ober. iFigure 58: Average P/BV ratio of non•state versus state-owned companies • .8;a2i-NonStele 14.0 1 12.0 10.0 8.0 .1 60 4.0 2.0 0.0 I Bnail-Slete Ovoned Apr-04 hter-05 Feb-06 Jen-07 Dec-07 Nov-C6 Oct-09 Sep-10 Aug-11 Jul-12 Jun-13 Sotto. Daft** ant scorlseg Ammo Lo Deutsche Bank AG/London P