JPMorgan European Growth Pool (Ordinary Share) JETG

Objective:

Management Contract & Fees:

The manager and secretary, JPMorgan Asset Management (UK) Limited, is employed on a contract terminable on one years notice. The fee is calculated and paid monthly in arrears and is charged at a rate of 0.45% p.a. of the Companys total assets less current liabilities. If NAV performance exceeds benchmark performance plus 0.5% then the base fee will rise to 0.6% for that year plus a performance fee for further rises in NAV performance. A performance fee will be calculated as 20% of the excess of the NAV total return over the benchmark total return plus 0.5%. Any performance fee earned will be spread evenly over three years but a cap of 1% of gross assets will apply over each year to the amount that can be paid in total. Thus there is a 0.4% cap on the performance fee in any one year. Any unpaid performance fee will be carried over indefinitely to following years but can be offset at the first opportunity and fully offset before any performance fee can be paid. Following the AGM held on 18-Jul-07; the board announces that it will pay an increased management fee of 0.6% (from 0.45%), due to the Companys Growth portfolio out-performing its benchmark index.