1. Emerging Markets Outlook By Peter Urbani 25 November 2011

2. Why Emerging Markets ? “ A significant transformation of the global economy is well under way. Growth market economies will be the driver of the world economy in the coming decade.” - Jim O'Neill*, Chairman, Goldman Sachs Asset Management *Author of : Building better Economic BRICS

3. Why Emerging Markets ? Source: IMF - WEO Forecasts Sep 2011

4. Why Emerging Markets ? Source: Angus Maddison, The World Economy: A Millennial Perspective p262, IMF - WEO Forecasts Sep 2011

5. Why Emerging Markets ?

6. BRIC and Emerging – High Growth

7. Deflationary forces still in place

8. EM do not share the Debt problems

9. Developed Markets Outlook

10. Emerging Markets Outlook Note: GDP and Pop weights grossed up from 90.865% and 70.154% respectively to reflect missing countries. Total World GDP 70,012 Bn

11. What are ‘Emerging Markets’ ? Source: MSCI

12. Why Emerging Markets ? Source: MSCI

13. Why Emerging Markets ? Source: MSCI

14. US ‘Strong Dollar Policy’ a major driver Source: MSCI , US Federal Reserve

15. US ‘Strong Dollar Policy’ a major driver Source: MSCI , US Federal Reserve

16. Developed Markets Performance Source: MSCI

17. Emerging Markets Performance Source: MSCI

18. Market Inefficiencies ? Source: MSCI , US Federal Reserve

19. Market Inefficiencies ? Source: MSCI , US Federal Reserve

20. Market Inefficiencies ? Source: MSCI , US Federal Reserve

21. Over the longer term there is clear bias towards Value And a general aversion to Growth* * This may just represent the last 10 years poor market conditions USD

22. Over the shorter term there has been some appetite for more Growth probably reflecting investors hunt for yield Large Cap interest may reflect investor concerns over liquidity USD