JPMorgan Income FundFlexible approach: Investing opportunistically across the bond universe without constraints, the fund managers can take advantage of the flexibility in managing the portfolio

Multiple debt markets and sectors: The Fund invests in a wide range of fixed income securities, covering not only traditional but also non-traditional fixed income, allowing for a wider source of income opportunities

Focusing on income: The fund managers manage the income of the Fund as part of the investment process, seeking to minimise fluctuations in dividend payments of its monthly distribution share classes

Morningstar Rating TM

+Thomson Reuters Lipper Fund Awards 2019: Best Fund over 3 years, Bond Global

Citywire Asia Awards 2019Best Singapore Manager, Global Bonds

Please refer to Page 3 of this document for further details on the historical distributions and income disclosures.+ Source of Morningstar Rating: © 2019 Morningstar, Inc. All Rights Reserved. Data as of 30.11.2019; awarded to A (mth) - USD Class. The Thomson Reuters Lipper Fund Awards Singapore Fund Awards are issued by Thomson Reuters in the year specified, reflecting

performance as at the previous calendar year end. Awarded to JPM Income Fund A (acc) – USD Class. Issued by Citywire in the year specified, reflecting performance in the Global Bonds category over the past three years to 31.12.2018.

Source: J.P. Morgan Asset Management. Data as of 30.09.2019. AUM figures are representative of assets managed by the Global Fixed Income, Currency & Commodities group and include AUM managed on behalf of other J.P. Morgan Asset Management investment teams. Excludes tax aware assets of USD 21.32bn Global in Liquidity and USD 9.3bn in Insurance accounts.

Please refer to Page 3 of this document for further details on the historical distributions and income disclosures.# The Fund seeks to achieve its investment objectives stated in the offering document, there is no guarantee the objectives will be met.

Source: J.P.Morgan, Bloomberg. As at 30.11.2019.Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator for current and future performance. ** Diversification does not guarantee positive returns or eliminate risk of loss. Total return rebased at 100 at 16.08.2015 (left), 02.11.2015 (middle) and 24.01.2018 (right). The above is to illustrate the diversified fund portfolio vs a pure equity portfolio and high yield portfolio under specific market conditions. Benchmark for the fund is Bloomberg Barclays US Aggregate Index (Total Return Gross), please refer to page 3 for performance summary. *** As of 30.11.2019.

GENUINE DIVERSIFICATION** TO ACHIEVE RESILIENCE AMID VOLATILITYTo navigate the volatile market, JPMorgan Income Fund seeks to reduce risk through genuine diversification**, harvesting uncorrelated or negatively correlated risk premiums throughout the global fixed income landscape.

In times of market stress such as the oil crisis and the trade tensions, the Fund performed better compared to pure equities or pure high-yield bonds portfolios. Drawdown of the Fund during these periods was significantly lower, illustrating downside protection in a well-diversified portfolio under different market conditions. The Fund’s volatility (A (acc) – USD Class) has only been 3.0% since inception***.

PAGE 2 of 4 | JPMORGAN INCOME FUND

MBS: Mortgage-Backed Securities. The Fund is an actively managed portfolio. Holdings, sector weights, allocations and leverage, as applicable, are subject to change. Provided for information only, not to be construed as investment recommendation. Investment involves risks. Investments are not comparable to deposits. Not all investment ideas are suitable for all investors.

HARVEST HIGH-CONVICTION IDEAS ACROSS THE BOND UNIVERSETraditional fixed income sectors offer limited opportunities for incremental yield, and are driven by similar risk factors. Allocating to extended fixed income sectors could offer the opportunity to add diversified** income to a portfolio. That’s why we take a benchmark-agnostic approach with the aim of delivering high income and capital appreciation, while closely managing risk.We take high conviction income ideas from about 280 investment professionals (as of 30 September 2019) in our global platform and build into one single portfolio. With our active duration management and flexible asset allocation across all fixed income sectors, we are able to take advantage of diversified** income opportunities in different market environments.

0

1

2

3

4

5

6

7

8

12.2

017

05.2

019

06.2

019

11.2

019

08.2

019

09.2

019

10.2

019

07.2

019

04.2

019

02.2

019

03.2

019

01.2

019

12.2

018

11.2

018

10.2

018

09.2

018

08.2

018

07.2

018

06.2

018

05.2

018

04.2

018

01.2

018

02.2

018

03.2

018

Emergingmarket debt

High-yieldcorporate

bonds

Non-agency MBS

Asset-backedsecurities

Agency MBS

Investment-grade bonds

Municipal bonds

Treasuries

TRADITIONALSECTORS

EXTENDEDSECTORS

2015China Devaluation

80

85

90

95

100

105

16-Aug-15 15-Sep-15 15-Oct-15

JPM Income Fund A (acc) - USDBloomberg Barclays US High Yield IndexMSCI World Index

2015 / 2016Oil Crash / Recession Fears

80

85

90

95

100

105

2-Nov-15 6-Jan-16 11-Mar-16

2018Trade War / Recession Fears

80

85

90

95

100

105

24-Jan-18 18-Jun-18 10-Nov-18

DISTRIBUTION YIELD OF A (MTH) - USD CLASS OVER THE PAST TWO YEARS

A flexible strategy that can help expand income potential.Invests opportunistically across multiple debt markets and sectors, covering traditional and non-traditional fixed income, with a view to making portfolio income a viable outcome.#

EXPERTISE • Draws investment ideas from our global team of 279 fixed income specialists, managing USD 591 billion in AUM.

PORTFOLIO • Expands investment horizons beyond traditional fixed income sectors to find the attractive yield opportunities.

SUCCESS • The Fund offers monthly distribution share classes. Its A (mth) - USD class has provided consistent distribution yield over the past two years.

JPMorgan Income Fund

Andrew Norelli Portfolio manager18 years of industry experience, 6 years at J.P. Morgan

J.P. MORGAN ASSET MANAGEMENT’SGLOBAL FIXED INCOME, CURRENCY AND COMMODITIES (GFICC)

INVESTMENT OBJECTIVE#

To provide income by investing primarily in debt securities.# The Fund seeks to achieve its investment

objectives stated in the offering document, there is no guarantee the objectives will be met.

Andrew HeadleyPortfolio manager25 years of industry experience, 14 years at J.P. Morgan

• 279 fixed income investment professionals◆

• USD 591 billion of AUM■

◆ Includes portfolio managers, research analysts, traders and investment specialists with VP title and above.■ AUM figures are representative of assets managed by the Global Fixed Income, Currency & Commodities group and include AUM managed on behalf

of other J.P. Morgan Asset Management investment teams. Excludes tax aware assets of USD 21.32bn Global in Liquidity and USD 9.3bn in Insurance accounts.

Source: J.P. Morgan Asset Management, as of 30.09.2019.

PERFORMANCE (%)Performance summary % (in denominated currency)

Cumulative Performance Annualised Performance Launch Date1MTH 3MTH 1Y 3Y 5Y Since launch 3Y 5Y Since launch

A (acc) - USD (NAV to NAV) +0.3 +1.1 +11.2 +19.2 +24.9 +26.3 +6.0 +4.5 +4.32 Jun 2014A (acc) - USD (Charges applied)* -2.7 -1.8 +7.9 +15.7 +21.3 +22.6 +5.0 +3.9 +3.8

Benchmark^ -0.1 -0.3 +10.8 +12.8 +16.4 +19.0 +4.1 +3.1 +3.2A (mth) – USD (NAV to NAV) +0.3 +1.2 +11.2 +19.3 - +26.5 +6.0 - +4.9

19 Dec 2014A (mth) – USD (Charges applied)* -2.7 -1.8 +8.0 +15.8 - +22.8 +5.0 - +4.2

Benchmark^ -0.1 -0.3 +10.8 +12.8 - +16.5 +4.1 - +3.1

Source: J.P. Morgan Asset Management / RIMES (NAV to NAV and charges applied in denominated currency with income reinvested, taking into account all charges which would have been payable upon such reinvestment).* Due to a change in pricing model, post 31.10.16 (effective date), performance calculations are on a single pricing basis, taking into account any

initial and redemption fees. Prior to 31.10.16, performance calculations are on an offer-to-bid basis. The maximum initial charge (if any) is taken into account for performance calculations.

^ Bloomberg Barclays US Aggregate Index (Total Return Gross) Past performance is not necessarily indicative of future performance. Unless stated otherwise, all information refers to A (acc) – USD Class as at 30.11.2019.

HISTORICAL DISTRIBUTIONSJPM Income A (mth) – USD ISIN: LU1128926489

Ex-dividend Date

Dividend Per Unit

Ex-dividend NAV

Annualised Yield

Ex-dividend Date

Dividend Per Unit

Ex-dividend NAV

Annualised Yield

3-Dec-18 0.0440 9.03 6.01% 3-Jun-19 0.0440 9.33 5.81%2-Jan-19 0.0440 8.99 6.03% 1-Jul-19 0.0440 9.42 5.75%1-Feb-19 0.0440 9.21 5.89% 1-Aug-19 0.0440 9.46 5.73%1-Mar-19 0.0440 9.25 5.86% 3-Sep-19 0.0440 9.52 5.69%1-Apr-19 0.0440 9.33 5.81% 1-Oct-19 0.0440 9.48 5.71%1-May-19 0.0440 9.33 5.81% 1-Nov-19 0.0440 9.50 5.70%

Annualised yield is calculated based on the latest dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield.

Past payout yields and payments do not represent future payout yields and payments. Positive distribution yield does not imply positive return. Dividend is not guaranteed. Distributions may be paid out of capital an investor originally invested which includes realised losses if any and unrealised capital gains or losses attributable to that original investment; or paid out of distributable income which includes realised gains calculated on a per transaction basis net of fees and expenses, or paid out of both capital and distributable income. Any payments of distributions by the Fund are expected to result in a decrease in the net asset value per share on the ex-dividend date.Please refer to further income disclosures on www.jpmorganam.com.sg

PAGE 3 of 4 | JPMORGAN INCOME FUND

SECTOR BREAKDOWN QUICK FUND FACTSFund Managers: Andrew Norelli / Andrew Headley, USAFund Size: USD 1,887.7mLaunch Date: A (acc) - USD 02.06.2014

A (div) - USD 02.06.2014 A (mth) - USD 19.12.2014 A (mth) - SGD 14.08.2019 A (mth) - SGD (hedged) 05.09.2019 A (mth) - AUD (hedged) 05.09.2019 A (mth) - EUR (hedged) 05.09.2019 A (mth) - GBP (hedged) 05.09.2019

Initial Charge: Up to 3.0% of NAVRedemption Charge: Currently 0% (up to 0.5% of NAV)Management Fee: 1.0% p.a.Distribution Frequency:

(div) Class: Expected quarterly(mth) Class: Expected monthly

Dealing & Valuation: Daily

Agency MBSHY CorporateABSCMBSNon-Agency MBSEM Sovereigns & Quasi SovereignsIG CorporateCash & EquivalentOthers

23.0%20.0%13.7%9.8%9.3%4.2%4.1%2.1%1.1%

Source: J.P. Morgan Asset Management, as at 30.11.2019. The Fund is an actively managed portfolio. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice. Provided for information only, not to be construed as investment recommendation. Investments involve risks and are not similar or comparable to deposits. Not all investment ideas are suitable for all investors.

PAGE 4 of 4 | JPMORGAN INCOME FUND

LET’S SOLVE IT.

NEXT STEPS

For further information, please visit:www.jpmorganam.com.sg

JPMorgan Income Fund is the marketing name of JPMorgan Funds – Income Fund.

This document is meant for informational purposes only and is intended solely for the person to whom it is delivered. It is confidential and may not be reproduced or distributed, in whole or in part, to any third parties and in any jurisdiction without the express prior written consent of JPMorgan Asset Management (Singapore) Limited.

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. It does not constitute investment advice and it should not be treated as an offer to sell or a solicitation of an offer to buy any fund, security, investment product or service. The information contained herein does not constitute J.P. Morgan research and should not be treated as such.

Investment involves risks. Investments in funds are not deposits and are not considered as being comparable to deposits. Past performance is not a guarantee or necessarily indicative of future results and investors may not get back the full or any part of the amount invested. Dividend distributions if any are not guaranteed and are made at the manager’s discretion. Fund’s net asset value may likely have high volatility due to its investment policies or portfolio management techniques. Funds which are invested in emerging markets, smaller companies and financial derivative instruments may also involve higher risks and are usually more sensitive to price movements. Any applicable currency hedging process may not give a precise hedge and there is no guarantee that any hedging will be successful. Investors in a currency hedged fund or share class may have exposure to currencies other than the currency of their fund or share class.

Not all investment ideas referenced are suitable for all investors. Investors should make their own investigation or evaluation or seek independent advice prior to making any investment. Opinions, estimates, forecasts, and statements of financial market trends are based on current market conditions and are subject to change without notice. The information provided herein should not be assumed to be accurate or complete and you should conduct your own verification. References to specific securities, asset classes and financial markets and any forecast contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. J.P. Morgan accepts no legal responsibility or liability for any matter or opinion expressed in this material.

The fund(s) mentioned in this document has/have been approved as recognised scheme(s) under the Securities and Futures Act, Chapter 289 of Singapore. Any offer or sale, or invitation for subscription or purchase of the Fund(s) must be accompanied with the relevant valid Singapore Offering Documents (which incorporates and is not valid without the relevant Luxembourg prospectus). Please refer to the Singapore Offering Documents (including the risk factors set out therein) and the relevant Product Highlights Sheet for details before any investment. Both the Singapore Offering Documents and the Product Highlights Sheet can be found at www.jpmorganam.com.sg.

To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with http://www.jpmorganam.com.sg/privacy.

Issued by JPMorgan Asset Management (Singapore) Limited (Co. Reg. No. 197601586K). All rights reserved.