EFTA01451009.pdf

11 December 2013 GEM Equity Strategy Outlook 2014 Figure 51: Indonesian industry "heavyweights" - Net (Figure 52: Other Indonesian stocks - Net debt to equity debt to equity (x) i1%) 1.9 r 1.6 ens- 1.4 1.2 1.0 0.8 To 31% recently 0.6 C.4 0.2 e "0 9 0. Ste'elite^1 5;11.4 ,1 , ,,45 .;" MO; MYR SMGR 11KM Not 0, / to 21 i. Total —Ne! Debt In f Seine Dan<he SON (Hentoa0 Penn ThArArd Komst 4, 4 Serve? Scant 8(0:~g $0001 0tnct 64•1, IlItnWearo &twat ReerVen1Xeliksen ant Sena' Stan). 6"0"ntie, FA.WICe CP AW4 LP Page 32 Deutsche Bank AG/London CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107108 CONFIDENTIAL SDNY_GM_00253292 EFTA01451009