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Exhibit 1: Spanish Household Debt to Income Ratio (in percent) ES 8 - - - + + - 8 - TT 1980q3 1998q1 2015q3The current

Exhibit 1: Spanish Household Debt to Income Ratio (in percent)

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ES 8 - - - + + - 8 - TT 1980q3 1998q1 2015q3The current account is in surplus % of GDP 10 Germany 5 Italy Spain 0 France -5 UK -10 2006 07 08 09 10 11 12 13 14 15 16 17 forecastGDP is set to return to 2008 levels Real levels, rebased to Q2 2008 110 UK Germany 105 France 100 Spain 95 Italy 90 2006 07 08 09 10 11: 12 13 14 15 16House Prices, Annual Change (%) 20 15 10 5 mmmmmm mmm _ dmmmmmmmm -5 -10 -15 '05 *10 *15 *21 Nominal Real Source: INE, Global Property Guide

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