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°. I I us .! a • ■ versus ID year historical average I s, Sans Drees dent iffooren Nw II 1 Sant Peet* dont acenbeep a.w lP AIR I Page 12 Deutsche Bank AG/London CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107146 CONFIDENTIAL SDNY_GM_00253330 EFTA01451030