likely to be accommodative monetary policy and expectations of further reform. German housing idea initiated April 1, 2015 Reference measure Dallas Fed International House Pricer Index Databiity for Gorrnany vv. cash" imitstment horizon 24 months, Pinforrnantx, since initiation 0 Recently published estimate

likely to be accommodative monetary policy and expectations of further reform. German housing idea initiated April 1, 2015 Reference measure Dallas Fed International House Price Index Databint, for Germany vs. cash" Int,tstment horizon 24 months-, Pinforrnance since initiation 0 Recently published estimates