EFTA01451003.pdf

11 December 2013 GEM Equity Strategy Outlook 2014 [Figure 20: EM vs DM non-financials Leverage (%) Figure 21: EM vs DM non-financials- Asset turnover (%) fl c rem Fin/noels Aatla£gWy 01/ Non Firimitas 444414164.4, (043) 4, EM Non Franci$4 SoleciAmots 0 110, Fng15 Sakes144son 206 60 OP 06 117 I PS Y36 Of ISO 130 06 26 04 1, 20 01 IS 10 02 06 01 I PS —a 00 00 2003 2(04 2036 2026 2007 2001 2000 2010 2011 2012 2013 2003 2034 2005 21)34 2037 2036 21:011 2010 2011 2012 2013 / 0TiNV Rnse. lP Sant Dei ce /3" 4914 Sown Ottecim -* Scot Rune LP 4) EM consumer-related sectors have relatively positive margin performance. Figure 22: EM vs DM net margins (%) - Consumer Figure 23: EM vs DM net margins (%) - Consumer Discretionary Staples —asa EM -Consumer Discretkonori --44.80 DM - Consumer 863Crebanagy P•ISCI DA • Canurnot Sts4444 MA • Commit 8146144 Net Margin 1%) ""h 14,0 0(% ) IO . 10 1 94 11 T1 5 4 : 0; 24 51 1I o' 4 — — 8 8 8 4 4 g S k s s s t i S S S 2 2 2 2 2 2 2 2 2 San* Ammo% Sot Bkomen CormLP SNOW 0•100.1a** Sone; 00o6.44 LP Regulated sectors have fared bad€y in both EM and DM, but worse in EM; this is especially so in Utilities as governments have reduced returns to capital to help offset the impact of low growth on living standards. Figure 24. EM vs DM net margins (%)- Utilities 'Figure 25: EM vs DM net margins (%) - Telco M SC1 EN. Ut4Mes MSG ON. Mien —NISEI Em. TeleCOmfrmr14•030 811.0606 MN Maw (9.; NO (%) 16 —mSCI DM. Telecocrenuncaticn Seems 20 18 18 12 -r \ 10 4 12 8 10 6 4 1 4 21 2 11111 k i k k 0 1 1 1 1 1 Sam,' Ono-la Ant 814Cmisg SOW LP Son Ora* Gait So:min Minn LP Deutsche Bank AG/London Page 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107091 CONFIDENTIAL SDNY_GM_00253275 EFTA01451003