Exhibit 39: CFO Optimism About the US Economy Exhibit 40: Eurozone Real GDP Growth Chief financial officers’ confidence is at its highest level Economic activity has been surprisingly resilient and higher in a decade. than expected. % % YoY 90 —— % of CFOs More Optimistic Than Previous Quarter 25 mReal GDP Growth Recession Consensus Estimate* 20 2.0 14 2.0 64.4 a 17 17 17 60 - 15 4 13 1.0 30 + 05 4 0 - — 0.0 7 : 2004 2006 2008 2010 2012 2014 2016 4014 1015 2015 3015 4015 1016 2016 3016 Data through December 2016. Data through 03 2016. Note: The survey questionnaire is delivered online to senior financial executives and subscribers Source: Investment Strategy Group, Bloomberg. of CFO Magazine from both private and public companies. * One quarter prior to release. Source: Investment Strategy Group, Haver Analytics. the new administration’s policies remain uncertain, bond and banking crisis at the same time. More a moderate-sized stimulus package of around recently, it has been buffeted by a spate of tragic $200 billion per year seems likely.!°? While the terrorist attacks, an immigration crisis, the Brexit direct impact of such a package is estimated to vote, a failed Italian constitutional referendum boost GDP growth by only 0.3 percentage point and renewed concerns about the solvency of its in 2017, the positive indirect impact of tax cuts banking system. and stronger anticipated GDP on household and Yet despite this onslaught of headwinds, the business confidence is arguably more important. real economy has been remarkably stable in the Indeed, both consumer and CFO confidence have last two years. That fact is evident in Exhibit 40, recently hit their highest readings in over a decade — which shows real GDP growth has sustained an (see Exhibit 39). above-trend pace over this period, an outcome that clearly exceeded consensus forecasts. Business Our View on US Growth sentiment has remained equally steadfast over this As the expansion enters its eighth year, it is na