We remain focused on China as a вЂњswing factorвЂќ in global GDP growth. But amid that uncertainty, we see opportunity, particularly in consumer-related areas that are quickly shaping the tone and direction of this countryвЂ™s transitioning economy.

This balancing act is likely to create more uncertainty than in the past. As a result, we believe the government will likely have to use non-traditional fixed investment as a вЂњplugвЂќ to achieve its targeted growth rate in the near-term. This is a significant change in the Chinese growth model. Strong consumption trends may help, but exports are likely to remain challenged. So what are ChinaвЂ™s prospects? We do not agree with the hard landing thesis, but we do think the economy has downshifted to a slower rate than the consensus is forecasting. The other major issue is that real estate can no longer be relied on to stimulate growth and consumption, in our view. With the European continent in turmoil and tepid growth among its trading partners, we do not believe ChinaвЂ™s export economy can further sustain the meteoric trajectory it has enjoyed since 2001. Now begins a new chapter-one of transition-as China adapts to rapid changes within and around it. The economic growth and prosperity it has reaped in the process will go down as a remarkable chapter in the annals of one of the most ancient civilizations. No person should rely upon the past performance or reputation of KKR or its investment products when considering any security offered by the Drawbridge Fund or Drawbridge.Д¬hina staged a mighty rise at the dawn of the 21st century to become the worldвЂ™s preeminent manufacturer. Further, KKR is under no obligation to provide the Drawbridge Fund with investment opportunities and in many cases will be prohibited from doing so by KKRвЂ™s internal policies and procedures. KKR has a financial and/or control interest in, and provides certain services to the Drawbridge Fund and/or its sponsor, but KKR is not the investment advisor to the Drawbridge Fund or any portfolio investment of the Drawbridge Fund. The recipient should not distribute this Communication to any person (other than its legal, investment or tax advisors) without the prior consent of Drawbridge.Дrawbridge is an independently managed real estate investment vehicle. Information regarding the Drawbridge Fund accessed through the KKR Investor Portal is confidential and intended for Drawbridge Fund investors only. (together with its affiliates, вЂњKKRвЂќ) solely in KKRвЂ™s capacity as an administrator to the Drawbridge Fund and at the direction of Drawbridge Realty (вЂњDrawbridgeвЂќ). (the вЂњDrawbridge FundвЂќ) by Kohlberg Kravis Roberts & Co.

Access to the KKR Investor Portal is provided to investors in Drawbridge Realty Partners, L.P.

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