EFTA Document EFTA01451012

I December 2013 GEM Equity Strategy Outlook 2014 Figure 59: Brazilian non-financials - FCF/Sales (%), Rolling 12m average -5gx, .100A ; 0" o 0 0 1' 8 8 8 8 B 0 0 0 c' 8 g 0 0 3 8 8 8 3 8 3 8 3 8 3 8 8 8 6 8 8 Source Daboto Bat frceenberg -. IP C.1 8 6 8 8 8 The negative impact of government policies on the economy is likely to continue to emerge on both a micro and a macro basis in 2014. DB economist Jose Carlos de Faria expects lower growth, mainly due to the continuing reluc