Strong 3Q13, with improving sequential trends Operating trends in line,provisions light 3Q13 net profit better than expected Weathered through the deleveraging storm Strong earnings with solid agency momentum Disappointing 3Q13 results to drive underperformance Market Express China / Hong Kong Strong NIM；sharp repo asset growth NIM contraction；Tier-1 CAR decline Continued NIM Expansion Trumps Pull-back in Fees