1. Better insight + Better process = Better results The income fund that goes further The JPM Global Equity Income Fund For professional advisers only – not for public distribution

2. Better insight + Better process = Better results 1 Why invest in companies that grow their dividends Performance of high dividend companies combined with high and low dividend growth % Source: Merrill Lynch Global Quantitative Strategy, MSCI, Worldscope. £50,000 0 200 400 600 800 1000 1200 1400 1600 888990919293949596979899000102030405 MSCI AC World Equal Weighted £96,022 High Dividend Yield £10,000 in high yielding stocks in 1988, would be worth £96,022. £10,000 in high yielding stocks with high dividend growth, would be worth £166,913. £166,913 High Div Yield AND High Div Growth High Div Yield AND Low Div Growth

3. Better insight + Better process = Better results 2 A broader range of opportunities when you search beyond the UK FTSE All-World Developed Stocks yielding > 3% No. of Companies Source: FactSet, FTSE All-World Developed ex Emerging Markets, as at 31 December 2006. *Other includes Energy, Information Technology, and Healthcare.

4. Better insight + Better process = Better results 3 Source: Bloomberg, 31 December 2006. Europe ex UK, Pacific ex Japan, US and Japan are MSCI in regional currency. UK is FTSE 350, GBP. Rebased to 100 Regional changes in dividends Globally dividends are growing

5. Better insight + Better process = Better results 4 Capturing global income opportunities We target companies with: high dividend yield AND growing their dividends Strategies targeting the highest yielding companies only tend to work in defensive markets and cyclical sectors We avoid companies that cut dividends We identify companies that can grow their dividends so we can grow your income Cash is King

6. Better insight + Better process = Better results 5 Extending the search beyond the UK… INSURANCEUTILTIESMEDIATELECOMS … gives important diversification benefits Aviva4.8 Yield Centrica3.6 Yield Read Elsevier3.3 Yield Vodafone4.5 Yield UK company Sampo5.4Cemig6.0Vivendi4.0Vodafone4.5 GEI company Source: JPMAM. Yield as at 31 July 2007

7. Better insight + Better process = Better results 6 A broader sector exposure Sector breakdown Source: JPMAM. As at 31 August 2007. Based on JPMAM classifications. In addition to traditional ‘equity income’ sectors, a global perspective offers new opportunities elsewhere… …and results in sector and regional diversification

8. Better insight + Better process = Better results 7 Stock example: Merck High quality US healthcare company with a good record of paying high and sustainable dividend payments Our analysis identified that Merck has the potential for improving future cashflow, which should allow the company to increase its dividend going forward We bought Merck at the fund's inception and it remains one of our largest holdings Share price Source: Bloomberg, USD, May 2007.

9. Better insight + Better process = Better results 8 Stock example: Sampo Finnish insurer with strong market presence in the Nordic and Baltic regions selling predominantly life and property insurance The company doubled its dividend in 2006 and strong cash flow indicates that this is not only a sustainable position but that future dividend increases are likely We believe expected dividend payments will not be sensitive to the equity markets Share price Source: Bloomberg, EUR, May 2007.

10. Better insight + Better process = Better results 9 Global Equity Income% Top Ten holdings... we offer a diversified and attractive dividend based portfolio UK equity income best ideas are captured in our portfolio…. … but it is ‘best equity income’ ideas from around the world that we focus on Source: JPMAM. As at 31 July 2007 Intesa Sanpaolo3.1 Verizon Communications3.1 Merck & Co3.0 Altria2.8 Vodafone2.7 Koninglijke KPN2.6 HSBC2.4 ANZ2.3 Petroleo Brasileiro2.3 ING2.3

11. Better insight + Better process = Better results 10 Why currency matters We have one of the leading currency management teams in the world We have researched the optimal currency exposure We looked at the following The Volatility impact of hedging Income/return from hedging The correlation of currency moves with the equity market Our conclusion was to primarily hedge the Global Equity Income fund to Sterling

12. Better insight + Better process = Better results 11 JPM Global Equity Performance % 5 months return: +3.8% Yield: 4.4% Source: Bloomberg as at 31 August 2007. Performance is net of share class A fees. Yield is prospective 2007, gross of tax 'Past performance is not a guide to the future and figures for this fund are shown to illustrate its performance over three months and investment decisions should not be based on its short term performance'. 3 month performance

13. Better insight + Better process = Better results 12 JPMAM already has proven expertise (%) Nikko High Dividend Fund: Performance summary Geometric Excess Return vs MSCI World +1.1+1.7 +2.6+6.3**... strong returns that would make us 1 st quartile within the Global Equity Growth peer group*** Source: As at 31 August 2007. *JPMAM, gross dividends re-invested, NAV net of fees, GBP. **Inception date is 30 November 2005. Returns over one year are annualised. * **Micropal, Global Equity Growth Sector, UK Unit Trusts/OEICs, GBP, based on 12 months of returns.

14. Better insight + Better process = Better results 13 JPM Global Equity Income Fund – Key points Targets an attractive and growing yield – 4% p.a.** Truly Global – a go anywhere fund* Minimal foreign exchange risk – primarily hedged into sterling Experienced, successful fund manager backed by a large team based around the world – already invests over £500 million using this approach *Subject to a recognised stock exchange **2% above MSCI World Index yield as at 31 July 2007. Gross of tax.

15. Better insight + Better process = Better results 14 JPMorgan Asset Management Any forecasts or opinions expressed are JPMorgan’s own at the date of this document and may be subject to change. 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

16. Better insight + Better process = Better results 15