FOR AGM USE ONLY | NOT FOR FURTHER PUBLIC DISTRIBUTION

JPMorgan European Smaller Companies Trust plc

Annual General Meeting | July 2020

Francesco ContePortfolio Manager

Edward GreavesPortfolio Manager

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JPMorgan European Smaller Companies Trust

Source: J.P. Morgan Asset Management. Experience: Industry/Firm. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. *Benchmark changed from EMIX Smaller European (ex UK) Index to MSCI Europe ex UK Small Cap Index (Net) in April 2020.

Overview as of 30 June 2020

Trust information

Benchmark* MSCI Europe ex UK Small CapIndex (Net)

Benchmark market cap range Between £120 million and £8.5 billion

Gross assets GBP 742 m

Potential gearing range 20% net cash to 20% geared

Gearing 8.7% geared

Ed GreavesPortfolio ManagerExperience: 12/8

Francesco ContePortfolio ManagerExperience: 30/20

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European smaller companiesLong term outperformance

Cumulative returns

Source: J.P. Morgan Asset Management, Bloomberg. All series are rebased to 100 as at 31 December 1999 to 30 June 2020. All indices in GBP and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment. Benchmark changed from EMIX Smaller European (ex UK) Index to MSCI Europe ex UK Small Cap Index (Net) in April 2020.

Past performance is not a reliable indicator for current and future results.

… European small caps have produced long term equity returns amongst the best in the world

0

100

200

300

400

500

600

700

800

'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19

MSCI Europe (ex UK) Small CapFTSE 250 (ex IT)Russell 2000MSCI Emerging MarketsMSCI AC Asia (ex Japan)S&P 500MSCI Europe (ex UK)FTSE All-ShareTOPIX

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Long term performance

-0.8%

2.3%

11.3% 11.8%

1.4%2.5%

10.5% 10.3%

0.0%

3.0%

8.0% 8.2%

1 year 3 years (pa) 5 years (pa) 10 years (pa)

JPM European Smaller Companies Trust NAV (net of fees)EMIX Smaller European Companies (ex UK) IndexMSCI Europe (ex UK) Index

Annualised returns to 30 June 2020 (%)

Source: J.P. Morgan Asset Management, Factset. NAV returns are net of fees, in GBP, with income reinvested. All indices in sterling and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment. Benchmark changed from EMIX Smaller European (ex UK) Index to MSCI Europe ex UK Small Cap Index (Net) in April 2020.

Past performance is not a reliable indicator for current and future results.

...asset class offers opportunity for significant alpha generation

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Calendar year excess returns - European Small Cap vs European Large Cap

Source: J.P. Morgan Asset Management - 31 December 1993 to 31 December 2019: Thomson Reuters Datastream, EMIX Smaller European Companies (ex UK) Index vs. MSCI Europe (ex UK) Index. – 31December 2019 to 30 June 2020: Bloomberg, MSCI Europe Small Cap (ex UK) Index vs MSCI Europe (ex UK) Index. The Trust’s benchmark changed from EMIX Smaller European Companies (ex UK) Index to MSCI Europe Small Cap (ex UK) Index in 2020. All indices in GBP and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment.

Past performance is not a reliable indicator of current and future results.

European smaller companies – Impact of a crisis

Asian financial crisis Russian financial

crisis

.com bubble bursting

Global financial crisis

Eurozone sovereigndebt crisis

Mexican financial crisis

COVID-19

Trade War?

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019

5

42,4 47,8

39,5 46,4

45,4 49,6

39,4 47,4

40,6 52,3

36,6 45,2

45,4 47,5

38,3 49,0

41,1 49,4

39,2 51,0

40,0 47,3

42,1 41,9

40,7 50,1

39,8 49,8

38,4 40,1

50,7 51,2

28,6 39,1

41,3 43,4

41,9 46,2

30,8 47,2

38,3 51,6

38,3 38,6

36,2 49,4

2011 2012 2014 20162008 2009 2010'20

2013 20192015 2017 2018 '20

India

Indonesia

Greece

Germany

China

USUK

EurozoneFrance

ItalySpain

Ireland

Japan

Korea

Global

Developed

Emerging

Taiwan

MexicoBrazil

Russia

SwitzerlandSweden

Euro

zone

Dev

elop

edEm

ergi

ngGlobal Purchasing Managers’ Index (PMI) for manufacturing

Source: Markit, J.P. Morgan Asset Management. The Global Purchasing Managers’ Index (PMI) for manufacturing assesses the economic health of the sector by surveying manufacturing businesses regarding output, new orders, stocks of purchases, supplier delivery times and employment. A score of 50 indicates that economic activity is neither expanding nor contracting, above 50 indicates expansion. The colours range from red to yellow to green, where red is below 50, yellow is at 50 and green is above 50. Quarterly averages are shown, except the two most recent monthly data points. Past performance is not a reliable indicator of current and future results. Guide to the Markets - Europe. Data as of 30 June 2020.

GTM – Europe | 5

May Jun

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0x

5x

10x

15x

20x

25x

30x

35x

40x80x

Global forward price to earnings ratios

Valuations

Source: LHS: IBES, MSCI, Refinitiv Datastream, Standard & Poor’s, J.P. Morgan Asset Management. MSCI indices are used for all regions/countries (due to data availability), except for the US, which is represented by the S&P 500. 23 March 2020 marks the recent trough of the S&P 500. Past performance is not a reliable indicator of current and future results. Guide to the Markets - Europe. Data as of 30 June 2020. RHS: Bloomberg, MSCI, J.P. Morgan Asset Management. Data as of 30 June 2020.

European small cap price to book ratio

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20

Average: 1.8x

30 June 2020: 1.4x

x, multiple

US UKEuropeex-UK

Japan EM

Range since 1990Average since 1990

Current23 March 2020

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Investment Process

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Source: J.P. Morgan Asset Management, as at 31 March 2020. The companies/securities above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell.

VALUE QUALITY MOMENTUM

We believe that attractively valued, high quality stocks with positive momentum outperform the market

Themes:

- Out of favour stocks with catalysts

- Cyclical end market recovery

- High cash generation

Themes:

- Market leaders

- High return of capital

- Disciplined capital allocation

- Shareholder returns

Themes:

- Structurally growing end markets

- Disruptive technology

- Bolt-on acquisition strategy

Stock examples:

- AMS

- Bravida

- Signify

Stock examples:

- Alten

- Belimo

- Reply

Stock examples:

- Amplifon

- Bechtle

- IMCD

Our investment philosophy

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Integrating ESG into our investment approach

ESG - Environmental, Social, & Governance.

Quantitative ranking

Bottom-up ESG analysis Materiality focus Proprietary 40-question checklist Data can be incomplete Understand transmission

mechanisms

Stewardship Informs scoring Partnership with specialist ESG team What is the impact on shareholder

value

Third party data sources integrated into proprietary methodology

Improvement / deterioration as well as absolute score

In-house ‘red flags’ model

– Corporate governance

– Forensic accounting

– Financial distress

Fundamental analysis

...systematic and explicit consideration of ESG factors throughout the investment process

Fundamentalanalysis tounderstand

impact

Challengedata

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Positioning

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Themes

Image source: Shutterstock. The companies above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell.

ASM InternationalBE Semiconductor

SimCorp

EncavisSIG Combibloc

Tomra

AAKShop Apotheke

Zur Rose

SUSTAINABILITY WELLNESS TECHNOLOGY

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Sector and country positions

Source: J.P. Morgan Asset Management, Factset. The investment trust is actively managed. Holdings, sector weights, allocations and leverage, as applicable, are subject to change at the discretion of the Investment Manager without notice.

JPM Europe Smaller Companies Investment Trustas of 30 June 2020

Relative to benchmark (%)

Relative to benchmark (%)

7.1 6.4 4.4 4.1 4.0

-2.2 -2.4 -3.1 -3.7 -4.9-15.0

-5.0

5.015.0

Electricity Pharmaceuticals &Biotechnology

TechnologyHardware &Equipment

Support Services Software & ComputerServices

IndustrialTransportation

Financial Services General Retailers Banks Real EstateInvestment &

Services

Portfolio Weight (%) 8.9 13.3 9.1 7.8 8.9 0.0 3.5 0.0 1.8 3.4

Active and absolute sector positions

Portfolio Weight (%) 15.4 20.9 12.3 14.0 17.4 0.0 2.6 2.1 14.5 0.0

7.6 6.2 6.1 5.61.7

-2.1 -2.7 -3.2 -3.8 -3.9-10.0-5.00.05.0

10.0

France Switzerland Netherlands Italy Germany Austria Spain Belgium Sweden Finland

Active and absolute country positions

Benchmark MSCI Europe ex UK Small Cap Index (Net)

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1Ju

n 11

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ar 1

3Ju

n 13

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ep 1

4D

ec 1

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ar 1

5Ju

n 15

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ep 1

6D

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ar 1

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n 17

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JPMorgan European Smaller Companies Trust gearing (LHS) Benchmark* (RHS)%

Dynamic gearing decisions

Since 2009 (quarterly)

Source: Bloomberg, J.P. Morgan Asset Management as at 30 June 2020. Investment trusts may utilise gearing which will exaggerate market movements both down and up which could mean sudden and large falls in value. For further details, please refer to the trust’s annual report and accounts. Gearing is the ability to borrow money to invest that money on behalf of the shareholders. *Benchmark changed from EMIX Smaller European (ex UK) Index to MSCI Europe ex UK Small Cap Index (Net) in April 2020

...active management of gearing a source of value added

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Summary

Historically superior returns of the European smaller companies asset class

Disciplined investment process

Experienced management team

JPMorgan European Smaller Companies Trust has achieved strong long term outperformance

1

2

3

4

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Market value

JPMorgan European Smaller Companies Trust plc GBP 742 m

Strong long term performance

Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance data has been calculated on a NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. NAV is the cum income NAV with debt at fair value, diluted for treasury and/or subscription shares if applicable, with any income reinvested. Share price performance figures are calculated on a mid market basis in GBP with income reinvested on the ex dividend date. The performance of the company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Indices do not include fees or operating expenses and you cannot invest in them. Geometric excess returns. *Benchmark changed from EMIX Smaller European (ex UK) Index to MSCI Europe ex UK Small Cap Index (Net) in April 2020.

Annualised performance, net of fees (%)

Calendar year performance, net of fees (%)

Three months One year

Three years

Five years

TenYears

JPMorgan European Smaller Companies Trust plc Net Asset Value 29.4 -0.8 2.3 11.3 11.8

JPMorgan European Smaller Companies Trust plc Share Price 36.5 -6.6 -1.6 8.7 12.0

MSCI Europe ex UK Small Cap Index (Net)* 24.9 1.4 2.5 10.5 10.3

Excess return (Net Asset Value) +3.6 -2.2 -0.2 +0.7 +1.4

2015 2016 2017 2018 2019

JPMorgan European Smaller Companies Trust plc Net Asset Value 32.1 13.8 30.1 -13.9 16.4

JPMorgan European Smaller Companies Trust plc Share Price 44.1 1.9 45.1 -20.6 18.6

EMIX Smaller European Companies ex UK Index (Net)* 16.6 22.5 22.6 -13.3 19.8

Excess return (Net Asset Value) +13.3 -7.1 +6.1 -0.7 -2.8

JPMorgan European Smaller Companies Trust plc as at 30 June 2020

Past performance is not a reliable indicator for current and future results.

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Investment objective and risk profile JPM European Smaller Companies Trust plc (the Company)

Investment objectiveThe Company aims to provide capital growth from a diversified portfolio of smaller European companies (excluding the United Kingdom). As the emphasis is on capital growth rather than income, shareholders should expect the dividend to vary from year to year. The company has the ability to use borrowing to gear the portfolio within the range of 20% net cash to 20% geared in normal market conditions.

Key Risks

The value of your investment may fall as well as rise and you may get back less than you originally invested.

Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.

External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time, or fluctuate in response to the performance of individual companies and general market conditions.

This trust may utilise gearing (borrowing) which will exaggerate market movements both up and down.

This trust may also invest in smaller companies which may increase its risk profile.

The share price may trade at a discount to the Net Asset Value of the company.

The key risks facing the Company and the mechanisms in place to monitor and measure these risks are set out in the Company’s annual report, a copy of which is available from its website, www.jpmam.co.uk/investmenttrust.

Please refer to the Investor Disclosure Document, latest annual report, and Key Information Document (KID) for more information relating to the Company.

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Important information

For Professional Clients only – not for Retail use or distribution.

This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They are considered to be reliable at the time of writing, may not necessarily be all inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not reliable indicators of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, whilst it is the intention to achieve the investment objective of the investment products, there can be no assurance that those objectives will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. 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 our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy.

Investment is subject to documentation. The Investor Disclosure Document, Key Features and Terms and Conditions and Key Information Document can be obtained free of charge from JPMorgan Funds Limited or www.jpmam.co.uk/investmenttrust. This communication is issued by JPMorgan Asset Management (UK) Limited, which is authorised and regulated in the UK by the Financial Conduct Authority. Registered in England No: 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP.

Material ID: 0903c02a826259f0