1Source: J.P. Morgan Global Data Watch Global Economic Outlook Summary. Data as of March 28, 2014.* Purchasing power parity adjusted.

Global GDP (PPP* weighted % growth from prior year) 1

Global Growth and Projections

Real GDP by Region (% growth from prior year) 1

United States Asia Euro Area

1.9

4.6

-0.4

2.6

4.4

1.1

2013 2014

2013 2014 2015

2.93.2

3.7

2

1Source: Bloomberg data as of March 28, 2014.Past performance is no guarantee of future results. It is not possible to invest directly in an index.

MSCI All Country World Index Market Cap (12/31/2012 – 12/31/2013) 1

Global Equity Values Rose By Almost $7 Trillion In 20131

3

Dec-12Jan

-13Jan

-13Feb

-13Feb

-13Feb

-13

Mar-13

Mar-13

Mar-13

Apr-13

Apr-13

May-13

May-13

May-13

Jun-13Jun-13

Jun-13Jul-1

3Jul-1

3Jul-1

3

Aug-13

Aug-13

Aug-13Sep

-13Sep

-13Oct-

13Oct-

13Oct-

13

Nov-13

Nov-13

Nov-13Dec-

13Dec-

13Dec-

1336.0

38.0

40.0

42.0

44.0

46.0

48.0

50.0Trillions ($)

+ $6.8 Trillion

1 Source: Federal Reserve Z.1 Release (table B.100). Data as of March 6, 2014.

Real Estate Assets on Balance Sheet of Households and Nonprofit Organizations (year-over-year % change)1

US Real Estate Values up over $2 Trillion During 20131

4

Q1-2011

Q2-2011

Q3-2011

Q4-2011

Q1-2012

Q2-2012

Q3-2012

Q4-2012

Q1-2013

Q2-2013

Q3-2013

Q4-2013

-2.8%-3.6%

-1.7% -1.2%

1.8%

4.3%

6.5%

8.8%

10.4%11.5% 11.8% 11.6%

*Luxury segment defined as homes in U.S. ZIP codes where average per capita income is in the top 0.1% of all U.S. households.1 Drivers of luxury home prices and strength of each driver are based on analysis by the J.P. Morgan Private Bank Economics team. Strength of signal is a comparison of impact of each driver on increasing luxury home prices to the other listed drivers.

What’s Driving Luxury Segment* Prices Higher in the United States?1

5

1 Source: Federal Reserve, J.P. Morgan Private Bank Economics. Data as of March 2013. Past performance is no guarantee of future results. It is not possible to invest directly in an index.

Housing inventory index, 12-month average1

US inventories have tightened, particularly in the luxury space

6

Median market

Luxury market

2 Source: Zillow, Federal Reserve, J.P. Morgan Private Bank Economics. Data as of December 2013.

Housing Price Index (January 1998 = 100) 1

US Luxury Home Prices on an Upswing since Late 2012

Luxury Housing Valuation Index (long-term average = 100) 2

7

In the graph above, the index is based on principal and interest payment on a median price house in top percentile ZIP codes. Assumes 20% down payment at prevailing 30-year fixed-rate mortgage rate.

Past performance is no guarantee of future results. It is not possible to invest directly in an index.

1 Source: Zillow, J.P. Morgan Private Bank Economics. Data as of October 2013 and represents the top home prices in the top 0.1% of all U.S. households. See Index Definitions on last page of this document.

Luxury segment

Median market

8