11 December 2013 GEM Equity Strategy Outlook 2014 Figure 30: US and EM Absolute PIBV since 1996 (x) (Figure 31: P/BV of US relative to EM (x) ••••••416.0 US ®UA501 ti 00 SS 50 45 40 4 36 26 20 14 ,0:— r r v —r v —r 1 1 1 1 1 1 1 1 1 ;iii Safer Pate.. Pant, tikambeig Ira AI SO 03S a 4 San Pubes Osist bomb, Farwro• aY i s s s s e 4 4 $ 4 x $ 4 Deutsche Bank AG/London Page 17 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107151 CONFIDENTIAL SDNY_GM_00253335 EFTA01451033