EFTA Document EFTA01451044

II December 2013 GEM Equity Strategy Outlook 2014 Figure 59: Brazilian non-financials - FCF/Sales (%), Rolling 12m average 20% 15% 1 10% 0 et el a0 0 it "S 88 8 0 0 0 e• co it 8 o o C.1 0 3 8 8 8 3 8 3 8 3 8 3 8 8 8 6 8 8 8 6 8 8 8 5% s Source /Jabot. Bat frceenberg -. IP 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