Sustainable, Responsible &/or ESG Policy:

Objectives, Process and Policies

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 global companies with positive ESG characteristics 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 fundamental bottom-up stock selection process.
• Investment process built on stock level analysis by a global research team.
• 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 MSCI All Country World Index (Net)
Benchmark uses and resemblance

• The Fund is actively managed. The Benchmark is a Performance Comparator and the Fund may bear little 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 that demonstrate improving ESG characteristics anywhere in the world, including emerging markets. The Fund may be concentrated in a limited number of securities from time to time.
The Fund may invest in small capitalisation companies.
The Fund may invest up to 10% in China A-Shares through the China Hong Kong Stock Connect Programmes.

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). 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 ESG assessment 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.

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-global-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 companies globally with positive ESG characteristics or companies that demonstrate improving ESG characteristics. The identification of these companies is based on fundamental analysis 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, January 2026)

SDR Labelling:

Unlabelled - promotes sustainable characteristics (has CFD)

SDR Literature:

• Consumer Facing Disclosure