Jupiter China Sustainable Growth Fund

1. March 2010 Jupiter China Sustainable Growth Fund How we aim to profit from China’s search for Sustainable Growth Philip Ehrmann

2. 1 “Dig the well before you are thirsty” (Chinese proverb) Twenty-eight years ago, the Chinese people embarked upon the historic drive of reform, opening-up and modernisation and have made phenomenal progress through unremitting efforts. Hu Jintao, Yale University, 21 April 2006 Urban Population 1978: 172m 2009: 625m Shanghai Stock Exchange(A Share Index) Q1 2000: US$30bn Q4 2009: US$3trn GDP 1978: c.1% global GDP 2009: c.8% global GDP There are many favourable conditions for China to maintain sustained and fast growth. China is in the stage of rapid industrialisation and urbanisation and has huge potential for economic growth. The important period of strategic opportunities for China's development will last quite a long time. Wen Jiabao, World Economic Forum, Summer 2008 World Trade 1978: c.1% global trade 2009: c.8% global trade

3. Introduction – Jupiter China Sustainable Growth, Luxembourg Sicav Jupiter’s sustainability strategy is about delivering good financial returns by investing in companies which are working to address the longer term environmental, social and governance issues that affect their business Experienced investment manager working with unique SRI insights and specialist research 2 China is endeavouring to build a harmonious society… a society of democracy and rule of law, fairness and justice, integrity, fraternity, vitality, stability, order and harmony between men and nature. President Hu Jintao, April 2006 …Chinese Sustainable Growth presents long term secular investment opportunity

4. 3 Philip Ehrmann • Launched Jupiter China Fund, a £215m unit trust, following arrival at Jupiter in October 2006 • Has been investing in China for over 15 years Jupiter’s China specialist • Twenty years experience running emerging market funds • Prior to joining Jupiter, was Head of Pacific & Emerging Markets at Gartmore (1995 – 2006) running assets totalling £3.5bn and Head of Emerging Markets at Invesco (1990 – 1995) Deep emerging marketexperience • In 2002 he re-launched Gartmore’s China Opportunities Fund • Between 2003 and 2006 it became the best performing Asian fund in the UK unit trust industry Long-term track record

5. JCSF benefits from an experienced team with access to market knowledge 4 Jupiter Green & SRI Research Team Stock specific sustainability assessment Jupiter Asian Team Philip Ehrmann’s Asian equities investment team Philip EhrmannJupiter China Specialist Investment Team Manager Market Intelligence Research-Works Shanghai based research team providing in-depth sector coverage based on long term trends, “Big Ideas” and “Misconceptions” SDCL Top-down insights from Hong Kong & Shanghai into investment implicationsof sustainable development policy& practice in China Sector and stock research Major international investment banking and specialist local research teams

6. China’s rapid economic expansion is set to continue Dramatic change in fortunes between Q408 and Q409 has its precedents Economic growth expected to be 8-10% p.a.over the next few years Export-led growth has given way to broadening domestic consumption, urbanisation and rural reforms Fiscal and monetary policy moving towards “neutral” as economy recovers 5 Real GDP growth QoQ saar estimated …balance between growth and inflation likely to remain

7. Growth at any cost is no longer an option • Cost to economy and society • 5 year plan – “harmonious growth” • Climate change commitments announcedin anticipation of Copenhagen summit …much has changed with the shift towards ‘domestic’ growth

8. Shift to “domestic” growth yields secular growth opportunities Growth Headwinds Response Economic drivers Environmental drivers Political and social drivers 7 GDP growth c. 10% p.a. over the last 20years against a background of mass urbanisation Infrastructure bottlenecks Inflation Sustainable infrastructure Resource and energy efficiency, railways, technology Increasing resource demand Energy, water, food Pollution and degradation Costs 8%-12% of GDP p.a. Process engineering Water treatment, waste management, construction, materials Social progress Creation of middle class, improvement to social security net Social tension Unrest between migrant workers and city dwellers Investment in human capital Healthcare and education

9. Sectors affected by policy reform Transport – largest build-outin railways since US in late 19th century Healthcare – US$110bn programme will see over 13,000 rural clinics and reform of service provision Environment – Retrofitting of polluting industries and implementation of higher standards Energy efficiency – 20% reduction in energy consumption per unit of GDP 8 Energy Efficiency Distribution & Production Leadersin water treatment Producers of cement / building equipment Energy & Water Real Estate & Construction Waste Management Mandated with planning consents in special economic zones Harmonious Growth Waste Management & Pollution Control Healthcare& Education Agriculture Transport Medical & education supplies & services Producers of food stuffs Logistics & Transport networks …focused investment strategy

10. Market valuation – attractive entry point Significant falls in share prices since the onset of the global credit crisis late in 2007 Market has returned to more normal levels of valuation. “Surprise” will be that earnings revisions should be strongly upwards Small and mid-cap stocks having experienced forced selling, remain attractively priced and remain central to fund’s strategy 9 MSCI China Trailing Price/Book Value …sector selection and earnings growth will be key drivers going forward

11. Portfolio

12. Portfolio characteristics 11 Portfolio features Top ten holdings Market cap split

13. Model portfolio performance 12 Performance review – November 2009 • The model portfolio was launched in the middle of February 2009 with a notional start value of $200m. It reflects the underlying positions that we would have sought to replicate if the investment strategy had been funded and subsequent portfolio changes as determined by new positions or price movements. Past performance is not a guide to future performance

14. Jupiter China Sustainable Growth Fund Exposure to significant secular growth trends propelling world’s most dynamic economy Emphasis on “new” industries and entrepreneurially driven companies Positive return profile as earnings exceed expectations and valuations remain attractive 13 Summary

15. Infrastructure – China’s getting on the railroads • Macro/Policy drivers • US$1.2 trillion investment in physical capital (including transport, power and water) over the next 5 years to remove bottlenecks in the economy. • Railways are central to economic development programme to reduce bottlenecks • China’s rail network is earmarked to receive US$250bn investment through to 2020 • Rolling stock demand likely to average US$8bn annually • Company specific • China South Locomotive HK$5.1; Market Cap US$9.86bn;Target price HK$6.2 • Benefits from duopoly in domestic industry structure • Backlog of Rmb68bn (2 years of sales) • 12/10 P/E 22X • China Automation HK$5; Target price S$6.6 ; Market Cap US$650m • Specialises in industrial safety control systems • Is one of four licensed operators in the railway signalling industry • 12/10 P/E 20X

16. Social security – Rebuild confidence & free up capital • Macro/Policy drivers • Commitment to transform healthcare provision similar to 1980’s US Medicare/Medicaid • Rmb850bn budget to be disbursed in 2010-11 • Medical outsourcing and rural clinic program to benefit equipment companies • Company specific • Mindray US$35; Market Cap US$3.9bn; Target price US$44 • Patient monitor and ultrasound equipment • Growing domestic and export markets • 12/10 P/E 20X • Shandong Weigao HK$28; Market Cap US$3.9bn; Target price HK$33 • One of China’s leading consumables makers • Medtronic owns 19% stake and operates a J.V. • 12/10 P/E 25X

17. Urbanisation – Utilities for a new world • Macro/Policy drivers • 10-15m people moving to cities every year • Provision of clean fuel – air quality • Emphasis on piped gas and LPG • New regional development zones centred on western and northern provinces • Company specific • China Resourses Gas HK$10.9; Target price HK$13.5. Market Cap US$1.9bn • Final stages of city gas build out • LPG distribution and industrial pipelines • Forecast earnings growth: 50% year on year • 12/10 P/E 17x • Xinao Gas KH$18.5; Target Price HK$24.0; Market Cap US$2.5bn • Only 20-25% penetration rate • Strong management group • 12/10 P/E 16x

18. Environmental solutions – Cleaning up • Macro/Policy drivers • China’s economic progress to no longer come at expense of its environment • Tax exemptions and favourable tariff rates • Strict enforcement with heavy penalties • Ministry of Environmental Protection expects industry to have an average annual growth rate of 15-17% in the next 5 years • New State Environmental Protection Agency (SEPA) with the objective of reducing the cost and impact of environmental degradation, established April 2008 • Company specific • China Everbright Int’l HK$3.9; Target Price HK$5.2.Market Cap US$1.8bn • Focused management • Water sewage, waste-to-energy, industrial solid waste disposal • Cluster approach to service provision • 12/10 P/E 25X • China Water Affairs HK$3.0; Target price HK$4.2; Market Cap US$525m • Water supply to second tier cities • Return to core business • 12/10 P/E 7.3x

19. Appendices

20. 19 Key terms & conditions Investment objective Investment policy • To achieve long term capital growth by investing in companies that are considered by the Investment Manager to be well positioned to benefit from secular trends associated with the environmentally, social and economically sustainable development of Greater China • The Fund will seek to derive its returns through a portfolio of companies that conduct a materials proportion of their business in Greater China or derive a material proportion of their earnings in Greater China • The Investment Manager will seek to identify the secular trends related to important developments in Greater China’s economy. The Investment Manager will, as a result, target long term growth characteristics of their sectors and which are able to withstand competitive pressure on their operating margins. • The Fund is not a screened ‘green’ or socially responsible fund. Nevertheless, the Investment Manager considers that the environmentally, social and economically sustainable attributes of investee companies will be key economic indicators in the research and stock selection process.

21. 20 Key terms & conditions

22. Minth – sustainability research • Minth supplies trims, decorative parts and body structural parts to the Chinese automotive passenger car market • MINTH is primarily engaged in designing, manufacturing and marketing these three categories of products Sustainability opportunities • Chinese fiscal support for fuel efficient cars: The Chinese government announced in November 2009 that it will extend the 2009 sales tax cuts on passenger cars in 2010 to support the country's auto industry. The Ministryof Finance and the National Development and Reform Commission agreed to extend auto sales tax cuts deeper for cars with fuel efficient engines or engines less than 1.6 litres • Research and Development: Lighter, aerodynamic component design will be important to meet increasingly stringent environmental standards for passenger vehicles. Minth continues to put great efforts in enhancing its Research & Development capabilities. Research expenditures increasedby approximately 45.1% in 2008 compared to 2007

23. Minth – sustainability research Sustainability Management Employees and Engagement • Corporate website provides details of quality standards and management systems including ISO 14001 at some sites • In general there is limited information although the group is likely to have good practices in place to qualify as a supplier to companies such as Honda, BMW, and Toyota • Minth points to its consistent low cost advantage, good customer relationships, reliable delivery and high quality assurance, as the foundations which helped it to weather the market down turn. • The Group provides employees with competitive remuneration and social benefits such as medical insurance and a pension according to its human resources policy • Minth had 3,492 employees (2008). Total employee costs in 2008 accounted for approximately 10.0% of total turnover • Engagement with the company should prioritize details of quality assurance and environmental management systems • Also further detail on costs/pricing of water and energy use

24. Long-term track record 23 Performance since launch

25. 24 Disclosure The Fund which is the subject of this presentation is a sub fund of the Jupiter Global Fund (the Company) which is an open ended SICAV incorporated in Luxembourg whose Manager has appointed Jupiter Asset Management Limited (Jupiter) of 1 Grosvenor Place, London, United Kingdom, SW1X 7 JJ to act as Investment Adviser. Jupiter is authorised and regulated within the United Kingdom by the Financial Services Authority. The Company is a UCITS scheme for the purpose of the UCITS Directive. Details of jurisdictions where distribution arrangements have either been established or where there is the intention for them to be established can be found in the Company's Prospectus which is available from Jupiter on request. This fund invests in a single developing geographic area and there is greater risk of volatility and lower liquidity than in western markets. The performance of the fund will also be affected by exchange rate fluctuations. Potential investors are advised to read the specific risks related to this fund contained within the Simplified Prospectus. This document contains information based on the MSCI Zhong Hua Index. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. This presentation is intended for investment professionals and is not for the use or benefit of other persons. Those viewing the slides should bear in mind the risks associated with equity based investments generally as well as any which are specific to the funds featured in the presentation. Investors may not get back the value of their original investment and returns may be affected by exchange rate fluctuations. Also initial charges are likely to have a greater proportionate effect if investments are liquidated in the shorter term. Past performance should not be seen as a guide to future performance. Any data or views given should not be interpreted as investment advice and while every effort is made to ensure the accuracy of the information no assurances or warranties are given.  For your security we may monitor or randomly monitor telephone calls.