EFTA Document EFTA01450997

II December 2013 GEM Equity Strategy Outlook 2014 Table Of Contents Summary 3 Negative year in prospect but relative underperformance should slow 3 Valuations & Margins 13 Why emerging equities are not as cheap as they appear to be in aggregate... 13 Taper versus governance BRICs at most risk of 'classic' EM crisis based on dysfunctional relationship between state and companies 18 18 21 21 Still bearish on China Positive sentiment overdone given risks of debt trap in corporate