Exhibit 41: European Commission Industrial Exhibit 42: Drivers of Eurozone 2-Year Capital Confidence Survey Spending Plans Eurozone business sentiment has remained steady despite Key factors that influence business investment stand at their recent shocks, including Brexit. highest levels in years. Index Level Z-Score 10 5 1.2 w 2013 | mw 2014 iE 7 f \ | : 10 | 2015 aa | u 08 | = 2016 07 0.8 A PE ISIN EE PEE EEE 06 + -10 | oA 05 0.4 5 -20 4 0.2 | 0.0 : -30 4 01 -0.1 02 | 02 "02 02 -0.4 5 -40 | [| ——— Industrial Confidence 064 06 = —— — ~Average Since 1985 | -50 / -0.8 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Expected Demand Financial Conditions Technical Factors* Data through November 2016. Data through 2016. Source: Investment Strategy Group, Datastream. Note: Based on the European Commission investment survey. Source: Investment Strategy Group, Datastream. * Technical factors include technological developments, the availability of labor and government incentives to invest. As a result, Eurozone policy is likely to remain encourage consumers to spend a bit from their accommodative, keeping financial conditions precautionary savings, particularly given today’s supportive of growth. While we expect the relatively high savings rate. At the same time, the European Central Bank (ECB) to gradually shift fundamental justifications for increased business to a more neutral stance that is less punitive to spending, such as higher demand and easy credit bank profitability and acknowledges the uptrend conditions, stand at their best levels in years (see in headline inflation, this shift does not imply the Exhibit 42). Perhaps not surprisingly, a late 2016 removal of accommodation. Indeed, the ECB has survey of manufacturing firms revealed their already announced an extension of quantitative investment intentions stood at all-time highs.!™ easing through December 2017. Meanwhile, the Of course, ongoing uncertainty regarding European Commission has endor