EFTA Document EFTA01459675

EM Equities Favor Select Asia Valuations More Attractive 0 7 • a E k e a C 0.6 • '09 '10 '12 '13 15 - MSCI Asia ex Japan P/E (LTM) Relative to MSCI AC World PIE (LTM) - MSCI Latin America PIE (LTM) Relative to MSCI AC World P/E (LTM) - From a valuation basis, Asia looks more attractive than Latin America relative to the MSCI AC World. Sector Exposure More Appealing 300 20.0 10.0 0.0 ro • CO a NEM Asia •EM Latam r -. ill L.. II cD CO - In addition, Asia has mor