<SEC-DOCUMENT>0001104659-22-089972.txt : 20230411
<SEC-HEADER>0001104659-22-089972.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20220812143723
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-22-089972
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT SUISSE AG
		CENTRAL INDEX KEY:			0001053092
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PARADEPLATZ 8
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8001
		BUSINESS PHONE:		01141 44 333 1111

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1
		CITY:			ZURICH
		STATE:			V8
		ZIP:			8070

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE / /FI
		DATE OF NAME CHANGE:	20050607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
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<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 57px; width: 196px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>VIA EDGAR</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Cara Lubit<BR>
Robert Klein<BR>
Division of Corporation Finance<BR>
Office of Finance<BR>
United States Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">100 F Street, N.E.<BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.5in"></TD><TD STYLE="font-size: 10pt; width: 0.5in"><FONT STYLE="color: Black"><B>Re:</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><B>Credit Suisse AG<BR>
                                            Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2021<BR>
                                            Filed March&nbsp;10, 2022<BR>
                                            File No.&nbsp;001-33434</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Dear Ms.&nbsp;Lubit and Mr.&nbsp;Klein:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">Credit Suisse AG (the
 &ldquo;<U>Bank</U>&rdquo; or &ldquo;<U>Credit Suisse</U>&rdquo;) is writing in response to the letter from the staff (the &ldquo;<U>Staff</U>&rdquo;)
of the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) dated July&nbsp;15, 2022, containing the
Staff&rsquo;s comments with respect to the Bank&rsquo;s annual report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2021,
filed with the Commission on March&nbsp;10, 2022 (the &ldquo;<U>2021 Form&nbsp;20-F</U>&rdquo;). As discussed between Ms.&nbsp;Lubit
of the Staff and Sebastian Sperber of Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, our counsel, on July&nbsp;19, 2022, the Bank very
much appreciates the Staff&rsquo;s accommodation to file its response via EDGAR on or before August&nbsp;12, 2022, as opposed to submitting
it by the originally requested deadline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">For ease of reference,
the Bank has repeated the Staff&rsquo;s comments in italicized text prior to its responses. Defined terms in our responses that are not
defined below are defined in the 2021 Form&nbsp;20-F. Please note that in the version of this letter filed via EDGAR confidential information
has been omitted and delivered separately to the Staff and the redactions are denoted in the EDGAR-filed version by bracketed asterisks
(&ldquo;[***]&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Form&nbsp;20-F for the Fiscal Year Ended
December&nbsp;31, 2021</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Critical Accounting Estimates<BR>
Current expected credit loss, page&nbsp;106</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="color: Black"><I>1.</I></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>We note that the allowance for credit
                                            losses is estimated based on management's assessment of several factors, including probability
                                            of default, loss given default and exposure at default as well as historical frequency, current
                                            trends and conditions and macroeconomic factors such as regional gross domestic product,
                                            unemployment rates and interest rates. Please provide us proposed revised disclosure to be
                                            included within future filings that address the following items:</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>identifies
                                            key quantitative inputs in your baseline estimate of the allowance for credit losses;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>quantifies
                                            the qualitative component(s)&nbsp;of your estimate and explains or shows how it interacts
                                            with the quantitative component during the period presented;</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>provides
                                            a sensitivity analysis quantifying a hypothetical impact or range of impact to the allowance
                                            for credit losses due to changes in the key inputs; and</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>details
                                            the length of time in your reasonable and supportable forecasts and the reversion method
                                            you applied after the reasonable and supportable forecast period, if applicable.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="color: Black"><I>Refer to Item 303(b)(3)&nbsp;of
Regulation S-K and ASC 326-20-50-11.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Response to Comment 1</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">Please find below our
proposed revisions to the disclosure to be included in our future annual reports on Form&nbsp;20-F to address the Staff&rsquo;s comments.
These revisions include updates to &ldquo;Critical accounting estimates&rdquo; in II &ndash; Operating and financial review (&ldquo;<U>Critical
Accounting Estimates</U>&rdquo;), as well as &ldquo;Note 20 &ndash; Financial instruments measured at amortized cost and credit losses&rdquo;
in VI &ndash; Consolidated financial statements &ndash; Credit Suisse Group (&ldquo;<U>Note 20</U>&rdquo;).<SUP>1</SUP> Our proposed
additions are provided as a markup of the Critical Accounting Estimates and Note 20 sections of the 2021 Form&nbsp;20-F. New language
may be identified by bolded and underlined font, while deleted language may be identified by strikethrough font. We have omitted for
brevity the tables originally included in Note 20 of the 2021 Form&nbsp;20-F, as these tables were not revised and are not relevant to
our response to Comment 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">Regarding the first
bullet of Comment 1, we have included discussion of the key quantitative inputs to our baseline estimate of the allowance for credit
losses in Note 20, and we have proposed to make reference to such inputs in Critical Accounting Estimates. Regarding the second bullet,
we have proposed to show the qualitative component as a percentage of the non-impaired allowance for expected credit losses. Regarding
the third bullet, we have included a proposed table that quantifies the impacts on allowance for expected credit losses upon changes
in our scenario weighting analysis. Regarding the fourth bullet, the reasonable and supportable forecasts information has been discussed
in Note 20, and we propose to make reference to such information in Critical Accounting Estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><SUP>1
</SUP></FONT><FONT STYLE="color: Black">The Staff&rsquo;s comments pertain to the Bank&rsquo;s Form 20-F, which we note is presented
on a combined basis with Credit Suisse Group AG (the &ldquo;Group&rdquo;). The proposed revisions to Note 20 disclosure provided in our
response to Comment 1 are revisions to Note 20 to the Group&rsquo;s consolidated financial statements, which are cross-referenced from
the Bank&rsquo;s consolidated financial statements as permitted by Rule 4-04 of Regulation S-X.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">*</FONT><FONT STYLE="color: Black">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Critical accounting estimates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Allowance and provision for credit losses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">On January&nbsp;1, 2020, the Group adopted
the new accounting standard ASU&nbsp;2016-13 &ldquo;Measurement of Credit Losses on Financial Instruments&rdquo; and its subsequent amendments,
applying a modified retrospective approach, which replaced the incurred credit loss model for recognizing credit losses. The new standard
requires the measurement of CECL for financial assets held at amortized cost as of the reporting date over the remaining contractual
life (considering the effect of prepayments) based on historical experience, current conditions and reasonable and supportable forward-looking
information, including macroeconomic scenarios. To address circumstances where in management&rsquo;s judgment the CECL model outputs
are overly sensitive to the effect of economic inputs that <STRIKE>lie</STRIKE><B><U>exhibit</U></B> significant<STRIKE>ly outside of</STRIKE><B><U>deviation
from</U></B> their <B><U>long-term</U></B> historical <STRIKE>range</STRIKE><B><U>averages</U></B>, model overlays are applied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="color: Black">Refer
to &ldquo;Note 1 &ndash; Summary of significant accounting policies&rdquo; and &ldquo;Note 20 &ndash; Financial instruments measured
at amortized cost and credit losses&rdquo; in VI &ndash; Consolidated financial statements &ndash; Credit Suisse Group for further information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #7a7b7a"><FONT STYLE="color: Black"><B>Current expected credit
loss</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The <STRIKE>measurement</STRIKE><B><U>determination
</U></B>of expected credit losses across all categories of financial assets held at amortized cost requires judgment, the estimation
of the amount, timing of future cash flows and collateral <STRIKE>values when determining credit losses</STRIKE>. The Group&rsquo;s CECL
calculations are outputs of complex statistical models and expert judgment overlays with a number of underlying assumptions regarding
the choice of variable inputs and their interdependencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">For performing credit exposures, the model
parameters are based on internally and externally compiled data comprising both quantitative and qualitative factors and are tailored
to various categories and exposures. The CECL measurement has three main inputs: probability of default, loss given default and exposure
at default. <B><U>Details on the most significant of these inputs, the probability of default input, are disclosed in Note 20.</U></B>
The estimation of these parameters include the expected macroeconomic environment, the contractual maturities of exposures, historical
data considering portfolio-specific factors, differences in product structure, collateral types, seniority of the claim, counterparty
industry and recovery costs of any collateral that is integral to the financial asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">There is significant judgment involved
in the estimation and application of forward-looking information, including macroeconomic scenarios. The Group&rsquo;s estimation of
expected credit losses is based on a discounted estimate that considers future macroeconomic scenarios that are probability-weighted
according to the best estimate of their relative likelihood. This estimate is based on historical frequency, current trends and conditions
and macroeconomic factors such as regional gross domestic product, unemployment rates and interest rates. <B><U>Details on macroeconomic
factor inputs and the reasonable and supportable forecast period for these macroeconomic factors are disclosed in Note 20.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;4</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B><U>The expected credit loss is sensitive
to the changing of scenario weights. As shown in the table below, the expected credit loss would have been CHF [C] million instead of
CHF [A] million if determined solely on the baseline scenario. The effects of weighting each of the three scenarios 100% are shown in
the table below. There is a high degree of estimation uncertainty in numbers representing more extreme risk scenarios when assigned a
100% weighting.</U></B><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Scenario
Weight Sensitivity</B></FONT></P>



<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Division
    <I>CHF <BR>
    millions</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="color: Black">Reported
    <BR>
    ECL</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="color: Black">100%
    <BR>Upside</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="color: Black">100%
    <BR>Base case</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="color: Black">100%
    <BR>
    Downside</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Credit
    Suisse</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">[A]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">[B]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">[C]</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; padding-bottom: 1pt"><FONT STYLE="color: Black">[D]</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B><U>Our expected credit loss models for
non-impaired positions, which are based upon supportable statistical information from past experiences regarding interdependencies of
macroeconomic factors and their implications for credit risk portfolios, may not comprehensively reflect extraordinary events, such as
a pandemic or a fundamental change in the world political order. Model output is reviewed monthly on a model-by-model basis to determine
whether the applied overlays are appropriate and necessary. Different overlay methodologies are adopted depending upon the type of model
but typically deploy either a scaling of probability of default (PD) output to a more stressed historical period or alternatively adjusting
the reserve to a more appropriate stressed level, taking into account forward looking as well as historical information in all instances.
Group management applies a significant quantum of model overlays. These adjustments amounted to [X]% of the Group&rsquo;s non-impaired
expected credit losses as of December&nbsp;31, 20[xx]. On an individual divisional basis, the proportion of adjustments can range from
as little as [Y]% to as much as [Z]%. Post-model overlayed PDs are backtested quarterly against the trailing twelve-month default rate
to confirm appropriateness. These overlays may be considered for removal when the underlying models have displayed a level of stability
based upon pre-established thresholds over a 3-month period. Details on how macroeconomic factors are considered in overlay calibration
are disclosed in Note 20.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">For credit-impaired financial assets, the
expected credit losses are measured using the present value of estimated future cash flows (unless a practical expedient for collateral-dependent
financial assets is applied), and the impaired credit exposures and related allowances are revalued to reflect the passage of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><SUP>2
</SUP></FONT><FONT STYLE="color: Black">The Scenario Weight Sensitivity table immediately following this paragraph has been added to
address the Staff&rsquo;s comments. We have presented the table in the formatting in which we expect to display it in future disclosure,
rather than the bold and underlined formatting used to indicate other additions herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;5</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Expected credit losses for individually
impaired credit exposures are measured by performing an in-depth review and analysis, considering factors such as recovery and exit options
as well as collateral and the risk profile of the borrower. The individual measurement of expected credit losses for impaired financial
assets also considers reasonable and supportable forward-looking information that is relevant to the individual counterparty (idiosyncratic
information) and reflective of the macroeconomic environment that the borrower is exposed to, apart from any historical loss information
and current conditions. If there are different scenarios relevant for the individual expected credit loss measurement, they are considered
on a probability-weighted basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The COVID-19 pandemic continued to affect
the economic environment throughout 2021. We continue to closely monitor the COVID-19 pandemic and its effects on our operations and
businesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="color: Black">Refer
to &ldquo;Risk Management&rdquo; in III &ndash; Treasury, Risk, Balance sheet and Off-balance sheet and &ldquo;Note 20 &ndash; Financial
instruments measured at amortized cost and credit losses&rdquo; in VI &ndash; Consolidated financial statements &ndash; Credit Suisse
Group for loan portfolio disclosures, valuation adjustment disclosures and certain other information relevant to the evaluation of credit
risk and credit risk management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">*</FONT><FONT STYLE="color: Black">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Consolidated financial statements &ndash;
Credit Suisse Group</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Note 20. Financial instruments measured
at amortized cost and credit losses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">This disclosure provides an overview of
the Group&rsquo;s balance sheet positions that include financial assets carried at amortized cost that are subject to the CECL accounting
guidance. It includes the following sections:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Allowance
                                            for credit losses (including the methodology for estimating expected credit losses in non-impaired
                                            and impaired financial assets and current-period estimates);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Credit
                                            quality information (including monitoring of credit quality and internal ratings);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Past
                                            due financial assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Non-accrual
                                            financial assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Collateral-dependent
                                            financial assets;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Off-balance
                                            sheet credit exposure; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Troubled
                                            debt restructurings and modifications.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">As of December&nbsp;31, 2021, the Group
had no purchased financial assets with more than insignificant credit deterioration since origination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="color: Black">Refer
to &ldquo;Note&nbsp;1 &ndash; Summary of significant accounting policies&rdquo; for further information on the accounting of financial
assets and off-balance sheet credit exposure subject to the CECL accounting guidance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;6</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="color: Black"><B>Allowance
for credit losses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Estimating expected credit losses &ndash;
overview</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The following key elements and processes
of estimating expected credit losses apply to the Group&rsquo;s major classes of financial assets held at amortized cost.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #7a7b7a"><FONT STYLE="color: Black"><B>Expected credit losses
on non-impaired credit exposures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Expected credit loss models for non-impaired
credit exposures have three main inputs: (i)&nbsp;PD, (ii)&nbsp;loss given default (LGD) and (iii)&nbsp;exposure at default (EAD). These
parameters are derived from internally developed statistical models which are based on historical data and leverage regulatory models
under the advanced internal rating-based approach. Expected credit loss models use forward-looking information to derive point-in-time
estimates of forward-looking term structures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">PD estimates are based on statistical rating
models and tailored to various categories of counterparties and exposures. These statistical rating models are based on internally and
externally compiled data comprising both quantitative and qualitative factors. A migration of a counterparty or exposure between rating
classes generally leads to a change in the estimate of the associated PD. Lifetime PDs are estimated considering the expected macroeconomic
environment and the contractual maturities of exposures, adjusted for estimated prepayment rates where applicable. <B><U>Internal credit
ratings form a significant input to the model derived CECL PDs. For the majority of counterparties, internal credit ratings are determined
via statistical rating models, which are developed under the A-IRB approach of the Basel framework. The models are tailored to the specific
business of the respective obligor and are intended to reflect the risk of default over a one-year period of each counterparty. We have
received approval from our primary regulator to use, and have fully implemented, the A-IRB approach.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">LGD estimates the size of the expected
loss that may arise on a credit exposure in the event of a default. The Group estimates LGD based on the history of recovery rates of
claims against defaulted counterparties, considering, as appropriate, factors such as differences in product structure, collateral type,
seniority of the claim, counterparty industry and recovery costs of any collateral that is integral to the financial asset. Certain LGD
values are also calibrated to reflect the expected macroeconomic environment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">EAD represents the expected amount of credit
exposure in the event of a default. It reflects the current drawn exposure with a counterparty and an expectation regarding the future
evolution of the credit exposure under the contract or facility, including amortization and prepayments. The EAD of a financial asset
is the gross carrying amount at default, which is modeled based on historical data by applying a term structure and considering portfolio-specific
factors such as the drawn amount as of the reporting date, the facility limit, amortization schedules, financial collateral and product
type. For certain financial assets, the Group determines EAD by modeling the range of possible exposure outcomes at various points in
time using scenario and statistical techniques.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;7</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Where a relationship to macroeconomic indicators
is statistically sound and in line with economic expectations, the parameters are modeled accordingly, incorporating the Group&rsquo;s
forward-looking forecasts and applying regional segmentations where appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><U>The
ability to forecast credit losses over the reasonable and supportable period is based on the ability to forecast economic activity over
a reasonable and supportable time window. </U></B></FONT><FONT STYLE="color: Black">The Group&rsquo;s macroeconomic and market variable
forecasts for the CECL scenarios cover a five-year time horizon. For periods beyond that reasonable and supportable forecast period,
the Group immediately reverts to average economic environment variables as model input factors. <B><U>In the downside and upside scenarios,
mean reversion to the base case projected paths will commence in year three, with full convergence occurring in years four and five for
certain macroeconomic factors.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Alternative qualitative estimation approaches
are used for certain products. For lombard loans (including share-backed loans), the PD/LGD approach used does not consider the Group&rsquo;s
forward-looking forecasts as these are not meaningful for the estimate of expected credit losses in light of the short time-frame considered
for closing out positions under daily margining arrangements. For international private residential mortgages and securitizations, the
Group applies qualitative approaches where credit specialists follow a structured process and use their expertise and judgment to determine
the amounts of expected credit losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The Group measures expected credit losses
considering the risk of default over the maximum contractual period (including any borrower&rsquo;s extension options) during which it
is exposed to credit risk, even if the Group considers a longer period for risk management purposes. The maximum contractual period extends
to the date at which the Group has the right to require repayment of an advance or terminate an irrevocable loan commitment or a credit
guarantee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #7a7b7a"><FONT STYLE="color: Black"><B>Expected credit losses
on impaired credit exposures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Expected credit losses for individually
impaired credit exposures are measured by performing an in-depth review and analysis of these exposures, considering factors such as
recovery and exit options as well as collateral and the risk profile of the borrower. The individual measurement of expected credit losses
for impaired financial assets also considers reasonable and supportable forward-looking information that is relevant to the individual
counterparty (idiosyncratic information) and reflective of the macroeconomic environment that the borrower is exposed to, apart from
any historical loss information and current conditions. If there are different scenarios relevant for the individual expected credit
loss measurement, they are considered on a probability-weighted basis. The related allowance for credit losses is revalued by the recovery
management function, at least annually or more frequently, depending on the risk profile of the borrower or credit-relevant events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">For credit-impaired financial assets, the
expected credit loss is measured using (i)&nbsp;the present value of estimated future cash flows discounted at the contractual interest
rate of the loan and (ii)&nbsp;the fair market value of collateral where the loan is collateral-dependent. The impaired credit exposures
and related allowance are revalued to reflect the passage of time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">For all classes of financial assets, the
trigger to detect an impaired credit exposure is non-payment of interest, principal amounts or other contractual payment obligations,
or when, for example, the Group may become aware of specific adverse information relating to a counterparty&rsquo;s ability to meet its
contractual obligations, despite the current repayment status of its particular credit facility. For credit exposures where repayment
is dependent on collateral, a decrease in collateral values can be an additional trigger to detect an impairment. Additional procedures
may apply to specific classes of financial assets as described further below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Troubled debt restructurings, also referred
to as restructured loans, are considered impaired credit exposures in line with the Group&rsquo;s policies and subject to individual
assessment and provisioning for expected credit losses by the Group&rsquo;s recovery functions. Restructured loans that defaulted again
within 12&nbsp;months from the last restructuring remain impaired or are impaired if they were considered non-impaired at the time of
the subsequent default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #7a7b7a"><FONT STYLE="color: Black"><B>Macroeconomic scenarios</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The estimation and application of forward-looking
information requires quantitative analysis and significant expert judgment. The Group&rsquo;s estimation of expected credit losses is
based on a discounted probability-weighted estimate that considers three future macroeconomic scenarios: a baseline scenario, an upside
scenario and a downside scenario. The baseline scenario represents the most likely outcome. The two other scenarios represent more optimistic
and more pessimistic outcomes, with the downside scenario being more severe than the upside scenario. The scenarios are probability-weighted
according to the Group&rsquo;s best estimate of their relative likelihood based on historical frequency, an assessment of the current
business and credit cycles as well as the macroeconomic factor trends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The scenario design team within the Group&rsquo;s
Enterprise Risk Management (ERM) function determines the macroeconomic factors (MEFs) and market projections that are relevant for the
Group&rsquo;s three scenarios across the overall credit portfolio subject to the CECL accounting guidance. The scenario design team formulates
the baseline scenario projections used for the calculation of expected credit losses from the Group&rsquo;s global chief investment office
in-house economic research forecasts and, where deemed appropriate, from external sources such as the Bloomberg consensus of economist
forecasts (covering the views of other investment banks and external economic consultancies), forecasts from nonpartisan think tanks,
major central banks and multilateral institutions, such as the International Monetary Fund (IMF), the Organisation for Economic Co-operation
and Development (OECD) and the World Bank. For factors where no in-house or credible external forecasts are available, an internal model
is used to calibrate the baseline scenario projections. The downside and upside scenarios are derived from these baseline scenario projections.
These three scenario projections are subject to a review and challenge process and any feedback from this process is incorporated into
the scenario projections by the ERM scenario design team. The CECL scenario design working group is the governance forum. The working
group performs an additional review and challenge and subsequently recommends approval of the MEFs and related market projections as
well as the occurrence probability weights that are allocated to the baseline, downside and upside scenarios. MEFs and related market
projections as well as the scenario occurrence probability weights used for the calculation of expected credit losses are approved by
the Senior Management Approval Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;9</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #7a7b7a"><FONT STYLE="color: Black"><B>Current-period estimate
of expected credit losses on non-impaired credit exposures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><U>One
of the most significant judgments involved in estimating the Group's allowance for credit losses relates to the macroeconomic forecasts
used to estimate credit losses over the forecast period, with modeled credit losses being driven primarily by a set of 37 MEFs.</U></B></FONT>
<FONT STYLE="color: Black">The key MEFs used in each of the macroeconomic scenarios for the calculation of the expected credit losses
include, but are not limited to, GDP and industrial production. These MEFs have been selected based on the portfolios that are most material
to the estimation of expected credit losses on non-impaired credit exposures from a longer-term perspective. The table &ldquo;Selected
macroeconomic factors&rdquo; includes the Group&rsquo;s forecast of selected MEFs for the first and second year following the reporting
period<B><U>, which have been selected based upon expected regional materiality</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">As of December&nbsp;31, 2021, the forecast
macroeconomic scenarios were weighted 50% for the baseline, 40% for the downside and 10% for the upside scenario, unchanged compared
to the scenario weightings applicable as of December&nbsp;31, 2020. The MEFs included in the table represent the four-quarter average
forecasts at the end of each reporting period. These forecasts are recalibrated on a monthly basis. The quarterly series for Swiss real
GDP and US real GDP returned to pre-pandemic levels (i.e., the fourth quarter of 2019) in the second quarter of 2021. The forecast in
the baseline scenario for the timing of the recovery of the quarterly series for eurozone real GDP and UK real GDP to return to pre-pandemic
levels was the first quarter of 2022 and the third quarter of 2022, respectively. The macroeconomic and market variable projections incorporate
adjustments to reflect the impact and potential withdrawal of the COVID-19 pandemic-related economic support programs provided by national
governments and by central banks. While GDP and industrial production are significant inputs to the forecast models, a range of other
inputs are also incorporated for all three scenarios to provide projections for future economic and market conditions. Given the complex
nature of the forecasting process, no single economic variable is viewed in isolation or independently of other inputs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><B>Selected macroeconomic factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">For events which cannot be adequately reflected
in CECL models due to a lack of historical experience the event may be embedded in the baseline scenario. In order to address circumstances
where in management&rsquo;s judgment the CECL model outputs are overly sensitive to the effect of economic inputs that <STRIKE>lie outside
of</STRIKE><B><U>exhibit significant deviation from</U></B> their <B><U>long-term</U></B> historical <STRIKE>range</STRIKE><B><U>averages</U></B>,
model overlays are applied. Such overlays are based on expert judgment and are applied in response to these circumstances to consider
historical stressed losses and industry and counterparty credit level reviews. Overlays are also used to capture judgment on the economic
uncertainty from global or regional developments or governmental actions with severe impacts on economies, such as the lockdowns and
other actions directed towards managing the pandemic. As a result of such overlays, provisions for credit losses may not be primarily
derived from MEF projections. As of December&nbsp;31, 2021, the Group has continued its approach of applying qualitative overlays to
the CECL model outputs in a manner consistent with December&nbsp;31, 2020. In the first half of 2021, we observed more favorable developments
in the COVID-19 pandemic, including vaccination rate increases as well as a reduction in lockdown measures, which resulted in a generally
more positive economic outlook. In the second half of the year, negative market sentiment grew, mainly due to heightened COVID-19 pandemic
risks as a result of new variants, continued supply chain disruptions and inflation, a peak in GDP growth in major European countries,
the US and China as well as uncertainty with respect to China&rsquo;s economic outlook. These contrasting views were reflected throughout
2021 within the Group&rsquo;s overlays, which continue to be closely aligned with the macroeconomic forecasts and associated scenario
weightings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">*</FONT><FONT STYLE="color: Black">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">*</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;10</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The remainder of the
text of Note 20 has not been included in this response, as no proposed revisions to such text have resulted from the Bank&rsquo;s consideration
of the Staff&rsquo;s Comment 1.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Controls and procedures, page&nbsp;457</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="color: Black"><I>2.</I></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>We note your disclosure that there
                                            were no changes in your internal controls over financial reporting (&quot;ICFR&quot;) that
                                            have materially affected, or are reasonably likely to materially affect, your ICFR. In light
                                            of your accounting issues and resulting revisions, as well as the various changes that have
                                            taken place during 2021 with regards to processes, procedures, organizational and business
                                            structure, and senior management, please provide us with your analysis supporting your conclusion
                                            that there were no material changes to ICFR.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Response to Comment 2</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">As a foreign private
issuer, management must state its conclusion on the effectiveness of our internal control over financial reporting (&ldquo;<U>ICFR</U>&rdquo;),
which it did in our 2021 Form&nbsp;20-F. The Group&rsquo;s and the Bank&rsquo;s independent registered public accounting firm, PricewaterhouseCoopers
AG (&ldquo;<U>PwC</U>&rdquo;), also must issue its opinion on the effectiveness of the Group&rsquo;s and the Bank&rsquo;s ICFR, which
was included in our 2021 Form&nbsp;20-F. Management must also disclose in our annual report filed on Form&nbsp;20-F any change in our
ICFR that occurred during the period covered by the annual report that materially affected, or is reasonably likely to materially affect,
our ICFR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">In response to the
Staff&rsquo;s Comment 2, management also concluded, notwithstanding the items referenced in the Staff&rsquo;s Comment 2, that there were
no changes in the Group&rsquo;s or the Bank&rsquo;s ICFR during the period covered by the 2021 Form&nbsp;20-F that materially affected,
or were reasonably likely to materially affect, the Group&rsquo;s or the Bank&rsquo;s ICFR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;11</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The ICFR considerations
relating to the accounting issues and resulting revisions, the impact of the reorganization and the other topics referenced below, and
management&rsquo;s conclusion as to the absence of a material change in our ICFR, were reported to those charged with governance over
these matters at the Group (i.e., the Board of Directors (&ldquo;<U>BoD</U>&rdquo;) Audit Committee).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black"><I>Accounting issues
and resulting revisions</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">One
of the accounting issues to which the Staff is referring relates to the netting treatment in the presentation of a limited population
of certain securities lending and was not material to the Group or the Bank. The issue related to trade booking and a control deficiency
was raised relating to the use of generic product codes to book these unique transactions. </FONT><FONT STYLE="color: Black">We assessed
the root cause and the severity of this control deficiency, individually and in combination with other control deficiencies. This matter
did not materially impact or change our ICFR, individually or in combination with other control deficiencies, as it was limited to a
small number of departments within Credit Suisse Securities (USA) LLC and Credit Suisse AG, New York Branch. For more information regarding
the materiality of this netting treatment, please refer to our response to Comment 3 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The other accounting
issue to which the Staff is referring relates to the change in classification and other changes to the consolidated statements of cash
flows in the years ended December&nbsp;31, 2020, and 2019. As per the previous matter, we assessed the root cause and the severity of
these control deficiencies, individually and in combination with other control deficiencies. These control deficiencies were also not
material, individually or in combination with other control deficiencies, to the Group or the Bank. The control deficiencies related
to the review of certain financial reporting assumptions and processes over the cash flow statement. These matters did not materially
impact or change our ICFR, as they were not pervasive across the financial statements or footnote disclosures and were limited to specific
disclosures within the cash flow statement. For more information regarding the materiality of the cash flow statement reporting matter,
please refer to our response to Comment 3 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black"><I>Other changes during
2021</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">As a part of the evaluation
of ICFR, the Credit Suisse SOX 404 Compliance Program regularly assesses operational incidents, financial reporting errors, late journals,
general ledger account ownership breaks, quality assurance findings, risk and control self-assessments, internal and external audit findings,
and significant events, as deemed necessary. These may be indicative of control deficiencies, including those resulting from changes
to processes and procedures, and could signify a material change in our ICFR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;12</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">In 2021, this evaluation
included an assessment of the final report based on the externally led investigation of the Archegos Capital Management (&ldquo;<U>Archegos</U>&rdquo;)
matter and the draft report based on the externally led investigation of the supply chain finance funds (&ldquo;<U>SCFF</U>&rdquo;) matter,
both supervised by a special committee of the Board. Neither of these matters resulted in an actual or potential misstatement in the
Group&rsquo;s or the Bank&rsquo;s financial statements and hence, the measures introduced or being implemented in response to these events
did not result in a material change in our ICFR. This conclusion was reported by management on November&nbsp;1, 2021, to those charged
with governance over ICFR at the Group (i.e., the BoD Audit Committee).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The Staff also made
references to changes in our organizational and business structure and in our senior management. While various changes took place during
2021 in connection therewith, including in response to the Archegos and SCFF matters, with regards to processes, procedures, organizational
and business structure, and senior management, these changes did not materially affect the design, operational ownership, or effectiveness
of our SOX control inventory.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">An
                                            internal assessment, performed prior to the publication of the 2021 Form&nbsp;20-F on March&nbsp;10,
                                            2022, indicated that only around 1.5% of our SOX control inventory as of December&nbsp;31,
                                            2021, required a redesign or new control because of the reorganization. This did not materially
                                            change our ICFR, as the extent of the impact to our SOX control inventory was limited and
                                            primarily related to the redesign of existing SOX business process controls to reflect the
                                            new organizational structure. These controls were not related to a material weakness, individually
                                            or in combination with other control deficiencies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.75in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">The
                                            results of management&rsquo;s annual design and operating effectiveness testing, incident
                                            reviews and other assessments, individual SOX control matter assessments, and quarterly aggregation
                                            assessment of all SOX control matters, did not indicate a control deficiency, individually
                                            or in aggregate, that was material, quantitatively or qualitatively, and did not indicate
                                            a material change to our ICFR at the Group or the Bank.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">Therefore, these changes
did not materially affect, and were not reasonably likely to materially affect, the ICFR at the Group or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Notes to the consolidated financial
statements</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Note 1 - Summary of significant accounting
policies</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black"><U>Revisions of prior period financial
statements, page&nbsp;466</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="color: Black"><I>3.</I></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black"><I>We note your disclosures that you
                                            identified &ldquo;accounting issues&rdquo; pertaining to: (i)&nbsp;netting treatment in the
                                            presentation of a limited population of certain securities lending and borrowing activities;
                                            and (ii)&nbsp;reclassification and other changes to the consolidated statements of cash flows
                                            in the years ended December&nbsp;31, 2020 and 2019. Please provide us with a full and detailed
                                            description of the errors, including, but not limited to, who identified them, when, and
                                            how, and whether they were the result of control deficiencies. In addition, provide us with
                                            your assessment of materiality supporting your conclusion that they are immaterial both individually
                                            and in the aggregate. Ensure your response addresses qualitative and quantitative factors
                                            and provides an objective assessment of materiality from the perspective of a reasonable
                                            investor, including your consideration of guidance in ASC 250, SAB 99, and management&rsquo;s
                                            assessment of the design and effectiveness of ICFR.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;13</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="color: Black"><U>Response
to Comment 3</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black"><I>Presentation of
securities lending and borrowing activities</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">We acknowledge the
Staff&rsquo;s comment in relation to accounting issue (i)&nbsp;above pertaining to <I>netting treatment in the presentation of a limited
population of certain securities lending and borrowing activities </I>and believe it would be helpful initially to provide the Staff
with background on the transactions in question. The Bank transacts collateral upgrade trades as described below with the US Federal
Reserve System (the &ldquo;<U>Fed</U>&rdquo;) and non-Fed counterparties out of our US entities. These trades are executed under a Master
Securities Lending and Borrowing Agreement (&ldquo;<U>MSLA</U>&rdquo;). The trades with the Fed are typically overnight trades, and the
trades with non-Fed counterparties typically have longer maturity dates. The trades with non-Fed counterparties are called Agent Lending
Disclosures (&ldquo;<U>ALD</U>&rdquo;) securities lending transactions on an agency basis with indirect principal (&ldquo;<U>IP</U>&rdquo;)
counterparties, and third-party agent banks execute the trades for the Bank. These counterparties are undisclosed to our traders but
disclosed to the Bank&rsquo;s Credit Risk Management (&ldquo;<U>CRM</U>&rdquo;) department. In these trades, the Bank provides less creditworthy
securities (such as mortgage-backed securities) to counterparties as collateral in exchange for higher credit quality securities (such
as US Treasury Bills) that are treated as high-quality liquid assets (&ldquo;<U>HQLA</U>&rdquo;). Under both the Fed transactions and
non-Fed ALD security versus security transactions of this type, the Bank pays a fee to its counterparties and is viewed as the borrower
of securities and has pledged securities collateral in relation thereto under the MSLA arrangement. Each leg of the trade is settled
in cash to ensure there is no intraday credit risk and to comply with industry tri-party reform requirements. In practice, the exact
same amount of cash is paid and received by the Bank from each counterparty on the same date for each leg of the transaction to execute
the security versus security collateral upgrade trade.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">In early 2022, the
Bank&rsquo;s CFO office reviewed this product with the intention of automating certain manual processes for financial reporting in relation
to these transactions. The Bank had historically presented these security versus security transactions net on its balance sheet, with
no gross presentation for the cash collateral movements that occur to settle the security borrow and pledge of securities as collateral.
During this review, the Bank reviewed in more detail the balance sheet presentation of these transactions to determine whether they should
continue to be presented as a single transaction on the balance sheet or on a gross basis. It was concluded in discussion with PwC that
certain additional documentation would be needed to support single transaction treatment consistent with the purpose and economics of
the trade. These security versus security trades were being booked in the Bank&rsquo;s front office trade capture system (Vision) as
fee-based lending (&ldquo;<U>FBL</U>&rdquo;) and fee-based borrowing (&ldquo;<U>FBB</U>&rdquo;), appearing as two transactions, despite
the fact that they are legally documented as a single transaction and not separable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;14</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The complexity of the
particular booking construct, the operational nature of the trades&rsquo; settlement, and the fact that IPs are not disclosed to the
front office made the review and resolution of this topic complex during the year-end close process. The Bank thus decided to present
these transactions in its financial statements for 2021 and the first quarter of 2022 on a gross basis, which the Bank believed to be
the more conservative approach, until such time that the additional documentational support was complete. The Bank also revised prior
reporting periods contained in the 2021 Form&nbsp;20-F at that point to reflect these transactions on a gross basis. These documentational
changes were made and discussed with PwC. The Bank has started to apply single transaction treatment for periods starting from April&nbsp;1,
2022. These changes are reflected in our 2Q22 Financial Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">As mentioned in our
response to Comment 2, a control deficiency was identified where generic product codes were used to book these unique transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The Bank performed
a review under ASC 250 &ldquo;Accounting Changes and Error Corrections&rdquo; and SAB 99 to assess materiality for this accounting issue.
Below were the quantitative and qualitative considerations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">The
                                            adjustment did not revise the profit and loss as disclosed in the consolidated statement
                                            of operations or Swiss CET1 capital or Swiss risk-weighted assets as disclosed in Note 38
                                            Capital adequacy. The adjustment to reflect accounting on a gross basis, instead of as a
                                            single transaction, impacted the consolidated balance sheet, the consolidated statement of
                                            cash flows and various footnote disclosures, including leverage exposure as reported in Note
                                            38 Capital adequacy. The impact to any individual statement or disclosure however was immaterial.
                                            Due to an increase in total assets resulting from the gross treatment, the Bank&rsquo;s leverage
                                            exposure increased by the same amount and reduced the related leverage ratios by ten basis
                                            points for December&nbsp;31, 2020.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">The
                                            accounting issue for presentation on a gross basis of these transactions is restricted to
                                            transactions where the Bank executes a collateral upgrade through a security borrow versus
                                            security pledge, but each leg is settled in cash. This is limited to: (1)&nbsp;the mortgage-backed
                                            securities versus treasuries business because the practicality of agency mortgages inventory
                                            management requires tri-party posting of collateral, which can only happen with a cash leg
                                            in the context of the US financial infrastructure following the tri-party reform post-Lehman;
                                            and (2)&nbsp;the treasuries versus treasuries business with the Fed as these are cash-settled
                                            for operational purposes as outlined in their program documentation. Further, the structure
                                            of the agency lending business is unique, transacting with IPs through agents. This matter
                                            relates to securities borrow transactions that require intraday cash collateral settlement
                                            with the replacement of non-cash collateral by end of same day. These transactions are limited
                                            to a small number of departments within the Bank&rsquo;s US operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;15</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">The
                                            accounting issue, which was internally identified by the CFO function, is ring-fenced to
                                            the business within the Bank&rsquo;s US Treasury operations and is limited to a small number
                                            of departments within these entities.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">There
                                            are counterparty limits in place at year-end 2021 combining for a total of $[***] USD across
                                            the Fed and ALD programs (comprised of these collateral upgrade trades and other trading
                                            activity). However, historical trading activity from 2018 to 2021 was relatively consistent
                                            year-over-year, with the maximum annual potential gross-up over a historical four-year period
                                            being approximately $[***] USD. As described in &ldquo;Note 1 &ndash; Summary of significant
                                            accounting policies&rdquo; in the 2021 Form&nbsp;20-F, balance sheet and cash flow positions
                                            for both assets and liabilities relating to these activities were understated. In 2020, total
                                            assets and total liabilities were understated by less than 2%, and impacted cash flow statement
                                            line items were understated by less than 1%.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">There
                                            was no tax impact relating to the balance sheet gross-up adjustment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">The
                                            adjustment was posted. The residual quantitative risk of a misreporting in the 2021 Form&nbsp;20-F
                                            (primary financial statements and footnote disclosures), individually and in aggregate, was
                                            mitigated.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The Bank&rsquo;s conclusion
is therefore that the adjustment posted at year-end 2021 is a revision and does not result in a restatement of the 2021 Form&nbsp;20-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="color: Black"><I>Cash
flow reporting matter</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">We note the Staff&rsquo;s
reference in part (ii)&nbsp;of Comment 3 to revisions of prior period financial statements on page&nbsp;466 of the 2021 Form&nbsp;20-F,
which relate to the Bank&rsquo;s disclosures. Our responses reference these and parallel disclosures on page&nbsp;292 of the 2021 Form&nbsp;20-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The US GAAP reporting
function within Group Finance at the Group carried out a detailed review of reporting processes supporting the US GAAP consolidated cash
flow statements in the second half of 2021. This detailed review included review of both data sourcing and the applicable accounting
guidance. The review was based on the ICFR framework adopted by the Group and was part of a series of self-identified enhancements to
the accounting control environment implemented in recent years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">Based on this internal
review, the Group identified three line item misstatements in the cash flow statements that were revised in the 2021 Form&nbsp;20-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="color: Black">1.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Share-based compensation: Movements resulting
                                            from accruals of a share-based compensation obligation are considered to be non-cash movements.
                                            Such movements are required to be eliminated in the &lsquo;operating&rsquo; section of the
                                            cash flow statement. In prior periods, these movements were erroneously eliminated in the
                                            &lsquo;financing&rsquo; section. A new line item &ldquo;Share-based compensation&rdquo; has
                                            been introduced on the face of the cash flow statement, in the &lsquo;operating&rsquo; section,
                                            which represents such elimination.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;16</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="color: Black">2.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Non-functional currency gains and losses:
                                            Currency gains and losses arising from the re-measurement at the balance sheet date of foreign
                                            currency-denominated monetary assets and liabilities are included in net income. Such amounts
                                            should be presented as a reconciling item between net income and net cash provided by / (used
                                            in) operating activities. The Group presented such gains and losses on only a subsection
                                            of the population of such re-measured assets. As part of the aforementioned internal review,
                                            during which we sought external accounting advice, the Group benchmarked its processes against
                                            those adopted by peer banks, where we observed a range of practices. As a result, the Group
                                            decided to extend its existing processes to include a broader selection of instruments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="color: Black">3.</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Cash flow hedges: Changes in the fair
                                            value of derivatives designated as cash flow hedges are recorded in other comprehensive income
                                            and are included in the income statement when the cash flow from the hedged item is recognized.
                                            Such non-cash movements had been eliminated in the financing section. This was corrected
                                            to be included in the operating section of the cash flow statement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">Control deficiencies
were identified where inappropriate automated mapping rules&nbsp;were used. The automated rules&nbsp;relating to the share-based compensation
and cash flow hedges were remediated prior to the filing of the 2021 Form&nbsp;20-F. The remediation of the rules&nbsp;relating to non-functional
currency gains and losses is in progress and is expected to be completed in 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The Bank performed
a review under ASC 250 &ldquo;Accounting Changes and Error Corrections&rdquo; and SAB 99 to assess materiality for this accounting issue.
The following is a summary of the Bank&rsquo;s quantitative and qualitative considerations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The impacts of the
three cash flow matters described above are unique to the cash flow statement and do not affect other statements or notes. The adjustments
revise line items of comparative periods but do not change either the direction of the cash flows or their proportional relationship
to each other (see Exhibit&nbsp;A). Consequently the impact to the Group and the 2021 Form&nbsp;20-F as a whole is immaterial.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="color: Black">We considered
the following qualitative factors in our evaluation of the misstatements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Measurement
                                            - The misstatements are capable of precise measurement, and there is no judgement inherent
                                            in the measurement of the impacts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;17</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Masking
                                            of earnings - The misstatements (and their correction) do not mask a change in earnings or
                                            other trends.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Analyst
                                            expectations -The misstatements do not hide a failure to meet analysts&rsquo; consensus expectations.
                                            Analysts rarely comment on or provide analysis on the cash flow metrics. The misstatements
                                            do not have an impact on net revenues, net income or any other financial measure of the Group
                                            beyond this statement. Furthermore, the reported cash flows are very volatile and not conducive
                                            to useful trend analysis (as shown in Exhibit&nbsp;A).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Fraud
                                            Assessment - The misstatements do not involve the concealment of an unlawful transaction
                                            and were not a result of fraud.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Impact
                                            of the disclosure on the users of the financial statements - The misstatements were assessed
                                            to be of limited importance to investors. Cash flow statements are designed to illustrate
                                            a company&rsquo;s financial strength and liquidity with information about operations, investment
                                            and financing, which are viewed as important factors in a company&rsquo;s financial resilience.
                                            More relevant to banks and readers of bank financial statements are the liquidity ratio measures
                                            put in place by regulators and their related &ldquo;maturity profiles&rdquo; of assets and
                                            liabilities, all of which are separately disclosed. None of these measures were affected
                                            by these misstatements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="font-size: 10pt; width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: Black">&middot;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">Compliance
                                            with regulatory requirements - There is no impact on regulatory compliance from these misstatements.
                                            There is also no impact on capital adequacy or leverage.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">While the quantitative
factors exceed 5% of the impacted line items, based on the qualitative factors, we do not consider the change to the comparative periods
for this disclosure to be material to the users of the financial statements. This conclusion was discussed with our external auditors,
PwC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">* * * * *</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The Bank acknowledges
that it is responsible for the adequacy and accuracy of the disclosure in its filings with the Commission, that Staff comments or changes
to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filings, and that
it may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities
laws of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert
Klein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Securities and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">August&nbsp;12, 2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Page&nbsp;18</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">The Bank hopes that
its responses adequately address each of the Staff&rsquo;s comments. If the Staff has any questions concerning this letter or requires
further information, please do not hesitate to contact Robert Arbuthnott, Head of Group Finance and Chief Accounting Officer, in Zurich
at 011-41-44-332-6261, Todd Runyan, Group Accountant, in Zurich at 011-41-44-334-8063, Christopher Harris, Head of External Reporting,
in Zurich at 011-41-44-333-8395, or me in Zurich at 011-41-44-333-6607.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt; width: 49%"></TD><TD STYLE="font-size: 10pt; width: 2%; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; width: 49%"><FONT STYLE="color: Black">Very
                                            truly yours,</FONT></TD>
</TR><TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
     <TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">CREDIT SUISSE AG</FONT></TD></TR>
     <TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
     <TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="color: Black">/s/
                                            David R. Mathers</FONT></TD></TR>
     <TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
     <TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">David R. Mathers</FONT></TD></TR>
     <TR STYLE="font-size: 10pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="color: Black">Chief Financial Officer</FONT></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;cc:&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;Mirko Bianchi</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 1%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 4%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 92%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Chairman of the Audit Committee</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Credit Suisse Group AG</FONT></P></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;Sebastian R. Sperber,&nbsp;Esq.</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Cleary Gottlieb Steen&nbsp;&amp; Hamilton
    LLP</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; background-color: white">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>EXHIBIT&nbsp;A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Consolidated
statements of cash flows - Credit Suisse AG</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><I>in
CHF million</I></FONT> <FONT STYLE="color: Black">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT></P>



<P STYLE="font-size: 10pt; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">in</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2021</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2020<BR>

    pre-revision</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2020<BR>

    revised</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2019<BR>

    pre-revision</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2019<BR>

    revised</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2018</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2017</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="color: Black">2016</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 10%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Net income/(loss)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(1,029</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">2,514</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">2,514</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">3,095</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">3,095</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,722</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(1,288</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,889</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Net cash provided by/(used in) operating
    activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">36,893</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(6,163</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(5,792</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(18,418</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(17,439</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">12,534</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(8,470</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">27,008</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Net cash provided by/(used in) investing
    activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(10,139</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">15,572</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">13,369</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(3,161</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(4,206</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(8,660</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">9,779</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(8,426</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Net cash provided by/(used in) financing
    activities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">179</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">30,373</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">32,205</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">23,904</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">23,970</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(14,090</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(12,028</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: Black">9,017</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Effect of exchange rate changes on
    cash and due from banks</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(1,114</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,619</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(2,619</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(595</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(595</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">20</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(837</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,213</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Net increase/(decrease) in cash and
    due from banks</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">25,819</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">37,163</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">37,163</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,730</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">1,730</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(10,196</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(11,556</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">28,812</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Cash and due from banks at beginning
    of period</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">138,207</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">101,044</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">101,044</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">99,314</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">99,314</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">109,510</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">121,066</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">92,254</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Cash and due from banks at end of period</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">164,026</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">138,207</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">138,207</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">101,044</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">101,044</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">99,314</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">109,510</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">121,066</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
