11 December 2013 GEM Equity Strategy Outlook 2014 Figure 30: US and EM Absolute PIBV since 1996 (x) (Figure 31: P/BV of US relative to EM (x) ••••••416.0 US @UA501 ti 00 SS 50 45 40 4 36 26 20 14 ,0:— r r v —r v —r 1