Guide to the Markets - JP Morgan Asset Management

4Q | 2013As of September 30, 2013Guide to the MarketsASIA

Table of ContentsREGIONAL AND LOCAL ECONOMYGLOBAL ECONOMYEQUITIESFIXED INCOMEOTHER ASSETS AND INVESTOR BEHAVIOUR422355158Global Market Strategy TeamDr. David Kelly, CFATai HuiGeoff LewisYoshinori ShigemiGrace Tam, CFAIan HuiBen LukAnthony Tsoidavid.p.kelly@jpmorgan.comtai.c.hui@jpmorgan.comgeoff.r.lewis@jpmorgan.comyoshinori.shigemi@jpmorgan.comgrace.wm.tam@jpmorgan.comian.w.hui@jpmorgan.comben.tw.luk@jpmorgan.comanthony.tsoi@jpmorgan.com2Past performance is no guarantee of comparable future results. For China and Australia distribution, please note thiscommunication is for intended recipients only and is for wholesale clients only in Australia. For details, please refer to the fulldisclaimer at the end. Unless otherwise stated, all data is as of 30 September 2013 or most recently available.

Page Reference3Regional and Local Economy4. Share of Global GDP and Asian Middle Class5. Asia: Inflation6. Asia: Business Cycle7. ASEAN-5: Fundamentals and Valuations8. ASEAN-5: Trade and Competitiveness9. Australia: Economic Snapshot10. China: Economic Snapshot11. China: Cyclical Indicators12. China: Real Estate13. China: Total Social Financing and Monetary Conditions14. India: Economic Snapshot15. India: Profits and Flows16. Japan: Economic Snapshot17. Japan: Monetary Policy18. Japan: Public Finance19. Japan: Structural Trends20. Korea: Economic Snapshot21. Taiwan: Economic SnapshotGlobal Economy22. Global Growth23. Global Economics and Demographics24. Global Monetary Policy25. The Importance of Exports26. Sovereign Debt Stresses27. United States: Economic Growth and the Composition of GDP28. United States: Inflation and Unemployment29. United States: Cyclical Indicators30. United States: Consumer Finances31. United States: The Fed and the Money Supply32. Europe: Economic Snapshot33. Europe: Economic Fundamentals34. Europe: Cyclical IndicatorsEquities35. Global and Asia Equity Markets: Returns36. Global Equity Markets: Valuations37. Global Earnings Expectation and Valuations38. Global Earnings Momentum39. Global Long-term EPS and DPS Growth40. Global Sectors: Returns41. United States: Source of Earnings, Corporate Profits and Leverage42. United States: S&P 500 Index at Inflection Points43. Europe: Earnings and Valuations44. Japan: TOPIX at Inflection Points45. Asia: Valuation Analysis46. Emerging Markets: Share and Composition of GDP and Earnings47. Emerging Markets: Returns48. Emerging Markets: Index Composition49. Global Dividend Income50. Asia Dividend IncomeFixed Income51. Global Fixed Income: Yields and Returns52. United States: High Yield Bonds53. Asia: Sovereign Debt and Credit Markets54. Emerging Markets and Asia: Sovereign Debt55. Emerging Markets and Asia: Currencies56. Currencies: Real Effective Exchange Rates57. Currencies: Valuation and External VulnerabilityOther Assets and Investor Behaviour58. Asset Class Returns59. Asset Class Correlations60. Interest Rates and Equities Correlation61. United States: Treasury Yields and S&P 50062. Rate Rise Impact on Different Income Asset Classes63. REITs and Convertibles64. Commodities: Returns65. Commodities: Energy66. Commodities: Oil Demand67. Commodities: Gold68. Global Investors’ Asset Allocation by Region69. Real Return on Cash and Retirement Trends in Asia70. Fund Flows

Share of Global GDP and Asian Middle ClassShare of Global Nominal GDPRegional and LocalEconomy100%80%60%40%20%$22,196 $32,331 $63,468 $71,707 $97,599$World Nominal GDP(USD Billions)USEuro Area and UKOther DMChinaAsia ex-China and JapanOther EM0%1990 2000 2010 2012 2018 (F)Share of Spending by the Global Middle ClassComposition of the Asian Middle Class (2010)60%40%20%0%26%17%10%38%29%20%2009202020307% 7% 6%North America Europe Central and SouthAmerica59%42%23%Asia PacificSingapore 0.8% Thailand 3.2% Taiwan 3.9%Philippines 2.2%Malaysia 2.1%Indonesia 5.6%Korea 8.1%India 11.4%Hong Kong 1.2%China61.4%4Source: IMF, “The Emerging Middle Class in Developing Countries” by Homi Kharas - OECD paper, CLSA “Mr. & Mrs. Asia – Spring 2011,” WorldBank, Euromonitor, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top) Nominal gross domestic product data are based on national currency converted to US dollars using market exchange rates (yearly average).Forecasts are provided by IMF, based on the April 2013 World Economic Outlook.(Bottom Left) Middle class is defined as households with daily expenditures between USD10 and USD100 per person in PPP terms (2005 USD).(Bottom Right) Middle class is defined as households with annual per capita disposable income of USD3,000 or above.Total may not sum to 100% due to rounding. Data reflect most recently available as of 30/9/13.

Asia: InflationRegional and LocalEconomyMonthly Inflation TrendYear-over-year % changeRising inflation Unchanged Falling inflationCountry 11/2012 12/2012 1/2013 2/2013 3/2013 4/2013 5/2013 6/2013 7/2013 8/2013Central BankTarget/ForecastChina 2.0 2.5 2.0 3.2 2.1 2.4 2.1 2.7 2.7 2.6 3.5Hong Kong 3.7 3.7 3.0 4.4 3.6 4.1 3.9 4.2 6.9 4.5 4.5India 7.2 7.2 6.6 6.8 6.0 4.9 4.7 4.9 5.8 6.1 6.0-7.0Indonesia 4.3 4.6 5.3 5.3 5.9 5.6 5.5 5.9 8.6 8.8 3.5-5.5Japan -0.2 -0.1 -0.3 -0.7 -0.9 -0.7 -0.3 0.2 0.7 0.9 2.0Korea 1.6 1.4 1.5 1.4 1.3 1.2 1.0 1.0 1.4 1.3 2.5-3.5Malaysia 1.3 1.3 1.3 1.5 1.6 1.7 1.8 1.8 2.0 1.9 2.0-3.0Philippines 2.8 2.9 3.0 3.4 3.2 2.6 2.6 2.8 2.6 2.1 3.0-5.0Singapore 3.6 4.3 3.6 4.9 3.5 1.5 1.6 1.8 1.9 2.0 3.5-4.5Taiwan 1.6 1.6 1.2 3.0 1.4 1.0 0.7 0.6 0.1 -0.8 1.4Thailand 2.7 3.6 3.4 3.2 2.7 2.4 2.3 2.3 2.0 1.6 0.5-3.0*5Source: J.P. Morgan Economics, National Bureau of Statistics (China), Hong Kong Monetary Authority, Census and Statistics Department (Hong Kong), Office ofEconomic Adviser (India), Bank Indonesia, Statistics Bureau and the Director-General for Policy Planning of Japan, Statistics Korea, Department of Statistics Malaysia,Bangko Sentral ng Pilipinas (BSP), National Statistical Coordination Board (Philippines), Department of Statistics Singapore, Directorate-General of Budget, Accountingand Statistics (Taiwan), Bank of Thailand, J.P. Morgan Asset Management “Guide to the Markets – Asia.”All data for Headline CPI unless otherwise stated. India: Data is for WPI.* Thailand’s central bank targets core CPI, which excludes raw food and energy.Data reflect most recently available as of 30/9/13.

Asia: Business CycleRegional and LocalEconomyAsia Export Growth and US ISM Manufacturing PMIYear-over-year % change60%40%20%0%-20%Asia Exports*US Manufacturing PMI-40%'94 '96 '98 '00 '02 '04 '06 '08 '10 '12Index6560555045403530US PMI and Equity PerformanceUS ISM manu. new orders behaviour and subsequent 3-mth market perf.**Below 50 and fallingAbove 50 and fallingMSCI AC WorldS&P 500MSCI JapanMSCI AC Asia ex-JapanMSCI EMGlobal Manufacturing PMI trendsIndex6055ChinaEuro AreaUSJapanBelow 50 and rising50Above 50 and rising4540'11 '12 '13-10% -5% 0% 5% 10% 15%6Source: Institute of Supply Management, China Customs, Hong Kong Census & Statistics Department, Indian Ministry of Commerce & Industry, Statistics Indonesia,Malaysian Department of Statistics, Philippines National Statistics Office, Statistics Singapore, Korean Customs Service, Taiwan Ministry of Finance, Bank of Thailand,Markit, MSCI, Standard & Poor’s, J.P. Morgan Asset Management “Guide to the Markets – Asia.”* Simple average of China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand export growth.** Subsequent 3-month performance from January 1988 – present.Data reflect most recently available as of 30/9/13.

ASEAN-5: Fundamentals and ValuationsRegional and LocalEconomyReal GDP Growth ComparisonYear-over-year % change15%10%5%0%9.57.57.84.47-yr. range7-yr. averageLatest5.55.1 3.8 3.7 3.52.3 3.3 2.5ASEAN-5 GDP ShareNominal GDP, USDIndonesia42%Thailand18%Singapore13%-5%-10%China India ASEAN Korea HongKongTaiwanPhilippines13%Malaysia14%Current Account BalanceUSD billions128IndonesiaThailandMalaysiaPhilippinesASEAN-5 Valuation TableMSCIIndicesForwardP/E5-YR AvgForwardP/ETrailingP/B5-YR AvgTrailingP/B4Indonesia 13.7x 13.0x 3.3x 3.4x0Malaysia 15.5x 14.5x 2.1x 2.1x-4Philippines 18.6x 15.1x 3.1x 2.4x-8Singapore 14.1x 13.4x 1.5x 1.6x-12'11 '12 '13Thailand 11.8x 10.9x 2.2x 2.0x7Source: IMF, MSCI, FactSet, J.P. Morgan Economics, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Total may not sum to 100% due to rounding.Data reflect most recently available as of 30/9/13.

ASEAN-5: Trade and CompetitivenessRegional and LocalEconomyNominal Average Monthly Manufacturing WagesUSD per month2001*1000866Latest**80060045540035234830932319320013914874112520Brazil Mexico China Thailand Vietnam IndonesiaMajor Export Partners% of GDPASEANJapanChinaEUUSA4.6%5.5%5.5%6.3%14.2%0% 2% 4% 6% 8% 10% 12% 14% 16%Thailand: Export Value Performance to ASEANIndex, rebased 2000 = 100800600400200LVMC groupASEAN ex-SingaporeASEANTotal ExportsContribution to ASEAN GDP Growth8%6%4%2%0%-2%Domestic DemandExternal Demand80'01 '03 '05 '07 '09 '11 '13Source: International Labour Organisation (ILO), IMF, World Trade Organization, ASEANstats, FactSet, J.P. Morgan Economics, J.P. Morgan Asset Management “Guide to the Markets – Asia.”* Except for Vietnam, which is 2005.** Latest data from 2012 for Mexico, China and Thailand; 2011 for Vietnam and Indonesia; 2010 for Brazil.LVMC stands for Laos, Vietnam, Myanmar and Cambodia.(Bottom Right) Domestic Demand defined as private consumption, government consumption and fixed asset investment. External Demand defined as net trade, change instocks and residuals. Data reflect most recently available as of 30/9/13.-4%'06 '07 '08 '09 '10 '11 '12

Australia: Economic SnapshotRegional and LocalEconomyReal GDP and CPI InflationYear-over-year % change8%6%4%2%20-yr Avg. 2Q13Real GDP: 3.5% 2.6%Inflation: 2.7% 2.4%Unemployment and Consumer Sentiment*8%7%6%5%UnemploymentConsumerSentimentIndex13012011010090800%'00 '02 '04 '06 '08 '10 '124%'00 '02 '04 '06 '08 '10 '1270Monetary PolicyYear-over-year % change8% Target Cash RateBroad Money Growth 25%20%6%4%9/2013: 2.50%15%10%5%2%0%8/2013: 4.9%0%-5%'00 '02 '04 '06 '08 '10 '12Exchange Rates and Current AccountAUD/USDAUD Billions, inverted scale1.201.00-25-20AUD/USD-150.80-100.60Current Account0.40-50'00 '02 '04 '06 '08 '10 '129Source: FactSet, World Trade Organization, Australian Bureau of Statistics, WestPac Melbourne Institute,J.P. Morgan Asset Management “Guide to the Markets – Asia.”* Westpac Melbourne Institute consumer sentiment Index.Data reflect most recently available as of 30/9/13.

China: Economic SnapshotRegional and LocalEconomyContribution to Real GDP GrowthYear-over-year % change12%10%8%6%4%2%3.8%6.1%0.1%0.1%4.6% 4.4%5.1% 5.0% 5.3%4.4% 2.4%6.4%4.0%InvestmentNet Exports3.9% 3.9%10-yr Avg. 2Q13Real GDP: 9.9% 7.5%Consumption1.1%4.7% 4.2% 4.1% 4.3%QoQ Annualized0.1%2.3% 4.1%3.4%CPI InflationYear-over-year % change, sa30%25%20%15%10%5%10-yr Avg. 8/2013Headline CPI: 3.1% 2.6%Food CPI: 7.1% 4.7%Non-Food CPI: 1.2% 1.5%0%-2%-0.1%-0.4% -0.4% -0.2%-0.7% -0.9%1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q130%-5%'04 '05 '06 '07 '08 '09 '10 '11 '12 '13Merchandise Trade GrowthYear-over-year % change, 3-month moving average80%60%40%ExportsImportsBenchmark 1-year Lending Rate and Reserve Requirement Ratio8%Lending RateRRR25%20%7%9/2013: 20%15%20%0%-20%6%9/2013: 6%10%5%-40%'04 '05 '06 '07 '08 '09 '10 '11 '12 '135%'04 '05 '06 '07 '08 '09 '10 '11 '12 '130%10Source: National Bureau of Statistics of China, FactSet, J.P. Morgan Economics, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Data reflect most recently available as of 30/9/13.

China: Cyclical IndicatorsRegional and LocalEconomyManufacturing PMIsIndex level605550Markit Mfg. PMINBS Mfg. PMI45'10 '11 '12 '139/2013: 51.19/2013: 50.2Li Keqiang Index* and MSCI ChinaYear-over-year % change28%160%23%Li Keqiang Index*120%18%80%13%40%8%0%MSCI China3%Correlation: 0.63-40%-2%-80%'01 '03 '05 '07 '09 '11 '13Retail SalesYear-over-year % changeFixed Asset InvestmentYear-over-year % change, 3-month moving average25%70%20%50%Real EstateInfrastructure15%30%10%8/2013: 13.4%10%FAI5%'06 '07 '08 '09 '10 '11 '12 '13-10%'06 '07 '08 '09 '10 '11 '12 '1311Source: National Bureau of Statistics of China, Markit, CEIC, FactSet, J.P. Morgan Asset Management "Guide to the Markets – Asia.”* Li Keqiang index is a self-weighted index that compromises China’s electricity production growth, financial institution loans growth and railwayfreight carried volume growth.Data reflect most recently available as of 1/10/13.

China: Real EstateRegional and LocalEconomyHousing Inventory# of Months202 nd Tier Cities15101 st Tier Cities5'11 '12 '133 rd Tier CitiesHousing Mortgage and Property Developers LoanYear-over-year % change60%50%40%30%20%10%HousingMortgageLoans to PropertyDevelopers6/2013: 19.4%6/2013: 16.0%0%'07 '08 '09 '10 '11 '12 '13Residential Floor Space Started and SoldYear-over-year % change, seasonally adjusted, 3-month moving average100%80%Residential FloorSpace StartedHome PricesIndex, rebased 2007 = 1002602208/2013: 219.660%40%20%0%-20%Residential FloorSpace Sold180140100Beijing / ShanghaiAverageNational Average8/2013: 154.2-40%'10 '11 '12 '1360'07 '08 '09 '10 '11 '12 '1312Source: SouFun Holdings Limited, China Real Estate Index System, National Bureau of Statistics of China, China Ministry of Construction, J.P.Morgan Economics, FactSet, CEIC, J.P. Morgan Asset Management "Guide to the Markets – Asia.”Data reflect most recently available as of 30/9/13.

China: Total Social Financing and Monetary ConditionsRegional and LocalEconomyTotal Social Financing BreakdownAnnual New Incremental Loans (RMB Billions)18,00015,00012,0009,000RMB Bank Loansas % of TSFNon-Financial Corporate Equity FinancingBankers' Acceptance BillsNew Entrusted LoansRMB Bank LoansNet Corporate Bond FinancingTrust LoansForeign Currency Loans100%90%80%70%6,00060%3,00050%02002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD40%TSF* as % of Nominal GDPEstimate vs. Trend150%120%Loan-to-Deposit Ratio and Non Performing Loans (NPL)80%30%Loan-to-Deposit Ratio25%75%20%90%Trend70%15%60%30%Estimate65%NPL10%5%0%'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '1360%'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '130%13Source: People’s Bank of China, National Bureau of Statistics, J.P. Morgan Economics, J.P. Morgan Asset Management "Guide to the Markets - Asia.”* Total Social Financing is based on total outstanding loans since 2002, not new incremental loans, with estimated 2013 new TSF increase of RMB17trillion. Data reflect most recently available as of 30/9/13.

India: Economic SnapshotRegional and LocalEconomyReal GDPYear-over-year % change12%10%8%6%4%2%15-yr Avg. 2Q13Real GDP: 7.1% 4.4%0%'98 '00 '02 '04 '06 '08 '10 '12Inflation and Repo Rate16%14%12%10%8%6%4%2%0%Repo RateWholesale Price Index-2%'98 '00 '02 '04 '06 '08 '10 '12Private Consumption GrowthYear-over-year % change12%Fixed Investment GrowthYear-over-year % change30%10%8%6%4%2%Average: 7.5%2Q 2013: 1.6%20%10%0%-10%Average: 9.5%2Q 2013: -1.2%0%'06 '07 '08 '09 '10 '11 '12 '13-20%'06 '07 '08 '09 '10 '11 '12 '1314Source: J.P. Morgan Economics, Ministry of Statistics and Programme Implementation, Reserve Bank of India, FactSet, Bloomberg,J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Right) Wholesale Price Index (WPI) value shown is year-over-year % change. Data reflect most recently available as of 30/9/13.

India: Profits and FlowsRegional and LocalEconomyInvestment Fund Flows YTDUSD billionsForeign Institutional Investments (Equity)35Foreign Institutional Investments (Debt)302520151050-5Domestic Institutional Investments (Equity)Deficits% of GDP6%Current Account Balance2%-2%-6%Fiscal Balance-10%'97 '99 '01 '03 '05 '07 '09 '11 '13Earnings and Market PerformanceForward earnings per share and the MSCI India (Local currency)IndexEPSEPS900MSCI India6070050-1050040-15'00 '02 '04 '06 '08 '10 '12300'07 '08 '09 '10 '11 '12 '1330Source: Ministry of Statistics and Programme Implementation, Office of the Economic Adviser - Ministry of Commerce and Industry, Bloomberg, FactSet, J.P. Morgan AssetManagement “Guide to the Markets – Asia.”Data reflect most recently available as of 30/9/13.15

Japan: Economic SnapshotRegional and LocalEconomyReal GDP Growth and CPI InflationQuarter-over-quarter % change, annualized16%8%0%'95'96'97'98'99'00'01'02Consumption Tax Hike(from 3% to 5%, Apr 97)'03'04'05'06'08'09'10'11Inflation'12'13-8%GDPPM Koizumi Era(Apr 01 – Sep 06)-16%'95 '98 '01 '04 '07 '10 '134%2%0%-2%-4%Department Store SalesYear-over-year % change, 3mma15%10%5%0%-5%-10%Consumption Tax Hike(from 3% to 5%, Apr 97)Tokyo AreaNationwide-15%'95 '98 '01 '04 '07 '10New Condominium Sales and Price (Tokyo Area)JPY, thousand, 3mmaYear-over-year % change, 3mma800Sales 80%Sales price per square meter70040%6000%500-40%400-80%'03 '05 '07 '09 '11 '13Bank of Japan Tankan Business Confidence SurveyIndex40200-20-40-60-80ManufacturingIndexNon-manufacturingIndex(Forecast)12/2013: 149/2013: 149/2013: 12(Forecast)12/2013: 11'95 '97 '99 '01 '03 '05 '07 '09 '11 '1316Source: Japanese Cabinet Office, Ministry of Internal Affairs and Communications, Japan Department Stores Association, The Bank of Japan, Real Estate Economic Institute,FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Right, Bottom Left) Department store sales, new condominium sales and price per square meter are 3-month moving average figures.(Bottom Right) Forecast for September 2013 from Bank of Japan Tankan Short-Term Economic Survey of Enterprises in Japan.Data reflect most recently available as of 1/10/13.

Japan: Monetary PolicyRegional and LocalEconomyCPI and Nominal WageYear-over-year % change, 3mma4%2%0%-2%CPI ex. fresh foodJapanese Yen CrossYen per foreign currency180150EUR/JPYDepreciatingJapanese YenAppreciatingJapanese Yen-4%Nominal wage-6%'95 '97 '99 '01 '03 '05 '07 '09 '11 '13120Yield Spread and Japanese YenYield spread4%USD/JPYUSD/JPY14090USD/JPYAUD/JPY3%1202%1%10-year GovernmentBond Yield Spread1008060TRY/JPYBRL/JPY170%'04 '06 '08 '10 '126030'04 '06 '08 '10 '12Source: Ministry of Internal Affairs and Communications, Ministry of Health, Labour and Welfare, FactSet, Bloomberg, J.P. Morgan Asset Management“Guide to the Markets – Asia.”(Top Left) Nominal cash earnings by employee are 3-month moving average figures.(Bottom Left) Yield spread is the difference between 10-year US Treasury yield and 10-year Japanese Government bond yield.Data reflect most recently available as of 30/9/13.

Japan: Public FinanceRegional and LocalEconomyGovernment Expenditure Breakdown% of GDP25%20%15%10%5%Social SecurityOther SpendingInfrastructureDebt ServicingTohoku EarthquakeGST/VAT Tax Rate30%20%10%2%3%Expected Hike in October 2015Announced Hike in April 2014% in 201319% 20% 20% 21% 21%23% 23%0%0%5%Japan Germany France UK Italy Spain Greece IrelandGovernment Debt Forecast% of GDP, average nominal GDP growth between FY13 and FY22240Net Foreign Assets% of GDP70%2013: 63%210180150Average Nominal GDP Growth: 2.1%Average Nominal GDP Growth: 3.4%FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY2260%50%40%30%20%10%0%'94 '96 '98 '00 '02 '04 '06 '08 '10 '1218Source: Japanese Cabinet Office, Bank of Japan, Ministry of Finance, KPMG, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Left) Debt repayment refers to national debt service, which includes both interest and principal payment.(Bottom Left) Average nominal GDP growth scenarios based on Japanese Cabinet Office assumptions.(Bottom Right) Net foreign assets refer to changes in holdings of foreign assets minus foreign liabilities held by the surveyed financial institutions.Figures are annualized with the latest figure as of March 2013. Data reflect most recently available as of 30/9/13.

Japan: Structural TrendsRegional and LocalEconomyOECD Indicator of Market Regulations*Japan as 100150100500OECD Employment Protection IndexBarriers to Trade and InvestmentJapan Germany France Australia UK Canada USLabor Productivity Growth by Sector% annualized between 2006 to 20104%2%0%-2%1.1%3.6%0.6%-0.2% -0.2%-0.8%Total Manufacturing Agriculture Construction Service UtilitiesCorporate Tax Rate% in 201350%Temporary Surcharge forTohoku-area ReconstructionFemale Labour Participation Rate% in 201390%40%30%38.0%80%88%83%81%78%76% 75%70% 70%65%20%40% 35.6% 33% 30%24% 23%70%10%17% 17%US Japan France Germany Korea UK Singapore HK60%Sweden France Germany UK US Australia Japan Greece Italy19Source: IMF, OECD, Japan Productivity Centre, KPMG, J.P. Morgan Asset Management “Guide to the Markets – Asia.”* OECD has developed a range of indicators at both the economy-wide and sector levels. All of these indicators measure the extent to which policy settings promote or inhibitcompetition in areas of the product market where competition is viable. In general, the higher the value, the more restrictive the country is towards that particular criteria.(Bottom Left) Temporary surcharge represents 2.37% in corporate tax rate.Data reflect most recently available as of 30/9/13.

Korea: Economic SnapshotRegional and LocalEconomyReal GDP and ExportsYear-over-year % change60%40%20%0%Year-over-year % change15%GDP (Quarterly)10%5%0%OECD Trade and Korea ExportsYear-over-year % change60%40%20%0%Korea Exports (3MMA)-20%Exports (Monthly)-5%-20%OECD Imports-40% -10%'00 '02 '04 '06 '08 '10 '12-40%'81 '85 '89 '93 '97 '01 '05 '09 '13Currency CompetitivenessKorean Won per Japanese Yen, inverted scale681012Korean WonAppreciationAverage: 11 JPY/KRWKorea Exports CompositionBased on Korea Ministry of Trade ClassificationOthers15%ChemicalIndustrialProducts13%MineralProducts10%Steel andMetalProducts8%ApparelRelatedProducts3%1416Korean WonDepreciationVehicles andEquipments20%Electronics31%'00 '02 '04 '06 '08 '10 '1220Source: Korea Customs Service, Ministry of Trade, OECD, CEIC, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Total may not sum to 100% due to rounding.Data reflect most recently available as of 30/9/13.

Taiwan: Economic SnapshotRegional and LocalEconomyReal GDP and ExportsYear-over-year % change90%Exports (Monthly)60%30%0%Year-over-year % change18%12%6%0%OECD Trade and Taiwan ExportsYear-over-year % change60%40%20%0%Taiwan Exports (3MMA)-30%GDP (Quarterly)-6%-20%OECD Imports-60%'00 '02 '04 '06 '08 '10 '12-12%-40%'85 '89 '93 '97 '01 '05 '09 '13SEMI Book-to-bill Ratio and TAIEXRatioIndex, year-over-year % change1.61.31.00.7Book-to-BillTAIEX0.4'00 '02 '04 '06 '08 '10 '12100%60%20%-20%-60%Taiwan Exports CompositionBased on Taiwan Ministry of International Trade ClassificationToysandWatches8%BasicMetals9%Electronics47%Others5%Chemicals7%Vehicles andEquipments4%ApparelRelatedProducts4%MineralProducts8%Plastics and RubberArticles 8%21Source: Ministry of International Trade, OECD, CEIC, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Bottom Left) SEMI stands for North American Semiconductor Equipment Industry. Book-to-bill ratio is the ratio of orders taken in a period to the amount invoiced over thesame period. Invoicing is usually done shortly after shipping. Therefore, the difference between the amount ordered and the amount invoiced is usually viewed as a leadingindicator of whether output will rise or fall. A book-to-bill ratio of 1 shows stability, above 1 indicates near-term output expansion and vice versa. Total may not sum to 100%due to rounding. Data reflect most recently available as of 30/9/13.

Global GrowthEmerging Market Real GDP GrowthYear-over-year % change12%HistoricalIMF Forecast2010 2011 2012 2013 2014 2015Global Economy8%4%0%-4%EM China India Indonesia Turkey Brazil Korea Russia MexicoDeveloped Market Real GDP GrowthYear-over-year % change12%HistoricalIMF Forecast2010 2011 2012 2013 2014 20158%4%0%-4%DM US Australia Canada UK Euro Area Germany Italy Japan22Source: IMF, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Forecasts are from the IMF’s April 2013 World Economic Outlook.Data reflect most recently available as of 30/9/13.

Global Economics and DemographicsEconomicsDemographicsGlobal EconomyDevelopedGDP(USD bn)GDP perCapita(USD)Real GDPGrowth(%)Inflation(CPI %)CurrentAccount(% of GDP)Population(millions)DependencyRatio(%)LifeExpectancy(years)Australia 1,542 67,723 3.6% 1.8% -3.7% 22 51.6 82.0 37.6Canada 1,819 52,232 1.8% 1.5% -3.7% 35 47.9 81.6 40.8European Union 16,584 32,518 -0.2% 2.6% 1.0% 504 49.2 79.9 41.3Japan 5,964 46,736 2.0% 0.0% 1.0% 127 64.4 84.2 46.4MedianAgeUK 2,441 38,589 0.2% 2.8% -3.5% 63 55.2 80.3 40.3US 15,685 49,922 2.2% 2.1% -3.0% 317 51.5 78.6 37.3EmergingBrazil 2,396 12,078 0.9% 5.4% -2.3% 201 45.1 73.0 31.3China 8,227 6,076 7.8% 2.7% 2.6% 1,350 38.3 75.0 36.2India 1,825 1,492 4.0% 9.3% -5.1% 1,221 51.0 67.5 26.6Indonesia 878 3,592 6.2% 4.3% -2.8% 251 50.2 71.9 29.6Mexico 1,177 10,247 3.9% 4.1% -0.8% 116 51.9 76.9 28.3Russia 2,022 14,247 3.4% 5.1% 4.0% 143 42.1 69.9 38.7Turkey 794 10,609 2.6% 8.9% -5.9% 81 48.2 73.0 30.223Source: IMF, UN, World Bank, CIA, J.P. Morgan Asset Management “Guide to the Markets – Asia.”All economic data are 2012 data from April 2013 World Economic Outlook published by the IMF. Population and life expectancy data are 2012/2013estimates from the CIA World Factbook. Age dependency ratio is the ratio of people younger than 15 and older than 64 to the working age population.Median age and age dependency ratios for each region/country are based on 2015 projections from the United Nations World Population Prospects.Data reflect most recently available as of 30/9/13.

Global Monetary PolicyGlobal EconomyMonetary base (M0)Indexed to December 20074.03.53.02.52.01.5 Japan1.0USEuro AreaMoney MultiplierM2 / Monetary Base10864JapanEuro AreaUS0.5'04 '06 '08 '10 '12 '142'04 '06 '08 '10 '12Country Level Monetary Policy and Inflation Central Bank Policy Rate Inflation Rate Real Policy Rate11%7%3%-1%-5%Hong KongUKUSJapanEuro areaCanadaAustraliaTurkeyIndonesiaSouth AfricaRussiaMexicoThailandColombiaKoreaPolandIndiaTaiwanBrazilChina24Developed MarketsEmerging MarketsSource: J.P. Morgan Economics, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Bottom) Central bank policy rates are the short-term target interest rates set by central banks. Inflation rates shown represent year-over-year averagequarterly headline CPI rates for 3Q13. Real policy rates are latest central bank policy rates minus year-over-year inflation.Data reflect most recently available as of 30/9/13.

The Importance of ExportsExports as a % GDP - 2012Goods exportsGlobal EconomyUSJapanEU9.9%13.4%17.8%USEUJapanChinaOthersBrazil10.8%India15.8%ChinaRussia24.9%26.0%Korea48.5%ASEAN53.5%Taiwan63.4%0% 10% 20% 30% 40% 50% 60% 70%25Source: IMF, CEIC, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Data reflect most recently available as of 30/9/13.

Sovereign Debt StressesGDP Growth, Gross Debt-to-GDP and Borrowing Costs10%ChinaBubble size = 10-yeargovernment bond yieldGlobal EconomyReal GDP Growth (2012 – 2014F)8%6%4%2%0%-2%RussiaIndonesiaTurkeyAustraliaKoreaMalaysiaMexicoSouth AfricaIndiaBrazilCanadaGermanyUKEUFranceSpainSingaporeUSItaly10%5%JapanPortugal-4%Emerging MarketsDeveloped MarketsGreece-6%0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 250%Gross Debt-to-GDP Ratio (2013F)26Source: IMF, FactSet, Bloomberg, J.P. Morgan Economics, Barclays, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Growth and debt data are based on the IMF World Economic Outlook, April 2013. Borrowing costs based on local currency debt. EU overall borrowingcost based on Barclays Capital Euro-Aggregate 7-10 year bond. South Africa’s borrowing cost is based on 7-year government bond yield due to dataavailability. Classification of Developed/Emerging Market status based on MSCI’s classification. Data reflect most recently available as of 30/9/13.

United States: Economic Growth and the Composition of GDPEconomy Global EconomyReal GDPQuarter-over-quarter annualized seasonally adjusted, % change10%8%6%4%2%20-yr avg. 2Q13Real GDP: 2.5% 2.5%$625 bn ofoutput lostComponents of GDP2Q13 nominal GDP annualized seasonally adjusted, USD billions18,00016,00014,00012,00010,0003.1% Housing12.7% Investment ex-housing18.8%Gov’t Spending0%-2%-4%$1,323 bn ofoutputrecovered8,0006,0004,00068.6%Consumption-6%2,000-8%-10%'04 '06 '08 '10 '120-2,000- 3.1% Net Exports27Source: US Bureau of Economic Analysis, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”GDP values shown in legend are % change vs. prior quarter annualized and reflect 2Q13 GDP.Total may not sum to 100% due to rounding.Data reflect most recently available as of 30/9/13.

United States: Inflation and UnemploymentInflationYear-over-year % change18%Avg.since1964Avg.since19998/2013Headline CPI 4.3% 2.4% 1.5%Unemployment RateSeasonally adjusted12%Avg.since1964Avg.since19998/2013Unemployment Rate 6.1% 6.2% 7.3%Global Economy15%12%Core CPI 4.2% 2.0% 1.8%11%10%9%9%8%6%7%6%3%5%0%4%-3%'64 '69 '74 '79 '84 '89 '94 '99 '04 '093%'64 '69 '74 '79 '84 '89 '94 '99 '04 '09Source: US Bureau of Economic Analysis, Census Bureau, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”28Data reflect most recently available as of 30/9/13.

United States: Cyclical IndicatorsLight Vehicle SalesMillions, seasonally adjusted annualized rate22Manufacturing and Trade InventoriesDays of sales, seasonally adjusted48al EconomyGlob201816141210Average: 15.28/2013: 16.046444240387/2013: 38.98'94 '96 '98 '00 '02 '04 '06 '08 '10 '12Housing StartsThousands, seasonally adjusted d annualized rate2,4002,0001,6001,200 Average: 1,3718/2013: 891800400'94 '96 '98 '00 '02 '04 '06 '08 '10 '1236'94 '96 '98 '00 '02 '04 '06 '08 '10 '12Real Capital Goods OrdersNon-defense capital goods orders ex. aircraft, USD bn, seasonally adjusted75706560555045Average: 56.2'94 '96 '98 '00 '02 '04 '06 '08 '10 '128/2013: 59.6Source: US Bureau of Economic Analysis, Census Bureau, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”29(Bottom Right) Capital goods orders deflated by producer price index for capital goods.Data reflect most recently available as of 30/9/13.

United States: Consumer FinancesHousehold Net WorthUSD billions$80,000$70,0009/2007:$69,0289/2013*:$76,442US Home Sales, Prices, and Housing StartsIndex, rebased 12/1999 = 100175Global Economy$60,000$50,000$40,000$30,000$20,000150125$10,000'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12US Household Debt Service RatioDebt payments as % of disposable personal income, seasonally adjusted15%14%13%12%1007550Price IndexExisting Home SalesHousing Starts11%9/2013*:10.4%10%'80 '85 '90 '95 '00 '05 '1025'99 '01 '03 '05 '07 '09 '1130Source: Bureau of Economic Analysis, US Federal Reserve, FactSet, National Association of Realtors, US Census Bureau, J.P. Morgan AssetManagement “Guide to the Markets – Asia.”* 3Q13 household debt service ratio and household net worth are J.P. Morgan Asset Management estimates.(Right) Price index is the median home sale price.Data reflect most recently available as of 30/9/13.

United States: The Fed and the Money SupplyGlobal EconomyFed’s Balance Sheet: AssetsUSD trillions4321OtherUS TreasuriesAgency MBS0'04 '05 '06 '07 '08 '09 '10 '11 '12 '13Fed’s Balance Sheet: LiabilitiesUSD trillions43Excess ReservesOther LiabilitiesRequired ReservesMoney MultiplierM2 / Monetary Base10x8x6x9/2013: 3.0x4x2x'04 '05 '06 '07 '08 '09 '10 '11 '12 '13Federal Funds Rate & FOMC Interest Rate Projections12%10%Long-term Fed Projection8%FOMC Projections216%4%2%9/2013:0.0%-0.25%310'04 '05 '06 '07 '08 '09 '10 '11 '12 '13Source: Federal Reserve, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”0%'84 '88 '92 '96 '00 '04 '08 '12 '16Monetary base is defined as the total amount of a currency that is either circulated in the hands of the public or in the commercial bank deposits heldin the central bank's reserves. Money multiplier defined as M2 divided by the monetary base. Fed projections are based on median of expectations ofFOMC members.Data reflect most recently available as of 30/9/13.

Europe: Economic SnapshotGlobal EconomyEurope Real GDPYear-over-year % change6%4%2%0%-2%-4%-6%Avg. since19992Q13Real GDP 1.5% 0.0%-8%'00 '02 '04 '06 '08 '10 '12Europe InflationYear-over-year % change5%4%3%2%1%0%Avg. since1999'99 '01 '03 '05 '07 '09 '11Aug. 2013Headline CPI 2.1% 1.3%Core CPI 1.7% 1.3%Latest Unemployment Rates for European CountriesJuly/August 2013, seasonally adjustedNorwayAustriaGermanyDenmarkNetherlandsUKSwedenFinlandBelgiumEuropean UnionFranceItalyIrelandPortugalSpainGreece3.6%4.8%5.3%6.7%7.0%7.7%8.0%8.0%8.9%10.9%11.0%12.0%13.8%16.5%26.3%27.9%0% 5% 10% 15% 20% 25% 30%32Source: ECB, Eurostat, Bloomberg, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Right) Latest unemployment rate for all European countries are as of July 2013, except Netherlands, Finland and Sweden, which are as of August 2013.Data reflect most recently available as of 30/9/13.

Europe: Economic FundamentalsGDP GrowthYear-over-year % change6%Euro Area Public and Private Debt% of GDP250%Public DebtPrivate DebtGlobal Economy4%2%0%-2%-4%-6%UKGermanyFranceEuro AreaPIIGS* (Simple Average)-8%'01 '03 '05 '07 '09 '11 '13200%150%100%50%0%'01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12Current Account BalanceEUR Billions, 12-month rolling sum300200Euro Area Total Credit to Private SectorYear-over-year % change16%12%1000-100-200PIIGS*Euro Area8%4%0%8/2013: -1.2%-300'01 '03 '05 '07 '09 '11 '13-4%'01 '03 '05 '07 '09 '11 '1333Source: Eurostat, ECB, Bank of Portugal, Bank of Italy, CSO – Irish Central Statistics Office, Bank of Greece, Bank of Spain, FactSet, MacData,J.P. Morgan Asset Management “Guide to the Markets – Asia.”* PIIGS stands for Portugal, Italy, Ireland, Greece and Spain.Data reflect most recently available as of 30/9/13.

Europe: Cyclical IndicatorsGlobal EconomyEconomic Sentiment Index*120110100908/2013: 98.1807060'03 '05 '07 '09 '11 '13ECB Bank Lending SurveyExpected Credit Conditions Diffusion Index**806040200Tightening CreditConditions7/2013: 1.5-20 Loosening CreditConditions-40'03 '05 '07 '09 '11 '13Export GrowthYear-over-year % change40%30%20%10%0%-10%7/2013: 2.7%-20%-30%'03 '05 '07 '09 '11 '13Retail TradeYear-over-year % change8%6%4%2%0%-2%-4%7/2013: 0.7%-6%'03 '05 '07 '09 '11 '1334* European Commission Economic Sentiment Index.** The diffusion index is a weighted difference between enterprises expecting tightening or loosening credit conditions.Source: ECB, Eurostat, Bloomberg, FactSet, CEIC, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Data reflect most recently available as of 30/9/13.

Global and Asia Equity Markets: Returns10-yrs ('03 - '12)2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 3Q '13 YTD '13 Ann. Ret. Ann. Vol.China Austra lia Kore a China India Ja pa n India AS EAN US HK Kore a Ja pa n China India8 7 .6 % 3 0 .3% 5 7 .0 % 8 2 .9 % 7 3 .1% - 2 9 .2 % 10 2 .8% 3 2 .2% 1.4 % 2 8 .3 % 14 .9 % 2 4 .3% 19 .3 % 3 2 .5 %India HK India India China US Ta iwa n Kore a AS EAN India Europe US AS EAN Kore a7 8 .3 % 2 5 .0% 3 7 .6 % 5 1.0% 6 6 .2% - 3 7 .6 % 7 9 .2 % 2 6 .7% - 6 .3 % 2 6 .0 % 13 .6 % 19 .7% 18 .3 % 2 9 .6 %. . .Austra lia Kore a Ja pa n AS EAN HK Europe Austra lia HK Austra lia China China Europe India China4 9 .5 % 2 2 .1% 2 5 .5 % 4 2 .4 % 4 1.2 % - 4 6 .4 % 7 6 .4 % 2 3 .2% - 11.0% 2 2 .7 % 12 .2 % 16 .1% 18 .0 % 2 8 .3 %EquitiesAS EAN Europe China Europe AS EAN Ta iwa n AS EAN Ta iwa n Europe AS EAN Austra lia HK Austra lia Ta iwa n4 8 .2 % 2 0 .9% 19 .8 % 3 3 .7 % 3 9 .0% - 4 6 .5 % 7 4 .6 % 2 1.8 % - 11.1% 2 2 .5 % 11.9 % 7 .5 % 15 .2 % 2 5 .0 %Ta iwa n India Austra lia Austra lia Kore a AS EAN Kore a India Kore a Austra lia HK Austra lia Kore a Austra lia4 1.9% 19 .1% 16 .0 % 3 0 .9 % 3 1.9 % - 4 7 .7 % 7 1.3% 2 0 .9% - 12 .0% 2 2 .1% 8 .9 % 5 .1% 14 .8 % 2 3 .7 %Europe AS EAN AS EAN HK Austra lia Austra lia China Ja pa n Ja pa n Kore a Ja pa n Ta iwa n HK HK3 8 .5 % 18 .9 % 10 .7 % 3 0 .4 % 2 8 .3% - 5 0 .7 % 6 2 .3 % 15 .4 % - 14 .3% 2 1.2 % 6 .7 % 4 .5 % 13 .6 % 2 1.8%HK Ja pa n Europe Ta iwa n Europe China HK US HK Europe US Kore a Ta iwa n AS EAN3 8 .1% 15 .9 % 9 .4% 2 0 .0 % 13 .9 % - 5 0 .8 % 6 0 .2 % 14 .8 % - 16 .0% 19 .1% 5 .6 % - 0 .1% 8 .7 % 2 0 .7 %Ja pa n US HK US Ta iwa n HK Europe Austra lia China Ta iwa n Ta iwa n China Europe Europe3 5 .9 % 10 .1% 8 .4% 14 .7% 8 .4 % - 5 1.2 % 3 5 .8 % 14 .5 % - 18 .4% 16 .7 % 3 .1% - 0 .2% 8 .4 % 2 0 .3 %Kore a Ta iwa n Ta iwa n Kore a US Kore a US China Ta iwa n US AS EAN AS EAN US Ja pa n3 5 .0 % 9 .0 % 6 .4% 12 .6% 5 .4 % - 5 5 .3 % 2 6 .3 % 4 .6 % - 2 0 .9 % 15 .3 % - 5 .1% - 3 .6% 6 .6 % 16 .7%US China US Ja pa n Ja pa n India Ja pa n Europe India Ja pa n India India Ja pa n US2 8 .4 % 1.9% 5 .1% 6 .2 % - 4 .2% - 6 4 .6 % 6 .3 % 3 .9 % - 3 7 .2 % 8 .2% - 5 .3% - 12 .8 % 4 .9 % 14 .8%Source: MSCI, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Returns are total (net) returns based on MSCI indices in US dollar terms. 10-yr total (net) return data is used to calculate annualized returns (Ann. Ret.)and 10-yr price return data is used to calculate annualized volatility (Ann. Vol.) and reflect the period 1/1/03 – 31/12/12.35Data reflect most recently available as of 30/9/13.

Global Equity Markets: ValuationsEquity Market Valuations – Price to EarningsForward P/E ratios30x36.247.9 59.920-yr. range20-yr. averageLatestEquities20x10x0x22.916.515.116.016.417.314.1 14.614.514.514.313.213.4 14.512.6 12.2 15.014.714.214.1 11.0 13.511.09.210.310.611.1 10.58.5 9.09.88.6S&P 500Europe ex-Asia ex-EmergingASEAN Australia ChinaChina Hong Kong India Japan Korea Taiwan Brazil Mexico TurkeyU.K. Japan MarketsAEquity Market Valuations – Price to BookTrailing P/B ratios5x6.420-yr. range20-yr. averageLatest4x3x2x1x2.82.42.0 1.9 1.91.6 1.5 1.52.02.02.42.02.62.31.4 1.51.41.33.02.51.51.31.3 1.22.11.81.81.42.82.51.91.60xS&P 500Europe ex-U.K.Asia ex-JapanEmergingMarketsASEAN Australia ChinaAChina Hong Kong India Japan Korea Taiwan Brazil Mexico Turkey36Source: Standard & Poor’s, MSCI, China Securities Index, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”P/E and P/B ratios are in local currency terms. China A valuations based on CSI300 Index and China valuations based on MSCI China.20-year range for P/E and P/B ratios are cut off to maintain a more reasonable scale. Data reflect most recently available as of 30/9/13.

Global Earnings Expectation and ValuationsEPS Growth Expectations by Region2013, EPS Growth (%)20%AC Asia ex-JP15%JapanEM70%60%50%40%Earnings, Dividend and Bond Yields12%30/9/2013 YieldsEarnings Yield 7.4%Dividend Yield 2.6%10%10-yr Treasury Yield 2.6%DM Bond Yield 2.1%Equities10%US5%'12 '132014, EPS Growth (%)15%EuropeJapan30%20%10%22%8%6%MSCI AC World Earnings Yield(inverse of forward P/E)US 10-yearTreasury YieldAC Asia ex-JP18%4%DM Bond Yield10%EMUS14%2%Europe5%'12 '1310%6%MSCI AC WorldDividend Yield0%'98 '00 '02 '04 '06 '08 '10 '1237Source: FactSet, MSCI, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Developed market bond yields represented by J.P. Morgan Government Bond Index (GBI – Global Traded). Earnings yield is calculated as theinverse of forward P/E ratio. Data reflect most recently available as of 30/9/13.

Global Earnings MomentumEquitiesGlobal Earnings Momentum3-month moving average# of companies upgrade / downgrade2.01.51.00.50.0'09 '10 '11 '12 '13EMDMGlobal Net MarginsNet income / sales13%11%9%7%5%3%'07 '08 '09 '10 '11 '12 '13EMDMEarnings Momentum by Region3-month moving average# of companies upgrade / downgrade2.52.01.51.00.5USEuropeJapanAC Asia ex-JapanNet Margins by RegionNet income / sales12%10%8%6%4%2%0%JapanAC Asia ex-JapanEuropeUS0.0'09 '10 '11 '12 '13-2%'07 '08 '09 '10 '11 '12 '1338Source: FactSet, MSCI, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Earnings expectations measure the number of companies with upward revision (analyst upgrades) over downward revision (analyst downgrades)compared with previous month’s data. Data reflect most recently available as of 30/9/13.

Global Long-term EPS and DPS GrowthEarnings Per Share (Forward) by RegionIndex, rebased 2003 = 100400Dividends Per Share by RegionIndex, rebased 2003 = 100400 EMEM350350AC Asia Pacificex-JapanEquities300250AC Asia Pacificex-Japan300250Japan200200EuropeEurope150US150US100100Japan50'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '1350'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '1339Source: MSCI, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Earnings Per Share (EPS) is Forward EPS (Next 12 Months). Dividend Per Share (DPS) is Trailing DPS (Last 12 Months).Data reflect most recently available as of 30/9/13.

Global Sectors: ReturnsEquities5-yrs('08 - '12)2008 2009 2010 2011 2012 . 3Q '13 YTD '13 Ann. Ret.H ealthC areM aterialsC o ns.D isc.H ealthC areF inancialsM aterialsC o ns.D isc.C o ns. Stp.-21.4% 70.1% 25.2% 8.9% 28.7% 11.7% 26.2% 5.9%C o ns. Stp. IT Industrials C o ns. Stp.C o ns.D isc.IndustrialsH ealthC areH ealthC are-24.0% 58.1% 23.8% 7.8% 23.5% 10.9% 24.7% 4.4%. .C o ns.H ealth C o ns.C o ns.UtilitiesM aterials T eleco msIndustrialsD isc.C are D isc.D isc.-30.4% 43.7% 21.6% -0.4% 17.8% 10.2% 18.9% 4.0%T eleco ms F inancials C o ns. Stp. Energy Industrials IT T eleco ms IT-35.6% 36.7% 14.2% -3.0% 16.1% 8.6% 14.6% 1.4%Energy Energy Energy IT IT Energy F inancials Industrials-42.2% 33.3% 11.5% -4.4% 15.3% 7.8% 14.3% -1.7%C o ns.D isc.Industrials IT Utilities C o ns. Stp. T eleco ms IT T eleco ms-42.3% 29.0% 11.3% -4.6% 14.5% 7.5% 13.7% -2.1%IT C o ns. Stp. T eleco msC o ns.D isc.M aterials F inancials C o ns. Stp. M aterials-44.6% 24.2% 11.3% -5.2% 11.0% 7.5% 12.6% -2.8%IndustrialsH ealthC areF inancials Industrials T eleco msH ealthC areUtilitiesEnergy-45.0% 19.5% 6.5% -10.2% 8.1% 6.6% 8.2% -3.1%M aterialsT eleco msH ealthC areF inancials Energy Utilities Energy Utilities-51.9% 16.5% 2.9% -19.3% 2.5% 3.9% 7.6% -5.7%F inancials Utilities Utilities M aterials Utilities C o ns. Stp. M aterials F inancials-53.9% 9.7% 0.0% -21.5% 2.4% 3.1% -4.5% -7.0%Global Sector Performance*Index, rebased 2007 = 10018014010060CyclicalsFinancialsDefensives20'07 '08 '09 '10 '11 '12 '13Global Cyclicals vs. Defensives*Index, rebased 2007 = 100130100CyclicalsOutperformanceDefensivesOutperformance70'07 '08 '09 '10 '11 '12 '1340Source: MSCI, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Sector returns are total (net) returns based on MSCI indices in US dollar terms. 5-yr data is used to calculate annualized net total returns (Ann.),reflecting the period from 1/1/08 – 31/12/12.* Based on MSCI AC World GICS Sectors. Cyclical sectors include Consumer Discretionary, Industrials, Information Technology, Materials and Energy.Defensive sectors include Consumer Staples, Utilities, Telecommunication Services, and Health Care.Data reflect most recently available as of 30/9/13.

United States: Source of Earnings, Corporate Profits and LeverageS&P 500 Year-over-Year EPS GrowthGrowth broken into revenue growth and margin expansion, quarterly50%Margin Share of EPS GrowthRevenue Share of EPS Growth25%0%Equities-25%-50%'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13Adjusted After-Tax Corporate Profits (% of GDP)Includes inventory and capital consumption adjustments12% 6/2013:10.1%10%Total LeverageS&P 500, ratio of total debt to total equity, quarterly240%220%200%8%6%Average: 6.3%180%160%Average: 172%4%140%120%9/2013:104%2%'65 '70 '75 '80 '85 '90 '95 '00 '05 '10100%'94 '96 '98 '00 '02 '04 '06 '08 '10 '1241Source: FactSet, Standard & Poor’s, BEA, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top) EPS based on operating earnings per share. 2Q13 figures are Standard & Poor’s estimates and based on company filings as of 19/9/13.1Q 2009, 1Q2010 and 2Q2010 reflect -101%, 92% and 51% growth, respectively, in operating earnings and are cut off to maintain a morereasonable scale. Data reflect most recently available as of 30/9/13.

United States: S&P 500 Index at Inflection PointsS&P 500 IndexIndex1,8001,600Mar. 24, 2000P/E (fwd.) = 25.6xIndex level: 1,527Characteristic Mar – 2000 Oct – 2007 Sept – 2013Index level 1,527 1,565 1,682P/E ratio (fwd.) 25.6x 15.2x 14.3xDividend yield 1.1% 1.8% 2.2%10-yr Treasury 6.2% 4.7% 2.6%Oct. 9, 2007P/E (fwd.) = 15.2xIndex level: 1,565Sept. 30, 2013P/E (fwd.) = 14.3xIndex level: 1,682Equities1,400+106%+101%1,2001,000-49%-57%+149%800Dec. 31, 1996Oct. 9, 2002Mar. 9, 2009P/E (fwd.) = 16.0xP/E (fwd.) = 14.1xP/E (fwd.) = 10.3xIndex level: 741Index level: 777Index level: 677600'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '1342Source: Standard & Poor’s, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Latest forward P/E ratio as of 30/9/13.Data reflect most recently available as of 30/9/13.

Europe: Earnings and ValuationsMSCI Europe: Geographical Source of RevenuesEmergingMarkets33%Others3%MSCI Europe EPS and OECD Euro Area CLI*Year-over-year % change40%MSCI Europe EPS20%Index103101EquitiesNorthAmerica18%DevelopedEurope46%0%-20%OECD Euro Area CLI-40%-60%'96 '98 '00 '02 '04 '06 '08 '10 '12999795MSCI Europe and US: Dividend Yields6%5%9/2013: 3.6%MSCI Europe and US: Relative Valuations1.2xEurope / US Forward P/EEurope relativelymore expensivecompared to US4%3%Europe1.0x9/2013: 0.88x2%1%US9/2013: 2.1%0.8xEuroperelatively cheapercompared to US0%'96 '98 '00 '02 '04 '06 '08 '10 '120.6x'96 '98 '00 '02 '04 '06 '08 '10 '1243Source: MSCI, OECD, Morgan Stanley, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”* The OECD Composite Leading Indicators (CLI) are designed to anticipate turning points in economic activity relative to trend and continue to signaldiverging growth patterns across major economies.Total may not sum to 100% due to rounding. Data reflect most recently available as of 30/9/13.

Japan: TOPIX at Inflection PointsTOPIX Index and Japanese YenIndexUSD/JPY3,5002803,00011. Index: 2,881.4EPS: 55.2PER: 48.8xUSD/JPY: 143.8USD/JPY240Equities2,5002,0001,5001,000500TOPIX22. Index: 1,123.1EPS: 37.5PER: 33.0xUSD/JPY: 126.14. Index: 1741.2EPS: 23.8PER: 42.8xUSD/JPY: 107.3343. Index: 982.5EPS: 31.3PER: 31.3xUSD/JPY: 117.255. Index: 782.0EPS: 22.1PER: 16.0xUSD/JPY: 120.46. Index: 1815.0EPS: 84.5PER: 18.5xUSD/JPY: 121.1677. Index: 721.4EPS: 13.8PER: 21.5xUSD/JPY: 97.88. Sep 30, 2013Index: 1194.1EPS: 80.8PER: 13.9xUSD/JPY: 98.18200160120800'80 '85 '90 '95 '00 '05 '104044Source: Thomson Reuters, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”* Latest EPS and forward P/E ratio (PER) as of 19/9/13.Data reflect most recently available as of 30/9/13.

Asia: Valuation AnalysisEquitiesMSCI AC Asia ex-Japan Trailing P/B Valuation AnalysisTrailing P/B ratios since January 1996Subsequent 12-month return120%80%40%0%-40%-80%114%63% 58%12% 8% 8% 2%-16% -12%0.8 - 1.0x 1.0 - 1.2x 1.2 - 1.4x 1.4 - 1.6x 1.6 - 1.8x 1.8 - 2.0x 2.0 - 2.2x 2.2 - 2.4x 2.4 - 2.6x 2.6 - 2.8x 2.8 - 3.0xAsian Equities Trailing P/B Valuation AnalysisAsiaex-JapanMSCI AC Asia ex-Japan Trailing P/BAverage returnSubsequent 12-monthreturns rangeAustralia China Hong Kong India Japan Korea TaiwanLatest P/B* 1.5x 2.0x 1.5x 1.3x 2.5x 1.3x 1.2x 1.8xAverage P/B 1.8x 2.2x 1.9x 1.6x 3.1x 1.7x 1.3x 2.2xRange** 1.4 – 1.7x 1.8 – 2.2x 1.1 – 1.9x 1.2 – 1.5x 2.0 – 2.9x 1.1 – 1.5x 1.0 – 1.3x 1.4 – 2.1xTotal # of times*** 56 80 79 62 91 41 54 102-40%-58%Average return 11% 10% 16% 15% 21% 1% 17% 10%% of times positive 71% 86% 70% 71% 70% 44% 70% 75%Average return (+) 21% 13% 35% 26% 36% 20% 32% 18%% of times negative 29% 14% 30% 29% 30% 56% 30% 25%Average return (-) -12% -6% -27% -11% -14% -13% -17% -12%45Source: MSCI, Bloomberg, J.P. Morgan Asset Management “Guide to the Markets – Asia.”* Latest P/B ratio as of 30/9/2013.** Each range is estimated based on +/- 0.5 standard deviation from the latest P/B ratio of individual Asian equity indices using MSCI data from January 1996.*** The number of times the P/B ratio of an individual Asian equity index has fallen within the standard deviation range (i.e. sampling size). The total sampling size sinceJanuary 1996 included in the valuation analysis is 201 months.Data reflect most recently available as of 30/9/13.

Emerging Markets: Share and Composition of GDP and EarningsEM Share of Global GDP% of Nominal GDP (in USD)Share of Global GDPBased on nominal GDP, 201240%30%20%US22%OtherDev.9%EM38%Equities10%0%'88 '92 '96 '00 '04 '08 '12Japan8%EuropeanUnion23%MSCI EM Earnings% of Global Market EarningsWeight in MSCI AC World Index% of Global Market Capitalization40%30%Other Dev.12%EM11%20%10%US48%EuropeanUnion21%Japan8%0%'88 '92 '96 '00 '04 '08 '1246Source: MSCI, I/B/E/S, IMF, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Total may not sum to 100% due to rounding.Data reflect most recently available as of 30/9/13.

Emerging Markets: Returns10-yrs ('03 - '12)2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 . 3Q '13 YTD Ann. Ret. Ann. Vol.T urkey Indo nesia R ussia C hina B razilSo uthA fricaB razilSo uthA fricaIndo nesia T urkey R ussia R ussia Indo nesia T urkey125.3% 50.6% 73.1% 82.9% 79.6% -37.9% 128.1% 34.2% 6.0% 64.2% 13.6% 0.4% 28.2% 41.6%B razil M exico B razil Indo nesia T urkey M exico Indo nesia Indo nesia M exico M exico C hina C hina B razil R ussiaEquities114.4% 48.3% 56.4% 73.8% 74.1% -42.9% 126.2% 33.9% -12.1% 29.1% 12.2% -0.2% 25.8% 35.9%. 35.9So uthSo uthSo uth A sia ex-C hinaT urkey R ussia India C hina R ussia M exicoIndiaT urkey B razilA fricaA fricaA frica Japan87.6% 44.9% 56.1% 55.6% 73.1% -50.8% 104.2% 27.6% -14.4% 26.0% 8.8% -0.3% 22.6% 32.8%India T urkey M exico India C hinaA sia ex-JapanIndiaIndiaA sia ex-JapanC hina B razil EM E M exico Indo nesia78.3% 41.4% 49.1% 51.0% 66.2% -52.4% 102.8% 20.9% -17.3% 22.7% 8.4% -4.4% 19.7% 32.6%Indo nesia B razil India B razil Indo nesia EM E T urkey T urkey C hinaA sia ex-JapanEM E M exico C hina India76.5% 35.9% 37.6% 45.3% 54.2% -53.3% 97.5% 20.8% -18.4% 22.4% 5.8% -7.4% 19.3% 32.5%R ussia EM E EM E M exicoA sia ex-JapanB razilEM E75.1% 25.6% 34.0% 41.4% 40.1% -56.2% 78.5% 19.6% -18.4% 18.7% 5.7% -8.3% 18.0% 28.3%EM EIndiaSo uthA fricaA sia ex-JapanEM EIndo nesiaA sia ex-JapanA sia ex-JapanEM ESo uthA fricaA sia ex-JapanSo uthA fricaR ussia R ussia EM E M exico B razil55.8% 19.1% 28.3% 33.3% 39.4% -56.5% 72.1% 19.1% -19.6% 18.2% -1.7% -11.1% 17.8% 26.9%A sia ex-JapanA sia ex-JapanA sia ex-JapanIndiaSo uthA fricaEM E R ussia T urkey C hina EM E B razil R ussia India India EM E EM E46.6% 17.3% 22.7% 32.2% 24.5% -62.3% 62.3% 18.9% -21.8% 13.7% -5.3% -12.8% 16.5% 24.1%So uthA fricaR ussiaC hinaSo uthA fricaSo uthA fricaIndiaSo uthA fricaB razil T urkey Indo nesia T urkey T urkey45.9% 5.5% 19.8% 20.5% 18.1% -64.6% 57.8% 6.5% -35.4% 4.6% -6.7% -14.7% 14.6% 23.9%M exico C hina Indo nesia T urkey M exico R ussia M exico C hina India B razil Indo nesia Indo nesia R ussia32.8% 1.9% 15.1% -7.2% 12.2% -73.9% 56.6% 4.6% -37.2% 0.0% -24.0% -19.7% 13.7% 23.1%A sia ex-JapanC hinaSo uthA fricaM exicoA sia ex-JapanSource: MSCI, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Returns are total (net) returns based on MSCI indices in US dollar terms. 10-yr total (net) return data are used to calculate annualized returns (Ann. Ret.) and 10-yrprice return data is used to calculate annualized volatility (Ann. Vol.) and reflect the period 1/1/03 – 31/12/12.47Data reflect most recently available as of 30/9/13.

Emerging Markets: Index CompositionEmergingMarketsAsia exJapanBrazil China Russia India South Africa Turkey Indonesia MexicoCountryCons. Disc. 8.8% 10.1% 4.8% 5.5% n/a 6.9% 21.7% 4.9% 17.1% 8.7%Cons. Staples 8.8% 5.5% 16.4% 6.0% 7.0% 12.2% 6.1% 13.2% 13.8% 27.6%Energy 11.9% 6.3% 15.8% 14.7% 57.7% 12.5% 10.4% 4.2% 4.0% n/aEquitiesFinancials 27.0% 32.5% 29.8% 39.3% 17.5% 23.0% 26.5% 51.6% 35.3% 16.5%Health Care 1.5% 1.3% 0.7% 1.2% n/a 7.4% 5.8% n/a 2.7% 0.9%Industrials 6.2% 8.8% 4.9% 6.1% n/a 3.8% 3.9% 12.7% 3.8% 8.6%Technology 15.1% 19.3% 2.7% 9.2% n/a 20.8% n/a n/a n/a n/aMaterials 9.8% 6.0% 17.0% 3.3% 7.1% 6.7% 11.9% 3.9% 6.5% 18.6%Sector WeightsTelecom 7.6% 6.5% 2.8% 11.6% 9.1% 2.8% 13.6% 9.6% 11.2% 19.1%Utilities 3.2% 3.8% 5.2% 3.2% 1.5% 3.9% n/a n/a 5.7% n/aForward P/E 10.5x 11.1x 11.0x 9.0x 5.5x 14.2x 14.2x 9.8x 13.7x 17.3xP/EDividend Yield 2.8% 2.6% 4.5% 3.4% 3.8% 1.5% 3.0% 2.7% 2.8% 1.4%DivTrailing P/B 1.5x 1.5x 1.4x 1.5x 0.7x 2.5x 2.4x 1.6x 3.3x 2.8xP/BROE 12.6% 12.0% 10.0% 14.8% 13.9% 15.5% 14.7% 16.1% 20.5% 13.7%ROEBeta (β) 1.3 1.2 1.5 1.3 1.6 1.5 1.3 1.6 1.4 1.2β48Source: MSCI, FactSet, Bloomberg, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Index weights are based on MSCI indices. Beta is calculated against MSCI AC World Index.Please see disclosure page at end for index definitions.Data reflect most recently available as of 30/9/13.

Global Dividend IncomeEquity Dividend Yield10-year government bond yield6%4.5%4%3.6% 3.7% 3.5%3.0%2.6%2.8% 2.5%2%2.1% 1.9%Dividend Yield vs. EPS Growth3-year average5%AustraliaPoland4%EuropeAsia Pacific countriesOther EM countriesRegionsBrazilTaiwanEquities0%REIT Dividend Yield6%4.2% 4.5% 4.8% 4.6%4%3.8%10-year government bond yield6.0%5.4% 5.8% 4.0%3.2%Dividend Yield3%2%1%Hong KongAP ex JpChinaMalaysiaSouth AfricaTurkeyThailandRussiaEMPhilippinesIndonesiaUSMexicoKorea India2%0%0%-1% 4% 9% 14% 19% 24%EPS growth49Source: FactSet, NAREIT, Standard & Poor’s, Ibbotson, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Left) Yields shown are for the appropriate MSCI index.(Bottom Left) Yields shown are for the appropriate FTSE NAREIT REIT index, which excludes property development companies.(Right) Yield and EPS growth are average values over the last 3 years from respective MSCI indices and S&P 500.Data reflect most recently available as of 30/9/13.

Asia Dividend IncomeMSCI Asia ex-Japan: Performance by Dividend YieldUSD cumulative total return of quintiles with quarterly rebalancing (Jan. 2000 base = 100)1,000800600400Top Quintile2 nd Quintile3 rd Quintile4 th QuintileBottom QuintileAll StocksEquities2000'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13Total Return: Dividends vs. Capital AppreciationAverage annualized returns over 10 years30%20%10%0%2.3%4.7%3.2% 2.8%6.0%8.0%4.4% 7.4% 8.7%11.5%9.5% 8.9%7.3%10.3%7.2%9.2%12.4% 12.1%10.8% 10.6%16.9% 17.2%3.8%6.1%7.0%7.4%7.5%11.2%7.3%12.4%6.1%11.1%14.3% 14.8%3.3%DividendsCapital AppreciationAsia Pacific Other EM Regions5.5%5.4% 5.3%6.7%6.2%9.0% 10.1%Japan Taiwan Hong Kong Korea Singapore Australia Malaysia China Thailand Philippines Indonesia Russia Poland South Africa Turkey Mexico Brazil US Europe AC Asia EMPacific ex JP (EmergingMarkets)Source: FactSet, MSCI, CLSA, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Data reflect most recently available as of 30/9/13.50

Global Fixed Income: Yields and ReturnsGlobal Bond OpportunitiesUS High YieldLocal CCY EMDEM CorporatesYTM6.8%6.3%6.1%Duration*(Years)4.24.76.35-yrs('08 - '12)2008 2009 2010 2011 2012 . 3Q '13 YTD '13 Ann. Ret.Fixed Income Sector ReturnsUS Tre a s US HY US HY US Tre a sLoc a lEMDUS HY US HY US HY13 . 7 % 5 8 .2 % 15 . 1% 9 .8 % 19 . 9 % 2 .3 % 3 .7 % 10 .3 %Loc a l US D US D Loc a lUSDUS Agg EM CorpCa shEMD EMD EMD EMDEMD5 . 2 % 4 1. 7 % 13 . 1% 8 .5 % 18 . 5 % 1.8 % . 0 .0 % . 10 .3 %Ca shUS DAsia nEM CorpUS IGCorpEM Corp EM Corp US Agg EM Corp1.8 % 2 8 .3 % 13 . 1% 8 .1% 16 . 7 % 1.3 % - 1.9 % 9 .9 %USD EMD6.0%6.9Loc a lAsia nUS DEMDLoc a lAsia nUS AggUS HYUS DAsia nUS Tre a sUSDAsia n1.0 % 2 8 .2 % 12 . 2 % 7 .8 % 15 . 8 % 1.3 % - 2 . 0 % 8 .7 %Fixed IncomeUSD Asian BondLocal CCY Asian BondUS IG Corporates5.3%4.2%3.3%5.35.56.9US IG US IG US D Loc a l US D US D US IG US IGCorp Corp EMD Asia n Asia n EMD Corp Corp- 4 .9 % 18 . 7 % 12 . 0 % 5 .0 % 14 . 3 % 0 .9 % - 2 . 6 % 7 .9 %Loc a lEMDLoc a lEMDUS DAsia nUS HYUS IGCorpUS IGCorpUS DAsia nLoc a lEMD- 6 .9 % 16 . 6 % 10 . 6 % 5 .0 % 9 .8 % 0 .8 % - 2 . 9 % 6 .1%US DAsia nLoc a lAsia nUS IGCorpUS DAsia nLoc a lAsia nUS AggEM CorpLoc a lAsia n- 9 .8 % 6 .3 % 9 .0 % 4 .1% 8 .9 % 0 .6 % - 4 . 0 % 6 .1%US Aggregate2.3%5.5US DEMDUS Agg US Agg EM Corp US Agg US Tre a sLoc a lEMDUS Agg- 10 .9 % 5 .9 % 6 .5 % 3 .5 % 4 .2 % 0 .1% - 4 . 8 % 5 .9 %US TreasuryCash1.2%0.0%5.10.2EM Corp Ca sh US Tre a s Ca sh US Tre a s Ca shLoc a lAsia nUS Tre a s- 16 .2 % 0 . 1% 5 .9 % 0 .1% 2 .0 % 0 .0 % - 5 . 5 % 5 .4 %US HY US Tre a s Ca shLoc a lEMDCa shLoc a lAsia nUS DEMDCa sh- 2 6 . 2 % - 3 .6 % 0 .1% - 6 . 4 % 0 . 1% - 1. 3 % - 7 . 4 % 0 .4 %Source: Bloomberg, Barclays Capital, J.P. Morgan, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Based on Barclays US Aggregate Credit - Corporate High Yield Index (US HY), J.P. Morgan Government Bond Index – EM Global (GBI-EM) (Local CCY EMD), J.P. Morgan Corporate Emerging MarketBond Index (CEMBI) (EM Corp), J.P. Morgan Emerging Market Bond Index Global (EMBIG) (USD EMD), J.P. Morgan Asia Credit Index (JACI) (USD Asian), HSBC Asian Local Bond Index (Local Asian),Barclays US Corporate Investment Grade (US IG Corp), Barclays Capital US Aggregate (US Agg), Barclays Global US Treasury – Bills (3-5 years) (US Treasury) and Barclays US Treasury – Bills (1-3months) (Cash). 5-yr data is used to calculate annualized returns (Ann.). Returns are in USD and reflect the period from 1/1/08 – 31/12/12.51* Duration is a measure of the sensitivity of the price (the value of the principal) of a fixed-income investment to a change in interest rates. Duration is expressed as numberof years. Rising interest rates mean falling bond prices, while declining interest rates mean rising bond prices. Data reflect most recently available as of 30/9/13.

United States: High Yield BondsHigh Yield Spreads and Defaults20%15%10%SpreadsDefault RatesAverage LatestHY Spreads 5.9% 5.1%HY Defaults 4.1% 1.1%5%0%'88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12Fixed IncomeHistorical High Yield Recovery Rates YTDHigh yield bonds, cents on the dollar706050Average: 41.2¢403020100'88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12Annual High Yield Bond Issuance YTDUSD billions4003002001000'86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '1252Source: US Treasury, Moody’s, J.P. Morgan Economics, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top) Default rates are defined as the par value percentage of the total market trading at or below 50% of par value and include any Chapter 11 filing, prepackaged filing ormissed interest payments. Yield-to-worst is defined as the lowest potential yield that can be received on a bond without the issuer actually defaulting andreflects the possibility of the bond being called at an unfavorable time for the holder. Spreads indicated are benchmark yield-to-worst less comparablematurity Treasury yields. Recovery rates and issuance are as of 3/9/13.Data reflect most recently available as of 30/9/13.

Asia: Sovereign Debt and Credit MarketsFixed Income2-year Government Bond Yields14%12%10%8%6%4%Yield-to-MaturityCountry (30/9/13)India 8.7%Indonesia 7.2%China 3.6%Malaysia 3.2%Thailand 3.0%Korea 2.8%Australia 2.5%Philippines 2.0%US 0.3%US and Asia High Yield CorporatesSpread over Treasuries, basis points3,0002,5002,0001,5001,000500Average0'99 '01 '03 '05 '07 '09 '11 '13Asia Pacific Corporate Default summary8%6%Default TotalIG DefaultHY DefaultLatestAsia HY spreads 613 541US HY spreads 642 5082%4%2%0%'09 '10 '11 '12 '130%'99 '01 '03 '05 '07 '09 '1153Source: Bond Radar, FactSet, Bloomberg, J.P. Morgan Economics , J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Right) Asia high yield is represented by combining the J.P. Morgan Asia Credit Index (JACI). The New JACI Index replaced the Old JACI Index inJanuary 2006 after it was discontinued. US high yield is represented by the J.P. Morgan Domestic High Yield Index.Data reflect most recently available as of 30/9/13.

Emerging Markets and Asia: Sovereign DebtUS and Emerging Markets Sovereign Debt YieldsYield to maturity16%12%8%Emerging MarketSovereign (USD)AverageSince 2002LatestEmerging Market Sovereign (USD) yields 7.5% 6.1%Emerging Market Sovereign (LCY) yields 7.2% 6.9%10-year US Treasury yields 3.6% 2.6%Emerging Market Sovereign(Local Currency)4%10-year US TreasuryFixed Income0%'02 '04 '06 '08 '10 '12EM and Asia Credit Ratings on Foreign Currency Long-Term DebtAAAAAA+A-BBBBB+BB-BAsia2000 2007 CurrentNon - AsiaInvestmentGradeThresholdSingapore China Korea Malaysia Thailand Philippines India Indonesia Poland SouthAfricaMexico Brazil TurkeySource: Standard & Poor’s, J.P. Morgan Economics, US Federal Reserve, Bloomberg, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top) The J.P. Morgan EMBI Plus (EMBI+) is used to represent EM sovereign (USD) yields. The J.P. Morgan GBI-EM Global Composite is used to represent EMsovereign local currency yields.54Data reflect most recently available as of 30/9/13.

Emerging Markets and Asia: CurrenciesCurrency Valuation, Current Account and Nominal Yields20%SingaporeFixed IncomeCurrent Account as % of GDP (2013 Forecast)15%10%5%0%-5%Bubble size = nominal 5-yeargovernment bond yield5%IndiaTaiwanPhilippines KoreaSouth AfricaMexicoPolandMalaysiaChinaRussiaBrazilThailandIndonesia-10%AustraliaAsia Pacific countriesTurkeyOther EM countries-5 -4 -3 -2 -1 0 1 2 3REER currency valuations (standard deviations away from mean)Source: IMF, Bloomberg, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Current account forecasts are provided by IMF, based on the April 2013 World Economic Outlook.REER is the real effective exchange rate of a currency against a basket of its main trading partners’ currencies adjusted for inflation.Data reflect most recently available as of 30/9/13.55

Currencies: Real Effective Exchange RatesUSD Trade Weighted Index160REER10-year moving averageEUR Trade Weighted Index120REER10-year moving average140+ 1.5 stdev.100+ 1.5 stdev.120100-1.5 stdev.80'80 '84 '88 '92 '96 '00 '04 '08 '1280-1.5 stdev.60'80 '84 '88 '92 '96 '00 '04 '08 '12Fixed IncomeGBP Trade Weighted Index130+ 1.5 stdev.110REER10-year moving averageJPY Trade Weighted Index160140REER10-year moving average+ 1.5 stdev.9012070-1.5 stdev.50'80 '84 '88 '92 '96 '00 '04 '08 '12100-1.5 stdev.80'80 '84 '88 '92 '96 '00 '04 '08 '12Source: J.P. Morgan, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”REER is the real effective exchange rate of a currency against a basket of its main trading partners’ currencies adjusted for inflation. REER is rebased to 100 in January 1980. Anupward moving line indicates a strengthening currency.56Data reflect most recently available as of 30/9/13.

Currencies: Valuation and External VulnerabilityGlobal Currencies Valuation Based on PPP*100%50%0%-50%-63%DM CurrenciesEM Currencies-43% -42% -41% -41%OvervaluedRelative to PPP2% 6% 7%-25% -17% -16% -10%-37%-32% -31% -30% UndervaluedRelative to PPP18%33% 42%76%Fixed In ncome-100%INR THB MYR PHP ZAR IDR TRY MXN RMB KRW RUB SGD BRL JPY EUR GBP CAD NZD AUD CHFShort-term t External Debt as % of Foreign Reserves (Excluding Gold)350%313% 310%1997300%283%2012250%200%150%100%50%0%211%145%146%119%108%94% 97%66%46%55%49%55%35%40%26%29%30% 36%17%Korea Brazil South Africa Indonesia Thailand Mexico Philippines Turkey Malaysia China India57Source: IMF, Reserve Bank of India, Turkish Undersecretariat of Treasury, J.P. Morgan Asset Management “Guide to the Markets – Asia.”*Purchasing Power Parity (PPP) is the rate of exchange between two currencies that gives them equal purchasing powers in their own economies. Allcurrencies are US dollar per foreign currencies. Undervalued/Overvalued based on the spot rate against the IMF 2013 Implied PPP Conversion Rateexcept EUR, which is based on OECD 2012 Implied PPP Conversion Rate. Data reflect most recently available as of 30/9/13.

Asset Class ReturnsOther Assets andInvestor Behaviour10-yrs ('03 - '12)2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 . 3Q '13 YTD '13 Ann. Ret. Ann. Vol.Asia e x-Ja pa nUS REITsAsia e x-Ja pa nUS REITsAsia e x-Ja pa nUS BondsAsia e x-Ja pa nUS REITsUS REITsAsia e x-Ja pa nUSEquitie sUSEquitie sAsia e x-Ja pa n4 7 .0 % 3 1.5 % 2 3 .2 % 3 5 .9% 4 0 .5 % 5 .2 % 7 2 .5 % 2 8 .5 % 8 .7 % 2 2 .7 % 5 .9% 2 0 .5 % 15 .0 % 2 6 .1%US REITsAsia e x-Ja pa nCmdtyAsia e x-Ja pa nCmdtyCa shUS HighYie ldAsia e x-Ja pa nEMDEMDAsia e x-Ja pa nUS REITsUS REITs3 6 .7 % 17 .7 % 17 .5 % 3 3 .7% 11.1% 1.8 % 5 8 .2 % 19 .9 % 8 .5 % 18 .5 % 5 .9% 4 .3 % 11.6 % 2 3 .1%. .US HighY ie ldBa la nc e d US REITs Ba la nc e d Ba la nc e d EMD Ba la nc e d Cmdty US Bonds US REITs Ba la nc e d2 9 .0 % 13 .2 % 12 .1% 17 .3% 10 .2 % - 10 .9 % 3 7 .2 % 16 .7 % 7 .8 % 17 .8 % 2 .8% 3 .7 % 11.6 % 18 .4 %USEquitie sEMDEMDUSEquitie sUS BondsUS HighY ie ldUS REITsBa la nc e dUS HighY ie ldUSEquitie sUS HighY ie ldUS HighY ie ldBa la nc e d2 8 .7 % 11.7 % 10 .7 % 15 .8% 7 .0 % - 2 6 .2 % 2 8 .6 % 15 .4 % 5 .0 % 16 .0 % 2 .3% 3 .3 % 10 .6 % 14 .8 %EMDUS HighY ie ldUS REITsAsia e x-Ja pa nCmdtyUSEquitie sUS HighUS HighUS High US US HighBa la nc e dBa la nc e dEMD Ba la nc e d EMDCmdty Ca sh Ba la nc e d Ba la nc e dY ie ldY ie ldY ie ld Equitie s Y ie ld2 8 .6 % 11.1% 10 .1% 11.8% 6 .3 % - 2 8 .4 % 2 8 .2 % 15 .1% 2 .1% 15 .8 % 2 .1% 0 .0 % 10 .2 % 12 .1%EMDUSEquitie sUSEquitie sEMDUSEquitie sCmdtyUSEquitie sUSEquitie sCa sh Ba la nc e d EMDAsia e x-Ja pa nUSEquitie s2 5 .7 % 10 .9 % 4 .9 % 9 .9 % 5 .5 % - 3 6 .6 % 2 6 .5 % 15 .1% 0 .1% 15 .0 % 0 .9% - 0 .1% 7 .1% 11.4 %Cmdty Cmdty Ca sh Ca sh Ca shUSEquitie sCmdty EMD Ba la nc e d US Bonds US Bonds US Bonds US Bonds EMD2 2 .7 % 7 .6 % 3 .0 % 4 .8 % 4 .8 % - 3 7 .0 % 18 .7 % 12 .0 % 0 .0 % 4 .2 % 0 .6% - 1.9 % 5 .2 % 8 .9 %US BondsUS BondsUS HighY ie ldUS BondsUS HighY ie ldUS HighYie ldUS REITs US Bonds US Bonds Cmdty Ca sh Ca sh EMD Cmdty US Bonds4 .1% 4 .3 % 2 .7 % 4 .3 % 1.9 % - 3 8 .0 % 5 .9 % 6 .5 % - 13 .4 % 0 .1% 0 .0% - 7 .4 % 2 .3 % 3 .6 %Ca sh Ca sh US Bonds Cmdty US REITsAsia e x-Ja pa nCa shCa shAsia e x-Ja pa nCmdty US REITs Cmdty Ca sh Ca sh1.0 % 1.2 % 2 .4 % - 2 .7% - 16 .8 % - 5 2 .2 % 0 .1% 0 .1% - 17 .1% - 1.1% - 2 .0% - 8 .6 % 1.7 % 0 .0 %Source: MSCI, Dow Jones, Standard and Poor’s, Barclays Capital, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”The “Balanced” portfolio assumes the following weights: 20% in the S&P 500 (US Equities), 20% in the MSCI Asia ex Japan (Asia ex Japan), 15% in the J.P. Morgan EMBIG Index(EMD), 10% in the Barclays Capital Aggregate (US Bonds), 15% in the Barclays US Corporate High Yield Index (US High Yield), 5% in the DJ UBS Commodity Index (Cmdty), 10%in MSCI US REITs Index (US REITs) and 5% in Barclays US Treasury – Bills (1-3 months) (Cash). Balanced portfolio assumes annual rebalancing. All data except commoditiesrepresent total return in US dollar terms for the stated period. 10-yr total return data is used to calculate annualized returns (Ann. Ret.) and 10-yr price return data is used tocalculate annualized volatility (Ann. Vol.) and reflect the period 1/1/03 – 31/12/12. Please see disclosure page at end for index definitions.Data reflect most recently available as of 30/9/13.58

Asset Class Correlations10-year CorrelationsAsia ex-JapanEMEquitiesUSEquitiesLocal CCY USDAsian Bond Asian BondLocal CCYEMDUSDEMDEMCorpUS HighYieldUS IGCorpUSAggCmdtyGlobalREITsAsia ex-Japan 1.00 0.97 0.76 0.55 0.60 0.34 0.63 0.62 0.71 0.45 0.13 0.56 0.66EM Equities 0.98 1.00 0.78 0.53 0.59 0.33 0.64 0.62 0.70 0.41 0.11 0.62 0.68US Equities 0.76 0.80 1.00 0.50 0.52 0.30 0.55 0.55 0.72 0.32 0.03 0.51 0.85Local CCYAsian Bond0.72 0.70 0.50 1.00 0.60 0.70 0.67 0.57 0.54 0.56 0.47 0.38 0.64USD Asian Bond 0.66 0.62 0.47 0.82 1.00 0.63 0.93 0.97 0.72 0.81 0.64 0.41 0.64Local CCY EMD 0.34 0.33 0.18 0.76 0.74 1.00 0.69 0.58 0.36 0.56 0.59 0.09 0.49USD EMD 0.58 0.57 0.41 0.83 0.92 0.83 1.00 0.92 0.75 0.80 0.65 0.43 0.70EM Corp 0.77 0.75 0.60 0.85 0.97 0.69 0.89 1.00 0.75 0.83 0.61 0.44 0.63US High Yield 0.85 0.83 0.80 0.68 0.76 0.42 0.68 0.85 1.00 0.62 0.24 0.46 0.80Other Assets andInvestor Behaviour59US IG Corp 0.34 0.26 0.05 0.62 0.71 0.66 0.69 0.67 0.53 1.00 0.82 0.28 0.49US Agg -0.07 -0.15 -0.31 0.41 0.47 0.64 0.53 0.35 0.11 0.85 1.00 0.06 0.25Cmdty 0.67 0.70 0.69 0.65 0.53 0.35 0.50 0.60 0.61 0.15 -0.09 1.00 0.48Global REITs 0.70 0.70 0.79 0.75 0.73 0.61 0.70 0.81 0.86 0.44 0.14 0.64 1.003-year CorrelationsSource: FactSet, Bloomberg, MSCI, Standard & Poor’s, Barclays Capital, DJ UBS, J.P. Morgan Economics, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Correlations based on MSCI AC Asia ex-Japan (Asia ex-Japan), MSCI Emerging Markets (EM Equities), S&P 500 (US Equities), HSBC Asian Local Bond Index (Local CCY Asian Bond), J.P.Morgan Asia Credit Index (JACI) (USD Asian Bond), J.P. Morgan Government Bond Index – EM Global (GBI-EM) (Local CCY EMD), J.P. Morgan Emerging Market Bond Index Global(EMBIG) (USD EMD), J.P. Morgan Corporate Emerging Market Bond Index (CEMBI) (EM Corp), Barclays US Corporate High Yield Index (US High Yield),Barclays US Corporate Investment Grade (US IG Corp), Barclays US Capital Aggregate (US Agg), Dow Jones UBS Commodity Index (Cmdty) and FTSEEPRA/NAREIT Developed REITs Index (Global REITs). 10-year correlations are based on monthly returns from 30/9/03 – 30/9/13, except for REITs as data wereunavailable prior to April 2006 and 3-year correlations from 30/9/10 – 30/9/13. Data reflect most recently available as of 30/9/13.

Interest Rates and Equities CorrelationCorrelations Between Monthly Stock Returns and Interest Rate MovementsMonthly MSCI AC Asia ex-Japan and S&P500 returns, change in monthly 10-year US Treasury yield, rolling 2-year correlation0.80.8Asiaex-JapanUSOther Assets andInvestor BehaviourCorrelation Coefficient0.40.0-0.4Positivecorrelationbetween yieldmovements andstock returnsNegativecorrelationbetween yieldmovements andstock returns-0.80% 3% 6% 9%0.40.0-0.4-0.80% 5% 10% 15%10-year US Treasury Yield60Source: MSCI, US Treasury, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Returns are based on price index in USD terms only and do not include dividends. Data available since 1970 for S&P 500 and 1988 for MSCI AC Asiaex-Japan. Data reflect most recently available as of 30/9/13.

United States: Treasury Yields and S&P 500S&P 500 and Benchmark US 2-year yieldsPeriods of tightening by the US Federal Reserve S&P 500 (Left) US 2-year yields (Right)Index2000%10%18009%16008%14007%12006%10005%8004%Other Assets andInvestor Behaviour6004002000'88 '90 '93 '96 '99 '02 '05 '08 '113%2%1%0%61Source: US Federal Reserve, Standard and Poor’s, Bloomberg, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia."Data reflect most recently available as of 30/9/13.

Rate Rise Impact on Different Income Asset ClassesTotal Return Impact in a Rising Rates EnvironmentAsset classes, rolling 3-month average total return (USD), 1994-2013Sectors’ Relative Total Return Impact in a Rising Rates EnvironmentRolling 3-month average total return (USD) relative to MSCI AC World broad index, 1994-2013High Div. EM EquitiesHigh Div. Asia Pac. ex-JP Equities9.1%8.1%ITMaterialEnergy2.2%2.8%3.2%High Div. AC World Equities5.5%Con. Disc.1.5%High Div. DM EquitiesConvertible Bonds4.6%4.1%IndustrialsFinancialsTelecom-2.2%-0.5%1.1%US REITs3.8%Con. Stap.-2.8%Other Assets andInvestor BehaviourUS High Yield2.5%Asian Bonds (USD)1.4%EMD (USD)1.3%EMD (LCL)1.1%IG Corporate -0.7%US Aggregate -0.7%US 10-year Treasury -3.3%-6% -3% 0% 3% 6% 9%HealthcareUtilities-3.7%-3.3%-6% -4% -2% 0% 2% 4%Composition of MSCI High Dividend Equity IndicesDefensives Cyclicals FinancialsMSCI AC World 45.8% 37.8% 16.4%MSCI World (DM) 51.8% 36.5% 11.7%MSCI EM 22.9% 47.7% 29.4%MSCI Asia Pacificex-Japan22.0% 37.6% 40.4%62Source: Barclays, MSCI, J.P. Morgan, BoA Merrill Lynch, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Left) Periods of rising US yields are defined as rolling 3-month periods when the US 10-year Treasury yields increased over 25bps from January 1994 to September 2013,data permitting. Returns are total returns in US dollar terms. Asset classes shown above include MSCI Emerging Markets High Dividend Index (Data since 2001), MSCI ACWorld High Dividend Index (Data since 1999), MSCI World High Dividend Index (Data since 1996), MSCI AC Asia Pacific ex-Japan High Dividend Index (Data since 1999),MSCI US REIT Index (Data since 1996), Barclays US Treasury (10-year) Bellwethers Index, Barclays US Corporate High Yield Index (Data since 2002), Barclays USInvestment Grade Credit Index, Barclays US Aggregative Index, J.P. Morgan EMBI Global Index, J.P. Morgan GBI-EM Broad Composite Index, J.P. Morgan JACI - AsiaCredit Index (Data since 1999) and BofA Merrill Lynch US Convertibles Index. Data reflect most recently available as of 30/9/13.

REITs and ConvertiblesREITs’ Market CompositionCanadaAustralia & 4%New Zealand8%Asia13%Europe13%RoW1% Market Cap(USD Billions)US61%US 680Europe 144Asia 143Australia &New Zealand89Global Convertible Bonds IssuanceUSD billions1208040USEuropeAsia ex-JapanJapanOtherCanada 46Rest of012 World (RoW)1999 2001 2003 2005 2007 2009 2011 2012 2013YTDOther Assets andInvestor BehaviourReal Estate Net Operating Income (NOI) and US GDP15%10%5%0%-5%NOI Growth (YoY)GDP Growth(QoQ annualized)US Convertible Bonds and US EquitiesIndex, total return in USD, rebased 2002 = 100250200150100AnnualizedReturnCorrelation: 0.85AnnualizedVolatilityConvertibles 6.9% 10.8%Equities 5.2% 15.4%BoA Merrill LynchUS ConvertibleMSCI USA-10%'93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '1350'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '1363Source: BCA, BoA Merrill Lynch, MSCI, Bloomberg, FactSet, MacData, NCREIF, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Bottom Left) NOI is lagged four quarters. GDP is smoothed using a two-quarter average.Total may not sum to 100% due to rounding. Data reflect most recently available as of 30/9/13.

Commodities: ReturnsOther Assets andInvestor Behaviour10-yrs('03 - '12)2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 . 3Q '13 Ann.Me ta ls &Me ta ls &Coppe r Crude Oil Me ta ls Crude Oil Gold Coppe r Iron Ore Gold GoldIron OreMining (E)Mining (E)6 7 .8 % 3 6 .9 % 4 0 .5 % 5 3 .9 % 5 7 .2 % 5 . 8 % 14 0 . 2 % 4 2 .8 % 10 .1% 7 .1% 18 . 3 % 19 . 2 %Coppe r Crude Oil Coppe r Coppe rMe ta ls &Mining (E)Gold(E)Me ta lsGold(E)Crude Oil Iron Ore Iron Ore Coppe r4 7 .5 % 3 3 .6 % 3 9 .5 % 4 4 .0 % 5 0 .5 % - 2 4 .6 % 9 7 .5 % 3 2 .7 % 8 . 2 % 4 . 6 % 12 . 8 % 17 . 7 % .Ene rgy Me ta ls & Me ta ls & Ene rgyMe ta ls &Ene rgyGoldMe ta lsCmdty.Coppe rMe ta lsGold(E) Mining (E) Mining (E) (E)Mining (E)(E)(E)4 4 .0 % 2 5 .0 % 3 6 .8 % 4 1. 0 % 3 1. 2 % - 3 6 .6 % 9 0 .2 % 3 0 .2 % - 5 . 0 % 4 . 5 % 8 . 6 % 17 . 0 %Gold(E)Me ta lsGold(E)GoldGoldEne rgy(E)Crude Oil Gold Cmdty. Coppe r Coppe rMe ta ls &Mining (E)4 3 .3 % 2 3 .7 % 2 9 .3 % 2 3 .2 % 3 0 .9 % - 4 3 .4 % 7 7 .9 % 2 9 .6 % - 13 . 4 % 4 . 4 % 8 . 2 % 15 . 6 %Ene rgy(E)Me ta ls &Mining (E)Ene rgy(E)Ene rgy(E)Gold(E)Me ta ls Iron Ore Me ta lsGold(E)Me ta ls &Mining (E)2 5 .6 % 16 .5 % 2 8 .6 % 18 . 2 % 19 . 7 % - 4 9 .2 % 6 5 .9 % 2 3 .8 % - 17 . 4 % 2 . 3 % 7 . 7 % 12 . 2 %GoldGold Me ta ls &Ene rgy Ene rgyCmdty. Cmdty. Me ta lsCmdty. Crude OilIron OreCrude Oil(E)(E) Mining (E)(E) (E)2 2 .7 % 7 .6 % 2 4 .0 % 16 . 6 % 11. 1% - 5 3 .5 % 3 2 .5 % 2 2 .4 % - 18 . 6 % - 0 .1% 7 .1% 11.4 %Gold Gold Gold Crude Oil Coppe r Coppe rEne rgy(E)GoldCmdty. Coppe r Cmdty. Me ta ls19 .4 % 5 .5 % 17 .9 % 0 .0 % 5 .5 % - 5 4 .0 % 2 9 .9 % 16 . 7 % - 2 0 .8 % - 1. 1% 6 . 8 % 9 .1%GoldMe ta ls &GoldCrude OilCmdty. Cmdty. Me ta lsGold Crude Oil Me ta ls Crude Oil Crude Oil(E)Mining (E)(E)4 .2 % - 9 .5 % 17 .5 % - 2 . 7 % - 8 . 3 % - 5 6 .1% 2 4 .4 % 15 .1% - 2 1. 5 % - 7 .1% 6 . 0 % 8 . 3 %Note: Iron Ore data unavailable prior to 2009.Cmdty.Ene rgy(E)Me ta ls &Mining (E)Gold(E)Cmdty.Me ta lsEne rgy(E)Cmdty.18 . 7 % 9 .1% - 2 8 .3 % - 13 . 2 % 2 .1% 2 . 3 %Source: Bloomberg, MSCI, Dow Jones, Standard and Poor’s, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(E) represents equity indices, while the rest represent spot price indices. Based on Crude Spot (WTI Cushing) (Crude Oil), LME Copper 3-Month Futures (Copper), Iron OreSpot (Iron Ore), Gold Spot (Gold), London Metal Exchange (LME) LMEX Metals Index (Metals), MSCI AC Metals and Mining Index (Metals & Mining (E)), MSCI AC Energy(Energy (E)), HSBC Global Mines Gold Mines Index (Gold (E)), and DJ UBS Commodity Index (Cmdty.). 10-yr data are used to calculate annualized returns (Ann.). Thesereturns reflect the period from 1/1/03 – 31/12/12, except for Iron Ore where returns reflect the period from 1/1/09 – 31/12/12 due to data availability.64Data reflect most recently available as of 30/9/13.

Commodities: EnergyNatural Gas PriceUSD / MMBtu1612Net Imports as % of Total US Energy Consumption% of total energy consumption35%30%25%EIA Forecast84Average: USD4.0/MMBtu9/2013:USD3.6/MMBtu20%15%10%5%0 0%'92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '121990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040Other Assets andInvestor BehaviourShale Gas as % of Total US Natural Gas Production100%EIA Forecast75%Other50%25%Shale Gas0%1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040Source: EIA, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”Major Shale Gas Basins by CountryCountries outside EIA scopeCountries within EIA scopeAssessed basins withresource estimateAssessed basins withoutresource estimate(Top Left) Gas price based on NYMEX Natural Gas Futures: One million British thermal units (MMBtu).65Data reflect most recently available as of 30/9/13.

Commodities: Oil DemandShare of Total Petroleum Consumption% of global consumption in 1992 and 2012Africa, 3%MiddleEast, 5%Eurasia,12%AsiaPacific,23%Europe,22%NorthAmerica,30%1992Central &SouthAmerica,6%Oil ImportsNet imports (imports minus exports) as % of GDP, 2012-14.0%ThailandKoreaSingaporeTurkeyIndiaPhilippinesSouth AfricaJapanChinaIndonesiaBrazilAustraliaArgentina-0.8%-0.9%-4.5%9.4%6.9%6.6%5.4%5.3%4.2%3.3%2.9%2.3%1.3%0.7%0.6%MalaysiaVietnamMexicoRussia13.0%-15% -10% -5% 0% 5% 10% 15%Other Assets andInvestor BehaviourAfrica, 4%MiddleEast, 9%Eurasia,5%AsiaPacific,33%Europe,17%NorthAmerica,26%2012 Annual Change in Oil ConsumptionMillion barrels per dayCentral &SouthAmerica,7%3.02.01.00.0-1.0EIA ForecastEM ex ChinaChinaG3Others'10 '11 '12 '13 '1466Source: EIA, IMF, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Left) Eurasia includes Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan,Turkmenistan, Ukraine and Uzbekistan.Total may not sum to 100% due to rounding. Data reflect most recently available as of 30/9/13.

Commodities: GoldWorld Gold Official ReservesTotal holdings, thousand tonnes32% of foreign reserve% of foreign reserve14%Change in World Gold Reserve HoldingsQuarter-on-quarter change, tonnes6003028Total holdings12%10%8%4002000-2006/2013:98.4 tonnes*26'00 '03 '06 '09 '126%-400'00 '03 '06 '09 '12SPDR Gold TrustUSD Billions100Cumulative FlowUSD Bn40Gold PricesUSD / oz2,500Other Assets andInvestor Behaviour806040 NAV200'04 '06 '08 '10 '1230201002,0001,500Gold, Inflation adjusted1,000500Gold0'80 '85 '90 '95 '00 '05 '10Source: World Gold Council, SPDR Gold Shares, Bloomberg, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Left, Top Right) Gold reserves include gold deposits and, if appropriate, gold swapped.67* 98.4 tonnes represents 0.3% change from previous quarter.Data reflect most recently available as of 30/9/13.

Global Investors’ Asset Allocation by RegionSurveyed Retail Investors’ PortfolioFixedIncome25%Equities42%CashandDeposits27%Other6%FixedIncome14%CashandDeposits53%Equities29%Other4%FixedIncome13%CashandDeposits55%Equities32%CashandDeposits77%FixedIncome13%Equities10%US Households European Households Developed Asia Households Emerging Asia HouseholdsInstitutional Investors’ Asset Allocation by GeographyOther Assets andInvestor BehaviourOther4%Asia8%Europe13%NorthAmerica75%North AmericaNorthAmerica20% Europe61%Other6%Asia13%EuropeEurope5%NorthAmerica6%Other4%AsiaAsia84%68Source: Ipreo, BNY Mellon, McKinsey Global Institute, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top) Surveyed retail investors’ portfolio is based on McKinsey Global Institute’s “The emerging equity gap: Growth and stability in the new investorlandscape” survey. Developed Asia includes Singapore, Hong Kong, Korea and Taiwan. Emerging Asia includes India, Indonesia, Malaysia,Philippines, Thailand and Vietnam. (Bottom) Investors’ Asset Allocation by Geography is based on BNY Mellon’s “Asia’s Evolving InvestmentLandscape – Considering Hong Kong, Mainland China and Singapore as Investment Sources” survey, which depicts the asset allocation pattern ofinstitutional clients around the world. Asian investor portfolio covers only Hong Kong, Singapore and Mainland China institutional investors.Total may not sum to 100% due to rounding. Data reflect most recently available as of 30/9/13.

Real Return on Cash and Retirement Trends in AsiaAverage Annual Real Deposit RateBased on respective country’s deposit rate less year-on-year inflation6%2008 – 2013 YTD2000 – 20074%2%0%-2%-4%3.3%1.9%0.6%0.7%1.6%0.6%-0.1% -0.3%-0.1% 0.0%-1.0%-1.4%2.6% 2.6%-1.8%0.3%-3.2% -3.5%-6%Korea Japan Taiwan China Thailand Malaysia India Hong Kong SingaporeAgeing Population% of population over 6540%201020202030Preference on Benefit Allotment% of respondents Monthly Payments80%Lump Sum PaymentOther Assets andInvestor Behaviour30%20%10%0%JapanHongKongTaiwan Korea Singapore China India60%40%20%0%Singapore Hong Kong Korea Taiwan China69Source: UN, CSIS – “The Future of Retirement in East Asia,” IMF, FactSet, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top) Inflation based on the IMF’s April 2013 World Economic Outlook. (Bottom Right) Response to the CSIS survey of non-retired respondents ontheir preference of how the benefit should be paid when they retire. Data reflect most recently available as of 30/9/13.

Fund FlowsOther Assets andInvestor BehaviourCumulative Flows into Stock & Bond FundsUSD Billions, includes both mutual funds and ETFs since 20032,0001,6001,200800400StocksBonds8/2013:USD1,747bn8/2013:USD1,309bn0'03 '05 '07 '09 '11 '13Cumulative Flows into Asian Stock MarketUSD Billions, monthly5004003002001000Asia* ex JapanJapan-100'03 '05 '07 '09 '11 '13Monthly U.S. and International Fund FlowsUSD Billions, difference between flows Into stock and bond funds7550250-25EquitiesExceedBonds8/2013: USD36bn-50Bonds-75 ExceedEquities-100'08 '09 '10 '11 '12 '13Net Foreign Equity Flow into Asian Stock MarketUSD Billions, Net foreign equity flow1612840-40.213.5-0.8-0.9-0.41.19.91.95.45.63Q 2013YTD 2013-0.8-3.4India Indonesia Philippines South Korea Taiwan Thailand70Source: Bloomberg, Investment Company Institute, J.P. Morgan Asset Management “Guide to the Markets – Asia.”(Top Right) Data include flows through August 2013 and exclude ETFs. ICI data are subject to periodic revisions.*Countries include India, Indonesia, Philippines, South Korea, Taiwan and Thailand. Data reflect most recently available as of 30/9/13.

J.P. Morgan Asset Management – Index DefinitionsAll indexes are unmanaged and an individual cannot invest directly in an index. Index returns do notinclude fees or expenses.The S&P 500 Index is widely regarded as the best single gauge of the US equities market. This world-renownedindex includes a representative sample of 500 leading companies in leading industries of the US economy.Although the S&P 500 Index focuses on the large-cap segment of the market, with approximately 75% coverageof US equities, it is also an ideal proxy for the total market. An investor cannot invest directly in an index.The Tokyo Stock Price Index ('TOPIX') is a composite index of all common stocks listed on the First Section ofTokyo Stock Exchange (TSE).The index is basically a measure of the changes in aggregate market value of TSEcommon stocks. The base for the index is the aggregate market value of its component stocks as of the close onJanuary 4, 1968. The aggregate market value is calculated by multiplying the number of listed shares of eachcomponent stock by its price and totaling the products derived there from.The Bombay Exchange Sensitive Index (‘SENSEX), first compiled in 1986, was calculated on a "MarketCapitalization-Weighted" methodology of 30 component stocks representing large, well-established and financiallysound companies across key sectors. The base year of SENSEX was taken as 1978-79. SENSEX today is widelyreported in both domestic and international markets through print as well as electronic media. It is scientificallydesigned and is based on globally accepted construction and review methodology. Since September 1, 2003,SENSEX is being calculated on a free-float market capitalization methodology.The Korea Composite Stock Price Index (‘KOSPI) is market capitalization based index on all common stockslisted on the Stock Market Division of the Korea Exchange (KRX) and excludes preferred stocks. The stock priceindex is calculated using the actual price traded on the market and not the “base price” used for marketmanagement such as establishment of price change limits. When no market price is available for issues that arenot being traded or have halted trading, the latest closing price is used. KOSPI was a assigned a base index of100 set to January 4, 1980.The China Shenzhen Composite Index is an actual market-cap weighted index that tracks the stockperformance of all the A-share and B-share lists on Shenzhen Stock Exchange. The index was developed on April3, 1991 with a base price of 100.The MSCI® EAFE (Europe, Australia, Far East) Net Index is recognized as the pre-eminent benchmark in theUnited States to measure international equity performance. It comprises 21 MSCI country indexes, representingthe developed markets outside of North America.The MSCI Emerging Markets Index SM is a free float-adjusted market capitalization index that is designed tomeasure equity market performance in the global emerging markets. As of June 2007, the MSCI EmergingMarkets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China,Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco,Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization weighted indexthat is designed to measure the equity market performance of developed and emerging markets. As of June 2009the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market countryindices.The following MSCI Total Return Indices SM are calculated with gross dividends:This series approximates the maximum possible dividend reinvestment. The amount reinvested is the dividenddistributed to individuals resident in the country of the company, but does not include tax credits.The MSCI Europe Index SM is a free float-adjusted market capitalization index that is designed to measuredeveloped market equity performance in Europe. As of June 2007, the MSCI Europe Index consisted of thefollowing 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece,Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.The MSCI Pacific Index SM is a free float-adjusted market capitalization index that is designed to measure equitymarket performance in the Pacific region. As of June 2007, the MSCI Pacific Index consisted of the following 5Developed Market countries: Australia, Hong Kong, Japan, New Zealand, and Singapore.The MSCI Europe ex UK Index SM is a free float-adjusted market capitalization weighted index that is designed tomeasure the equity market performance of the developed markets in Europe, excluding the United Kingdom. TheMSCI Europe ex UK Index consists of the following 15 developed market country indices: Austria, Belgium,Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden,and Switzerland.The MSCI Pacific ex Japan Index SM is a free float-adjusted market capitalization index that is designed tomeasure equity market performance in the Pacific region, excluding Japan. As of June 2007, the MSCI PacificIndex consisted of the following 4 Developed Market countries: Australia, Hong Kong, New Zealand, andSingapore.The MSCI USA Index SM is designed to measure the performance of the large and mid cap segments of the USmarket. With 586 constituents, the index covers approximately 84% of the free float-adjusted market capitalizationin the US. The MSCI USA Index was launched on Dec ember 31, 1969.The MSCI China Index SM captures large and mid cap representation across China H shares, B shares, Red chipsand P chips. With 148 constituents, the index covers about 84% of this China equity universe. The MSCI ChinaIndex was launched on December 31, 1992.The MSCI Indonesia Index SM is designed to measure the performance of the large and mid cap segments of theIndonesian market. With 25 constituents, the index covers about 84% of the Indonesian equity universe. The MSCIIndonesia Index was launched on December 31, 1990.The MSCI Korea Index SM is designed to measure the performance of the large and mid cap segments of theSouth Korean market. With 105 constituents, the index covers about 84% of the Korean equity universe. The MSCIKorea Index was launched on December 31, 1989.The MSCI India Index SM is designed to measure the performance of the large and mid cap segments of the Indianmarket. With 71 constituents, the index covers about 84% of the Indian equity universe. The MSCI India Index waslaunched on December 31, 1993.The MSCI Japan Index SM is designed to measure the performance of the large and mid cap segments of theJapan market. With 315 constituents, the index covers approximately 84% of the free float-adjusted marketcapitalization in Japan. The MSCI Japan Index was launched on December 31, 1969.The MSCI Hong Kong Index SM is designed to measure the performance of the large and mid cap segments of theHong Kong market. With 42 constituents, the index covers approximately 84% of the free float-adjusted marketcapitalization of the Hong Kong equity universe. The MSCI Hong Kong Index was launched on December 31,1972.The MSCI Taiwan Index SM is designed to measure the performance of the large and mid cap segments of theTaiwan market. With 113 constituents, the index covers approximately 84% of the free float-adjusted marketcapitalization in Taiwan. The MSCI Taiwan Index was launched on December 31, 1989.West Texas Intermediate (WTI) is the underlying commodity for the New York Mercantile Exchange's oil futurescontracts.The Dow Jones-UBS Commodity Index is composed of futures contracts on physical commodities andrepresents nineteen separate commodities traded on US exchanges, with the exception of aluminum, nickel, andzinc.The Dow Jones-UBS Commodity Subindexes represent commodity groups and sectors, as well as singlecommodities, that make up the Dow Jones-UBS Commodity Index. The subindexes track exchange-traded futuresof physical commodities, and the commodity groups and sectors, like in the case of the broad index, are weightedto account for economic significance and market liquidity. The different subindexes are Energy, Livestock, Grains,Industrial Metals, and Precious Metals.71

J.P. Morgan Asset Management – Index Definitions, Risks and DisclosuresPrice to forward earnings is a measure of the price-to-earnings ratio (P/E) using forecasted earnings. Price tobook value compares a stock's market value to its book value. Price to cash flow is a measure of the market'sexpectations of a firm's future financial health. Price to dividends is the ratio of the price of a share on a stockexchange to the dividends per share paid in the previous year, used as a measure of a company's potential asan investment.Bonds are subject to interest rate risks. Bond prices generally fall when interest rates rise.The price of equity securities may rise, or fall because of changes in the broad market or changes in acompany’s financial condition, sometimes rapidly or unpredictably. These price movements may result fromfactors affecting individual companies, sectors or industries, or the securities market as a whole, such aschanges in economic or political conditions. Equity securities are subject to “stock market risk” meaning thatstock prices in general may decline over short or extended periods of time.Small-capitalization investing typically carries more risk than investing in well-established "blue-chip"companies since smaller companies generally have a higher risk of failure. Historically, smaller companies'stock has experienced a greater degree of market volatility than the average stock.Mid-capitalization investing typically carries more risk than investing in well-established "blue-chip" companies.Historically, mid-cap companies' stock has experienced a greater degree of market volatility than the averagestock.Real estate investments may be subject to a higher degree of market risk because of concentration in aspecific industry, sector or geographical sector. Real estate investments may be subject to risks including, butnot limited to, declines in the value of real estate, risks related to general and economic conditions, changes inthe value of the underlying property owned by the trust and defaults by borrower.International investing involves a greater degree of risk and increased volatility. Changes in currency exchangerates and differences in accounting and taxation policies can raise or lower returns. Also, some markets maynot be as politically and economically stable as other nations. Investments in emerging markets can be morevolatile. The normal risks of international investing are heightened when investing in emerging markets. Inaddition, the small size of securities markets and the low trading volume may lead to a lack of liquidity, whichleads to increased volatility. Also, emerging markets may not provide adequate legal protection for private orforeign investment or private property.Investments in commodities may have greater volatility than investments in traditional securities, particularly ifthe instruments involve leverage. The value of commodity-linked derivative instruments may be affected bychanges in overall market movements, commodity index volatility, changes in interest rates, or factors affectinga particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs andinternational economic, political and regulatory developments. Use of leveraged commodity-linked derivativescreates an opportunity for increased return but, at the same time, creates the possibility for greater loss.Derivatives may be riskier than other types of investments because they may be more sensitive to changes ineconomic or market conditions than other types of investments and could result in losses that significantlyexceed the original investment. The use of derivatives may not be successful, resulting in investment losses,and the cost of such strategies may reduce investment returns.There is no guarantee that the use of long and short positions will succeed in limiting an investor's exposureto domestic stock market movements, capitalization, sector swings or other risk factors. Investing using longand short selling strategies may have higher portfolio turnover rates. Short selling involves certain risks,including additional costs associated with covering short positions and a possibility of unlimited loss on certainshort sale positions.72

J.P. Morgan Asset Management – Risks and DisclosuresThe Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investmentdecision-making, the program explores the implications of current economic data and changing market conditions.The views contained herein are not to be taken as an advice or recommendation to buy or sell any investment in any jurisdiction, nor it is commitment from J.P. Morgan Asset Management or any of its subsidiaries (collectivelyidentified as "JPMAM" ) to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions andcurrent market conditions and are subject to change without previous notice. 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Exchange rate variations may cause the value of investments to increase or decrease. Investments in smallercompanies may involve a higher degree of risk as they are usually more sensitive to market movements. Investments in emerging markets may be more volatile and therefore the risk to your capital could be greater. Further, theeconomic and political situations in emerging markets may be more volatile than in established economies and these may adversely influence the value of investments made. The information presented herein is for the strict use of therecipient who have requested such information and it is not for dissemination to any other third parties without the explicit consent of J.P. Morgan Asset Management. 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