EFTA01459675.pdf

EM Equities Favor Select Asia Valuations More Attractive Sector Exposure More Appealing a 300 NEM Asia •EM Latam r -. e 20.0 E k a 10.0 • C 0.0 ill L.. IIcD CO 07 • ro 0.6 • CO '09 '10 '12 '13 15 — MSCI Asia ex Japan P/E (LTM) Relative to MSCI AC World PIE (LTM) a — MSCI Latin America PIE (LTM) Relative to MSCI AC World P/E (LTM) — From a valuation basis, Asia looks more — In addition, Asia has more exposure to some of attractive than Latin America relative to the MSCI our favorite sectors (e.g. tech, discretionary). AC World. 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) DB-SDNY-0 120284 CONFIDENTIAL SDNY_GM_00266468 EFTA01459675