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Investor Presentaiton

Two China specific drivers Economic stimulus package (RMB 4 trillion) after the global financial crisis Plus expansive monetary policy created many long-term projects, which demand funding from shadow banking after PBOC tightened monetary policy Endorsement by government Shadow banking is a mean to foster interest rate liberalization For high net worth individuals (WMPs), small savers (Alibaba YuEBao) Financial institutions to become more familiar with market force while keeping banks under relatively strict regulation (dual track framework) → Shadow banking is integral part of overall financial reform

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