…AND EASIER FINANCIAL AND FISCAL CONDITIONS Improving credit conditions will facilitate expansion of real economy corporates 5 ECB QE France Germany Banks’ interest rates to non-financial corporations Spain (1-5 year loans) %4 Italy teRa rest te nI 3 2 2010 2011 2012 2013 2014 2015 2016 AGILITY FOR GROWTH Source: Euronext, Bloomberg, Gavekal, Macrobond, April 2016 13

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