EFTA02441968

To: Jeffrey [email protected]] From: David Stem Sent Fri 4/24/2009 5:23:38 PM Subject Fri Any deal/idea you want me to look at for you, let me know, anytime. I am only a flight away. Quick observations: - most family offices I talk to in Switzerland and Germany stopped their usual deals, but now trade in bonds - A rated, mispriced, at least 15% yields. - company owners in Germany i speak to (our tenants!) do not worry about credit, but credit insurance ! They can not take/calculate the risk. This is a major issue that seem completely overlooked by the system - UK is strange: new budget screws finances for generations, new high tax for wealthy threatens to drive away money & talent. But: top property prices stay relatively stable, financial markets move based on emotions it seems. People remain content, no "feeling" of crisis in London. - Europe is waiting for the US to improve, for Obama to do his miracle - China is showing of its army might and teasing the US with huge gold reserves and threatening to buy less treasuries. I am waiting for a large takeover of a US asset from China. Deals: without actively looking (TEE order) I get proprietary deal flow mainly in European venture deals and restructuring cases. Interesting: US banks I never spoke to before are calling to ask if we can help them to access Chinese money!? Shabbat Shalom !! D. This message is confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake please let us know by reply and then delete it from your system; you should not copy the message or disclose its contents to anyone. Opinions, conclusions and other information in this message that do not relate to the official business of Asia Gateway Ltd. shall be understood as neither given nor endorsed by it. Asia Gateway Ltd. Michelin House 81 Fulham Road London SW3 6RD UK Tel: Fax: EFTA_R1_01516728 EFTA02441968