JPMorgan China Region Fund Inc. Shareholder Update

JPMorgan China Region Fund Inc. Shareholder Update November 215 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Market outlook and investment themes 1 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

China Outlook Minimal economic fallout coming from A-share market reversal. Policy direction largely unchanged but execution is key. RMB depreciation should be slow, with credibility at risk and massive reserves to intervene. Near term sentiment may remain volatile as the deleveraging process continue. Despite headwinds, we continue to focus on secular growth opportunities in the new economy sectors: internet, healthcare, consumption and environmental protection. Source: J.P. Morgan Asset Management. As at October 215. The opinions and views expressed here are those held by the author at the time of publication, which are subject to change and are not to be taken as or construed as investment advice. 2 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

The equity market, once a cornerstone for reform, crumbles CSRC finally attempted to moderate OTC equity margin financing. A lack of coordination with PBOC caused a chaotic sell-off. Chinese leadership panicked and intervened with questionable effectiveness. 2 15 Performance () Margin financing balance (Rmb bn, RHS) SHCOMP SZCOMP Shanghai / Shenzhen Stock Exchange Composite Index vs. margin financing balance June 21 CSRC posts margin financing limit guidelines July 31 1. CSRC suspends 24 program trading accounts 2. CSFC reportedly subscribes to 12bl of funds August 26-28 CFFE adjusts the futures margin ratio several times from 1 to 4 eventually August 28-31 Government intervenes, buying equities ahead of a military parade June 28 1,5 PBOC cuts interest rate and 1,3 July 4-6 1 1. IPO suspension July 8 Panic sell-off and suspension peak 1,1 2. PBOC offers liquidity to CSFC 1. CSFC offers Rmb26bn credit to 21 securities brokerages 3. CSFC buys ETFs on the market 2. Significant shareholders are locked-up for 6 months 9 4. 21 securities brokerages to invest Rmb12bn in ETFs 3. CIRC manages insurer equity positions 5. Equity funds are banned from selling 4. SASAC calls for central SOEs to increase share holding 7 5 5. CFFE restricts arbitrage and hedging positions 5 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Rmb bn 2,5 2,3 2,1 1,9 1,7 CSFC = China Securities Finance Corporation. CIRC = China Insurance Regulatory Commission. CSRC = China Securities Regulatory Commission. CFFE = China Financial Futures Exchange. Source: WIND, Bloomberg, CICC Research, J.P. Morgan Asset Management. As at September 215. 3 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

China: Room for monetary easing to support growth GTM Europe 23 Real GDP growth Change year on year 21 18 GDP growth Investment Consumption Net exports Inflation Change year on year 24 18 12 Aug 215 Food CPI 3,7 Headline CPI* 2, Core CPI 1,7 15 6 12 9 6 3 2Q15: 7, -6 ' '2 '4 '6 '8 '1 '12 '14 Policy rate and reserve ratio requirement (RRR)** Policy rate on one-year renminbi deposits 5 25 RRR 4 2 3 15-3 -6 '9 '92 '94 '96 '98 ' '2 '4 '6 '8 '1 '12 '14 2 1 PBoC policy rate '3 '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 1 5 Source: (Left and top right) FactSet, National Bureau of Statistics of China, J.P. Morgan Asset Management. (Bottom right) FactSet, People s Bank of China (PBoC), J.P. Morgan Asset Management. *CPI is the Consumer Price Index. Core CPI is defined as CPI excluding food and energy. **Average RRR for large and small banks. Guide to the Markets - Europe. Data as of 3 September 215. 4 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

China s financial dynamics GTM Europe 25 Chinese renminbi 13 6, RMB 125 Trade-weighted RMB 6,1 12 115 11 15 1 USDRMB 95 '11 '12 '13 '14 '15 6,2 6,3 6,4 6,5 6,6 6,7 214 public, household and non-financial corporate debt of GDP 35 3 25 2 15 1 5 Public debt Non-financial corporate debt Household debt Japan UK US Eurozone China Korea Credit to private sector of GDP 16 14 12 1 8 6 214: 141 China foreign exchange reserves and external debt Trillions USD 5 $ External debt as a of global GDP 4 EM Asia US China 1998 28 214 3 1.7 21.8 1.2 2 1 4 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '1 '3 '5 '7 '9 '11 '13 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 Source: (Top left) BIS, CEIC, Lombard Street Research, J.P. Morgan Asset Management. (Bottom left) FactSet, World Bank, J.P. Morgan Asset Management. (Top right) BIS, IMF World Economic Outlook April 215, Lombard Street Research, J.P. Morgan Asset Management. (Bottom right) People s Bank of China, FactSet, J.P. Morgan Asset Management. Guide to the Markets - Europe. Data as of 3 September 215. 5 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

China economic indicators show a two-speed economy GTM Europe China industrial production, retail and auto sales Year on year change, 3-month moving average 3 Retail sales (lhs) 25 Industrial production (lhs) Auto sales (rhs) 2 15 1 5 '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 7 6 5 4 3 2 1 Manufacturing and services components of GDP 12-month moving average, percentage of nominal GDP 5 45 4 Services Manufacturing '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 External account 1 8 6 4 2-2 Imports y/y (lhs) $ bn 1 Exports y/y (lhs) 8 Trade balance (rhs) 6 4 2-2 Retail loan growth is recovering 23 Retail mid-to-long term loan growh Total retail loan growth 21 19 17-4 '4 '6 '8 '1 '12 '14-4 15 1/14 4/14 7/14 1/14 1/15 4/15 7/15 Source: (Top and bottom left, top right) FactSet, National Bureau of Statistics of China, J.P Morgan Asset Management. Guide to the Markets - Europe. Data as of 3 September 215. (Bottom right) People s Bank of China. Data as of 3 Sep 215. 6 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Investors should keep China s troubles in perspective GTM Europe 41 Stock market performance and margin debt Index level, percent of GDP 6, 5, 2.5 2. 1 of Chinese household assets are equities (USD tn) Deposit (2.6) USD6.7tn Stock (1.6) USD3.4tn 4, 1.5 3, 2, Onshore equity index (CSI 3) Margin debt of GDP 1..5 Real Estate (53.5) USD17.3tn Insurance (3.8) USD1.2tn Bond (11.5) USD3.7tn 1, Dec 13 Apr 14 Aug 14 Dec 14 Apr 15 Aug 15. Source: (Left) CEIC, FactSet, National Bureau of Statistics of China, J.P. Morgan Asset Management. (Right) Wind, CEIC, Federal Reserve, CICC research, J.P. Morgan Asset Management. Data available as of 9 Oct 215. 7 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

The bottoming of the property market is more important in reducing economic risk Top 1 cities property prices and housing inventory Private residential floor space sold and started Month-over-month change 2 Number of months 25 Year-over-year change, 3-month moving average 6 2 nd tier cities 3 rd tier cities 2 4 Floor Space sold 1 15 2 1 1 st tier cities 5-2 Floor Space Started -1 Property price '11 '12 '13 '14 '15-4 '11 '12 '13 '14 '15 Source: J.P. Morgan Economics, Soufun, National Bureau of Statistics, J.P. Morgan Asset Management. Data available as of 3 September 215 Source: National Bureau of Statistics, J.P. Morgan Asset Management. Data available as of 3 September 215 8 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Investment themes in the new normal China healthcare industry is in a secular bull market Still a lot of work to be done to upgrade the environmental standard Healthcare Expenditure (RMB tn) Healthcare spending as GDP Government portion Society portion 6 Individual portion (out-of-pocket costs) Healthcare spending as of GDP (RHS) 8 4.8 5.1 5. 5.2 5.5 5.7 5.9 6.1 5 6 4 4.4 1.8 1.5 3 1.3 4 1.1.9 2.7.6.6.7.8 1. 1.1 1.2 1.4 1.5.4.5.6 2 1.6.7.7.8 1. 1.1 1.2 1.3 1.4 28 29 21 211 212 213 214E 215E 216E 4 3 2 1 CAGR 14 (212 215E) 28.1 142.2 132.1 WWT (mt/d) CAGR 32 (212 215E) WTE (kt/d) 37.2 212 215E Source: National Health and Family Planning Commission of PRC, end Oct 214 Source: Ministry of Environmental Protection, Ministry of Housing and Urban-Rural Development. As at Oct 214. WWT = Waste Water Treatment WTE = Waste to Energy Leading internet traffic gateways show strong growth momentum 45 Revenue CAGR (FY15E-FY18E) 42.2 Net Profit CAGR (FY15E-FY18E) 35 34. 31. 28.3 27.2 25.3 25 15 Alibaba Vipshop Tencent Source: Company Information, Bloomberg. As of 31 Oct 215 Net Profit numbers are under U.S. GAAP Market share gain story in niche components 6 5 4 3 2 1 Smartphone and Tablet Market Growth (yoy, LHS) Largan, Catcher and Mediatek Aggregated Revenue Growth (yoy, LHS) Largan's Market Share (RHS) Mediatek's Market Share (RHS) 213 214 215e 216e 217e Source: Company Information, Morgan Stanley Research, As of 3 Sep 215 7 6 5 4 3 2 Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated. The companies/securities above are shown for illustrative purpose only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. 9 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

China valuations MSCI China 12-Month Forward PE MSCI China Trailing PB 25 x 6. x 5.5 2 5. 4.5 15 +1sd 14.4 Avg 11.5 4. 3.5 3. +1sd 2.9 1 5-1sd 8.5 9.4 2.5 2. 1.5 1. Avg 2.2-1sd 1.4 1.3.5 4 5 6 7 8 9 1 11 12 13 14 15. 4 5 6 7 8 9 1 11 12 13 14 15 Source: Thomson Reuters Datastream, FactSet, 31 Oct 215 Source: Thomson Reuters Datastream, FactSet, 31 Oct 215 PE = Price to Earnings Ratio PB = Price to Book Ratio Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance. 1 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Fund update JPMorgan China Region Fund Inc. 11 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Investment philosophy We are growth-oriented investors from highly diverse backgrounds who primarily invest in higher quality companies We believe Greater China offers attractive growth opportunities comprising both domestic demand and niche exporters We principally formulate and review investment theses through discussions with corporate management teams. These conversations facilitate judgments on quality and sustainability of growth Our solid local knowledge and strong local contacts via our large and well-resourced teams give us an edge We average 5-2 company visits/meetings per fund manager/analyst per year Our Taipei office not only provides research support throughout Greater China, but is also one of the largest domestic investors in Taiwan (managing over USD1.1bn* in domestic equities) Portfolio construction decisions are the responsibility of the primary portfolio manager on each fund, with oversight on strategies, sizing and risk from the team leader Only including pure equity mandates. Source: J. P. Morgan Asset Management. As at 3 Sep 215. The targets and aims provided are the Investment Manager s targets and aims only. There is no guarantee that these targets and aims will be achieved. The opinions and views expressed here are as at the date of this document, which are subject to change and are not to be taken as or construed as investment advice.... simple effective beliefs 12 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Performance JPMorgan China Region Fund Inc. as of 3 Sep 215 Annualised performance () Market value JPMorgan China Region Fund Inc. USD 111.2m Three months Six months YTD One year Three years Five years Since launch JPMorgan China Region Fund Inc. (NAV) -23.3-17.2-11.1 +1.2 +6.8 +1.8 +4.6 Customized Benchmark^ -21.8-17.2-1.4 +.2 +5.9 +2.6 +2.7 Excess return* -1.5 +. -.7 +.9 +.9 -.8 +2. Calendar year performance () 27 28 29 21 211 212 213 214 JPMorgan China Region Fund Inc. (NAV) +54.3-53.9 +61.4 +14.1-26.3 +22.3 +12.5 +13. Customized Benchmark^ +37.6-49.5 +66.7 +13.2-18.7 +2.5 +5.1 +16.1 Excess return* +16.7-4.4-5.3 +.9-7.6 +1.8 +7.4-3.2 Fund launch date: 16 Jul 1992 ^ Customized benchmark - 8 MSCI Golden Dragon Index (NDR), 2 CSI 3 Index (Net). Prior to 13-Apr-212, MSCI Golden Dragon Index (NDR). Prior to 1-Mar-21, 25 TWII, 2 BNPPCI, 5 MSCI HK, 5 HSBC; Prior to 1-Mar-1999, 6 HK SE All Ordinaries, 3 CLSA China B, 1 Taiwan SE Weighted; Prior to 1-Jan-1997, Peregrine Greater China Index. * Arithmetic excess return presented. Source: J.P. Morgan Asset Management/Thomson Reuters Datastream (NAV to NAV in USD with income reinvested). As at 31 Oct 215. Investment involves risk. Fund performance is shown based on the NAV of the share class above indicated (in USD) which already includes Annual Management Fees, Operating and Administrative Expenses. Past performance is not an indication of future performance. Please refer to the offering document(s) for details, including the risk factors before investing. Indices do not include fees or operating expenses and are not available for actual investment.. 13 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Discount Premium Premium / Discount to Net Asset Value JPMorgan China Region Fund Inc. as of 3 Sep 215 4 3 2 1-1 -2-3 -4 1/ 1/1 1/2 1/3 1/4 1/5 1/6 1/7 1/8 1/9 1/1 1/11 1/12 1/13 1/14 1/15 Source: Bloomberg, as at 3 Sep 215 14 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Performance attribution JPMorgan China Region Fund Inc. 3Q15 Country attribution () Attribution summary Benchmark Stock: +.7 Country: -1.9 8 MSCI Golden Dragon Index (NDR) + 2 CSI 3 Index (Net) Asset Allocation Stock Selection China Ex A Shares (o).9 Hong Kong (o) -.3.3 Singapore (o).. China A Shares (o) -.3.2 Taiwan (u). -.2 Cash (u) -1.7-2. -1.5-1. -.5..5 1. 1.5 Source: J.P. Morgan Asset Management, FactSet, gross of fees in USD to 3 Sep 215. Data for Total Attribution shown (stock selection plus country allocation). Attribution may not match official returns due to differences in systems, rounding. Past performance is not an indication of future performance. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. 15 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Top 1 contributors/detractors to active returns JPMorgan China Region Fund Inc. 3Q15 Benchmark 8 MSCI Golden Dragon Index (NDR) + 2 CSI 3 Index (Net) Top 1 contributors Country Sector Stock return Weight difference Impact Bank of China Limited China Financials -33.2-2.15.32 Sino Biopharmaceutical Limited China Health Care 5.93 1.5.3 AAC Technologies Holdings Inc. China Information Technology 1.41.68.27 Hanergy Thin Film Power Group Ltd. China Information Technology -1. -.2.26 PetroChina Co. Ltd. China Energy -36.36-1.1.19 MediaTek Inc Taiwan Information Technology -43.38 -.67.19 China Merchants Bank Co., Ltd. China Financials -13.9 1.86.18 Cheung Kong Infrastructure Holdings Limited Hong Kong Utilities 15.79.5.17 Industrial and Commercial Bank of China Limited China Financials -26.66-2.56.17 E.SUN Financial Holding Co., Ltd. Taiwan Financials -2.76.86.15 Top 1 detractors Country Sector Stock return Weight difference Impact China Mobile Limited China Telecommunication Services -6. -2.3 -.32 Sunac China Holdings Ltd. China Financials -51.65.51 -.31 Hon Hai Precision Industry Co., Ltd. Taiwan Information Technology -1.28-1.79 -.24 Wynn Macau Ltd. Hong Kong Consumer Discretionary -4.49.39 -.21 China Harmony New Energy Auto Holding Ltd. China Consumer Discretionary -56.64.26 -.17 CLP Holdings Limited Hong Kong Utilities 1.3 -.76 -.17 Power Assets Holdings Limited Hong Kong Utilities 4.46 -.6 -.16 CAR Inc. China Industrials -32.46.85 -.14 China Construction Bank Corporation China Financials -27.15 1.66 -.13 LARGAN Precision Co., Ltd. Taiwan Information Technology -31.2 1.1 -.12 Source: FactSet, J.P. Morgan Asset Management. As at 3 Sep 215. Past performance is not indicative of future performance. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. However, it cannot be assumed that these types of investments will be available to or will be selected by the fund in the future. Subject to change at the discretion of the Investment Manager without notice. 16 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Allocation across countries As at 3 Sep 215 Asset Allocation vs the Benchmark* 8 7 6 65.1 6.1 Portfolio Benchmark* 5 4 3 2 22.2 18.4 17.5 21.5 1.3.. -1-5.1 China Hong Kong Taiwan Singapore Cash * 8 MSCI Golden Dragon Index (NDR) + 2 CSI 3 Index (Net). ** China includes China A-Shares, China B Shares and Hong Kong H-Shares, Red Chip and P Chip (companies listed in Hong Kong and either incorporated in mainland China, with controlling shareholders from mainland China or with operations in mainland China). Source: J.P. Morgan Asset Management, MSCI. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 17 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Allocation across sectors As at 3 Sep 215 Sector Allocation vs the Benchmark* () 4. 39.5 Portfolio Benchmark* 24. 19. 17.2 16.6 1. 9.3 9. 8.6 3.9 5. 1.7 1.2 9.5 6.6 6.2 5.1 4.9 4.4 2. 5.3 3.9 2.9 3.5 3.9 2.3 1.2. Banks Insurance Real Estate Diversified Financials Financials Financials Information Technology Industrials Consumer Discretionary Health Care Telecoms Utilities Energy Consumer Staples Materials -5.1 Cash * 8 MSCI Golden Dragon Index (NDR) + 2 CSI 3 Index (Net). Source: J.P. Morgan Asset Management, MSCI. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice. 18 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Appendix 19 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Highlights Conclusion A high conviction, growth-oriented approach - Sustainable growth biased investments with vigorous validation of investment thesis and fundamental analysis - Deep value stocks with either restructuring or cyclical recovery characteristics selected based on business cycle and assetspecific parameters to further add value Comprehensive approach combining country/sector allocations and fundamental analysis - Experienced portfolio management team with diverse backgrounds working with a substantial Greater China and EMAP sector research platform across 8 offices - Fundamental analysis with emphasis on return on equity and growth An investment approach tested by experience - Commitment to the asset class going back over 4 years - Successful track record in both country and stock selection For illustrative purpose only. J.P. Morgan Asset Management launched the first mutual fund back in 1969. Source: J.P. Morgan Asset Management. As at 3 Sep 215 2 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Over the China: long-term, Capital market capital liberalization market liberalisation is continuing Share of foreign investors in China s capital market 3. Foreign ownership of equity / total market cap Foreign ownership of bond / total outstanding bond 2.5 2. 1.5 1..5 12-month forward P/E 45x 35x 25x 15x MSCI China Index Shanghai Composite Index Shenzhen Composite Index. 12/13 3/14 6/14 9/14 12/14 3/15 6/15 Approved quota of QFII, QDII and RQFII* USD billions 25 2 15 1 RQFII (USD 63.9bn) QDII (USD 9.bn) QFII (USD 76.7bn) 5x '6 '7 '8 '9 '1 '11 '12 '13 '14 '15 SH-HK Connect quota utilization (aggregate) RMB billions 2 15 1 5 Northbound** (HK to SH) Southbound*** (SH to HK) 11/14 12/14 1/15 2/15 3/15 4/15 5/15 6/15 7/15 8/15 9/15 5 '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 '15 Exchange Quota (RMB, bn) Utilization (RMB, bn) Utilization rate () Northbound 3 14.9 47. Southbound 25 9.5 36.2 Source: (Top left and bottom left) CEIC, J.P. Morgan Asset Management. (Top right and bottom right) Bloomberg, J.P. Morgan Asset Management. *Qualified Foreign Institutional Investor (QFII) scheme allows approved foreign investors to convert foreign currency to RMB in order to invest in China's domestic capital markets. RMB Qualified Foreign Institutional Investor (RQFII) scheme allows Hong Kong branches/subsidiaries of mainland fund management companies to invest offshore RMB in the domestic Chinese capital markets. Qualified Domestic Institutional Investors (QDII) allows qualified Chinese investors to raise funds in mainland China and use the proceeds to invest offshore. **Northbound: Hong Kong and overseas investors are allowed to trade certain stocks listed on the Shanghai Stock Exchange. ***Southbound: Mainland institutional investors and certain eligible individual investors are allowed to trade certain stocks listed on the Hong Kong Stock Exchange. Guide to the Markets Asia 4Q 215. Data reflect most recently available as of 3/9/15. 21 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

Greater China valuations MSCI Golden Dragon 12-Month Forward PE MSCI Golden Dragon Trailing PB 2 x 3.5 x 18 3. 16 14 12 +1sd 14.7 Avg 12.7 2.5 2. +1sd 2.2 Avg 1.8 1-1sd 1.8 1.9 1.5-1sd 1.5 1.4 8 1. 6 4 5 6 7 8 9 1 11 12 13 14 15.5 4 5 6 7 8 9 1 11 12 13 14 15 Source: Thomson Reuters Datastream, FactSet, 31 Oct 215 Source: Thomson Reuters Datastream, FactSet, 31 Oct 215 PE = Price to Earnings Ratio PB = Price to Book Ratio Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance. 22 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

PRGMCP11.pptx_2538 China A-shares valuations CSI3 Index 12-Month Forward PE CSI3 IndexTrailing PB 4 x 7 x 35 6 3 5 25 2 15 +1sd 2.4 Avg 14.4 4 3 +1sd 3.3 Avg 2.2 1 5-1sd 8.5 2 1-1sd 1.2 5 6 7 8 9 1 11 12 13 14 15 5 6 7 8 9 1 11 12 13 14 15 Source: Thomson Reuters Datastream, FactSet, 31 Oct 215 Source: Thomson Reuters Datastream, FactSet, 31 Oct 215 PE = Price to Earnings Ratio PB = Price to Book Ratio Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not indicative of future performance. 23 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION

J.P. Morgan Asset Management This is a promotional document and is intended to report solely on investment strategies and opportunities identified by J.P.Morgan Asset Management and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. This document is confidential and intended only for the person or entity to which it has been provided. Reliance upon information in this material is at the sole discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any particular receiver. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P.Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are those of JPMorgan Asset Management, unless otherwise stated, as of the date of issuance. They are considered to be reliable at the time of writing, but no warranty as to the accuracy, and reliability or completeness in respect of any error or omission is accepted. They may be subject to change without reference or notification to you. Any investment decision should be based solely on the basis of any applicable local offering documents such as the Prospectus, annual report, semi-annual report, private placement or offering memorandum. For further information, any questions and for copies of the offering material you can contact your usual J.P. Morgan Asset Management representative. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast will come to past. Any reproduction, retransmission, dissemination or other unauthorised use of this document or the information contained herein by any person or entity without the express prior written consent of J.P. Morgan Asset Management is strictly prohibited. J.P.Morgan Asset Management and/or any of its affiliates and employees may hold positions or act as a market maker in the financial instruments of any issuer discussed herein or act as the underwriter, placement agent or lender to such issuer. The investments and strategies discussed herein may not be suitable for all investors and may not be authorized or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdictions. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the product(s). International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The risks associated with foreign securities are magnified in countries in "emerging markets." These countries may have relatively unstable governments and less-established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. This communication is issued by the following entities: J.F. International Management,Inc., which is regulated by the Securities and Exchange Commission. Securities products are offered by J.P. Morgan Institutional Investments, Inc., member FINRA/SIPC. Approval code: 4d3c2a82e211 Copyright 215 JPMorgan Chase & Co. All rights reserved. 24 FOR INSTITUTIONAL/WHOLESALE/PROFESSIONAL CLIENT AND QUALIFIED INVESTOR USE ONLY NOT FOR RETAIL USE OR DISTRIBUTION