JPMORGAN MULTI BALANCED FUND

1. The Fund invests primarily in a conservatively constructed portfolio of income generating securities globally. The Fund will have limited RMB denominated underlying investments.

2. The Fund is therefore exposed to a range of investment related risks which includes risk relating to dynamic asset allocation strategy, equity, debt (including investment grade bond risks, interest rate risk which may affect the price of bonds, downgrading, valuation, credit rating, credit and sovereign debt risks), distribution (no assurance on distribution, distribution rate or dividend yield), emerging market, liquidity and currency risks, asset backed securities, mortgage backed securities, collateralised loan obligations and asset backed commercial papers and risks of investing in other collective investment schemes. Pertaining to investments in below investment grade or unrated debt securities, these securities may be subject to higher liquidity risks and credit risks comparing with investment grade bonds, with an increased risk of loss of investment. For currency hedged classes, risks associated with the hedging and class currency.  For RMB hedged class, risks associated with the RMB currency and currency hedged classes risks. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. There can be no assurance that RMB will not be subject to devaluation at some point. The Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee, pay redemption monies and/or distributions in USD.

3. Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may at its discretion determine such distributions may be paid from capital including realised and unrealised capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to that original investment. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit. The distribution amount and net asset value per unit of a currency hedged class may be adversely affected by differences in the interest rates of the reference currency of the relevant currency hedged class and the Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other classes of units.

4. Investors may be subject to substantial losses.

5. Investors should not solely rely on this document to make any investment decision.