11 December 2013 GEM Equity Strategy Outlook 2014 [Figure 20: EM vs DM non-financials Leverage (%) Figure 21: EM vs DM non-financials- Asset turnover (%) fl c rem Fin/noels Aatla£gWy 206 I PS ISO I PS 2003 01/ Non Firimitas 444414164.4, (043) Y36 130 26 1, 20 IS 10 06 —a 00 2(04 2036 2026 2007 2001 2000 2010 2011 2012 2013 Sant Dei ce /3" 4914/ 0TiNV Rnse. lP 4, EM Non Franci$4 SoleciAmots 0 110, Fng15 Sakes144son 60 OP 06 117 Of 06 04 01 02 01 00 2003 2034 2005 21)34 2037 2036 21:011 2010 2011 2012 2013 Sown Ottecim -* Scot Rune LP 4) EM consumer-related sectors have relatively positive margin performance. Figure 22: EM vs DM net margins (%) - Consumer Discretionary —asa EM-Consumer Discretkonori --44.80 DM - Consumer 863Crebanagy ""h 14,0 0(%) IO . 94 11 T1 5 4 : 0; 24 1I o' San* Ammo% Sot Bkomen Corm LP Figure 23: EM vs DM net margins (%) - Consumer Staples P•ISCI DA • Canurnot Sts4444 MA • Commit 8146144 Net Margin 1%) 10 1 51 4 — — 8 8 8 4 4 g S k s s s t i S S S 2 2 2 2 2 2 2 2 2 SNOW 0•100.1 a** Sone; 00o6.44 LP Regulated sectors have fared bad€y in both EM and DM, but worse in EM; this is especially so in Utilities as governments have reduced returns to capital to help offset the impact of low growth on living standards. Figure 24. EM vs DM net margins (%)- Utilities MN Maw (9.; M SC1 EN. Ut4Mes MSG ON. Mien 16 12 -r \ 10 4 8 4 21 1 1 1 1 1 1 k i k k Sam,' Ono-la Ant 814Cmisg SOW LP Deutsche Bank AG/London 'Figure 25: EM vs DM net margins (%) - Telco NO (%) 20 —mSCI DM. Telecocrenuncaticn Seems 18 18 12 10 6 —NISEI Em. TeleCOmfrmr14•030 811.0606 4 2 0 1 1 1 1 1 Son Ora* Gait So:min Minn LP Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0107091 SDNY_GM_00253275 EFTA01451003