Operations Services GuideEMEA Edition

J.P. Morgan Global Liquidity

Not for public distribution | For institutional use only | Not for US investorsInsight + Process = Results

Helping you conduct your transactions smoothly and efficiently is one of our most important services.

In this guide, you will find all the basic information you need to open accounts, execute trades, view your statements and more. We hope this guide simplifies your liquidity management, and we look forward to helping you manage your transactions most effectively.

How to contact usTo open a new account, buy or sell shares, get fund information, or seek additional assistance, contact the J.P. Morgan Global Liquidity Client Service Team:

EMEA Tel: +(352) 3410 3636Fax: +(352) 3410 8855

Email: liquidity.client.services@jpmorgan.com Our team of specialists is available Monday through Friday from 09:00 CET to 18:00 EST. For sales inquiries call +44 (0) 207 742 6059

Postal address for all documentation such as Account Applications: JPMorgan Asset Management (Europe) S.àr.l. J.P. Morgan Global Liquidity – Client Services & Operations European Bank and Business Centre 6 Route de Trèves, L-2633 Senningerberg Grand Duchy of Luxembourg

Asia Hong Kong Tel: +(852) 2800 2792 Fax: +(852) 2800 4676

Toll-free numbers Australia Tel: 1 800 21 9456 Fax: 1 800 70 2640

Singapore Tel: 800 8523 694 Fax: +65 6882 1196

China Netcom Tel: 10 800 852 1640 Fax: 10 800 852 1641

China Telecom Tel: 10 800 152 1640 Fax: 10 800 152 1641

Email: asia_liquidity_client_team@jpmorgan.comOur team of specialists is available Monday through Friday from 07:00 HKT to 18:00 HKT

Postal address for all documentation such as Account Applications: J.P. Morgan Asset Management J.P. Morgan Global Liquidity – Client Services Asia 21st Floor, Chater House, 8 Connaught Road Central, Hong Kong

Opening a new account Opening a new account is easy. You can do so by calling our Client Service Team. You will need to submit the following documentation:

• Completed original account application form

• Original or certified copy of a list of authorised individuals on company letterhead

• Appropriate Anti-Money Laundering (AML) and Know Your Client (KYC) documentation in accordance with regulatory policy

Your account will be set up as soon as we have received and verified your documentation.

Please note that redemption proceeds cannot be paid until the original or certified copies of the above documentation is received.

Welcome to J.P. Morgan Global Liquidity

Transacting in the fundn You can deal in the funds by fax, through our Global Cash Portal website, SWIFT, FTP file exchange or by phone (phone deals need to be

confirmed by fax).

n Trades placed and accepted before the fund’s trading deadline will be processed the same day.

n To purchase or redeem fund shares by phone in EMEA, call +(352) 3410 3636 with the following information: account name, account number, fund name and share class, amount of order and trade date.

n Please note that it is not possible to deal in the fund by phone in Asia. Please fax your transaction form to +(852) 2800 4676 or execute online

at J.P. Morgan’s Global Cash Portal.

Placing a purchasen Trades must be placed before the fund’s trading deadline. Please know your fund name, account number and the exact amount of the trade.

n You are advised to place trades as early in the day as possible and to provide J.P. Morgan with advance notice of large trades.

Redeeming fund sharesn If your order is accepted before the cut-off time, proceeds will be transferred that same business day in the time zone of the currency’s home country.

n All redemption proceeds will be paid on settlement date to the bank account(s) designated on your application form.

n Any changes to your payment instructions for redemptions must be requested in writing and signed by two authorised signatories. For your added security, before proceeds are paid out, call backs to additional authorised persons may be performed to confirm the change. Please call +(352) 3410 3636 in EMEA or +(852) 2800 2792 in Asia if you wish to make any other changes to your account.

n Please be aware that the bank account receiving the redemption payment must be in the same name as the fund account holder as we are not

allowed to make third party payments.

Placing a pre-advice calln Pre-advice calls assist the JPM portfolio managers with managing large inflows/outflows within the fund, thus providing protection for all

shareholders against unexpected flows. Whenever possible, it is requested that you provide notice as soon as possible.

n To place a pre-advice call, contact your Relationship Manager. Your Relationship Manager will relay this information to the appropriate group.

n This information should include the name of your organisation, approximate amount of the purchase or redemption and the length of the

investment, if appropriate.

Additional servicesn If you have a JPMorgan Chase Bank account held in London, Frankfurt or New York, you can take advantage of our automated debiting functionality.

With this feature added to your account, subscriptions placed into your J.P. Morgan Fund account will automatically debit your JPMorgan Chase Bank account, saving you an additional step.

n You can elect to receive your contract notes and monthly statements by email or access them online at J.P. Morgan’s Global Cash Portal.

n To request more information on our automated debiting or statement services, please contact J.P. Morgan Global Liquidity Client Services at +(352) 3410 3636 in EMEA or +(852) 2800 2792 in Asia.

n The Global Cash Portal is available for online transacting and account viewing. If access is desired, please contact your relevant service centre.

n For Asia clients – to benefit from an early payment service for US dollar, euro and sterling, please submit your redemption by 13:00 HKT. Your correspondent bank will receive an ‘early MT103’ advice from J.P. Morgan Asset Management. Normally, this allows your bank to apply our

payment during Asia business hours in time for an onward transfer same day, if required.

1 Sub-fund of the JPMorgan Liquidity Funds, a “société d’investissement à capital variable” (SICAV), established under part I of the Luxembourg law of 20 December , 2002 relating to collective investment undertakings as an Undertaking for Collective Investments in Transferable Securities (“UCITS”) pursuant to the the amended EC Directive 85/611 of 20 December, 1985.

Trading deadlines Please refer to your prospectus for more information.

Fund Cut-off time

US Dollar Liquidity Fund1 17:00 EST

US Dollar Government Liquidity Fund1 17:00 EST

US Dollar Treasury Liquidity Fund1 17:00 EST

Euro Liquidity Fund1 14:30 CET

Euro Government Liquidity Fund1 11:00 CET

Sterling Liquidity Fund1 13:30 GMT

Sterling Gilt Liquidity Fund1 10:00 GMT

Singapore Dollar Liquidity Fund1 12:00 SST

Australian Dollar Liquidity Fund1 14:00 SYD

Fund Holiday Calendar Please refer to your prospectus for information on the business days of the funds. Additionally, the Funds Holiday Calendar for the entire year is available on our website www.jpmgloballiquidity.com

Viewing your account, executing trades and downloading monthly statements can also be easily accomplished online at J.P. Morgan’s Global Cash Portal: www.jpmgloballiquidity.com

Minimum I nitial Subscription Amounts There is a wide range of investment minimums to meet your needs. Please refer to your prospectus for more information.

Class USD EUR GBP SGD AUD

Capital (dist.) – – 50 million – 10 million

Institutional (dist.) 10 million 10 million 6 million 10 million 10 million

Agency (dist.) 5 million 5 million 3 million 5 million 5 million

Premier (dist.) 1 million 1 million 600,000 1 million 1 million

Morgan (dist.) 10,000 10,000 6,000 10,000 10,000

Reserves (dist.) 10 million 10 million 6 million 10 million 10 million

C (acc.) 10 million 10 million 6 million 10 million 10 million

B (acc.) 5 million 5 million 3 million 5 million 5 million

A (acc.) 50,000 50,000 30,000 50,000 50,000

D (acc.) 10,000 10,000 6,000 10,000 10,000

Minimum Subsequent Subscription Amounts

Class USD EUR GBP SGD AUD

Capital (dist.) – – 60,000 – 100,000

Institutional (dist.) 100,000 100,000 60,000 100,000 100,000

Agency (dist.) 100,000 100,000 60,000 100,000 100,000

Premier (dist.) 100,000 100,000 60,000 100,000 100,000

Morgan (dist.) 5,000 5,000 3,000 5,000 5,000

Reserves (dist.) 100,000 100,000 60,000 100,000 100,000

C (acc.) 100,000 100,000 60,000 100,000 100,000

B (acc.) 100,000 100,000 60,000 100,000 100,000

A (acc.) 5,000 5,000 3,000 5,000 5,000

D (acc.) 5,000 5,000 3,000 5,000 5,000

Payments into the funds

AUD

AUD

SGDSGD

GBPEU

R

Payments for subscriptions must be made to the bank accounts shown here:

Distributing share classes (Trade date settlement)

Accumulating share classes (Trade date +1 settlement)

Beneficiary Bank JPMorgan Chase Bank, New York Swift: CHASUS33 Routing No: 021000021Beneficiary Name JPM Liquidity Funds - USD Account: 400926407 IBAN: N/AReference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, London Swift: CHASGB2LBeneficiary Name JPM Liquidity Funds – EUR Account: 37565701 IBAN: GB50CHAS60924237565701Reference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, London Swift: CHASGB2LBeneficiary Name JPM Liquidity Funds – GBP Account: 23546201 IBAN: GB55CHAS60924223546201Reference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, Singapore Swift: CHASSGSGBeneficiary Name JPM Liquidity Funds – SGD Account: 0111949742 IBAN: N/AReference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, Sydney Swift: CHASAU2X BSB: 212 200Beneficiary Name JPM Liquidity Funds – AUD Account: 10065852 IBAN: N/AReference Client Name and Account Number

USD

GBPEU

R

Beneficiary Bank JPMorgan Chase Bank, London Swift: CHASGB2LBeneficiary Name JPMBL re: JPMorgan Funds Account: 22621003 IBAN: GB88CHAS60924222621003Correspondent Bank JPMorgan Chase Bank, New York Swift: CHASUS33Reference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, London Swift: CHASGB2LBeneficiary Name JPMBL re: JPMorgan Funds Account: 22621010 IBAN: GB93CHAS60924222621010 Correspondent Bank JPMorgan AG, Frankfurt Swift: CHASDEFXReference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, London Swift: CHASGB2LBeneficiary Name JPMBL re: JPMorgan Funds Account: 22621008 IBAN: GB50CHAS60924222621008Reference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, Singapore Swift: CHASSGSGBeneficiary Name JPM Liquidity Funds – SGD Account: 0111949742 IBAN: N/AReference Client Name and Account Number

Beneficiary Bank JPMorgan Chase Bank, Sydney Swift: CHASAU2X BSB: 212 200Beneficiary Name JPM Liquidity Funds – AUD Account: 10065852 IBAN: N/AReference Client Name and Account Number

USD

For further information, contact your J.P. Morgan Global Liquidity

Relationship Manager or Client Service Representative at

+(352) 3410 3636 in EMEA or +(852) 2800 2792 in Asia. You will

discover what it means to invest for the short-term with the leader

in global liquidity and a partner that takes the long-term view.

Global LiquidityRelationships that lead the world

Insight + Process = Results

The Fund may not be authorised or its offering may be restricted in your jurisdiction. For non US investors. Please note that this document is for institutional investors’ use only. It is not for public distribution and the information contained herein must not be distributed to, or used by the public. Both, past performance and yield are not necessarily a guide for the future. Investments in foreign currencies could be liable to higher volatility. Changing currency rates may affect the value of an investment in foreign currencies both positively and negatively. The views contained herein are not to be taken as an advice or recommendation to buy or sell any investment and the material should not be relied upon as containing sufficient information to support an investment decision. It should be noted that the value of investments and the income from them may fluctuate and investors may not get back the full amount invested. Prior to any application investors should inform themselves as to the requirements within their own country for transactions in the Fund, any applicable exchange control regulation and the tax consequences of any transaction in the Fund. Shares may not be offered to or purchased directly or indirectly by US persons. All transactions should be based on the latest available simplified and full prospectuses and any local offering document. These documents together with the annual report, semi-annual report and the articles of incorporation for the Luxembourg domiciled SICAV Funds are available free of charge upon request from JPMorgan Asset Management (Europe) S.à.r.l., European Bank & Business Centre, 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, your financial adviser or your J.P. Morgan Asset Management regional contact. This document should always be read with the prospectus of the relevant fund. In case of omission or inconsistence of this document with the prospectus, the prospectus shall always prevail. Investments in this fund entail some risks detailed in the prospectus. Information contained in this document are considered to be accurate at the time of writing, but they may be subject to change without reference or notification to you.

J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. The above communication is issued by the following entities: in the United Kingdom by JPMorgan Asset Management (UK) Limited which is regulated by the Financial Services Authority; in other EU jurisdictions by JPMorgan Asset Management (Europe) S.à r.l., Issued in Switzerland by J.P. Morgan (Suisse) SA, which is regulated by the Swiss Financial Market Supervisory Authority FINMA; in Hong Kong by JPMorgan Funds (Asia) Limited, which is regulated by the Securities and Futures Commission; in Singapore by JPMorgan Asset Management (Singapore) Limited, which is regulated by the Monetary Authority of Singapore; in Japan by JPMorgan Securities Japan Limited which is regulated by the Financial Services Agency.

LV – JPM3800 11/10