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JF Asia Domestic Opportunities October 2009 Fund objective To provide investors with long-term capital appreciation by investing primarily in securities of companies whose predominant business will benefit from, or is related to, the domestic growth in Asian economies excluding Japan but including Australia and New Zealand.

• The Fund invests in specialised sectors and themes and is therefore subject to greater concentration risk than a more diversified investment. The Fund's price movement may go down or up sharply over a short time span. • The Fund may invest in emerging markets and thus may have exposure to the relevant currency risk. • Investors may be subject to substantial losses. • Before you decide to invest, make sure the intermediary has explained to you that the fund is suitable to you. Please refer to the offering document(s) for details.

Outlook: The recent IPO failures in China are a good indicator that investors are finding difficulties digesting the new equity supplies coming into the market. The indigestion will take several weeks to work its way before markets resume their positive momentum. We maintain that the policy environment overall will stay pro-growth for the foreseeable horizon, and the low interest rate environment along with economic recovery prospects will be supportive to equities.

150

50

125

25

100

0

75

-25

50

-50

25

-75

0

JF Asia Domestic Opportunities

% CHANGE

Portfolio Review: Markets rallied across the world on further signs that the US economy is on its recovery path. With US consumers gradually gaining confidence, technology stocks across Asia rebounded sharply on expectations that the coming Christmas demand will exceed expectations. On the other hand, investors are still worried about the possible tightening measures by the Chinese government. Most domestic plays in Asia particularly those in China - underperformed as a result. Meanwhile, several failed IPOs also have affected investor sentiment.

REBASED

Performance from 14.05.07 to 30.09.09

Fund Manager's report

-100 07

08

09

Cumulative performance % Fund

1 month

1 year

3 years

5 years

Since launch

+8.9

+28.2

-

2004

2005

2006

2007*

2008

2009YTD

-

-

-

+26.3

-55.9

+58.4

-

-11.8

Calendar Year performance % Fund

Portfolio information Joshua Tay, Singapore/ Motoji Fukuyama, Hong Kong 14.05.07

Launch date

USD 745.2

Fund size (m)

USD 8.8234

Base currency and NAV per unit Current prices:

Bid Offer

USD 8.82 USD 9.27

12 month offer prices:

High Low

USD 9.36 (17.09.09) USD 4.54 (27.10.08)

Charges:

Initial Redemption

(up to 0.5% of NAV)

1.5% p.a.

10% of the fund return, subject to the Low Tide Mark

Last dividend value and xd date SEDOL/ISIN codes

By country/region China India Korea Taiwan Hong Kong Singapore Indonesia Thailand Net Liquidity

By sector

38.4% 12.6% 12.1% 11.5% 9.2% 5.3% 4.9% 2.9% 2.9%

1.2% 1.9% 2.9% 4.3% 9.4% 13.2% 13.3% 14.7% 39.2%

Managed Funds Health Care Net Liquidity Energy Materials Consumer Staples Consumer Discretionary Industrials Financials

5.0% of NAV Currently 0%

Management fee Management performance fee

Portfolio analysis

None paid

B1XDC06/HK0000038148

Bloomberg code

JFASDOM HK

Statistical analysis 3 years

Since 5 years launch1)

Correlation

-

-

-

Alpha %

-

-

-

Beta

-

-

-

Annual volatility %

-

-

36.86

Sharpe ratio

-

-

-

Annual tracking error %

-

-

-

Average annual return %

-

-

-5.12

Top five holdings

(as at end August 2009)

Holding

Sector

Country/region

%

Yantai Changyu Pioneer Wine Co. Ltd. Consumer Staples

China

4.4

China Shenhua Energy Co. Ltd.

Energy

China

3.0

Tingyi Holding Corp.

Consumer Staples

China

2.8

Shinhan Financial Group Co. Ltd.

Financials

Korea

2.6

China Vanke Co. Ltd.

Financials

China

2.5

For more information, please contact your bank, financial adviser or visit www.jpmorganam.com.hk Unless stated otherwise, all information as at the last valuation date of the previous month. Source: JFAM (NAV to NAV in USD with income reinvested). Source of star rating: Morningstar, Inc. Risk ratings (if any) based on JPMAM's assessment of relative risk by asset class. The Fund may invest up to 10% in securities issued by any single issuer or 30% in government and other public securities of the same issue. The overweight, if any, was due to market movements and will be rectified shortly. *Since launch to end of year. 1)With the exception of the "Average annual return" figure, all data are calculated from the month end after inception.

Investment involves risk. Past performance is not indicative of future performance. Funds which are invested in emerging markets and smaller companies may also involve a higher degree of risk and are usually more sensitive to price movements. Please refer to the offering document(s) for details, including the risk factors. This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.

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Fund manager


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