World stock market returns GTM–UK | 38 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q416 10-yr ann. GBP 38.2% 1.3% 59.4% 30.5% 2.9% 17.3% 30.5% 20.8% 18.2% 35.1% 9.1% 12.0% Asia ex-Jp TOPIX MSCI EM Small Cap S&P 500 Asia ex-Jp Small Cap S&P 500 TOPIX Small Cap S&P 500 S&P 500 Local 38.0% -40.6% 62.8% 24.4% 2.1% 19.7% 35.8% 13.7% 12.1% 14.5% 3.8% 6.9% 37.5% -12.8% 53.6% 23.7% 0.9% 17.2% 29.9% 11.7% 7.3% 33.5% 8.1% 11.0% MSCI EM S&P 500 Asia ex-Jp Asia ex-Jp HDY Equity Euro ex-UK S&P 500 Asia ex-Jp S&P 500 S&P 500 Small Cap Small Cap 33.6% -37.0% 67.2% 15.6% 1.5% 20.0% 32.4% 7.7% 1.4% 12.0% 6.1% 6.4% 15.5% -18.3% 28.9% 22.9% -2.2% 13.4% 26.3% 8.7% 5.9% 33.1% 5.2% 8.9% Euro ex-UK HDY Equity Small Cap MSCI EM FTSE 100 MSCI EM Euro ex-UK Small Cap Small Cap MSCI EM HDY Equity Asia ex-Jp 6.6% -34.4% 40.8% 14.4% -2.2% 17.4% 24.2% 6.7% 2.8% 10.1% 2.7% 5.1% 13.3% -19.1% 27.3% 19.5% -7.0% 13.0% 24.7% 8.4% 5.9% 32.4% 5.0% 8.6% s Portfolio Small Cap FTSE 100 TOPIX Portfolio Small Cap TOPIX HDY Equity Euro ex-UK HDY Equity Euro ex-UK HDY Equity e 11.2% -40.4% 27.3% 1.0% -6.5% 18.4% 54.4% 8.7% 9.1% 13.1% 6.0% 5.2% i t i 7.9% -21.9% 27.3% 18.7% -8.0% 11.6% 18.7% 7.6% 2.2% 27.4% 4.9% 8.5% u Eq HDY Equity Portfolio Portfolio S&P 500 Small Cap Portfolio FTSE 100 Portfolio Portfolio Portfolio TOPIX Portfolio 4.7% -38.5% 35.6% 15.1% -8.7% 16.2% 18.7% 7.5% 1.0% 10.8% 15.0% 5.2% 7.4% -23.9% 23.2% 17.3% -11.9% 10.9% 17.6% 4.3% 0.9% 26.2% 4.6% 7.0% FTSE 100 Euro ex-UK HDY Equity Portfolio TOPIX S&P 500 Portfolio MSCI EM HDY Equity Asia ex-Jp Portfolio MSCI EM 7.4% -42.7% 30.2% 11.9% -17.0% 16.0% 23.1% 5.6% 0.2% 6.4% 3.7% 4.7% 3.7% -28.3% 19.3% 12.6% -13.9% 10.3% 16.8% 2.7% -1.3% 23.4% 4.3% 6.0% S&P 500 FTSE 100 Euro ex-UK FTSE 100 Euro ex-UK HDY Equity HDY Equity TOPIX FTSE 100 TOPIX FTSE 100 Euro ex-UK 5.5% -28.3% 29.0% 12.6% -12.1% 14.0% 20.5% 10.3% -1.3% 0.3% 4.3% 2.8% -0.6% -33.9% 12.6% 12.1% -16.5% 10.0% 1.4% 0.7% -3.6% 19.7% 0.8% 5.9% Small Cap Asia ex-Jp S&P 500 HDY Equity Asia ex-Jp FTSE 100 Asia ex-Jp FTSE 100 Asia ex-Jp Euro ex-UK MSCI EM TOPIX -3.8% -47.7% 26.5% 8.0% -14.6% 10.0% 6.2% 0.7% -5.3% 3.2% -1.4% 1.0% -6.8% -35.2% -6.7% 5.7% -17.6% 2.8% -4.1% 0.0% -9.7% 19.1% -1.4% 5.2% TOPIX MSCI EM TOPIX Euro ex-UK MSCI EM TOPIX MSCI EM Euro ex-UK MSCI EM FTSE 100 Asia ex-Jp FTSE 100 -11.1% -45.7% 7.6% 5.1% -12.5% 20.9% 3.8% 7.4% -5.4% 19.1% -3.5% 5.2% Source: FactSet, MSCI, Standard & Poor’s, TOPIX, J.P. Morgan Asset Management. Annualised return covers the period 2007 to 2016. HDY Equity: MSCI AC World High Dividend Yield Index; Small Cap: MSCI Europe Small Cap Index. Hypothetical portfolio (for illustrative purposes only and should not be taken as a recommendation): 20% FTSE 100; 20% S&P 500; 15% EM; 10% Euro ex-UK; 10% Asia ex-Japan; 10% TOPIX; 10% HDY Equity and 5% small cap. All indices are total return. Guide to the Markets - UK. Data as of 31 December 2016. 38