JPM US ESG Equity Fund

Sustainable, Responsible &/or ESG Policy:

Objectives, Process and Policies
INVESTMENT OBJECTIVE
To provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund's assets in US companies with positive ESG characteristics or US 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 fundamental, bottom-up stock selection process.
• Investment process built on leveraging the insights of a team of US sector specialist analysts that seeks to identify attractive sustainable long-term investments.
• Integrates ESG aspects to identify companies with strong or improvingESG characteristics.

UK SDR Approach This Fund does not have a UK sustainable investment label.
Benchmark S&P 500 Index (Net of 15% withholding tax)
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 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 that demonstrate improving ESG characteristics and that are domiciled, or carrying out the main part of their economic activity, in the US. The Fund
will focus on companies with positive ESG characteristics rather than companies demonstrating 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.

Companies with positive ESG characteristics and companies that demonstrate improving ESG characteristics, and in the opinion of the Investment Manager meet the Fund's investment objective, are selected through the use of proprietary research and third party data. The Fund
may also invest up to 20% of its assets in equities of companies other than those described above. The ESG assessment process has three steps: 1) the exclusionary framework, 2) the identification of companies with positive ESG characteristics, and 3) an assessment of the valuation
of the company.

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, it 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-us-esg-equity-fund-exclusion-policy-ce-en.pdf.

In addition, the bottom 20% lowest scoring companies based on the Investment Manager's proprietary ESG focused checklist are excluded from the investable universe.

Step 2: From the eligible universe, after applying the ESG exclusions, the Fund invests at least 80% of its assets in US companies with positive ESG characteristics or companies that demonstrate improving ESG characteristics. The identification of these companies is based on fundamental analysis of the 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 a 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.

The fundamental ESG Score is prioritised where available, otherwise the quantitative ESG Score or a combined score with respect to the fundamental and quantitative. Companies in the investable universe are ranked, based on the scoring described above and companies that score
in the top 60% relative to a peer group of companies, as determined by the Investment Manager, qualify as a "leader".

This analysis is performed alongside research to understand the company's growth prospects and the sustainability of its competitive position and an identification of key ESG issues that are relevant for companies in that industry.

Step 3: The annualized expected return for a company is evaluated through sources of return which may include earnings growth, dividends and change in valuation.

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)

SDR Labelling:

Unlabelled - promotes sustainable characteristics (has CFD)

SDR Literature:

• Consumer Facing Disclosure