Sustainable, Responsible &/or ESG Policy:

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund's assets in the shares of European companies (excluding the UK) with positive ESG characteristics in any economic sector, or companies that demonstrate improving ESG characteristics. Companies with positive ESG characteristics are those that the Investment Manager believes to have effective governance and superior management of environmental and/or social issues.

INVESTMENT PROCESS
Investment approach

•  Uses a bottom-up stock selection process.
• Uses the full breadth of the eligible equity investment universe through a combination of fundamental research insights and quantitative analysis.
• Integrates ESG aspects to identify companies with strong or improving ESG characteristics.

UK SDR Approach

This Fund does not have a UK sustainable investment label.

Benchmark FTSE All-World Developed Europe ex UK Index (Net)

Benchmark uses and resemblance - The Fund is actively managed. The Benchmark is a Performance Comparator and the Fund will bear some resemblance to its Benchmark. The Benchmark has been chosen as it reflects the main investment universe and strategy for the Fund. The Benchmark will not apply values and norms based screening to implement exclusions that the Investment Manager applies to this Fund.

POLICIES

Main investment exposure At least 80% of assets invested in equities of companies with positive ESG characteristics, or companies demonstrating improving ESG characteristics, that are domiciled, or carrying out the main part of their economic activity, in a European country (excluding the UK).

The Fund may invest in small capitalisation companies.

The Fund will focus on companies with positive ESG characteristics rather than companies that demonstrate improving ESG characteristics (which are companies with a clear timeline for improvement and tangible and measurable ways to demonstrate that improvement identified during the ESG assessment process). Improving ESG characteristics are identified and considered on a case by case basis by the Investment Manager.

Companies with positive ESG characteristics are companies that the Investment Manager considers as peer group leaders in respect of their ESG characteristics. These companies are identified through the Investment Manager's assessment process as set out below.

The Investment Manager identifies companies, that in its opinion meet the Fund's investment objective through an ESG characteristics assessment process. The process has three steps: 1) the exclusionary framework, 2) the identification of stocks with attractive ESG characteristics using a proprietary ESG framework and company engagement, and, 3) the assessment of a company's underlying fundamentals.

The Fund may also invest up to 20% of its assets in equities of companies other than those described above.

Step 1: The Fund excludes certain sectors, companies / issuers or practices from the investment universe based on specific values or norms-based screening policies. These policies set limits or full exclusions on certain industries and companies based on specific ESG criteria and/or minimum standards of business practice based on international norms. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. Third party data may be subject to limitations in respect of its accuracy and / or completeness. The exclusion policy for the Fund, including exceptions applicable to certain thresholds is available at https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/regional/en/policies/exclusion-policy/jpm-europe-ex-uk-esg-equity-exclusion-policy-ce-en.pdf.

In addition the lowest scoring companies on each individual pillar (E, S and G) are excluded from the investable universe. This is based on the fundamental checklist score, described further below. The lowest scoring companies are determined by the number of negative responses on ESG matters. Exceptions may apply at the discretion of the Investment Manager.

The Fund also excludes the bottom 10% of companies of the remaining universe based on the Investment Manager's overall (combined) fundamental and quantitative score as described further below.

Step 2: From the eligible universe, after applying the ESG exclusions, the Fund invests at least 80% of its assets in European companies (excluding the UK) with positive ESG characteristics or companies that demonstrate improving ESG characteristics.

To identify positive ESG characteristics, the Investment Manager conducts a fundamental and quantitative analysis of the potential company and ongoing engagement with select companies to understand how they consider ESG issues and also to try and influence their behaviour and encourage best practice. Fundamental analysis is used to better understand ESG risks and opportunities that may impact a company. This analysis is also an important driver behind company engagement and stewardship which is used not only to understand how companies consider issues related to ESG but also to try to encourage companies to develop and adopt best practices, for the purpose of enhancing returns.

Further information on JPMorgan Asset Management's stewardship and engagement with companies, including the Investment Stewardship Report is available at www.jpmorgan.co.uk/investor. A core part of this analysis is based on a proprietary ESG framework to assess each company's exposure to, and performance on, material ESG issues. The framework comprises of: A fundamental score based on JPMAM research analysts' answers to a checklist questionnaire with E, S and G pillars and a quantitative score based on key ESG factors across sub-industries. This aims to identify the most material ESG metrics for a particular sub-industry. This overall (combined) fundamental and quantitative score is based on a numeric scale. The Investment Manager  considers peer group leaders as companies scoring above median relative a peer group or in certain circumstances, below median if the Investment Manager identifies scoring anomalies.

Step 3: An analysis of the company's fundamental information uses both fundamental and quantitative research and seeks to understand the style characteristics of each company to identify whether it has attractive value, quality, and/or momentum characteristics.

If a company ceases to qualify as a company with positive ESG characteristics, the Investment Manager will engage with the company to determine the circumstances for ceasing to qualify. If the company can resolve the matter in the short-term it may continue to be held in the portfolio. However, if not the security will be sold.

(Source: KIID, as at January 2026)