JPMorgan Elect plc is an investment trust. The Company invests in securities for the long term. During the fiscal year ended August 31, 2007, JPMorgan Elect plc invested in sectors, such as investment trusts (49.1%), financials (21.1%), oil and gas (5.7%), consumer goods (5.3%), utilities (5.7%), telecommunications (5.4%), consumer goods (5.3%), consumer services (3.1%) and industrials (2%). As of August 31, 2007, the Company’s top 10 investments were JPMorgan Income & Growth Investment Trust plc, HBOS, JPMorgan Income & Capital Investment Trust plc, HSBC, Vodafone, Royal Dutch Shell, Royal Bank of Scotland, Barclays, BP and JPMorgan European Investment Trust plc. JPMorgan Asset Management (UK) Limited is the Company’s manager.