Europe Still at a Significant Valuation Discount MSCI Europe Index: Price-to-Book MSCI Europe Index: Trend Price-to-Earnings 31 December 1992 to 30 September 2013 31 January 1980 to 30 September 2013 Average 15.8 Average = 2.3x Sept 2013 = 11.7x trend Sept 2013 = 1.7x Source © 2013 FactSet Research Systems Inc. All Rights Reserved. The information contained herein: (1) is proprietary to FactSet Research Systems Inc. and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither FactSet Research Systems Inc. nor its content providers are responsible for any damages or losses arising from any use of this information. © Morgan Stanley Capital Index (MSCI). MCSI Europe Index price-to-book calculated from 12/31/92 to 9/30/13. MCSI Europe Index price-to-earnings calculated 1/31/80 to 9/30/13 (monthly). Methodology: The stock’s trend P/E is established by dividing its absolute share price by its trend EPS line. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI. Indexes are unmanaged, and one cannot invest directly in an index. Past performance is no guarantee of future results.

Europe Has Been Slowly Improving US Commercial Banks¹ Year-on-Year Loan Growth – As of August 30, 2013 Eurozone Cyclical Indicators Have Been Rising2 January 2010 to September 2013 1. Source: Credit Suisse Research, as of 8/30/13. 2. Source: Bloomberg L.P.