EFTA Document EFTA01450996

Deutsche Bank Markets Research Global GEM Equity Strategy 11 December 2013 Outlook 2014 Strategy Update John-Paul Smith Negative year in prospect but underperformance should slow C;Etvl equities cheapness at aggregate level is misleading We would largely discount the apparent cheapness of GEM equity markets for 3 reasons - 1) Much of the value resides in the financial sector where investors are rightly sceptical about the declared level of NPLs, especially in the BRIC markets; 2) T