Figure 14: China's overall debt level is rising dramatically, particularly corporate debt, which stands at 150% of GOP 250% 200% 150% 100% 50% 0,<• J.40400 4450409 Jen.10 Aft 11 Jan-12 Jan13 ECalfeiste debt • tiousehokl loans ollocal Govt with LOIN istentral 90v1 Figure 15: China's corporate debt has been rising faster than that of the US over the past few years 160% 140% 40% - 20% - 0% 10 2011 dr,ht a GDP &arm Asetative an CSC Ilikenteg Away!" I Sandie ••IS* 11744 &anon Avows LP i CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0057323 CONFIDENTIAL SDNY_GM_00203507 EFTA01365919