ontinue to deteriorate 37 Mexico - expensive but still better than the alternatives 39 Chile - continued breakdown of the neo-liberal model 41 CEEMEA 42 South Africa - cheap currency but expensive equities 42 Russia - cheap but fundamentals remain very negative 43 Turkey - risk reward has imp

II December 2013 GEM Equity Strategy Outlook 2014 CEEMEA South Africa - cheap currency but expensive equities The South African equity market is comfortably up in local currency terms over the year-to-da

37 Mexico — expensive but still better than the alternatives 39 Chile — continued breakdown of the neo-liberal EFTA01466398 model 41 CEEMEA 42 South Africa — cheap currency but expensive equities Russia — cheap but fundamentals remain very negative 43 Turkey - risk reward has