J.P. Morgan

1 2 G E O G R A P H I C A L A N D S T R A T E G Y D I V E R S I F I C A T I O N S T I L L M A T T E R EXHIBIT 5: COUNTRY PERFORMANCE HAS BEEN ALL OVER THE MAP Periodic table of annual performance for major trading partners during the past 10 years 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Annual 10 Yr Return Cumulative 10 Yr Return Mexico 48% Russia 73% China 83% Brazil 80% Japan -29% Brazil 128% Mexico 28% United States 1% Germany 31% United States 32% Mexico 16% Mexico 355% Brazil 36% Korea 57% Russia 56% China 66% United States -38% Russia 104% Korea 27% United Kingdom -3% Mexico 29% Germany 31% Brazil 14% Brazil 287% Italy 32% Brazil 56% Brazil 45% Germany 35% Mexico -43% Taiwan 79% Taiwan 22% Korea -12% China 23% Japan 27% China 12% China 222% Canada 22% Mexico 49% Mexico 41% Korea 32% France -43% Korea 71% Canada 20% Mexico -12% France 21% France 26% Korea 12% Korea 206% Korea 22% Canada 28% Germany 36% Canada 30% Canada -46% China 62% Russia 19% Canada -13% Korea 21% United Kingdom 21% Canada 9% Canada 147% United Kingdom 20% Japan 26% France 34% Russia 25% Germany -46% Mexico 57% Japan 15% Japan -14% Taiwan 17% Italy 20% Germany 9% Germany 143% France 18% China 20% Italy 32% France 13% Taiwan -46% Canada 56% United States 15% France -17% United States 15% Taiwan 9% Russia 8% Russia 107% Germany 16% Germany 10% United Kingdom 31% Mexico 12% United Kingdom -48% United Kingdom 43% United Kingdom 9% Germany -18% United Kingdom 15% Canada 6% United Kingdom 7% United Kingdom 98% Japan 16% France 10% Taiwan 20% Taiwan 8% Italy -50% France 32% Germany 8% China -18% Russia 14% Korea 4% United States 7% United States 95% United States 10% United Kingdom 7% Canada 18% United Kingdom 8% China -51% Italy 27% Brazil 7% Russia -20% Italy 12% China 4% France 6% France 81% Taiwan 9% Taiwan 6% United States 15% Italy 6% Korea -55% United States 26% China 5% Taiwan -21% Canada 9% Russia 1% Taiwan 6% Taiwan 77% Russia 5% United States 5% Korea 13% United States 5% Brazil -56% Germany 25% France -4% Brazil -22% Japan 8% Mexico 0% Japan 4% Japan 51% China 2% Italy 2% Japan 6% Japan -4% Russia -74% Japan 6% Italy -15% Italy -23% Brazil 0% Brazil -16% Italy 1% Italy 6% Source: J.P. Morgan, FactSet, MSCI; December 31, 2003 to December 31, 2013. EXHIBIT 4: ECONOMIC GROWTH IS OFTEN UNCORRELATED WITH INVESTOR RETURNS Chinese and Korean economic growth vs. equity market growth -200% -100% 0% 100% 200% 300% 400% 500% 600% 700% Cumulative Growth 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Chinese GDP Chinese Equity Market -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% Cumulative Growth Korean GDP Korean Equity Market China Korea Source: International Monetary Fund, J.P. Morgan Asset Management, FactSet. A P P E N D I X

• Cover