1. THOUGHTS ON CHINA FISHER CENTER REAL ESTATE CONFERENCE SAN FRANCISCO APRIL 30, 2012 P ENINSULA R EAL E STATE C APITAL A DVISORS H ONG K ONG ● S AN F RANCISCO ● T OKYO

2. * GDP IN C URRENT US$ Source: World Bank, 2012

3. A NNUAL GDP G ROWTH Source: World Bank, 2012

4. GDP PER C APITA, PPP Source: World Bank, 2012

5. E LECTRIC P OWER C ONSUMPTION Source: World Bank, 2012

6. CO2 E MISSIONS Source: World Bank, 2012

7. I NTERNET U SERS P ER 100 P EOPLE Source: World Bank, 2012

8. M OBILE C ELLULAR S UBSCRIPTIONS P ER 100 P EOPLE Source: World Bank, 2012

9. PBOC R ESERVES R EQUIRED R ATIO Source: World Bank, 2012

10. L ENDING I NTEREST R ATE Source: World Bank, 2012

11. THE REAL PROBLEM---PART 1

14. THE REAL PROBLEM---PART 2

15. C HINESE HNWI Source: China Merchants Bank and Bain High Net Worth Individuals Survey 2011

16. I NDIVIDUAL I NVESTIBLE A SSETS Source: China Merchants Bank and Bain High Net Worth Individuals Survey 2011

17. C HINESE HNWI I NDIVIDUAL I NVESTABLE A SSETS Source: China Merchants Bank and Bain High Net Worth Individuals Survey 2011

18. L EAVING T OWN ? Source: China Merchants Bank and Bain High Net Worth Individuals Survey 2011

19. THANK YOU!