UK: GDP and inflation GTM –UK | 4 Real GDP Average Q316 Inflation Average Nov y % change quarter on quarter since 1999 % change year on year since 1999 2016 2 Real GDP 0.5% 0.6% 6 Headline CPI* 2.0% 1.2% Core CPI 1.6% 1.4% UK econom 5 1 Average 4 0 3 -1 UK 2 consensus 2016 2017 forecast Apr 2016 2.0% 2.1% 1 -2 Dec 2016 2.0% 1.2% % change 0.0% -0.9% 0 -3 -1 '00 '02 '04 '06 '08 '10 '12 '14 '16 '00 '02 '04 '06 '08 '10 '12 '14 '16 Source: (Left) FactSet, ONS, Bloomberg, J.P. Morgan Asset Management. Consensus forecasts are the Bloomberg contributor composite. (Right) FactSet, ONS, J.P. Morgan Asset Management. *CPI is the Consumer Price Index. Core CPI is defined as CPI excluding food and energy. Guide to the Markets - UK. Data as of 31 December 2016. 4