JPMorgan Elect employs JPMorgan Funds Limited (JPMF) as its Alternative Investment Fund Manager, which, in turn, delegates portfolio management to JPMorgan Asset Management (UK) Limited (JPMAM) to manage its assets actively. Both JPMF and JPMAM perform the same functions for the Company. Details of each class of JPMorgan Elect Securities which are being offered under the Scheme are set out below (and further details are set in the Circular and the JPMorgan Elect Prospectus): Managed Income The objective of the Managed Income Shares portfolio is to achieve a growing income return with potential for long term capital growth by investing primarily in UK equities.