at 2x net December LTRO ---tr • 30% Japan 25% 20% 15% 10% 5% 2007 2008 2009 2010 2011 Source: FRB, BEA, ECB, Eurostat, BoE, UKOffice for National Statistics. BoJ, Japan Cabinet Office. Italy's sovereign yield curve Pe cent 9% 8% 7% 6% 5% 4% 3% 2% 1% November 29,2011 3M 2Y 5Y 10Y Relaxatio