Weathered through the deleveraging storm Strong earnings with solid agency momentum Strong bottom line, unpromising margin trend Disappointing 3Q13 results to drive underperformance Market Express China / Hong Kong NIM contraction；Tier-1 CAR decline Continued NIM Expansion Trumps Pull-back in Fees Stronger 3Q on large one-offs﹣offs Positive catalysts are tracking intact Operationally improving trend may reverse in 4Q;chemicals loss – a concern