EFTA01452337

1111111I). j;1hi'III 2010 2011 MOM Curncy (1150-Oill Cross Rate) Daily 01JAN2009-22JAN2014 Copyrighil 2014 Bloomberg Finance L.P. 22-.3ae-2014 17:09:40 2012 2013 I 20 6.8000 6.7000 6.6000 6.5000 6.4000 6.3000 6.2000 6.1000 29 lt•Vil"11J 14,d adL r:rion.ion • I •, ,, I • PBoC has significantly tightened money market rates to curb shadow banking and asset speculation Shan•hai interbank offered rate fixing - 1 month lu.0CU0 S. 01-..r.:0 7.3330 6.0000 4.0000 2.0000 2009 2010 2011 2012 I 2013 2C SHIF1M Index (Shanghai Interbank Offered Rate Fixing - 1 Month) Daily 293AN2009 Copyright::: 2014 Bloomberg Cinarce L.P. 28-Jan-2014 17:5S:51 l'accl aailb parmssion of liloomlwrg Ftrisme • The recent headlines on bad loans in China's shadow banking industry have raised concerns of a systemic event China's trust industry has relatively high risk shadow banking products given the liquidity risks. These products have seen rapid growth since 2010, reaching Rmb10.1 to as of 3Q13 with a 2010- 3Q13 CAGR of 55%. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109288 CONFIDENTIAL SDNY_GM_00255472 EFTA01452337