EFTA Document EFTA01451008

11 December 2013 GEM Equity Strategy Outlook 2014 Figure 47: Indian industrials - FCF/Sales. 12m rolling average (%) 10% 5% 0% -5% CO% .25% -.%)% -.1911 40% 8 8 3 3 5 8 5 8 8 5 0 0- . el el el 8 8 'a 'a 8 8 8 8 B 5 8 3 8 5 8 5 B 5 8 5 8 8 Scarce Deo:We Se 4( 8fccenlvegi rea"Ve IP Figure 48: Indian industrials - Debt/Equity, 12m rolling 'average WO es% 1W% co% I SA 1 888888888668888e 5 3 5 8 5 8 3 8 5 8 5 8 8 5 8 5 8 3 8 5 8 Sane' Ottcc, Sint docrntery Awn:* LP F