Global central bank policy GTM –UK | 13 Market expectations for policy rate Percent of government bond market held by central banks % % 2.5 50 Projection* Japan y 2.0 US UK UK 40 US Japan Eurozone 1.5 Eurozone Global econom 30 1.0 0.5 20 0.0 10 -0.5 -1.0 0 Dec '17 Dec '19 Dec ‘21 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Source: (Left) Bloomberg, J.P. Morgan Asset Management. (Right) Bank of England, Bank of Japan, ECB, US Federal Reserve, J.P. Morgan Asset Management. *Projection from central banks, national sources and J.P. Morgan Asset Management. Guide to the Markets - UK. Data as of 31 December 2016. 13