Country Attribution 31/07/2014 to 31/07/2017 TOP 15 STOCKS BY COUNTRY - 36M Name STMicroelectronics NV 0.5 29.9 0.57 0.1 31.6 0.03 0.4 0.41 Logitech International S.A. 1.2 37.7 0.51 0.0 0.0 0.00 1.2 0.40 Vestas Wind Systems A/S 1.3 22.2 0.34 0.2 30.6 0.05 1.2 0.31 Glencore PLC 0.7 18.7 0.38 0.5-7.8-0.03 0.2 0.30 Ryanair Holdings Plc 0.8 14.4 0.21 0.0 32.9 0.01 0.7 0.24 BT plc 1.2 2.2 0.02 0.6-11.5-0.09 0.6 0.23 Ferrari NV 0.4 26.4 0.39 0.0 31.4 0.03 0.3 0.23 Pandora A/S 0.9 18.4 0.07 0.2 20.2 0.02 0.8 0.19 Royal Dutch Shell Plc 0.2-0.3 0.07 2.5-6.9-0.11-2.3 0.18 ING Groep NV 1.5 23.6 0.39 0.7 16.3 0.11 0.9 0.18 Shire PLC 0.5 5.0 0.08 0.6-11.7-0.09-0.1 0.18 Boliden AB 0.4 19.9 0.26 0.1 26.1 0.02 0.3 0.18 Capgemini SE 0.9 3.8 0.09 0.2 15.6 0.02 0.8 0.17 Kering 0.5 16.7 0.35 0.2 19.5 0.05 0.3 0.16 Novartis AG 1.1 2.1 0.09 2.4 1.4-0.01-1.3 0.16 BOTTOM 15 STOCKS BY COUNTRY - 36M Name Next PLC 0.6-12.3-0.23 0.2-19.1-0.04 0.5-0.10 British Land Company PLC 0.3-11.2-0.20 0.1-9.1-0.02 0.2-0.10 Roche Holding AG 1.7-5.3-0.20 2.3-2.5-0.08-0.6-0.10 BNP Paribas SA 1.3-5.6-0.15 0.8 8.2 0.07 0.6-0.10 BHP Billiton PLC 0.2-22.1-0.24 0.5-13.3-0.10-0.2-0.11 Marine Harvest ASA 0.4 1.6-0.04 0.0 6.3 0.01 0.4-0.12 Tate & Lyle PLC 0.3-0.1-0.03 0.1-1.3 0.00 0.2-0.13 Royal Dutch Shell Plc 1.0-8.5-0.25 0.0 0.0 0.00 1.0-0.13 LVMH Moet Hennessy Louis Vuitton SE 0.0 0.0 0.00 0.8 19.2 0.17-0.8-0.14 SAP SE 0.2 4.2 0.02 1.0 11.6 0.14-0.8-0.14 Henderson PLC 0.1-2.3-0.22 0.0 0.0 0.00 0.1-0.15 Renault SA 0.9-5.0-0.16 0.2 4.6 0.01 0.6-0.16 UBS Inc 0.7-10.0-0.21 0.8 4.8 0.01-0.1-0.16 Peugeot SA 0.5-20.0-0.26 0.1 13.3 0.01 0.4-0.17 Nestle S.A. 1.3 2.6 0.07 3.0 6.5 0.21-1.7-0.25 COUNTRY ATTRIBUTION - 36M Attribution RTN () RTN () Denmark 4.9 17.9 2.7 6.5 0.45 0.24 0.68 United Kingdom 25.8-0.1 30.2-1.7 0.42 0.22 0.64 Switzerland 9.6 7.4 14.1 3.4 0.47-0.13 0.34 Ireland 1.8 17.0 0.6 6.5 0.19 0.14 0.33 Sweden 2.1 15.6 4.5 2.6 0.24 0.00 0.25 Germany 14.7 5.5 14.1 3.9 0.13 0.09 0.21 Spain 4.4 4.3 5.2-1.9 0.14-0.01 0.14 Italy 3.2 1.7 3.5-1.7 0.03 0.11 0.13 Belgium 2.6 12.7 2.0 7.5 0.13 0.00 0.13 Portugal 0.0-3.1 0.2-4.7 0.00 0.02 0.02 Austria 0.1 5.2 0.3 11.1-0.01 0.02 0.01 Luxembourg 0.0 0.0 0.0-6.4 0.00 0.01 0.01 Norway 1.6 7.2 1.0-6.3 0.11-0.13-0.02 France 17.7 3.3 15.4 5.0-0.19 0.03-0.15 Finland 1.4 13.1 1.4 5.3-0.14-0.01-0.16 Netherlands 6.8 4.2 4.7 11.0-0.63 0.21-0.42 Cash 3.5-0.9 0.0 0.0 0.00-0.19-0.19 100.0 4.0 100.0 2.0 1.33 0.62 1.95 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111. Page 1
Country Attribution 31/07/2012 to 31/07/2017 TOP 15 STOCKS BY COUNTRY - 60M Name Henderson PLC 1.4 9.1 0.69 0.0 0.0 0.00 1.4 0.30 easyjet plc 0.8 17.0 0.63 0.0 0.0 0.00 0.8 0.28 Ashtead plc 1.0 30.0 0.59 0.1 6.0 0.01 1.0 0.28 Pandora A/S 0.9 43.0 0.43 0.1 10.1 0.01 0.8 0.27 Barratt Developments PLC 0.8 19.8 0.47 0.0 0.1 0.00 0.8 0.23 Persimmon Plc 1.0 35.5 0.49 0.1 17.4 0.01 1.0 0.21 Vestas Wind Systems A/S 1.0 33.6 0.34 0.1 13.4 0.03 0.9 0.20 Taylor Wimpey PLC 1.0 34.6 0.40 0.0 0.2 0.00 0.9 0.19 Royal Dutch Shell Plc 0.1-0.2 0.04 2.6 1.5 0.11-2.5 0.18 Shire PLC 0.6 21.1 0.31 0.5 14.7 0.03 0.1 0.17 Logitech International S.A. 0.7 20.1 0.30 0.0 0.0 0.00 0.7 0.16 ITV plc 0.9 19.5 0.37 0.1 20.3 0.02 0.8 0.16 STMicroelectronics NV 0.4 18.1 0.32 0.1 30.6 0.03 0.3 0.15 Nordex SE 0.5 27.5 0.20 0.0 0.0 0.00 0.5 0.15 AXA SA 1.3 23.3 0.46 0.5 23.1 0.12 0.8 0.15 BOTTOM 15 STOCKS BY COUNTRY - 60M Name Tate & Lyle PLC 0.3 3.8 0.06 0.1 1.1 0.00 0.2-0.06 Peugeot SA 0.3-12.6-0.16 0.1 10.8 0.01 0.2-0.06 Outokumpu Oyj 0.0-12.4-0.09 0.0 0.0 0.00 0.0-0.06 Grifols, S.A. 0.3 4.3-0.01 0.1 14.3 0.01 0.2-0.06 Royal Dutch Shell Plc 1.0-1.4-0.09 0.0 0.0 0.00 1.0-0.07 Bayer AG 0.2-1.0-0.04 1.2 12.4 0.16-1.0-0.07 Nestle S.A. 1.2 4.4 0.09 2.9 8.7 0.29-1.7-0.07 Compagnie Generale des Etablissements Michelin SCA 0.4-1.9 0.05 0.2 17.0 0.05 0.2-0.07 Renault SA 0.7 0.5-0.09 0.2 17.8 0.03 0.5-0.08 Ferrexpo plc 0.1-3.5-0.12 0.0 0.0 0.00 0.1-0.09 Swedish Match AB 0.1-3.5-0.10 0.1-0.1 0.00 0.0-0.09 BNP Paribas SA 1.0 1.4-0.09 0.8 18.7 0.17 0.2-0.10 UBS Inc 0.6-4.4-0.08 0.8 14.0 0.12-0.2-0.10 Roche Holding AG 1.6 2.0 0.00 2.3 9.6 0.24-0.7-0.13 Banca Monte dei Paschi di Siena S.p.A. 0.1-1.8-0.16 0.0-41.8-0.03 0.0-0.13 COUNTRY ATTRIBUTION - 60M Attribution RTN () RTN () United Kingdom 31.1 13.7 31.6 5.6 2.68 0.02 2.70 Denmark 4.3 30.8 2.4 14.0 0.38 0.16 0.54 France 16.7 14.8 15.1 11.3 0.47 0.00 0.47 Germany 13.9 14.8 13.9 11.0 0.37 0.10 0.47 Ireland 1.9 24.1 0.6 13.0 0.23 0.19 0.42 Sweden 2.6 19.4 4.6 7.7 0.18 0.03 0.21 Belgium 2.2 16.3 1.9 13.7 0.09 0.04 0.13 Switzerland 8.1 12.3 13.9 10.4 0.20-0.09 0.11 Italy 3.1 14.7 3.4 9.1 0.08 0.03 0.11 Netherlands 6.0 15.3 4.5 14.5-0.01 0.11 0.11 Portugal 0.0-1.9 0.3 3.4 0.03 0.04 0.07 Austria 0.3 5.0 0.4 11.6 0.03 0.03 0.07 Luxembourg 0.0 0.0 0.1-3.5 0.00 0.04 0.04 Other 0.0 0.3 0.0 0.0 0.00 0.03 0.03 Greece 0.0 0.0 0.0 15.9 0.00 0.02 0.02 Finland 1.0 20.1 1.4 17.0-0.05 0.00-0.04 Norway 1.9 2.4 1.1 1.4 0.00-0.08-0.08 Spain 3.8 13.5 5.0 12.1-0.14 0.04-0.10 Cash 3.2-13.1 0.0 0.0 0.00-0.15-0.15 100.0 14.3 100.0 9.2 4.55 0.57 5.12 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 2
Country Attribution 31/07/2007 to 31/07/2017 TOP 15 STOCKS BY COUNTRY - 120M Name Reinet Investments S.C.A. 0.0 13.9 0.41 0.0 0.0 0.00 0.0 0.32 easyjet plc 0.5 10.9 0.36 0.0 0.0 0.00 0.4 0.21 AIXTRON SE 0.2 15.6 0.31 0.0 0.0 0.00 0.2 0.20 AXA SA 1.0 11.2 0.32 0.5 0.6-0.04 0.4 0.20 Ashtead plc 0.6 15.7 0.31 0.0 2.9 0.00 0.5 0.19 Persimmon Plc 0.6 18.8 0.31 0.0-6.8 0.00 0.6 0.19 ProSiebenSat.1 Media SE 0.3 20.5 0.33 0.1-14.8 0.00 0.2 0.19 Henderson PLC 0.7 4.5 0.34 0.0 0.0 0.00 0.7 0.18 Unicredit SpA 0.2 16.6 0.12 0.4-22.3-0.17-0.3 0.18 Barratt Developments PLC 0.5 10.9 0.27 0.0-14.7-0.01 0.5 0.17 Pandora A/S 0.5 17.8 0.20 0.0-11.6 0.00 0.4 0.17 ITV plc 0.6 15.4 0.30 0.1-0.5 0.00 0.5 0.16 BT plc 0.9 11.1 0.14 0.4-0.1-0.02 0.4 0.15 KAZ Minerals PLC 0.2 5.2 0.22 0.0-15.2-0.01 0.2 0.15 ING Groep NV 0.8 7.0 0.23 0.6-4.1-0.07 0.2 0.15 BOTTOM 15 STOCKS BY COUNTRY - 120M Name GlaxoSmithKline plc 0.8 0.4-0.24 1.5 2.9 0.02-0.7-0.09 BP PLC 1.5-5.3-0.28 1.9-1.8-0.06-0.4-0.09 LVMH Moet Hennessy Louis Vuitton SE 0.2 0.0 0.01 0.6 11.1 0.12-0.5-0.09 Compagnie Generale des Etablissements Michelin SCA 0.3-1.2 0.03 0.2 2.5 0.02 0.1-0.09 Unilever PLC 0.0 2.8-0.01 0.6 9.8 0.07-0.6-0.09 Swedish Match AB 0.1 2.2 0.05 0.1 9.0 0.01 0.0-0.10 ASML Holding NV 0.4-0.3 0.01 0.3 18.0 0.09 0.0-0.10 Charter International Ltd. 0.1-19.2-0.21 0.0-2.5 0.00 0.1-0.11 Diageo plc 0.3 4.1 0.11 0.8 7.9 0.09-0.5-0.11 Fiat S.p.A. 0.1-16.8-0.26 0.1 4.1 0.01 0.0-0.11 Renault SA 0.4-13.9-0.27 0.2-3.1-0.01 0.3-0.15 Roche Holding AG 1.1 1.7 0.08 2.0 5.9 0.13-0.9-0.15 Royal Imtech NV 0.8-1.7-0.22 0.0 0.0 0.00 0.8-0.16 Volkswagen Ag Ordinary Shares 0.1-1.5-0.03 0.2-0.2 0.09-0.1-0.18 Nestle S.A. 1.3 3.9 0.02 2.8 10.4 0.30-1.5-0.20 COUNTRY ATTRIBUTION - 120M Attribution RTN () RTN () United Kingdom 32.3 4.5 32.3 0.7 1.67 0.00 1.67 Germany 14.7 3.9 13.2 2.3 0.17 0.22 0.39 Switzerland 8.0 6.0 12.9 4.7 0.57-0.22 0.36 France 14.5 2.5 15.3 0.7 0.32 0.02 0.34 Belgium 1.9 7.3 1.7-0.3 0.36-0.04 0.32 Italy 3.5-2.3 4.1-5.3 0.12 0.09 0.21 Denmark 2.7 16.9 1.9 6.8 0.12 0.07 0.19 Ireland 1.1-5.4 0.6-7.4 0.02 0.14 0.17 Luxembourg 0.0 0.0 0.1-3.0 0.00 0.00 0.00 Portugal 0.2-6.4 0.3-7.4-0.03-0.01-0.04 Other 0.2-3.6 0.0 0.0 0.00-0.05-0.05 Sweden 3.1 4.2 4.3 3.0-0.11 0.06-0.05 Greece 0.5-9.2 0.3-16.3-0.18 0.13-0.05 Austria 0.4-10.8 0.5-5.8-0.09 0.01-0.08 Spain 3.8 1.6 5.4-1.1-0.07-0.03-0.10 Netherlands 6.3 3.9 4.2 3.5-0.21 0.03-0.18 Finland 1.6 0.5 1.6-1.3-0.13-0.05-0.19 Norway 2.4-8.0 1.2-1.8-0.27-0.04-0.32 Cash 2.8 #N/A 0.0 0.0 0.00 0.10 0.10 100.0 3.8 100.0 1.1 2.26 0.42 2.68 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 3
Industry Attribution 31/07/2014 to 31/07/2017 Annualised TOP 15 STOCKS BY INDUSTRY - 36M Name STMicroelectronics NV 0.5 29.9 0.57 0.1 31.6 0.03 0.4 0.41 Logitech International S.A. 1.2 37.7 0.51 0.0 0.0 0.00 1.2 0.40 Vestas Wind Systems A/S 1.3 22.2 0.34 0.2 30.6 0.05 1.2 0.31 Glencore PLC 0.7 18.7 0.38 0.5-7.8-0.03 0.2 0.30 Ryanair Holdings Plc 0.8 14.4 0.21 0.0 32.9 0.01 0.7 0.24 BT plc 1.2 2.2 0.02 0.6-11.5-0.09 0.6 0.23 Ferrari NV 0.4 26.4 0.39 0.0 31.4 0.03 0.3 0.23 Pandora A/S 0.9 18.4 0.07 0.2 20.2 0.02 0.8 0.19 ING Groep NV 1.5 23.6 0.39 0.7 16.3 0.11 0.9 0.18 Shire PLC 0.5 5.0 0.08 0.6-11.7-0.09-0.1 0.18 Boliden AB 0.4 19.9 0.26 0.1 26.1 0.02 0.3 0.18 Capgemini SE 0.9 3.8 0.09 0.2 15.6 0.02 0.8 0.17 Kering 0.5 16.7 0.35 0.2 19.5 0.05 0.3 0.16 Novartis AG 1.1 2.1 0.09 2.4 1.4-0.01-1.3 0.16 Royal Ahold N.V. 0.5 11.9 0.16 0.3 7.7 0.02 0.3 0.15 BOTTOM 15 STOCKS BY INDUSTRY - 36M Name Next PLC 0.6-12.3-0.23 0.2-19.1-0.04 0.5-0.10 British Land Company PLC 0.3-11.2-0.20 0.1-9.1-0.02 0.2-0.10 Roche Holding AG 1.7-5.3-0.20 2.3-2.5-0.08-0.6-0.10 BNP Paribas SA 1.3-5.6-0.15 0.8 8.2 0.07 0.6-0.10 BHP Billiton PLC 0.2-22.1-0.24 0.5-13.3-0.10-0.2-0.11 Marine Harvest ASA 0.4 1.6-0.04 0.0 6.3 0.01 0.4-0.12 Tate & Lyle PLC 0.3-0.1-0.03 0.1-1.3 0.00 0.2-0.13 LVMH Moet Hennessy Louis Vuitton SE 0.0 0.0 0.00 0.8 19.2 0.17-0.8-0.14 Unilever PLC 1.2 1.3 0.15 1.6 14.2 0.26-0.4-0.14 SAP SE 0.2 4.2 0.02 1.0 11.6 0.14-0.8-0.14 Henderson PLC 0.1-2.3-0.22 0.0 0.0 0.00 0.1-0.15 Renault SA 0.9-5.0-0.16 0.2 4.6 0.01 0.6-0.16 UBS Inc 0.7-10.0-0.21 0.8 4.8 0.01-0.1-0.16 Peugeot SA 0.5-20.0-0.26 0.1 13.3 0.01 0.4-0.17 Nestle S.A. 1.3 2.6 0.07 3.0 6.5 0.21-1.7-0.25 INDUSTRY ATTRIBUTION - 36M Attribution RTN () RTN () Pharmaceuticals Biotechnology & Life Sciences 8.8 9.0 12.2-0.1 0.71 0.02 0.73 Consumer Durables & Apparel 5.5 21.3 2.9 11.2 0.39 0.31 0.71 Capital Goods 10.5 10.0 8.8 6.4 0.48 0.15 0.63 Banks 10.2-0.9 11.3-0.8 0.22 0.25 0.47 Energy 3.9-9.7 7.4-6.4 0.07 0.29 0.36 Semiconductors & Semiconductor Equipment 1.9 21.9 1.1 20.5 0.29 0.05 0.34 Technology Hardware & Equipment 1.8 21.9 0.9-6.5 0.37-0.08 0.29 Materials 9.2 3.1 7.5 0.9 0.28-0.03 0.25 Food & Staples Retailing 1.1 9.4 1.2-4.7 0.14 0.11 0.24 Telecommunication Services 3.4-5.0 4.7-1.1-0.03 0.23 0.19 Utilities 2.6-1.6 3.7-3.6-0.01 0.12 0.11 Consumer Services 1.3 11.4 1.2 4.7 0.05-0.06 0.00 Transportation 3.1-3.0 1.6 8.6-0.15 0.14-0.01 Commercial & Professional Services 2.5 8.0 1.8 4.9-0.06 0.05-0.01 Media 1.4-5.5 1.9-1.0-0.02 0.01-0.01 Health Care Equipment & Services 0.2-3.4 1.4 8.0-0.03-0.02-0.05 Software & Services 2.4 6.5 1.9 12.1-0.13 0.06-0.07 Retailing 0.7-15.8 1.4-3.5-0.16 0.06-0.10 Insurance 8.7 6.3 6.1 6.5-0.05-0.07-0.12 Automobiles & Components 4.6 2.5 3.3 0.3 0.05-0.20-0.14 Household & Personal Products 3.5 6.8 3.6 11.1-0.07-0.19-0.27 Real Estate 1.8-7.9 1.4 2.6-0.31-0.03-0.34 Diversified Financials 1.2-13.0 3.1 1.9-0.29-0.07-0.35 Food Beverage & Tobacco 6.3-0.7 9.6 5.5-0.39-0.32-0.71 Cash 3.5-0.9 0.0 0.0 0.00-0.19-0.19 100.0 4.0 100.0 2.0 1.35 0.60 1.95 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 4
Industry Attribution 31/07/2012 to 31/07/2017 Annualised TOP 15 STOCKS BY INDUSTRY - 60M Name Henderson PLC 1.4 9.1 0.69 0.0 0.0 0.00 1.4 0.30 easyjet plc 0.8 17.0 0.63 0.0 0.0 0.00 0.8 0.28 Ashtead plc 1.0 30.0 0.59 0.1 6.0 0.01 1.0 0.28 Pandora A/S 0.9 43.0 0.43 0.1 10.1 0.01 0.8 0.27 Barratt Developments PLC 0.8 19.8 0.47 0.0 0.1 0.00 0.8 0.23 Persimmon Plc 1.0 35.5 0.49 0.1 17.4 0.01 1.0 0.21 Vestas Wind Systems A/S 1.0 33.1 0.36 0.1 13.4 0.03 0.9 0.21 Taylor Wimpey PLC 1.0 34.6 0.40 0.0 0.2 0.00 0.9 0.19 Shire PLC 0.6 21.1 0.31 0.5 14.7 0.03 0.1 0.17 Logitech International S.A. 0.7 20.1 0.30 0.0 0.0 0.00 0.7 0.16 ITV plc 0.9 19.5 0.37 0.1 20.3 0.02 0.8 0.16 STMicroelectronics NV 0.4 18.1 0.32 0.1 30.6 0.03 0.3 0.15 Nordex SE 0.5 27.5 0.20 0.0 0.0 0.00 0.5 0.15 AXA SA 1.3 23.3 0.46 0.5 23.1 0.12 0.8 0.15 Glencore PLC 0.6 14.9 0.26 0.5 0.2 0.01 0.1 0.14 BOTTOM 15 STOCKS BY INDUSTRY - 60M Name British American Tobacco p.l.c. 1.4 6.0 0.08 1.3 7.2 0.11 0.1-0.05 Tate & Lyle PLC 0.3 3.8 0.06 0.1 1.1 0.00 0.2-0.06 Peugeot SA 0.3-12.6-0.16 0.1 10.8 0.01 0.2-0.06 Outokumpu Oyj 0.0-12.4-0.09 0.0 0.0 0.00 0.0-0.06 Grifols, S.A. 0.3 4.3-0.01 0.1 14.3 0.01 0.2-0.06 Bayer AG 0.2-1.0-0.04 1.2 12.4 0.16-1.0-0.07 Nestle S.A. 1.2 4.4 0.09 2.9 8.7 0.29-1.7-0.07 Compagnie Generale des Etablissements Michelin SCA 0.4-1.9 0.05 0.2 17.0 0.05 0.2-0.07 Renault SA 0.7 0.5-0.09 0.2 17.8 0.03 0.5-0.08 Ferrexpo plc 0.1-3.5-0.12 0.0 0.0 0.00 0.1-0.09 Swedish Match AB 0.1-3.5-0.10 0.1-0.1 0.00 0.0-0.09 BNP Paribas SA 1.0 1.4-0.09 0.8 18.7 0.17 0.2-0.10 UBS Inc 0.6-4.4-0.08 0.8 14.0 0.12-0.2-0.10 Roche Holding AG 1.6 2.0 0.00 2.3 9.6 0.24-0.7-0.13 Banca Monte dei Paschi di Siena S.p.A. 0.1-1.8-0.16 0.0-41.8-0.03 0.0-0.13 INDUSTRY ATTRIBUTION - 60M Attribution RTN () RTN () Consumer Durables & Apparel 5.6 35.2 2.7 13.6 0.87 0.21 1.08 Capital Goods 9.9 24.4 8.7 12.4 0.93 0.04 0.96 Diversified Financials 3.5 11.0 3.1 10.8 0.50 0.03 0.52 Transportation 3.8 13.8 1.4 16.6 0.25 0.25 0.50 Energy 4.6 0.0 8.6 0.7 0.06 0.44 0.50 Materials 8.2 11.5 7.9 5.9 0.36 0.03 0.39 Media 2.0 12.6 1.9 8.5 0.24 0.05 0.29 Telecommunication Services 3.5 0.5 4.9 6.6 0.00 0.25 0.25 Food & Staples Retailing 1.0 12.3 1.4 1.2 0.16 0.06 0.22 Banks 9.8 12.8 11.4 10.9 0.23-0.04 0.19 Pharmaceuticals Biotechnology & Life Sciences 8.5 13.6 11.8 9.5 0.22-0.07 0.15 Semiconductors & Semiconductor Equipment 1.6 16.1 1.0 22.9 0.08 0.06 0.15 Insurance 8.6 15.7 5.9 16.7-0.06 0.21 0.15 Utilities 2.2 7.8 3.8 5.9 0.03 0.09 0.13 Commercial & Professional Services 2.2 20.1 1.8 10.4 0.10 0.02 0.12 Technology Hardware & Equipment 1.3 28.2 0.9 8.5 0.16-0.07 0.09 Retailing 1.2 3.2 1.4 4.2 0.09 0.00 0.08 Automobiles & Components 4.8 14.6 3.1 11.9-0.03 0.07 0.04 Health Care Equipment & Services 0.3 4.9 1.3 10.2 0.00 0.02 0.03 Software & Services 2.2 14.1 1.8 14.9-0.09 0.08-0.01 Consumer Services 1.3 13.0 1.1 13.0 0.01-0.02-0.02 Household & Personal Products 2.6 9.6 3.4 14.3 0.01-0.05-0.03 Real Estate 1.6 2.4 1.2 9.8-0.10 0.00-0.10 Food Beverage & Tobacco 6.5 3.1 9.5 8.3-0.16-0.24-0.40 Cash 3.2-13.1 0.0 0.0 0.00-0.16-0.16 100.0 14.3 100.0 9.2 3.87 1.25 5.12 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 5
Industry Attribution 31/07/2007 to 31/07/2017 Annualised TOP 15 STOCKS BY INDUSTRY - 120M Name Reinet Investments S.C.A. 0.0 13.9 0.41 0.0 0.0 0.00 0.0 0.32 easyjet plc 0.5 10.9 0.36 0.0 0.0 0.00 0.4 0.21 AIXTRON SE 0.2 15.6 0.31 0.0 0.0 0.00 0.2 0.20 AXA SA 1.0 11.2 0.32 0.5 0.6-0.04 0.4 0.20 Ashtead plc 0.6 15.7 0.31 0.0 2.9 0.00 0.5 0.19 Persimmon Plc 0.6 18.8 0.31 0.0-6.8 0.00 0.6 0.19 ProSiebenSat.1 Media SE 0.3 20.5 0.33 0.1-14.8 0.00 0.2 0.19 Henderson PLC 0.7 4.5 0.34 0.0 0.0 0.00 0.7 0.18 Unicredit SpA 0.2 16.6 0.12 0.4-22.3-0.17-0.3 0.18 Barratt Developments PLC 0.5 10.9 0.27 0.0-14.7-0.01 0.5 0.17 Pandora A/S 0.5 17.8 0.20 0.0-11.6 0.00 0.4 0.17 ITV plc 0.6 15.4 0.30 0.1-0.5 0.00 0.5 0.16 BT plc 0.9 11.1 0.14 0.4-0.1-0.02 0.4 0.15 Vestas Wind Systems A/S 0.5 13.2 0.17 0.1-16.2-0.03 0.4 0.15 KAZ Minerals PLC 0.2 5.2 0.22 0.0-15.2-0.01 0.2 0.15 BOTTOM 15 STOCKS BY INDUSTRY - 120M Name GlaxoSmithKline plc 0.8 0.4-0.24 1.5 2.9 0.02-0.7-0.09 BP PLC 1.5-5.3-0.28 1.9-1.8-0.06-0.4-0.09 LVMH Moet Hennessy Louis Vuitton SE 0.2 0.0 0.01 0.6 11.1 0.12-0.5-0.09 Compagnie Generale des Etablissements Michelin SCA 0.3-1.2 0.03 0.2 2.5 0.02 0.1-0.09 Swedish Match AB 0.1 2.2 0.05 0.1 9.0 0.01 0.0-0.10 ASML Holding NV 0.4-0.3 0.01 0.3 18.0 0.09 0.0-0.10 Charter International Ltd. 0.1-19.2-0.21 0.0-2.5 0.00 0.1-0.11 Diageo plc 0.3 4.1 0.11 0.8 7.9 0.09-0.5-0.11 Unilever PLC 0.6 3.4 0.10 1.4 9.8 0.17-0.8-0.11 Fiat S.p.A. 0.1-16.8-0.26 0.1 4.1 0.01 0.0-0.11 Renault SA 0.4-13.9-0.27 0.2-3.1-0.01 0.3-0.15 Roche Holding AG 1.1 1.7 0.08 2.0 5.9 0.13-0.9-0.15 Royal Imtech NV 0.8-1.7-0.22 0.0 0.0 0.00 0.8-0.16 Volkswagen Ag Ordinary Shares 0.1-1.5-0.03 0.2-0.2 0.09-0.1-0.18 Nestle S.A. 1.3 3.9 0.02 2.8 10.4 0.30-1.5-0.20 INDUSTRY ATTRIBUTION - 120M Attribution RTN () RTN () Banks 9.6-4.9 12.4-7.0 0.40 0.62 1.02 Consumer Durables & Apparel 4.3 30.2 2.2 8.0 0.65 0.21 0.86 Diversified Financials 3.0-0.2 3.1-6.4 0.66-0.02 0.64 Insurance 7.7 5.8 5.6 2.3 0.37 0.05 0.41 Semiconductors & Semiconductor Equipment 1.9 14.5 0.7 7.3 0.17 0.15 0.32 Materials 9.6 2.7 8.5 0.0 0.35-0.04 0.32 Media 2.1 6.2 1.8 0.5 0.14 0.03 0.16 Energy 8.2-1.4 10.1-1.1-0.07 0.20 0.13 Food & Staples Retailing 0.9 3.5 1.7-3.8 0.08 0.05 0.12 Utilities 3.0-1.7 4.8-2.3-0.04 0.16 0.11 Transportation 2.7-4.5 1.3 2.1-0.02 0.13 0.10 Commercial & Professional Services 1.6 13.3 1.6 4.6 0.09-0.02 0.07 Software & Services 2.2 6.5 1.5 8.1-0.03 0.09 0.07 Telecommunication Services 4.6 0.6 5.9 2.0 0.08-0.05 0.03 Retailing 1.3 7.8 1.2 2.8 0.03-0.02 0.02 Technology Hardware & Equipment 1.3-1.0 1.2-9.3 0.19-0.19 0.00 Consumer Services 1.1 2.6 1.0 3.7 0.02-0.02 0.00 Health Care Equipment & Services 0.4-7.2 1.1 7.2-0.06-0.02-0.08 Real Estate 1.0-10.7 1.1-1.2-0.11 0.01-0.10 Pharmaceuticals Biotechnology & Life Sciences 8.3 6.6 10.6 6.7-0.21 0.05-0.16 Automobiles & Components 4.3-2.8 2.8 3.5-0.29 0.10-0.20 Capital Goods 10.4 6.0 8.2 2.8-0.23 0.03-0.20 Household & Personal Products 1.8 8.2 3.0 9.5-0.02-0.25-0.27 Food Beverage & Tobacco 5.9 4.2 8.5 8.6-0.29-0.53-0.81 Cash 2.8 #N/A 0.0 0.0 0.00 0.10 0.10 100.0 3.8 100.0 1.1 1.85 0.82 2.68 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 6
Sector Attribution 31/07/2014 to 31/07/2017 TOP 15 STOCKS BY SECTOR - 36M Name STMicroelectronics NV 0.5 29.9 0.57 0.1 31.6 0.03 0.4 0.41 Logitech International S.A. 1.2 37.7 0.51 0.0 0.0 0.00 1.2 0.40 Vestas Wind Systems A/S 1.3 22.2 0.34 0.2 30.6 0.05 1.2 0.31 Glencore PLC 0.7 18.7 0.38 0.5-7.8-0.03 0.2 0.30 Ryanair Holdings Plc 0.8 14.4 0.21 0.0 32.9 0.01 0.7 0.24 BT plc 1.2 2.2 0.02 0.6-11.5-0.09 0.6 0.23 Ferrari NV 0.4 26.4 0.39 0.0 31.4 0.03 0.3 0.23 Pandora A/S 0.9 18.4 0.07 0.2 20.2 0.02 0.8 0.19 ING Groep NV 1.5 23.6 0.39 0.7 16.3 0.11 0.9 0.18 Shire PLC 0.5 5.0 0.08 0.6-11.7-0.09-0.1 0.18 Boliden AB 0.4 19.9 0.26 0.1 26.1 0.02 0.3 0.18 Capgemini SE 0.9 3.8 0.09 0.2 15.6 0.02 0.8 0.17 Kering 0.5 16.7 0.35 0.2 19.5 0.05 0.3 0.16 Novartis AG 1.1 2.1 0.09 2.4 1.4-0.01-1.3 0.16 Royal Ahold N.V. 0.5 11.9 0.16 0.3 7.7 0.02 0.3 0.15 BOTTOM 15 STOCKS BY SECTOR - 36M Name Deutsche Wohnen SE 0.2-3.7-0.08 0.0 2.3 0.00 0.2-0.10 Roche Holding AG 1.7-5.3-0.20 2.3-2.5-0.08-0.6-0.10 BNP Paribas SA 1.3-5.6-0.15 0.8 8.2 0.07 0.6-0.10 British Land Company PLC 0.3-11.2-0.20 0.1-7.9-0.01 0.2-0.11 BHP Billiton PLC 0.2-22.1-0.24 0.5-13.3-0.10-0.2-0.11 Marine Harvest ASA 0.4 1.6-0.04 0.0 6.3 0.01 0.4-0.12 Tate & Lyle PLC 0.3-0.1-0.03 0.1-1.3 0.00 0.2-0.13 LVMH Moet Hennessy Louis Vuitton SE 0.0 0.0 0.00 0.8 19.2 0.17-0.8-0.14 Unilever PLC 1.2 1.3 0.15 1.6 14.2 0.26-0.4-0.14 SAP SE 0.2 4.2 0.02 1.0 11.6 0.14-0.8-0.14 Henderson PLC 0.1-2.3-0.22 0.0 0.0 0.00 0.1-0.15 Renault SA 0.9-5.0-0.16 0.2 4.6 0.01 0.6-0.16 UBS Inc 0.7-10.0-0.21 0.8 4.8 0.01-0.1-0.16 Peugeot SA 0.5-20.0-0.26 0.1 13.3 0.01 0.4-0.17 Nestle S.A. 1.3 2.6 0.07 3.0 6.5 0.21-1.7-0.25 SECTOR ATTRIBUTION - 36M Attribution RTN () RTN () Health Care 9.0 9.3 13.6 0.6 0.66 0.02 0.68 Industrials 15.2 9.1 11.8 5.8 0.48 0.15 0.63 Information Technology 6.0 21.0 3.9 9.7 0.45 0.11 0.56 Consumer Discretionary 14.5 6.7 11.0 3.9 0.53-0.09 0.44 Energy 3.9-9.7 7.2-6.4 0.07 0.28 0.35 Materials 9.2 3.1 7.5 0.8 0.28-0.03 0.25 Telecommunication Services 3.4-5.0 4.7-1.2 0.00 0.20 0.20 Utilities 2.6-1.6 3.9-3.3-0.01 0.12 0.11 Real Estate 0.2-3.7 0.4 0.3-0.02 0.01-0.01 Financials 21.7 1.7 21.4 2.4-0.07-0.26-0.33 Consumer Staples 10.8 3.2 14.4 6.0-0.27-0.47-0.74 Cash 3.5-0.9 0.0 0.0 0.00-0.19-0.19 100.0 4.0 100.0 2.0 2.10-0.15 1.95 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 7
Sector Attribution 31/07/2012 to 31/07/2017 TOP 15 STOCKS BY SECTOR - 60M Name Henderson PLC 1.4 9.1 0.69 0.0 0.0 0.00 1.4 0.30 easyjet plc 0.8 17.0 0.63 0.0 0.0 0.00 0.8 0.28 Ashtead plc 1.0 30.0 0.59 0.1 6.0 0.01 1.0 0.28 Pandora A/S 0.9 43.0 0.43 0.1 10.1 0.01 0.8 0.27 Barratt Developments PLC 0.8 19.8 0.47 0.0 0.1 0.00 0.8 0.23 Persimmon Plc 1.0 35.5 0.49 0.1 17.4 0.01 1.0 0.21 Vestas Wind Systems A/S 1.0 33.1 0.36 0.1 13.4 0.03 0.9 0.21 Taylor Wimpey PLC 1.0 34.6 0.40 0.0 0.2 0.00 0.9 0.19 Shire PLC 0.6 21.1 0.31 0.5 14.7 0.03 0.1 0.17 Logitech International S.A. 0.7 20.1 0.30 0.0 0.0 0.00 0.7 0.16 ITV plc 0.9 19.5 0.37 0.1 20.3 0.02 0.8 0.16 STMicroelectronics NV 0.4 18.1 0.32 0.1 30.6 0.03 0.3 0.15 Nordex SE 0.5 27.5 0.20 0.0 0.0 0.00 0.5 0.15 AXA SA 1.3 23.3 0.46 0.5 23.1 0.12 0.8 0.15 Glencore PLC 0.6 14.9 0.26 0.5 0.2 0.01 0.1 0.14 BOTTOM 15 STOCKS BY SECTOR - 60M Name British American Tobacco p.l.c. 1.4 6.0 0.08 1.3 7.2 0.11 0.1-0.05 Tate & Lyle PLC 0.3 3.8 0.06 0.1 1.1 0.00 0.2-0.06 Peugeot SA 0.3-12.6-0.16 0.1 10.8 0.01 0.2-0.06 Outokumpu Oyj 0.0-12.4-0.09 0.0 0.0 0.00 0.0-0.06 Grifols, S.A. 0.3 4.3-0.01 0.1 14.3 0.01 0.2-0.06 Bayer AG 0.2-1.0-0.04 1.2 12.4 0.16-1.0-0.07 Nestle S.A. 1.2 4.4 0.09 2.9 8.7 0.29-1.7-0.07 Compagnie Generale des Etablissements Michelin SCA 0.4-1.9 0.05 0.2 17.0 0.05 0.2-0.07 Renault SA 0.7 0.5-0.09 0.2 17.8 0.03 0.5-0.08 Ferrexpo plc 0.1-3.5-0.12 0.0 0.0 0.00 0.1-0.09 Swedish Match AB 0.1-3.5-0.10 0.1-0.1 0.00 0.0-0.09 BNP Paribas SA 1.0 1.4-0.09 0.8 18.7 0.17 0.2-0.10 UBS Inc 0.6-4.4-0.08 0.8 14.0 0.12-0.2-0.10 Roche Holding AG 1.6 2.0 0.00 2.3 9.6 0.24-0.7-0.13 Banca Monte dei Paschi di Siena S.p.A. 0.1-1.8-0.16 0.0-41.8-0.03 0.0-0.13 SECTOR ATTRIBUTION - 60M Attribution RTN () RTN () Industrials 15.2 22.3 11.6 11.9 1.44 0.14 1.58 Consumer Discretionary 15.5 20.2 10.4 11.8 1.16 0.16 1.32 Financials 23.4 15.3 21.4 12.8 0.54 0.15 0.69 Energy 4.6 0.0 8.3 0.6 0.09 0.46 0.54 Materials 8.2 11.5 7.9 5.8 0.39 0.05 0.44 Telecommunication Services 3.5 0.5 5.1 6.6 0.04 0.26 0.30 Information Technology 5.2 18.4 3.6 15.4 0.13 0.06 0.19 Health Care 8.7 14.0 13.1 9.6 0.24-0.06 0.18 Utilities 2.2 7.8 4.0 6.3 0.05 0.12 0.17 Real Estate 0.1-2.3 0.3 0.2 0.04 0.05 0.09 Consumer Staples 10.1 7.4 14.3 9.1-0.08-0.17-0.25 Cash 3.2-13.1 0.0 0.0 0.00-0.13-0.13 100.0 14.3 100.0 9.2 4.03 1.08 5.12 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 8
Sector Attribution 31/07/2007 to 31/07/2017 TOP 15 STOCKS BY SECTOR - 120M Name Reinet Investments S.C.A. 0.0 13.9 0.41 0.0 0.0 0.00 0.0 0.32 easyjet plc 0.5 10.9 0.36 0.0 0.0 0.00 0.4 0.21 AIXTRON SE 0.2 15.6 0.31 0.0 0.0 0.00 0.2 0.20 AXA SA 1.0 11.2 0.32 0.5 0.6-0.04 0.4 0.20 Ashtead plc 0.6 15.7 0.31 0.0 2.9 0.00 0.5 0.19 Persimmon Plc 0.6 18.8 0.31 0.0-6.8 0.00 0.6 0.19 ProSiebenSat.1 Media SE 0.3 20.5 0.33 0.1-14.8 0.00 0.2 0.19 Henderson PLC 0.7 4.5 0.34 0.0 0.0 0.00 0.7 0.18 Unicredit SpA 0.2 16.6 0.12 0.4-22.3-0.17-0.3 0.18 Barratt Developments PLC 0.5 10.9 0.27 0.0-14.7-0.01 0.5 0.17 Pandora A/S 0.5 17.8 0.20 0.0-11.6 0.00 0.4 0.17 ITV plc 0.6 15.4 0.30 0.1-0.5 0.00 0.5 0.16 BT plc 0.9 11.1 0.14 0.4-0.1-0.02 0.4 0.15 Vestas Wind Systems A/S 0.5 13.2 0.17 0.1-16.2-0.03 0.4 0.15 KAZ Minerals PLC 0.2 5.2 0.22 0.0-15.2-0.01 0.2 0.15 BOTTOM 15 STOCKS BY SECTOR - 120M Name BP PLC 1.5-5.3-0.28 1.9-1.8-0.06-0.4-0.09 LVMH Moet Hennessy Louis Vuitton SE 0.2 0.0 0.01 0.6 11.1 0.12-0.5-0.09 Compagnie Generale des Etablissements Michelin SCA 0.3-1.2 0.03 0.2 2.5 0.02 0.1-0.09 Swedish Match AB 0.1 2.2 0.05 0.1 9.0 0.01 0.0-0.10 ASML Holding NV 0.4-0.3 0.01 0.3 18.0 0.09 0.0-0.10 Bayer AG 0.3-10.5-0.31 1.0 5.9 0.06-0.7-0.10 Charter International Ltd. 0.1-19.2-0.21 0.0-2.5 0.00 0.1-0.11 Diageo plc 0.3 4.1 0.11 0.8 7.9 0.09-0.5-0.11 Unilever PLC 0.6 3.4 0.10 1.4 9.8 0.17-0.8-0.11 Fiat S.p.A. 0.1-16.8-0.26 0.1 4.1 0.01 0.0-0.11 Renault SA 0.4-13.9-0.27 0.2-3.1-0.01 0.3-0.15 Roche Holding AG 1.1 1.7 0.08 2.0 5.9 0.13-0.9-0.15 Royal Imtech NV 0.8-1.7-0.22 0.0 0.0 0.00 0.8-0.16 Volkswagen Ag Ordinary Shares 0.1-1.5-0.03 0.2-0.2 0.09-0.1-0.18 Nestle S.A. 1.3 3.9 0.02 2.8 10.4 0.30-1.5-0.20 SECTOR ATTRIBUTION - 120M Attribution RTN () RTN () Financials 21.1 1.0 22.0-4.2 1.66 0.34 2.00 Consumer Discretionary 13.4 5.4 9.4 4.4 0.55 0.26 0.81 Information Technology 5.4 7.4 3.4 1.6 0.61-0.20 0.41 Materials 9.5 3.2 8.6 0.1 0.30-0.03 0.27 Industrials 14.7 5.4 10.9 2.4 0.07 0.06 0.13 Utilities 3.1-1.5 5.0-2.0-0.06 0.17 0.11 Energy 8.0-1.4 9.8-1.1-0.08 0.14 0.05 Telecommunication Services 4.6 0.7 6.0 1.9 0.09-0.05 0.04 Real Estate 0.1-1.1 0.1 0.1-0.01 0.00-0.01 Health Care 8.7 6.1 11.6 6.5-0.32 0.03-0.29 Consumer Staples 8.5 4.3 13.2 7.2-0.20-0.73-0.93 Cash 2.8 #N/A 0.0 0.0 0.00 0.10 0.10 100.0 3.8 100.0 1.1 2.58 0.09 2.68 data is provided by index vendor s are calculated by Factset and may differ from the official published portfolio and benchmark returns Page 9
RISKS ASSOCIATED WITH INVESTING IN THE FUND: The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus. International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns. INDEXES DEFINED: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The MSCI Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index measuring the equity market performance of the developed markets in Europe. It consists of these 15 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of themutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. J.P. Morgan Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. JPMorgan Chase & Co., July 2017