omberg Finance LP RoE - LHS Source: Deutsche Bank, Bloomberg Finance LP P/BV - RHS Figure 15: EM Financials — P/BV (x) versus RoE (%) Figure 16: DM Financials - P/BV (x) versus RoE (%) 10 12 14 16 18 96 0 2 4 6 8 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 10 12 14 16 18 x 96 -4 -2 0 2 4 6 8