s seen US real yields, and global liquidity increase, while Chinese growth outperformance has provided a destination for this Figure 11: Surge in China Investment And NonConventional Credit 30% 35% 40% 45% 50% 55% Investment share of Chinese GDP (lhs) % of credit outside of bank yuan loans (rhs) 0%

From: David Stern Sent: Tuesday, March 15, 2011 5:59 PM To: Jeffrey Epstein Today Fang Fang (1PM Vice Chairman Asia and CEO China Investment =anking) called me because he believed we had a call scheduled. We did not. He had nothing to say either. These guys are confused and need help...

From: David Stern Sent: Tuesday, March 15, 2011 5:59 PM To: Jeffrey Epstein Today Fang Fang (1PM Vice Chairman Asia and CEO China Investment =anking) called me because he believed we had a call scheduled. We did not. He had nothing to say either. These guys are confused and need help...