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JPMorgan Global Emerging Markets Income TrustAnnual General Meeting28th November 2013#0JPMorgan Global Emerging Markets Income Trust plc #131st July 2012 31st July 2013Portfolio return15.8%Index5.4%Return to shareholders12.1%Return on net assets14.7%Dividend4.9p

31st July 2013 31st October 2013 Portfolio return0.8%Index3.6%Ordinary share price return3.4%JPMorgan Global Emerging Markets Income Trust - PerformanceSource: J.P. Morgan Asset ManagementThe Trust has produced a positive rise in NAV and outperformed its benchmark during a challenging periodThe Company has produced a steady income stream from a diversified portfolio of high quality companies whose earnings and dividends have risenPortfolio changes over the year (turnover) have been modest; consistent with our desire to be a long term investorThe portfolio favours the stable growth in sectors such as consumer, telecommunications and industrials over the cyclicality of natural resources, a position we expect to continue#Source: J.P. Morgan Asset Management JPMorgan Global Emerging Markets Income Trust Attribution analysisTotal effectAsset AllocationStock Selection31.82%1.61%1.41%0.95%0.85%0.82%0.60%0.58%0.43%0.36%0.13%0.11%0.11%-0.08%-0.11%-0.35%-0.78%Trust (%)Return (%)Index (%)ContributionAdvanced Info Service1.652.70.20.86Arcelik 2.043.00.00.74SJM Holdings1.851.20.00.71Ford Otomotiv1.562.20.00.66Novatek Microelectronics1.656.40.10.63Foschini Group1.5-37.30.1-0.71SAFCO1.3-20.80.0-0.60Tencent0.057.31.0-0.42CTEEP0.1-43.30.0-0.40Indo Tambangraya 0.9-34.40.0-0.37Country levelStock level3 South Africa, Consumer DiscretionaryDiversified company including auto distribution, of Kia and Hyundai cars and logistics across Sub-Saharan AfricaHigh focus on return on invested capitalIf businesses dont meet targets, they change or sellManagement focus on 40% payout ratio going forwardJPMorgan Global Emerging Markets Income Trust Stock holdingsPoland, MaterialsThe annual tussle between management and government regarding the dividend ended lower than we expectedPreviously we thought the government would want to maximise dividends from the company This dividend result suggests that they are willing to accept lower dividends

...and one that didnt work: KGHMSource: Bloomberg. Company accounts. Data as at end September 2013. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not positions on behalf of its clients in any or all of the aforementioned securities.One that worked: Imperial Holdings4

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Sector Breakdown as of 30th September 2013Country Breakdown as of 30th September 2013

Sector and country breakdownSource: 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. China includes Macau.#5Top 10 stocks as at 30th September 2013StockCountrySector%Yield (%)Delta Electronics TaiwanInformation Technology2.213.7Bank Of China ChinaFinancials2.206.4Imperial Holdings South AfricaConsumer Discretionary2.094.1Wynn Macau ChinaConsumer Discretionary2.066.1Bidvest Group South AfricaIndustrials2.062.8SberbankRussiaFinancials2.052.4Coal India IndiaEnergy2.044.9Banco Do Brasil BrazilFinancials2.029.0LukoilRussiaEnergy1.984.9Cielo BrazilInformation Technology1.973.36JPM Global Emerging Markets Income Trust plc - Key holdingsSource: J.P. Morgan Asset Management, Bloomberg , November 2013, 12 month yield. The holdings represent the current holdings of the Strategy. However, it cannot be assumed that these types of investments will be available to or will be selected by the Strategy in the future. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not positions on behalf of its clients in any or all of the aforementioned securities.6A broad investment universeGreater style and geographic diversification possible and desirableNumber of companies that meet selected Average Daily Volume hurdlesSource: JP Morgan Asset Management, Bloomberg, data as at October 2013. Companies with minimum market cap USD 1 billion, average daily traded value USD 1 million, and yield > 4%. 395 in EM. The use of the above company logos is in no way an endorsement for JPMAM investment management services.

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#Italy26France38Switzerland18Netherlands19Spain 24

7Powerful combination of Income & Growth Source: J.P. Morgan Asset Management. For illustrative purposes only. Yields as at end September 2013.PZU: a dominant Insurance company in Poland, steady 7% yieldLow dividend yieldTarget dividend yieldHigh Dividend Yield ( 6% )TARGET60% of portfolioTARGET20% of portfolioTARGET20% of portfolioBidvest: global food logistics operator based in South Africa, 2.8% yield with mid-teens growth projectedEthiad Etisalat: Saudi mobile operator5.3% yield with progressive dividend policy#8Market update and outlook #9

Recent coverage of Emerging Markets

Source: Financial Times, Shutterstock. Images for illustrative purposes only.#10MSCI Emerging Markets Index: long term growth in dividends and earningsIndex, 100 = Jan 1990EPSDPSEmerging Markets10.4%14.8%Developed Markets7.7%7.5%EMDM10 years Compound Annual Growth RatesDividends have shown their resilienceSource: MSCI, IBES, FactSet, J.P. Morgan Asset Management. Regular dividends only in local currency. As at end Sep 2013. Past performance is not an indication of future performance. EPS Earnings per share. DPS Dividends per share#Source: Bloomberg, Factset, UBS, Data as at 30 October 2013. MSCI Emerging Markets index. GEM Price-to-Book: 1993 October 2013NeutralPessimisticOptimisticEuphoricPanicOur standard valuation metric looks attractiveValuation#12JPMorgan Global Emerging Markets Income Trust - SummaryThe Trust has had another pleasing year, despite continued global volatilityDividends have shown their resilience and we believe prospects for steady future growth are goodThe portfolio remains well diversified by country and sectorValuations in the asset class are at attractive levels#J.P. Morgan Asset ManagementLuke Richdale, Client Portfolio Manager Emerging Markets Equities +44 (0) 20 7742 8535 luke.richdale@jpmorgan.com

Claire Peck, Client Portfolio Manager Emerging Markets Equities +44 (0) 20 7742 3512 claire.c.peck@jpmorgan.com

ContactEmily Whiting, Client Portfolio Manager Emerging Markets Equities +44 (0) 20 7742 3508 emily.c.whiting@jpmorgan.com

Eric Bian, Client Portfolio Manager Emerging Markets Equities +44 (0) 20 7742 4036 eric.c.bian@jpmorgan.com

Please note, telephone lines may be recorded and monitored for security and training purposes.#JPMorgan Global Emerging Markets Income Trust plc: Risk profile Risk ProfileInvestments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systemsExchange rate changes may cause the sterling value of underlying overseas investments to go down as well as upThere can be no guarantee that the targeted yield of 4% will be achieved and therefore such forecasts are not a reliable indicator of future performance Please refer to the Funds prospectus for more information relating to the Fund.#J.P. Morgan Asset ManagementThis is a promotional document and as such the views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being 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 unless otherwise stated, J.P. Morgan Asset Managements own at the date of this document. They are considered to be reliable at the time of writing, may not 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 accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the product(s) or underlying overseas investments. Both past performance and yield may not be a reliable guide to future performance. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met.J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. You should note that if you contact J.P. Morgan Asset Management by telephone those lines may be recorded and monitored for legal, security and training purposes. You should also take note that information and data from communications with you will be collected, stored and processed by J.P. Morgan Asset Management in accordance with the EMEA Privacy Policy which can be accessed through the following website http://www.jpmorgan.com/pages/privacy. Investment is subject to documentation which is comprised of the Prospectus, Key Investor Information (KIID) and either the Supplementary Information Document (SID) or Key Features/Terms and Condition, copies of which can be obtained free of charge from JPMorgan Asset Management Marketing Limited. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 288553. Registered address: 25 Bank St, Canary Wharf, London E14 5JP.

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