ge 14 Deutsche Bank AG/London EFTA01466428 11 December 2013 GEM Equity Strategy Outlook 2014 Figure 20: EM vs DM non-financials — Leverage (%) EM Non Financials Assets/Equity 1.65 1.70 1.75 1.80 1.85 1.90 1.95 2.00 2.05 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Deutsche Bank, Bloomberg Finan