…AMIDST A STABLE MACRO-ECONOMIC ENVIRONMENT AND OUTLOOK Consensus expectation is for Euro Area GDP growth 1,5 Euro Area GDP Growth 5 EuroCoin Indicator 4 1 3 1.7 % rto0,5 1.6 1.6 2 th aic 1 row d In G noi 0 0 GDP Cro Forecast -1 ea Eu-0,5 roAr -2 Eu -1 -3 -4 -1,5 -5 Source: Euronext, Bloomberg GDP consensus forecast, IMF, ECB, Gavekal, April 2016 The Euro Area Coincident Indicator includes economic variables that tend to change at AGILITY FOR GROWTH approximately the same time as the overall economy. EuroCoin Growth indicator gives a sense 12 of the current state of the economy in terms of real time GDP.