14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Hong Kong Monetary Base O N u, $ 8 8 8 s 6-6- 6-essss ass $i 9 9 4<₹ int 4 n< 2 LU I 4 int 4 —HK Mortgage Lending YoY (L8S) —HK Monetary Base YoY GLOBAL EXCESS LIQUIDITY AND ASIAN STOCK MARKET VALUATIONS 150% 125% 100% 75% 50% 25% 0% -25% -50%