 - 摩根香港基金 Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00112/DP/v11/

289 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Income Fund 摩根環球債券收益基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management Company 管理公司 : JPMorgan Asset Management (Europe) S.à r.l. Investment Managers 投資經理人 : JPMorgan Asset Management (UK) Ltd., UK (internal delegation) 英國 ( 同集團委任 ) J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class A( 累計 )- 美元股份類別 1.20% A (mth) - HKD share class A( 每月派息 )- 港元股份類別 1.20% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.20% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (mth) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 每月派息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 114

290 Product Key Facts - JPMorgan Funds - Income Fund 產品資料概要 - 摩根環球債券收益基金 Objective and investment strategy 目標及投資策略 To provide income by investing primarily in a portfolio of debt securities. The Fund seeks to achieve its objective by investing opportunistically across multiple debt markets and sectors that the Investment Manager believes have high potential to produce risk adjusted return, whilst also seeking to benefit from capital growth opportunities. The Fund will invest through active management to exploit the opportunities in the respective markets. Research teams review fundamentals, technicals and valuation metrics by comparing the income against the risk level to identify debt markets and sectors with a high potential to produce risk adjusted return. Exposures to certain countries, sectors, currencies and credit ratings of debt securities may vary and may be concentrated from time to time. The Investment Manager will manage the income of the Fund to help minimize fluctuations in periodic dividend payments, which refer to the payments made by the Fund in respect of the relevant share classes. At least 67% of the Fund s assets will be invested in debt securities issued in developed markets and emerging markets, including, but not limited to, debt securities issued by governments and their agencies, state and provincial governmental entities and supranational organisations, corporate debt securities, asset-backed securities, mortgage-backed securities and covered bonds. Issuers of these securities may be located in any country. The Fund may invest in investment grade, below investment grade and unrated debt securities. Below investment grade securities are rated Ba1/BB+ or below using the highest rating available from one of the independent rating agencies (e.g. Moody s, Standard & Poor s, Fitch). There are no credit quality or maturity restrictions with respect to the debt securities in which the Fund may invest. The Fund may also invest in other assets including, but not limited to, equity securities, convertible securities, preferred securities, and Real Estate Investment Trusts ( REITs ). The Fund will neither invest more than 25% of its total assets in convertible securities, nor invest more than 10% of its total assets in equities securities, including preferred securities and REITs. The Fund will not invest in onshore or offshore PRC debt securities. The Fund may hold up to a maximum of 10% of its assets in contingent convertible securities. Cash and cash equivalents may be held on an ancillary basis. The Fund may hold up to 100% of its assets temporarily for defensive purposes in cash and cash equivalents. Such circumstances may include, but not limited to, at times of high risk due to prevailing geo-political, economic, financial and/ or other market circumstances. The Fund may also invest in UCITS and other UCIs. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. The Fund invests in financial derivative instruments to a limited extent for investment purposes. Countries with emerging and less developed markets include, but are not limited to (1) countries that have an emerging stock market in a developing economy as defined by the International Finance Corporation, (2) countries that have low or middle income economies according to the World Bank, and (3) countries listed in World Bank publication as developing. The list of emerging and less developed markets is subject to continuous change; broadly they include any country or region other than the United States of America, Canada, Japan, Australia, New Zealand and Western Europe. 透過主要投資於債務證券的投資組合, 以期提供收益 本基金旨在按市場狀況投資於投資經理人認為具有高潛力產生經風險調整之回報的多個債券市場和行業, 同時亦尋求從資本增長機會中受益, 以實現其目標 本基金將透過積極管理投資利用在相關市場的機會 研究團隊檢討基本分析數據 技術分析數據和估值指標透過比較收益對照風險來認定具有高潛力產生經風險調整之回報的債務市場和行業 於某些國家 行業 貨幣及債務證券的信貸評級之投資可能有所不同, 可能時而集中 投資經理人將管理本基金的收益, 以盡量減低由本基金定期就有關股份類別支付的股息所出現之波動 本基金之資產至少 67% 將投資於已發展巿場及新興巿場所發行之債務證券, 包括但不限於政府及其機構 國家和地方政府機構 超國家機構所發行之債務證券 企業債務證券 資產抵押證券 按揭證券及擔保債券 該等證券之發行人可位於任何國家 本基金可投資於投資級別 低於投資級別及未經評級債務證券 低於投資級別證券被一間獨立評級機構 ( 如穆迪 標準普爾 惠譽 ) 給予最高 Ba1/BB+ 或以下的評級 本基金可投資的債務證券並無信貸質素或到期日的限制 本基金亦可投資其他資產, 包括但不限於股票證券 可換股證券 優先證券及房地產投資信託 ( REITs ) 本基金不會將其總資產 25% 以上投資於可換股證券, 亦不會將其總資產 10% 以上投資於股票證券 ( 包括優先證券及 REITs) 本基金將不會投資於中國境內或境外債務證券 本基金最多可持有或然可換股證券達其資產的 10% 現金及現金等價物可以輔助投資方式持有 本基金可暫時作防守目的而持有最多佔其資產 100% 於現金及現金等價物 該等情況可包括 ( 但不限於 ) 由於當時地理政治 經濟 金融及 / 或其他市場情況導致高風險的時候 本基金亦可投資於可轉讓證券集體投資企業及其他集體投資企業 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 本基金有限度投資於金融衍生工具作投資目的 屬於新興及發展中市場的國家包括但不限於 (1) 在發展中經濟 ( 由國際金融公司定義 ) 中設有新興股市的國家 (2) 屬於低或中收入經濟 ( 由世界銀行定義 ) 的國家, 及 (3) 世界銀行刊物中列為發展中的國家 新興及發展中國家的名單可持續加以修訂, 大致上包括下列國家以外的任何國家或地區 : 美國 加拿大 日本 澳洲 新西蘭及西歐 115

291 Product Key Facts - JPMorgan Funds - Income Fund 產品資料概要 - 摩根環球債券收益基金 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency, greater financial risks and government restrictions on the repatriation of monies or other currency control regulation. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Below investment grade/unrated investment risk The Fund may invest in debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade/unrated debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. Investment grade bond risk Investment grade bonds are assigned ratings within the top rating categories. Rating agencies review such assigned ratings and bonds may therefore be downgraded in rating if economic circumstances (e.g. subject to market or other conditions) impact the relevant bond issues. Downgrading of the bonds may adversely affect the value of the relevant bonds and therefore the performance of the Fund. Also, the Fund may face higher risks of default in interest payment and principal repayment. As a result, investors may get back less than they originally invested. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, including covered bonds, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Sovereign risk The Fund may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. As a result, investors may get back less than they originally invested. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in a limited number of countries, sectors or issuers and as a result, may be more volatile than more broadly diversified funds, and the Fund may be adversely impacted. Asset Backed Securities ( ABS ) and Mortgage Backed Securities ( MBS ) risk ABS and MBS are securities that entitle the holders thereof to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other debt securities such as government issued bonds. ABS and MBS are often exposed to extension, prepayment risks and risk that the payment obligations relating to the underlying asset are not met (i.e. collateral risk), which may have a substantial impact on the timing and size of the cashflows paid by the securities and may negatively impact the returns of the securities. Convertibles risk Convertible bonds are subject to the risks associated with both debt and equity securities, and to risks specific to convertible securities. Their value may change significantly depending on economic and interest rate conditions, the creditworthiness of the issuer, the performance of the underlying equity and general financial market conditions. In addition, issuers of convertible bonds may fail to meet payment obligations and their credit ratings may be downgraded. Convertible bonds may also be subject to lower liquidity than the underlying equities. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. 116

292 Product Key Facts - JPMorgan Funds - Income Fund 產品資料概要 - 摩根環球債券收益基金 Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Derivative risk The Fund may invest in derivatives in a limited extent for investment purposes including over-the-counter derivatives, and may therefore be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Fund will sustain losses. Given the leverage effect embedded in derivatives, a relatively small price movement in a derivative contract may result in substantial losses to the investor. Although the Fund may use financial derivative instruments for the purposes of hedging and efficient portfolio management, the use of financial derivative instruments may give rise to leverage, liquidity, counterparty and valuations risks at times. In adverse situations, the Fund s use of derivative instruments may become ineffective and the Fund may suffer significant losses. Distribution risk There is no assurance on a distribution or the frequency of distribution or distribution rate or dividend yield. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度 較大的金融風險及政府對資金調回的限制或其他貨幣管制規例 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 低於投資級別 / 未獲評級投資之風險 - 本基金可投資於未獲評級或低於投資級別之債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當本基金投資的任何低於投資級別 / 未經評級債務證券 ( 例如部分高收益債券 ) 違約或如利率改變, 本基金資產淨值或會下跌或受負面影響 投資級別債券風險 - 投資級別債券是由信貸評級機構給予屬於高評級界別的評級 信貸評級機構不時覆核該等評級 倘若經濟環境 ( 如市場或其他狀況 ) 影響有關債券發行, 該等債券的評級可能因此下降 債券評級的下調或會對有關債券的價值及本基金之表現造成不利影響 此外, 本基金可能面對較高不獲履行支付利息及償還本金之責任的風險 因此, 投資者收回的金額可能低於其原本的投資額 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券 ( 包括擔保債券 ) 不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 主權風險 - 本基金可投資於由政府或其代理機構 ( 政府實體 ) 發行或擔保的債務證券 ( 主權債務 ) 政府實體可拖欠其主權債務 主權債務的持有人, 包括基金可被要求參與重組該項債務, 以及向政府實體進一步貸款 概無任何破產法律程序可全部或部分收回政府實體所拖欠的主權債務 因此, 投資者收回的金額可能低於其原本的投資額 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於國家, 行業或發行人的數量有限, 因此, 可能會比更廣泛分散的基金較為波動, 而基金可能會受到不利影響 資產抵押證券 (ABS) 及按揭證券 (MBS) 風險 - ABS 與 MBS 屬於證券類, 持有人獲取的收益主要視乎某一指定金融的集合資產組別產生的現金流 該等證券的相關責任可能承受較政府債券等其他固定收益證券較高的信貸 流通性及利率風險 ABS 與 MBS 往往會面對延期風險 提前還款風險及未能履行相關資產付款責任之風險 ( 即抵押物風險 ), 因而可能對證券支付的現金流之時間和金額有重大影響, 並可能對證券回報帶來負面效應 可換股證券風險 - 可換股債券需承受同時與債務證券及股票相關的風險, 以及可轉股證券的特定風險 可換股債券的價值可視乎經濟和利率狀況 發行人的信用可靠性 相關股票的表現及一般金融市場狀況而大幅變動 此外, 可換股債券的發行人或未能履行付款責任及其信貸評級可能被調低 可換股債券的流通性亦可能比相關股票為低 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 117

293 Product Key Facts - JPMorgan Funds - Income Fund 產品資料概要 - 摩根環球債券收益基金 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 衍生工具風險 - 本基金可有限度投資於衍生工具作投資用途, 包括場外衍生工具, 故可能須受制於其直接交易對象不履行其於交易項下的責任, 以及基金將承受損失的風險 鑑於衍生工具所隱含之槓桿效應, 衍生工具合約價格的相對小幅變動已可能導致投資者承擔重大損失 雖然本基金可為對沖目的及有效組合管理投資於金融衍生工具, 使用衍生工具可能會引致槓桿 流動性 交易對手及估值風險 在不利情況下, 基金所使用的衍生工具可能會失效, 而基金可能需承受重大損失 分派風險 - 分派或分派頻率或分派率或收益率並不受保證 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 How has the fund performed? 本基金過往的業績表現如何? % A (acc) - USD share class A( 累計 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Barclays US Aggregate Bond Index (Total Return Gross) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (acc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2014 Share class launch date: 2014 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 巴克萊美國綜合債券指數 ( 總回報總額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 累計 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2014 股份類別成立日期 :

294 Product Key Facts - JPMorgan Funds - Income Fund 產品資料概要 - 摩根環球債券收益基金 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.0% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.0%( 最高可達 3.0%) Operating and administrative expenses up to 0.2% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.2% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00315/DP/v4/

295 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Japan Equity Fund 摩根日本基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (Japan) Limited, Japan (internal delegation) 日本 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD (hedged) share class A( 累計 )- 美元對沖股份類別 1.76% J (dist) - USD share class J( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 JPY (The share classes offered in Hong Kong are in US Dollars) 日圓 ( 在香港銷售之股份類別以美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 120

296 Product Key Facts - JPMorgan Funds - Japan Equity Fund 產品資料概要 - 摩根日本基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in Japanese companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Japan. The Fund may use financial derivative instruments for the purpose of hedging only. 透過主要投資於日本企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在日本註冊成立或在日本從事其大部分經濟活動之公司 ( 包括小型公司 ) 之股票 本基金只可為對沖目的投資於金融衍生工具 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in a limited number of securities and may have concentrated exposure to one or more industry sectors, and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Currency hedged share classes risk Investors should be aware that the currency hedging process may not give a precise hedge and there is no guarantee that the hedging will be totally successful. Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class and may also be exposed to the risks associated with the instruments used in the hedging process. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 集中之風險 - 本基金可能集中於有限數目之證券及集中投資於一個或多個行業組別, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 貨幣對沖股份類別之風險 - 投資者注意, 任何貨幣對沖過程未必作出精確對沖及概無保證對沖將完全成功 貨幣對沖股份類別的投資者或須承受其所持股份類別貨幣以外的貨幣風險, 亦可能承受對沖過程中所使用工具之相關風險 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 121

297 Product Key Facts - JPMorgan Funds - Japan Equity Fund 產品資料概要 - 摩根日本基金 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % J (dist) - USD share class J( 分派 )- 美元股份類別 Benchmark 基準指數 1 On 13 August 2014, the investment policy was clarified such that financial derivative instruments are used for the purpose of hedging only. Performance prior to 13 August 2014 was achieved under circumstances that no longer apply. 1 由 2014 年 8 月 13 日起, 投資政策已澄清金融衍生工具只用作對沖目的 2014 年 8 月 13 日之前的表現是在現時不再適用的情況下達致 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: TOPIX (Total Return Net) Management Company views J (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1988 Share class launch date: 2002 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 東京第一市場指數 ( 總回報淨額 ) 管理公司視 J( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1988 股份類別成立日期 :2002 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 122

298 Product Key Facts - JPMorgan Funds - Japan Equity Fund 產品資料概要 - 摩根日本基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00133/DP/v14/

299 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Latin America Equity Fund 摩根拉丁美洲基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.79% A (dist) - USD share class A( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 124

300 Product Key Facts - JPMorgan Funds - Latin America Equity Fund 產品資料概要 - 摩根拉丁美洲基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in Latin American companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, a Latin American country. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於拉丁美洲企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在拉丁美洲國家註冊成立或於拉丁美洲國家從事其大部分經濟活動之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in industry sectors and/or countries and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於行業及 / 或國家, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 125

301 Product Key Facts - JPMorgan Funds - Latin America Equity Fund 產品資料概要 - 摩根拉丁美洲基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: MSCI Emerging Markets Latin America Index (Total Return Net) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1992 Share class launch date: 2000 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 :MSCI 新興市場拉丁美洲指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1992 股份類別成立日期 :2000 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) 126

302 Product Key Facts - JPMorgan Funds - Latin America Equity Fund 產品資料概要 - 摩根拉丁美洲基金 Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00152/DP/v10/

303 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Russia Fund 摩根俄羅斯基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (UK) Ltd. UK (internal delegation) 英國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.80% A (dist) - USD share class A( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 128

304 Product Key Facts - JPMorgan Funds - Russia Fund 產品資料概要 - 摩根俄羅斯基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in a concentrated portfolio of equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, Russia. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於俄羅斯企業的集中組合, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在俄羅斯註冊成立或在俄羅斯從事其大部分經濟活動之公司之股票所組成之集中投資組合 本基金有限度投資於金融衍生工具作投資目的 129 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in a limited number of securities and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Russia market risk The relative infancy of the Russian governmental and regulatory framework may expose investors to various political and economic risks. The Russian securities market from time to time may also suffer from a lack of market efficiency and liquidity which may cause higher price volatility and market disruptions. Investments in Russia are currently subject to certain heightened risks with regard to the ownership and custody of securities. Investors should remember that the price of Shares and any income from them may fall as well as rise and that Shareholders may not get back the full amount invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. Risks related to the Eurozone sovereign debt crisis The Fund may invest substantially in the Eurozone. In light of the current fiscal conditions and concerns on the sovereign debt risk of certain countries within the Eurozone (in particular, Portugal, Ireland, Italy, Greece and Spain), the Fund s investments in the region may be more volatile. The performance of the Fund may deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating, obligation default, etc) of any Eurozone country. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於有限數目之證券, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額

305 Product Key Facts - JPMorgan Funds - Russia Fund 產品資料概要 - 摩根俄羅斯基金 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 俄羅斯市場風險 - 俄羅斯之政府及監管制度相對仍處初期, 投資者可能面對不同的政治及經濟風險 俄羅斯證券市場亦可能不時承受缺乏市場效率及流通性, 從而可能引致較高之價格波動及市場中斷 投資於俄羅斯現時受制於有關證券擁有權及託管的若干備受關注之風險 投資者應謹記, 股份價格及其任何收入可升亦可跌 投資者可能無法取回其投資的全數金額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 歐元區主權債務危機風險 - 本基金可能大量投資在歐元區 鑑於某些歐元區國家 ( 尤其是葡萄牙 愛爾蘭 意大利 希臘和西班牙 ) 目前的財政狀況及對主權債務風險的憂慮, 本基金於該地區的投資可能會更加波動 當任何歐元區國家發生任何不利信貸事件 ( 例如主權信用評級調低 債務違約等 ), 本基金的表現可能會顯著惡化 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. 1 有別於現行的基準指數在此期間使用 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI Russia 10/40 Index (Total Return Net). Prior to 1 October 2006, CSFB ROS 30 (Price Index). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2005 Share class launch date: 2005 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 俄羅斯 10/40 指數 ( 總回報淨額 ) 2006 年 10 月 1 日以前為瑞士信貸第一波士頓俄羅斯 ROS30 指數 ( 價格指數 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2005 股份類別成立日期 :

306 Product Key Facts - JPMorgan Funds - Russia Fund 產品資料概要 - 摩根俄羅斯基金 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00212/DP/v11/

307 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Singapore Fund 摩根新加坡基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : JPMorgan Asset Management (Singapore) Ltd., Singapore (internal delegation) 新加坡 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.80% A (dist) - USD share class A( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD 美元 (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 132

308 Product Key Facts - JPMorgan Funds - Singapore Fund 產品資料概要 - 摩根新加坡基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in Singaporean companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are listed on the Singaporean stock exchange or are domiciled in, or carrying out the main part of their economic activity in, Singapore. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於新加坡企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在新加坡證券交易所上市或在新加坡註冊成立或在新加坡從事其大部分經濟活動之公司 ( 包括小型公司 ) 之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in a limited number of securities and may have concentrated exposure to one or more industry sectors, and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 集中之風險 - 本基金可能集中於有限數目之證券及集中投資於一個或多個行業組別, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 133

309 Product Key Facts - JPMorgan Funds - Singapore Fund 產品資料概要 - 摩根新加坡基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. The benchmark was changed because new benchmark provides a better comparison for performance measurement. 1 有別於現行的基準指數在此期間使用 基準指數的變動是由於新的指標可於量度表現上提供更合適的比較 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently MSCI Singapore 10/40 Index (Total Return Net). Prior to 1 June 2014, MSCI Singapore Index (Total Return Net). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2001 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為 MSCI 新加坡 10/40 指數 ( 總回報淨額 ) 2014 年 6 月 1 日以前為 MSCI 新加坡指數 ( 總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2001 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 134

310 Product Key Facts - JPMorgan Funds - Singapore Fund 產品資料概要 - 摩根新加坡基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00117/DP/v11/

311 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - Taiwan Fund 摩根台灣基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : Sub-Manager 助理經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : JF Asset Management Ltd., Hong Kong (internal delegation) JF 資產管理有限公司, 香港 ( 同集團委任 ) JPMorgan Asset Management (Taiwan) Limited, Taiwan (internal delegation) 摩根證券投資信託股份有限公司, 台灣 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.80% A (dist) - HKD share class A( 分派 )- 港元股份類別 1.80% A (dist) - USD share class A( 分派 )- 美元股份類別 1.80% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 136

312 Product Key Facts - JPMorgan Funds - Taiwan Fund 產品資料概要 - 摩根台灣基金 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in Taiwanese companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, Taiwan. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於台灣企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在台灣註冊成立或在台灣從事其大部分經濟活動之公司 ( 包括小型公司 ) 之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk Emerging markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. As a result, investors may get back less than they originally invested. Concentration risk The Fund may be concentrated in industry sectors and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Technology related companies risk The Fund invests in a concentrated portfolio may be subject to greater volatility than other funds because of the greater potential volatility of share prices of technology related companies. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 新興市場風險 - 新興市場可能須承受較高的政治 監管及經濟不穩定 未完全發展的託管及結算慣例 低透明度及較大的金融風險 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 因此, 投資者收回的金額可能低於其原本的投資額 集中之風險 - 本基金可能集中於行業, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 137

313 Product Key Facts - JPMorgan Funds - Taiwan Fund 產品資料概要 - 摩根台灣基金 科技相關公司風險 - 本基金只集中投資於科技相關公司, 因為科技相關公司股價的潛在波幅較大, 故本基金的價值可能較其他基金為波動 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) (Total Return Gross) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2001 Share class launch date: 2001 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 台灣證券交易所資本加權股票指數 ( 總回報總額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2001 股份類別成立日期 :2001 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 138

314 Product Key Facts - JPMorgan Funds - Taiwan Fund 產品資料概要 - 摩根台灣基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00118/DP/v11/

315 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - US Aggregate Bond Fund 摩根美國複合收益基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : J.P. Morgan Bank Luxembourg S.A. A (acc) - EUR (hedged) share class A( 累計 )- 歐元對沖股份類別 1.10% A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.10% A (inc) - USD share class A( 入息 )- 美元股份類別 1.10% A (mth) - HKD share class A( 每月派息 )- 港元股份類別 1.10% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.10% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in Euro, in Hong Kong dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以歐元, 港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (inc) class - Distribution (discretionary)*/ (mth) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 入息 ) 類別 - 分派 ( 酌情決定 )*/ ( 每月派息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 140

316 Product Key Facts - JPMorgan Funds - US Aggregate Bond Fund 產品資料概要 - 摩根美國複合收益基金 Objective and investment strategy 目標及投資策略 To achieve a return in excess of US bond markets by investing primarily in US investment grade debt securities. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in investment grade debt securities issued or guaranteed by the US government or its agencies and by companies that are domiciled in, or carrying out the main part of their economic activity in, the US. These may include mortgage-backed securities. The Fund may invest in below investment grade and unrated debt securities and debt securities from emerging markets. The Fund may hold up to a maximum of 5% of its assets in contingent convertible securities. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於美國投資級別之債務證券, 以期取得較美國債券市場更高的回報 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於由美國政府或其機構或在美國註冊成立或於美國從事其大部分經濟活動之公司發行或擔保之投資級別債務證券 此等證券可能包括按揭證券 本基金可投資低於投資級別及未經評級債務證券及新興市場債務證券 本基金最多可持有或然可換股證券達其資產的 5% 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Emerging markets risk In emerging markets, the legal judicial and regulatory infrastructure is still developing but there is much legal uncertainty. Some markets may carry higher risks for investors who should therefore ensure that they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Investment grade bonds risk Investment grade bonds are assigned ratings within the top rating categories. Rating agencies review such assigned ratings and bonds may therefore be downgraded in rating if economic circumstances impact the relevant bond issues. Below investment grade/unrated investment risk The Fund may invest in debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade/unrated debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Sovereign risk The Fund may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. As a result, investors may get back less than they originally invested. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Asset Backed Securities ( ABS ) and Mortgage Backed Securities ( MBS ) risk ABS and MBS are securities that entitle the holders thereof to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other debt securities such as government issued bonds. ABS and MBS are often exposed to extension and prepayment risks that may have a substantial impact on the timing and size of the cashflows paid by the securities and may negatively impact the returns of the securities. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and 141

317 Product Key Facts - JPMorgan Funds - US Aggregate Bond Fund 產品資料概要 - 摩根美國複合收益基金 capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. 新興市場風險 - 在新興市場, 有關的法律 司法及監管架構仍在發展, 但仍存在不少法律上的不明朗因素 對投資者而言, 部分市場的風險可能較高, 因此投資者須確保已了解所涉及的風險及信納該投資適合作為其投資組合的一部分 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 投資級別債券風險 - 投資級別債券是由信貸評級機構給予屬於高評級界別的評級 信貸評級機構不時覆核該等評級 倘若經濟環境影響有關債券發行, 該等債券的評級可能因此下降 低於投資級別 / 未獲評級投資之風險 - 本基金可投資於未獲評級或低於投資級別之債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當本基金投資的任何低於投資級別 / 未經評級債務證券 ( 例如部分高收益債券 ) 違約或如利率改變, 本基金資產淨值或會下跌或受負面影響 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 主權風險 - 本基金可投資於由政府或其代理機構 ( 政府實體 ) 發行或擔保的債務證券 ( 主權債務 ) 政府實體可拖欠其主權債務 主權債務的持有人, 包括基金可被要求參與重組該項債務, 以及向政府實體進一步貸款 概無任何破產法律程序可全部或部分收回政府實體所拖欠的主權債務 因此, 投資者收回的金額可能低於其原本的投資額 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 資產抵押證券 (ABS) 及按揭證券 (MBS) 風險 - ABS 與 MBS 屬於證券類, 持有人獲取的收益主要視乎某一指定金融的集合資產組別 該等證券的相關責任可能承受較政府債券等其他固定收益證券較高的信貸 流通性及利率風險 ABS 與 MBS 往往會面對延期風險及提前還款風險, 因而可能對證券支付的現金流之時間和金額有重大影響, 並可能對證券回報帶來負面效應 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 How has the fund performed? 本基金過往的業績表現如何? % A (inc) - USD share class A( 入息 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. 142

318 Product Key Facts - JPMorgan Funds - US Aggregate Bond Fund 產品資料概要 - 摩根美國複合收益基金 Benchmark of the share class: Barclays US Aggregate Index (Total Return Gross) Management Company views A (inc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2000 Share class launch date: 2000 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 巴克萊美國綜合指數 ( 總回報總額 ) 管理公司視 A( 入息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2000 股份類別成立日期 :2000 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 0.9% of NAV p.a. (maximum 3.0%) 每年資產淨值之 0.9%( 最高可達 3.0%) Operating and administrative expenses up to 0.2% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.2% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 143

319 Product Key Facts - JPMorgan Funds - US Aggregate Bond Fund 產品資料概要 - 摩根美國複合收益基金 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00198/DP/v11/

320 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - US Dollar Money Market Fund 摩根美元貨幣基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : JPMorgan Asset Management (Europe) S.à r.l. J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. JPMorgan A (acc) - USD share class 摩根 A( 累計 )- 美元股份類別 0.26% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD 美元 Dividend policy 派息政策 : (acc) class - Accumulative (will not normally pay dividends) ( 累計 ) 類別 - 累計 ( 通常不會支付股息 ) Financial year end 30 June 6 月 30 日財政年度終結日 : Minimum investment 最低投資額 : Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. The Fund does not have a constant NAV. The Management Company has no obligation to redeem Shares at the offer value. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 本基金並無固定資產淨值 管理公司並無責任按賣出價值贖回股份 Objective and investment strategy 目標及投資策略 The Fund seeks to achieve a return in USD in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity by investing in USD denominated short-term debt securities. The Fund will invest all of its assets, excluding cash and cash equivalents, in USD denominated short-term debt securities. These debt securities may be rated by an independent rating agency or unrated. Short-term debt securities also include debt securities for which a long-term rating has been assigned by credit rating agencies with a remaining maturity not exceeding 397 days at the time of purchase. 145 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

321 Product Key Facts - JPMorgan Funds - US Dollar Money Market Fund 產品資料概要 - 摩根美元貨幣基金 Debt securities with a long-term rating will be rated at least A and debt securities with a short-term rating will be rated at least A-1 by Standard & Poor s or otherwise similarly rated by another independent rating agency. Independent rating agencies include Standard & Poor s, Moody s and Fitch. The Fund may also invest in unrated debt securities of comparable credit quality to those specified above. The Investment Manager assigns an internal credit rating to all debt securities, whether they are rated or unrated by an independent credit rating agency. Credit research of debt securities involves qualitative and quantitative analysis as well as peer group comparison. Ongoing monitoring on debt securities is performed by the portfolio management team and a dedicated risk team. The weighted average maturity of the Fund s investments will not exceed 60 days and the initial or remaining maturity of each debt security will not exceed 397 days at the time of purchase in accordance with Chapter 8.2 of the Code on Unit Trusts and Mutual Funds of the SFC. The Fund may have exposure to investments in zero or negative yielding securities in adverse market conditions. In adverse market conditions, investments in short-term debt securities may generate a zero or negative yield. A short-term debt security may have a negative yield if, for example, the security has a zero coupon (i.e. it is a security that normally earns a positive yield by being purchased at a price below its final maturity value, such as a three month US Treasury Bill) and in adverse market conditions is available for purchase only at a price above its final maturity value. Cash and cash equivalents may be held on an ancillary basis. Within the investment restrictions and in accordance with Chapter 8.2 of the Code on Unit Trusts and Mutual Funds of the SFC, the Fund may at any time enter into repurchase agreements, including reverse repurchase agreements, with highly rated financial institutions specialised in this type of transaction. The collateral underlying the repurchase agreements, including reverse repurchase agreements, will also comply with the above credit quality restrictions, although no maturity constraints will apply. The Fund will not typically invest more than 30% of its assets in repurchase agreements, including reverse repurchase agreements. All income generated from repurchase transactions, including reverse repurchase agreements, entered into by the Fund will accrue to the Fund. The Fund will only enter into transactions with counterparties which the Management Company believes to be creditworthy. Approved counterparties will typically have a credit rating of A- or above as rated by Standard & Poor s or otherwise similarly rated by Moody s and Fitch. Counterparties will comply with prudential rules considered by the CSSF as equivalent to EU prudential rules. The collateral underlying the repurchase agreements, including reverse repurchase agreements, will only include USD denominated debt securities valued greater than or equal to the value of the repurchase agreements, including reverse repurchase agreements. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. The Fund does not intend to invest in financial derivative instruments for any purposes. 本基金旨在透過投資於美元短期債務證券, 以期實現與通行貨幣市場利率相若的美元回報, 並達致與該等利率相符之保本目的及維持高水平的流通量 本基金將投資其全部資產 ( 不包括現金及存款 ) 於美元短期債務證券 此可包括獲獨立評級機構評級的債務證券或未經評級證券 短期債務證券亦包括於購買時剩餘年期不超過三百九十七日及獲信貸評級機構給予遠期評級之債務證券 擁有長期評級之債務證券將至少獲標準普爾公司 ( 標普 ) 評為 A 級, 而擁有短期評級的債務證券將至少獲標普評為 A-1 級, 或獲得其他獨立評級機構之類似評級 獨立評級機構包括標普 穆迪及惠譽 本基金亦可投資於信貸質素與上述相若的未經評級證券 投資經理人對所有債務證券 ( 不論是否獲獨立評級機構評級 ) 給予內部信貸評級 債務證券的信貸研究包括質量分析及定量分析, 以及同等組別比較 組合管理團隊及一個專責風險團隊對債務證券進行持續監管 根據單位信託及互惠基金守則第 8.2 章, 本基金的投資將具有不超過六十日的加權平均年期, 而每項債務證券在購入時之最初或剩餘年期將不超過三百九十七日 本基金於市況逆轉時, 或會投資於零收益或負收益之證券 於市況逆轉時, 投資於短期債務證券可能產生零或負收益 短期債務證券可能帶來負收益, 例如零息證券 ( 即正常情況下以低於其最終到期價值購入以賺取正收益的證券, 如三個月期美國國庫券 ) 於市況逆轉時, 只可以高於其最終到期價值購入 現金及現金等價物可以輔助投資方式持有 根據投資限制及證監會的單位信託及互惠基金守則第 8.2 章, 本基金可能隨時與專門從事回購協議 ( 包括反向回購協議 ) 之高評級金融機構訂立該等協議 即使沒有年期限制, 回購協議 ( 包括反向回購協議 ) 下之相關抵押品亦將會遵守以上信貸質素限制 本基金一般不會將其資產的 30% 以上投資於回購協議, 包括反向回購協議 由本基金訂立的回購交易 ( 包括反向回購協議 ) 所產生的所有收益將會累計於本基金 本基金將僅可與管理公司相信為信用可靠的交易對象訂立交易 獲批的交易對象一般獲標準普爾評為 A- 或以上的信貸評級或獲穆迪及惠譽之類似評級 交易對象將遵守金融監管委員會視為與歐盟審慎規則相等的審慎規則 回購協議 ( 包括反向回購協議 ) 相關的抵押品將只包括價值高於或等於回購協議 ( 包括反向回購協議 ) 的美元債務證券 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 本基金並無意向投資於金融衍生工具作任何目的 146

322 Product Key Facts - JPMorgan Funds - US Dollar Money Market Fund 產品資料概要 - 摩根美元貨幣基金 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Risk related to money market fund Investment in the Fund is not the same as placing funds on deposit with a bank or deposittaking institution. The management company has no obligation to redeem shares at the offer value and the Fund is not subject to the supervision of the Hong Kong Monetary Authority. As a result, investors may get back less than they originally invested. Unrated debt securities of comparable credit quality risk The credit worthiness of unrated debt securities is not measured by reference to an independent credit rating agency. The credit rating assigned by the Investment Manager does not guarantee the credit worthiness of the issuer and such credit rating may be downgraded. Decline in the credit quality of the issuer may adversely affect the valuation of the relevant unrated debt securities and the Fund. Credit risk If the issuer of any of the securities invested by the Fund defaults, the performance of the Fund will be negatively affected and the Fund could suffer substantial loss. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer and may be downgraded. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Sovereign risk The Fund may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies ( governmental entities ). Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. As a result, investors may get back less than they originally invested. Currency risk Non-USD denominated investors are exposed to currency risk as the Fund s underlying assets are denominated in USD. As a result, investors may get back less than they originally invested. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. 有關貨幣市場基金的風險 - 投資於本基金並不等同將資金存放於銀行或接受存款機構 管理公司並無責任按賣出價值贖回股份, 同時本基金亦不受香港金融管理局的監督 因此, 投資者收回的金額可能低於其原本的投資額 信貸質素相若的未獲評級債務證券風險 - 未經評級債務證券之信用可靠性並不參考獨立信貸評級機構而衡量 投資經理人給予的信貸評級並不保證發行人的信用可靠性, 以及該信貸評級或會被調低 發行人的信貸質素降低, 或會對有關未經評級的債務證券及基金之估值造成不利影響 信貸風險 - 倘若基金所投資之任何證券之發行人違約, 基金之表現將會受負面影響, 而基金可能蒙受重大損失 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性, 及或會被調低 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 主權風險 - 本基金可投資於由政府或其代理機構 ( 政府實體 ) 發行或擔保的債務證券 ( 主權債務 ) 政府實體可拖欠其主權債務 主權債務的持有人, 包括基金可被要求參與重組該項債務, 以及向政府實體進一步貸款 概無任何破產法律程序可全部或部分收回政府實體所拖欠的主權債務 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 由於本基金的相關資產以美元為貨幣單位, 並非以美元為貨幣單位的投資者須承擔貨幣風險 因此, 投資者收回的金額可能低於其原本的投資額 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 147

323 Product Key Facts - JPMorgan Funds - US Dollar Money Market Fund 產品資料概要 - 摩根美元貨幣基金 How has the fund performed? 本基金過往的業績表現如何? % JPMorgan A (acc) - USD share class 摩根 A( 累計 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: 1 Week USD LIBID, formerly known as BBA 1 Week USD LIBID prior to 7 July Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views JPMorgan A (acc) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2014 Share class launch date: 2014 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 一週美元倫敦銀行同業借入息率 2014 年 11 月 24 日以前稱為 BBA 一週美元倫敦銀行同業借入息率 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 摩根 A( 累計 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2014 股份類別成立日期 :2014 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 0% (up to 8.5% of NAV) 現時為 0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : Up to the initial charge into which the Fund will switch 最高可達將轉入之基金之認購費 Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 148

324 Product Key Facts - JPMorgan Funds - US Dollar Money Market Fund 產品資料概要 - 摩根美元貨幣基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 0.25% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 0.25%( 最高可達 3.0%) Operating and administrative expenses up to 0.2% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.2% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value and the yield of this Fund are calculated and are published on each business day. They are available online at 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算及公布資產淨值及年息率 詳情請瀏覽 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00202/DP/v5/

325 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - US High Yield Plus Bond Fund 摩根美國高收益增值債券基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : JPMorgan Asset Management (Europe) S.à r.l. J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (acc) - USD share class 1 1 A( 累計 )- 美元股份類別 1.20% A (mth) - HKD share class 1 1 A( 每月派息 )- 港元股份類別 1.20% A (mth) - USD share class A( 每月派息 )- 美元股份類別 1.20% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 1 This share class is distributed via selective distributors only. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 1 此股份類別只由指定分銷商分銷 Daily 每日 USD (The share classes offered in Hong Kong are in HK dollars and US dollars) 美元 ( 在香港銷售之股份類別分別以港元及美元計價 ) (acc) class - Accumulative (will not normally pay dividends)/ (mth) class - Monthly distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 累計 ) 類別 - 累計 ( 通常不會支付股息 )/ ( 每月派息 ) 類別 - 每月分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發 150

326 Product Key Facts - JPMorgan Funds - US High Yield Plus Bond Fund 產品資料概要 - 摩根美國高收益增值債券基金 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 Objective and investment strategy 目標及投資策略 To achieve a return in excess of US bond markets by investing primarily in below investment grade USD denominated debt securities. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in below investment grade USD denominated debt securities, issued or guaranteed by companies that are domiciled in, or carrying out the main part of their economic activity, in the US. Below investment grade debt securities are rated long term below BBB-/Baa3 by Fitch, Moody s and/or Standard & Poor s, respectively. The Fund may also invest in USD denominated debt securities issued or guaranteed by companies outside the US. The Fund may invest up to 20% of its total assets in debt securities which are unrated at time of purchase and up to 15% of its total assets in distressed debt securities at time of purchase. The Fund may hold up to 10% of its total assets in equity securities as a result of company reorganisations. The act of reorganising the legal, ownership, operational, or other structures of a company may result in bonds being converted to equity securities. The Fund may hold up to a maximum of 5% of its assets in contingent convertible securities. Short-term money market instruments and deposits with credit institutions may be held on an ancillary basis. The Fund may also invest in UCITS and other UCIs. The Fund will not invest more than 10% of its net asset value in securities issued or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade. This Fund invests in financial derivative instruments to a limited extent for investment purposes. 透過主要投資於低於投資級別之美元債務證券, 以期取得較美國債券市場更高的回報 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在美國成立, 或於美國從事其大部分經濟活動之公司所發行或擔保之低於投資級別的美元債務證券 低於投資級別債務證券分別被惠譽 穆迪及 / 或標準普爾給予長期 BBB-/Baa3 以下的評級 本基金亦可投資於美國以外之公司所發行或擔保之美元債務證券 本基金可投資最多佔總資產 20 %於購入時為未經評級之債務證券及最多佔總資產 15 %於購入時為受壓債務證券 本基金可因公司重組而持有最多佔總資產 10 %之股票證券 重組公司的法律架構 擁有權 營運或其他結構的行動可導致債券被轉換為股票證券 本基金最多可持有或然可換股證券達其資產的 5% 短期金融市場票據及信貸機構存款可以輔助投資方式持有 本基金亦可投資於可轉讓證券集體投資企業及其他集體投資企業 本基金不會將其資產淨值 10% 以上投資於由信貸評級低於投資評級的任何單一國家 ( 包括其政府 該國家的公共或地方當局 ) 所發行或擔保的證券 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Below investment grade/unrated investment risk The Fund may invest in debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The net asset value of the Fund may decline or be negatively affected if there is a default of any of the below investment grade/unrated debt securities (e.g. some high yield bonds) that the Fund invests in or if interest rates change. 151

327 Product Key Facts - JPMorgan Funds - US High Yield Plus Bond Fund 產品資料概要 - 摩根美國高收益增值債券基金 Distressed debt securities risk Distressed debt securities are issued by companies in severe financial distress and carry a significant risk of capital loss. As a result, investors may get back less than they originally invested. Credit risk If the issuer of any of the securities in which the Fund s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For debt securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer. Interest rate risk Interest rates in the countries in which the Fund s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. As a result, investors may get back less than they originally invested. Currency risk Where the currency of the Fund varies from the investor s home currency or where the currency of the Fund varies from the currencies of the markets in which the Fund invests, there is the prospect of additional loss to the investor greater than the usual risks of investment. Also, movements in currency exchange rates can adversely affect the return of the investment and as a result, investors may get back less than they originally invested. Investment risk The value of the Fund s holdings may fall. Investors may be subject to substantial losses. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. A high distribution yield does not imply a positive or high return on the total investment. 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 低於投資級別 / 未獲評級投資之風險 - 本基金可投資於未獲評級或低於投資級別之債務證券 因此, 該等投資將承受較其他較高投資級別證券為高之信貸及流通性風險 於經濟下滑時, 該等債券一般較投資級別債券價格跌幅更大, 因其通常承受較高之發行人違約風險 當本基金投資的任何低於投資級別 / 未經評級債務證券 ( 例如部分高收益債券 ) 違約或如利率改變, 本基金資產淨值或會下跌或受負面影響 受壓債務證券風險 - 嚴重財困的公司所發行的受壓債務證券帶有重大資本損失風險 因此, 投資者收回的金額可能低於其原本的投資額 信貸風險 - 倘若本基金之資產所投資之任何證券之發行人違約, 本基金之表現將會受不利影響及本基金可能須承受重大損失 至於債務證券不履行支付利息或本金之責任或會對本基金之表現造成不利影響 發行人的信貸質素降低, 或會對有關債券及基金之估值造成不利影響 信貸評級機構給予的信貸評級並不保證發行人的信用可靠性 利率風險 - 本基金之資產所投資之一些國家之利率可能會有所變動 任何該等變動可能會對本基金所得之收益及其資本價值有直接影響 債券特別容易受到利率變動所影響, 並且可能承受顯著的價格波動 債券的價格一般會隨利率下降而上升 ; 隨利率上升而下跌 較長期債券通常對利率變動較為敏感 因此, 投資者收回的金額可能低於其原本的投資額 貨幣風險 - 若本基金的貨幣與投資者所在地的貨幣不同, 或本基金的貨幣有別於本基金投資的市場之貨幣, 投資者可能蒙受較一般投資風險為高的額外損失 此外, 貨幣匯率的變動可對投資回報構成不利影響, 因此, 投資者收回的金額可能低於其原本的投資額 投資風險 - 本基金之投資價值可跌 投資者可能須承受重大損失 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 152

328 Product Key Facts - JPMorgan Funds - US High Yield Plus Bond Fund 產品資料概要 - 摩根美國高收益增值債券基金 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 因此, 本基金未來可用作投資的資本及資本增值或會減少 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 高分派收益並不表示總投資的正或高回報 How has the fund performed? 本基金過往的業績表現如何? % A (mth) - USD share class A( 每月派息 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Barclays US Corporate High-Yield 2% Issuer Capped Index (Total Return Gross) Where no past performance is shown there was insufficient data available in that year to provide performance. Management Company views A (mth) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2012 Share class launch date: 2012 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 巴克萊美國公司高收益 2% 的發行上限指數 ( 總回報總額 ) 如年內沒有顯示有關的業績表現, 即代表當年沒有足夠數據用作提供業績表現之用 管理公司視 A( 每月派息 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表 股份類別 本基金成立日期 :2012 股份類別成立日期 :2012 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 153

329 Product Key Facts - JPMorgan Funds - US High Yield Plus Bond Fund 產品資料概要 - 摩根美國高收益增值債券基金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 3.0% (up to 8.5% of NAV) 現時為 3.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.0% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 1.0%( 最高可達 3.0%) Operating and administrative expenses up to 0.2% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.2% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website Investors may obtain the past performance information of other share classes offered to Hong Kong investors from 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 投資者可於 取得其他向香港投資者銷售的股份類別之過往業績資料 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00346/DP/v6/

330 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - US Technology Fund 摩根美國科技基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : JPMorgan Asset Management (Europe) S.á r.l. Investment Manager 投資經理人 : J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : J.P. Morgan Bank Luxembourg S.A. A (dist) - USD share class A( 分派 )- 美元股份類別 1.77% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD 美元 (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 155 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

331 Product Key Facts - JPMorgan Funds - US Technology Fund 產品資料概要 - 摩根美國科技基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in equity securities of technology, media and telecommunications related companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於與科技 媒體及電訊有關之美國企業, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在美國註冊成立或在美國從事其大部分經濟活動而與科技 傳媒及電訊有關之公司之股票 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Smaller companies risk The Fund which invests in smaller companies may fluctuate in value more than other funds because of the greater potential volatility of share prices of smaller companies. As a result, investors may get back less than they originally invested. Technology related companies risk The Fund invests in a concentrated portfolio may be subject to greater volatility than other funds because of the greater potential volatility of share prices of technology related companies. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Liquidity risk Lack of liquidity may adversely affect the ease of disposal of assets. The absence of reliable pricing information in a particular security held by the Fund may make it difficult to access reliably the market value of assets. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 小型公司風險 - 本基金投資於小型公司的價值可能較其他基金為波動, 因為小型公司股價的潛在波幅較大 因此, 投資者收回的金額可能低於其原本的投資額 科技相關公司風險 - 本基金只集中投資於科技相關公司, 因為科技相關公司股價的潛在波幅較大, 故本基金的價值可能較其他基金為波動 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 流通性風險 - 缺乏流通性可能導致難以出售資產 缺乏本基金所持有某證券的可靠定價資訊, 因而難以可靠地評估資產的市值 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 156

332 Product Key Facts - JPMorgan Funds - US Technology Fund 產品資料概要 - 摩根美國科技基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 1 A different benchmark was used during this period. The benchmark was changed because the original benchmark was discontinued. 1 有別於現行的基準指數在此期間使用 基準指數的變動是由於原有指標已停止運作 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Currently BofA Merrill Lynch 100 Technology Price Index. Prior to 1 October 2011, CTN (CSFB Tech Index) (Total Return Gross). Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 1997 Share class launch date: 2000 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 現時為美銀美林 100 科技價格指數 2011 年 10 月 1 日以前為 CTN( 瑞士信貸第一波士頓科技指數 )( 總回報總額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :1997 股份類別成立日期 :2000 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 157

333 Product Key Facts - JPMorgan Funds - US Technology Fund 產品資料概要 - 摩根美國科技基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee 管理及顧問費 : 1.5% of NAV p.a. (maximum 3.0%) 每年資產淨值之 1.5%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee) 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ): Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00161/DP/v11/

334 PRODUCT KEY FACTS 產品資料概要 JPMorgan Funds - US Value Fund 摩根美國價值基金 April 年 4 月 This statement provides you with key information about this product. This statement is a part of the offering document. You should not invest in this product based on this statement alone. 本概要提供本基金的重要資料, 是銷售文件的一部分 請勿單憑本概要作投資決定 Quick facts 資料便覽 Management company 管理公司 : Investment Manager 投資經理人 : Custodian 託管人 : Ongoing charges over a year 全年經常性開支比率 : Dealing frequency 交易頻率 : Base currency 基本貨幣 : Dividend policy 派息政策 : Financial year end 財政年度終結日 : Minimum investment 最低投資額 : JPMorgan Asset Management (Europe) S.à r.l. J.P. Morgan Investment Management Inc., US (internal delegation) 美國 ( 同集團委任 ) J.P. Morgan Bank Luxembourg S.A. A (dist) - USD share class A( 分派 )- 美元股份類別 1.72% The ongoing charges figure is based on the annualised expenses for the period from 1 July 2015 to 31 December 2015 and may vary from year to year. 經常性開支比率是根據由 2015 年 7 月 1 日至 2015 年 12 月 31 日的費用作年化計算, 每年均可能有所變動 Daily 每日 USD 美元 (dist) class - Distribution (discretionary)* The Fund may at its discretion pay dividends out of capital and pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, which represents a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments may result in an immediate reduction of the net asset value per share. ( 分派 ) 類別 - 分派 ( 酌情決定 )* 本基金可酌情決定從資本中支付股息及從總收入中支付股息同時從本基金之資本中支付本基金的全部或部分費用及開支, 即代表退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 支付任何股息均可導致每股資產淨值即時減少 30 June 6 月 30 日 Lump-sum (same amount for initial/additional): USD2,000 or its equivalent in another currency Regular Investment Plan: HKD1,000 per month 整額 ( 首次及其後每次相同 ):2,000 美元或其他貨幣之等值定期投資計劃 : 每月 1,000 港元 JPMorgan Funds (Asia) Ltd. may apply a different minimum lump sum investment and/or a different minimum monthly investment. * The distribution policy may be amended subject to the SFC s prior approval and by giving not less than one month s prior notice to affected investors. 摩根基金 ( 亞洲 ) 有限公司可設定不同的最低整筆投資額及 / 或不同的最低每月投資額 * 派息政策可在獲得證監會的事先批准後及向受影響的投資者發出不少於一個月的事先通知後予以修改 What is this product? 本基金是甚麼產品? The Fund is a sub-fund of JPMorgan Funds, which is an open-ended investment company domiciled in Luxembourg. Its home regulator is CSSF, Luxembourg. 本基金為摩根基金之子基金 摩根基金乃一於盧森堡成立的開放式投資公司, 受盧森堡金融業監管委員會監管 159 Issued by JPMorgan Funds (Asia) Ltd. 由摩根基金 ( 亞洲 ) 有限公司刊發

335 Product Key Facts - JPMorgan Funds - US Value Fund 產品資料概要 - 摩根美國價值基金 Objective and investment strategy 目標及投資策略 To provide long-term capital growth by investing primarily in a value style biased portfolio of US companies. At least 67% of the Fund s assets (excluding cash and cash equivalents) will be invested in a value style biased portfolio of equity securities of companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Fund may also invest in Canadian companies. The Fund invests in financial derivative instruments in a limited extent for investment purpose. 透過主要投資於偏重價值風格之美國企業組合, 以期提供長期資本增值 本基金之資產 ( 不包括現金及現金等價物 ) 至少 67% 將投資於在美國註冊成立或於美國從事其大部分經濟活動之公司股票組成的偏重價值風格的投資組合 本基金亦可投資於加拿大公司 本基金有限度投資於金融衍生工具作投資目的 What are the KEY RISKS? 本基金有哪些主要風險? Investment involves risk. Please refer to the offering document(s) for details, including the risk factors. 投資涉及風險 請參閱銷售文件所載詳情, 包括風險因素 Concentration risk The Fund may be concentrated in value stocks and as a result, may be more volatile than more broadly diversified funds, and the performance of the Fund may be adversely impacted. Single country risk The Fund invests in a single market, which can be subject to particular political and economic risks. Also the focused investment limits the room for risk diversification within the Fund, therefore the volatility may be high. As a result, investors may get back less than they originally invested. Equity risk Equity markets may fluctuate significantly with prices rising and falling sharply, and this will have a direct impact on the Fund s net asset value. When equity markets are extremely volatile, the Fund s net asset value may fluctuate substantially. As a result, investors may get back less than they originally invested. Payment of distributions out of capital risk The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share. 集中之風險 - 本基金可能集中於價值股, 因此, 可能會比更廣泛分散的基金較為波動, 而本基金之表現可能受到不利影響 單一國家風險 - 本基金投資於可能存在特定政治及經濟風險的單一市場 此外, 集中投資限制本基金分散風險的空間, 故波幅可能較高 因此, 投資者收回的金額可能低於其原本的投資額 股票風險 - 股票市場可能大幅波動, 而股價可能急升急跌, 並將直接影響本基金的資產淨值 當股票市場極為反覆, 本基金的資產淨值可能大幅波動 因此, 投資者收回的金額可能低於其原本的投資額 從資本撥款作出分派之風險 - 本基金可酌情決定從資本中支付股息 本基金亦可酌情決定從總收入中支付股息, 同時從本基金之資本中支付本基金的全部或部分費用及開支, 以致本基金用作支付股息之可分派金額有所增加, 而因此, 本基金實際上可從已變現 未變現的資本收益或資本中支付股息 投資者應注意, 本基金的支付股息股份類別不僅可從投資收入, 亦可從已變現及未變現的資本收益或資本中支付股息 從資本中支付股息相當於退還或提取投資者部分原有之投資或任何歸屬於該原有投資的資本收益 從收入 已變現及未變現的資本收益或資本 ( 不論從中或實際上從中 ) 支付任何股息均可導致每股資產淨值即時減少 160

336 Product Key Facts - JPMorgan Funds - US Value Fund 產品資料概要 - 摩根美國價值基金 How has the fund performed? 本基金過往的業績表現如何? % A (dist) - USD share class A( 分派 )- 美元股份類別 Benchmark 基準指數 Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the performance is based on the last valuation day of the calendar year, NAV to NAV, with dividend reinvested. These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Benchmark of the share class: Russell 1000 Value Index (Total Return Net of 30% withholding tax) Management Company views A (dist) - USD share class being the focus share class available to retail investors in Hong Kong as the most appropriate representative share class. Fund launch date: 2000 Share class launch date: 2004 過去業績資料並不代表將來表現 投資者未必能取回全部投資本金 業績表現以曆年之最後一個估值日的資產淨值作為基礎, 股息會滾存再作投資 上述數據顯示股份類別價值在有關曆年內的升跌幅度 業績表現以美元計算, 當中包括基金的經常性開支, 但不包括基金可能向閣下收取的認購費及贖回費 股份類別之基準指數 : 羅素 1000 價值指數 ( 已扣 30% 預扣稅之總回報淨額 ) 管理公司視 A( 分派 )- 美元股份類別 作為本基金可供香港零售投資者認購的核心股份類別為最合適的代表股份類別 本基金成立日期 :2000 股份類別成立日期 :2004 Is there any guarantee? 本基金有否提供保證? This Fund does not provide any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能取回全數投資本金 What are the fees and charges? 投資本基金涉及哪些費用及收費? Charges which may be payable by you 閣下或須繳付的收費 You may have to pay the following fees up to the rate listed below when dealing in the shares of the Fund: 閣下買賣基金股份時或須繳付最高可達之費用如下 : Subscription fee (Initial charge) 認購費 : Currently 5.0% (up to 8.5% of NAV) 現時為 5.0%( 最高可達資產淨值之 8.5%) Switching fee 轉換費 : 1.0% of NAV 資產淨值之 1.0% Redemption fee 贖回費 : Currently 0% (up to 1.0% of NAV) 現時為 0%( 最高可達資產淨值之 1.0%) 161

337 Product Key Facts - JPMorgan Funds - US Value Fund 產品資料概要 - 摩根美國價值基金 Ongoing fees payable by the Fund 本基金須持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下費用將從基金中扣除, 閣下的投資回報將會因而減少 Management and advisory fee: 1.50% of NAV p.a. (maximum 3.0%) 管理及顧問費 每年資產淨值之 1.50%( 最高可達 3.0%) Operating and administrative expenses up to 0.3% of NAV p.a. (including Custodian fee): 最高達每年資產淨值之 0.3% 經營及行政開支 ( 包括託管人費用 ) Performance fee 表現費 : N/A 不適用 Other fees 其他費用 The Fund may charge other fees. Please refer to the CHARGES AND EXPENSES section in the Hong Kong Offering Document of JPMorgan Funds. 本基金或會收取其他費用 請參閱摩根基金的香港銷售文件內之 費用及開支 一節 Additional information 其他資料 You generally buy, redeem or switch shares at the Fund s next-determined net asset value after the Hong Kong Representative or Intermediaries receive your request in good order at or before 6.00pm (Hong Kong time) being the dealing cut-off time. The Hong Kong Representative or Intermediaries may impose different dealing deadlines for receiving requests from investors. The net asset value of this Fund is calculated and the bid and offer prices of shares are published on each business day. They are available online at Composition of the distributions (i.e. the percentages of distribution being made out of the net distributable income and capital) for the last 12 months are available from the Hong Kong Representative upon request and at the website 在交易截止時間即下午 6 時正 ( 香港時間 ) 或之前由香港代表人或中介人收妥的股份認購 贖回及轉換要求, 一般按基金隨後釐定的資產淨值執行 香港代表人或中介人設定的交易截止時間可能各有不同, 投資者應注意提交要求的截止時間 本基金在每一 營業日 計算資產淨值及公布股份的買入及賣出價 詳情請瀏覽 最近 12 個月的分派成分 ( 即從可分派收入淨額及資本中支付的百分比 ), 可向香港代表人索取及在網頁 查閱 Important 重要提示 If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 閣下如有疑問, 應諮詢專業意見 證監會對本概要的內容並不承擔任何責任, 對其準確性及完整性亦不作出任何陳述 KFS00243/DP/v5/