EFTA01451030.pdf

I December 2013 GEM Equity Strategy Outlook 2014 [Figure 9: EM markets - Current NEW versus its 10-year !Figure 10: EM markets - Current PiBV relative to EM average IF/BV. versus 10-year historical average Bow I I IliIII , I :1 I ai l IIII li t II 41% l I In [ UMW lijilil l! 1° - Sant °tint* fent Moyne. Anton" LP Scant Dad* Bank doorstep Rance°. I .! Figure It: EM sectors - Current PAW versus its I0-year average us Figure 12: EM sectors - Current PeBV relative o EM NEW, versus ID year historical average a • ■ I AIR s, I Sans Drees dent iffoorenNw II 1 Sant Peet* dont acenbeep a.w lP Page 12 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107146 CONFIDENTIAL SDNY_GM_00253330 EFTA01451030