Term spread (10-years government interest rate minus 3-month government interest rate)
		Belgium	France	Germany	Italy	NL	Spain	US
07/31/1991	0.26	-0.44	-0.60	1.54	-0.38	-0.65	2.27
08/31/1991	0.11	-0.51	-0.70	1.45	-0.46	-0.61	2.20
09/30/1991	0.04	-0.52	-0.80	1.22	-0.53	-0.82	2.15
10/31/1991	-0.17	-0.50	-1.00	1.29	-0.58	-0.98	2.23
11/30/1991	-0.35	-0.67	-1.10	1.11	-0.65	-1.24	2.52
12/31/1991	-0.55	-1.30	-1.40	0.05	-0.98	-1.58	2.59
01/31/1992	-0.75	-1.55	-1.50	0.48	-1.21	-1.97	2.93
02/29/1992	-0.87	-1.50	-1.70	0.41	-1.30	-1.91	3.24
03/31/1992	-0.79	-1.46	-1.70	0.27	-1.29	-1.80	3.24
04/30/1992	-0.75	-1.30	-1.80	0.29	-1.19	-1.63	3.48
05/31/1992	-0.76	-1.43	-1.70	0.18	-1.18	-1.65	3.59
06/30/1992	-0.68	-1.36	-1.70	-0.40	-1.20	-1.26	3.36
07/31/1992	-0.68	-1.29	-1.70	-1.97	-1.26	-1.17	3.44
08/31/1992	-0.73	-1.36	-1.80	-1.72	-1.44	-1.28	3.29
09/30/1992	-0.79	-2.26	-1.80	-4.09	-1.36	-1.45	3.32
10/31/1992	-0.42	-2.67	-1.40	-1.18	-1.05	-1.20	3.29
11/30/1992	-0.68	-1.67	-1.50	-1.03	-1.29	-1.76	3.27
12/31/1992	-0.79	-3.10	-1.70	-0.24	-1.30	-2.67	3.27
01/31/1993	-0.68	-4.18	-1.40	0.73	-0.97	-2.24	3.40
02/28/1993	-1.15	-4.33	-1.50	1.56	-1.23	-2.37	3.16
03/31/1993	-1.02	-3.97	-1.30	1.50	-1.04	-3.25	2.88
04/30/1993	-0.68	-1.95	-1.20	1.61	-0.90	-2.51	2.87
05/31/1993	0.08	-0.42	-0.70	1.66	-0.43	-1.58	2.94
06/30/1993	0.19	-0.35	-0.80	1.37	-0.11	-0.53	2.76
07/31/1993	-0.21	-1.34	-0.60	1.60	-0.17	-1.08	2.61
08/31/1993	-2.46	-1.59	-0.20	0.46	-0.22	-1.12	2.58
09/30/1993	-2.67	-1.17	-0.40	0.37	-0.42	-0.91	2.26
10/31/1993	-1.90	-1.04	-0.60	0.22	-0.47	-0.91	2.13
11/30/1993	-1.25	-0.66	-0.30	0.33	-0.19	-0.64	2.32
12/31/1993	-0.45	-0.70	-0.20	0.33	0.08	-0.62	2.47
01/31/1994	-0.46	-0.63	-0.10	0.27	0.41	-0.81	2.55
02/28/1994	0.17	-0.36	0.20	0.27	0.57	-0.52	2.57
03/31/1994	0.88	0.17	0.50	1.05	0.99	0.73	2.68
04/30/1994	1.32	0.69	0.90	0.95	1.24	1.16	2.97
05/31/1994	2.14	1.37	1.50	1.57	1.65	1.85	2.68
06/30/1994	2.49	1.89	2.00	2.38	2.01	2.58	2.60
07/31/1994	2.40	1.80	1.90	2.27	2.01	2.89	2.60
08/31/1994	2.64	2.01	2.10	2.56	2.12	2.88	2.44
09/30/1994	3.13	2.50	2.40	3.24	2.39	3.42	2.46
10/31/1994	3.24	2.59	2.30	3.17	2.35	3.34	2.24
11/30/1994	3.21	2.54	2.30	3.22	2.34	3.29	2.16
12/31/1994	2.87	2.12	2.10	3.20	2.20	3.18	1.51
01/31/1995	3.01	2.33	2.40	3.27	2.51	2.96	1.58
02/28/1995	2.83	2.21	2.30	3.29	2.44	3.00	1.27
03/31/1995	1.80	-0.08	2.20	2.45	2.32	2.66	1.00
04/30/1995	2.46	0.02	2.40	2.40	2.47	2.69	0.96
05/31/1995	2.25	0.02	2.30	1.80	2.42	2.01	0.63
06/30/1995	2.50	0.25	2.30	1.38	2.53	1.94	0.27
07/31/1995	2.61	0.93	2.30	1.21	2.65	1.63	0.48
08/31/1995	2.57	1.43	2.20	1.16	2.64	1.37	0.69
09/30/1995	2.71	1.35	2.40	1.14	2.68	1.40	0.50
10/31/1995	2.73	0.58	2.50	1.16	2.69	1.39	0.24
11/30/1995	2.76	1.13	2.30	0.93	2.55	1.04	0.23
12/31/1995	2.80	1.15	2.20	0.57	2.39	0.75	0.11
01/31/1996	2.82	1.74	2.30	0.33	2.57	0.56	0.25
02/29/1996	3.17	2.19	2.80	0.62	3.11	1.01	0.61
03/31/1996	3.34	2.34	3.00	0.79	3.25	1.49	0.97
04/30/1996	3.26	2.50	3.10	0.74	3.45	1.72	1.11
05/31/1996	3.24	2.56	3.20	0.80	3.65	1.67	1.34
06/30/1996	3.27	2.55	3.20	0.77	3.57	1.81	1.41
07/31/1996	3.29	2.64	3.10	0.63	3.31	1.48	1.37
08/31/1996	3.12	2.34	3.00	0.68	3.24	1.56	1.24
09/30/1996	3.13	2.53	3.10	0.77	3.30	1.34	1.33
10/31/1996	2.89	2.47	2.90	0.23	2.98	0.86	1.13
11/30/1996	2.72	2.33	2.70	0.29	2.76	0.64	0.80
12/31/1996	2.73	2.34	2.60	0.27	2.62	0.60	0.90
01/31/1997	2.71	2.28	2.70	0.18	2.66	0.93	1.18
02/28/1997	2.35	2.16	2.40	-0.04	2.47	0.84	1.02
03/31/1997	2.16	2.25	2.40	0.47	2.45	1.23	1.19
04/30/1997	2.51	2.40	2.70	0.64	2.59	1.35	1.19
05/31/1997	2.48	2.19	2.60	0.52	2.49	1.31	1.01
06/30/1997	2.31	2.25	2.60	0.17	2.42	1.27	0.79
07/31/1997	2.02	2.07	2.50	-0.38	2.19	0.91	0.62
08/31/1997	1.95	2.18	2.40	-0.24	2.20	1.00	0.70
09/30/1997	1.92	2.12	2.30	-0.34	2.15	0.89	0.61
10/31/1997	1.81	1.99	2.00	-0.50	1.97	0.88	0.33
11/30/1997	1.82	1.87	1.90	-0.37	1.74	0.86	0.18
12/31/1997	1.80	1.62	1.60	-0.36	1.59	0.84	0.01
01/31/1998	1.64	1.51	1.50	-0.67	1.57	0.70	0.04
02/28/1998	1.41	1.43	1.50	-0.72	1.61	0.64	0.07
03/31/1998	1.35	1.35	1.40	-0.40	1.44	0.69	0.05
04/30/1998	1.26	1.36	1.30	-0.05	1.35	0.66	0.04
05/31/1998	1.33	1.41	1.40	0.11	1.40	0.83	0.05
06/30/1998	1.20	1.26	1.20	-0.02	1.35	0.72	-0.10
07/31/1998	1.22	1.18	1.20	0.07	1.26	0.64	-0.14
08/31/1998	1.11	0.92	0.90	-0.11	1.13	0.34	-0.26
09/30/1998	0.79	0.70	0.60	-0.47	0.79	0.17	-0.59
10/31/1998	0.73	0.57	0.50	-0.01	0.84	0.43	-0.67
11/30/1998	0.72	0.58	0.50	0.38	0.79	0.61	-0.37
12/31/1998	0.78	0.61	0.50	0.60	0.65	0.68	-0.45
01/31/1999	0.80	0.68	0.60	0.82	0.70	0.78	-0.18
02/28/1999	0.92	0.83	0.75	0.95	0.83	0.92	0.10
03/31/1999	1.21	1.13	1.04	1.27	1.14	1.26	0.33
04/30/1999	1.35	1.28	1.15	1.41	1.30	1.39	0.28
05/31/1999	1.61	1.56	1.41	1.68	1.59	1.67	0.64
06/30/1999	1.97	1.87	1.76	2.02	1.91	2.00	0.80
07/31/1999	2.17	2.11	1.98	2.24	2.12	2.21	0.59
08/31/1999	2.42	2.31	2.18	2.43	2.33	2.47	0.54
09/30/1999	2.60	2.49	2.34	2.58	2.52	2.61	0.42
10/31/1999	2.20	2.03	1.89	2.12	2.05	2.17	0.01
11/30/1999	1.81	1.65	1.54	1.75	1.68	1.78	0.03
12/31/1999	2.00	1.87	1.75	1.96	1.88	1.97	0.18
01/31/2000	2.44	2.36	2.24	2.45	2.37	2.46	0.66
02/29/2000	2.21	2.12	2.01	2.23	2.16	2.23	0.52
03/31/2000	1.85	1.73	1.63	1.88	1.78	1.85	0.16
04/30/2000	1.58	1.43	1.32	1.57	1.49	1.55	-0.31
05/31/2000	1.27	1.10	0.98	1.27	1.10	1.23	-0.26
06/30/2000	1.02	0.82	0.69	1.01	0.81	0.96	-0.60
07/31/2000	1.00	0.80	0.67	0.99	0.80	0.93	-0.65
08/31/2000	0.76	0.56	0.41	0.76	0.56	0.70	-0.77
09/30/2000	0.72	0.52	0.36	0.73	0.51	0.66	-0.80
10/31/2000	0.57	0.36	0.21	0.58	0.35	0.49	-0.96
11/30/2000	0.44	0.19	0.05	0.45	0.20	0.35	-0.98
12/31/2000	0.38	0.14	-0.01	0.40	0.13	0.30	-1.26
01/31/2001	0.34	0.14	0.00	0.38	0.13	0.28	-0.44
02/28/2001	0.33	0.13	-0.02	0.38	0.12	0.32	-0.20
03/31/2001	0.35	0.14	-0.03	0.43	0.13	0.34	-0.01
04/30/2001	0.47	0.30	0.13	0.58	0.32	0.48	0.64
05/31/2001	0.72	0.61	0.45	0.85	0.62	0.76	1.39
06/30/2001	0.75	0.65	0.50	0.89	0.67	0.83	1.58
07/31/2001	0.76	0.65	0.52	0.90	0.67	0.85	1.54
08/31/2001	0.66	0.55	0.42	0.82	0.58	0.76	1.47
09/30/2001	1.02	0.94	0.81	1.20	0.98	1.14	1.83
10/31/2001	1.20	1.12	1.00	1.36	1.17	1.31	2.27
11/30/2001	1.26	1.17	1.05	1.40	1.22	1.36	2.65
12/31/2001	1.60	1.57	1.44	1.75	1.59	1.67	3.29
01/31/2002	1.69	1.63	1.56	1.84	1.67	1.75	3.34
02/28/2002	1.66	1.59	1.52	1.80	1.63	1.71	3.11
03/31/2002	1.89	1.85	1.76	2.01	1.87	1.94	3.38
04/30/2002	1.89	1.84	1.75	2.00	1.85	1.94	3.31
05/31/2002	1.78	1.76	1.67	1.91	1.80	1.86	3.36
06/30/2002	1.65	1.61	1.52	1.76	1.66	1.73	3.13
07/31/2002	1.58	1.56	1.47	1.71	1.59	1.67	2.85
08/31/2002	1.30	1.27	1.19	1.43	1.31	1.38	2.56
09/30/2002	1.18	1.16	1.08	1.32	1.20	1.28	2.07
10/31/2002	1.28	1.25	1.16	1.46	1.28	1.32	2.24
11/30/2002	1.45	1.43	1.38	1.64	1.46	1.50	2.65
12/31/2002	1.46	1.48	1.43	1.65	1.46	1.53	2.73
01/31/2003	1.37	1.42	1.38	1.58	1.39	1.44	2.75
02/28/2003	1.30	1.31	1.25	1.46	1.27	1.31	2.60
03/31/2003	1.57	1.60	1.50	1.68	1.51	1.54	2.61
04/30/2003	1.77	1.72	1.65	1.81	1.73	1.69	2.76
05/31/2003	1.55	1.49	1.42	1.64	1.51	1.48	2.37
06/30/2003	1.54	1.49	1.42	1.93	1.52	1.50	2.33
07/31/2003	1.94	1.91	1.87	2.19	1.94	1.93	2.88
08/31/2003	2.12	2.06	2.03	2.21	2.09	2.09	3.35
09/30/2003	2.14	2.13	2.07	2.30	2.11	2.11	3.17
10/31/2003	2.19	2.18	2.12	2.28	2.17	2.17	3.19
11/30/2003	2.21	2.21	2.15	2.31	2.21	2.20	3.20
12/31/2003	2.25	2.24	2.19	2.36	2.23	2.24	3.17
01/31/2004	2.10	2.10	2.07	2.22	2.08	2.09	3.05
02/29/2004	2.04	2.04	2.01	2.24	2.02	2.05	2.98
03/31/2004	1.95	1.98	1.91	2.17	1.93	2.01	2.73
04/30/2004	2.13	2.19	2.10	2.35	2.13	2.20	3.25
05/31/2004	2.18	2.24	2.15	2.39	2.27	2.23	3.52
06/30/2004	2.27	2.29	2.21	2.44	2.32	2.29	3.23
07/31/2004	2.16	2.17	2.14	2.34	2.21	2.18	2.90
08/31/2004	2.00	2.01	1.98	2.18	2.05	2.05	2.58
09/30/2004	1.94	1.99	1.92	2.15	1.99	1.98	2.23
10/31/2004	1.81	1.88	1.79	2.03	1.86	1.87	2.10
11/30/2004	1.58	1.66	1.58	1.80	1.65	1.65	1.89
12/31/2004	1.39	1.44	1.38	1.59	1.43	1.44	1.73
01/31/2005	1.43	1.48	1.46	1.61	1.46	1.49	1.62
02/28/2005	1.39	1.50	1.44	1.58	1.45	1.48	1.37
03/31/2005	1.57	1.65	1.60	1.74	1.59	1.63	1.50
04/30/2005	1.44	1.44	1.38	1.55	1.38	1.43	1.24
05/31/2005	1.26	1.28	1.20	1.45	1.20	1.26	0.94
06/30/2005	1.09	1.10	1.03	1.31	1.03	1.09	0.60
07/31/2005	1.12	1.17	1.10	1.34	1.17	1.12	0.58
08/31/2005	1.14	1.20	1.13	1.35	1.18	1.13	0.46
09/30/2005	0.98	1.03	0.97	1.19	1.02	0.99	0.30
10/31/2005	1.05	1.09	1.04	1.24	1.08	1.07	0.36
11/30/2005	1.05	1.10	1.05	1.26	1.08	1.08	0.24
12/31/2005	0.86	0.88	0.84	1.05	0.85	0.87	-0.03
01/31/2006	0.83	0.84	0.82	1.04	0.83	0.83	-0.18
02/28/2006	0.89	0.91	0.87	1.10	0.88	0.88	-0.13
03/31/2006	0.97	0.99	0.94	1.22	0.96	0.95	-0.18
04/30/2006	1.15	1.16	1.09	1.42	1.12	1.12	-0.01
05/31/2006	1.11	1.10	1.06	1.38	1.06	1.09	-0.09
06/30/2006	1.01	1.01	0.96	1.29	0.97	0.99	-0.29
07/31/2006	0.94	0.93	0.91	1.21	0.89	0.92	-0.41
08/31/2006	0.72	0.70	0.68	0.97	0.70	0.69	-0.52
09/30/2006	0.50	0.47	0.45	0.74	0.48	0.46	-0.58
10/31/2006	0.34	0.31	0.29	0.57	0.32	0.31	-0.57
11/30/2006	0.17	0.14	0.11	0.37	0.15	0.15	-0.70
12/31/2006	0.13	0.11	0.07	0.34	0.11	0.12	-0.74
01/31/2007	0.26	0.27	0.22	0.46	0.25	0.27	-0.54
02/28/2007	0.30	0.30	0.25	0.48	0.27	0.31	-0.58
03/31/2007	0.11	0.10	0.04	0.28	0.08	0.11	-0.74
04/30/2007	0.24	0.21	0.15	0.37	0.19	0.21	-0.61
05/31/2007	0.26	0.24	0.18	0.39	0.22	0.24	-0.55
06/30/2007	0.54	0.52	0.46	0.67	0.51	0.52	-0.20
07/31/2007	0.42	0.38	0.30	0.56	0.37	0.40	-0.30
08/31/2007	-0.06	-0.11	-0.20	0.08	-0.12	-0.10	-0.83
09/30/2007	-0.30	-0.34	-0.48	-0.13	-0.36	-0.35	-0.98
10/31/2007	-0.28	-0.30	-0.42	-0.11	-0.32	-0.32	-0.57
11/30/2007	-0.31	-0.37	-0.51	-0.15	-0.39	-0.35	-0.85
12/31/2007	-0.38	-0.45	-0.59	-0.26	-0.46	-0.45	-0.90
01/31/2008	-0.25	-0.35	-0.47	-0.10	-0.37	-0.32	-0.06
02/29/2008	-0.25	-0.32	-0.45	-0.05	-0.35	-0.26	0.64
03/31/2008	-0.46	-0.58	-0.80	-0.22	-0.63	-0.48	0.71
04/30/2008	-0.41	-0.53	-0.76	-0.27	-0.59	-0.49	0.78
05/31/2008	-0.37	-0.49	-0.70	-0.20	-0.55	-0.48	1.18
06/30/2008	-0.06	-0.17	-0.38	0.21	-0.17	-0.11	1.30
07/31/2008	-0.14	-0.31	-0.51	0.09	-0.31	-0.20	1.21
08/31/2008	-0.43	-0.60	-0.80	-0.19	-0.60	-0.44	1.09
09/30/2008	-0.43	-0.64	-0.91	-0.20	-0.65	-0.43	0.09
10/31/2008	-0.66	-0.92	-1.22	-0.32	-0.87	-0.63	-0.49
11/30/2008	0.00	-0.22	-0.64	0.54	-0.24	-0.05	1.13
12/31/2008	0.54	0.24	-0.25	1.17	0.35	0.56	0.62
01/31/2009	1.54	1.10	0.57	2.12	1.26	1.65	1.52
02/28/2009	2.16	1.78	1.23	2.64	1.90	2.33	1.67
03/31/2009	2.41	2.05	1.42	2.86	2.06	2.46	1.72
04/30/2009	2.50	2.26	1.73	2.96	2.37	2.61	2.03
05/31/2009	2.63	2.50	2.07	3.12	2.55	2.75	2.69
06/30/2009	2.83	2.70	2.27	3.41	2.76	3.04	3.32
07/31/2009	2.78	2.73	2.34	3.37	2.76	3.01	3.16
08/31/2009	2.72	2.68	2.41	3.22	2.71	2.88	3.29
09/30/2009	2.80	2.79	2.46	3.29	2.78	3.00	3.10
10/31/2009	2.96	2.86	2.51	3.40	2.83	3.07	3.19
11/30/2009	2.91	2.85	2.52	3.36	2.82	3.09	3.20
12/31/2009	2.88	2.78	2.44	3.31	2.74	3.10	3.39
01/31/2010	2.90	2.82	2.56	3.38	2.77	3.29	3.53
02/28/2010	2.80	2.80	2.47	3.35	2.66	3.28	3.49
03/31/2010	2.82	2.84	2.50	3.35	2.77	3.23	3.53
04/30/2010	2.82	2.80	2.46	3.40	2.72	3.30	3.55
05/31/2010	2.54	2.38	2.03	3.29	2.32	3.38	2.92
06/30/2010	2.70	2.37	1.84	3.40	2.20	3.86	2.70
07/31/2010	2.41	2.19	1.82	3.23	2.05	3.63	2.61
08/31/2010	2.01	1.78	1.45	2.90	1.66	3.14	2.40
09/30/2010	2.10	1.78	1.40	2.96	1.62	3.20	2.35
10/31/2010	2.13	1.72	1.35	2.80	1.58	3.04	2.24
11/30/2010	2.38	2.00	1.53	3.18	1.79	3.69	2.46
12/31/2010	2.93	2.34	1.91	3.60	2.16	4.37	2.99
01/31/2011	3.08	2.44	2.02	3.73	2.23	4.38	3.09
02/28/2011	3.01	2.50	2.10	3.64	2.31	4.16	3.28
03/31/2011	2.90	2.41	2.01	3.68	2.22	4.05	3.11
04/30/2011	2.93	2.39	2.04	3.54	2.35	4.03	3.26
05/31/2011	2.78	2.09	1.66	3.36	2.00	3.92	2.97
06/30/2011	2.61	1.93	1.39	3.32	1.78	3.98	2.80
07/31/2011	2.56	1.80	1.14	3.86	1.57	4.23	2.80
08/31/2011	2.44	1.38	0.61	3.67	1.08	3.65	2.00
09/30/2011	2.35	1.14	0.33	4.25	0.84	3.70	1.68
10/31/2011	2.58	1.39	0.40	4.37	0.86	3.66	1.75
11/30/2011	3.29	1.91	0.37	5.56	0.95	4.69	1.61
12/31/2011	2.90	1.76	0.53	5.41	0.98	4.11	1.48
01/31/2012	2.81	1.98	0.62	5.34	1.00	4.20	1.57
02/29/2012	2.48	2.02	0.85	4.55	1.24	4.11	1.67
03/31/2012	2.43	2.05	0.93	4.15	1.35	4.27	1.87
04/30/2012	2.72	2.29	0.92	4.98	1.59	5.09	1.75
05/31/2012	2.52	2.05	0.64	5.08	1.26	5.43	1.50
06/30/2012	2.39	1.87	0.60	5.20	1.23	5.89	1.32
07/31/2012	2.24	1.78	0.74	5.50	1.25	6.30	1.23
08/31/2012	2.25	1.82	1.04	5.52	1.46	6.28	1.38
09/30/2012	2.39	2.04	1.29	5.05	1.64	5.72	1.52
10/31/2012	2.33	1.99	1.27	4.75	1.57	5.45	1.55
11/30/2012	2.20	1.94	1.14	4.65	1.45	5.49	1.45
12/31/2012	1.99	1.81	1.10	4.34	1.36	5.14	1.52
01/31/2013	2.07	1.97	1.31	4.01	1.54	4.85	1.71
02/28/2013	2.17	2.04	1.34	4.29	1.63	5.02	1.78
03/31/2013	2.02	1.87	1.15	4.44	1.47	4.72	1.76
04/30/2013	1.76	1.60	1.00	4.08	1.46	4.39	1.56
05/31/2013	1.75	1.67	1.09	3.76	1.49	4.05	1.73
06/30/2013	2.15	2.01	1.33	4.18	1.80	4.47	2.10
07/31/2013	2.26	2.05	1.36	4.22	1.83	4.46	2.58
08/31/2013	2.37	2.16	1.53	4.22	2.00	4.31	2.74
09/30/2013	2.53	2.29	1.69	4.34	2.12	4.22	2.81
10/31/2013	2.46	2.19	1.56	4.05	1.98	4.02	2.62
11/30/2013	2.29	2.07	1.48	3.90	1.86	3.91	2.72
