EM Equities Favor Select Asia Valuations More Attractive 0 7 • a E k e a C 0.6 • '09 '10 '12 '13 15 — MSCI Asia ex Japan P/E (LTM) Relative to MSCI AC World PIE (LTM) — MSCI Latin America PIE (LTM) Relative to MSCI AC World P/E (LTM) — From a valuation basis, Asia looks more attractive than Latin America relative to the MSCI AC World. Sector Exposure More Appealing 300 20.0 10.0 0.0 ro • CO a NEM Asia •EM Latam r -. ill L.. II cD CO — In addition, Asia has more exposure to some of our favorite sectors (e.g. tech, discretionary). Footnotes: Data as of December 31. 2015. Footnotes: Data as of December 2015. Source: FactSt4, Deutsche Bank Wealth Management Source FactSet, Deutsche Bank L'Veatth Management Deutsche Bank Wealth Monlqement 23 CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0 120284 SDNY_GM_00266468 EFTA01459675