JPMorgan Asian Investment Trust plc

Investment Manager Presentation

Annual General Meeting

26th February 2018

Richard Titherington, Managing Director

Chief Investment Officer of Emerging Markets and

Asia Pacific Equities and Portfolio Manager

1

Performance (GBP)

Inception date: 12th September 1997

* Prior to 1st January 2001, MSCI AC Asia ex Japan (GDR).

** Arithmetic excess return presented. Figures may not add up due to rounding.

^ Figures to 31st December 2017

Past performance is not a guide to the future. Source: J.P. Morgan/Morningstar as of 31st December 2017. Performance data has been calculated on NAV to NAV basis, including ongoing charges and

any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment.

Trailing Returns (%)

Financial Year End Performance (%)

To end September 2017

4Q

2017^FY to

30 Sep 20171 Year

3 Years

(Cumulative)

5 Years

(Cumulative)

Since Inception

(Cumulative)

JPMorgan Asian Investment Trust plc (NAV) +8.0 +21.5 +21.5 +66.6 +87.8 +366.6

JPMorgan Asian Investment Trust plc (Share Price) +6.5 +29.8 +29.8 +74.3 +96.6 +424.1

MSCI AC Asia ex Japan (NDR)* +7.3 +18.8 +18.8 +51.7 +72.3 +283.9

NAV Excess Return** +0.7 +2.7 +2.7 +14.9 +15.5 +82.7

2012 2013 2014 2015 2016 2017

JPMorgan Asian Investment Trust plc (NAV) +11.4 +6.4 +6.0 -2.9 +41.3 +21.5

JPMorgan Asian Investment Trust plc (Share Price) +6.4 +7.2 +5.2 -3.2 +38.7 +29.8

MSCI AC Asia ex Japan (NDR)* +15.4 +5.1 +8.1 -6.3 +36.2 +18.8

Net Asset Value

JPMorgan Asian Investment Trust GBP 353.7m (As of 30th September 2017)

2

Performance (GBP)

Inception date = 12th September 1997

*Prior to 1st January 2001, MSCI AC Asia ex Japan (GDR).

Source: J.P. Morgan Asset Management. Data is re based as at inception date on a log basis. Trust performance is shown based on the NAV in GBP with income (Gross) reinvested including actual

ongoing charges excluding any entry and exit fees. Past performance is not necessarily a reliable indicator for current and future results.

JPMorgan Asian Investment Trust since inception to 30th September 2017

456.5

383.9

525.5

0

100

200

300

400

500

600

9/97 9/99 9/01 9/03 9/05 9/07 9/09 9/11 9/13 9/15 9/17

JPM Asian Investment Trust

MSCI AC Asia ex Japan (NDR)

Share Price

*

3

Performance attribution

Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP. Data for Total Attribution shown (stock selection plus asset allocation). Attribution may not match official returns due to

differences in system rounding. The Trust 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.

JPMorgan Asian Investment Trust 12M to 30th September 2017

1.98

1.42

1.09

0.87

0.32

0.10

-0.05

-0.19

-0.20

-0.21

-0.44

-0.88

-0.35

-2.0 -1.0 0.0 1.0 2.0 3.0

Information Technology (o)

Health Care (o)

Consumer Staples (u)

Telecommunication Services (u)

Financials (o)

Energy (o)

Materials (u)

Industrials (u)

Managed Funds (o)

Real Estate (u)

Consumer Discretionary (o)

Utilities (o)

Cash (u)

Asset Allocation

Stock Selection

Country attribution (%)

Attribution summaryStock: 3.28

Sector: 0.21

Benchmark MSCI AC Asia ex Japan (NDR)

Sector attribution (%)

2.35

0.70

0.62

0.37

0.33

0.31

0.07

0.07

-0.10

-0.20

-0.22

-0.47

-0.35

-2.0 -1.0 0.0 1.0 2.0 3.0

China (o)

Korea (o)

Malaysia (u)

India (o)

Thailand (o)

Singapore (u)

Philippines (u)

Pakistan (u)

Indonesia (o)

Vietnam (o)

Taiwan (u)

Hong Kong (u)

Cash (u)

Asset Allocation

Stock Selection

Attribution

summary

Stock: 3.20

Country: 0.28

Benchmark MSCI AC Asia ex Japan (NDR)

4

Top 10 contributors/detractors to active returns

Source: Jaffa, FactSet, J.P. Morgan Asset Management, gross of Fees in GBP. The Trust 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. Past performance is not an indication of current and future performance. .

JPMorgan Asian Investment Trust 12M to 30th September 2017 Benchmark MSCI AC Asia ex Japan (NDR)

Top 10 contributors Country Sector Relative weight

%

Stock return

%

Impact

%

Ping An Insurance (Group) Company of China, Ltd. China Financials 2.79 45.92 0.66

China Mobile Limited China Telecommunication Services -1.79 -13.56 0.64

Alibaba Group Holding Ltd. Sponsored ADR China Information Technology 0.95 58.48 0.58

Tencent Holdings Ltd. China Information Technology 2.44 52.19 0.54

Samsung Electronics Co., Ltd. Korea Information Technology 1.65 51.81 0.53

Samsung BioLogics Co., Ltd. Korea Health Care 0.54 118.09 0.50

AAC Technologies Holdings Inc. China Information Technology 1.46 64.61 0.49

CSPC Pharmaceutical Group Ltd. China Health Care 0.82 64.08 0.36

IndusInd Bank Ltd. India Financials 1.92 39.34 0.34

Brilliance China Automotive Holdings Limited China Consumer Discretionary 0.64 74.85 0.32

Top 10 detractors Country Sector Relative weight

%

Stock return

%

Impact

%

Korea Electric Power Corporation Korea Utilities 2.02 -31.03 -1.21

IMAX China Holding Inc China Consumer Discretionary 0.73 -40.29 -0.55

HYUNDAI GLOVIS Co., Ltd. Korea Industrials 1.09 -23.05 -0.53

Axis Bank Limited India Financials 1.76 -6.52 -0.48

PT Astra International Tbk Indonesia Consumer Discretionary 1.16 -9.00 -0.34

CK Hutchison Holdings Ltd Hong Kong Industrials 1.73 -0.15 -0.33

Regina Miracle International (Holdings) Limited Hong Kong Consumer Discretionary 0.28 -38.64 -0.32

Giant Manufacturing Co., Ltd. Taiwan Consumer Discretionary 0.47 -33.68 -0.31

AIA Group Limited Hong Kong Financials 3.45 9.08 -0.30

China Resources Phoenix Healthcare Holdings Co., Ltd. China Health Care 0.28 -31.59 -0.29

5

Performance attribution

Source: J.P. Morgan Asset Management, Factset, gross of fees in GBP. Data for Total Attribution shown (stock selection plus asset allocation). Attribution may not match official returns due to

differences in system rounding. The Trust 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.

JPM Asian Investment Trust QTD to 31st December 2017

0.52

0.40

0.23

0.19

0.15

0.09

-0.01

-0.02

-0.05

-0.20

-0.24

-0.38

-0.03

-1.0 0.0 1.0

Financials (o)

Health Care (o)

Information Technology (u)

Managed Funds (o)

Telecommunication Services (u)

Utilities (u)

Real Estate (u)

Energy (u)

Industrials (u)

Consumer Staples (u)

Materials (u)

Consumer Discretionary (o)

Cash (o)

Asset Allocation

Stock Selection

Country attribution (%)

Attribution summaryStock: -0.06

Sector: 0.72

Benchmark MSCI AC Asia ex Japan (NDR)

Sector attribution (%)

1.74

0.28

0.19

0.15

0.06

0.03

0.02

-0.05

-0.22

-0.36

-0.53

-0.61

-0.03

-1.0 0.0 1.0 2.0

China (o)

Singapore (u)

Vietnam (o)

Thailand (o)

Hong Kong (o)

Philippines (u)

Pakistan (u)

Malaysia (u)

Indonesia (o)

Taiwan (u)

India (u)

Korea (o)

Cash (o)

Asset Allocation

Stock Selection

Attribution

summary

Stock: 0.32

Country: 0.34

Benchmark MSCI AC Asia ex Japan (NDR)

6

Top 10 contributors/detractors to active returns

Source: Jaffa, FactSet, J.P. Morgan Asset Management, gross of Fees in GBP. The trust 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. Past performance is not an indication of current and future results.

JPM Asian Investment Trust QTD to 31st December 2017 Benchmark MSCI AC Asia ex Japan (NDR)

Top 10 contributors Country Sector Relative weight

%

Stock return

%

Impact

%

Ping An Insurance (Group) Company of China, Ltd. China Financials 2.07 33.40 0.56

Sino Biopharmaceutical Limited China Health Care 0.88 66.59 0.42

DBS Group Holdings Ltd Singapore Financials 2.11 20.22 0.24

AIA Group Limited Hong Kong Financials 3.48 14.67 0.22

Baidu, Inc. Sponsored ADR China Information Technology -1.48 -6.22 0.20

Shenzhou International Group Holdings Ltd. China Consumer Discretionary 1.61 20.46 0.20

JPMorgan Vietnam Fund Vietnam Managed Funds 1.93 19.12 0.19

Hon Hai Precision Industry Co., Ltd. Taiwan Information Technology -1.18 -8.37 0.18

Tencent Holdings Ltd. China Information Technology 0.92 19.64 0.17

Samsung Engineering Co., Ltd. Korea Industrials 1.16 19.61 0.12

Top 10 detractors Country Sector Relative weight

%

Stock return

%

Impact

%

LARGAN Precision Co., Ltd. Taiwan Information Technology 1.29 -23.78 -0.39

Qudian, Inc. Sponsored ADR China Consumer Discretionary 0.18 -50.98 -0.26

Eclat Textile Co., Ltd. Taiwan Consumer Discretionary 0.84 -18.48 -0.23

CK Hutchison Holdings Ltd Hong Kong Industrials 1.72 -2.64 -0.18

IndusInd Bank Ltd. India Financials 1.86 -0.54 -0.17

GF Securities Co., Ltd. China Financials 0.79 -8.28 -0.14

Aluminum Corporation of China Limited China Materials 0.32 -20.93 -0.13

Celltrion, Inc. Korea Health Care -0.30 68.52 -0.13

Axis Bank Limited India Financials 0.98 12.60 -0.12

China Resources Land Limited China Real Estate 0.98 -4.63 -0.12

7

Current Fund Positioning

8

Changes in country and sector weightings

* MSCI AC Asia ex Japan (NDR)

Source: J.P. Morgan Asset Management

The trust 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.

JPM Asian Investment Trust as of 31st December 2017

Sector Breakdown (%)

FinancialsCountry Weightings (%)

Benchmark MSCI AC Asia ex Japan (NDR)

21.1

0.7

12.5

21.6

1.1

13.615.0

2.75.7

Banks DiversifiedFinancials

Insurance

34.3

30.1

8.26.1

4.02.3 3.7

1.03.0 3.2 1.9 1.0 1.2

36.3

28.1

10.9

5.84.0

2.5 2.4 2.2 2.0 1.9 1.8 0.7 1.4

23.4

31.7

9.36.8 5.9

2.54.2 4.6 4.2

2.80.0

4.6

0.0

Financials InformationTechnology

ConsumerDiscretionary

Industrials RealEstate

HealthCare

Energy ConsumerStaples

Telecoms Utilities Managed Funds

Materials Cash

As of 30/9/2017

As of 31/12/2017

Benchmark* as of 31/12/2017

34.4

19.9

12.59.3 8.6

5.13.2 2.8 1.9 1.0 0.0 0.0 1.2

33.4

20.4

12.810.7

7.35.1

3.2 3.1 1.8 0.9 0.0 0.0 1.4

34.4

17.7

11.313.0

10.1

2.64.3

2.60.0

2.70.1 1.3 0.0

China Korea Hong Kong Taiwan India Indonesia Singapore Thailand Vietnam Malaysia Pakistan Philippines Cash

As of 30/9/2017

As of 31/12/2017

Benchmark* as of 31/12/2017

9

Portfolio strategy

Source: J.P. Morgan Asset Management. The holdings represent the current holdings of the fund . The trust 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. Past performance is not an indication of current and future performance.

JPM Asian Investment Trust as of 31st December 2017

Key Overweights

Key Underweights

CountryPortfolio

Weight %

Benchmark

Weight %

Portfolio

Active %Key Sectors Key Stocks

Korea 20.4 17.7 +2.7Financials (+2.0%), Telecommunication

Services (+1.3%), Information Technology

(+1.3%)

Shinhan Financial Group, Samsung Electronics,

Samsung Fire & Marine Insurance

Indonesia 5.1 2.6 +2.5Consumer Discretionary (+2.2%), Financials

(+1.0%), Telecommunication Services (+0.2%)

Astra International, Bank Central Asia,

Telekomunikasi Indonesia

Vietnam 1.8 0.0 +1.8 Managed Funds (+1.8%) JPMorgan Vietnam Opportunities Fund

CountryPortfolio

Weight %

Benchmark

Weight %

Portfolio

Active %Key Sectors Key Stocks

India 7.3 10.1 -2.8Consumer Discretionary (-1.3%),

Energy (-1.3%), Materials (-1.0%)

Housing Development Finance, Reliance

Industries, Infosys

Taiwan 10.7 13.0 -2.3Information Technology (-1.5%), Materials

(-1.1%), Telecommunication Services (-0.5%)

Hon Hai Precision Industry, Taiwan

Semiconductor Manufacturing, MediaTek

Malaysia 0.9 2.7 -1.9Financials (-0.4%), Utilities (-0.4%), Consumer

Staples (-0.3%)

Public Bank, Tenaga Nasional, Malayan

Banking

Benchmark MSCI AC Asia ex Japan (NDR)

10

Top 10 holdings

* MSCI AC Asia ex Japan (NDR)

Source: J.P. Morgan Asset Management

The trust 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. Past

performance is not an indication of current and future performance.

JPM Asian Investment Trust as of 31st December 2017

Stock Name Country Sector

Portfolio

30/9/17

%

Portfolio

31/12/17

%

Benchmark*

31/12/17

%

Active

%

1 Samsung Electronics Korea Information Technology 7.4 7.3 5.6 +1.7

2 Tencent Holdings China Information Technology 7.2 6.7 6.3 +0.5

3 AIA Group Hong Kong Financials 5.4 5.8 2.2 +3.7

4 Alibaba Group Holding China Information Technology 5.6 4.1 4.2 -0.1

5 Taiwan Semiconductor Manufacturing Taiwan Information Technology 1.9 3.3 4.0 -0.8

6 China Construction Bank China Financials 1.2 3.1 1.6 +1.5

7 HDFC Bank India Financials 3.2 2.8 0.0 +2.8

8 DBS Group Holdings Singapore Financials 2.7 2.7 0.7 +2.0

9 Ping An Insurance China Financials 3.2 2.7 1.2 +1.5

10 Shinhan Financial Group Korea Financials 2.5 2.6 0.4 +2.1

Number of Stocks:

Portfolio 66 Top 20 Holdings 61.5%

Benchmark 638 Top 30 Holdings 74.8%

11

Market Outlook

12

Volatility is inherent in Asian Equities

Source: FactSet, MSCI, J.P. Morgan Asset Management.

Returns are price returns based on MSCI AC Asia ex Japan Index in U.S. dollar terms. Intra-year decline is the largest peak to trough decline during the respective year.

Data reflect most recently available as of 31/1/18. Past performance is not an indication of current and future results.

MSCI AC Asia ex Japan intra-year declines vs. calendar year returns

Despite average intra-year drops of -21% (median: -16%), annual returns are positive in 20 of 31 years

Calendar year return

Intra-year decline

YTD

26% 28%

-10%

27%18%

99%

-18%

2%8%

-42%

-10%

62%

-36%

-6%-10%

43%

14%19%

30%37%

-54%

68%

17%

-19%

19%

0% 0%

-11%

3%

39%

8%

-11%-20%

-29%

-11%-12%-5%

-26%

-14%-11%

-46%-46%

-15%

-40%-38%-30%

-15%-21%

-9%

-20%-18%

-63%

-20%-16%

-30%

-16%-15%-10%

-27%

-13%-5%

-2%

-80%

-60%

-40%

-20%

%

20%

40%

60%

80%

100%

'88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

13

Asia ex Japan: Valuations and returns

Source: FactSet, MSCI, J.P. Morgan Asset Management. Past performance is not indicative of future results.

Dots represent monthly data points between January 1997 and January 2018. Data reflect most recently available as of 31 January 2018.

MSCI AC Asia ex Japan: Price to Book and Returns

Price to Book Ratio

Subsequent 12 m

onth

s r

etu

rn in U

SD

Current level

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

0.80x 1.20x 1.60x 2.00x 2.40x 2.80x

14

Global price-book valuations

PB = Price to Book Ratio

Source: Thomson Reuters Datastream, Bloomberg. As of 31st January 2018.

Indices do not include fees or operating expenses and are not available for actual investment.

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

MSCI Asia ex Japan

Trailing PB

1.9

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

04 06 08 10 12 14 16 18

-1sd 1.4

x

MSCI Europe

Trailing PB

MSCI US

Trailing PB

xx

3.5

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

04 06 08 10 12 14 16 18

1.9

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

04 06 08 10 12 14 16 18

+1sd 2.1

Avg 1.8

+1sd 2.2

Avg 1.8

-1sd 1.5

+1sd 3.0

-1sd 2.2

Avg 2.6

15

-4

0

4

8

12

16

20

24

28

Feb

Ma

r

Apr

Ma

y

Jun

Jul

Aug

Sep

Oct

No

v

De

c

Jan

Fe

b

Ma

r

Apr

Ma

y

Jun

Jul

Aug

Sep

Oct

No

v

De

c

Jan

Feb

Ma

r

Apr

Ma

y

Jun

Jul

Aug

Sep

Oct

No

v

De

c

Jan

2 years ago 1 year ago Current year

Consensus EPS growth assumption, MXAPJ

2015 2016

2017 2018

Strong performance mainly driven by improving earnings and consistent upgrades

Source: Goldman Sachs Investment Research, DataStream, I/B/E/S. MSCI, Data as of 17th January 2018. Opinions, estimates, forecasts, projections and statements of financial market trends are

based on market conditions at the date of the publication, constitute our judgment and are subject to change without notice. There can be no guarantee they will be met.

MSCI Asia Pacific ex Japan earnings growth forecast

16

Where are the opportunities in Asia?

Source: Goldman Sachs Global Investment Research, I/B/E/S, MSCI, As of 17th January 2018.

Market forecast numbers are derived from bottom-up calculations of each individual MSCI constituents using I/B/E/S estimates in local currencies.

Opinions, estimates, forecasts, projections and statements of financial market trends are based on market conditions at the date of the publication, constitute our judgment and are subject to change

without notice. There can be no guarantee they will be met.

22.9

12.5

23.4

14.112.6

14.9

-0.9

2.0

6.2

11.38.9

27.8

11.6

4.3

14.7

6.1

20.0

14.1 13.2

5.4

13.110.5 10.0

7.8 7.2

-10

0

10

20

30

40

50

APxJ Australia China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Taiwan Thailand Japan

2017E

2018E

Earnings per share growth forecasts (%, local currency)

52.5

17

Investment objective and risk profile

JPMorgan Asian Investment Trust plc

Please refer to the Investor Disclosure document for more information relating to the Trust.

Risk Profile

Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.

Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped

markets and systems. Shares may also be traded less frequently than those on established markets. This means that there may be

difficulty in both buying and selling shares and individual share prices may be subject to short-term price fluctuations.

This fund may use derivatives for investment purposes or for efficient portfolio management.

External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the

same time.

This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.

This trust may also invest in smaller companies which may increase its risk profile.

Investment Objective

Aims to provide capital growth from a diversified portfolio of around 50 to 80 companies quoted on the Asian stock markets, excluding

Japan. The Company amended its distribution policy for the year commencing 1 October 2016. The Company pays quarterly

dividends equivalent to 1% of its net asset value, set on the last business day of each financial quarter. The Company also has the

ability to use gearing up to a maximum level of 20% of net assets to increase potential returns to shareholders.

18

J.P. Morgan Asset Management

This is a marketing communication and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto.

Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan

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Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may no t necessarily be all inclusive and are not guaranteed

as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in

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the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no

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www.jpmorgan.com/jpmpdf/1320694304816.pdf. Investment is subject to documentation (Investment Disclosure Document, Key Features and Terms and Conditions), copies of

which can be obtained free of charge from JPMorgan Asset Management (UK) Limited. This communication is issued by JPMorgan Asset Management (UK) Limited, which is

authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

Material ID: 0903c02a8207103a