0 0 NCI CO Ce3 CO Vflite N it) CO CO I.- -20% COO Soaciaboacicsaaacracroocrogocraciab N V' N CO sr N V' N N I— N CO sr N CO , r N Non-HK Total Asia VNB growth / % i. / "" Source: Ooutsche Bank ostirnaies. Company dote Upside to target based on weighted peer sum of the parts -10%