EFTA01452332.pdf

I 'nth pcmthsion of Bloomberg Finamc • PBoC has significantly tightened money market rates to curb shadow banking and asset speculation Shanghai interbank offered rate fixing -1 month permhalm of nloomberg Financc I P • 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 Rmb1O.1 to as of 3Q13 with a 2010- 3Q13 CAGR of 55%. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109281 CONFIDENTIAL SDNY_GM_00255465 EFTA01452332