Impact of being out of the market GTM –UK | 81 Returns of FTSE All-Share GBP, value of a £10,000 investment between 1996 and 2016 with annualised return (%) 50,000 45,000 7.4% 40,000 35,000 30,000 25,000 4.2% 20,000 15,000 0.2% Initial investment 10,000 -2.9% 5,000 0 sting Fully invested Missed 10 best days Missed 30 best days Missed 50 best days e v Source: FactSet, FTSE, J.P. Morgan Asset Management. For illustrative purposes only. Assumes all income is reinvested; returns calculated daily over the time period Inprinciplesassuming no return on each of the specified number of best days. Guide to the Markets - UK. Data as of 31 December 2016. 81