tion, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. John-Paul Smith 'Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price

vestment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 054/04/2013. Date 11 December 2013 Strategy Update John-Paul Smith Strate ist (+ Priyal Mulji Strategist (+ EFTA01466397 11 December 2013 GEM Equity Strategy Outlook 2014 Table Of Contents Summary 3