Better insight + Better process = Better results JPM Natural Resources Fund Ian Henderson, Fund Manager October 2007 For professional advisers only.

Better insight + Better process = Better results 1 What have we done? Has it worked? Will it work in the future? 1

Better insight + Better process = Better results 2 Our building blocks Understand the clients’ needs A professionally managed fund A portfolio that beats the market Trustworthy investment professionals Ability to deliver Understand our strengths and our weaknesses Knowledgeable in our specialist subject Expertise Be able to identify companies with strong growth profiles and reliable management

Better insight + Better process = Better results 3 Flexible asset allocation captures the best of the sector JPM Natural Resources Fund - as at 30 September 2007 … and can offer intrinsic natural diversification benefits JPM Natural Resources Fund - as at 31 December 2002

Better insight + Better process = Better results 4 Source: Bloomberg, AUD, 30 September 2007 Bulk Commodities: Converting a good story into a potential best seller! Produces and exports high grade iron ore to the Chinese market Stock price advanced on achieving financial support Began building up position in Fortescue Metals 10,700% increase! Fortescue Metals: Iron Ore producer

Better insight + Better process = Better results 5 Source: Datastream, USD, 30 September 2007 Prices rebased Oil shares can rise without help from oil price

Better insight + Better process = Better results 6 Source: Petrobank Being stock selective can fuel spectacular returns A revolutionary new combustion process discovered in 1993 Is continually advanced through numerous repeatable physical model laboratory runs and successful field scale numerical simulation models Potential for higher resource recover, lower costs, and lower environmental impact Petrobank - Technological advances are key features of successful companies THAI TM Process

Better insight + Better process = Better results 7 Small to mid-cap bias – offers superior performance Invest in companies from discovery to reserve definition… … and ultimately to production Invest in pre-production stage companies A nurturing portfolio with a long-term view Example holdings% Oilexco1.8 Lynas Corp0.7 Platinum Group Metals0.4 Mintails0.6 Berkeley Resources0.3 Source: JPMorgan Asset Management, as at 30 September 2007 … striving to maximise returns with a focus on the undiscovered

Better insight + Better process = Better results 8 Small-mid cap price performance First QuantumLynas OilexcoPetrobank Source: Datastream, 30 September 2007 Initial investment

Better insight + Better process = Better results 9 By region (%) Diversified geographical exposure dilutes geopolitical risks Diversifying political risk – Assessment of location of assets is essential Low correlation to emerging markets – Only 3% of the portfolio in MSCI Emerging markets Index Source: JPMorgan Asset Management, as at 30 September 2007

Better insight + Better process = Better results 10 Performance versus other Natural Resources Funds … consistently delivering from across the Natural Resources sector 3 mth1 year3 years5 years JPM Global Natural Resources Fund3.4%51.1%N/AN/A JPM Natural Resources Fund2.1%49.9%167.1%433.0% First State Global Resources13.1%59.6%162.0%N/A M&G Global Basics Fund-2.4%21.5%102.1%196.9% Merrill Lynch World Gold 21.1%30.5%93.0%147.8% Merrill Lynch World Mining 15.5%72.1%209.1%410.0% Merrill Lynch World Energy 5.8%27.2%101.6%176.8% Carmignac Commodities10.6%53.9%158.0%N/A Source: Micropal, as at 30 September Past performance is not a guide to the future. In €

Better insight + Better process = Better results 11 Commodity Prices are holding up Source: Datastream, USD, 30 September Prices rebased

Better insight + Better process = Better results 12 Source: Datastream, USD, 30 September 2007 Mining and Oil shares absolute P/E Multiples undemanding

Better insight + Better process = Better results 13 Analysts continue to be conservative about commodity prices Metals and mining price forecasts *Reuters Poll Estimates. **Goldman Sachs JBWere Estimates ***Bloomberg as at 30 September 2007 ****Average Broker Estimates Note: Expected prices were made in July. Actual prices are average prices. All in US$. ExpectedActualExpectedActualExpectedSpot Forecast ’05’05’06’06’07Price***2010**** Aluminum* Copper* Nickel* Zinc* Gold* Platinum* Coking Coal** Thermal Coal** Iron Ore**+30%+71.5%+10%+19%+9.5%+40%N/A

Better insight + Better process = Better results 14 Minor metals attractive VanadiumFerro Manganese TantaliteMolybdenum Source: Datastream, USD, 30 September 2007.

Better insight + Better process = Better results 15 Source: Datastream, USD/LB, 30 September Uranium story not over

Better insight + Better process = Better results 16 Stripping out inflation, oil price is below prior peak Source: Datastream, USD, 31 August 2007 Prices rebased

Better insight + Better process = Better results 17 Source: Datastream, USD, 31 August 2007 Gold can offer its own attractions… … stripping out inflation, the gold price is far below peak level

Better insight + Better process = Better results 18 Any forecasts or opinions expressed are JPMorgan’s own at the date of this document and may be subject to change. JPMAM may or may not hold positions on behalf of its clients in any or all of the aforementioned securities. The value of investments and the income from them may fluctuate and your investment is not guaranteed and investors may not get back the full amount invested. Past performance is not a guide to future performance. Exchange rates may cause the value of underlying overseas investments to go down or up. Investments in smaller companies may involve a higher degree of risk as they are usually more sensitive to market movements. Investments in emerging markets may be more volatile than other markets and the risk to your capital is therefore greater. Also, the economic and political situations may be more volatile than in established economies and these may adversely influence the value of investments made. Telephone lines are recorded and may be monitored for security and training purposes. Issued by JPMorgan Asset Management Marketing Limited which is authorised and regulated by the Financial Services Authority and is part of the JPMorgan Asset Management marketing group which sells investments, life assurance and pension products. Registered in England No Registered office: 125 London Wall, London EC2Y 5AJ. Global Equity Client Portfolio Managers Contact Details: address: Direct Lines John Stainsby: +44 (0) Louise Henckel: +44 (0) Nicole Vettise: +44 (0) Alexander Robins: +44 (0) Zenah Shuhaiber: +44 (0) JPMorgan Asset Management

Better insight + Better process = Better results 19