UK FTSE All-Share at inflection points GTM –UK | 42 FTSE All-Share index Characteristic Sep 2000 Jun 2007 Dec2016 31 Dec 2016: 4,000 Index level 3,266 3,479 3,873 P/E = 14.4x P/E ratio (fwd) 20.1x 13.2x 14.4x 3,873 Dividend yield 2.4% 3.3% 4.1% UK 10-year 5.3% 5.5% 1.2% 3,500 4Sep 2000: 15 Jun 2007: P/E = 20.1x P/E = 13.2x 3,266 3,479 Total return: +79% s 3,000 e i t i u +185% Eq 2,500 -48% +151% -45% 2,000 31 Dec 1996: P/E = 14.5x 9 Mar 2009: 2,014 12 Mar 2003: P/E = 8.4x P/E = 12.5x 1,792 1,593 1,500 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Source: FTSE, Thomson Reuters Datastream, Tullett Prebon, J.P. Morgan Asset Management. Local currency returns. P/E ratios are forward P/E ratios. Forward P/E ratio is a bottom-up calculation based on the most recent price data divided by the mean consensus estimates for earnings in the next 12 months and is provided by FactSet Market Aggregates. Return calculations shown in green are based on the total return index. Guide to the Markets - UK. Data as of 31 December 2016. 42