EFTA Document EFTA01451030

I December 2013 GEM Equity Strategy Outlook 2014 9: EM markets - Current NEW versus its 10-year Figure [ !Figure 10: EM markets - Current PiBV relative to EM average IF/BV. versus 10-year historical average Bow :1 I 41% a i l [ UMW 1° - Sant °tint* fent Moyne. Anton" LP I Figure It: EM sectors - Current PAW versus its I0-year Figure 12: EM sectors - Current PeBV relative o EM NEW, average I I IliIII IIII , I I n l l i t I l i j i l i l l ! Scant Dad* Bank doorstep Rance°.