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

Global Growth and Projections. Global GDP (PPP* weighted % growth from prior year ) 1. Real GDP by Region (% growth from prior year ) 1. 1 Source : J.P. Morgan Global Data Watch Global Economic Outlook Summary. Data as of March 28, 2014. * Purchasing power parity adjusted. 1.

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

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  1. Global Growth and Projections • Global GDP (PPP* weighted % growth from prior year) 1 • Real GDP by Region (% growth from prior year) 1 1Source: J.P. Morgan Global Data Watch Global Economic Outlook Summary. Data as of March 28, 2014. * Purchasing power parity adjusted. 1

  2. Global Equity Values Rose By Almost $7 Trillion In 20131 MSCI All Country World Index Market Cap (12/31/2012 – 12/31/2013) 1 Trillions ($) + $6.8 Trillion 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.

  3. US Real Estate Values up over $2 Trillion During 20131 • Real Estate Assets on Balance Sheet of Households and Nonprofit Organizations (year-over-year % change)1 3 1 Source: Federal Reserve Z.1 Release (table B.100). Data as of March 6, 2014.

  4. What’s Driving Luxury Segment* Prices Higher in the United States?1 *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. 4

  5. US inventories have tightened, particularly in the luxury space • Housing inventory index, 12-month average1 Median market Luxury market 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.

  6. US Luxury Home Prices on an Upswing since Late 2012 • Housing Price Index (January 1998 = 100) 1 • Luxury Housing Valuation Index (long-term average = 100)2 Luxury segment Median market 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. 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. 2 Source: Zillow, Federal Reserve, J.P. Morgan Private Bank Economics. Data as of December 2013. 6 Past performance is no guarantee of future results. It is not possible to invest directly in an index.

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