<SEC-DOCUMENT>0001610520-23-000139.txt : 20230901
<SEC-HEADER>0001610520-23-000139.hdr.sgml : 20230901
<ACCEPTANCE-DATETIME>20230901070346
ACCESSION NUMBER:		0001610520-23-000139
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230901
DATE AS OF CHANGE:		20230901

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS Group AG
		CENTRAL INDEX KEY:			0001610520
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36764
		FILM NUMBER:		231230586

	BUSINESS ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41-44-234-1111

	MAIL ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33434
		FILM NUMBER:		231230587

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS AG
		CENTRAL INDEX KEY:			0001114446
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15060
		FILM NUMBER:		231230588

	BUSINESS ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH 8001
		BUSINESS PHONE:		203-719-5241

	MAIL ADDRESS:	
		STREET 1:		600 WASHINGTON BLVD.
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>investorpreso20230901.htm
<TEXT>
<!--EDGAR HTML document created by Certent CDM HD version: 23.2.1-->
<html>
<head><title>investorpreso20230901</title>
</head>
<body bgcolor="#e6e6e6" style="font-family:Frutiger 45 Light;font-style:normal;font-size:13.92px;font-weight:300;font-stretch:normal;color:#000000;">
<div id="fixed-layout-inline-document" style="display:none;"></div>
<div id="Doc1" style="background-color:RGB(230, 230, 230);line-height:normal;">
<div style="padding: 7px">
<div id="Page1" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:606.7px; height:1px; left:93.6px; top:150.3px; background-color:#FFFFFF; ">&#160;</div>
<div style="position:absolute; width:606.7px; height:1px; left:93.6px; top:168.2px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:606.7px; height:1px; left:93.6px; top:170.1px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:1px; height:17.9px; left:93.6px; top:150.3px; background-color:#FFFFFF; ">&#160;</div>
<div style="position:absolute; width:1px; height:17.9px; left:699.3px; top:150.3px; background-color:#FFFFFF; ">&#160;</div>
<div style="position:absolute; width:606.7px; height:1px; left:93.6px; top:903.7px; background-color:#FFFFFF; ">&#160;</div>
<div style="position:absolute; width:606.7px; height:1px; left:93.6px; top:921.6px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:606.7px; height:1px; left:93.6px; top:923.5px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:1px; height:17.9px; left:93.6px; top:903.7px; background-color:#FFFFFF; ">&#160;</div>
<div style="position:absolute; width:1px; height:17.9px; left:699.3px; top:903.7px; background-color:#FFFFFF; ">&#160;</div>
<div id="a3" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.28px;font-weight:bold;left:311.91px;top:171.49px;">UNITED STATES </div><div id="a5" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.28px;font-weight:bold;left:167.23px;top:195.97px;">SECURITIES AND EXCHANGE COMMISSION</div><div id="a7" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:323.75px;top:220.5px;">Washington,<div style="display:inline-block;width:5.24px">&#160;</div>D.C. 20549 </div><div id="a9" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:334.63px;top:237.3px;">_________________ </div><div id="a12" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:29.28px;font-weight:bold;left:324.87px;top:271.39px;">FORM 6-K</div><div id="a17" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:229.31px;top:321.86px;">REPORT OF FOREIGN PRIVATE<div style="display:inline-block;width:9.06px">&#160;</div>ISSUER </div><div id="a20" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:206.75px;top:361.74px;">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER </div><div id="a26" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:217.47px;top:381.74px;">THE SECURITIES EXCHANGE ACT OF 1934 </div><div id="a29" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:bold;left:320.39px;top:418.3px;">Date: September 1, 2023 </div><div id="a34" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.92px;font-weight:bold;left:322.31px;top:452.23px;">UBS Group AG </div><div id="a36" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:477.39px;">(Registrant's Name)</div><div id="a38" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:264.55px;top:492.7px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a40" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:293.67px;top:509.55px;">(Address of principal executive office)</div><div id="a42" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:bold;left:287.91px;top:524.86px;">Commission File Number: 1-36764 </div><div id="a47" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.92px;font-weight:bold;left:356.23px;top:558.79px;">UBS AG</div><div id="a49" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:583.95px;">(Registrant's Name)</div><div id="a51" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:264.55px;top:599.26px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a53" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:267.43px;top:616.09px;">Aeschenvorstadt 1, 4051 Basel, Switzerland<div style="display:inline-block;width:5.42px">&#160;</div></div><div id="a56" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:291.11px;top:632.94px;">(Address of principal executive offices)</div><div id="a58" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:bold;left:287.91px;top:648.25px;">Commission File Number: 1-15060</div><div id="a61" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.92px;font-weight:bold;left:505.85px;top:641.53px;"><div style="display:inline-block;width:5.44px">&#160;</div></div><div id="a64" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.92px;font-weight:bold;left:315.59px;top:682.17px;">Credit Suisse AG </div><div id="a66" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:707.34px;">(Registrant's Name)</div><div id="a68" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:278.79px;top:722.65px;">Paradeplatz 8, 8001 Zurich, Switzerland </div><div id="a70" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:293.67px;top:739.5px;">(Address of principal executive office)</div><div id="a72" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:bold;left:287.91px;top:754.81px;">Commission File Number: 1-33434 </div><div id="a80" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:109.31px;top:820.73px;">Indicate by check mark whether the<div style="display:inline-block;width:5.09px">&#160;</div>registrants file or will file annual reports under<div style="display:inline-block;width:5.42px">&#160;</div>cover of Form </div><div id="a81" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:339.91px;top:837.69px;">20-F or Form 40-</div><div id="a85" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:442.01px;top:837.69px;">F. </div><div id="a88" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:252.51px;top:884.13px;">Form 20-F<div style="display:inline-block;width:7.66px">&#160;</div></div><div id="a91" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:29.28px;font-weight:normal;left:322.95px;top:870.7px;">&#9746;</div><div id="a92" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:354.15px;top:884.13px;"><div style="display:inline-block;width:90.43px">&#160;</div>Form 40-F<div style="display:inline-block;width:7.62px">&#160;</div></div><div id="a97" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:29.28px;font-weight:normal;left:514.97px;top:870.7px;">&#9744;</div></div>
</div>
<div style="padding: 7px">
<div id="Page2" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a100" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:94.59px;top:113.79px;">This Form 6-K consists of the transcripts<div style="display:inline-block;width:5.04px">&#160;</div>of the presentation of the Second<div style="display:inline-block;width:5.03px">&#160;</div>Quarter 2023 Results of </div><div id="a103" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:94.59px;top:130.58px;">UBS Group AG and related Q&amp;A session,<div style="display:inline-block;width:5.19px">&#160;</div>which appear immediately following<div style="display:inline-block;width:5.06px">&#160;</div>this page.</div></div>
</div>
<div style="padding: 7px">
<div id="Page3" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:167.2px; height:1px; left:223.5px; top:427.8px; background-color:#0000FF; ">&#160;</div>
<div id="a106" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">1 </div><div id="a108" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:48px;left:68px;top:166.85px;">Second quarter 2023 results<div style="display:inline-block;width:13.67px">&#160;</div></div><div id="a114" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;left:68px;top:239.76px;">31 August 2023 </div><div id="a117" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;left:68px;top:281.84px;">Speeches by </div><div id="a121" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;color:#E60000;left:171.07px;top:281.84px;">Sergio P.<div style="display:inline-block;width:8.29px">&#160;</div>Ermotti</div><div id="a122" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;left:302.79px;top:281.84px;">, Group<div style="display:inline-block;width:6.67px">&#160;</div>Chief Executive Officer,<div style="display:inline-block;width:8.26px">&#160;</div>and </div><div id="a133" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;color:#E60000;left:596.25px;top:281.84px;">Todd<div style="display:inline-block;width:8.05px">&#160;</div>Tuckner</div><div id="a134" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;left:705.25px;top:281.84px;letter-spacing:-0.2px;">, </div><div id="a135" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;left:68px;top:302.96px;">Group Chief Financial Officer </div><div id="a144" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;left:68px;top:341.2px;">Including analyst Q&amp;A session </div><div id="a147" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.56px;font-weight:bold;left:68px;top:379.41px;">Transcript.</div><div id="a149" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.56px;font-weight:bold;left:68px;top:396.53px;">Numbers for slides<div style="display:inline-block;width:1.83px">&#160;</div>refer to<div style="display:inline-block;width:2.22px">&#160;</div>the second quarter<div style="display:inline-block;width:1.97px">&#160;</div>2023 results<div style="display:inline-block;width:2.69px">&#160;</div>presentation. Materials<div style="display:inline-block;width:2.64px">&#160;</div>and a<div style="display:inline-block;width:2.61px">&#160;</div>webcast </div><div id="a157" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.56px;font-weight:bold;left:68px;top:413.49px;">replay are available at </div><div id="a158" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.56px;font-weight:bold;color:#0000FF;left:223.87px;top:413.49px;">www.ubs.com/investors</div><div id="a159" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.56px;font-weight:bold;left:391.11px;top:413.49px;"><div style="display:inline-block;width:4px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page4" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:527.5px; height:1px; left:67.6px; top:117.4px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:338.5px; height:1px; left:67.6px; top:481.1px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:484.7px; height:1px; left:67.6px; top:689.1px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:241.2px; height:1px; left:67.6px; top:810.4px; background-color:#000000; ">&#160;</div>
<div id="a164" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">2 </div><div id="a166" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;color:#E60000;left:68px;top:79.25px;">Sergio P.<div style="display:inline-block;width:8.01px">&#160;</div>Ermotti </div><div id="a168" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:103.96px;">Slide 3 &#8211; Our strategy is unchanged and<div style="display:inline-block;width:5.29px">&#160;</div>is accelerated by the acquisition of<div style="display:inline-block;width:5.21px">&#160;</div>Credit Suisse</div><div id="a174" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:120.94px;">Thank you<div style="display:inline-block;width:2.11px">&#160;</div>Sarah, and<div style="display:inline-block;width:2.48px">&#160;</div>good morning<div style="display:inline-block;width:2.14px">&#160;</div>everyone.<div style="display:inline-block;width:6.14px">&#160;</div>I hope<div style="display:inline-block;width:2.22px">&#160;</div>you had<div style="display:inline-block;width:2.11px">&#160;</div>a relaxing summer<div style="display:inline-block;width:1.93px">&#160;</div>break.<div style="display:inline-block;width:6.17px">&#160;</div>For us,<div style="display:inline-block;width:2.15px">&#160;</div>these past<div style="display:inline-block;width:1.9px">&#160;</div>eight </div><div id="a175" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:138.38px;">weeks were intense<div style="display:inline-block;width:5.22px">&#160;</div>as we were<div style="display:inline-block;width:5.29px">&#160;</div>busy writing the next<div style="display:inline-block;width:5.26px">&#160;</div>chapter in UBS&#8217;s history.<div style="display:inline-block;width:6.69px">&#160;</div>This is the first-ever<div style="display:inline-block;width:5.39px">&#160;</div>acquisition </div><div id="a178" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:155.66px;">involving two global systemically important<div style="display:inline-block;width:2.4px">&#160;</div>banks.<div style="display:inline-block;width:6.75px">&#160;</div>It was announced only<div style="display:inline-block;width:2.32px">&#160;</div>five months ago and<div style="display:inline-block;width:2.25px">&#160;</div>we closed it less </div><div id="a180" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:172.94px;">than 100<div style="display:inline-block;width:6.15px">&#160;</div>days ago.<div style="display:inline-block;width:6.08px">&#160;</div>This would<div style="display:inline-block;width:6.34px">&#160;</div>not have<div style="display:inline-block;width:6.09px">&#160;</div>been possible<div style="display:inline-block;width:6.25px">&#160;</div>without extraordinary<div style="display:inline-block;width:6.75px">&#160;</div>effort<div style="display:inline-block;width:5.41px">&#160;</div>and dedication<div style="display:inline-block;width:6.36px">&#160;</div>from<div style="display:inline-block;width:5.4px">&#160;</div>my </div><div id="a181" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:190.38px;">colleagues across<div style="display:inline-block;width:6.79px">&#160;</div>both<div style="display:inline-block;width:5.26px">&#160;</div>organizations.<div style="display:inline-block;width:5.41px">&#160;</div>It also<div style="display:inline-block;width:6.31px">&#160;</div>required<div style="display:inline-block;width:5.87px">&#160;</div>extensive<div style="display:inline-block;width:5.33px">&#160;</div>cooperation<div style="display:inline-block;width:5.31px">&#160;</div>from<div style="display:inline-block;width:5.56px">&#160;</div>the Swiss<div style="display:inline-block;width:6.36px">&#160;</div>government and </div><div id="a184" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:207.66px;">regulators in Switzerland and around<div style="display:inline-block;width:5.72px">&#160;</div>the world. </div><div id="a186" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:242.38px;">We<div style="display:inline-block;width:5.27px">&#160;</div>are<div style="display:inline-block;width:5.38px">&#160;</div>swiftly<div style="display:inline-block;width:5.32px">&#160;</div>executing<div style="display:inline-block;width:5.49px">&#160;</div>on our<div style="display:inline-block;width:6.45px">&#160;</div>integration<div style="display:inline-block;width:5.42px">&#160;</div>plans, already<div style="display:inline-block;width:6.88px">&#160;</div>achieving<div style="display:inline-block;width:5.27px">&#160;</div>a number<div style="display:inline-block;width:6.76px">&#160;</div>of important<div style="display:inline-block;width:6.42px">&#160;</div>milestones.<div style="display:inline-block;width:5.64px">&#160;</div>We </div><div id="a187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:259.66px;">established a target operating model, created a dedicated integration office, and<div style="display:inline-block;width:2.42px">&#160;</div>rolled out responsibilities with </div><div id="a189" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:276.94px;">management appointments up<div style="display:inline-block;width:1.97px">&#160;</div>to three<div style="display:inline-block;width:2.51px">&#160;</div>levels below<div style="display:inline-block;width:2.31px">&#160;</div>the Group Executive<div style="display:inline-block;width:1.98px">&#160;</div>Board, just to<div style="display:inline-block;width:1.68px">&#160;</div>name a<div style="display:inline-block;width:2.16px">&#160;</div>few.<div style="display:inline-block;width:6.8px">&#160;</div>We are<div style="display:inline-block;width:1.82px">&#160;</div>also </div><div id="a190" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:294.38px;">making progress on our cost<div style="display:inline-block;width:1.5px">&#160;</div>-saving and de-risking plans and resolving<div style="display:inline-block;width:5.42px">&#160;</div>some legacy matters for both<div style="display:inline-block;width:5.18px">&#160;</div>firms.<div style="display:inline-block;width:8.2px">&#160;</div></div><div id="a197" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:328.94px;">Following a detailed analysis, we terminated and handed back all Swiss<div style="display:inline-block;width:5.37px">&#160;</div>government support a few weeks ago. </div><div id="a198" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:346.38px;">Lastly,<div style="display:inline-block;width:5.27px">&#160;</div>we decided to fully integrate the Swiss<div style="display:inline-block;width:5.28px">&#160;</div>business of Credit Suisse after a<div style="display:inline-block;width:5.35px">&#160;</div>thorough strategic review. </div><div id="a200" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:380.98px;">The thing I am proudest about is that clients have<div style="display:inline-block;width:5.25px">&#160;</div>rewarded our unwavering commitment<div style="display:inline-block;width:5.38px">&#160;</div>with extended trust.<div style="display:inline-block;width:8.36px">&#160;</div></div><div id="a203" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:398.42px;">Thanks to their restored belief in the combined firm we were able to swiftly stabilize the Credit Suisse core &#8211; its </div><div id="a207" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:415.7px;">wealth, asset management, and Swiss Bank franchises.<div style="display:inline-block;width:8.17px">&#160;</div>We are happy to see markets recognizing our ongoing </div><div id="a209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:432.98px;">work. </div><div id="a211" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:467.7px;">Slide 4 &#8211; Enhancing client franchises and increasing<div style="display:inline-block;width:5.85px">&#160;</div>scale </div><div id="a216" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:502.42px;">Our<div style="display:inline-block;width:5.25px">&#160;</div>strategy<div style="display:inline-block;width:5.8px">&#160;</div>is<div style="display:inline-block;width:5.41px">&#160;</div>unchanged,<div style="display:inline-block;width:5.58px">&#160;</div>and<div style="display:inline-block;width:5.4px">&#160;</div>the<div style="display:inline-block;width:5.46px">&#160;</div>Credit<div style="display:inline-block;width:5.82px">&#160;</div>Suisse<div style="display:inline-block;width:5.53px">&#160;</div>acquisition<div style="display:inline-block;width:5.52px">&#160;</div>will<div style="display:inline-block;width:5.49px">&#160;</div>act<div style="display:inline-block;width:5.43px">&#160;</div>as<div style="display:inline-block;width:5.38px">&#160;</div>an<div style="display:inline-block;width:5.46px">&#160;</div>accelerant<div style="display:inline-block;width:5.78px">&#160;</div>to<div style="display:inline-block;width:5.54px">&#160;</div>our<div style="display:inline-block;width:5.48px">&#160;</div>plans.<div style="display:inline-block;width:5.5px">&#160;</div>We<div style="display:inline-block;width:5.75px">&#160;</div>will </div><div id="a217" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:519.7px;">strengthen our position as the<div style="display:inline-block;width:5.27px">&#160;</div>only truly global wealth manager,<div style="display:inline-block;width:6.31px">&#160;</div>and as the leading Swiss universal bank,<div style="display:inline-block;width:5.31px">&#160;</div>with </div><div id="a219" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:536.98px;">scaled-up asset management and a focused<div style="display:inline-block;width:5.41px">&#160;</div>investment bank.<div style="display:inline-block;width:8.53px">&#160;</div></div><div id="a223" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:571.7px;">With a<div style="display:inline-block;width:6.31px">&#160;</div>highly<div style="display:inline-block;width:5.37px">&#160;</div>complementary<div style="display:inline-block;width:5.9px">&#160;</div>footprint,<div style="display:inline-block;width:5.45px">&#160;</div>we<div style="display:inline-block;width:5.25px">&#160;</div>will<div style="display:inline-block;width:5.33px">&#160;</div>reinforce<div style="display:inline-block;width:6.16px">&#160;</div>our<div style="display:inline-block;width:5.32px">&#160;</div>position<div style="display:inline-block;width:5.44px">&#160;</div>in key<div style="display:inline-block;width:6.64px">&#160;</div>growth<div style="display:inline-block;width:5.73px">&#160;</div>markets,<div style="display:inline-block;width:5.61px">&#160;</div>including<div style="display:inline-block;width:5.52px">&#160;</div>the </div><div id="a224" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:588.98px;">Americas and APAC, and build on our leadership in Switzerland and EMEA. We will relentlessly focus on clients </div><div id="a226" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:606.42px;">and continuously<div style="display:inline-block;width:6px">&#160;</div>improve<div style="display:inline-block;width:5.27px">&#160;</div>and expand<div style="display:inline-block;width:5.89px">&#160;</div>our services<div style="display:inline-block;width:5.73px">&#160;</div>and products.<div style="display:inline-block;width:6.4px">&#160;</div>With 5.5<div style="display:inline-block;width:5.28px">&#160;</div>trillion dollars<div style="display:inline-block;width:5.93px">&#160;</div>in assets<div style="display:inline-block;width:5.69px">&#160;</div>across<div style="display:inline-block;width:5.34px">&#160;</div>the </div><div id="a227" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:623.73px;">combined firm,<div style="display:inline-block;width:2.31px">&#160;</div>the transaction<div style="display:inline-block;width:2.42px">&#160;</div>adds scale<div style="display:inline-block;width:2.38px">&#160;</div>that will<div style="display:inline-block;width:2.2px">&#160;</div>lead to<div style="display:inline-block;width:2.2px">&#160;</div>increased efficiencies. This<div style="display:inline-block;width:2.34px">&#160;</div>will allow<div style="display:inline-block;width:2.39px">&#160;</div>us to<div style="display:inline-block;width:2.12px">&#160;</div>better focus </div><div id="a229" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:641.01px;">our resources, and target<div style="display:inline-block;width:5.22px">&#160;</div>investments that provide superior<div style="display:inline-block;width:5.34px">&#160;</div>levels of client service. </div><div id="a231" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:675.73px;">Slide 5 &#8211; Improving our business mix,<div style="display:inline-block;width:5.28px">&#160;</div>with unchanged capital allocation discipline </div><div id="a236" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:710.45px;">We will<div style="display:inline-block;width:2.42px">&#160;</div>achieve our<div style="display:inline-block;width:2.37px">&#160;</div>strategy while remaining<div style="display:inline-block;width:2.4px">&#160;</div>disciplined in<div style="display:inline-block;width:2.29px">&#160;</div>our resource management<div style="display:inline-block;width:2.37px">&#160;</div>across the entire<div style="display:inline-block;width:2.1px">&#160;</div>firm.<div style="display:inline-block;width:6.09px">&#160;</div>The </div><div id="a238" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:727.73px;">IB consuming<div style="display:inline-block;width:5.43px">&#160;</div>no more<div style="display:inline-block;width:5.65px">&#160;</div>than 25%<div style="display:inline-block;width:5.41px">&#160;</div>of the<div style="display:inline-block;width:5.22px">&#160;</div>Group&#8217;s risk-weighted<div style="display:inline-block;width:5.95px">&#160;</div>assets and<div style="display:inline-block;width:5.6px">&#160;</div>the rundown<div style="display:inline-block;width:5.5px">&#160;</div>of the<div style="display:inline-block;width:5.22px">&#160;</div>Non-core and </div><div id="a243" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:745.01px;">Legacy portfolio are just two of the more visible examples of our approach. In essence, we will<div style="display:inline-block;width:2.42px">&#160;</div>repeat what this </div><div id="a245" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:762.45px;">bank successfully accomplished during the<div style="display:inline-block;width:5.33px">&#160;</div>last decade. </div><div id="a247" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:797.01px;">Slide 6 &#8211; Update on integration &#8211; divider </div><div id="a255" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:831.73px;"><div style="display:inline-block;width:3.84px">&#160;</div>Before I<div style="display:inline-block;width:2.46px">&#160;</div>discuss the<div style="display:inline-block;width:2.35px">&#160;</div>Swiss Bank<div style="display:inline-block;width:2.38px">&#160;</div>decision, let<div style="display:inline-block;width:2.25px">&#160;</div>me give<div style="display:inline-block;width:2.4px">&#160;</div>you a<div style="display:inline-block;width:2.23px">&#160;</div>brief overview<div style="display:inline-block;width:2.41px">&#160;</div>of our<div style="display:inline-block;width:2.2px">&#160;</div>assessment of<div style="display:inline-block;width:2.35px">&#160;</div>Credit Suisse as<div style="display:inline-block;width:1.96px">&#160;</div>of </div><div id="a257" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:849.01px;">March 19.<div style="display:inline-block;width:6.5px">&#160;</div>Since then, and especially<div style="display:inline-block;width:2.48px">&#160;</div>after we closed the<div style="display:inline-block;width:2.16px">&#160;</div>acquisition in June, we<div style="display:inline-block;width:2.35px">&#160;</div>conducted an in-depth analysis </div><div id="a260" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:866.49px;">that has only confirmed the<div style="display:inline-block;width:4.81px">&#160;</div>necessity of the decisive actions taken<div style="display:inline-block;width:5.22px">&#160;</div>over that weekend.<div style="display:inline-block;width:8.72px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page5" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:549.4px; height:1px; left:67.6px; top:436.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:423.1px; height:1px; left:67.6px; top:731.7px; background-color:#000000; ">&#160;</div>
<div id="a264" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">3 </div><div id="a267" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">It was<div style="display:inline-block;width:2.16px">&#160;</div>not just<div style="display:inline-block;width:2.01px">&#160;</div>a matter<div style="display:inline-block;width:2.39px">&#160;</div>of liquidity<div style="display:inline-block;width:2.31px">&#160;</div>drying up.<div style="display:inline-block;width:5.09px">&#160;</div>Credit Suisse&#8217;s business<div style="display:inline-block;width:1.92px">&#160;</div>model and<div style="display:inline-block;width:2.48px">&#160;</div>business mix<div style="display:inline-block;width:2.22px">&#160;</div>was deeply<div style="display:inline-block;width:2.41px">&#160;</div>flawed </div><div id="a268" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">and its<div style="display:inline-block;width:6.14px">&#160;</div>reputation<div style="display:inline-block;width:5.41px">&#160;</div>severely<div style="display:inline-block;width:5.71px">&#160;</div>damaged.<div style="display:inline-block;width:5.23px">&#160;</div>With its<div style="display:inline-block;width:5.73px">&#160;</div>structural<div style="display:inline-block;width:5.45px">&#160;</div>lack of<div style="display:inline-block;width:6.16px">&#160;</div>underlying<div style="display:inline-block;width:5.43px">&#160;</div>profitability,<div style="display:inline-block;width:6.87px">&#160;</div>unsustainable<div style="display:inline-block;width:5.32px">&#160;</div>capital </div><div id="a271" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">allocation, and<div style="display:inline-block;width:5.23px">&#160;</div>negative revenue<div style="display:inline-block;width:5.5px">&#160;</div>and costs prospects,<div style="display:inline-block;width:6.27px">&#160;</div>the bank was<div style="display:inline-block;width:5.6px">&#160;</div>no longer in<div style="display:inline-block;width:5.79px">&#160;</div>a position to<div style="display:inline-block;width:5.56px">&#160;</div>continue on its </div><div id="a272" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">own. This is clearly<div style="display:inline-block;width:2.36px">&#160;</div>visible from the year-to-date losses Credit Suisse reported today, a culmination of the bank&#8217;s </div><div id="a279" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">two loss-making years.<div style="display:inline-block;width:8.54px">&#160;</div></div><div id="a283" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">Thanks to our<div style="display:inline-block;width:2.47px">&#160;</div>financial and balance sheet strength, UBS<div style="display:inline-block;width:2.27px">&#160;</div>was in a<div style="display:inline-block;width:2.47px">&#160;</div>position to answer a<div style="display:inline-block;width:2.19px">&#160;</div>rescue call from the Swiss </div><div id="a284" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">government, helping to stabilize the financial system.<div style="display:inline-block;width:8.8px">&#160;</div>Importantly,<div style="display:inline-block;width:5.36px">&#160;</div>the transaction preserves the best of Credit </div><div id="a286" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">Suisse&#8217;s<div style="display:inline-block;width:5.21px">&#160;</div>excellent<div style="display:inline-block;width:5.48px">&#160;</div>client<div style="display:inline-block;width:5.42px">&#160;</div>relationships,<div style="display:inline-block;width:5.95px">&#160;</div>people, and<div style="display:inline-block;width:6.7px">&#160;</div>industry-leading<div style="display:inline-block;width:5.78px">&#160;</div>products<div style="display:inline-block;width:5.54px">&#160;</div>that<div style="display:inline-block;width:5.47px">&#160;</div>in other<div style="display:inline-block;width:6.54px">&#160;</div>plausible<div style="display:inline-block;width:5.44px">&#160;</div>scenarios </div><div id="a289" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">would have<div style="display:inline-block;width:5.23px">&#160;</div>been weakened<div style="display:inline-block;width:5.3px">&#160;</div>or lost.<div style="display:inline-block;width:9.24px">&#160;</div>Unlocking Credit<div style="display:inline-block;width:5.74px">&#160;</div>Suisse&#8217;s strengths<div style="display:inline-block;width:5.55px">&#160;</div>as part<div style="display:inline-block;width:5.22px">&#160;</div>of UBS, will<div style="display:inline-block;width:5.53px">&#160;</div>allow us to<div style="display:inline-block;width:5.73px">&#160;</div>build </div><div id="a290" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">something of a more enduring value for<div style="display:inline-block;width:2.32px">&#160;</div>all stakeholders. This combination will reinforce our status as a<div style="display:inline-block;width:2.16px">&#160;</div>premier </div><div id="a292" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">global franchise &#8211; one that our home market, Switzerland, can be proud of.<div style="display:inline-block;width:8.74px">&#160;</div>We are humbled by this task, and </div><div id="a296" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">the responsibility entrusted to us.<div style="display:inline-block;width:9.22px">&#160;</div></div><div id="a298" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">But let<div style="display:inline-block;width:5.81px">&#160;</div>me make<div style="display:inline-block;width:6.22px">&#160;</div>one thing<div style="display:inline-block;width:5.8px">&#160;</div>absolutely clear:<div style="display:inline-block;width:6.16px">&#160;</div>Our ability<div style="display:inline-block;width:6.11px">&#160;</div>to stabilize<div style="display:inline-block;width:6.03px">&#160;</div>Credit Suisse,<div style="display:inline-block;width:6.5px">&#160;</div>and return<div style="display:inline-block;width:5.82px">&#160;</div>the government </div><div id="a301" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">guarantees in timely fashion, should not take away from the gravity of the situation we inherited. Nor should it </div><div id="a302" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">diminish the scope and scale of the task<div style="display:inline-block;width:5.22px">&#160;</div>ahead. </div><div id="a304" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">Slide 7 &#8211; Diligent approach to<div style="display:inline-block;width:5.21px">&#160;</div>identify and asses strategic options for<div style="display:inline-block;width:5.18px">&#160;</div>Credit Suisse (Schweiz) </div><div id="a309" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">That being said, let<div style="display:inline-block;width:1.94px">&#160;</div>me walk you<div style="display:inline-block;width:2.45px">&#160;</div>through how we came to<div style="display:inline-block;width:2.07px">&#160;</div>our decision on<div style="display:inline-block;width:2.46px">&#160;</div>the future of Credit Suisse<div style="display:inline-block;width:2.31px">&#160;</div>(Schweiz).<div style="display:inline-block;width:8.17px">&#160;</div></div><div id="a310" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">As I promised when I returned as CEO a few months ago, the decision would be driven by facts, not emotions, </div><div id="a313" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">and mindful of the extraordinary<div style="display:inline-block;width:5.24px">&#160;</div>circumstances of the transaction.<div style="display:inline-block;width:5.55px">&#160;</div></div><div id="a315" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">We conducted an<div style="display:inline-block;width:2.42px">&#160;</div>extremely thorough review involving teams comprised<div style="display:inline-block;width:2.33px">&#160;</div>of some of<div style="display:inline-block;width:2.04px">&#160;</div>the best people<div style="display:inline-block;width:2.34px">&#160;</div>across both </div><div id="a316" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">firms, with support from external experts<div style="display:inline-block;width:5.37px">&#160;</div>where needed. Our analysis focused<div style="display:inline-block;width:5.55px">&#160;</div>on four key aspects that, for us, </div><div id="a318" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">would determine the<div style="display:inline-block;width:5.54px">&#160;</div>long-term viability<div style="display:inline-block;width:5.35px">&#160;</div>of the business.<div style="display:inline-block;width:5.55px">&#160;</div>We examined what<div style="display:inline-block;width:5.82px">&#160;</div>the decision would<div style="display:inline-block;width:5.58px">&#160;</div>entail for our </div><div id="a321" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">clients, shareholders, and employees. And we gave special consideration to financial and<div style="display:inline-block;width:2.32px">&#160;</div>funding sustainability. </div><div id="a323" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">We started with a broad spectrum of possibilities, ranging from IPO, sale, partial or full integration to a spinoff, </div><div id="a324" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">and even a dual-brand strategy.<div style="display:inline-block;width:9.05px">&#160;</div>Eventually,<div style="display:inline-block;width:5.55px">&#160;</div>based on our criteria, we narrowed down our selection to the two </div><div id="a328" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">best options:<div style="display:inline-block;width:5.32px">&#160;</div>a full<div style="display:inline-block;width:5.33px">&#160;</div>integration or<div style="display:inline-block;width:5.66px">&#160;</div>a spin-off<div style="display:inline-block;width:5.77px">&#160;</div>of a focused<div style="display:inline-block;width:6.03px">&#160;</div>perimeter,<div style="display:inline-block;width:6.11px">&#160;</div>which would<div style="display:inline-block;width:5.65px">&#160;</div>exclude segments<div style="display:inline-block;width:5.53px">&#160;</div>requiring </div><div id="a331" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">global capabilities.<div style="display:inline-block;width:8.42px">&#160;</div></div><div id="a333" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">The final outcome was crystal clear: Full<div style="display:inline-block;width:5.21px">&#160;</div>integration is by far the best choice.<div style="display:inline-block;width:5.43px">&#160;</div></div><div id="a335" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">Slide 8 &#8211; Integration of Credit Suisse<div style="display:inline-block;width:5.25px">&#160;</div>(Schweiz) is the best path forward </div><div id="a341" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">It is not<div style="display:inline-block;width:2.31px">&#160;</div>just that the<div style="display:inline-block;width:2.47px">&#160;</div>financial merits of integration<div style="display:inline-block;width:2.49px">&#160;</div>are greater.<div style="display:inline-block;width:8.16px">&#160;</div>It is also<div style="display:inline-block;width:2.42px">&#160;</div>the best way forward for<div style="display:inline-block;width:2.13px">&#160;</div>our clients, for </div><div id="a342" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">whom the<div style="display:inline-block;width:2.25px">&#160;</div>industry-leading offering will<div style="display:inline-block;width:2.26px">&#160;</div>improve and broaden<div style="display:inline-block;width:2.14px">&#160;</div>as we<div style="display:inline-block;width:2.13px">&#160;</div>combine products<div style="display:inline-block;width:0.86px">&#160;</div>and<div style="display:inline-block;width:2.42px">&#160;</div>capabilities<div style="display:inline-block;width:1.28px">&#160;</div>from<div style="display:inline-block;width:2.52px">&#160;</div>both </div><div id="a346" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">firms.<div style="display:inline-block;width:5.96px">&#160;</div>The<div style="display:inline-block;width:6.02px">&#160;</div>alternative<div style="display:inline-block;width:6.06px">&#160;</div>would<div style="display:inline-block;width:6.37px">&#160;</div>have<div style="display:inline-block;width:6.08px">&#160;</div>been<div style="display:inline-block;width:5.96px">&#160;</div>a<div style="display:inline-block;width:6.16px">&#160;</div>bleak<div style="display:inline-block;width:6.05px">&#160;</div>one,<div style="display:inline-block;width:6.17px">&#160;</div>considering<div style="display:inline-block;width:6.16px">&#160;</div>the<div style="display:inline-block;width:6.1px">&#160;</div>current<div style="display:inline-block;width:6.36px">&#160;</div>situation,<div style="display:inline-block;width:6.35px">&#160;</div>combined<div style="display:inline-block;width:6.33px">&#160;</div>with<div style="display:inline-block;width:6.02px">&#160;</div>the </div><div id="a347" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">necessity to<div style="display:inline-block;width:2.21px">&#160;</div>carve out<div style="display:inline-block;width:2.22px">&#160;</div>most of<div style="display:inline-block;width:2.21px">&#160;</div>its global<div style="display:inline-block;width:2.3px">&#160;</div>capabilities. Even<div style="display:inline-block;width:2.5px">&#160;</div>a more<div style="display:inline-block;width:2.49px">&#160;</div>focused spin-off of<div style="display:inline-block;width:1.94px">&#160;</div>Credit Suisse<div style="display:inline-block;width:2.53px">&#160;</div>Schweiz would </div><div id="a350" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">fail to meet the needs of many of its<div style="display:inline-block;width:5.22px">&#160;</div>corporate clients, as well as the entrepreneurs<div style="display:inline-block;width:6.02px">&#160;</div>it considers core. </div><div id="a353" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">At the same<div style="display:inline-block;width:6px">&#160;</div>time, separation<div style="display:inline-block;width:5.7px">&#160;</div>from the<div style="display:inline-block;width:5.56px">&#160;</div>Group would<div style="display:inline-block;width:5.97px">&#160;</div>entail a costly,<div style="display:inline-block;width:7.39px">&#160;</div>risky and<div style="display:inline-block;width:5.49px">&#160;</div>lengthy carveout<div style="display:inline-block;width:5.65px">&#160;</div>of technology </div><div id="a354" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">platforms, causing uncertainty<div style="display:inline-block;width:5.21px">&#160;</div>for clients and employees<div style="display:inline-block;width:5.56px">&#160;</div>for years to come.<div style="display:inline-block;width:9.31px">&#160;</div>Moreover,<div style="display:inline-block;width:5.87px">&#160;</div>our analysis revealed<div style="display:inline-block;width:5.25px">&#160;</div>a </div><div id="a356" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">substantial dependency of<div style="display:inline-block;width:1.79px">&#160;</div>the Swiss<div style="display:inline-block;width:2.2px">&#160;</div>subsidiary on<div style="display:inline-block;width:2.47px">&#160;</div>financial resources<div style="display:inline-block;width:2.33px">&#160;</div>and<div style="display:inline-block;width:2.52px">&#160;</div>operational<div style="display:inline-block;width:1.18px">&#160;</div>support<div style="display:inline-block;width:1.87px">&#160;</div>from<div style="display:inline-block;width:2.52px">&#160;</div>the parent.<div style="display:inline-block;width:0.75px">&#160;</div>As </div><div id="a357" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">a result,<div style="display:inline-block;width:2.51px">&#160;</div>it would<div style="display:inline-block;width:2.3px">&#160;</div>have existed<div style="display:inline-block;width:2.35px">&#160;</div>as a<div style="display:inline-block;width:2.24px">&#160;</div>fragile entity<div style="display:inline-block;width:2.41px">&#160;</div>struggling to close<div style="display:inline-block;width:1.8px">&#160;</div>its funding gap,<div style="display:inline-block;width:1.83px">&#160;</div>unable to<div style="display:inline-block;width:2.24px">&#160;</div>compete effectively </div><div id="a360" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">and failing to<div style="display:inline-block;width:5.73px">&#160;</div>deliver sustainable<div style="display:inline-block;width:5.47px">&#160;</div>returns.<div style="display:inline-block;width:9.09px">&#160;</div>We believe<div style="display:inline-block;width:5.38px">&#160;</div>this would not<div style="display:inline-block;width:5.79px">&#160;</div>have been an<div style="display:inline-block;width:5.6px">&#160;</div>acceptable proposition<div style="display:inline-block;width:5.97px">&#160;</div>for </div><div id="a361" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">clients, employees &#8211; and very likely - regulators.<div style="display:inline-block;width:9.82px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page6" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:502.5px; height:1px; left:67.6px; top:488.9px; background-color:#000000; ">&#160;</div>
<div id="a370" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">4 </div><div id="a373" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">By contrast, being<div style="display:inline-block;width:2.21px">&#160;</div>a part of<div style="display:inline-block;width:2.4px">&#160;</div>UBS ensures it<div style="display:inline-block;width:2.49px">&#160;</div>will have continuous backing<div style="display:inline-block;width:2.02px">&#160;</div>from one of the<div style="display:inline-block;width:2.04px">&#160;</div>most stable and<div style="display:inline-block;width:2.43px">&#160;</div>trusted </div><div id="a374" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">global<div style="display:inline-block;width:5.55px">&#160;</div>financial<div style="display:inline-block;width:5.71px">&#160;</div>institutions.<div style="display:inline-block;width:5.87px">&#160;</div>The<div style="display:inline-block;width:5.54px">&#160;</div>strength<div style="display:inline-block;width:6.1px">&#160;</div>of<div style="display:inline-block;width:5.54px">&#160;</div>UBS<div style="display:inline-block;width:5.45px">&#160;</div>will<div style="display:inline-block;width:5.65px">&#160;</div>underpin<div style="display:inline-block;width:5.64px">&#160;</div>the<div style="display:inline-block;width:5.62px">&#160;</div>franchise<div style="display:inline-block;width:5.68px">&#160;</div>and<div style="display:inline-block;width:5.72px">&#160;</div>provide<div style="display:inline-block;width:5.92px">&#160;</div>access<div style="display:inline-block;width:5.77px">&#160;</div>to<div style="display:inline-block;width:5.54px">&#160;</div>efficient </div><div id="a375" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">funding, as demonstrated by our ability<div style="display:inline-block;width:5.21px">&#160;</div>to return all extraordinary government<div style="display:inline-block;width:5.19px">&#160;</div>and central bank facilities.<div style="display:inline-block;width:5.15px">&#160;</div></div><div id="a378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">We<div style="display:inline-block;width:6.87px">&#160;</div>take<div style="display:inline-block;width:6.96px">&#160;</div>our<div style="display:inline-block;width:6.76px">&#160;</div>social<div style="display:inline-block;width:6.88px">&#160;</div>responsibilities<div style="display:inline-block;width:7.34px">&#160;</div>very<div style="display:inline-block;width:6.93px">&#160;</div>seriously.<div style="display:inline-block;width:8.25px">&#160;</div>This<div style="display:inline-block;width:6.71px">&#160;</div>is<div style="display:inline-block;width:6.69px">&#160;</div>why<div style="display:inline-block;width:6.93px">&#160;</div>I<div style="display:inline-block;width:6.67px">&#160;</div>have<div style="display:inline-block;width:6.88px">&#160;</div>repeatedly<div style="display:inline-block;width:7.35px">&#160;</div>emphasized<div style="display:inline-block;width:7.05px">&#160;</div>the<div style="display:inline-block;width:6.74px">&#160;</div>fact<div style="display:inline-block;width:6.87px">&#160;</div>that </div><div id="a379" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">employment-related considerations must be a key decision-making factor in our evaluation.<div style="display:inline-block;width:8.07px">&#160;</div>We have analyzed </div><div id="a385" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">their impact<div style="display:inline-block;width:6.46px">&#160;</div>in both<div style="display:inline-block;width:6.24px">&#160;</div>absolute<div style="display:inline-block;width:5.39px">&#160;</div>terms and<div style="display:inline-block;width:6.53px">&#160;</div>in relation<div style="display:inline-block;width:6.77px">&#160;</div>to the<div style="display:inline-block;width:6.34px">&#160;</div>Swiss<div style="display:inline-block;width:5.25px">&#160;</div>job market.<div style="display:inline-block;width:11.46px">&#160;</div>Every<div style="display:inline-block;width:5.41px">&#160;</div>lost job<div style="display:inline-block;width:6.27px">&#160;</div>is painful<div style="display:inline-block;width:6.46px">&#160;</div>for<div style="display:inline-block;width:5.23px">&#160;</div>us.<div style="display:inline-block;width:7.8px">&#160;</div></div><div id="a386" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">Unfortunately, in this situation,<div style="display:inline-block;width:2.14px">&#160;</div>cuts were unavoidable,<div style="display:inline-block;width:2.22px">&#160;</div>regardless of the<div style="display:inline-block;width:1.81px">&#160;</div>selected scenario.<div style="display:inline-block;width:5.67px">&#160;</div>We are committed<div style="display:inline-block;width:1.43px">&#160;</div>to </div><div id="a388" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">minimizing the<div style="display:inline-block;width:2.39px">&#160;</div>impact on<div style="display:inline-block;width:2.21px">&#160;</div>employees by<div style="display:inline-block;width:2.45px">&#160;</div>treating them fairly, providing<div style="display:inline-block;width:2.43px">&#160;</div>them<div style="display:inline-block;width:2.19px">&#160;</div>with<div style="display:inline-block;width:2.34px">&#160;</div>financial<div style="display:inline-block;width:1.55px">&#160;</div>support,<div style="display:inline-block;width:1.84px">&#160;</div>outplacement </div><div id="a389" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">services, and retraining<div style="display:inline-block;width:6.05px">&#160;</div>opportunities.<div style="display:inline-block;width:9.05px">&#160;</div>Our aim here<div style="display:inline-block;width:5.82px">&#160;</div>is to enable<div style="display:inline-block;width:5.52px">&#160;</div>those affected<div style="display:inline-block;width:5.58px">&#160;</div>to take advantage<div style="display:inline-block;width:5.61px">&#160;</div>of a quite-</div><div id="a391" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">healthy Swiss job market, where more<div style="display:inline-block;width:5.68px">&#160;</div>open positions in finance are available<div style="display:inline-block;width:5.55px">&#160;</div>than there are job seekers.<div style="display:inline-block;width:5.65px">&#160;</div></div><div id="a395" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">Let me emphasize: the vast majority of job reductions will come from natural attrition, retirements<div style="display:inline-block;width:5.78px">&#160;</div>and internal </div><div id="a396" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">mobility.<div style="display:inline-block;width:6.08px">&#160;</div>Around<div style="display:inline-block;width:5.28px">&#160;</div>1,000 redundancies<div style="display:inline-block;width:6.16px">&#160;</div>will result<div style="display:inline-block;width:6.04px">&#160;</div>from the<div style="display:inline-block;width:5.88px">&#160;</div>integration of<div style="display:inline-block;width:5.91px">&#160;</div>Credit Suisse<div style="display:inline-block;width:6.05px">&#160;</div>Schweiz.<div style="display:inline-block;width:9.47px">&#160;</div>These will<div style="display:inline-block;width:5.99px">&#160;</div>be </div><div id="a398" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">spread over<div style="display:inline-block;width:2.45px">&#160;</div>a couple<div style="display:inline-block;width:2.36px">&#160;</div>of years,<div style="display:inline-block;width:2.22px">&#160;</div>starting in<div style="display:inline-block;width:2.36px">&#160;</div>late 2024.<div style="display:inline-block;width:5.09px">&#160;</div>Importantly, in the alternative<div style="display:inline-block;width:2.12px">&#160;</div>spin-off scenario,<div style="display:inline-block;width:1.44px">&#160;</div>restructuring </div><div id="a401" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">would also<div style="display:inline-block;width:2.18px">&#160;</div>have been<div style="display:inline-block;width:2.41px">&#160;</div>necessary, and resulted in<div style="display:inline-block;width:2.27px">&#160;</div>about 600<div style="display:inline-block;width:2.25px">&#160;</div>redundancies. In addition,<div style="display:inline-block;width:2.13px">&#160;</div>the<div style="display:inline-block;width:2.52px">&#160;</div>necessity<div style="display:inline-block;width:1.66px">&#160;</div>to<div style="display:inline-block;width:2.5px">&#160;</div>profoundly </div><div id="a404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">restructure other parts<div style="display:inline-block;width:2.21px">&#160;</div>of Credit<div style="display:inline-block;width:2.38px">&#160;</div>Suisse is<div style="display:inline-block;width:2.27px">&#160;</div>expected to<div style="display:inline-block;width:2.4px">&#160;</div>lead to<div style="display:inline-block;width:2.2px">&#160;</div>about 2,000<div style="display:inline-block;width:2.32px">&#160;</div>additional redundancies in<div style="display:inline-block;width:2.05px">&#160;</div>Switzerland </div><div id="a405" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">over the next couple of years. </div><div id="a407" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">After weighing all of the above factors,<div style="display:inline-block;width:5.25px">&#160;</div>we came to the view that a full<div style="display:inline-block;width:5.26px">&#160;</div>integration is the best way forward.<div style="display:inline-block;width:5.41px">&#160;</div></div><div id="a410" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">Slide 9 &#8211; Unwavering commitment to our clients,<div style="display:inline-block;width:5.43px">&#160;</div>employees and the Swiss economy<div style="display:inline-block;width:5.46px">&#160;</div></div><div id="a415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">Our decision reinforces<div style="display:inline-block;width:5.2px">&#160;</div>our commitment to clients, employees,<div style="display:inline-block;width:5.19px">&#160;</div>and the Swiss economy.<div style="display:inline-block;width:10.19px">&#160;</div></div><div id="a417" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">Our goal<div style="display:inline-block;width:2.09px">&#160;</div>is to<div style="display:inline-block;width:2.13px">&#160;</div>make the<div style="display:inline-block;width:2.24px">&#160;</div>transition for<div style="display:inline-block;width:2.47px">&#160;</div>clients as<div style="display:inline-block;width:2.16px">&#160;</div>smooth as possible.<div style="display:inline-block;width:4.65px">&#160;</div>The two<div style="display:inline-block;width:2.31px">&#160;</div>Swiss ringfenced<div style="display:inline-block;width:2.11px">&#160;</div>entities<div style="display:inline-block;width:1.63px">&#160;</div>will<div style="display:inline-block;width:2.45px">&#160;</div>operate </div><div id="a419" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">separately until their planned<div style="display:inline-block;width:2.07px">&#160;</div>legal integration in<div style="display:inline-block;width:2.53px">&#160;</div>2024.<div style="display:inline-block;width:6.77px">&#160;</div>Credit Suisse brand and<div style="display:inline-block;width:2.33px">&#160;</div>operations will remain separate </div><div id="a420" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">during that time.<div style="display:inline-block;width:8.62px">&#160;</div>We will gradually migrate clients<div style="display:inline-block;width:5.54px">&#160;</div>onto our systems and expect to<div style="display:inline-block;width:5.22px">&#160;</div>finish this process in<div style="display:inline-block;width:5.26px">&#160;</div>2025. </div><div id="a422" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">Given this, nothing will<div style="display:inline-block;width:2.44px">&#160;</div>change for clients in<div style="display:inline-block;width:2.51px">&#160;</div>the foreseeable future and they do not<div style="display:inline-block;width:2.31px">&#160;</div>have to take any<div style="display:inline-block;width:2.27px">&#160;</div>immediate </div><div id="a423" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">action.<div style="display:inline-block;width:7.62px">&#160;</div>We will continue to provide the premier levels of service that they<div style="display:inline-block;width:5.39px">&#160;</div>have come to expect. And with time </div><div id="a424" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">they will begin to see the further benefits<div style="display:inline-block;width:5.41px">&#160;</div>of the combined franchise. </div><div id="a427" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">As we<div style="display:inline-block;width:2.04px">&#160;</div>progress in the<div style="display:inline-block;width:2.07px">&#160;</div>integration, we<div style="display:inline-block;width:2.3px">&#160;</div>remain fully committed<div style="display:inline-block;width:1.97px">&#160;</div>to our<div style="display:inline-block;width:2.36px">&#160;</div>personal, private, institutional<div style="display:inline-block;width:1.86px">&#160;</div>and<div style="display:inline-block;width:2.36px">&#160;</div>corporate </div><div id="a428" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">clients. In<div style="display:inline-block;width:6.23px">&#160;</div>terms of<div style="display:inline-block;width:6.35px">&#160;</div>lending,<div style="display:inline-block;width:5.3px">&#160;</div>thanks to<div style="display:inline-block;width:6.38px">&#160;</div>our even<div style="display:inline-block;width:1.36px">&#160;</div>-stronger<div style="display:inline-block;width:5.47px">&#160;</div>capital base,<div style="display:inline-block;width:6.53px">&#160;</div>our intention<div style="display:inline-block;width:6.34px">&#160;</div>is to<div style="display:inline-block;width:6.13px">&#160;</div>keep the<div style="display:inline-block;width:6.41px">&#160;</div>combined </div><div id="a432" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">exposure unchanged while<div style="display:inline-block;width:2.16px">&#160;</div>maintaining our<div style="display:inline-block;width:2.26px">&#160;</div>risk discipline. We<div style="display:inline-block;width:1.82px">&#160;</div>are sensitive<div style="display:inline-block;width:0.33px">&#160;</div>to<div style="display:inline-block;width:2.5px">&#160;</div>the<div style="display:inline-block;width:2.42px">&#160;</div>important<div style="display:inline-block;width:1.54px">&#160;</div>role both<div style="display:inline-block;width:0.97px">&#160;</div>firms<div style="display:inline-block;width:2.14px">&#160;</div>play<div style="display:inline-block;width:2.43px">&#160;</div>in </div><div id="a433" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">the lives of<div style="display:inline-block;width:5.73px">&#160;</div>our employees<div style="display:inline-block;width:5.37px">&#160;</div>and their communities.<div style="display:inline-block;width:10.46px">&#160;</div>We want<div style="display:inline-block;width:5.32px">&#160;</div>to remain<div style="display:inline-block;width:5.42px">&#160;</div>an employer<div style="display:inline-block;width:5.41px">&#160;</div>of choice<div style="display:inline-block;width:5.22px">&#160;</div>in Switzerland, </div><div id="a435" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">offering attractive career<div style="display:inline-block;width:2.38px">&#160;</div>opportunities.<div style="display:inline-block;width:6.17px">&#160;</div>Last but<div style="display:inline-block;width:2.42px">&#160;</div>not least,<div style="display:inline-block;width:2.2px">&#160;</div>as we<div style="display:inline-block;width:2.13px">&#160;</div>combine, we<div style="display:inline-block;width:2.47px">&#160;</div>will honor<div style="display:inline-block;width:2.51px">&#160;</div>all agreed sponsorships </div><div id="a436" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">of civic, sporting and cultural activities<div style="display:inline-block;width:5.2px">&#160;</div>in Switzerland at least until the end<div style="display:inline-block;width:5.25px">&#160;</div>of 2025. </div><div id="a438" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">I have<div style="display:inline-block;width:2px">&#160;</div>made it<div style="display:inline-block;width:2.19px">&#160;</div>abundantly clear to<div style="display:inline-block;width:1.85px">&#160;</div>our colleagues<div style="display:inline-block;width:2.35px">&#160;</div>that they<div style="display:inline-block;width:2.32px">&#160;</div>must not<div style="display:inline-block;width:2.3px">&#160;</div>be distracted<div style="display:inline-block;width:2.47px">&#160;</div>by the<div style="display:inline-block;width:2.08px">&#160;</div>integration.<div style="display:inline-block;width:6.35px">&#160;</div>We cannot </div><div id="a440" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">take our eyes off<div style="display:inline-block;width:2.25px">&#160;</div>our vision and<div style="display:inline-block;width:2.52px">&#160;</div>must remain focused on<div style="display:inline-block;width:2.46px">&#160;</div>client needs.<div style="display:inline-block;width:6.54px">&#160;</div>After all, competition in<div style="display:inline-block;width:2.12px">&#160;</div>the Swiss market </div><div id="a441" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">remains robust.<div style="display:inline-block;width:7.33px">&#160;</div>The cantonal banks in aggregate will continue to have<div style="display:inline-block;width:2.29px">&#160;</div>the highest market shares in all relevant </div><div id="a444" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">personal and<div style="display:inline-block;width:2.28px">&#160;</div>commercial banking products.<div style="display:inline-block;width:2.5px">&#160;</div>And our<div style="display:inline-block;width:2.29px">&#160;</div>branch network,<div style="display:inline-block;width:2.4px">&#160;</div>even after<div style="display:inline-block;width:2.39px">&#160;</div>the merger, is the<div style="display:inline-block;width:1.7px">&#160;</div>third-biggest. </div><div id="a447" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">We welcome<div style="display:inline-block;width:6.29px">&#160;</div>the challenge.<div style="display:inline-block;width:6.22px">&#160;</div>Competition is<div style="display:inline-block;width:6px">&#160;</div>what makes<div style="display:inline-block;width:6.32px">&#160;</div>all of<div style="display:inline-block;width:5.65px">&#160;</div>us better,<div style="display:inline-block;width:7.22px">&#160;</div>and what<div style="display:inline-block;width:6.08px">&#160;</div>makes the<div style="display:inline-block;width:6.1px">&#160;</div>Swiss financial </div><div id="a448" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">system stronger.<div style="display:inline-block;width:6.06px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page7" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:423.3px; height:1px; left:67.6px; top:124.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:533.7px; height:1px; left:67.6px; top:419.7px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:529.9px; height:1px; left:67.6px; top:783.7px; background-color:#000000; ">&#160;</div>
<div id="a452" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">5 </div><div id="a455" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Slide 10 &#8211; Stabilized flows and focusing<div style="display:inline-block;width:5.21px">&#160;</div>on client win-back opportunity </div><div id="a462" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">Given the<div style="display:inline-block;width:2.13px">&#160;</div>events leading up<div style="display:inline-block;width:1.64px">&#160;</div>to the<div style="display:inline-block;width:2.02px">&#160;</div>acquisition, stabilizing the<div style="display:inline-block;width:1.88px">&#160;</div>Credit Suisse<div style="display:inline-block;width:2.53px">&#160;</div>client franchises globally<div style="display:inline-block;width:1.9px">&#160;</div>has been<div style="display:inline-block;width:2.29px">&#160;</div>our </div><div id="a463" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">most immediate priority.<div style="display:inline-block;width:8.86px">&#160;</div>Since closing in June, we have won back clients&#8217; confidence, as evidenced by positive </div><div id="a465" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">asset flows and strong engagement<div style="display:inline-block;width:5.35px">&#160;</div>across Wealth Management<div style="display:inline-block;width:5.44px">&#160;</div>and the Swiss business.<div style="display:inline-block;width:8.9px">&#160;</div></div><div id="a467" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">We saw formidable momentum in deposits, with<div style="display:inline-block;width:2.51px">&#160;</div>23 billion dollars in inflows<div style="display:inline-block;width:2.51px">&#160;</div>for the quarter, 18 billion of which </div><div id="a469" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">came<div style="display:inline-block;width:5.59px">&#160;</div>into<div style="display:inline-block;width:5.43px">&#160;</div>Credit<div style="display:inline-block;width:5.82px">&#160;</div>Suisse&#8217;s<div style="display:inline-block;width:5.85px">&#160;</div>Wealth<div style="display:inline-block;width:5.88px">&#160;</div>Management<div style="display:inline-block;width:5.77px">&#160;</div>and<div style="display:inline-block;width:5.72px">&#160;</div>Swiss<div style="display:inline-block;width:5.57px">&#160;</div>Bank.<div style="display:inline-block;width:11.05px">&#160;</div>Meanwhile,<div style="display:inline-block;width:5.74px">&#160;</div>UBS<div style="display:inline-block;width:5.45px">&#160;</div>wealth<div style="display:inline-block;width:5.54px">&#160;</div>management<div style="display:inline-block;width:6.07px">&#160;</div>has </div><div id="a470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">delivered the highest second-quarter<div style="display:inline-block;width:5.44px">&#160;</div>net new money performance in over a<div style="display:inline-block;width:5.34px">&#160;</div>decade.<div style="display:inline-block;width:4.22px">&#160;</div></div><div id="a474" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">We are pleased<div style="display:inline-block;width:1.88px">&#160;</div>to share that<div style="display:inline-block;width:1.89px">&#160;</div>this positive<div style="display:inline-block;width:2.39px">&#160;</div>trend has<div style="display:inline-block;width:2.47px">&#160;</div>carried on<div style="display:inline-block;width:2.53px">&#160;</div>into July<div style="display:inline-block;width:2.25px">&#160;</div>and August.<div style="display:inline-block;width:5.5px">&#160;</div>While the<div style="display:inline-block;width:2.29px">&#160;</div>quarter is<div style="display:inline-block;width:2.39px">&#160;</div>not over </div><div id="a476" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">yet, so far we have attracted net new<div style="display:inline-block;width:5.18px">&#160;</div>assets of 8 billion for the combined wealth<div style="display:inline-block;width:5.58px">&#160;</div>management businesses. </div><div id="a478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">It is<div style="display:inline-block;width:2.13px">&#160;</div>encouraging and rewarding to<div style="display:inline-block;width:1.87px">&#160;</div>see the<div style="display:inline-block;width:2.42px">&#160;</div>franchise stabilize so<div style="display:inline-block;width:1.93px">&#160;</div>quickly.<div style="display:inline-block;width:7.63px">&#160;</div>Winning back<div style="display:inline-block;width:2.31px">&#160;</div>the more than<div style="display:inline-block;width:1.89px">&#160;</div>200 billion </div><div id="a479" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">dollars of<div style="display:inline-block;width:2.35px">&#160;</div>client assets that<div style="display:inline-block;width:1.78px">&#160;</div>left Credit Suisse<div style="display:inline-block;width:2.05px">&#160;</div>over the<div style="display:inline-block;width:2.48px">&#160;</div>past year won&#8217;t<div style="display:inline-block;width:1.88px">&#160;</div>be easy, but recapturing as<div style="display:inline-block;width:1.9px">&#160;</div>much as<div style="display:inline-block;width:2.34px">&#160;</div>we can </div><div id="a480" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">is one of our top priorities.<div style="display:inline-block;width:4.88px">&#160;</div></div><div id="a483" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">Slide 11 &#8211; Non-strategic assets and businesses<div style="display:inline-block;width:5.49px">&#160;</div>to be exited through Non<div style="display:inline-block;width:1.37px">&#160;</div>-Core and Legacy<div style="display:inline-block;width:4.87px">&#160;</div></div><div id="a492" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">Let&#8217;s move to assets that we have designated as non-core. First, let me briefly touch on the 9 billion RWAs that </div><div id="a495" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">will be included in the combined Investment<div style="display:inline-block;width:5.41px">&#160;</div>Bank. </div><div id="a498" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">These assets<div style="display:inline-block;width:2.33px">&#160;</div>were selected through<div style="display:inline-block;width:2.18px">&#160;</div>a disciplined<div style="display:inline-block;width:2.48px">&#160;</div>process designed to<div style="display:inline-block;width:1.69px">&#160;</div>enhance our<div style="display:inline-block;width:2.53px">&#160;</div>Global Banking<div style="display:inline-block;width:0.67px">&#160;</div>and<div style="display:inline-block;width:2.52px">&#160;</div>derivatives </div><div id="a499" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">operations.<div style="display:inline-block;width:13.15px">&#160;</div>The<div style="display:inline-block;width:6.66px">&#160;</div>transferred<div style="display:inline-block;width:7.29px">&#160;</div>businesses<div style="display:inline-block;width:6.73px">&#160;</div>are<div style="display:inline-block;width:6.82px">&#160;</div>expected<div style="display:inline-block;width:6.8px">&#160;</div>to<div style="display:inline-block;width:6.66px">&#160;</div>be<div style="display:inline-block;width:6.58px">&#160;</div>accretive<div style="display:inline-block;width:7.03px">&#160;</div>from<div style="display:inline-block;width:7px">&#160;</div>next<div style="display:inline-block;width:6.48px">&#160;</div>year.<div style="display:inline-block;width:7.88px">&#160;</div>They<div style="display:inline-block;width:6.72px">&#160;</div>will<div style="display:inline-block;width:6.61px">&#160;</div>help<div style="display:inline-block;width:6.62px">&#160;</div>drive </div><div id="a500" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">economies of scale while adding only<div style="display:inline-block;width:5.31px">&#160;</div>13% to the investment bank&#8217;s current<div style="display:inline-block;width:5.54px">&#160;</div>non op-risk RWAs.<div style="display:inline-block;width:4.99px">&#160;</div></div><div id="a505" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">The remaining 17 billion<div style="display:inline-block;width:2.27px">&#160;</div>of Credit Suisse&#8217;s investment bank,<div style="display:inline-block;width:2.07px">&#160;</div>as you can<div style="display:inline-block;width:2.47px">&#160;</div>see from the chart,<div style="display:inline-block;width:2.23px">&#160;</div>will be transferred to </div><div id="a506" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">the newly-formed Non-core and Legacy unit.<div style="display:inline-block;width:6.83px">&#160;</div>This will also include Credit Suisse&#8217;s entire Capital Release Unit as </div><div id="a512" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">well as<div style="display:inline-block;width:2.02px">&#160;</div>selected assets<div style="display:inline-block;width:2.5px">&#160;</div>from the<div style="display:inline-block;width:2.52px">&#160;</div>combined wealth and<div style="display:inline-block;width:1.69px">&#160;</div>asset management<div style="display:inline-block;width:2.41px">&#160;</div>businesses<div style="display:inline-block;width:1.61px">&#160;</div>that<div style="display:inline-block;width:2.11px">&#160;</div>are not<div style="display:inline-block;width:1.23px">&#160;</div>aligned<div style="display:inline-block;width:1.79px">&#160;</div>with<div style="display:inline-block;width:2.5px">&#160;</div>our </div><div id="a513" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">risk appetite or strategy.<div style="display:inline-block;width:10px">&#160;</div></div><div id="a515" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">Overall, the<div style="display:inline-block;width:2.2px">&#160;</div>NCL will<div style="display:inline-block;width:2.16px">&#160;</div>comprise of 224<div style="display:inline-block;width:1.7px">&#160;</div>billion in<div style="display:inline-block;width:2.18px">&#160;</div>LRD, with<div style="display:inline-block;width:2.28px">&#160;</div>a significant<div style="display:inline-block;width:2.44px">&#160;</div>portion<div style="display:inline-block;width:2.27px">&#160;</div>in high-quality<div style="display:inline-block;width:0px;margin-left:-0.04px">&#160;</div>and<div style="display:inline-block;width:2.52px">&#160;</div>liquid<div style="display:inline-block;width:1.9px">&#160;</div>assets,<div style="display:inline-block;width:1.97px">&#160;</div>and </div><div id="a519" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">55 billion in risk weighted assets excluding<div style="display:inline-block;width:5.38px">&#160;</div>op-risk RWAs.<div style="display:inline-block;width:5.04px">&#160;</div></div><div id="a523" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">With the perimeter largely defined, we are already executing on our<div style="display:inline-block;width:2.51px">&#160;</div>strategy to exit these assets in a<div style="display:inline-block;width:2.47px">&#160;</div>timely and </div><div id="a524" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">efficient manner.<div style="display:inline-block;width:6.95px">&#160;</div>We made a<div style="display:inline-block;width:1.64px">&#160;</div>good start<div style="display:inline-block;width:2.24px">&#160;</div>in the<div style="display:inline-block;width:2.19px">&#160;</div>second quarter, reducing positions representing<div style="display:inline-block;width:2.09px">&#160;</div>a total<div style="display:inline-block;width:0.99px">&#160;</div>of<div style="display:inline-block;width:2.5px">&#160;</div>9 billion </div><div id="a526" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">in RWA. Around<div style="display:inline-block;width:5.23px">&#160;</div>half of those came from sales that<div style="display:inline-block;width:5.25px">&#160;</div>we actively pursued. </div><div id="a528" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Slide 12 &#8211; Non-core and legacy<div style="display:inline-block;width:5.28px">&#160;</div>rundown to drive lower costs and efficient<div style="display:inline-block;width:5.65px">&#160;</div>capital release<div style="display:inline-block;width:5.03px">&#160;</div></div><div id="a535" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">As I<div style="display:inline-block;width:1.86px">&#160;</div>mentioned before, this<div style="display:inline-block;width:2.22px">&#160;</div>is not<div style="display:inline-block;width:2.06px">&#160;</div>the first<div style="display:inline-block;width:2.06px">&#160;</div>time our<div style="display:inline-block;width:2.37px">&#160;</div>organization has<div style="display:inline-block;width:2.39px">&#160;</div>managed a<div style="display:inline-block;width:2.43px">&#160;</div>successful run-down of<div style="display:inline-block;width:1.88px">&#160;</div>non-core </div><div id="a541" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">assets.<div style="display:inline-block;width:7.89px">&#160;</div>Our previous experience is a<div style="display:inline-block;width:5.25px">&#160;</div>big part of why we are confident<div style="display:inline-block;width:5.31px">&#160;</div>in our ultimate success.<div style="display:inline-block;width:8.78px">&#160;</div></div><div id="a543" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">A clear priority<div style="display:inline-block;width:2.2px">&#160;</div>for us is<div style="display:inline-block;width:2.06px">&#160;</div>to take out<div style="display:inline-block;width:2.25px">&#160;</div>a substantial part<div style="display:inline-block;width:2.38px">&#160;</div>of the operating<div style="display:inline-block;width:2.27px">&#160;</div>costs associated with this<div style="display:inline-block;width:2.08px">&#160;</div>unit.<div style="display:inline-block;width:6.52px">&#160;</div>I will touch </div><div id="a545" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">on that in a minute. </div><div id="a547" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">Thanks<div style="display:inline-block;width:6.22px">&#160;</div>to<div style="display:inline-block;width:6.18px">&#160;</div>our<div style="display:inline-block;width:6.12px">&#160;</div>strong<div style="display:inline-block;width:6.5px">&#160;</div>capital<div style="display:inline-block;width:6.3px">&#160;</div>position,<div style="display:inline-block;width:6.21px">&#160;</div>and<div style="display:inline-block;width:6.2px">&#160;</div>markdowns<div style="display:inline-block;width:6.54px">&#160;</div>we<div style="display:inline-block;width:6.21px">&#160;</div>took<div style="display:inline-block;width:6.2px">&#160;</div>as<div style="display:inline-block;width:6.18px">&#160;</div>part<div style="display:inline-block;width:6.11px">&#160;</div>of<div style="display:inline-block;width:6.02px">&#160;</div>the<div style="display:inline-block;width:6.42px">&#160;</div>PPA<div style="display:inline-block;width:7.27px">&#160;</div>adjustments,<div style="display:inline-block;width:6.27px">&#160;</div>we<div style="display:inline-block;width:6.21px">&#160;</div>have </div><div id="a548" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">substantial<div style="display:inline-block;width:5.2px">&#160;</div>flexibility<div style="display:inline-block;width:5.33px">&#160;</div>in order<div style="display:inline-block;width:6.64px">&#160;</div>to optimize<div style="display:inline-block;width:6.32px">&#160;</div>the outcome.<div style="display:inline-block;width:11.53px">&#160;</div>These are<div style="display:inline-block;width:6.67px">&#160;</div>not distressed<div style="display:inline-block;width:6.66px">&#160;</div>assets, so<div style="display:inline-block;width:6.38px">&#160;</div>we can<div style="display:inline-block;width:6.27px">&#160;</div>maintain </div><div id="a550" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">positions if they preserve value.<div style="display:inline-block;width:8.07px">&#160;</div>Our decisions whether to do so will be based on economic profitability,<div style="display:inline-block;width:5.97px">&#160;</div>taking </div><div id="a551" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">into account funding, operating and<div style="display:inline-block;width:2.38px">&#160;</div>capital costs of the portfolios.<div style="display:inline-block;width:5.54px">&#160;</div>On those positions we do<div style="display:inline-block;width:2.27px">&#160;</div>decide to exit, we </div><div id="a553" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">will move at pace, acting fairly and protecting<div style="display:inline-block;width:5.74px">&#160;</div>our clients and counterparties. </div></div>
</div>
<div style="padding: 7px">
<div id="Page8" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:590.1px; height:1px; left:67.6px; top:194.2px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:525.4px; height:1px; left:67.6px; top:540.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:258.1px; height:1px; left:67.6px; top:818.3px; background-color:#000000; ">&#160;</div>
<div id="a556" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">6 </div><div id="a559" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">The natural<div style="display:inline-block;width:5.66px">&#160;</div>run-off profile<div style="display:inline-block;width:6.44px">&#160;</div>is a<div style="display:inline-block;width:5.46px">&#160;</div>steep one.<div style="display:inline-block;width:10.11px">&#160;</div>As you<div style="display:inline-block;width:5.69px">&#160;</div>can see<div style="display:inline-block;width:5.68px">&#160;</div>from the<div style="display:inline-block;width:5.72px">&#160;</div>chart, we<div style="display:inline-block;width:5.77px">&#160;</div>will have<div style="display:inline-block;width:5.63px">&#160;</div>a 50%,<div style="display:inline-block;width:5.5px">&#160;</div>or 27<div style="display:inline-block;width:5.55px">&#160;</div>billion, </div><div id="a562" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">reduction in non op-risk RWAs by 2026<div style="display:inline-block;width:2.37px">&#160;</div>and a similar reduction in<div style="display:inline-block;width:2.39px">&#160;</div>LRD.<div style="display:inline-block;width:7.01px">&#160;</div>But let me assure you<div style="display:inline-block;width:2.39px">&#160;</div>that our proactive </div><div id="a566" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">approach to accelerate the wind-down<div style="display:inline-block;width:5.4px">&#160;</div>will continue. </div><div id="a570" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">Slide 13 &#8211; Executing on plans to achieve<div style="display:inline-block;width:5.38px">&#160;</div>greater than 10bn gross<div style="display:inline-block;width:5.24px">&#160;</div>cost reductions by year-end<div style="display:inline-block;width:5.34px">&#160;</div>2026 </div><div id="a577" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">Now let&#8217;s<div style="display:inline-block;width:2.23px">&#160;</div>turn to<div style="display:inline-block;width:1.95px">&#160;</div>cost reductions, a<div style="display:inline-block;width:1.91px">&#160;</div>key element of<div style="display:inline-block;width:1.67px">&#160;</div>returning to<div style="display:inline-block;width:2.43px">&#160;</div>profitability and creating<div style="display:inline-block;width:2.3px">&#160;</div>sustainable value across </div><div id="a579" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">the combined<div style="display:inline-block;width:2.32px">&#160;</div>firm. First,<div style="display:inline-block;width:2.24px">&#160;</div>as we<div style="display:inline-block;width:2.29px">&#160;</div>speak, we<div style="display:inline-block;width:2.2px">&#160;</div>are actively addressing<div style="display:inline-block;width:2.21px">&#160;</div>the need<div style="display:inline-block;width:2.27px">&#160;</div>for deep<div style="display:inline-block;width:2.2px">&#160;</div>restructuring at Credit<div style="display:inline-block;width:1.67px">&#160;</div>Suisse. </div><div id="a580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;"><div style="display:inline-block;width:3.84px">&#160;</div>This is an<div style="display:inline-block;width:5.2px">&#160;</div>acceleration and<div style="display:inline-block;width:5.27px">&#160;</div>expansion of the<div style="display:inline-block;width:5.62px">&#160;</div>work that the<div style="display:inline-block;width:5.51px">&#160;</div>firm itself saw<div style="display:inline-block;width:5.68px">&#160;</div>as necessary to<div style="display:inline-block;width:5.46px">&#160;</div>put a stop<div style="display:inline-block;width:5.41px">&#160;</div>to losing </div><div id="a583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">money.<div style="display:inline-block;width:5.19px">&#160;</div>Secondly,<div style="display:inline-block;width:5.62px">&#160;</div>additional efforts are required<div style="display:inline-block;width:5.88px">&#160;</div>to generate synergies across<div style="display:inline-block;width:5.24px">&#160;</div>the combined businesses.<div style="display:inline-block;width:8.84px">&#160;</div></div><div id="a585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">We aim<div style="display:inline-block;width:2.32px">&#160;</div>to take<div style="display:inline-block;width:2.24px">&#160;</div>out over<div style="display:inline-block;width:2.34px">&#160;</div>10 billion<div style="display:inline-block;width:2.17px">&#160;</div>dollars in<div style="display:inline-block;width:2.14px">&#160;</div>gross expenses from<div style="display:inline-block;width:2.07px">&#160;</div>the combined<div style="display:inline-block;width:2.48px">&#160;</div>franchise, based<div style="display:inline-block;width:0.88px">&#160;</div>on<div style="display:inline-block;width:2.44px">&#160;</div>full-year<div style="display:inline-block;width:1.88px">&#160;</div>2022 </div><div id="a589" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">cost base.<div style="display:inline-block;width:8.41px">&#160;</div>Around half of<div style="display:inline-block;width:5.3px">&#160;</div>that will come from<div style="display:inline-block;width:5.25px">&#160;</div>restructuring the investment<div style="display:inline-block;width:5.71px">&#160;</div>bank and running down<div style="display:inline-block;width:5.34px">&#160;</div>non-core </div><div id="a592" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">assets.<div style="display:inline-block;width:6.93px">&#160;</div>The other half will come from<div style="display:inline-block;width:2.48px">&#160;</div>actions across the rest of our operations.<div style="display:inline-block;width:6.21px">&#160;</div>There is meaningful duplication </div><div id="a593" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">that can be removed, thousands of applications and IT platforms to be decommissioned, and hundreds of legal </div><div id="a595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">entities to be merged or closed to make<div style="display:inline-block;width:5.4px">&#160;</div>us more efficient and effective. </div><div id="a597" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">Let me<div style="display:inline-block;width:2.2px">&#160;</div>give you<div style="display:inline-block;width:2.18px">&#160;</div>an example.<div style="display:inline-block;width:5.2px">&#160;</div>Of Credit<div style="display:inline-block;width:2.47px">&#160;</div>Suisse&#8217;s current 3,000+<div style="display:inline-block;width:2.09px">&#160;</div>IT applications only<div style="display:inline-block;width:1.78px">&#160;</div>around 300<div style="display:inline-block;width:2.44px">&#160;</div>will be<div style="display:inline-block;width:2.42px">&#160;</div>integrated </div><div id="a600" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">into UBS infrastructure, contributing<div style="display:inline-block;width:5.25px">&#160;</div>to our combined future business<div style="display:inline-block;width:5.27px">&#160;</div>model. </div><div id="a602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">Importantly,<div style="display:inline-block;width:6.48px">&#160;</div>we will<div style="display:inline-block;width:6.4px">&#160;</div>continue<div style="display:inline-block;width:5.29px">&#160;</div>investing<div style="display:inline-block;width:5.32px">&#160;</div>to make<div style="display:inline-block;width:6.48px">&#160;</div>our platforms<div style="display:inline-block;width:6.44px">&#160;</div>and<div style="display:inline-block;width:5.24px">&#160;</div>processes<div style="display:inline-block;width:5.54px">&#160;</div>more<div style="display:inline-block;width:5.32px">&#160;</div>resilient<div style="display:inline-block;width:5.5px">&#160;</div>and support<div style="display:inline-block;width:6.59px">&#160;</div>our </div><div id="a603" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">existing, and future, growth<div style="display:inline-block;width:2.51px">&#160;</div>ambitions.<div style="display:inline-block;width:6.75px">&#160;</div>We will also<div style="display:inline-block;width:2.38px">&#160;</div>absorb some further inflation.<div style="display:inline-block;width:5.49px">&#160;</div>All told, we<div style="display:inline-block;width:2.33px">&#160;</div>aim to bring<div style="display:inline-block;width:2.33px">&#160;</div>the </div><div id="a606" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">Group&#8217;s underlying cost/income ratio<div style="display:inline-block;width:5.26px">&#160;</div>exit rate below 70% in 2026.<div style="display:inline-block;width:5.19px">&#160;</div></div><div id="a608" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">Slide 14 &#8211; We aim to substantially<div style="display:inline-block;width:5.32px">&#160;</div>complete integration for the Group<div style="display:inline-block;width:5.44px">&#160;</div>by year-end 2026 </div><div id="a615" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">We<div style="display:inline-block;width:5.27px">&#160;</div>are<div style="display:inline-block;width:5.38px">&#160;</div>two and<div style="display:inline-block;width:6.16px">&#160;</div>a half<div style="display:inline-block;width:6.1px">&#160;</div>months<div style="display:inline-block;width:5.37px">&#160;</div>into one<div style="display:inline-block;width:6.32px">&#160;</div>of the<div style="display:inline-block;width:6.18px">&#160;</div>biggest<div style="display:inline-block;width:5.22px">&#160;</div>and most<div style="display:inline-block;width:6.22px">&#160;</div>complex<div style="display:inline-block;width:5.23px">&#160;</div>bank mergers<div style="display:inline-block;width:6.46px">&#160;</div>in history.<div style="display:inline-block;width:12.55px">&#160;</div>We<div style="display:inline-block;width:5.27px">&#160;</div>are </div><div id="a617" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">executing<div style="display:inline-block;width:5.81px">&#160;</div>our<div style="display:inline-block;width:5.64px">&#160;</div>plans<div style="display:inline-block;width:5.69px">&#160;</div>at<div style="display:inline-block;width:5.68px">&#160;</div>pace<div style="display:inline-block;width:5.76px">&#160;</div>and<div style="display:inline-block;width:5.56px">&#160;</div>wasting<div style="display:inline-block;width:5.9px">&#160;</div>no<div style="display:inline-block;width:5.64px">&#160;</div>time<div style="display:inline-block;width:5.72px">&#160;</div>in<div style="display:inline-block;width:5.65px">&#160;</div>delivering<div style="display:inline-block;width:5.8px">&#160;</div>value<div style="display:inline-block;width:5.71px">&#160;</div>for<div style="display:inline-block;width:5.87px">&#160;</div>our<div style="display:inline-block;width:5.48px">&#160;</div>all<div style="display:inline-block;width:5.73px">&#160;</div>our<div style="display:inline-block;width:5.64px">&#160;</div>stakeholders,<div style="display:inline-block;width:6.03px">&#160;</div>including </div><div id="a618" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">shareholders. </div><div id="a620" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">In the next four to six months our focus will be on<div style="display:inline-block;width:2.48px">&#160;</div>restoring underlying profitability,<div style="display:inline-block;width:6.13px">&#160;</div>while progressing on other </div><div id="a622" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">areas, including business<div style="display:inline-block;width:1.86px">&#160;</div>transformation, client<div style="display:inline-block;width:1.2px">&#160;</div>migration<div style="display:inline-block;width:1.64px">&#160;</div>and<div style="display:inline-block;width:2.36px">&#160;</div>simplification<div style="display:inline-block;width:1.09px">&#160;</div>of<div style="display:inline-block;width:2.5px">&#160;</div>our<div style="display:inline-block;width:2.28px">&#160;</div>combined<div style="display:inline-block;width:1.69px">&#160;</div>legal<div style="display:inline-block;width:2.07px">&#160;</div>entity<div style="display:inline-block;width:2.12px">&#160;</div>structure. </div><div id="a623" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;"><div style="display:inline-block;width:3.84px">&#160;</div></div><div id="a625" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">On the latter, a key milestone will be the merger of<div style="display:inline-block;width:2.3px">&#160;</div>our parent operating entities UBS AG and Credit Suisse AG.<div style="display:inline-block;width:6.85px">&#160;</div></div><div id="a627" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">This step,<div style="display:inline-block;width:5.26px">&#160;</div>planned for<div style="display:inline-block;width:5.22px">&#160;</div>2024, will allow<div style="display:inline-block;width:6.09px">&#160;</div>us to simplify<div style="display:inline-block;width:5.88px">&#160;</div>our structure<div style="display:inline-block;width:5.44px">&#160;</div>and operating<div style="display:inline-block;width:5.4px">&#160;</div>model, optimize<div style="display:inline-block;width:5.54px">&#160;</div>capital and </div><div id="a628" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">liquidity within the Group, and will<div style="display:inline-block;width:5.18px">&#160;</div>support achieving our cost-savings<div style="display:inline-block;width:5.21px">&#160;</div>ambitions. </div><div id="a632" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">We expect to substantially complete<div style="display:inline-block;width:5.32px">&#160;</div>our integration program by<div style="display:inline-block;width:5.23px">&#160;</div>2026.<div style="display:inline-block;width:7.91px">&#160;</div></div><div id="a636" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">Slide 15 &#8211; Working towards<div style="display:inline-block;width:5.39px">&#160;</div>~15% RoCET1<div style="display:inline-block;width:4.46px">&#160;</div></div><div id="a641" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">A key<div style="display:inline-block;width:2.11px">&#160;</div>pillar of<div style="display:inline-block;width:2.18px">&#160;</div>our strategy<div style="display:inline-block;width:2.29px">&#160;</div>is to<div style="display:inline-block;width:1.97px">&#160;</div>maintain a<div style="display:inline-block;width:2.47px">&#160;</div>balance sheet<div style="display:inline-block;width:2.46px">&#160;</div>for all<div style="display:inline-block;width:1.97px">&#160;</div>seasons -<div style="display:inline-block;width:2.42px">&#160;</div>one that<div style="display:inline-block;width:2.36px">&#160;</div>supports our<div style="display:inline-block;width:2.22px">&#160;</div>capital-generative </div><div id="a647" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">business and<div style="display:inline-block;width:2.24px">&#160;</div>allows us<div style="display:inline-block;width:2.32px">&#160;</div>to offer<div style="display:inline-block;width:2.44px">&#160;</div>attractive capital<div style="display:inline-block;width:2.44px">&#160;</div>returns.<div style="display:inline-block;width:6.05px">&#160;</div>We expect to<div style="display:inline-block;width:1.8px">&#160;</div>operate at<div style="display:inline-block;width:2.26px">&#160;</div>around 14% CET1<div style="display:inline-block;width:1.93px">&#160;</div>capital ratio </div><div id="a649" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">over the medium term. And as we exit 2026, we aim to achieve an underlying return on CET1 of around 15%.<div style="display:inline-block;width:4.63px">&#160;</div></div><div id="a651" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">As you<div style="display:inline-block;width:2.01px">&#160;</div>know, we have<div style="display:inline-block;width:2.27px">&#160;</div>suspended share repurchases for<div style="display:inline-block;width:1.93px">&#160;</div>the time<div style="display:inline-block;width:1.55px">&#160;</div>being.<div style="display:inline-block;width:2.06px">&#160;</div>But<div style="display:inline-block;width:2.28px">&#160;</div>we<div style="display:inline-block;width:2.53px">&#160;</div>remain<div style="display:inline-block;width:2.31px">&#160;</div>committed<div style="display:inline-block;width:1.74px">&#160;</div>to<div style="display:inline-block;width:2.5px">&#160;</div>growing<div style="display:inline-block;width:2.25px">&#160;</div>our </div><div id="a653" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">dividend and<div style="display:inline-block;width:2.44px">&#160;</div>returning excess capital<div style="display:inline-block;width:2.21px">&#160;</div>to shareholders through buybacks.<div style="display:inline-block;width:5.27px">&#160;</div>We will update<div style="display:inline-block;width:2.05px">&#160;</div>you on<div style="display:inline-block;width:2.51px">&#160;</div>our plans<div style="display:inline-block;width:2.34px">&#160;</div>in this </div><div id="a654" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">regard with the fourth-quarter<div style="display:inline-block;width:5.42px">&#160;</div>results. </div><div id="a658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">With<div style="display:inline-block;width:66.1px">&#160;</div>that,<div style="display:inline-block;width:66.72px">&#160;</div>let<div style="display:inline-block;width:66.43px">&#160;</div>me<div style="display:inline-block;width:66.56px">&#160;</div>hand<div style="display:inline-block;width:66.45px">&#160;</div>over<div style="display:inline-block;width:66.48px">&#160;</div>to<div style="display:inline-block;width:66.34px">&#160;</div>Todd.</div></div>
</div>
<div style="padding: 7px">
<div id="Page9" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:207.7px; height:1px; left:67.6px; top:184.3px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:497.1px; height:1px; left:67.6px; top:669.8px; background-color:#000000; ">&#160;</div>
<div id="a660" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">7 </div><div id="a663" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;color:#E60000;left:68px;top:114px;">Todd<div style="display:inline-block;width:7.25px">&#160;</div>Tuckner </div><div id="a666" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:170.86px;">Slide 17 &#8211; UBS Group 2Q23 results </div><div id="a671" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:205.58px;">Thank you, Sergio.<div style="display:inline-block;width:8.31px">&#160;</div>Good morning everyone &#8211; it is a privilege<div style="display:inline-block;width:5.3px">&#160;</div>to be with you today as Group<div style="display:inline-block;width:5.35px">&#160;</div>CFO, especially </div><div id="a676" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:222.86px;">at this watershed moment for UBS. </div><div id="a678" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:257.58px;">Since my appointment, my focus has<div style="display:inline-block;width:5.2px">&#160;</div>been on the financial consolidation of<div style="display:inline-block;width:5.23px">&#160;</div>the two firms, progressing<div style="display:inline-block;width:5.42px">&#160;</div>the </div><div id="a679" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:274.86px;">work done on transaction adjustments, optimizing<div style="display:inline-block;width:5.67px">&#160;</div>our liquidity and funding position, firming<div style="display:inline-block;width:5.36px">&#160;</div>up our cost </div><div id="a681" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:292.3px;">savings and enhancing financial reporting<div style="display:inline-block;width:5.39px">&#160;</div>controls for the expanded<div style="display:inline-block;width:5.23px">&#160;</div>group. </div><div id="a683" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:326.86px;">Regardless of whether staff<div style="display:inline-block;width:5.33px">&#160;</div>come from Credit Suisse<div style="display:inline-block;width:5.24px">&#160;</div>or UBS, I&#8217;ve been extremely impressed<div style="display:inline-block;width:5.69px">&#160;</div>with the </div><div id="a685" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:344.3px;">dedication of the finance team.<div style="display:inline-block;width:8.86px">&#160;</div>I&#8217;m proud of what we as a<div style="display:inline-block;width:5.23px">&#160;</div>unit have already been able to<div style="display:inline-block;width:5.2px">&#160;</div>accomplish, and </div><div id="a686" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:361.62px;">we, like the entire firm, continue<div style="display:inline-block;width:5.31px">&#160;</div>to execute at pace. </div><div id="a688" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:396.34px;">We recognize that this is a<div style="display:inline-block;width:5.38px">&#160;</div>complex deal, but our aim is to be clear and<div style="display:inline-block;width:5.42px">&#160;</div>forthcoming in explaining the </div><div id="a690" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:413.62px;">financial implications of our actions during this<div style="display:inline-block;width:5.21px">&#160;</div>critical period and beyond. </div><div id="a692" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:448.34px;">Today,<div style="display:inline-block;width:6.89px">&#160;</div>I&#8217;ll cover our second quarter operating<div style="display:inline-block;width:5.31px">&#160;</div>performance, the impact of the merger<div style="display:inline-block;width:5.28px">&#160;</div>on our balance sheet </div><div id="a693" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:465.62px;">and capital as of day 1 and, finally,<div style="display:inline-block;width:6.6px">&#160;</div>our integration plan and outlook. </div><div id="a696" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:500.34px;">Let&#8217;s start with the quarter on slide 17.<div style="display:inline-block;width:9.13px">&#160;</div>I&#8217;ll refer to UBS Group<div style="display:inline-block;width:5.23px">&#160;</div>AG&#8217;s consolidated results, which<div style="display:inline-block;width:5.32px">&#160;</div>this quarter </div><div id="a697" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:517.62px;">include one month of Credit Suisse&#8217;s<div style="display:inline-block;width:5.38px">&#160;</div>operating performance, presented<div style="display:inline-block;width:5.33px">&#160;</div>under IFRS and in US dollars. </div><div id="a699" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:552.34px;">On a reported basis, the second<div style="display:inline-block;width:5.43px">&#160;</div>quarter profit was 29 billion, both<div style="display:inline-block;width:5.46px">&#160;</div>pre-<div style="display:inline-block;width:4.04px">&#160;</div>and post-tax.<div style="display:inline-block;width:8.28px">&#160;</div>These results were </div><div id="a706" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:569.62px;">largely driven by the net impact from<div style="display:inline-block;width:5.38px">&#160;</div>items related to the acquisition,<div style="display:inline-block;width:5.43px">&#160;</div>principally negative goodwill of </div><div id="a707" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:586.9px;">28.9 billion and integration-related expenses<div style="display:inline-block;width:5.48px">&#160;</div>and acquisition costs.<div style="display:inline-block;width:8.54px">&#160;</div>Excluding these items, the Group<div style="display:inline-block;width:5.55px">&#160;</div>pre-tax </div><div id="a715" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:604.34px;">profit was 1.1 billion, of which<div style="display:inline-block;width:5.26px">&#160;</div>2.0 billion from the UBS sub-group,<div style="display:inline-block;width:5.65px">&#160;</div>and negative 0.8 billion from the<div style="display:inline-block;width:5.23px">&#160;</div>Credit </div><div id="a718" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:621.65px;">Suisse sub-group. </div><div id="a723" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:656.37px;">Slide 18 &#8211; Negative goodwill and overview<div style="display:inline-block;width:5.35px">&#160;</div>of purchase price allocation adjustments </div><div id="a728" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:690.93px;">Turning to slide<div style="display:inline-block;width:5.49px">&#160;</div>18.<div style="display:inline-block;width:7.69px">&#160;</div>The negative goodwill of 28.9 billion<div style="display:inline-block;width:5.24px">&#160;</div>is calculated as the difference<div style="display:inline-block;width:5.49px">&#160;</div>between the </div><div id="a730" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:708.37px;">consideration UBS paid and the fair value<div style="display:inline-block;width:5.29px">&#160;</div>of the acquired net assets after<div style="display:inline-block;width:5.25px">&#160;</div>taking into account the various PPA </div><div id="a731" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:725.65px;">adjustments of<div style="display:inline-block;width:8.3px">&#160;</div>negative 25 billion.<div style="display:inline-block;width:8.56px">&#160;</div></div><div id="a733" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:760.37px;">The roughly<div style="display:inline-block;width:4.49px">&#160;</div>6 billion difference between<div style="display:inline-block;width:5.47px">&#160;</div>the negative goodwill reported today<div style="display:inline-block;width:5.32px">&#160;</div>and the amount included in </div><div id="a737" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:777.65px;">the Form F4 registration statement<div style="display:inline-block;width:5.37px">&#160;</div>just prior to closing is principally explained<div style="display:inline-block;width:5.33px">&#160;</div>by two factors. First, Credit </div><div id="a738" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:794.93px;">Suisse generated operating losses over the<div style="display:inline-block;width:5.18px">&#160;</div>first 5 months of 2023 that were<div style="display:inline-block;width:5.63px">&#160;</div>not captured in the F4, which </div><div id="a740" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:812.37px;">was prepared as if the transaction<div style="display:inline-block;width:5.59px">&#160;</div>occurred on December 31, 2022.<div style="display:inline-block;width:5.25px">&#160;</div>Second, we applied additional net </div><div id="a741" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:829.65px;">negative PPA<div style="display:inline-block;width:5.32px">&#160;</div>adjustments to Credit Suisse&#8217;s financial<div style="display:inline-block;width:5.54px">&#160;</div>assets and liabilities, reflecting<div style="display:inline-block;width:5.19px">&#160;</div>a more detailed fair value </div><div id="a743" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:846.93px;">assessment post-closing.<div style="display:inline-block;width:4.7px">&#160;</div></div><div id="a747" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:881.69px;">The total net PPA<div style="display:inline-block;width:5.42px">&#160;</div>adjustments of negative 25 billion consist<div style="display:inline-block;width:5.39px">&#160;</div>primarily of marks of negative 14.7 billion<div style="display:inline-block;width:5.37px">&#160;</div>in </div><div id="a748" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:898.97px;">connection with financial assets and liabilities.<div style="display:inline-block;width:9.31px">&#160;</div>This includes negative 12.4 billion on mainly<div style="display:inline-block;width:5.37px">&#160;</div>fixed-rate accrual </div><div id="a752" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:916.41px;">assets and liabilities, of which around<div style="display:inline-block;width:5.33px">&#160;</div>8 and half billion relates to our core<div style="display:inline-block;width:5.78px">&#160;</div>businesses and around 4 billion to </div><div id="a753" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:933.69px;">Non-core and Legacy.<div style="display:inline-block;width:10.06px">&#160;</div>In addition, we made negative 2.3<div style="display:inline-block;width:5.3px">&#160;</div>billion of further necessary adjustments to<div style="display:inline-block;width:5.26px">&#160;</div>fair value </div><div id="a756" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:950.97px;">positions, mostly related to Non-core<div style="display:inline-block;width:5.51px">&#160;</div>and Legacy. </div><div id="a761" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:985.69px;">The negative 8 and a half billion of marks<div style="display:inline-block;width:5.38px">&#160;</div>on core-business accrual financial instruments<div style="display:inline-block;width:5.59px">&#160;</div>include, for example, </div><div id="a764" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1002.97px;">PPA adjustments<div style="display:inline-block;width:5.41px">&#160;</div>on the Swiss mortgage book, which were<div style="display:inline-block;width:5.62px">&#160;</div>almost entirely interest<div style="display:inline-block;width:5.37px">&#160;</div>rate driven.<div style="display:inline-block;width:8.41px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page10" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:455.3px; height:1px; left:67.6px; top:627.7px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:490.2px; height:1px; left:67.6px; top:853px; background-color:#000000; ">&#160;</div>
<div id="a767" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">8 </div><div id="a770" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">The majority of the accrual-basis positions are<div style="display:inline-block;width:5.58px">&#160;</div>expected to mature within<div style="display:inline-block;width:5.26px">&#160;</div>the next 3 to 4 years and, if held to </div><div id="a774" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">maturity,<div style="display:inline-block;width:5.38px">&#160;</div>will pull to par. </div><div id="a776" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">Of the total marks on accrual positions,<div style="display:inline-block;width:5.25px">&#160;</div>6 billion pre-tax, or 5 billion net of tax,<div style="display:inline-block;width:5.35px">&#160;</div>are CET1 capital-neutral as </div><div id="a781" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">FINMA has granted us transitional relief,<div style="display:inline-block;width:5.46px">&#160;</div>which mainly applies to Swiss mortgages.<div style="display:inline-block;width:9.36px">&#160;</div>The transitional treatment </div><div id="a784" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">is subject to linear amortization concluding<div style="display:inline-block;width:5.5px">&#160;</div>by June 30, 2027. </div><div id="a786" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">The negative marks of 2.3 billion on fair<div style="display:inline-block;width:5.2px">&#160;</div>value assets and liabilities that I<div style="display:inline-block;width:5.2px">&#160;</div>mentioned earlier reflect UBS&#8217;s </div><div id="a788" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">assessment of the complexity,<div style="display:inline-block;width:6.18px">&#160;</div>liquidity and model risk uncertainties in<div style="display:inline-block;width:5.18px">&#160;</div>the book, as well as the relevant </div><div id="a789" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">markets for potential strategic exits. </div><div id="a791" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">We also made PPA<div style="display:inline-block;width:5.67px">&#160;</div>adjustments of negative 4.5 billion<div style="display:inline-block;width:5.24px">&#160;</div>to capture UBS&#8217;s determination<div style="display:inline-block;width:5.2px">&#160;</div>of Credit Suisse&#8217;s </div><div id="a792" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">provisions and contingent liabilities<div style="display:inline-block;width:5.3px">&#160;</div>related to litigation, regulatory<div style="display:inline-block;width:5.52px">&#160;</div>and similar matters. This includes 1.5 </div><div id="a793" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">billion of incremental provisions<div style="display:inline-block;width:5.49px">&#160;</div>Credit Suisse took in the second<div style="display:inline-block;width:5.23px">&#160;</div>quarter. </div><div id="a795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">Other net PPA<div style="display:inline-block;width:5.24px">&#160;</div>adjustments, totaling to negative 5 and<div style="display:inline-block;width:5.35px">&#160;</div>a half billion, largely relate<div style="display:inline-block;width:5.19px">&#160;</div>to GAAP differences </div><div id="a798" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">associated with pension accounting, but also<div style="display:inline-block;width:5.48px">&#160;</div>goodwill and intangibles, and fair value<div style="display:inline-block;width:5.22px">&#160;</div>marks on non-financial </div><div id="a801" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">assets and liabilities, including software<div style="display:inline-block;width:5.42px">&#160;</div>and real estate. </div><div id="a803" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">Of the total negative 25 billion of PPA<div style="display:inline-block;width:6.1px">&#160;</div>adjustments,<div style="display:inline-block;width:4.33px">&#160;</div>negative 17 billion is CET1 capital-relevant,<div style="display:inline-block;width:5.6px">&#160;</div>with the </div><div id="a807" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">balance relating to the 5 billion regulatory<div style="display:inline-block;width:5.59px">&#160;</div>waiver I mentioned earlier,<div style="display:inline-block;width:6.16px">&#160;</div>and other items that are filtered<div style="display:inline-block;width:5.86px">&#160;</div>out of </div><div id="a808" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">CET1 capital, such as pension accounting<div style="display:inline-block;width:5.41px">&#160;</div>differences, goodwill and<div style="display:inline-block;width:5.18px">&#160;</div>intangibles. </div><div id="a810" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">Overall, we believe the negative goodwill, including<div style="display:inline-block;width:5.54px">&#160;</div>the PPA<div style="display:inline-block;width:5.21px">&#160;</div>adjustments therein &#8211; in addition<div style="display:inline-block;width:5.32px">&#160;</div>to </div><div id="a815" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">underpinning almost 240 billion of acquired<div style="display:inline-block;width:5.54px">&#160;</div>RWA - provides<div style="display:inline-block;width:5.23px">&#160;</div>us with sufficient capacity to absorb<div style="display:inline-block;width:5.33px">&#160;</div>the costs to </div><div id="a819" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">achieve our two key saving objectives:<div style="display:inline-block;width:5.19px">&#160;</div>first, an efficient wind-down<div style="display:inline-block;width:5.24px">&#160;</div>of the non-core businesses and<div style="display:inline-block;width:5.27px">&#160;</div>associated </div><div id="a825" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">overhead we acquired, and second,<div style="display:inline-block;width:5.34px">&#160;</div>positive operating leverage and synergies<div style="display:inline-block;width:5.39px">&#160;</div>in our core franchises.<div style="display:inline-block;width:8.76px">&#160;</div>All while </div><div id="a826" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">remaining capital-generative<div style="display:inline-block;width:5.18px">&#160;</div>over the integration timeline. </div><div id="a831" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">Slide 19 &#8211; The acquisition<div style="display:inline-block;width:4.81px">&#160;</div>strengthens the foundation of the<div style="display:inline-block;width:5.29px">&#160;</div>combined bank </div><div id="a837" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">We are highly confident that<div style="display:inline-block;width:5.5px">&#160;</div>we can successfully integrate Credit<div style="display:inline-block;width:5.42px">&#160;</div>Suisse, enhancing our business model and </div><div id="a838" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">operating metrics, while continuing to ensure<div style="display:inline-block;width:5.62px">&#160;</div>we maintain world class capital ratios<div style="display:inline-block;width:5.19px">&#160;</div>and a balance sheet for </div><div id="a840" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">all seasons.<div style="display:inline-block;width:4.4px">&#160;</div></div><div id="a842" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">On page 19, we illustrate how the transaction<div style="display:inline-block;width:5.29px">&#160;</div>strengthens key financial<div style="display:inline-block;width:5.19px">&#160;</div>measures from day 1, offering<div style="display:inline-block;width:5.69px">&#160;</div>us a </div><div id="a843" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">highly attractive starting point as we commence<div style="display:inline-block;width:5.65px">&#160;</div>this journey.<div style="display:inline-block;width:5.3px">&#160;</div>Since the acquisition, our capital position<div style="display:inline-block;width:5.4px">&#160;</div>is even </div><div id="a844" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">stronger with almost 200 billion total<div style="display:inline-block;width:5.37px">&#160;</div>loss absorbing capacity,<div style="display:inline-block;width:5.96px">&#160;</div>and a CET1 capital ratio of 14.4%.<div style="display:inline-block;width:9.15px">&#160;</div></div><div id="a846" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Additionally,<div style="display:inline-block;width:5.58px">&#160;</div>our tangible book value per share<div style="display:inline-block;width:5.25px">&#160;</div>is up 49% quarter on quarter and, today,<div style="display:inline-block;width:6.55px">&#160;</div>we manage over 5 </div><div id="a847" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">and a half trillion dollars of invested assets<div style="display:inline-block;width:5.36px">&#160;</div>with a unique and meaningful presence<div style="display:inline-block;width:5.78px">&#160;</div>in all the major markets </div><div id="a849" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">across the globe. </div><div id="a852" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">Slide 20 &#8211; Our balance sheet for all seasons<div style="display:inline-block;width:5.42px">&#160;</div>remains the foundation of our<div style="display:inline-block;width:5.18px">&#160;</div>success </div><div id="a857" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">Remaining on capital on slide 20.<div style="display:inline-block;width:8.88px">&#160;</div>The strength of our balance<div style="display:inline-block;width:5.3px">&#160;</div>sheet is the foundation of our success<div style="display:inline-block;width:5.34px">&#160;</div>and the </div><div id="a858" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">reason why we were able<div style="display:inline-block;width:5.17px">&#160;</div>to restore financial stability<div style="display:inline-block;width:5.6px">&#160;</div>and client trust in such a short amount<div style="display:inline-block;width:5.3px">&#160;</div>of time. </div><div id="a861" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">As of the end of June, as just mentioned,<div style="display:inline-block;width:5.3px">&#160;</div>our CET1 capital ratio was 14.4% and<div style="display:inline-block;width:5.48px">&#160;</div>our CET1 leverage ratio was </div><div id="a862" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">4.8%.<div style="display:inline-block;width:4.17px">&#160;</div></div><div id="a864" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">Included in our capital ratio this quarter are<div style="display:inline-block;width:5.68px">&#160;</div>the impacts from the closing<div style="display:inline-block;width:5.26px">&#160;</div>of the Credit Suisse acquisition, </div><div id="a866" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.61px;">including a 10 billion operational risk RWA<div style="display:inline-block;width:5.67px">&#160;</div>reduction from diversification<div style="display:inline-block;width:5.4px">&#160;</div>benefits and a combined lower </div><div id="a867" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1012.89px;">forward-looking risk profile. </div></div>
</div>
<div style="padding: 7px">
<div id="Page11" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:336.2px; height:1px; left:67.6px; top:350.2px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:517.4px; height:1px; left:67.6px; top:731.7px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:231.9px; height:1px; left:67.6px; top:835.7px; background-color:#000000; ">&#160;</div>
<div id="a872" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">9 </div><div id="a875" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Looking through to the end of the<div style="display:inline-block;width:5.26px">&#160;</div>year,<div style="display:inline-block;width:5.32px">&#160;</div>we expect our CET1 capital ratio<div style="display:inline-block;width:5.26px">&#160;</div>to remain around<div style="display:inline-block;width:5.22px">&#160;</div>14%, as the </div><div id="a877" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">benefit of RWA reductions,<div style="display:inline-block;width:5.56px">&#160;</div>improvements in our underlying profitability,<div style="display:inline-block;width:7.04px">&#160;</div>mainly from cost saves, and<div style="display:inline-block;width:5.21px">&#160;</div>CET1 </div><div id="a878" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">capital-relevant pull-to-par effects<div style="display:inline-block;width:5.67px">&#160;</div>from the PPA<div style="display:inline-block;width:5.49px">&#160;</div>adjustments are expected<div style="display:inline-block;width:5.2px">&#160;</div>to largely,<div style="display:inline-block;width:5.57px">&#160;</div>but not fully,<div style="display:inline-block;width:5.68px">&#160;</div>offset </div><div id="a885" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">integration-related expenses.<div style="display:inline-block;width:5.11px">&#160;</div></div><div id="a889" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">We also expect to maintain a<div style="display:inline-block;width:5.21px">&#160;</div>CET1 capital ratio of around<div style="display:inline-block;width:5.25px">&#160;</div>14% and a CET1 leverage ratio<div style="display:inline-block;width:5.21px">&#160;</div>or more than 4% </div><div id="a890" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">over the medium-term. </div><div id="a894" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">You<div style="display:inline-block;width:5.29px">&#160;</div>have often heard us referring<div style="display:inline-block;width:5.19px">&#160;</div>to our balance sheet for all seasons and<div style="display:inline-block;width:5.45px">&#160;</div>our capital-generative operating </div><div id="a898" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">model that allows us to service clients and<div style="display:inline-block;width:5.35px">&#160;</div>invest in the business through<div style="display:inline-block;width:5.24px">&#160;</div>the cycle.<div style="display:inline-block;width:8.05px">&#160;</div>It&#8217;s how we&#8217;ve operated </div><div id="a899" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">over the last decade, and it&#8217;s how we<div style="display:inline-block;width:5.21px">&#160;</div>intend to continue to operate going<div style="display:inline-block;width:5.27px">&#160;</div>forward.<div style="display:inline-block;width:8.25px">&#160;</div>So rest assured, </div><div id="a900" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">maintaining a balance sheet for all seasons<div style="display:inline-block;width:5.39px">&#160;</div>will remain among our very top<div style="display:inline-block;width:5.32px">&#160;</div>priorities.</div><div id="a905" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">Slide 21 &#8211; Prudent management of liquidity<div style="display:inline-block;width:5.43px">&#160;</div>and funding </div><div id="a910" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">On liquidity and funding on slide 21, we<div style="display:inline-block;width:5.24px">&#160;</div>closed the quarter with an average<div style="display:inline-block;width:5.25px">&#160;</div>liquidity coverage ratio of 175%, </div><div id="a911" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">well above our prior quarter level, and<div style="display:inline-block;width:5.23px">&#160;</div>a net stable funding ratio of 118%.<div style="display:inline-block;width:9.07px">&#160;</div>The liquidity coverage ratio </div><div id="a913" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">increase largely reflects the<div style="display:inline-block;width:5.33px">&#160;</div>elevated HQLA levels at Credit Suisse,<div style="display:inline-block;width:5.5px">&#160;</div>including the effect of the usage<div style="display:inline-block;width:5.38px">&#160;</div>of the </div><div id="a914" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">Swiss National Bank facilities. </div><div id="a916" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">As Sergio highlighted, positive net new<div style="display:inline-block;width:5.25px">&#160;</div>deposits in the past few months enabled<div style="display:inline-block;width:5.42px">&#160;</div>us to repay ELA+ and </div><div id="a918" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">terminate the Public Liquidity Backstop facility,<div style="display:inline-block;width:6.75px">&#160;</div>as announced earlier this month.<div style="display:inline-block;width:9.01px">&#160;</div>We expect to continue </div><div id="a919" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">attracting net new deposits, and as of this<div style="display:inline-block;width:5.32px">&#160;</div>week we&#8217;ve already seen, in the<div style="display:inline-block;width:5.31px">&#160;</div>third quarter,<div style="display:inline-block;width:6px">&#160;</div>13 billion of positive </div><div id="a921" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">net new deposit flows in our combined wealth<div style="display:inline-block;width:5.43px">&#160;</div>management and Swiss franchises.<div style="display:inline-block;width:9.1px">&#160;</div>While this will help us </div><div id="a922" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">narrow the inherited funding gap<div style="display:inline-block;width:5.21px">&#160;</div>and continue to manage our liquidity<div style="display:inline-block;width:5.23px">&#160;</div>coverage ratio at prudent levels, we </div><div id="a923" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">expect to resume execution of<div style="display:inline-block;width:5.24px">&#160;</div>our funding plans shortly. </div><div id="a926" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">In addition to maintaining significant liquidity<div style="display:inline-block;width:5.25px">&#160;</div>and funding buffers on a consolidated<div style="display:inline-block;width:5.72px">&#160;</div>basis, we&#8217;re actively </div><div id="a927" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">managing the allocation of financial resources<div style="display:inline-block;width:5.84px">&#160;</div>among our significant legal entities,<div style="display:inline-block;width:5.23px">&#160;</div>which also have </div><div id="a928" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">standalone funding requirements<div style="display:inline-block;width:5.38px">&#160;</div>and will continue to operate while we<div style="display:inline-block;width:5.44px">&#160;</div>progress towards our<div style="display:inline-block;width:5.24px">&#160;</div>target legal </div><div id="a930" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">entity structure.<div style="display:inline-block;width:8.67px">&#160;</div></div><div id="a932" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">We&#8217;re working towards<div style="display:inline-block;width:5.29px">&#160;</div>merging Credit Suisse AG<div style="display:inline-block;width:5.23px">&#160;</div>into UBS AG in 2024, as this is a critical step<div style="display:inline-block;width:5.32px">&#160;</div>to removing </div><div id="a933" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">resource allocation bottlenecks<div style="display:inline-block;width:5.55px">&#160;</div>and enabling the realization of<div style="display:inline-block;width:5.33px">&#160;</div>business and operational efficiencies. </div><div id="a937" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">Slide 22 &#8211; 2Q23 UBS business divisions<div style="display:inline-block;width:5.19px">&#160;</div>and Group Functions (IFRS) &#8211; excl.<div style="display:inline-block;width:5.36px">&#160;</div>Credit Suisse </div><div id="a945" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">Now onto slide 22.<div style="display:inline-block;width:8.34px">&#160;</div>Excluding Credit Suisse&#8217;s performance<div style="display:inline-block;width:5.49px">&#160;</div>in June, the effects of the acquisition<div style="display:inline-block;width:5.52px">&#160;</div>I mentioned </div><div id="a947" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">earlier,<div style="display:inline-block;width:5.23px">&#160;</div>and a gain on sale of 848 million in<div style="display:inline-block;width:5.18px">&#160;</div>Asset Management last year,<div style="display:inline-block;width:6.3px">&#160;</div>UBS&#8217;s pre-tax profit in the<div style="display:inline-block;width:5.26px">&#160;</div>quarter </div><div id="a950" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">was 2.0 billion, up 12% year-over-year.</div><div id="a957" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">Slide 23 &#8211; Global Wealth Management </div><div id="a962" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">Before turning to the UBS sub-group<div style="display:inline-block;width:5.41px">&#160;</div>business divisions starting on page 23,<div style="display:inline-block;width:5.28px">&#160;</div>let me first point out that for the </div><div id="a967" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">second quarter,<div style="display:inline-block;width:5.57px">&#160;</div>the negative goodwill as well as a<div style="display:inline-block;width:5.23px">&#160;</div>substantial portion of integration-related<div style="display:inline-block;width:5.56px">&#160;</div>expenses have </div><div id="a970" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">been retained and reported<div style="display:inline-block;width:5.2px">&#160;</div>in Group Functions.<div style="display:inline-block;width:8.74px">&#160;</div>Starting with the third quarter,<div style="display:inline-block;width:6.76px">&#160;</div>we intend to consolidate the </div><div id="a972" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">reporting of our business divisions<div style="display:inline-block;width:5.25px">&#160;</div>across the UBS and Credit<div style="display:inline-block;width:5.4px">&#160;</div>Suisse sub-groups, and we&#8217;ll<div style="display:inline-block;width:5.3px">&#160;</div>report integration-</div><div id="a976" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">related expenses in the respective<div style="display:inline-block;width:5.53px">&#160;</div>combined segments.<div style="display:inline-block;width:8.62px">&#160;</div></div><div id="a978" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">All references to figures<div style="display:inline-block;width:5.36px">&#160;</div>are in US dollars and comparisons<div style="display:inline-block;width:5.42px">&#160;</div>are year-over-year,<div style="display:inline-block;width:6.98px">&#160;</div>unless stated otherwise. </div></div>
</div>
<div style="padding: 7px">
<div id="Page12" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:278.6px; height:1px; left:67.6px; top:783.7px; background-color:#000000; ">&#160;</div>
<div id="a987" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">10 </div><div id="a990" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">In Global Wealth Management, we<div style="display:inline-block;width:5.39px">&#160;</div>delivered net new money of 16<div style="display:inline-block;width:5.25px">&#160;</div>billion, the strongest second quarter<div style="display:inline-block;width:5.22px">&#160;</div>in </div><div id="a991" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">over a decade, with inflows across<div style="display:inline-block;width:5.26px">&#160;</div>Switzerland, EMEA and APAC,<div style="display:inline-block;width:6.03px">&#160;</div>and despite 5 billion in seasonal tax </div><div id="a992" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">payments in the US.<div style="display:inline-block;width:8.46px">&#160;</div></div><div id="a994" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">We also delivered net new<div style="display:inline-block;width:5.34px">&#160;</div>fee generating assets of 13 billion, or an annualized<div style="display:inline-block;width:5.68px">&#160;</div>growth rate of 4% with </div><div id="a997" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">positive flows across all regions,<div style="display:inline-block;width:5.32px">&#160;</div>as well as net new deposits of<div style="display:inline-block;width:5.23px">&#160;</div>5 billion. </div><div id="a999" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">These strong inflows across<div style="display:inline-block;width:5.33px">&#160;</div>net new money,<div style="display:inline-block;width:5.74px">&#160;</div>fee-generating assets and deposits<div style="display:inline-block;width:5.23px">&#160;</div>demonstrate our continuous </div><div id="a1003" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">focus on active client engagement and<div style="display:inline-block;width:5.3px">&#160;</div>the trust our clients place in us.<div style="display:inline-block;width:8.85px">&#160;</div>This was especially important during<div style="display:inline-block;width:5.21px">&#160;</div>a </div><div id="a1004" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">quarter where the macro<div style="display:inline-block;width:5.22px">&#160;</div>backdrop and developments with<div style="display:inline-block;width:5.18px">&#160;</div>Credit Suisse placed a premium<div style="display:inline-block;width:5.54px">&#160;</div>on our investment </div><div id="a1005" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">advice and the stability of our GWM franchise. </div><div id="a1008" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">Profit before tax was 1.1<div style="display:inline-block;width:5.29px">&#160;</div>billion, down 4% despite strong growth<div style="display:inline-block;width:5.62px">&#160;</div>in EMEA and Switzerland of 15% and<div style="display:inline-block;width:5.24px">&#160;</div>9%, </div><div id="a1009" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">respectively.<div style="display:inline-block;width:9.63px">&#160;</div>Positive top-line contributions from<div style="display:inline-block;width:5.25px">&#160;</div>all regions outside of Americas<div style="display:inline-block;width:5.28px">&#160;</div>supported a 1% revenue </div><div id="a1012" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">increase, which was more<div style="display:inline-block;width:5.21px">&#160;</div>than offset by higher expenses. </div><div id="a1015" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">In the Americas, revenues were<div style="display:inline-block;width:5.48px">&#160;</div>down 4% mainly as net interest<div style="display:inline-block;width:5.23px">&#160;</div>income reflected continued rotation<div style="display:inline-block;width:5.68px">&#160;</div>into </div><div id="a1016" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">higher yielding deposits and investments<div style="display:inline-block;width:5.28px">&#160;</div>from transactional and sweep<div style="display:inline-block;width:5.26px">&#160;</div>deposit accounts.<div style="display:inline-block;width:8.37px">&#160;</div>Although we </div><div id="a1017" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">expect NII in the Americas to continue<div style="display:inline-block;width:5.18px">&#160;</div>to tick-down sequentially from<div style="display:inline-block;width:5.38px">&#160;</div>ongoing cash sorting and deleveraging </div><div id="a1021" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">in the current rates environment,<div style="display:inline-block;width:5.4px">&#160;</div>we nevertheless continue to see the<div style="display:inline-block;width:5.32px">&#160;</div>US market as a strategic priority for<div style="display:inline-block;width:5.28px">&#160;</div>us, </div><div id="a1022" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">and hence we continue to invest in the<div style="display:inline-block;width:5.35px">&#160;</div>business for future growth.<div style="display:inline-block;width:9.27px">&#160;</div>As a result, we expect our<div style="display:inline-block;width:5.27px">&#160;</div>pre-tax margin </div><div id="a1026" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">in the Americas to be low double-digit<div style="display:inline-block;width:5.2px">&#160;</div>to mid-teens over the near-term.<div style="display:inline-block;width:6.01px">&#160;</div></div><div id="a1034" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">Onto total GWM revenues.<div style="display:inline-block;width:8.88px">&#160;</div>Net interest income was up<div style="display:inline-block;width:5.24px">&#160;</div>14% year-over-year,<div style="display:inline-block;width:6.44px">&#160;</div>and down 3% sequentially,<div style="display:inline-block;width:6.12px">&#160;</div>the </div><div id="a1039" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">latter reflecting mix shifts and lower<div style="display:inline-block;width:5.51px">&#160;</div>deposit and loan balances, partly offset<div style="display:inline-block;width:5.67px">&#160;</div>by higher deposit margins.<div style="display:inline-block;width:8.89px">&#160;</div></div><div id="a1042" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">Recurring net fee income decreased<div style="display:inline-block;width:5.37px">&#160;</div>3% due to negative market performance while<div style="display:inline-block;width:5.58px">&#160;</div>positive inflows were </div><div id="a1043" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">offset by clients&#8217; continued repositioning<div style="display:inline-block;width:5.63px">&#160;</div>into lower margin solutions.<div style="display:inline-block;width:8.77px">&#160;</div>As a reminder,<div style="display:inline-block;width:5.81px">&#160;</div>we bill based on daily </div><div id="a1046" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">balances in the Americas and on month<div style="display:inline-block;width:1.36px">&#160;</div>-end balances everywhere<div style="display:inline-block;width:5.28px">&#160;</div>else.<div style="display:inline-block;width:7.94px">&#160;</div>As such, second quarter revenues<div style="display:inline-block;width:5.37px">&#160;</div>did </div><div id="a1049" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">not fully reflect June&#8217;s market<div style="display:inline-block;width:5.3px">&#160;</div>rally, which<div style="display:inline-block;width:5.39px">&#160;</div>we&#8217;re seeing benefit the third<div style="display:inline-block;width:5.64px">&#160;</div>quarter.<div style="display:inline-block;width:5.55px">&#160;</div></div><div id="a1051" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">Transaction<div style="display:inline-block;width:1.6px">&#160;</div>-based income decreased 6%,<div style="display:inline-block;width:5.31px">&#160;</div>impacted by investor uncertainty,<div style="display:inline-block;width:6.41px">&#160;</div>particularly in Americas and </div><div id="a1055" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">APAC.<div style="display:inline-block;width:8.91px">&#160;</div>However,<div style="display:inline-block;width:5.46px">&#160;</div>towards the end of the second<div style="display:inline-block;width:5.42px">&#160;</div>quarter and into the third, we&#8217;re<div style="display:inline-block;width:5.61px">&#160;</div>seeing a pick-up in both </div><div id="a1058" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">client sentiment and transactional momentum<div style="display:inline-block;width:5.36px">&#160;</div>especially in APAC. </div><div id="a1060" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">Operating expenses ex-litigation, integration<div style="display:inline-block;width:1.45px">&#160;</div>-related expenses and FX were<div style="display:inline-block;width:5.56px">&#160;</div>up 3% driven by increases in </div><div id="a1066" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">technology and personnel expenses.</div><div id="a1069" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Slide 24 &#8211; Personal &amp; Corporate Banking<div style="display:inline-block;width:5.27px">&#160;</div>(CHF) </div><div id="a1074" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">Turning to Personal<div style="display:inline-block;width:5.49px">&#160;</div>&amp; Corporate Banking on slide 24.<div style="display:inline-block;width:9.07px">&#160;</div>We delivered another record<div style="display:inline-block;width:5.93px">&#160;</div>quarter excluding past </div><div id="a1077" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">one-off gains.<div style="display:inline-block;width:8.38px">&#160;</div>Profit before tax was<div style="display:inline-block;width:5.31px">&#160;</div>up 54% to 612 million Swiss francs.<div style="display:inline-block;width:5.31px">&#160;</div>Revenues increased 24%, with </div><div id="a1080" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">increases across all revenue<div style="display:inline-block;width:5.57px">&#160;</div>lines, highlighting continued momentum<div style="display:inline-block;width:5.26px">&#160;</div>in the business. Net interest income </div><div id="a1081" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">increased by 45% year on year<div style="display:inline-block;width:5.3px">&#160;</div>and 12% quarter-on-quarter.<div style="display:inline-block;width:9.88px">&#160;</div>Sequentially,<div style="display:inline-block;width:5.61px">&#160;</div>we continued to see loan growth, </div><div id="a1087" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">while the deposit base remained roughly<div style="display:inline-block;width:5.66px">&#160;</div>stable. Costs were up 9%,<div style="display:inline-block;width:5.19px">&#160;</div>driven by continued tech investments<div style="display:inline-block;width:5.31px">&#160;</div>and </div><div id="a1088" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">higher personnel expenses.<div style="display:inline-block;width:8.57px">&#160;</div>The cost-to-income ratio was 51%,<div style="display:inline-block;width:5.23px">&#160;</div>a 7 percentage-point improvement<div style="display:inline-block;width:5.68px">&#160;</div>year-on-</div><div id="a1099" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">year,<div style="display:inline-block;width:5.32px">&#160;</div>demonstrating strong positive operating<div style="display:inline-block;width:5.43px">&#160;</div>leverage. </div><div id="a1101" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">We saw strong momentum<div style="display:inline-block;width:5.36px">&#160;</div>with 10% annualized growth in net<div style="display:inline-block;width:5.32px">&#160;</div>new investment products and<div style="display:inline-block;width:5.22px">&#160;</div>almost </div><div id="a1102" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">6 thousand net new clients, reflecting<div style="display:inline-block;width:5.32px">&#160;</div>the trust our clients continue to<div style="display:inline-block;width:5.24px">&#160;</div>place in us.</div></div>
</div>
<div style="padding: 7px">
<div id="Page13" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:178.3px; height:1px; left:67.6px; top:124.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:161px; height:1px; left:67.6px; top:315.6px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:614.5px; height:1px; left:67.6px; top:679.7px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:223.3px; height:1px; left:67.6px; top:697px; background-color:#000000; ">&#160;</div>
<div id="a1109" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">11 </div><div id="a1112" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Slide 25 &#8211; Asset Management </div><div id="a1117" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">Moving to slide 25.<div style="display:inline-block;width:8.4px">&#160;</div>In Asset Management the profit<div style="display:inline-block;width:5.38px">&#160;</div>before tax was 90 million. </div><div id="a1119" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">Excluding last year&#8217;s gain on sale, total<div style="display:inline-block;width:5.18px">&#160;</div>revenues decreased 5%,<div style="display:inline-block;width:5.2px">&#160;</div>with lower net management fees,<div style="display:inline-block;width:5.23px">&#160;</div>driven by </div><div id="a1120" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">market headwinds, asset mix, as well<div style="display:inline-block;width:5.2px">&#160;</div>as lower performance fees.<div style="display:inline-block;width:8.79px">&#160;</div>These headwinds were partially<div style="display:inline-block;width:5.36px">&#160;</div>offset by </div><div id="a1122" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">1% lower costs. </div><div id="a1124" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">Net new money in the quarter was strong<div style="display:inline-block;width:5.59px">&#160;</div>at 17 billion, a 6% annualized growth<div style="display:inline-block;width:5.5px">&#160;</div>rate.<div style="display:inline-block;width:7.98px">&#160;</div>Net new money </div><div id="a1125" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">excluding money markets and associates was<div style="display:inline-block;width:5.48px">&#160;</div>19.5 billion, with positive momentum<div style="display:inline-block;width:5.39px">&#160;</div>in SMAs and alternatives.</div><div id="a1129" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">Slide 26 &#8211; Investment Bank </div><div id="a1134" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">Turning to slide<div style="display:inline-block;width:5.49px">&#160;</div>26.<div style="display:inline-block;width:7.85px">&#160;</div>In the Investment Bank the profit<div style="display:inline-block;width:5.47px">&#160;</div>before tax was 139 million. </div><div id="a1136" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">The operating environment for the<div style="display:inline-block;width:5.33px">&#160;</div>Investment Bank&#8217;s trading businesses was<div style="display:inline-block;width:5.44px">&#160;</div>defined by significantly lower </div><div id="a1137" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">equity volatility levels compared<div style="display:inline-block;width:5.2px">&#160;</div>to the prior-year period.<div style="display:inline-block;width:4.8px">&#160;</div></div><div id="a1141" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">Within Global Markets, this resulted in a<div style="display:inline-block;width:5.21px">&#160;</div>meaningful decline in client activity levels<div style="display:inline-block;width:5.45px">&#160;</div>across both Equities and </div><div id="a1142" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">FRC, where revenues of<div style="display:inline-block;width:5.23px">&#160;</div>1.5 billion were down 11%, broadly<div style="display:inline-block;width:5.45px">&#160;</div>consistent with our peer group.<div style="display:inline-block;width:9.57px">&#160;</div></div><div id="a1145" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">Our Financing business continued to deliver<div style="display:inline-block;width:5.28px">&#160;</div>strong results, reporting<div style="display:inline-block;width:5.67px">&#160;</div>its best second-quarter and best first-half </div><div id="a1150" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">on record. This demonstrates<div style="display:inline-block;width:5.37px">&#160;</div>the resilience of our balanced<div style="display:inline-block;width:5.2px">&#160;</div>portfolio of risk-efficient businesses,<div style="display:inline-block;width:5.45px">&#160;</div>as we </div><div id="a1153" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">continue to invest in capabilities that are<div style="display:inline-block;width:5.3px">&#160;</div>critical to our clients. </div><div id="a1156" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">Global Banking revenues of 371<div style="display:inline-block;width:5.18px">&#160;</div>million were down 2% as the<div style="display:inline-block;width:5.22px">&#160;</div>second quarter saw the global fee<div style="display:inline-block;width:5.26px">&#160;</div>pool hit its </div><div id="a1157" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">lowest quarterly level since 2012.<div style="display:inline-block;width:8.88px">&#160;</div>In the second quarter we significantly<div style="display:inline-block;width:5.35px">&#160;</div>outperformed the fee pool in EMEA </div><div id="a1159" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">and gained share in global M&amp;A. </div><div id="a1161" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">Operating expenses were up 2%,<div style="display:inline-block;width:5.18px">&#160;</div>predominantly on higher tech<div style="display:inline-block;width:5.21px">&#160;</div>investments offsetting lower provisions<div style="display:inline-block;width:5.55px">&#160;</div>for </div><div id="a1162" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">litigation, regulatory and similar<div style="display:inline-block;width:5.19px">&#160;</div>matters. </div><div id="a1165" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">Slide 27 &#8211; 2Q23 Credit Suisse AG<div style="display:inline-block;width:5.19px">&#160;</div>reported loss of (8.9bn), (4.3bn)<div style="display:inline-block;width:5.29px">&#160;</div>excluding acquisition related<div style="display:inline-block;width:5.18px">&#160;</div>effects; </div><div id="a1170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">(2.1bn) adjusted loss (CHF,<div style="display:inline-block;width:6.6px">&#160;</div>US GAAP) </div><div id="a1172" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">On slide 27, I now turn to Credit Suisse<div style="display:inline-block;width:5.22px">&#160;</div>AG&#8217;s full second quarter results,<div style="display:inline-block;width:5.25px">&#160;</div>which were separately published </div><div id="a1173" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">earlier today.<div style="display:inline-block;width:9.42px">&#160;</div>Credit Suisse AG&#8217;s reported<div style="display:inline-block;width:5.37px">&#160;</div>pre-tax loss for the second quarter<div style="display:inline-block;width:5.37px">&#160;</div>was 8.9 billion Swiss francs.<div style="display:inline-block;width:8.62px">&#160;</div></div><div id="a1178" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">This result includes several large<div style="display:inline-block;width:5.21px">&#160;</div>items, including 2.2 billion in adjustments<div style="display:inline-block;width:5.29px">&#160;</div>to fair value marks, 1.8 billion in </div><div id="a1179" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">software write-downs, 1.3 billion in additional<div style="display:inline-block;width:5.6px">&#160;</div>litigation provisions, and 1.0 billion<div style="display:inline-block;width:5.3px">&#160;</div>for a goodwill impairment. </div><div id="a1183" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;"><div style="display:inline-block;width:3.84px">&#160;</div>Stripping out these and other items that<div style="display:inline-block;width:5.19px">&#160;</div>are not representative<div style="display:inline-block;width:5.58px">&#160;</div>of Credit Suisse AG&#8217;s underlying<div style="display:inline-block;width:5.23px">&#160;</div>performance </div><div id="a1185" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">in the quarter,<div style="display:inline-block;width:5.47px">&#160;</div>the adjusted operating loss was 2.1<div style="display:inline-block;width:5.32px">&#160;</div>billion Swiss francs.<div style="display:inline-block;width:8.55px">&#160;</div></div><div id="a1187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">Not included in this figure are<div style="display:inline-block;width:5.49px">&#160;</div>the results of a few legal entities<div style="display:inline-block;width:5.25px">&#160;</div>that fall outside of Credit Suisse<div style="display:inline-block;width:5.36px">&#160;</div>AG&#8217;s </div><div id="a1188" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">consolidation scope.<div style="display:inline-block;width:8.46px">&#160;</div>Including those entities, the Credit<div style="display:inline-block;width:5.26px">&#160;</div>Suisse sub-group&#8217;s pro<div style="display:inline-block;width:1.38px">&#160;</div>-forma second quarter </div><div id="a1193" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">adjusted operating loss was 2.0 billion Swiss<div style="display:inline-block;width:5.42px">&#160;</div>francs.<div style="display:inline-block;width:8.08px">&#160;</div>In discussing the Credit Suisse<div style="display:inline-block;width:5.25px">&#160;</div>sub-group performance in </div><div id="a1198" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">the second quarter,<div style="display:inline-block;width:5.78px">&#160;</div>I&#8217;ll focus on this 2-billion Swiss franc<div style="display:inline-block;width:5.27px">&#160;</div>adjusted loss as it better informs the starting<div style="display:inline-block;width:5.5px">&#160;</div>point </div><div id="a1201" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">for the group in combination with<div style="display:inline-block;width:5.33px">&#160;</div>UBS&#8217;s quarterly underlying performance.<div style="display:inline-block;width:5.34px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page14" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:368.7px; height:1px; left:67.6px; top:124.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:543.7px; height:1px; left:67.6px; top:818.3px; background-color:#000000; ">&#160;</div>
<div id="a1206" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">12 </div><div id="a1209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Slide 28&#8211; Credit Suisse adjusted<div style="display:inline-block;width:5.18px">&#160;</div>2Q23 results (CHF,<div style="display:inline-block;width:6.55px">&#160;</div>US GAAP) </div><div id="a1214" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">On slide 28, Credit Suisse&#8217;s<div style="display:inline-block;width:5.18px">&#160;</div>quarterly adjusted pre-tax loss was<div style="display:inline-block;width:5.19px">&#160;</div>largely driven by operating losses in the<div style="display:inline-block;width:5.23px">&#160;</div>Credit </div><div id="a1217" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">Suisse Investment Bank and the Capital<div style="display:inline-block;width:5.22px">&#160;</div>Release Unit, as well as elevated funding<div style="display:inline-block;width:5.42px">&#160;</div>costs in the Credit Suisse </div><div id="a1219" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">Corporate Center. </div><div id="a1221" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">Sequentially,<div style="display:inline-block;width:5.45px">&#160;</div>revenues declined by 38%, driven<div style="display:inline-block;width:5.43px">&#160;</div>by Credit Suisse&#8217;s Investment<div style="display:inline-block;width:5.24px">&#160;</div>Bank, down 78%, where the </div><div id="a1222" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">sharp drop in revenues was<div style="display:inline-block;width:5.33px">&#160;</div>due to little-to-no new activity in the context<div style="display:inline-block;width:5.44px">&#160;</div>of expected exits following the </div><div id="a1228" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">acquisition.<div style="display:inline-block;width:8.06px">&#160;</div>Second quarter revenues also reflected<div style="display:inline-block;width:5.76px">&#160;</div>elevated funding costs, primarily from<div style="display:inline-block;width:5.52px">&#160;</div>the Swiss National </div><div id="a1229" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">Bank facilities.<div style="display:inline-block;width:4.4px">&#160;</div></div><div id="a1231" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">Going forward, we&#8217;ll focus on two<div style="display:inline-block;width:5.26px">&#160;</div>key priorities in relation to Credit<div style="display:inline-block;width:5.55px">&#160;</div>Suisse&#8217;s Investment Bank and Capital </div><div id="a1232" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">Release Unit.<div style="display:inline-block;width:8.11px">&#160;</div>First, rebuild activity and profitability<div style="display:inline-block;width:5.75px">&#160;</div>levels of the businesses we decided to retain<div style="display:inline-block;width:5.58px">&#160;</div>as part of our </div><div id="a1234" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">core Investment Bank. And second,<div style="display:inline-block;width:5.26px">&#160;</div>actively manage the wind-down<div style="display:inline-block;width:5.24px">&#160;</div>of businesses and positions that are<div style="display:inline-block;width:5.31px">&#160;</div>not </div><div id="a1237" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">aligned to our strategy.<div style="display:inline-block;width:9.78px">&#160;</div>These include those already<div style="display:inline-block;width:5.19px">&#160;</div>in the Credit Suisse Capital Release<div style="display:inline-block;width:5.38px">&#160;</div>Unit and Investment </div><div id="a1239" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">Bank not retained as core,<div style="display:inline-block;width:5.43px">&#160;</div>and will be managed and reported<div style="display:inline-block;width:5.3px">&#160;</div>within our Non-Core and<div style="display:inline-block;width:5.19px">&#160;</div>Legacy segment </div><div id="a1242" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">beginning in the third quarter. </div><div id="a1244" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">Moreover,<div style="display:inline-block;width:5.55px">&#160;</div>as the wind down is executed,<div style="display:inline-block;width:5.18px">&#160;</div>we&#8217;ll decisively take out all costs in relation<div style="display:inline-block;width:5.63px">&#160;</div>to resources, technology </div><div id="a1246" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">and real estate that are not<div style="display:inline-block;width:5.37px">&#160;</div>needed to support either what is retained<div style="display:inline-block;width:5.62px">&#160;</div>in our core Investment Bank or<div style="display:inline-block;width:5.2px">&#160;</div>what is </div><div id="a1247" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">strictly required to efficiently<div style="display:inline-block;width:5.72px">&#160;</div>wind-down businesses and positions managed<div style="display:inline-block;width:5.49px">&#160;</div>by our Non-core and Legacy </div><div id="a1254" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">team. </div><div id="a1256" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">In contrast to Credit Suisse&#8217;s Investment<div style="display:inline-block;width:5.61px">&#160;</div>Bank and Capital Release Unit, we saw relative<div style="display:inline-block;width:5.75px">&#160;</div>stability across Credit </div><div id="a1257" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">Suisse&#8217;s Wealth Management, Swiss<div style="display:inline-block;width:5.38px">&#160;</div>Bank and Asset Management segments.<div style="display:inline-block;width:9.3px">&#160;</div></div><div id="a1259" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">In Credit Suisse Wealth<div style="display:inline-block;width:5.23px">&#160;</div>Management, we&#8217;ve seen a stabilization<div style="display:inline-block;width:5.31px">&#160;</div>of net new assets, trending from<div style="display:inline-block;width:5.5px">&#160;</div>substantial </div><div id="a1261" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">outflows in April to net inflows in June, with<div style="display:inline-block;width:5.46px">&#160;</div>14 billion dollars of net new deposits<div style="display:inline-block;width:5.18px">&#160;</div>in the quarter.<div style="display:inline-block;width:9.53px">&#160;</div>We remain </div><div id="a1262" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">focused on introducing Credit<div style="display:inline-block;width:5.34px">&#160;</div>Suisse&#8217;s clients to the unrivaled value<div style="display:inline-block;width:5.22px">&#160;</div>proposition of the combined<div style="display:inline-block;width:5.25px">&#160;</div>firm to </div><div id="a1264" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">counterbalance any headwinds to our flows<div style="display:inline-block;width:5.31px">&#160;</div>from lag effects stemming<div style="display:inline-block;width:5.31px">&#160;</div>from past or future attrition<div style="display:inline-block;width:5.62px">&#160;</div>of Credit </div><div id="a1265" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">Suisse relationship managers.<div style="display:inline-block;width:8.97px">&#160;</div>In addition to clear and decisive actions<div style="display:inline-block;width:5.26px">&#160;</div>to retain client assets, we<div style="display:inline-block;width:5.18px">&#160;</div>also </div><div id="a1266" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">implemented client advisor incentive programs<div style="display:inline-block;width:5.54px">&#160;</div>with the clear objective to &#8220;win<div style="display:inline-block;width:5.24px">&#160;</div>back&#8221; and sustainably retain </div><div id="a1268" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">client assets.<div style="display:inline-block;width:8.02px">&#160;</div>Quarter to date, these actions<div style="display:inline-block;width:5.21px">&#160;</div>have helped us to attract net new deposits<div style="display:inline-block;width:5.44px">&#160;</div>of 10 billion dollars </div><div id="a1269" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">and positive net new assets in the Credit<div style="display:inline-block;width:5.45px">&#160;</div>Suisse wealth management franchise.<div style="display:inline-block;width:5.43px">&#160;</div></div><div id="a1272" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">Credit Suisse&#8217;s adjusted operating<div style="display:inline-block;width:5.25px">&#160;</div>expenses were down 10% sequentially,<div style="display:inline-block;width:6.77px">&#160;</div>reflecting actions initiated<div style="display:inline-block;width:5.23px">&#160;</div>before </div><div id="a1273" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">and after the merger announcement, as<div style="display:inline-block;width:5.24px">&#160;</div>well as voluntary attrition of employees.<div style="display:inline-block;width:9.22px">&#160;</div>As of the end of the second </div><div id="a1274" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">quarter,<div style="display:inline-block;width:5.46px">&#160;</div>headcount was down by over 8,000 compared<div style="display:inline-block;width:5.67px">&#160;</div>to the end of 2022, split roughly<div style="display:inline-block;width:5.31px">&#160;</div>equally between </div><div id="a1276" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">internal and external staff. </div><div id="a1279" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">Slide 29 &#8211; Driving positive underlying profitability<div style="display:inline-block;width:5.6px">&#160;</div>and maintaining ~14% CET1 capital<div style="display:inline-block;width:5.21px">&#160;</div>ratio </div><div id="a1284" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">I now turn to slide 29.<div style="display:inline-block;width:8.25px">&#160;</div>On an illustrative and underlying basis,<div style="display:inline-block;width:5.22px">&#160;</div>the sum of the UBS sub-group<div style="display:inline-block;width:5.47px">&#160;</div>pre-tax profit of </div><div id="a1289" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">2.0 billion, and the Credit Suisse sub-group<div style="display:inline-block;width:5.88px">&#160;</div>pre-tax loss of 2.2 billion, after translation<div style="display:inline-block;width:5.43px">&#160;</div>to US dollars, equals a </div><div id="a1294" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">combined pro forma Group<div style="display:inline-block;width:5.36px">&#160;</div>operating loss of around negative<div style="display:inline-block;width:5.38px">&#160;</div>0.3 billion.<div style="display:inline-block;width:8.04px">&#160;</div>You<div style="display:inline-block;width:5.29px">&#160;</div>can consider this indicative </div><div id="a1296" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">level as a useful starting point to contextualize<div style="display:inline-block;width:5.44px">&#160;</div>the trajectory of our underlying profitability<div style="display:inline-block;width:5.86px">&#160;</div>going forward, </div><div id="a1297" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">and assess the steps we are taking<div style="display:inline-block;width:5.29px">&#160;</div>to achieve our ambitions.<div style="display:inline-block;width:5.16px">&#160;</div></div><div id="a1299" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">First and foremost, we&#8217;re<div style="display:inline-block;width:5.25px">&#160;</div>executing on our cost reduction<div style="display:inline-block;width:5.32px">&#160;</div>plans at pace and we expect positive combined </div><div id="a1301" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">underlying profits in the second<div style="display:inline-block;width:5.31px">&#160;</div>half of 2023.<div style="display:inline-block;width:8.25px">&#160;</div>We expect to deliver underlying exit<div style="display:inline-block;width:5.3px">&#160;</div>rate cost savings of over 3 </div><div id="a1302" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">billion by the end of the year - which<div style="display:inline-block;width:5.26px">&#160;</div>will<div style="display:inline-block;width:4.11px">&#160;</div>benefit our 2024 results - and to<div style="display:inline-block;width:5.35px">&#160;</div>incur a broadly similar amount<div style="display:inline-block;width:5.24px">&#160;</div>of </div><div id="a1310" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.61px;">integration-related expenses in 2H23.<div style="display:inline-block;width:9.28px">&#160;</div>While neutral to our underlying performance,<div style="display:inline-block;width:5.31px">&#160;</div>I would note that such </div><div id="a1313" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1012.89px;">integration-related expenses will be<div style="display:inline-block;width:5.18px">&#160;</div>partly offset by pull-to-par effects<div style="display:inline-block;width:5.76px">&#160;</div>of over 1 and a half billion. </div></div>
</div>
<div style="padding: 7px">
<div id="Page15" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1323" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">13 </div><div id="a1326" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Second, asset and deposit retention and<div style="display:inline-block;width:5.44px">&#160;</div>win-back initiatives will continue to<div style="display:inline-block;width:5.27px">&#160;</div>support the positive momentum </div><div id="a1329" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">across our wealth management businesses.<div style="display:inline-block;width:9.46px">&#160;</div>In particular we expect to see positive<div style="display:inline-block;width:5.41px">&#160;</div>underlying contribution </div><div id="a1330" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">from the Credit Suisse wealth<div style="display:inline-block;width:5.39px">&#160;</div>management franchise by the first half<div style="display:inline-block;width:5.27px">&#160;</div>of 2024.<div style="display:inline-block;width:8.12px">&#160;</div>We will apply this same </div><div id="a1333" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">systematic approach to client and<div style="display:inline-block;width:5.28px">&#160;</div>asset retention and win-back<div style="display:inline-block;width:5.3px">&#160;</div>across all of our core franchises,<div style="display:inline-block;width:5.49px">&#160;</div>especially </div><div id="a1336" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">following today&#8217;s announcement in connection<div style="display:inline-block;width:5.48px">&#160;</div>with the Swiss businesses. </div><div id="a1340" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">Third, our second quarter 2023 pro<div style="display:inline-block;width:5.45px">&#160;</div>forma results include 550 million<div style="display:inline-block;width:5.37px">&#160;</div>of funding costs related to the Swiss </div><div id="a1341" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">National Bank facilities that Credit<div style="display:inline-block;width:5.19px">&#160;</div>Suisse reported in its Corporate<div style="display:inline-block;width:5.27px">&#160;</div>Center.<div style="display:inline-block;width:9.35px">&#160;</div>The repayment of these facilities </div><div id="a1342" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">will lead to materially lower funding<div style="display:inline-block;width:5.25px">&#160;</div>costs in the third quarter and further<div style="display:inline-block;width:5.6px">&#160;</div>benefits in the fourth quarter for </div><div id="a1345" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">the combined Group.<div style="display:inline-block;width:8.66px">&#160;</div>Continuing on the NII topic, sequentially<div style="display:inline-block;width:5.35px">&#160;</div>for 3Q23, we expect a low single-digit </div><div id="a1348" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">percentage decline in our combined<div style="display:inline-block;width:5.21px">&#160;</div>wealth management businesses, with<div style="display:inline-block;width:5.27px">&#160;</div>positive contribution from the </div><div id="a1350" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">Credit Suisse franchise, and a mid<div style="display:inline-block;width:1.39px">&#160;</div>-single-digit percentage decline<div style="display:inline-block;width:5.36px">&#160;</div>in our Swiss businesses.<div style="display:inline-block;width:8.46px">&#160;</div>This excludes the </div><div id="a1355" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">pull to par effects I mentioned earlier. </div><div id="a1357" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">These elements, in combination with disciplined<div style="display:inline-block;width:5.5px">&#160;</div>resource management and<div style="display:inline-block;width:5.38px">&#160;</div>a focused execution mindset </div><div id="a1359" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">across the leadership team, give<div style="display:inline-block;width:5.27px">&#160;</div>us confidence in our ability to deliver a<div style="display:inline-block;width:5.24px">&#160;</div>successful integration, starting with </div><div id="a1360" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">approaching break-even in<div style="display:inline-block;width:5.23px">&#160;</div>the third quarter and returning to<div style="display:inline-block;width:5.26px">&#160;</div>positive underlying profitability<div style="display:inline-block;width:5.23px">&#160;</div>before the end </div><div id="a1363" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">of the year. </div><div id="a1366" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">With that I&#8217;ll hand back to Sergio for his closing<div style="display:inline-block;width:5.28px">&#160;</div>remarks.</div></div>
</div>
<div style="padding: 7px">
<div id="Page16" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:144.7px; height:1px; left:67.6px; top:184.3px; background-color:#000000; ">&#160;</div>
<div id="a1368" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">14 </div><div id="a1371" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;color:#E60000;left:68px;top:114px;">Sergio P.<div style="display:inline-block;width:8.01px">&#160;</div>Ermotti &#8211; closing remarks<div style="display:inline-block;width:4.7px">&#160;</div></div><div id="a1377" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:170.86px;">Slide 29 &#8211; Key messages<div style="display:inline-block;width:4.82px">&#160;</div></div><div id="a1382" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:205.58px;">Thank you, Todd.<div style="display:inline-block;width:11.78px">&#160;</div>As we speak,<div style="display:inline-block;width:5.87px">&#160;</div>the geopolitical<div style="display:inline-block;width:5.36px">&#160;</div>and macroeconomic<div style="display:inline-block;width:6px">&#160;</div>outlook remains<div style="display:inline-block;width:5.61px">&#160;</div>volatile and<div style="display:inline-block;width:5.38px">&#160;</div>difficult to </div><div id="a1383" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:222.86px;">predict.<div style="display:inline-block;width:7.4px">&#160;</div>Of course, major developments on this front will impact<div style="display:inline-block;width:2.34px">&#160;</div>our business in the short term.<div style="display:inline-block;width:6.02px">&#160;</div>As always, our </div><div id="a1384" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:240.3px;">first priority is to stay close to<div style="display:inline-block;width:2.49px">&#160;</div>clients and help them manage the challenges and opportunities presented by this </div><div id="a1387" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:257.58px;">uncertain environment.<div style="display:inline-block;width:8.71px">&#160;</div>For us, this is business as usual and we<div style="display:inline-block;width:5.21px">&#160;</div>remain focused on this priority.<div style="display:inline-block;width:14.62px">&#160;</div></div><div id="a1389" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:292.3px;">At the same time, we will also execute on our integration plans with determination and<div style="display:inline-block;width:5.41px">&#160;</div>pace.<div style="display:inline-block;width:7.65px">&#160;</div>That will unlock </div><div id="a1391" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:309.58px;">significant<div style="display:inline-block;width:6.87px">&#160;</div>economies<div style="display:inline-block;width:7.29px">&#160;</div>of<div style="display:inline-block;width:6.66px">&#160;</div>scale<div style="display:inline-block;width:7.07px">&#160;</div>allowing<div style="display:inline-block;width:6.99px">&#160;</div>us<div style="display:inline-block;width:6.68px">&#160;</div>to<div style="display:inline-block;width:6.98px">&#160;</div>fund<div style="display:inline-block;width:7.02px">&#160;</div>future<div style="display:inline-block;width:7.1px">&#160;</div>investments<div style="display:inline-block;width:7.07px">&#160;</div>as<div style="display:inline-block;width:6.82px">&#160;</div>we<div style="display:inline-block;width:7.01px">&#160;</div>continue<div style="display:inline-block;width:6.89px">&#160;</div>to<div style="display:inline-block;width:6.98px">&#160;</div>pursue<div style="display:inline-block;width:6.96px">&#160;</div>growth </div><div id="a1392" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:326.86px;">opportunities. We are well aware of the<div style="display:inline-block;width:2.16px">&#160;</div>additional trust and responsibility that accompany this<div style="display:inline-block;width:2.42px">&#160;</div>transaction.<div style="display:inline-block;width:7.35px">&#160;</div>We </div><div id="a1393" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:344.3px;">will not betray that trust, remaining<div style="display:inline-block;width:5.41px">&#160;</div>faithful to our strong culture<div style="display:inline-block;width:5.27px">&#160;</div>and conservative risk management.<div style="display:inline-block;width:9.32px">&#160;</div></div><div id="a1397" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:378.9px;">I am excited about the opportunities that<div style="display:inline-block;width:5.32px">&#160;</div>lie ahead of us.<div style="display:inline-block;width:8.23px">&#160;</div>I strongly believe UBS will emerge<div style="display:inline-block;width:5.27px">&#160;</div>as a stronger </div><div id="a1398" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:396.34px;">global financial institution, one of even greater<div style="display:inline-block;width:5.75px">&#160;</div>value to its clients, while remaining<div style="display:inline-block;width:5.3px">&#160;</div>safe and delivering </div><div id="a1400" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:413.62px;">superior returns.<div style="display:inline-block;width:4.51px">&#160;</div></div><div id="a1402" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:448.34px;">With that let&#8217;s get started with questions.</div></div>
</div>
<div style="padding: 7px">
<div id="Page17" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1404" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">15 </div><div id="a1407" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.56px;color:#E60000;left:68px;top:114px;">Analyst Q&amp;A (CEO and CFO) </div><div id="a1410" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:170.53px;">Jeremy Sigee, Exane BNP Paribas </div><div id="a1412" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:205.58px;">Good morning. Thank you very much for all<div style="display:inline-block;width:5.29px">&#160;</div>the information. There's a lot to<div style="display:inline-block;width:5.26px">&#160;</div>get through and a lot of </div><div id="a1414" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:222.86px;">questions. I'll just ask two things. One is,<div style="display:inline-block;width:5.22px">&#160;</div>could you talk about the Swiss integration,<div style="display:inline-block;width:5.48px">&#160;</div>which obviously takes </div><div id="a1415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:240.3px;">time and I think you said it's going to<div style="display:inline-block;width:5.18px">&#160;</div>legally close in 2024 and then physically<div style="display:inline-block;width:5.48px">&#160;</div>integrate in 2025. I just </div><div id="a1417" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:257.58px;">wondered, you know,<div style="display:inline-block;width:5.52px">&#160;</div>what determines that timeframe<div style="display:inline-block;width:5.29px">&#160;</div>and how you manage? How you intend<div style="display:inline-block;width:5.26px">&#160;</div>to keep the </div><div id="a1418" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:274.86px;">businesses stable whilst they're in<div style="display:inline-block;width:5.21px">&#160;</div>that slight sort of limbo period. So that's<div style="display:inline-block;width:5.51px">&#160;</div>my first question. </div><div id="a1420" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:309.58px;">And the second question is about sort<div style="display:inline-block;width:5.26px">&#160;</div>of capital stack. The 14% CET1 target<div style="display:inline-block;width:5.43px">&#160;</div>I imagine it implies that you're </div><div id="a1422" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:326.86px;">going to reissue AT1<div style="display:inline-block;width:5.69px">&#160;</div>and rebuild the AT1<div style="display:inline-block;width:5.94px">&#160;</div>part of your capital stack. And I saw a<div style="display:inline-block;width:5.34px">&#160;</div>headline the other day that </div><div id="a1423" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:344.3px;">you might even do that this autumn.<div style="display:inline-block;width:5.2px">&#160;</div>I just wondered if you could<div style="display:inline-block;width:5.24px">&#160;</div>comment on that aspect, your intentions<div style="display:inline-block;width:5.53px">&#160;</div>in </div><div id="a1425" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:361.62px;">terms of issuing AT1.<div style="display:inline-block;width:5.44px">&#160;</div>Thank you. </div><div id="a1427" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:396.01px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1429" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:430.9px;">Thank you, Jeremy.<div style="display:inline-block;width:6px">&#160;</div>So, well, first of all, on the integration,<div style="display:inline-block;width:5.42px">&#160;</div>of course, you know,<div style="display:inline-block;width:5.61px">&#160;</div>now that we go through, as </div><div id="a1430" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:448.34px;">I mentioned, it's very important to understand<div style="display:inline-block;width:5.5px">&#160;</div>the sequence of how we're<div style="display:inline-block;width:5.22px">&#160;</div>going to go through the merger<div style="display:inline-block;width:5.49px">&#160;</div>of </div><div id="a1433" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:465.62px;">the different legal entities.<div style="display:inline-block;width:5.29px">&#160;</div>You know,<div style="display:inline-block;width:6.2px">&#160;</div>we, as I mentioned before,<div style="display:inline-block;width:5.28px">&#160;</div>our intention is to merge the two parent </div><div id="a1434" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:482.9px;">company,<div style="display:inline-block;width:5.35px">&#160;</div>UBS AG and Credit Suisse<div style="display:inline-block;width:5.24px">&#160;</div>AG. And as a follow-through<div style="display:inline-block;width:5.22px">&#160;</div>different entities underneath will<div style="display:inline-block;width:5.39px">&#160;</div>go </div><div id="a1437" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:500.34px;">through the same process.<div style="display:inline-block;width:5.36px">&#160;</div>So, we need to optimize the timing from<div style="display:inline-block;width:5.5px">&#160;</div>different aspects. And last<div style="display:inline-block;width:5.39px">&#160;</div>but not least, </div><div id="a1439" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:517.62px;">also one of regulatory approvals.<div style="display:inline-block;width:5.31px">&#160;</div>So, we are starting now the<div style="display:inline-block;width:5.36px">&#160;</div>process to do that in terms of<div style="display:inline-block;width:5.23px">&#160;</div>the Swiss </div><div id="a1440" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:534.9px;">business. </div><div id="a1442" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:569.62px;">You know,<div style="display:inline-block;width:6.2px">&#160;</div>the way we will manage that is<div style="display:inline-block;width:5.22px">&#160;</div>by, as<div style="display:inline-block;width:5.35px">&#160;</div>I mentioned, first of all, assuring that<div style="display:inline-block;width:5.26px">&#160;</div>all people employed in </div><div id="a1444" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:586.9px;">the Swiss businesses at UBS and Credit<div style="display:inline-block;width:5.37px">&#160;</div>Suisse will not be subject to any redundancies<div style="display:inline-block;width:6.01px">&#160;</div>until the end of 2024. </div><div id="a1445" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:604.34px;">So, what's the most important message<div style="display:inline-block;width:5.29px">&#160;</div>is to clients, that nothing changes for them<div style="display:inline-block;width:5.57px">&#160;</div>and our view is to make it </div><div id="a1447" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:621.65px;">very smooth for clients to go through<div style="display:inline-block;width:5.43px">&#160;</div>the transition. </div><div id="a1449" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:656.37px;">And so once we go through this<div style="display:inline-block;width:5.27px">&#160;</div>kind of legal process and regulatory<div style="display:inline-block;width:5.7px">&#160;</div>process of merging the two entities,<div style="display:inline-block;width:5.22px">&#160;</div>at </div><div id="a1450" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:673.65px;">the same time, we are also<div style="display:inline-block;width:5.21px">&#160;</div>tackling the IT migration, the operational<div style="display:inline-block;width:5.33px">&#160;</div>migration. And this is something that </div><div id="a1453" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:690.93px;">will only be completed early on in 2025.<div style="display:inline-block;width:9.11px">&#160;</div>So, what we, the message here<div style="display:inline-block;width:5.5px">&#160;</div>is a balance between showing the </div><div id="a1454" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:708.37px;">way forward to our people, to<div style="display:inline-block;width:5.22px">&#160;</div>clients, but without rush and in a stable<div style="display:inline-block;width:5.28px">&#160;</div>manner.<div style="display:inline-block;width:5.38px">&#160;</div>So that people you, our </div><div id="a1455" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:725.65px;">clients continue to be served in the way<div style="display:inline-block;width:5.19px">&#160;</div>they expect to be served. </div><div id="a1458" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:760.37px;">In terms of the CET1 target, well, of course,<div style="display:inline-block;width:5.41px">&#160;</div>AT1 continues<div style="display:inline-block;width:5.47px">&#160;</div>to be an important element of our capital<div style="display:inline-block;width:5.46px">&#160;</div>stack </div><div id="a1459" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:777.65px;">and strategy.<div style="display:inline-block;width:5.56px">&#160;</div>I will not comment on speculations.<div style="display:inline-block;width:5.26px">&#160;</div>We are watching the market<div style="display:inline-block;width:5.34px">&#160;</div>carefully,<div style="display:inline-block;width:5.79px">&#160;</div>we will assess the </div><div id="a1461" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:794.93px;">timing and the need of tapping the<div style="display:inline-block;width:5.2px">&#160;</div>markets when appropriate.<div style="display:inline-block;width:9.02px">&#160;</div>But, yes of course we are looking<div style="display:inline-block;width:5.38px">&#160;</div>at the AT1 </div><div id="a1462" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:812.37px;">markets and we will make our consideration<div style="display:inline-block;width:5.48px">&#160;</div>when appropriate. </div><div id="a1464" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:846.6px;">Alastair Ryan, Bank of America Merrill<div style="display:inline-block;width:5.24px">&#160;</div>Lynch </div><div id="a1466" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:881.69px;">Yes. Thank<div style="display:inline-block;width:5.45px">&#160;</div>you. It's Alastair,<div style="display:inline-block;width:5.86px">&#160;</div>BofA. Sergio, good morning. Great<div style="display:inline-block;width:5.23px">&#160;</div>to have clarity on the strategy and<div style="display:inline-block;width:5.36px">&#160;</div>obviously </div><div id="a1468" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:898.97px;">the market is delighted as you are<div style="display:inline-block;width:5.34px">&#160;</div>that the flows have come back. Just then<div style="display:inline-block;width:5.44px">&#160;</div>on operating costs. Very<div style="display:inline-block;width:5.43px">&#160;</div>clear </div><div id="a1469" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:916.41px;">ambitions and it looks like you're<div style="display:inline-block;width:5.21px">&#160;</div>bringing forward a little 2027<div style="display:inline-block;width:5.3px">&#160;</div>to 2026 when you've landed everything.<div style="display:inline-block;width:5.47px">&#160;</div>But </div><div id="a1471" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:933.69px;">just given the size of the operating costs<div style="display:inline-block;width:5.34px">&#160;</div>in the old Credit Suisse investment<div style="display:inline-block;width:5.46px">&#160;</div>bank and non-core, can you<div style="display:inline-block;width:5.21px">&#160;</div>give </div><div id="a1474" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:950.97px;">us any sense about how quickly you can<div style="display:inline-block;width:5.23px">&#160;</div>go there? So the quite a large<div style="display:inline-block;width:5.3px">&#160;</div>restructuring charge, integration </div><div id="a1476" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:968.41px;">charge in the second half, but does that<div style="display:inline-block;width:5.18px">&#160;</div>cost number move out quickly so that<div style="display:inline-block;width:5.22px">&#160;</div>you normalize profitability or<div style="display:inline-block;width:5.26px">&#160;</div>is </div><div id="a1477" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:985.69px;">there still quite a long, long tail to<div style="display:inline-block;width:5.24px">&#160;</div>the cost in that part of the business?<div style="display:inline-block;width:5.31px">&#160;</div>It's just, you know,<div style="display:inline-block;width:5.45px">&#160;</div>IB classic, the </div><div id="a1478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1002.97px;">revenues have gone, the costs are<div style="display:inline-block;width:5.43px">&#160;</div>still lingering and how quickly they<div style="display:inline-block;width:5.2px">&#160;</div>go? Thank you.<div style="display:inline-block;width:4.69px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page18" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1482" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">16 </div><div id="a1484" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.42px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a1486" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Hi, Alastair.<div style="display:inline-block;width:5.54px">&#160;</div>Yeah.<div style="display:inline-block;width:5.33px">&#160;</div>In terms of the speed at which we<div style="display:inline-block;width:5.2px">&#160;</div>expect to take out cost. As Sergio and<div style="display:inline-block;width:5.38px">&#160;</div>I said, we've been </div><div id="a1487" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">operating at pace in terms of the cost takeout<div style="display:inline-block;width:5.38px">&#160;</div>which is among our top priorities.<div style="display:inline-block;width:9.26px">&#160;</div>In terms of in particular </div><div id="a1489" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">restructuring the parts of Credit<div style="display:inline-block;width:5.34px">&#160;</div>Suisse that need immediate attention<div style="display:inline-block;width:5.24px">&#160;</div>and restructuring.<div style="display:inline-block;width:8.87px">&#160;</div>And so you see how </div><div id="a1490" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">we're making very strong<div style="display:inline-block;width:5.3px">&#160;</div>progress out of the gate<div style="display:inline-block;width:5.36px">&#160;</div>in terms of the cost takeout through<div style="display:inline-block;width:5.43px">&#160;</div>the second half of </div><div id="a1492" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">2023 and the cost to achieve those cost<div style="display:inline-block;width:5.4px">&#160;</div>takeout as well.<div style="display:inline-block;width:4.62px">&#160;</div></div><div id="a1494" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">We've obviously modeled to get to<div style="display:inline-block;width:5.23px">&#160;</div>the targets that &#8211; or the landing<div style="display:inline-block;width:5.21px">&#160;</div>zones that we described earlier in terms </div><div id="a1498" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">of returns and the cost-to-income ratio<div style="display:inline-block;width:5.25px">&#160;</div>at the end of 2026.<div style="display:inline-block;width:8.48px">&#160;</div>But as you say,<div style="display:inline-block;width:5.66px">&#160;</div>the costs do have a long tail in </div><div id="a1504" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">some cases, and that's because of the<div style="display:inline-block;width:5.31px">&#160;</div>complexity of the operation that we<div style="display:inline-block;width:5.35px">&#160;</div>have to unpack.<div style="display:inline-block;width:8.24px">&#160;</div>Because you </div><div id="a1505" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">have significant infrastructure and<div style="display:inline-block;width:5.19px">&#160;</div>technology; you have a very large<div style="display:inline-block;width:5.22px">&#160;</div>array of legal entities, over a thousand </div><div id="a1506" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">legal entities, that have to be addressed.<div style="display:inline-block;width:5.76px">&#160;</div></div><div id="a1510" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">And just back one proof point<div style="display:inline-block;width:5.26px">&#160;</div>on the software components,<div style="display:inline-block;width:5.22px">&#160;</div>there are 3,000 applications<div style="display:inline-block;width:5.28px">&#160;</div>and the work that </div><div id="a1511" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">our team has done suggests that we will<div style="display:inline-block;width:5.34px">&#160;</div>only integrate 300 into UBS. That takes<div style="display:inline-block;width:5.35px">&#160;</div>time. And so, yes, there is a </div><div id="a1512" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">long tail, but you can count on us to<div style="display:inline-block;width:5.33px">&#160;</div>operate quickly. </div><div id="a1515" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">The last thing I would say is in terms<div style="display:inline-block;width:5.34px">&#160;</div>of clarity on a sense of as those things<div style="display:inline-block;width:5.38px">&#160;</div>hit through, because we give a </div><div id="a1516" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">degree of clarity through the<div style="display:inline-block;width:5.33px">&#160;</div>second half of the year and we give<div style="display:inline-block;width:5.32px">&#160;</div>sort of that landing zone, we will come </div><div id="a1517" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">back with further clarity once we do the<div style="display:inline-block;width:5.36px">&#160;</div>business planning process in the<div style="display:inline-block;width:5.19px">&#160;</div>second half of the year.<div style="display:inline-block;width:6.11px">&#160;</div>,And that </div><div id="a1519" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">will be with our fourth quarter earnings in early<div style="display:inline-block;width:5.43px">&#160;</div>February. </div><div id="a1521" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:475.21px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1523" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">And I would probably complement<div style="display:inline-block;width:5.33px">&#160;</div>Todd&#8217;s<div style="display:inline-block;width:5.75px">&#160;</div>observation. Because, it is very important<div style="display:inline-block;width:5.3px">&#160;</div>that de facto the vast </div><div id="a1525" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">majority of the assets are in<div style="display:inline-block;width:5.21px">&#160;</div>non-core and legacy are<div style="display:inline-block;width:5.38px">&#160;</div>supported by the Credit Suisse<div style="display:inline-block;width:5.2px">&#160;</div>IB platform. So, as we </div><div id="a1528" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">progress in winding down<div style="display:inline-block;width:5.32px">&#160;</div>the, call it, core day-to-day<div style="display:inline-block;width:5.24px">&#160;</div>operation from the front<div style="display:inline-block;width:5.28px">&#160;</div>office stand point of view. </div><div id="a1533" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">Whatever is left is going to be legacy infrastructure,<div style="display:inline-block;width:5.9px">&#160;</div>IB infrastructure, that is only<div style="display:inline-block;width:5.28px">&#160;</div>there for non-core. And so </div><div id="a1537" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">you can see out then this will be a very<div style="display:inline-block;width:5.38px">&#160;</div>important element in determining how<div style="display:inline-block;width:5.28px">&#160;</div>quickly we get rid of non-core </div><div id="a1540" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">assets. Because as a consequence of that,<div style="display:inline-block;width:5.32px">&#160;</div>we accelerate the winding down<div style="display:inline-block;width:5.32px">&#160;</div>of this operation. But I think that's </div><div id="a1542" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">exactly what we are working on<div style="display:inline-block;width:5.18px">&#160;</div>and we will give you more<div style="display:inline-block;width:5.4px">&#160;</div>detail early on next year when we present<div style="display:inline-block;width:5.73px">&#160;</div>our Q4 </div><div id="a1543" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">results and our three year<div style="display:inline-block;width:5.31px">&#160;</div>plan. </div><div id="a1545" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:665.96px;">Chris Hallam, Goldman Sachs </div><div id="a1547" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">Good morning, everybody.<div style="display:inline-block;width:5.92px">&#160;</div>And thanks for taking my questions.<div style="display:inline-block;width:5.23px">&#160;</div>Just two for me. First, in Wealth </div><div id="a1549" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">Management, you've talked about now<div style="display:inline-block;width:5.24px">&#160;</div>essentially being at scale in every growth<div style="display:inline-block;width:5.62px">&#160;</div>market globally.<div style="display:inline-block;width:5.7px">&#160;</div>But in </div><div id="a1550" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">tangible terms, what does that enhanced<div style="display:inline-block;width:5.25px">&#160;</div>scale enable you to do that perhaps<div style="display:inline-block;width:5.39px">&#160;</div>you weren't able to do </div><div id="a1552" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">previously? And have you seen any<div style="display:inline-block;width:5.4px">&#160;</div>proactive response from<div style="display:inline-block;width:5.25px">&#160;</div>competitors in reaction to<div style="display:inline-block;width:5.25px">&#160;</div>that enhanced scale? </div><div id="a1553" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">That's my first question. </div><div id="a1555" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">And then second, looking at the banking<div style="display:inline-block;width:5.35px">&#160;</div>business in Switzerland. Now the dust<div style="display:inline-block;width:5.2px">&#160;</div>has settled, does all the </div><div id="a1558" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">volatility we saw earlier in the year changed<div style="display:inline-block;width:5.41px">&#160;</div>at all how you think strategically about running<div style="display:inline-block;width:5.45px">&#160;</div>the combined </div><div id="a1559" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">Swiss bank be it in terms of capital, funding,<div style="display:inline-block;width:5.51px">&#160;</div>liquidity,<div style="display:inline-block;width:5.56px">&#160;</div>etc.? I guess just sort of simply has your<div style="display:inline-block;width:5.35px">&#160;</div>risk appetite </div><div id="a1560" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">changed in Switzerland? </div></div>
</div>
<div style="padding: 7px">
<div id="Page19" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1563" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">17 </div><div id="a1566" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:111.18px;">Sergio P.<div style="display:inline-block;width:6.57px">&#160;</div>Ermotti </div><div id="a1569" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">Thank you. So, , look, in terms of scale,<div style="display:inline-block;width:5.47px">&#160;</div>of course, there is an economy<div style="display:inline-block;width:5.21px">&#160;</div>of scale. So, being able to leverage </div><div id="a1570" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">UBS's IT platform as we onboard<div style="display:inline-block;width:5.18px">&#160;</div>all the assets. It's a huge advantage<div style="display:inline-block;width:5.26px">&#160;</div>because we have, call it, marginal costs </div><div id="a1571" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">effects. But also when you look at<div style="display:inline-block;width:5.26px">&#160;</div>the geographic footprint of the two<div style="display:inline-block;width:5.22px">&#160;</div>operations, they are extremely </div><div id="a1573" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">complementary in some areas<div style="display:inline-block;width:5.31px">&#160;</div>by relationships, but also in geographical<div style="display:inline-block;width:5.39px">&#160;</div>terms, i.e. for example, in Brazil, right. </div><div id="a1574" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">So, we had a we had a lot of operation,<div style="display:inline-block;width:5.34px">&#160;</div>Credit Suisse is much stronger,<div style="display:inline-block;width:6.67px">&#160;</div>we now create a very<div style="display:inline-block;width:5.27px">&#160;</div>important </div><div id="a1576" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">player.<div style="display:inline-block;width:5.36px">&#160;</div>In Asia we've really reinforced<div style="display:inline-block;width:5.66px">&#160;</div>our position and both in North Asia and<div style="display:inline-block;width:5.26px">&#160;</div>Southeast Asia. I think that in </div><div id="a1577" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">Switzerland its quite clear,<div style="display:inline-block;width:6.05px">&#160;</div>And also across Europe where<div style="display:inline-block;width:5.84px">&#160;</div>there are different<div style="display:inline-block;width:5.44px">&#160;</div>markets where you know<div style="display:inline-block;width:5.19px">&#160;</div>ideally </div><div id="a1578" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">it's a very fragmented market in general,<div style="display:inline-block;width:5.26px">&#160;</div>wealth management, particularly in<div style="display:inline-block;width:5.22px">&#160;</div>Europe. So there,<div style="display:inline-block;width:5.19px">&#160;</div>we create </div><div id="a1580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">economies of scales and things that we would<div style="display:inline-block;width:5.54px">&#160;</div>have not been able to fund from<div style="display:inline-block;width:5.42px">&#160;</div>our organic standpoint of </div><div id="a1581" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">view. So, it's very<div style="display:inline-block;width:5.19px">&#160;</div>important.<div style="display:inline-block;width:4.42px">&#160;</div></div><div id="a1583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">As I mentioned before also Credit<div style="display:inline-block;width:5.54px">&#160;</div>Suisse across the board,<div style="display:inline-block;width:5.42px">&#160;</div>in asset management, in wealth management </div><div id="a1585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">brings capabilities and excellent products<div style="display:inline-block;width:5.48px">&#160;</div>that can be then leveraged into our,<div style="display:inline-block;width:6.46px">&#160;</div>into the UBS client franchise. </div><div id="a1586" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">And we've seen the competitors.<div style="display:inline-block;width:8.9px">&#160;</div>I mean the reaction of competitors,<div style="display:inline-block;width:5.59px">&#160;</div>of course, they started to take </div><div id="a1588" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">advantage of the fragile situation of Credit<div style="display:inline-block;width:5.54px">&#160;</div>Suisse already during 2022,<div style="display:inline-block;width:5.22px">&#160;</div>late 2022, of course, at the beginning </div><div id="a1589" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">of the year.<div style="display:inline-block;width:5.6px">&#160;</div>And it's a pretty normal situation so.<div style="display:inline-block;width:5.38px">&#160;</div>Now having said that, I think that<div style="display:inline-block;width:5.34px">&#160;</div>as you saw from the </div><div id="a1590" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">flows, clients are now comfortable<div style="display:inline-block;width:5.36px">&#160;</div>and they understand the value added<div style="display:inline-block;width:5.42px">&#160;</div>of the franchise, we are able to </div><div id="a1592" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">retain and actually re-attract<div style="display:inline-block;width:5.36px">&#160;</div>back clients.<div style="display:inline-block;width:8.13px">&#160;</div>So, now it's our turn to be proactive<div style="display:inline-block;width:5.39px">&#160;</div>and we will not spare any </div><div id="a1595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">effort to regain back any lost<div style="display:inline-block;width:5.37px">&#160;</div>assets.<div style="display:inline-block;width:4.27px">&#160;</div></div><div id="a1597" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">So, in terms of the Swiss has anything,<div style="display:inline-block;width:5.28px">&#160;</div>is anything changing? I mean, it's very<div style="display:inline-block;width:5.35px">&#160;</div>important to reiterate that </div><div id="a1599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">nothing changes in the way we run<div style="display:inline-block;width:5.26px">&#160;</div>our Swiss businesses until they are<div style="display:inline-block;width:5.42px">&#160;</div>fully integrated, right? So, from a </div><div id="a1600" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">client point of view,<div style="display:inline-block;width:5.18px">&#160;</div>and in service, and in risk, and<div style="display:inline-block;width:5.22px">&#160;</div>capital allocation, nothing changes. And<div style="display:inline-block;width:5.36px">&#160;</div>even after we </div><div id="a1602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">merged, our commitment, as I said in my<div style="display:inline-block;width:5.32px">&#160;</div>remarks, is that we will continue<div style="display:inline-block;width:5.39px">&#160;</div>to sustain the combined lending </div><div id="a1603" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">book. Of course, there are<div style="display:inline-block;width:5.31px">&#160;</div>exceptional risky situations, but our principle<div style="display:inline-block;width:5.44px">&#160;</div>is very clear.<div style="display:inline-block;width:9.54px">&#160;</div>One and one makes </div><div id="a1605" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">two. We want to keep our market<div style="display:inline-block;width:5.47px">&#160;</div>share in Switzerland. Switzerland<div style="display:inline-block;width:5.31px">&#160;</div>is strategic, absolutely strategic for the </div><div id="a1606" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">Group, and we will not want to<div style="display:inline-block;width:5.34px">&#160;</div>lose any of the market share we<div style="display:inline-block;width:5.33px">&#160;</div>have today. </div><div id="a1608" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:631.24px;">Kian Abouhossein, JP Morgan<div style="display:inline-block;width:5.1px">&#160;</div></div><div id="a1610" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">Yeah,<div style="display:inline-block;width:5.33px">&#160;</div>good morning, Sergio and Todd.<div style="display:inline-block;width:6.41px">&#160;</div>Thanks for taking my questions. First<div style="display:inline-block;width:5.32px">&#160;</div>question is on risk weighted </div><div id="a1612" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">assets. You<div style="display:inline-block;width:5.5px">&#160;</div>have around USD 557 billion, USD<div style="display:inline-block;width:5.54px">&#160;</div>145 billion operational risk weighted assets.<div style="display:inline-block;width:5.39px">&#160;</div>And I'm just </div><div id="a1613" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">wondering how we should think about<div style="display:inline-block;width:5.26px">&#160;</div>the exit run rates in 2026 in terms<div style="display:inline-block;width:5.29px">&#160;</div>of total risk weighted assets as well </div><div id="a1615" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">as in terms of operational risk weighted assets<div style="display:inline-block;width:5.39px">&#160;</div>if I may.<div style="display:inline-block;width:5.54px">&#160;</div>And then the second question is related<div style="display:inline-block;width:5.55px">&#160;</div>to the non-</div><div id="a1617" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">core. Could you talk a little bit about<div style="display:inline-block;width:5.33px">&#160;</div>the P&amp;L effects of the non-core<div style="display:inline-block;width:5.63px">&#160;</div>ex any more active write-downs<div style="display:inline-block;width:5.48px">&#160;</div>or sales, </div><div id="a1623" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">so to say,<div style="display:inline-block;width:5.48px">&#160;</div>leading to potential write-downs? I'm just trying<div style="display:inline-block;width:5.54px">&#160;</div>to understand the P&amp;L in terms of run<div style="display:inline-block;width:5.25px">&#160;</div>rate of the </div><div id="a1626" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">noncore legacy bank, if I may.<div style="display:inline-block;width:6.51px">&#160;</div>Thank you. </div><div id="a1628" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:804.52px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a1630" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">Hi Kian. In terms of the op risk RWA,<div style="display:inline-block;width:5.6px">&#160;</div>we will come back next quarter after<div style="display:inline-block;width:5.43px">&#160;</div>doing a fair bit of additional </div><div id="a1632" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">modeling in terms of the op risk RWA<div style="display:inline-block;width:5.74px">&#160;</div>of the combined bank.<div style="display:inline-block;width:8.51px">&#160;</div>We've started to have initial views<div style="display:inline-block;width:5.41px">&#160;</div>on that and </div><div id="a1633" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">initial discussions with our regulators<div style="display:inline-block;width:5.35px">&#160;</div>and that informed the 10 billion reduction<div style="display:inline-block;width:5.74px">&#160;</div>that I spoke about in my </div><div id="a1634" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">comments. And then, in terms of the<div style="display:inline-block;width:5.32px">&#160;</div>trajectory and how we think about the<div style="display:inline-block;width:9.29px">&#160;</div>5.57 towards 2026, you'll have </div><div id="a1636" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">more color on that after we<div style="display:inline-block;width:5.23px">&#160;</div>complete the business planning process<div style="display:inline-block;width:5.41px">&#160;</div>and our 3 YSP and come back early<div style="display:inline-block;width:5.25px">&#160;</div>next </div><div id="a1637" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">year as mentioned. </div></div>
</div>
<div style="padding: 7px">
<div id="Page20" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1640" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">18 </div><div id="a1643" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">In terms of, you asked about the P&amp;L and<div style="display:inline-block;width:5.47px">&#160;</div>the run rate in non-core. So,<div style="display:inline-block;width:5.26px">&#160;</div>what I would say on that is. So first </div><div id="a1648" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">off, the thing that's most important<div style="display:inline-block;width:5.39px">&#160;</div>is to take costs out and to focus very<div style="display:inline-block;width:5.25px">&#160;</div>significantly on the cost takeout </div><div id="a1649" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">because there's a significant level<div style="display:inline-block;width:5.38px">&#160;</div>of overhead and costs that aren't<div style="display:inline-block;width:5.36px">&#160;</div>associated with the wind down of the </div><div id="a1651" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">portfolio. So, the way to think about it<div style="display:inline-block;width:5.25px">&#160;</div>is that we have emphasized so far today<div style="display:inline-block;width:5.28px">&#160;</div>that we have to take costs </div><div id="a1652" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">out and effectively,<div style="display:inline-block;width:5.99px">&#160;</div>the costs that sit in parts of Credit<div style="display:inline-block;width:5.37px">&#160;</div>Suisse that don't work. And so, those costs,<div style="display:inline-block;width:5.32px">&#160;</div>whether </div><div id="a1653" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">they be personnel costs or whether they<div style="display:inline-block;width:5.4px">&#160;</div>be technology costs or real estate<div style="display:inline-block;width:5.27px">&#160;</div>costs, they move into non-core </div><div id="a1657" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">and legacy if they don't support the core<div style="display:inline-block;width:5.67px">&#160;</div>businesses and they have to be run down<div style="display:inline-block;width:5.31px">&#160;</div>extremely quickly.<div style="display:inline-block;width:6.17px">&#160;</div>And so, </div><div id="a1658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">I would say,<div style="display:inline-block;width:5.5px">&#160;</div>first and foremost, it's a cost.<div style="display:inline-block;width:9.08px">&#160;</div>The way to think about it is the<div style="display:inline-block;width:5.21px">&#160;</div>cost rundown over the integration </div><div id="a1660" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">timeline. Then there's the asset<div style="display:inline-block;width:5.24px">&#160;</div>rundown and we talked about the trajectory<div style="display:inline-block;width:5.33px">&#160;</div>from a natural rundown </div><div id="a1661" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">perspective. And of course as Sergio mentioned<div style="display:inline-block;width:5.51px">&#160;</div>that there will be strategically<div style="display:inline-block;width:5.25px">&#160;</div>and actively looking at that. </div><div id="a1663" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">And of course from that perspective,<div style="display:inline-block;width:5.3px">&#160;</div>we have taken some PPA<div style="display:inline-block;width:5.92px">&#160;</div>adjustments in excess of USD 5 billion<div style="display:inline-block;width:5.19px">&#160;</div>relating </div><div id="a1664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">to non-core and legacy.<div style="display:inline-block;width:6.25px">&#160;</div>I think that's a useful way to think about<div style="display:inline-block;width:5.38px">&#160;</div>it too, the fact that some of that pulls to<div style="display:inline-block;width:5.41px">&#160;</div>par </div><div id="a1667" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">and some of that will be fair value positions. </div><div id="a1670" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">And we will manage that book in the<div style="display:inline-block;width:5.18px">&#160;</div>most capital efficient way that we<div style="display:inline-block;width:5.26px">&#160;</div>can and dispose of positions as </div><div id="a1671" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">appropriate. And also keeping just<div style="display:inline-block;width:5.21px">&#160;</div>considering funding costs and the costs<div style="display:inline-block;width:5.37px">&#160;</div>of operations, technology,<div style="display:inline-block;width:6.16px">&#160;</div>people, </div><div id="a1672" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">etc. </div><div id="a1674" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:423.21px;">Kian Abouhossein, JP Morgan</div><div id="a1675" style="position:absolute;font-family:&apos;Frutiger&apos;;left:263.91px;top:423.54px;"><div style="display:inline-block;width:4px">&#160;</div></div><div id="a1677" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">Okay.<div style="display:inline-block;width:5.34px">&#160;</div>Thank you. If I may just very briefly<div style="display:inline-block;width:5.19px">&#160;</div>on the risk weighted assets, if I &#8211;<div style="display:inline-block;width:5.18px">&#160;</div>to take a very simplistic view and I </div><div id="a1681" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">just assume. I know the runoff,<div style="display:inline-block;width:5.21px">&#160;</div>I can make some assumptions about<div style="display:inline-block;width:5.28px">&#160;</div>Basel IV then op risk which is clearly<div style="display:inline-block;width:5.2px">&#160;</div>very </div><div id="a1682" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">difficult to predict if I want<div style="display:inline-block;width:5.39px">&#160;</div>to be conservative. One could assume<div style="display:inline-block;width:5.22px">&#160;</div>that ultimately the risk weighted assets </div><div id="a1683" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">conservatively could not grow if<div style="display:inline-block;width:5.23px">&#160;</div>at all to materially decline? </div><div id="a1685" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:544.49px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1687" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">Kian, its, you know,<div style="display:inline-block;width:5.35px">&#160;</div>we can't really comment right<div style="display:inline-block;width:5.2px">&#160;</div>now. We are<div style="display:inline-block;width:5.56px">&#160;</div>modeling. We are<div style="display:inline-block;width:5.38px">&#160;</div>really going through the </div><div id="a1689" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">details of the plan. We need to really<div style="display:inline-block;width:5.62px">&#160;</div>also go through the exercise.<div style="display:inline-block;width:5.47px">&#160;</div>I'm sure you appreciate when<div style="display:inline-block;width:5.33px">&#160;</div>we put </div><div id="a1690" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">together legal entities, the optimization<div style="display:inline-block;width:5.22px">&#160;</div>of all that, it's a fairly complex operation. </div><div id="a1692" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">So, I wouldn't go into a territory of<div style="display:inline-block;width:5.21px">&#160;</div>projecting risk-weighted assets<div style="display:inline-block;width:5.3px">&#160;</div>going forward because: one, there<div style="display:inline-block;width:5.53px">&#160;</div>are two </div><div id="a1697" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">elements &#8211; well, three elements.<div style="display:inline-block;width:5.21px">&#160;</div>The starting point is a good starting<div style="display:inline-block;width:5.28px">&#160;</div>point. We know that we can make<div style="display:inline-block;width:5.34px">&#160;</div>some </div><div id="a1701" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">adjustments in the next three to four<div style="display:inline-block;width:5.31px">&#160;</div>months. Op risk was one of these subjects.<div style="display:inline-block;width:5.76px">&#160;</div>But then you need to go </div><div id="a1703" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">through, first of all, what are<div style="display:inline-block;width:5.38px">&#160;</div>the efficiencies we take out as<div style="display:inline-block;width:5.26px">&#160;</div>we run down assets. Yes.<div style="display:inline-block;width:6.22px">&#160;</div>What are the efficiency </div><div id="a1704" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">on optimizing legal entity operations? And<div style="display:inline-block;width:5.2px">&#160;</div>then what is the growth? Because<div style="display:inline-block;width:5.53px">&#160;</div>remember,<div style="display:inline-block;width:5.7px">&#160;</div>we are going to </div><div id="a1707" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">grow, as well.<div style="display:inline-block;width:9.19px">&#160;</div>And we have to attach also that<div style="display:inline-block;width:5.23px">&#160;</div>prospect into the equation. I wouldn't<div style="display:inline-block;width:5.5px">&#160;</div>go into too much of a </div><div id="a1708" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">risk-weighted assets projection until<div style="display:inline-block;width:5.2px">&#160;</div>you see what we tell you in Q3 and<div style="display:inline-block;width:5.31px">&#160;</div>Q4, for the Q4 results. </div><div id="a1712" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:787.24px;">Flora Bocahut, Jefferies<div style="display:inline-block;width:5.07px">&#160;</div></div><div id="a1714" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">Yes. Good<div style="display:inline-block;width:5.33px">&#160;</div>morning. Thank you for taking my questions.<div style="display:inline-block;width:5.56px">&#160;</div>I'd like to go back actually to some of<div style="display:inline-block;width:5.25px">&#160;</div>the elements </div><div id="a1716" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">you have discussed on this call already,<div style="display:inline-block;width:6.63px">&#160;</div>especially the NCL. Maybe trying to<div style="display:inline-block;width:5.19px">&#160;</div>help us understand how much of </div><div id="a1717" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">the ROCET1 improvement towards<div style="display:inline-block;width:5.53px">&#160;</div>2026 is going to be driven by this<div style="display:inline-block;width:5.29px">&#160;</div>unit, considering our move to natural </div><div id="a1719" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">runoff here, you know,<div style="display:inline-block;width:5.9px">&#160;</div>trying to help us assess already<div style="display:inline-block;width:5.36px">&#160;</div>at this stage what &#8211; how loss-making<div style="display:inline-block;width:5.21px">&#160;</div>it is today and </div><div id="a1725" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">how loss- making it would end up being<div style="display:inline-block;width:5.25px">&#160;</div>in 2026, only considering the natural runoff. </div><div id="a1730" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">And then the other question I wanted to<div style="display:inline-block;width:5.19px">&#160;</div>raise is on the cost save. Just to<div style="display:inline-block;width:5.23px">&#160;</div>make sure I understand correctly.<div style="display:inline-block;width:6.92px">&#160;</div>So </div><div id="a1732" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">you basically have already a target<div style="display:inline-block;width:5.38px">&#160;</div>of 3 billion cost saves on an annualized run<div style="display:inline-block;width:5.37px">&#160;</div>rate at the end of this year.<div style="display:inline-block;width:10.21px">&#160;</div></div><div id="a1733" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">But this is compared to the end of<div style="display:inline-block;width:5.26px">&#160;</div>2022, I think. So, how much of<div style="display:inline-block;width:5.19px">&#160;</div>the annualized 3 billion do you kind<div style="display:inline-block;width:5.23px">&#160;</div>of </div><div id="a1735" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">already have, you know,<div style="display:inline-block;width:5.74px">&#160;</div>in the 2Q accounts, please? Thank you. </div></div>
</div>
<div style="padding: 7px">
<div id="Page21" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1738" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">19 </div><div id="a1741" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:111.18px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a1743" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">Thanks, Flora. So, in terms of, I'll take,<div style="display:inline-block;width:5.17px">&#160;</div>maybe address the second point<div style="display:inline-block;width:5.29px">&#160;</div>first. In terms of the cost saves in the </div><div id="a1744" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">&#8211; in terms of what we're projecting<div style="display:inline-block;width:5.77px">&#160;</div>by the end of the year at 3 billion. In terms<div style="display:inline-block;width:5.5px">&#160;</div>of what we see already in the </div><div id="a1748" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">second quarter,<div style="display:inline-block;width:5.57px">&#160;</div>we haven't disclosed that specific number.<div style="display:inline-block;width:10.68px">&#160;</div>But I think from just the head count<div style="display:inline-block;width:5.42px">&#160;</div>reductions </div><div id="a1749" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">that I mentioned in my remarks,<div style="display:inline-block;width:5.34px">&#160;</div>you could probably consider that<div style="display:inline-block;width:5.3px">&#160;</div>there's somewhere more<div style="display:inline-block;width:5.57px">&#160;</div>than, around half </div><div id="a1751" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">has already started to hit through,<div style="display:inline-block;width:5.44px">&#160;</div>and what we're already<div style="display:inline-block;width:5.37px">&#160;</div>seeing in our underlying results. </div><div id="a1753" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">In terms of our CET1 and how to think about<div style="display:inline-block;width:5.53px">&#160;</div>NCL as we go through the process.<div style="display:inline-block;width:5.69px">&#160;</div>For sure, NCL is, you know, </div><div id="a1755" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">is going to be something that weighs down<div style="display:inline-block;width:5.45px">&#160;</div>on our CET1 naturally<div style="display:inline-block;width:8.49px">&#160;</div>Just given the fact that, you know,<div style="display:inline-block;width:6.05px">&#160;</div>we </div><div id="a1756" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">have significant, at least over the 2024 to<div style="display:inline-block;width:5.37px">&#160;</div>2026 period.<div style="display:inline-block;width:8.03px">&#160;</div>If you just look at the natural profile<div style="display:inline-block;width:5.47px">&#160;</div>rundown, which </div><div id="a1757" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">is effectively basis for how we started<div style="display:inline-block;width:5.29px">&#160;</div>thinking about the RoCET,1<div style="display:inline-block;width:6.58px">&#160;</div>not the only way we started to model<div style="display:inline-block;width:5.28px">&#160;</div>it, </div><div id="a1759" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">but, for sure, one of the ways<div style="display:inline-block;width:5.3px">&#160;</div>that we were thinking about it. There's<div style="display:inline-block;width:5.68px">&#160;</div>a drag by definition in the sense that, </div><div id="a1760" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">by the end of 2026, you could see in the<div style="display:inline-block;width:5.21px">&#160;</div>slide the natural profile has<div style="display:inline-block;width:5.29px">&#160;</div>roughly half going away.<div style="display:inline-block;width:6.31px">&#160;</div>Now, we can </div><div id="a1763" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">model different scenarios as<div style="display:inline-block;width:5.33px">&#160;</div>can you, but we're not going to<div style="display:inline-block;width:5.25px">&#160;</div>discuss how we're thinking about<div style="display:inline-block;width:5.34px">&#160;</div>it and </div><div id="a1764" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">obviously,<div style="display:inline-block;width:5.36px">&#160;</div>some of that is still very much unknown.<div style="display:inline-block;width:5.38px">&#160;</div>In terms of the cost takeout, we<div style="display:inline-block;width:5.18px">&#160;</div>would expect to be </div><div id="a1765" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">taking out the lion's share of the<div style="display:inline-block;width:5.23px">&#160;</div>costs in non-core and legacy<div style="display:inline-block;width:5.34px">&#160;</div>by the time the integration is materially </div><div id="a1769" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">complete, by definition. We will<div style="display:inline-block;width:5.23px">&#160;</div>do that. There&#8217;ll be, we expect<div style="display:inline-block;width:5.25px">&#160;</div>some residual carry that we'll<div style="display:inline-block;width:5.19px">&#160;</div>have to take on </div><div id="a1770" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">or continue to run down beyond 2026. So,<div style="display:inline-block;width:5.25px">&#160;</div>there is some, if you will, negative<div style="display:inline-block;width:5.6px">&#160;</div>burn that is associated with </div><div id="a1772" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">NCL in our modeling. </div><div id="a1774" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:475.21px;">Stefan Stalmann, Autonomous Research<div style="display:inline-block;width:5.72px">&#160;</div></div><div id="a1776" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">Good morning and thank you very much for the<div style="display:inline-block;width:5.44px">&#160;</div>presentation. I have two numbers<div style="display:inline-block;width:5.24px">&#160;</div>questions, please. So, the </div><div id="a1777" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">first one is on capitalized software.<div style="display:inline-block;width:5.38px">&#160;</div>You<div style="display:inline-block;width:5.29px">&#160;</div>have taken these roughly 1.8 billion<div style="display:inline-block;width:5.35px">&#160;</div>of software impairments in the </div><div id="a1779" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">PPA. Can<div style="display:inline-block;width:5.18px">&#160;</div>you give us a rough sense<div style="display:inline-block;width:5.23px">&#160;</div>of how much of a remaining amount<div style="display:inline-block;width:5.5px">&#160;</div>of capitalized software remains<div style="display:inline-block;width:5.52px">&#160;</div>in </div><div id="a1780" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">your group accounts that relates<div style="display:inline-block;width:5.62px">&#160;</div>to CS? And is there a risk of further<div style="display:inline-block;width:5.42px">&#160;</div>impairments given that you want<div style="display:inline-block;width:5.19px">&#160;</div>to </div><div id="a1782" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">retain only about 10% of these<div style="display:inline-block;width:5.23px">&#160;</div>systems? </div><div id="a1784" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">And the second question relates<div style="display:inline-block;width:5.27px">&#160;</div>to your capital requirements.<div style="display:inline-block;width:5.34px">&#160;</div>So, you show still at 10.6% CET1<div style="display:inline-block;width:5.26px">&#160;</div>over risk-</div><div id="a1786" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">weighted assets. If we were<div style="display:inline-block;width:5.22px">&#160;</div>to apply the current capital metrics<div style="display:inline-block;width:5.28px">&#160;</div>that is outlined in Swiss banking<div style="display:inline-block;width:5.24px">&#160;</div>law, what </div><div id="a1788" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">would be the capital requirement<div style="display:inline-block;width:5.48px">&#160;</div>if there was no FINMA transitional<div style="display:inline-block;width:5.34px">&#160;</div>forbearance, please ? Thank you very </div><div id="a1789" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">much. </div><div id="a1791" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:700.52px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a1793" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">Okay.<div style="display:inline-block;width:5.34px">&#160;</div>Thanks, Stefan. In terms of the capitalized<div style="display:inline-block;width:5.34px">&#160;</div>software, as you say,<div style="display:inline-block;width:6.35px">&#160;</div>1.8 billion was the amount that was<div style="display:inline-block;width:5.35px">&#160;</div>in </div><div id="a1795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">the Credit Suisse AG reported<div style="display:inline-block;width:5.4px">&#160;</div>number today.<div style="display:inline-block;width:5.74px">&#160;</div>I think in the PPA<div style="display:inline-block;width:5.57px">&#160;</div>number overall in total, there was<div style="display:inline-block;width:5.3px">&#160;</div>slightly </div><div id="a1796" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">more about2 billion. You<div style="display:inline-block;width:6.19px">&#160;</div>can look at the CS, you know,<div style="display:inline-block;width:5.95px">&#160;</div>balance sheet from year end<div style="display:inline-block;width:5.2px">&#160;</div>or Q1, Q2, or sorry,<div style="display:inline-block;width:6px">&#160;</div>Q1 </div><div id="a1797" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">or year end and see, there<div style="display:inline-block;width:5.24px">&#160;</div>was capitalized software in the<div style="display:inline-block;width:5.27px">&#160;</div>neighborhood of 3 billion. So effectively<div style="display:inline-block;width:5.62px">&#160;</div>what we </div><div id="a1799" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">have done is taken two-thirds<div style="display:inline-block;width:5.28px">&#160;</div>down and have one-third left<div style="display:inline-block;width:5.33px">&#160;</div>on a shorter economic useful life that<div style="display:inline-block;width:5.19px">&#160;</div>aligns with </div><div id="a1804" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">how we think about: a), the time it's<div style="display:inline-block;width:5.39px">&#160;</div>going to take us to fully decommission everything<div style="display:inline-block;width:5.68px">&#160;</div>and b), leaving what </div><div id="a1806" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">we think we still get value from<div style="display:inline-block;width:5.2px">&#160;</div>at the end. So, all that has been sort<div style="display:inline-block;width:5.3px">&#160;</div>of factored into the PPA.<div style="display:inline-block;width:6.09px">&#160;</div>So, I don't see </div><div id="a1807" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">necessarily further impairments, but because<div style="display:inline-block;width:5.31px">&#160;</div>we now have just what's left, about<div style="display:inline-block;width:5.31px">&#160;</div>a 1 billion that will have a </div><div id="a1809" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">shorter economic useful life, that aligns<div style="display:inline-block;width:5.24px">&#160;</div>to how we're thinking about<div style="display:inline-block;width:5.23px">&#160;</div>the restructuring. </div></div>
</div>
<div style="padding: 7px">
<div id="Page22" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1812" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">20 </div><div id="a1815" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:111.18px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1817" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">Stefan on CET1, I think when you look<div style="display:inline-block;width:5.2px">&#160;</div>at the fully implemented regime<div style="display:inline-block;width:5.32px">&#160;</div>in Switzerland which is not applicable </div><div id="a1818" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">to us until 2027, it would be around<div style="display:inline-block;width:5.49px">&#160;</div>12.5%. 12-point-plus and that's you know<div style="display:inline-block;width:5.25px">&#160;</div>the reason why we raised<div style="display:inline-block;width:5.24px">&#160;</div>our </div><div id="a1824" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">CET1 ratio was both to reflect, you<div style="display:inline-block;width:5.26px">&#160;</div>know, a buffer<div style="display:inline-block;width:5.53px">&#160;</div>there to accommodate for the<div style="display:inline-block;width:5.26px">&#160;</div>restructuring, but also is a </div><div id="a1825" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">clear,<div style="display:inline-block;width:5.26px">&#160;</div>call it small, front running of what<div style="display:inline-block;width:5.36px">&#160;</div>we expect to come.<div style="display:inline-block;width:8.41px">&#160;</div>As a consequence of that, and<div style="display:inline-block;width:5.29px">&#160;</div>our, and<div style="display:inline-block;width:5.41px">&#160;</div>the </div><div id="a1827" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">finalization of Basel III, which is partially<div style="display:inline-block;width:5.34px">&#160;</div>already in our books. So, you can<div style="display:inline-block;width:5.36px">&#160;</div>count on this number to be </div><div id="a1828" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">calibrated with a pretty medium term,<div style="display:inline-block;width:5.47px">&#160;</div>medium to long-term expectation<div style="display:inline-block;width:5.25px">&#160;</div>of the current interpretation<div style="display:inline-block;width:5.37px">&#160;</div>of all </div><div id="a1831" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">regulatory regimes worldwide,<div style="display:inline-block;width:5.2px">&#160;</div>including Switzerland. </div><div id="a1834" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:284.45px;">Anke Reingen, RBC </div><div id="a1836" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">Thank you very much for taking my questions.<div style="display:inline-block;width:5.45px">&#160;</div>The first is on revenue cost synergies.<div style="display:inline-block;width:5.55px">&#160;</div>I mean, you had a </div><div id="a1837" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">comment and especially if you think you<div style="display:inline-block;width:5.28px">&#160;</div>can keep this with market share<div style="display:inline-block;width:5.47px">&#160;</div>unchanged. Is it something you </div><div id="a1840" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">really think maybe people get<div style="display:inline-block;width:5.22px">&#160;</div>overly concerned and you don't see quite that risk<div style="display:inline-block;width:5.48px">&#160;</div>of a revenue dissynergies </div><div id="a1841" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">even if you potentially have to contract<div style="display:inline-block;width:5.23px">&#160;</div>some of this at bit more attractive<div style="display:inline-block;width:5.44px">&#160;</div>rates or incentivizing your advisors? </div><div id="a1843" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">And then secondly,<div style="display:inline-block;width:5.9px">&#160;</div>on slide 16 where you show us<div style="display:inline-block;width:5.23px">&#160;</div>the return path and there's this<div style="display:inline-block;width:5.27px">&#160;</div>block about the funding </div><div id="a1845" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">cost efficiencies. And that's something<div style="display:inline-block;width:5.49px">&#160;</div>you &#8211; I guess apart from the<div style="display:inline-block;width:5.31px">&#160;</div>drop out of the higher expense funding </div><div id="a1849" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">at Credit Suisse, is there<div style="display:inline-block;width:5.31px">&#160;</div>other areas where you see<div style="display:inline-block;width:5.33px">&#160;</div>the material benefits from lowering<div style="display:inline-block;width:5.45px">&#160;</div>funding costs and </div><div id="a1851" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">overall group benefits because this<div style="display:inline-block;width:5.24px">&#160;</div>block is the same size as the cost base<div style="display:inline-block;width:5.23px">&#160;</div>rightsizing? Obviously can maybe </div><div id="a1852" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">elaborate a bit more on that area.<div style="display:inline-block;width:5.6px">&#160;</div>Thank you. </div><div id="a1854" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:509.93px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1856" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">Let me take the first question. First<div style="display:inline-block;width:5.41px">&#160;</div>of all, I haven't said that we will keep<div style="display:inline-block;width:5.36px">&#160;</div>our market share. I said that our </div><div id="a1859" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">ambition is to keep the market share.<div style="display:inline-block;width:5.48px">&#160;</div>Now, having said<div style="display:inline-block;width:5.23px">&#160;</div>that, Credit Suisse lost their market<div style="display:inline-block;width:5.44px">&#160;</div>share and </div><div id="a1860" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">business in the last 12 months or so. </div><div id="a1862" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">So, what we count on is the fact that,<div style="display:inline-block;width:5.39px">&#160;</div>you know, we<div style="display:inline-block;width:5.3px">&#160;</div>will be able to recapture<div style="display:inline-block;width:5.21px">&#160;</div>and regain some of the market </div><div id="a1864" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">share and what you saw lately<div style="display:inline-block;width:5.24px">&#160;</div>in the last couple of months is a good<div style="display:inline-block;width:5.25px">&#160;</div>sign of that. But, of course, we are<div style="display:inline-block;width:5.67px">&#160;</div>not, </div><div id="a1865" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">we are realistic and we are<div style="display:inline-block;width:5.72px">&#160;</div>also factoring in that we may lose market<div style="display:inline-block;width:5.3px">&#160;</div>shares because some clients<div style="display:inline-block;width:5.3px">&#160;</div>may or may </div><div id="a1868" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">not feel, you know,<div style="display:inline-block;width:5.29px">&#160;</div>that they want a certain concentration<div style="display:inline-block;width:5.6px">&#160;</div>of risk. So, you know,<div style="display:inline-block;width:5.45px">&#160;</div>there is no danger of us </div><div id="a1869" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">budgeting or planning blue-sky scenarios<div style="display:inline-block;width:5.2px">&#160;</div>on that one. We are realistic,<div style="display:inline-block;width:5.76px">&#160;</div>but that should not be confused with </div><div id="a1872" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">our desire to keep as much as<div style="display:inline-block;width:5.23px">&#160;</div>we can. </div><div id="a1875" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:735.24px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a1877" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Anke, on the second, &#8211;the second<div style="display:inline-block;width:5.23px">&#160;</div>question in terms of material benefits, we<div style="display:inline-block;width:5.22px">&#160;</div>see you obviously highlighted </div><div id="a1880" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">the most significant one, which will be<div style="display:inline-block;width:5.26px">&#160;</div>just the take out of the significant cost<div style="display:inline-block;width:5.3px">&#160;</div>that we were wearing in </div><div id="a1882" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">connection with the PLB and the ELA+<div style="display:inline-block;width:5.26px">&#160;</div>facilities. But, I would say,<div style="display:inline-block;width:6.14px">&#160;</div>and, as I've remarked earlier,<div style="display:inline-block;width:6.57px">&#160;</div>that we expect </div><div id="a1883" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">the positive contribution from the<div style="display:inline-block;width:5.25px">&#160;</div>Credit Suisse wealth management<div style="display:inline-block;width:5.36px">&#160;</div>franchise in our NII in 3Q and that </div><div id="a1884" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">comes principally from having stabilized<div style="display:inline-block;width:5.43px">&#160;</div>the business and net new deposits that<div style="display:inline-block;width:5.29px">&#160;</div>are also helping on NII. So,<div style="display:inline-block;width:5.25px">&#160;</div>I </div><div id="a1887" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">would say that's another factor that<div style="display:inline-block;width:5.23px">&#160;</div>is helping on the underlying profitability.</div><div id="a1890" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:926px;">Benjamin Goy,<div style="display:inline-block;width:5.66px">&#160;</div>Deutsche Bank </div><div id="a1892" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">Yes. Hi.<div style="display:inline-block;width:5.44px">&#160;</div>Good morning. Two<div style="display:inline-block;width:5.76px">&#160;</div>questions from my side. The first,<div style="display:inline-block;width:5.21px">&#160;</div>to play devil's advocate, are there<div style="display:inline-block;width:5.68px">&#160;</div>more </div><div id="a1895" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">outflows to come or where you<div style="display:inline-block;width:5.2px">&#160;</div>kind of already had outflows from<div style="display:inline-block;width:5.6px">&#160;</div>clients, but maybe some longer-term </div><div id="a1898" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.61px;">structures, partnerships or anything<div style="display:inline-block;width:5.4px">&#160;</div>like that take time to see the outflows? </div><div id="a1900" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1030.33px;">And then secondly,<div style="display:inline-block;width:5.71px">&#160;</div>for the first time in a while, your<div style="display:inline-block;width:5.2px">&#160;</div>CET1 capital is higher than your tangible<div style="display:inline-block;width:5.51px">&#160;</div>book value or </div></div>
</div>
<div style="padding: 7px">
<div id="Page23" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1903" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">21 </div><div id="a1905" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.76px;">almost the same. So now,<div style="display:inline-block;width:5.48px">&#160;</div>the 15% return on CET1, should<div style="display:inline-block;width:5.24px">&#160;</div>that also be broadly similar to<div style="display:inline-block;width:5.21px">&#160;</div>RoTE, going </div><div id="a1906" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.2px;">forward, or should we expect<div style="display:inline-block;width:5.2px">&#160;</div>more moving parts towards<div style="display:inline-block;width:5.38px">&#160;</div>2026? Thank you very much. </div><div id="a1910" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:128.45px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1912" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">Thank you. Let me take the first questions.<div style="display:inline-block;width:5.51px">&#160;</div>I guess, as I mentioned before,<div style="display:inline-block;width:5.26px">&#160;</div>now, we are<div style="display:inline-block;width:5.35px">&#160;</div>under wealth </div><div id="a1913" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">management broader perimeter.<div style="display:inline-block;width:6.44px">&#160;</div>I think that, of course, we may still<div style="display:inline-block;width:5.3px">&#160;</div>have client advisors that resigned<div style="display:inline-block;width:5.32px">&#160;</div>over </div><div id="a1914" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">the last three or four months<div style="display:inline-block;width:5.28px">&#160;</div>or that, as they move into a new<div style="display:inline-block;width:5.21px">&#160;</div>organization, they may be able to<div style="display:inline-block;width:5.23px">&#160;</div>bring some </div><div id="a1917" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">assets with them. What we see right<div style="display:inline-block;width:5.21px">&#160;</div>now is clear that the ability of the<div style="display:inline-block;width:5.21px">&#160;</div>people that left a while ago to really </div><div id="a1918" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">move assets is fairly limited. And this<div style="display:inline-block;width:5.21px">&#160;</div>is nothing new compared to what<div style="display:inline-block;width:5.37px">&#160;</div>UBS went through 10 years ago<div style="display:inline-block;width:5.38px">&#160;</div>or </div><div id="a1920" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">more than 10 years ago in recognizing<div style="display:inline-block;width:5.69px">&#160;</div>that there is a lot of institutional<div style="display:inline-block;width:5.47px">&#160;</div>loyalty of the client base. And now </div><div id="a1921" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">that we have stabilized the franchises, of<div style="display:inline-block;width:5.23px">&#160;</div>course, we are even stronger<div style="display:inline-block;width:5.39px">&#160;</div>in retaining assets. And as<div style="display:inline-block;width:5.24px">&#160;</div>I mentioned </div><div id="a1923" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">before, our desires to re<div style="display:inline-block;width:1.5px">&#160;</div>-bring back assets. So, look, the movement,<div style="display:inline-block;width:5.36px">&#160;</div>the gross movements are<div style="display:inline-block;width:5.52px">&#160;</div>going to be </div><div id="a1926" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">very difficult to predict, but<div style="display:inline-block;width:5.34px">&#160;</div>the net outcome we feel pretty<div style="display:inline-block;width:5.27px">&#160;</div>comfortable will be positive. </div><div id="a1928" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:336.45px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner<div style="display:inline-block;width:5.48px">&#160;</div></div><div id="a1930" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">And Benjamin, in terms of the return<div style="display:inline-block;width:5.27px">&#160;</div>on CET1 versus RoTE impact, I'd say there<div style="display:inline-block;width:5.81px">&#160;</div>are two factors that do argue </div><div id="a1932" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">in favor of moving in that direction,<div style="display:inline-block;width:5.34px">&#160;</div>just not yet but for sure on the<div style="display:inline-block;width:5.35px">&#160;</div>first one, the denominator effect<div style="display:inline-block;width:5.25px">&#160;</div>we&#8217;re </div><div id="a1933" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">bigger and so that's obviously going to make<div style="display:inline-block;width:5.44px">&#160;</div>the difference between<div style="display:inline-block;width:5.39px">&#160;</div>the historic RoTE versus RoCET1 smaller, </div><div id="a1936" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">by definition. So &#8211; and you know that<div style="display:inline-block;width:5.33px">&#160;</div>&#8211; so that denominator effect<div style="display:inline-block;width:5.38px">&#160;</div>is now in play and it is helpful as you </div><div id="a1943" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">suggest probably as well, contributing<div style="display:inline-block;width:5.45px">&#160;</div>to what you observe. </div><div id="a1945" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">The other one though which has been<div style="display:inline-block;width:5.28px">&#160;</div>our historic delta that really has<div style="display:inline-block;width:5.24px">&#160;</div>given us pause to move off of<div style="display:inline-block;width:5.25px">&#160;</div>what </div><div id="a1947" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">we think is a more meaningful return<div style="display:inline-block;width:5.41px">&#160;</div>measure are DTAs.<div style="display:inline-block;width:6.1px">&#160;</div>But there of course, you know,<div style="display:inline-block;width:6.01px">&#160;</div>as they amortize </div><div id="a1948" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">down, because these generally although<div style="display:inline-block;width:5.19px">&#160;</div>not exclusively but generally relate<div style="display:inline-block;width:5.43px">&#160;</div>to you know very old losses that </div><div id="a1950" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">we're you know now you know<div style="display:inline-block;width:5.2px">&#160;</div>continuing to just chip away at as that<div style="display:inline-block;width:5.42px">&#160;</div>balance comes down, then that's yet </div><div id="a1951" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">another factor that would argue in favor<div style="display:inline-block;width:5.32px">&#160;</div>of moving to the other measure. </div><div id="a1953" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:579.21px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a1955" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">Well, by the way,<div style="display:inline-block;width:5.94px">&#160;</div>for the foreseeable future<div style="display:inline-block;width:5.34px">&#160;</div>and from a the other angle<div style="display:inline-block;width:5.29px">&#160;</div>of measuring our capital return </div><div id="a1957" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">flexibility,<div style="display:inline-block;width:5.3px">&#160;</div>the CET1 ratio is a better proxy<div style="display:inline-block;width:5.39px">&#160;</div>because this is the true binding constraint. </div><div id="a1959" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:665.96px;">Benjamin Goy,<div style="display:inline-block;width:5.66px">&#160;</div>Deutsche Bank </div><div id="a1961" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">Fair enough and very clear.<div style="display:inline-block;width:6.09px">&#160;</div>Thank you. </div><div id="a1963" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:735.24px;">Amit Goel, Barclays </div><div id="a1965" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Hi. Thank you and thanks for a lot<div style="display:inline-block;width:5.19px">&#160;</div>of good information. The first question<div style="display:inline-block;width:5.25px">&#160;</div>was, I appreciate there's<div style="display:inline-block;width:5.35px">&#160;</div>a lot of </div><div id="a1967" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">moving parts. We're going<div style="display:inline-block;width:5.35px">&#160;</div>to spend a bit of time trying to update<div style="display:inline-block;width:5.23px">&#160;</div>estimates and all that kind of stuff.<div style="display:inline-block;width:5.58px">&#160;</div>But in </div><div id="a1968" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">terms of the path for the RoCET1 to<div style="display:inline-block;width:5.2px">&#160;</div>get to that kind of 15% 2026 exit rate,<div style="display:inline-block;width:5.26px">&#160;</div>are you able to give any color<div style="display:inline-block;width:5.41px">&#160;</div>in </div><div id="a1971" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">terms of expectation for 2024, 2025,<div style="display:inline-block;width:5.25px">&#160;</div>or how you&#8217;d like it to trend? </div><div id="a1973" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">And then secondly,<div style="display:inline-block;width:5.71px">&#160;</div>just on the costs. It'll be great<div style="display:inline-block;width:5.2px">&#160;</div>to get a bit more color on the<div style="display:inline-block;width:5.34px">&#160;</div>saving. So, I'm just kind of </div><div id="a1974" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">curious things like, you know,<div style="display:inline-block;width:5.66px">&#160;</div>10 billion gross, but how much<div style="display:inline-block;width:5.3px">&#160;</div>net saving or how much reinvestment<div style="display:inline-block;width:5.58px">&#160;</div>of that </div><div id="a1977" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">do you expect to do where<div style="display:inline-block;width:5.2px">&#160;</div>you found the incremental 2 billion<div style="display:inline-block;width:5.25px">&#160;</div>versus the 8 billion? And also, how<div style="display:inline-block;width:5.22px">&#160;</div>you're </div><div id="a1978" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">spending, you know,<div style="display:inline-block;width:5.36px">&#160;</div>the 12 billion restructuring? Because<div style="display:inline-block;width:5.44px">&#160;</div>it does seem like, you know,<div style="display:inline-block;width:5.75px">&#160;</div>quite a big number. </div><div id="a1981" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">So, you know, just<div style="display:inline-block;width:5.2px">&#160;</div>wondering if there could be<div style="display:inline-block;width:5.21px">&#160;</div>benefits there as well. Thank you. </div></div>
</div>
<div style="padding: 7px">
<div id="Page24" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1984" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">22 </div><div id="a1987" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:111.18px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a1989" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">Hey Amit. So, as mentioned in terms<div style="display:inline-block;width:5.2px">&#160;</div>of color,<div style="display:inline-block;width:5.4px">&#160;</div>further color on the trajectory as to<div style="display:inline-block;width:5.22px">&#160;</div>we get end of 2023 to end </div><div id="a1990" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">of 2026, we'll come back on that to<div style="display:inline-block;width:5.26px">&#160;</div>provide an update in 3Q as to where<div style="display:inline-block;width:5.69px">&#160;</div>we are. But then, you know,<div style="display:inline-block;width:5.96px">&#160;</div>a </div><div id="a1992" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">much more fulsome perspective<div style="display:inline-block;width:5.23px">&#160;</div>after our business planning processes<div style="display:inline-block;width:5.41px">&#160;</div>is complete by the end of the year<div style="display:inline-block;width:5.21px">&#160;</div>into </div><div id="a1993" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">early next year. </div><div id="a1995" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">In terms of the cost savings, you know,<div style="display:inline-block;width:6.03px">&#160;</div>Sergio also made, remarked<div style="display:inline-block;width:5.22px">&#160;</div>in his comments. The gross number<div style="display:inline-block;width:5.33px">&#160;</div>is </div><div id="a1997" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">greater than 10 billion as you<div style="display:inline-block;width:5.18px">&#160;</div>highlight. But we will be making investments.<div style="display:inline-block;width:5.56px">&#160;</div>We're going to grow<div style="display:inline-block;width:5.41px">&#160;</div>our </div><div id="a1998" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">business. We're going to<div style="display:inline-block;width:5.24px">&#160;</div>invest in technology.<div style="display:inline-block;width:5.84px">&#160;</div>We're going to, you know,<div style="display:inline-block;width:6.02px">&#160;</div>also deal with inflationary factors<div style="display:inline-block;width:5.21px">&#160;</div>if </div><div id="a2000" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">need be. So, you know,<div style="display:inline-block;width:5.48px">&#160;</div>that's all in the thinking around<div style="display:inline-block;width:5.33px">&#160;</div>it, around half of the gross<div style="display:inline-block;width:5.35px">&#160;</div>cost saves relate to </div><div id="a2001" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">effectively restructuring the<div style="display:inline-block;width:5.39px">&#160;</div>Credit Suisse IB and CRU units. And<div style="display:inline-block;width:5.35px">&#160;</div>the other half gross relates<div style="display:inline-block;width:5.38px">&#160;</div>to the synergies </div><div id="a2002" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">we expect<div style="display:inline-block;width:4.14px">&#160;</div>to realize, but then that will<div style="display:inline-block;width:5.23px">&#160;</div>be &#8211; they'll be investments back into the<div style="display:inline-block;width:5.33px">&#160;</div>technology and the people to </div><div id="a2007" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">grow the core franchises. </div><div id="a2009" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:371.21px;">Andrew Lim, Soci&#233;t&#233; G&#233;n&#233;rale </div><div id="a2011" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">Hi. Good morning. Thanks for taking my questions<div style="display:inline-block;width:5.32px">&#160;</div>and thanks for all the detail. So, firstly,<div style="display:inline-block;width:6.85px">&#160;</div>on the fair value </div><div id="a2013" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">markdowns that you've taken there,<div style="display:inline-block;width:5.35px">&#160;</div>related to that, could you<div style="display:inline-block;width:5.21px">&#160;</div>give an idea of the maturity remaining<div style="display:inline-block;width:5.62px">&#160;</div>on </div><div id="a2014" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">these financial assets and how we should<div style="display:inline-block;width:5.33px">&#160;</div>think about the reversal of those<div style="display:inline-block;width:5.36px">&#160;</div>markdowns? So, you've </div><div id="a2015" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">highlighted more than 1.5 billion<div style="display:inline-block;width:5.22px">&#160;</div>for the second half of this year.<div style="display:inline-block;width:6.38px">&#160;</div>Is that the kind of run rate that we<div style="display:inline-block;width:5.33px">&#160;</div>should </div><div id="a2018" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.54px;">be expecting going forward? </div><div id="a2020" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">And then secondly,<div style="display:inline-block;width:5.87px">&#160;</div>on the NCL, perhaps I can ask it a<div style="display:inline-block;width:5.21px">&#160;</div>different way.<div style="display:inline-block;width:6.11px">&#160;</div>Do you have a better idea now of what </div><div id="a2021" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">the ultimate cumulative losses might be from<div style="display:inline-block;width:5.54px">&#160;</div>the NCL? Would they<div style="display:inline-block;width:5.24px">&#160;</div>be less than the 5 billion maybe that you </div><div id="a2023" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">might have been exposed to under the LPA<div style="display:inline-block;width:6.27px">&#160;</div>agreement? That's my question<div style="display:inline-block;width:5.45px">&#160;</div>there. </div><div id="a2025" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">And then thirdly,<div style="display:inline-block;width:5.82px">&#160;</div>might I quickly ask, on the domestic<div style="display:inline-block;width:5.33px">&#160;</div>side, certainly for some businesses, you<div style="display:inline-block;width:5.18px">&#160;</div>will have a </div><div id="a2026" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">significant market share. And<div style="display:inline-block;width:5.19px">&#160;</div>I wonder if there's any maybe<div style="display:inline-block;width:5.3px">&#160;</div>regulatory risk that that market share<div style="display:inline-block;width:5.49px">&#160;</div>might be </div><div id="a2028" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">looked at and you'd be forced<div style="display:inline-block;width:5.2px">&#160;</div>to bring it down to a level which is more<div style="display:inline-block;width:5.8px">&#160;</div>palatable to the regulators. Thank </div><div id="a2029" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">you. </div><div id="a2031" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:665.96px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a2033" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">Yeah.<div style="display:inline-block;width:5.33px">&#160;</div>Because you asked three questions<div style="display:inline-block;width:5.4px">&#160;</div>instead of two, I'll take the last one.<div style="display:inline-block;width:5.24px">&#160;</div>On the market share one, as </div><div id="a2035" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">you know, we got regulatory<div style="display:inline-block;width:5.88px">&#160;</div>approvals to basically not be subject<div style="display:inline-block;width:5.28px">&#160;</div>to any competitive constraints, and<div style="display:inline-block;width:5.18px">&#160;</div>that </div><div id="a2036" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">was done just to secure and<div style="display:inline-block;width:5.23px">&#160;</div>be able to communicate and to be able<div style="display:inline-block;width:5.26px">&#160;</div>to place. Although it was already<div style="display:inline-block;width:5.34px">&#160;</div>crystal </div><div id="a2038" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.85px;">clear as it is today that there is<div style="display:inline-block;width:5.3px">&#160;</div>no market share topics for the combined<div style="display:inline-block;width:5.65px">&#160;</div>unit in Switzerland. </div><div id="a2040" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">I mean if you go across the board,<div style="display:inline-block;width:5.52px">&#160;</div>cantonal banks are larger on any<div style="display:inline-block;width:5.35px">&#160;</div>dimensions of relevant personal<div style="display:inline-block;width:5.26px">&#160;</div>and </div><div id="a2041" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">commercial banking business in Switzerland.<div style="display:inline-block;width:5.59px">&#160;</div>And when you measure in<div style="display:inline-block;width:5.21px">&#160;</div>terms of branches, we are combined </div><div id="a2043" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">the third largest player.<div style="display:inline-block;width:6.13px">&#160;</div>So, now this is very relevant<div style="display:inline-block;width:5.26px">&#160;</div>but because some people may argue,<div style="display:inline-block;width:5.3px">&#160;</div>well, these </div><div id="a2044" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">cantonal banks are combined versus<div style="display:inline-block;width:5.29px">&#160;</div>you being one unit. Well, the<div style="display:inline-block;width:5.26px">&#160;</div>fact, the truth of the matter is that we </div><div id="a2046" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">compete in those cantons with the local<div style="display:inline-block;width:5.18px">&#160;</div>cantonal banks. It's extremely<div style="display:inline-block;width:5.24px">&#160;</div>relevant to make that difference. </div><div id="a2048" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">Therefore we will, of course,<div style="display:inline-block;width:5.45px">&#160;</div>contribute what the competitive authorities<div style="display:inline-block;width:5.45px">&#160;</div>have to say about it and put our </div><div id="a2050" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">views into it. But I don't really expect<div style="display:inline-block;width:5.36px">&#160;</div>that on a fact based discussions we<div style="display:inline-block;width:5.35px">&#160;</div>will be subject to any limitation or </div><div id="a2051" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">meaningful limitations in respect<div style="display:inline-block;width:5.18px">&#160;</div>of our activities going forward. </div></div>
</div>
<div style="padding: 7px">
<div id="Page25" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a2054" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">23 </div><div id="a2057" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">Andrew let me just unpack your first<div style="display:inline-block;width:5.27px">&#160;</div>and second, I think they're<div style="display:inline-block;width:5.28px">&#160;</div>related. So, on the first, you<div style="display:inline-block;width:5.33px">&#160;</div>know as we </div><div id="a2059" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">highlighted earlier,<div style="display:inline-block;width:5.75px">&#160;</div>we took around 15 billion of<div style="display:inline-block;width:5.18px">&#160;</div>fair value marks on financial assets<div style="display:inline-block;width:5.24px">&#160;</div>and liabilities, 12.5 billion </div><div id="a2060" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">where we indicated would pull to<div style="display:inline-block;width:5.2px">&#160;</div>par because they relate to accrual<div style="display:inline-block;width:5.33px">&#160;</div>accounted positions and another roughly </div><div id="a2062" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">2.5 billion relate to fair value positions<div style="display:inline-block;width:5.42px">&#160;</div>where we had further markdown<div style="display:inline-block;width:5.52px">&#160;</div>in light of liquidity model risk other </div><div id="a2063" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">type issues. </div><div id="a2065" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">On the piece that pulls to par,<div style="display:inline-block;width:6.2px">&#160;</div>just keep in mind that 4 billion of that<div style="display:inline-block;width:5.26px">&#160;</div>12.5 relates to non-core<div style="display:inline-block;width:5.24px">&#160;</div>and legacy.<div style="display:inline-block;width:5.51px">&#160;</div>So </div><div id="a2068" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">that's important to know and about 8.5<div style="display:inline-block;width:5.22px">&#160;</div>billion more in our core<div style="display:inline-block;width:5.32px">&#160;</div>businesses. On the core business<div style="display:inline-block;width:5.31px">&#160;</div>piece, </div><div id="a2070" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">generally speaking, we see three<div style="display:inline-block;width:5.2px">&#160;</div>to four years that we should unwind<div style="display:inline-block;width:5.31px">&#160;</div>between 70% and 80%. There<div style="display:inline-block;width:5.2px">&#160;</div>will be </div><div id="a2071" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">a longer tail especially on some fixed<div style="display:inline-block;width:5.2px">&#160;</div>rate loans that will go longer than<div style="display:inline-block;width:5.32px">&#160;</div>that. So, we'll see pull-to-par effects </div><div id="a2078" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">that extend beyond the three-<div style="display:inline-block;width:5.1px">&#160;</div>to four-year timeframe. But most of<div style="display:inline-block;width:5.2px">&#160;</div>it will accrete to income over the shorter </div><div id="a2084" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">timeframe, as I mentioned. </div><div id="a2086" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">To<div style="display:inline-block;width:5.4px">&#160;</div>the NCL point though, since we have<div style="display:inline-block;width:5.24px">&#160;</div>roughly 4 billion of the pull-to-par<div style="display:inline-block;width:5.29px">&#160;</div>in NCL and roughly 2 billion in<div style="display:inline-block;width:5.21px">&#160;</div>the </div><div id="a2092" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">fair value marks, so you have 5 to<div style="display:inline-block;width:5.26px">&#160;</div>6 billion of fair value adjustments in NCL.<div style="display:inline-block;width:5.47px">&#160;</div>And I think, to go to your second </div><div id="a2093" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">question, that's important to understand<div style="display:inline-block;width:5.28px">&#160;</div>just given that we think that the<div style="display:inline-block;width:5.25px">&#160;</div>positions are appropriately<div style="display:inline-block;width:5.26px">&#160;</div>marked. </div><div id="a2095" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">And from here, we will continue<div style="display:inline-block;width:5.45px">&#160;</div>to consider all our optionality in terms<div style="display:inline-block;width:5.42px">&#160;</div>of running down the portfolio, as </div><div id="a2096" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.26px;">Sergio mentioned earlier,<div style="display:inline-block;width:5.97px">&#160;</div>in a most capital and cost efficient<div style="display:inline-block;width:5.5px">&#160;</div>way.<div style="display:inline-block;width:5.44px">&#160;</div>But we think the positions are<div style="display:inline-block;width:5.18px">&#160;</div>being carried </div><div id="a2097" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.54px;">at appropriate levels presently. </div><div id="a2100" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:457.93px;">Andrew Lim, Soci&#233;t&#233; G&#233;n&#233;rale </div><div id="a2102" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.82px;">That's great. That's really<div style="display:inline-block;width:5.19px">&#160;</div>helpful. Thanks. </div><div id="a2104" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:527.21px;">Adam Terelak,<div style="display:inline-block;width:6.11px">&#160;</div>Mediobanca </div><div id="a2106" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">Morning. Thank you for the questions. I want<div style="display:inline-block;width:5.27px">&#160;</div>to get under the hood a little bit more<div style="display:inline-block;width:5.42px">&#160;</div>in Wealth Management. </div><div id="a2107" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">Firstly,<div style="display:inline-block;width:5.3px">&#160;</div>on the CS business acquired,<div style="display:inline-block;width:5.19px">&#160;</div>clearly there are some<div style="display:inline-block;width:5.24px">&#160;</div>business exits to worry about some<div style="display:inline-block;width:5.18px">&#160;</div>that you think </div><div id="a2109" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">non-core in the kind of the<div style="display:inline-block;width:5.22px">&#160;</div>wealth management unit. Can you give<div style="display:inline-block;width:5.28px">&#160;</div>us a sense of what the revenue<div style="display:inline-block;width:5.25px">&#160;</div>attached </div><div id="a2112" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">to that might look like. But also any detail<div style="display:inline-block;width:5.28px">&#160;</div>on AT1 cost<div style="display:inline-block;width:5.32px">&#160;</div>savings that come through<div style="display:inline-block;width:5.21px">&#160;</div>the NII in that division as </div><div id="a2114" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">well. </div><div id="a2116" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">And then secondly,<div style="display:inline-block;width:5.71px">&#160;</div>the competitive environment.<div style="display:inline-block;width:5.21px">&#160;</div>I noticed in your GWM business, UBS<div style="display:inline-block;width:5.27px">&#160;</div>standalone costs are </div><div id="a2117" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">up on lower revenues. I just want<div style="display:inline-block;width:5.39px">&#160;</div>to know kind of what the cost<div style="display:inline-block;width:5.2px">&#160;</div>is to retain management at this point?<div style="display:inline-block;width:5.63px">&#160;</div>What </div><div id="a2120" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">are you seeing the competitive landscape<div style="display:inline-block;width:5.58px">&#160;</div>on the RM side or the advisors side,<div style="display:inline-block;width:5.29px">&#160;</div>but also in your deposit side </div><div id="a2121" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.29px;">what sort of campaigns have you been<div style="display:inline-block;width:5.25px">&#160;</div>running to re-attract deposits and<div style="display:inline-block;width:5.38px">&#160;</div>how easy or difficult has that<div style="display:inline-block;width:5.3px">&#160;</div>been </div><div id="a2124" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.57px;">in the current rates and deposits environment?<div style="display:inline-block;width:5.97px">&#160;</div>Thank you. </div><div id="a2127" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:769.96px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a2129" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">Thanks, Adam. On the second one, would<div style="display:inline-block;width:5.28px">&#160;</div>just say in terms of GWM costs. So,<div style="display:inline-block;width:5.27px">&#160;</div>there's very significant positive </div><div id="a2130" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">operating leverage outside of the US, such<div style="display:inline-block;width:5.37px">&#160;</div>important to note this is in the GWM<div style="display:inline-block;width:5.39px">&#160;</div>&#8211; in the UBS subgroup </div><div id="a2134" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">GWM, very significant positive operating<div style="display:inline-block;width:5.25px">&#160;</div>leverage. We were investing<div style="display:inline-block;width:5.36px">&#160;</div>for growth in that business.<div style="display:inline-block;width:5.23px">&#160;</div>But that </div><div id="a2136" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">business as well has been, you know,<div style="display:inline-block;width:5.85px">&#160;</div>saw a strong NII performance<div style="display:inline-block;width:5.21px">&#160;</div>and had strong PBT growth<div style="display:inline-block;width:5.46px">&#160;</div>as I </div><div id="a2137" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">highlighted in my comments earlier. </div><div id="a2139" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">As I also highlighted, it's more<div style="display:inline-block;width:5.39px">&#160;</div>on the GWM overall side, just the fact<div style="display:inline-block;width:5.18px">&#160;</div>that we've seen a lot of cash sorting </div><div id="a2141" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">and rotation on NII in the Americas<div style="display:inline-block;width:5.35px">&#160;</div>and that sort of pulled the Americas<div style="display:inline-block;width:5.21px">&#160;</div>revenue down reasonably </div><div id="a2142" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">significantly.<div style="display:inline-block;width:5.41px">&#160;</div>So, quarter-on-quarter,<div style="display:inline-block;width:6.79px">&#160;</div>year-on-year.<div style="display:inline-block;width:5.58px">&#160;</div>And as a result, you know,<div style="display:inline-block;width:5.95px">&#160;</div>we see that negative operating </div><div id="a2153" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">leverage, but we're continuing to<div style="display:inline-block;width:5.22px">&#160;</div>invest in that business across the<div style="display:inline-block;width:5.35px">&#160;</div>board and so some of that as<div style="display:inline-block;width:5.23px">&#160;</div>well, </div><div id="a2154" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">contributes to the higher cost.<div style="display:inline-block;width:4.94px">&#160;</div></div></div>
</div>
<div style="padding: 7px">
<div id="Page26" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a2157" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">24 </div><div id="a2160" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">On your deposit campaign question I would<div style="display:inline-block;width:5.28px">&#160;</div>say that you know like any bank,<div style="display:inline-block;width:5.19px">&#160;</div>we value deposits, we value </div><div id="a2162" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">deposits in the win-back context in wealth<div style="display:inline-block;width:5.32px">&#160;</div>management. We also just value<div style="display:inline-block;width:5.35px">&#160;</div>deposits to fund our business, </div><div id="a2165" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">loan growth, et cetera, so there's<div style="display:inline-block;width:5.65px">&#160;</div>nothing I've seen that I would call out there<div style="display:inline-block;width:5.63px">&#160;</div>in terms of deposit betas that </div><div id="a2166" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">have moved in a direction I would<div style="display:inline-block;width:5.2px">&#160;</div>consider to be anything other than<div style="display:inline-block;width:5.24px">&#160;</div>what we see across peers. </div><div id="a2170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">In terms of the acquired &#8211; you<div style="display:inline-block;width:5.21px">&#160;</div>were asking business exits and the<div style="display:inline-block;width:5.26px">&#160;</div>revenue attached. At this point,<div style="display:inline-block;width:5.34px">&#160;</div>we have in </div><div id="a2174" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">terms of what's being expected to move<div style="display:inline-block;width:5.36px">&#160;</div>into non-core and legacy that<div style="display:inline-block;width:5.19px">&#160;</div>was highlighted on one of the earlier </div><div id="a2178" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">slides. The revenue attached with<div style="display:inline-block;width:5.21px">&#160;</div>that business is less than 100 million<div style="display:inline-block;width:5.37px">&#160;</div>on an annualized basis in terms of net </div><div id="a2179" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">revenues, in terms of what's moving<div style="display:inline-block;width:5.34px">&#160;</div>across. And that's of course<div style="display:inline-block;width:5.2px">&#160;</div>you know not risk-adjusted for &#8211; and so </div><div id="a2186" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">that, that needs to be considered.<div style="display:inline-block;width:5.31px">&#160;</div>In terms of AT1<div style="display:inline-block;width:5.44px">&#160;</div>cost savings that hit through the<div style="display:inline-block;width:5.34px">&#160;</div>business from what had </div><div id="a2187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">been, say,<div style="display:inline-block;width:5.4px">&#160;</div>anything there has really<div style="display:inline-block;width:5.26px">&#160;</div>just been captured in the Credit<div style="display:inline-block;width:5.47px">&#160;</div>Suisse Corporate Center as an<div style="display:inline-block;width:5.23px">&#160;</div>offset </div><div id="a2188" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">potentially to the inflated cost so I would<div style="display:inline-block;width:5.32px">&#160;</div>expect that that'll normalize now as you<div style="display:inline-block;width:5.27px">&#160;</div>know as the businesses </div><div id="a2190" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">come together. </div><div id="a2192" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:353.89px;">Adam Terelak,<div style="display:inline-block;width:6.11px">&#160;</div>Mediobanca </div><div id="a2194" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.82px;">So, funding it seems that is in the corporate<div style="display:inline-block;width:5.41px">&#160;</div>center and not in the divisions? </div><div id="a2196" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:423.21px;">Serio P.<div style="display:inline-block;width:6.4px">&#160;</div>Ermotti </div><div id="a2198" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.26px;">Can you repeat? It wasn't clear.<div style="display:inline-block;width:6.53px">&#160;</div>Sorry. </div><div id="a2200" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:492.49px;">Adam Terela<div style="display:inline-block;width:2.1px">&#160;</div>k, Mediobanca </div><div id="a2203" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">So, any funding noise, AT1<div style="display:inline-block;width:5.85px">&#160;</div>versus liquidity facility resourced<div style="display:inline-block;width:5.49px">&#160;</div>out in the corporate center rather than<div style="display:inline-block;width:5.17px">&#160;</div>in-house? </div><div id="a2207" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:561.93px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a2209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.82px;">Yeah. That<div style="display:inline-block;width:5.43px">&#160;</div>was our understanding from<div style="display:inline-block;width:5.25px">&#160;</div>Credit Suisse's practice pre-acquisition,<div style="display:inline-block;width:5.52px">&#160;</div>yes. </div><div id="a2213" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:631.24px;">Adam Terelak,<div style="display:inline-block;width:6.11px">&#160;</div>Mediobanca </div><div id="a2215" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">Okay.<div style="display:inline-block;width:5.37px">&#160;</div>Thank you. </div><div id="a2219" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:735.24px;">Andrew Coombs, Citigroup </div><div id="a2221" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Good morning it&#8217;s Andrew Coombs from<div style="display:inline-block;width:5.55px">&#160;</div>Citi and thank you for taking my<div style="display:inline-block;width:5.33px">&#160;</div>questions. Two<div style="display:inline-block;width:5.73px">&#160;</div>if I may.<div style="display:inline-block;width:5.35px">&#160;</div>Firstly,<div style="display:inline-block;width:5.46px">&#160;</div>I </div><div id="a2222" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">want to turn back to follow up on the PPA<div style="display:inline-block;width:6.23px">&#160;</div>pull-to-par bit in relationship<div style="display:inline-block;width:5.24px">&#160;</div>to the restructuring charges.<div style="display:inline-block;width:5.3px">&#160;</div>You </div><div id="a2227" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">made this comment that, out of the period<div style="display:inline-block;width:5.34px">&#160;</div>at end of 2026, I think restructuring<div style="display:inline-block;width:5.54px">&#160;</div>charges will be largely but </div><div id="a2228" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">not wholly offset by the PPA<div style="display:inline-block;width:6.19px">&#160;</div>pull-to-par effect. And then<div style="display:inline-block;width:5.24px">&#160;</div>in your later comments, you talked about<div style="display:inline-block;width:5.38px">&#160;</div>probably </div><div id="a2233" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">0.5 billion of pull-to-<div style="display:inline-block;width:4.6px">&#160;</div>par effect, of which 4.5 would<div style="display:inline-block;width:5.35px">&#160;</div>be noncore, and that most of<div style="display:inline-block;width:5.21px">&#160;</div>that would be recognized </div><div id="a2240" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">in a three-<div style="display:inline-block;width:4.38px">&#160;</div>to four-year timeframe.<div style="display:inline-block;width:5.64px">&#160;</div>So, can we assume restructuring<div style="display:inline-block;width:5.21px">&#160;</div>charges of the magnitude of 12.5?<div style="display:inline-block;width:5.21px">&#160;</div>And </div><div id="a2246" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">can you give us a feel for the timing<div style="display:inline-block;width:5.26px">&#160;</div>of those relative to the PPA<div style="display:inline-block;width:6.15px">&#160;</div>pull-to-par? </div><div id="a2252" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.89px;">And then the second question is on slide<div style="display:inline-block;width:5.42px">&#160;</div>29. You<div style="display:inline-block;width:5.43px">&#160;</div>provide a useful quarterly trajectory<div style="display:inline-block;width:5.32px">&#160;</div>going from minus 0.3 </div><div id="a2254" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.33px;">billion in Q2 and you talked about breakeven<div style="display:inline-block;width:5.65px">&#160;</div>in Q3. But you also flagged 750 million<div style="display:inline-block;width:5.28px">&#160;</div>of savings, 550 million </div><div id="a2255" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.61px;">of funding cost savings. There's<div style="display:inline-block;width:5.31px">&#160;</div>a 650 million arguably one-off<div style="display:inline-block;width:5.3px">&#160;</div>ECL charge on the non-credit<div style="display:inline-block;width:5.21px">&#160;</div>impaired CS </div><div id="a2261" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.89px;">portfolio data this quarter.<div style="display:inline-block;width:6.04px">&#160;</div>So, just trying to understand the going from<div style="display:inline-block;width:5.5px">&#160;</div>minus 0.3 billion to 0, even with all </div><div id="a2262" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.33px;">those additional benefits Q-on-Q, what's<div style="display:inline-block;width:5.22px">&#160;</div>the offset? I guess there'd<div style="display:inline-block;width:5.37px">&#160;</div>be some seasonality on revenue,<div style="display:inline-block;width:5.19px">&#160;</div>a bit of </div><div id="a2268" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.61px;">a decline in NII. But any more<div style="display:inline-block;width:5.21px">&#160;</div>color there? </div></div>
</div>
<div style="padding: 7px">
<div id="Page27" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a2271" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">25 </div><div id="a2274" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:111.18px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a2276" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">So, Andrew,<div style="display:inline-block;width:5.31px">&#160;</div>in terms of &#8211; I&#8217;ll take the second<div style="display:inline-block;width:5.23px">&#160;</div>point first &#8211; in terms of the story on the<div style="display:inline-block;width:5.49px">&#160;</div>underlying profitability, </div><div id="a2283" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">yeah, I mean just be very clear that the<div style="display:inline-block;width:5.24px">&#160;</div>cost saves that we expect to see by<div style="display:inline-block;width:5.29px">&#160;</div>the end of 2023 of 3 billion, which </div><div id="a2285" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">we think you can price into 2024, some<div style="display:inline-block;width:5.32px">&#160;</div>of that has been realized. But as<div style="display:inline-block;width:5.25px">&#160;</div>I would &#8211; the way I would think </div><div id="a2289" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">about it is there is work that's ongoing<div style="display:inline-block;width:5.37px">&#160;</div>and we expect that the greater<div style="display:inline-block;width:5.39px">&#160;</div>than 3 billion number is something </div><div id="a2291" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">that we'll see at the end of the year<div style="display:inline-block;width:5.24px">&#160;</div>hitting through. I would continue to<div style="display:inline-block;width:5.22px">&#160;</div>reemphasize the funding cost<div style="display:inline-block;width:5.38px">&#160;</div>point </div><div id="a2292" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.78px;">that was in 2Q that will benefit 3Q and<div style="display:inline-block;width:5.23px">&#160;</div>fully in 4Q that helps. And then the<div style="display:inline-block;width:5.21px">&#160;</div>stabilization as flows and all that </div><div id="a2293" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">will sort of hit through as we<div style="display:inline-block;width:5.28px">&#160;</div>go on an underlying basis. And as I said,<div style="display:inline-block;width:5.34px">&#160;</div>we expect to break even<div style="display:inline-block;width:5.22px">&#160;</div>in the third </div><div id="a2295" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">quarter coming out of roughly a<div style="display:inline-block;width:5.29px">&#160;</div>300 million-<div style="display:inline-block;width:4.27px">&#160;</div>plus improvement. And then to<div style="display:inline-block;width:5.26px">&#160;</div>be positive in 4Q for the reasons </div><div id="a2299" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">that I mentioned. </div><div id="a2301" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">In terms of the restructuring you asked<div style="display:inline-block;width:5.45px">&#160;</div>about, we'll come back in further details<div style="display:inline-block;width:5.3px">&#160;</div>in terms of how much </div><div id="a2304" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">restructuring specifically there'll<div style="display:inline-block;width:5.43px">&#160;</div>be. We're giving a perspective<div style="display:inline-block;width:5.4px">&#160;</div>that we expect the number to be<div style="display:inline-block;width:5.26px">&#160;</div>broadly </div><div id="a2305" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">offset by the pull-to-par effects.<div style="display:inline-block;width:5.59px">&#160;</div>But at this point in time, we're<div style="display:inline-block;width:5.29px">&#160;</div>going to need to detail that out in the </div><div id="a2311" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">business planning process and come<div style="display:inline-block;width:5.43px">&#160;</div>back, as we have said, with our fourth<div style="display:inline-block;width:5.23px">&#160;</div>quarter earnings.<div style="display:inline-block;width:4.5px">&#160;</div></div><div id="a2313" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:405.93px;">Andrew Coombs </div><div id="a2315" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">Thank you. </div><div id="a2317" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:475.21px;">Vishal Shah, Morgan Stanley </div><div id="a2319" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">Hi. Thank you so much for your questions.<div style="display:inline-block;width:5.38px">&#160;</div>My first one is on wealth management.<div style="display:inline-block;width:5.34px">&#160;</div>Just wanted to get a sense </div><div id="a2321" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">on you know how you are<div style="display:inline-block;width:5.23px">&#160;</div>assessing you know the business overlaps<div style="display:inline-block;width:5.28px">&#160;</div>in that segment &#8211; in that segment<div style="display:inline-block;width:5.39px">&#160;</div>or </div><div id="a2325" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">you've had you know further chance to sort<div style="display:inline-block;width:5.42px">&#160;</div>of you know look at you know different<div style="display:inline-block;width:5.74px">&#160;</div>regions and how to </div><div id="a2326" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.26px;">respond to all the ongoing competitive<div style="display:inline-block;width:5.54px">&#160;</div>pressures and in terms of you<div style="display:inline-block;width:5.31px">&#160;</div>know relationship managers and<div style="display:inline-block;width:5.35px">&#160;</div>then </div><div id="a2328" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.54px;">sort of bankers in that segment? So, if you<div style="display:inline-block;width:5.28px">&#160;</div>could give a bit of an update on<div style="display:inline-block;width:5.21px">&#160;</div>that side? </div><div id="a2330" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.29px;">And then the second one is on the investment<div style="display:inline-block;width:5.56px">&#160;</div>bank, the CS non-core perimeter<div style="display:inline-block;width:5.49px">&#160;</div>of 55 billion. I know in one of </div><div id="a2334" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.57px;">your slides have provided a natural run<div style="display:inline-block;width:1.59px">&#160;</div>-off rate, but I was just trying<div style="display:inline-block;width:5.17px">&#160;</div>to get a sense if you could provide<div style="display:inline-block;width:5.45px">&#160;</div>any </div><div id="a2337" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.85px;">sort of color in terms of what is your<div style="display:inline-block;width:5.17px">&#160;</div>sort of ambition on actively winding<div style="display:inline-block;width:5.32px">&#160;</div>down this perimeter in terms of </div><div id="a2338" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.29px;">timeline, i.e., could we expect you<div style="display:inline-block;width:5.19px">&#160;</div>know the next two years basically by<div style="display:inline-block;width:5.22px">&#160;</div>2025 you know broadly most<div style="display:inline-block;width:5.32px">&#160;</div>of this </div><div id="a2340" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.57px;">run down to be done. Is that is that a fair<div style="display:inline-block;width:5.37px">&#160;</div>assumption or are you looking<div style="display:inline-block;width:5.19px">&#160;</div>at it in a bit of a different<div style="display:inline-block;width:5.27px">&#160;</div>way? </div><div id="a2341" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.85px;">Thank you so much. </div><div id="a2343" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:735.24px;">Todd<div style="display:inline-block;width:5.57px">&#160;</div>Tuckner </div><div id="a2345" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.29px;">Hey,<div style="display:inline-block;width:5.23px">&#160;</div>Vishal. I mean I think on this on that<div style="display:inline-block;width:5.19px">&#160;</div>second question, we've addressed<div style="display:inline-block;width:5.48px">&#160;</div>that in the sense that you know </div><div id="a2347" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.57px;">we offer the natural rundown just<div style="display:inline-block;width:5.35px">&#160;</div>given you know of course, we have<div style="display:inline-block;width:5.2px">&#160;</div>to take care and ensure<div style="display:inline-block;width:5.26px">&#160;</div>that we're </div><div id="a2348" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.85px;">protecting our counterparties and<div style="display:inline-block;width:5.24px">&#160;</div>we're doing things in the<div style="display:inline-block;width:5.23px">&#160;</div>best interests of the firm and so<div style="display:inline-block;width:5.35px">&#160;</div>on these </div><div id="a2351" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.29px;">positions that we, you know,<div style="display:inline-block;width:5.64px">&#160;</div>we will look &#8211; we will look strategically<div style="display:inline-block;width:5.35px">&#160;</div>to exit them as quickly as possible.<div style="display:inline-block;width:5.23px">&#160;</div>But </div><div id="a2355" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.57px;">at this point, I would say,<div style="display:inline-block;width:6.19px">&#160;</div>we'll come back and give you progress<div style="display:inline-block;width:5.66px">&#160;</div>as we've done already in 2Q<div style="display:inline-block;width:5.26px">&#160;</div>in terms of the </div><div id="a2358" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.85px;">actual RWA reduction<div style="display:inline-block;width:5.26px">&#160;</div>relative to the natural runoff<div style="display:inline-block;width:5.56px">&#160;</div>profile. We'll continue to<div style="display:inline-block;width:5.31px">&#160;</div>do that. And to the extent we </div><div id="a2359" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.33px;">can give more color through<div style="display:inline-block;width:5.4px">&#160;</div>our planning process, we will.<div style="display:inline-block;width:5.25px">&#160;</div>But again, these are positions where<div style="display:inline-block;width:5.6px">&#160;</div>we think, </div><div id="a2360" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.61px;">naturally,<div style="display:inline-block;width:5.41px">&#160;</div>there'll be strategic exits and<div style="display:inline-block;width:5.29px">&#160;</div>opportunities that arise and not something<div style="display:inline-block;width:5.27px">&#160;</div>we'll, I will be disclosing. </div></div>
</div>
<div style="padding: 7px">
<div id="Page28" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a2364" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">26 </div><div id="a2367" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.51px;">In terms of your first question on Wealth<div style="display:inline-block;width:5.6px">&#160;</div>Management and assessing business<div style="display:inline-block;width:5.23px">&#160;</div>overlaps, I mean, in general, </div><div id="a2368" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.78px;">the way we approach the integration<div style="display:inline-block;width:5.49px">&#160;</div>is to look at Credit Suisse is adding<div style="display:inline-block;width:5.28px">&#160;</div>value in a lot of the areas<div style="display:inline-block;width:5.19px">&#160;</div>in which </div><div id="a2370" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.22px;">we already operate. But also, as Sergio<div style="display:inline-block;width:5.38px">&#160;</div>mentioned, areas where<div style="display:inline-block;width:5.33px">&#160;</div>we have less of a presence.<div style="display:inline-block;width:5.24px">&#160;</div>Brazil was </div><div id="a2371" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.5px;">mentioned. There are important<div style="display:inline-block;width:5.51px">&#160;</div>parts of the Middle East where that's<div style="display:inline-block;width:5.33px">&#160;</div>the case; important parts of Southeast </div><div id="a2372" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.78px;">Asia. Also, much bigger in Europe<div style="display:inline-block;width:5.43px">&#160;</div>overall. So, in terms of assessing the<div style="display:inline-block;width:5.27px">&#160;</div>overlaps, I mean, in the end of the </div><div id="a2374" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.22px;">day, relationship<div style="display:inline-block;width:5.85px">&#160;</div>managers have their client relationships<div style="display:inline-block;width:5.52px">&#160;</div>and we want to retain them<div style="display:inline-block;width:5.32px">&#160;</div>all. And of course, </div><div id="a2375" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.5px;">we're looking at how to manage<div style="display:inline-block;width:5.26px">&#160;</div>the business in the most efficient<div style="display:inline-block;width:5.5px">&#160;</div>and effective way. </div><div id="a2378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.22px;">I would make one additional comment<div style="display:inline-block;width:5.28px">&#160;</div>which is very important, which is that<div style="display:inline-block;width:5.35px">&#160;</div>Iqbal had announced the area </div><div id="a2379" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.5px;">market heads on a combined basis, and<div style="display:inline-block;width:5.31px">&#160;</div>that was very important just in the last<div style="display:inline-block;width:5.3px">&#160;</div>several weeks and was in </div><div id="a2380" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.78px;">comments Sergio made as well, because when<div style="display:inline-block;width:5.48px">&#160;</div>we start integrating how we approach<div style="display:inline-block;width:5.46px">&#160;</div>the market and so </div><div id="a2383" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.22px;">we're in the market on an integrated<div style="display:inline-block;width:5.55px">&#160;</div>basis, which, of course, just took time even<div style="display:inline-block;width:5.42px">&#160;</div>though we move quickly in </div><div id="a2384" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.5px;">the two and a half months since we've<div style="display:inline-block;width:5.18px">&#160;</div>closed, to be in the market on<div style="display:inline-block;width:5.17px">&#160;</div>an integrated basis having market </div><div id="a2387" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.78px;">heads that have now been decided across<div style="display:inline-block;width:5.46px">&#160;</div>wealth management on a combined and<div style="display:inline-block;width:5.34px">&#160;</div>integrated basis is quite a </div><div id="a2388" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.22px;">step that helps us to manage some of<div style="display:inline-block;width:5.24px">&#160;</div>the business overlaps and competitive pressures<div style="display:inline-block;width:5.93px">&#160;</div>that you were asking </div><div id="a2389" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.54px;">about. </div><div id="a2392" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:405.93px;">Vishal Shah, Morgan Stanley </div><div id="a2394" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.82px;">Okay.<div style="display:inline-block;width:5.34px">&#160;</div>Thank you so much. </div><div id="a2396" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:475.21px;">Sergio P.<div style="display:inline-block;width:6.54px">&#160;</div>Ermotti </div><div id="a2398" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.26px;">Okay.<div style="display:inline-block;width:5.34px">&#160;</div>The last answer and questions and I'm sure<div style="display:inline-block;width:5.63px">&#160;</div>we're going to have a chance<div style="display:inline-block;width:5.29px">&#160;</div>to stay in touch between </div><div id="a2399" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.54px;">now and November 7</div><div id="a2400" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:8.64px;left:197.79px;top:528.35px;">th</div><div id="a2401" style="position:absolute;font-family:&apos;Frutiger&apos;;left:205.63px;top:527.54px;"><div style="display:inline-block;width:3.84px">&#160;</div>when we announce the Q3 results.<div style="display:inline-block;width:5.41px">&#160;</div>For the time being, thank you for<div style="display:inline-block;width:5.37px">&#160;</div>dialing in. </div><div id="a2404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.82px;">Thanks for your questions. And well as<div style="display:inline-block;width:5.25px">&#160;</div>I say,<div style="display:inline-block;width:5.36px">&#160;</div>looking forward to staying in touch.<div style="display:inline-block;width:5.44px">&#160;</div>Thank you. </div></div>
</div>
<div style="padding: 7px">
<div id="Page29" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:657.7px; height:1px; left:67.6px; top:91.1px; background-color:#000000; ">&#160;</div>
<div id="a2407" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">27 </div><div id="a2410" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;font-weight:bold;left:68px;top:93.44px;">Cautionary Statement<div style="display:inline-block;width:4.33px">&#160;</div>Regarding Forward<div style="display:inline-block;width:1.38px">&#160;</div>-Looking Statements<div style="display:inline-block;width:4.5px">&#160;</div>|</div><div id="a2413" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:369.03px;top:93.68px;"><div style="display:inline-block;width:3.2px">&#160;</div>This document<div style="display:inline-block;width:4.26px">&#160;</div>contains statements<div style="display:inline-block;width:4.15px">&#160;</div>that constitute<div style="display:inline-block;width:4.19px">&#160;</div>&#8220;forward-looking statements,&#8221; </div><div id="a2417" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:105.2px;">including but not limited<div style="display:inline-block;width:0.92px">&#160;</div>to management&#8217;s outlook for<div style="display:inline-block;width:1.17px">&#160;</div>UBS&#8217;s financial performance, statements<div style="display:inline-block;width:1.05px">&#160;</div>relating to the anticipated<div style="display:inline-block;width:1.37px">&#160;</div>effect of transactions and<div style="display:inline-block;width:1.21px">&#160;</div>strategic </div><div id="a2419" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:116.59px;">initiatives on UBS&#8217;s<div style="display:inline-block;width:1.29px">&#160;</div>business and future development and<div style="display:inline-block;width:1px">&#160;</div>goals or intentions<div style="display:inline-block;width:1.23px">&#160;</div>to achieve climate,<div style="display:inline-block;width:1.37px">&#160;</div>sustainability and other social<div style="display:inline-block;width:1.09px">&#160;</div>objectives. While<div style="display:inline-block;width:1.17px">&#160;</div>these<div style="display:inline-block;width:1.24px">&#160;</div>forward-</div><div id="a2423" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:127.79px;">looking statements<div style="display:inline-block;width:4.32px">&#160;</div>represent UBS&#8217;s<div style="display:inline-block;width:4.45px">&#160;</div>judgments, expectations<div style="display:inline-block;width:4.6px">&#160;</div>and objectives concerning<div style="display:inline-block;width:4.84px">&#160;</div>the matters described,<div style="display:inline-block;width:4.8px">&#160;</div>a number<div style="display:inline-block;width:4.26px">&#160;</div>of risks, uncertainties<div style="display:inline-block;width:4.79px">&#160;</div>and other </div><div id="a2425" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:139.15px;">important factors could cause<div style="display:inline-block;width:1.05px">&#160;</div>actual developments and results<div style="display:inline-block;width:1.22px">&#160;</div>to differ materially from<div style="display:inline-block;width:1.29px">&#160;</div>UBS&#8217;s expectations. The<div style="display:inline-block;width:1.28px">&#160;</div>Russia&#8211;Ukraine war continues to<div style="display:inline-block;width:1.29px">&#160;</div>affect global </div><div id="a2428" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:150.51px;">markets, exacerbate<div style="display:inline-block;width:4.11px">&#160;</div>global inflation,<div style="display:inline-block;width:4.4px">&#160;</div>and slow global<div style="display:inline-block;width:4.64px">&#160;</div>growth. In<div style="display:inline-block;width:4.3px">&#160;</div>addition, the war<div style="display:inline-block;width:4.35px">&#160;</div>has caused significant<div style="display:inline-block;width:5.06px">&#160;</div>population displacement,<div style="display:inline-block;width:4.41px">&#160;</div>and shortages<div style="display:inline-block;width:4.13px">&#160;</div>of vital </div><div id="a2430" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:161.87px;">commodities, including energy shortages<div style="display:inline-block;width:1.3px">&#160;</div>and food insecurity, and has<div style="display:inline-block;width:1.28px">&#160;</div>increased the risk of<div style="display:inline-block;width:0.9px">&#160;</div>recession in OECD<div style="display:inline-block;width:1.4px">&#160;</div>economies. The coordinated sanctions<div style="display:inline-block;width:0.23px">&#160;</div>on Russia </div><div id="a2432" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:173.23px;">and Belarus, and<div style="display:inline-block;width:4.17px">&#160;</div>Russian and Belarusian<div style="display:inline-block;width:4.38px">&#160;</div>entities and nationals,<div style="display:inline-block;width:4.34px">&#160;</div>and the uncertainty<div style="display:inline-block;width:4.36px">&#160;</div>as to whether the<div style="display:inline-block;width:4.39px">&#160;</div>war will widen and<div style="display:inline-block;width:4.48px">&#160;</div>intensify,<div style="display:inline-block;width:4.42px">&#160;</div>may continue to have </div><div id="a2435" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:184.59px;">significant adverse effects on the market and<div style="display:inline-block;width:1.07px">&#160;</div>macroeconomic conditions, including in ways that cannot be<div style="display:inline-block;width:1.22px">&#160;</div>anticipated. UBS&#8217;s acquisition of Credit Suisse has </div><div id="a2437" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:195.79px;">materially changed our outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS </div><div id="a2439" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:207.15px;">structure is expected to<div style="display:inline-block;width:1.05px">&#160;</div>take between three to<div style="display:inline-block;width:0.97px">&#160;</div>five years and<div style="display:inline-block;width:1.24px">&#160;</div>presents significant risks, including the<div style="display:inline-block;width:0.76px">&#160;</div>risks that UBS<div style="display:inline-block;width:1px">&#160;</div>Group AG may<div style="display:inline-block;width:1.2px">&#160;</div>be unable<div style="display:inline-block;width:0.17px">&#160;</div>to achieve<div style="display:inline-block;width:0.06px">&#160;</div>the cost </div><div id="a2441" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:218.51px;">reductions and other benefits<div style="display:inline-block;width:1.35px">&#160;</div>contemplated by the transaction.<div style="display:inline-block;width:1.28px">&#160;</div>This creates significantly greater uncertainty<div style="display:inline-block;width:1.34px">&#160;</div>about forward-looking statements. Other factors </div><div id="a2446" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:229.87px;">that may affect our<div style="display:inline-block;width:1.03px">&#160;</div>performance and ability to<div style="display:inline-block;width:0.91px">&#160;</div>achieve our plans,<div style="display:inline-block;width:1.21px">&#160;</div>outlook and other<div style="display:inline-block;width:1.28px">&#160;</div>objectives also include, but<div style="display:inline-block;width:1px">&#160;</div>are not limited<div style="display:inline-block;width:0.94px">&#160;</div>to: (i)<div style="display:inline-block;width:0.87px">&#160;</div>the degree<div style="display:inline-block;width:0.19px">&#160;</div>to which<div style="display:inline-block;width:0.35px">&#160;</div>UBS is </div><div id="a2450" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:241.23px;">successful in the execution of<div style="display:inline-block;width:1.26px">&#160;</div>its strategic plans, including its<div style="display:inline-block;width:1.09px">&#160;</div>cost reduction and efficiency initiatives and<div style="display:inline-block;width:1.14px">&#160;</div>its ability to manage<div style="display:inline-block;width:1.13px">&#160;</div>its levels of risk-weighted assets </div><div id="a2454" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:252.59px;">(RWA) and leverage ratio<div style="display:inline-block;width:1.1px">&#160;</div>denominator (LRD), liquidity coverage ratio<div style="display:inline-block;width:1.13px">&#160;</div>and other financial<div style="display:inline-block;width:1.26px">&#160;</div>resources, including changes in<div style="display:inline-block;width:1.23px">&#160;</div>RWA assets and liabilities<div style="display:inline-block;width:1.27px">&#160;</div>arising<div style="display:inline-block;width:1.07px">&#160;</div>from </div><div id="a2456" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:263.79px;">higher market<div style="display:inline-block;width:4.19px">&#160;</div>volatility and<div style="display:inline-block;width:4.3px">&#160;</div>the size<div style="display:inline-block;width:4.2px">&#160;</div>of the combined<div style="display:inline-block;width:4.87px">&#160;</div>bank; (ii) the<div style="display:inline-block;width:4.43px">&#160;</div>degree to<div style="display:inline-block;width:4.35px">&#160;</div>which UBS<div style="display:inline-block;width:4.23px">&#160;</div>is successful<div style="display:inline-block;width:4.17px">&#160;</div>in implementing<div style="display:inline-block;width:4.69px">&#160;</div>changes to its<div style="display:inline-block;width:4.61px">&#160;</div>businesses to<div style="display:inline-block;width:4.47px">&#160;</div>meet </div><div id="a2460" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:275.15px;">changing market, regulatory and other conditions, including as a<div style="display:inline-block;width:1.07px">&#160;</div>result of the acquisition of Credit Suisse; (iii) increased inflation and<div style="display:inline-block;width:1.25px">&#160;</div>interest rate volatility in </div><div id="a2464" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:286.51px;">major markets; (iv) developments in the macroeconomic climate and in the<div style="display:inline-block;width:1.08px">&#160;</div>markets in which UBS operates or<div style="display:inline-block;width:1.4px">&#160;</div>to which it is exposed, including movements in </div><div id="a2468" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:297.87px;">securities prices or<div style="display:inline-block;width:1.4px">&#160;</div>liquidity, credit spreads, currency exchange rates, deterioration or<div style="display:inline-block;width:1.03px">&#160;</div>slow recovery in<div style="display:inline-block;width:1.36px">&#160;</div>residential and<div style="display:inline-block;width:0.36px">&#160;</div>commercial<div style="display:inline-block;width:0.98px">&#160;</div>real estate<div style="display:inline-block;width:0px;margin-left:-0.15px">&#160;</div>markets,<div style="display:inline-block;width:0.75px">&#160;</div>the effects </div><div id="a2470" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:309.23px;">of economic conditions,<div style="display:inline-block;width:4.65px">&#160;</div>including increasing<div style="display:inline-block;width:4.38px">&#160;</div>inflationary pressures,<div style="display:inline-block;width:4.63px">&#160;</div>market developments,<div style="display:inline-block;width:4.32px">&#160;</div>increasing geopolitical<div style="display:inline-block;width:4.71px">&#160;</div>tensions, and changes<div style="display:inline-block;width:4.64px">&#160;</div>to national trade </div><div id="a2473" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:320.59px;">policies on the financial<div style="display:inline-block;width:4.78px">&#160;</div>position or creditworthiness<div style="display:inline-block;width:4.52px">&#160;</div>of UBS&#8217;s clients and<div style="display:inline-block;width:4.44px">&#160;</div>counterparties, as well<div style="display:inline-block;width:4.24px">&#160;</div>as on client<div style="display:inline-block;width:4.2px">&#160;</div>sentiment and levels<div style="display:inline-block;width:4.19px">&#160;</div>of activity,<div style="display:inline-block;width:4.59px">&#160;</div>including the </div><div id="a2475" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:331.79px;">COVID-19 pandemic and the measures taken<div style="display:inline-block;width:1.28px">&#160;</div>to manage it, which<div style="display:inline-block;width:1.35px">&#160;</div>have had and may<div style="display:inline-block;width:1.35px">&#160;</div>also continue to have a<div style="display:inline-block;width:0.92px">&#160;</div>significant adverse effect on global and<div style="display:inline-block;width:1.14px">&#160;</div>regional </div><div id="a2479" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:343.15px;">economic activity, including disruptions to global<div style="display:inline-block;width:1.31px">&#160;</div>supply chains and<div style="display:inline-block;width:1.33px">&#160;</div>labor market displacements; (v) changes<div style="display:inline-block;width:1.32px">&#160;</div>in the availability of<div style="display:inline-block;width:0.76px">&#160;</div>capital and<div style="display:inline-block;width:0.9px">&#160;</div>funding,<div style="display:inline-block;width:0.95px">&#160;</div>including </div><div id="a2482" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:354.51px;">any adverse changes<div style="display:inline-block;width:1.42px">&#160;</div>in UBS&#8217;s credit<div style="display:inline-block;width:1.31px">&#160;</div>spreads and credit ratings<div style="display:inline-block;width:1.36px">&#160;</div>of UBS, Credit<div style="display:inline-block;width:1.21px">&#160;</div>Suisse, sovereign issuers, structured credit products<div style="display:inline-block;width:0.64px">&#160;</div>or credit-related<div style="display:inline-block;width:0px;margin-left:-0.28px">&#160;</div>exposures,<div style="display:inline-block;width:0.64px">&#160;</div>as </div><div id="a2487" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:365.91px;">well as availability<div style="display:inline-block;width:1.38px">&#160;</div>and cost of<div style="display:inline-block;width:1.23px">&#160;</div>funding to meet requirements for<div style="display:inline-block;width:1.18px">&#160;</div>debt eligible for total<div style="display:inline-block;width:1.17px">&#160;</div>loss-absorbing capacity (TLAC), in<div style="display:inline-block;width:1.31px">&#160;</div>particular in light of<div style="display:inline-block;width:1.09px">&#160;</div>the acquisition of </div><div id="a2491" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:377.27px;">Credit Suisse; (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the European </div><div id="a2495" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:388.63px;">Union and other financial centers that have<div style="display:inline-block;width:1.18px">&#160;</div>imposed, or resulted in, or may<div style="display:inline-block;width:1.39px">&#160;</div>do so in the future, more stringent<div style="display:inline-block;width:1.4px">&#160;</div>or entity-specific capital, TLAC, leverage ratio, </div><div id="a2499" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:399.83px;">net stable funding ratio, liquidity and<div style="display:inline-block;width:1.35px">&#160;</div>funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, </div><div id="a2503" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:411.19px;">limitations on permitted<div style="display:inline-block;width:4.18px">&#160;</div>activities, constraints on remuneration,<div style="display:inline-block;width:4.81px">&#160;</div>constraints on transfers of<div style="display:inline-block;width:4.32px">&#160;</div>capital and liquidity<div style="display:inline-block;width:4.11px">&#160;</div>and sharing of operational<div style="display:inline-block;width:4.33px">&#160;</div>costs across the </div><div id="a2505" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:422.55px;">Group or other measures,<div style="display:inline-block;width:4.49px">&#160;</div>and the effect these<div style="display:inline-block;width:4.26px">&#160;</div>will or would have<div style="display:inline-block;width:4.1px">&#160;</div>on UBS&#8217;s business activities;<div style="display:inline-block;width:4.09px">&#160;</div>(vii) UBS&#8217;s ability to<div style="display:inline-block;width:4.15px">&#160;</div>successfully implement resolvability<div style="display:inline-block;width:4.58px">&#160;</div>and </div><div id="a2509" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:433.91px;">related regulatory<div style="display:inline-block;width:4.45px">&#160;</div>requirements and<div style="display:inline-block;width:4.34px">&#160;</div>the potential need<div style="display:inline-block;width:4.51px">&#160;</div>to make further<div style="display:inline-block;width:4.52px">&#160;</div>changes to the<div style="display:inline-block;width:4.35px">&#160;</div>legal structure<div style="display:inline-block;width:4.11px">&#160;</div>or booking model<div style="display:inline-block;width:4.46px">&#160;</div>of UBS in<div style="display:inline-block;width:4.18px">&#160;</div>response to legal<div style="display:inline-block;width:4.67px">&#160;</div>and </div><div id="a2512" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:445.27px;">regulatory requirements<div style="display:inline-block;width:4.76px">&#160;</div>and any additional<div style="display:inline-block;width:4.27px">&#160;</div>requirements due<div style="display:inline-block;width:4.34px">&#160;</div>to its acquisition of<div style="display:inline-block;width:4.48px">&#160;</div>Credit Suisse, or<div style="display:inline-block;width:4.14px">&#160;</div>other developments; (viii)<div style="display:inline-block;width:4.28px">&#160;</div>UBS&#8217;s ability to<div style="display:inline-block;width:4.2px">&#160;</div>maintain and </div><div id="a2516" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:456.63px;">improve its systems and<div style="display:inline-block;width:1.31px">&#160;</div>controls for complying with sanctions<div style="display:inline-block;width:1.34px">&#160;</div>in a timely<div style="display:inline-block;width:1.27px">&#160;</div>manner and for the<div style="display:inline-block;width:1.15px">&#160;</div>detection and prevention of money<div style="display:inline-block;width:1.28px">&#160;</div>laundering to meet evolving </div><div id="a2518" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:467.83px;">regulatory requirements<div style="display:inline-block;width:5.36px">&#160;</div>and expectations,<div style="display:inline-block;width:4.47px">&#160;</div>in particular<div style="display:inline-block;width:4.57px">&#160;</div>in current<div style="display:inline-block;width:4.51px">&#160;</div>geopolitical turmoil;<div style="display:inline-block;width:4.63px">&#160;</div>(ix) the uncertainty<div style="display:inline-block;width:4.85px">&#160;</div>arising from<div style="display:inline-block;width:4.51px">&#160;</div>domestic stresses<div style="display:inline-block;width:4.55px">&#160;</div>in certain<div style="display:inline-block;width:4.39px">&#160;</div>major </div><div id="a2521" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:479.19px;">economies; (x) changes in UBS&#8217;s competitive position, including whether differences in regulatory capital and other requirements among the major financial </div><div id="a2526" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:490.55px;">centers adversely affect UBS&#8217;s ability<div style="display:inline-block;width:4.29px">&#160;</div>to compete in certain lines of business;<div style="display:inline-block;width:4.43px">&#160;</div>(xi) changes in the standards of<div style="display:inline-block;width:4.19px">&#160;</div>conduct applicable to our<div style="display:inline-block;width:4.06px">&#160;</div>businesses that may </div><div id="a2531" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:501.91px;">result from<div style="display:inline-block;width:5.11px">&#160;</div>new regulations<div style="display:inline-block;width:5.17px">&#160;</div>or new<div style="display:inline-block;width:4.95px">&#160;</div>enforcement<div style="display:inline-block;width:4.41px">&#160;</div>of existing<div style="display:inline-block;width:4.77px">&#160;</div>standards,<div style="display:inline-block;width:4.14px">&#160;</div>including<div style="display:inline-block;width:4.12px">&#160;</div>measures to<div style="display:inline-block;width:4.92px">&#160;</div>impose new<div style="display:inline-block;width:5.05px">&#160;</div>and enhanced<div style="display:inline-block;width:5.02px">&#160;</div>duties when<div style="display:inline-block;width:4.94px">&#160;</div>interacting with </div><div id="a2533" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:513.27px;">customers and in<div style="display:inline-block;width:1.38px">&#160;</div>the execution and<div style="display:inline-block;width:1.37px">&#160;</div>handling of customer transactions;<div style="display:inline-block;width:1.05px">&#160;</div>(xii) the liability to which<div style="display:inline-block;width:1.11px">&#160;</div>UBS may be<div style="display:inline-block;width:1px">&#160;</div>exposed, or possible<div style="display:inline-block;width:1.42px">&#160;</div>constraints or sanctions<div style="display:inline-block;width:1.1px">&#160;</div>that </div><div id="a2538" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:524.63px;">regulatory authorities might impose on<div style="display:inline-block;width:0.8px">&#160;</div>UBS, due to<div style="display:inline-block;width:1.02px">&#160;</div>litigation, contractual claims and<div style="display:inline-block;width:1.16px">&#160;</div>regulatory investigations, including the potential for<div style="display:inline-block;width:0.79px">&#160;</div>disqualification<div style="display:inline-block;width:0px;margin-left:-0.03px">&#160;</div>from </div><div id="a2540" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:535.83px;">certain businesses, potentially large<div style="display:inline-block;width:1.28px">&#160;</div>fines or monetary<div style="display:inline-block;width:1.28px">&#160;</div>penalties, or the<div style="display:inline-block;width:1.25px">&#160;</div>loss of licenses<div style="display:inline-block;width:1.14px">&#160;</div>or privileges as<div style="display:inline-block;width:1.23px">&#160;</div>a result of<div style="display:inline-block;width:1.26px">&#160;</div>regulatory or other governmental<div style="display:inline-block;width:0.18px">&#160;</div>sanctions,<div style="display:inline-block;width:0.77px">&#160;</div>as </div><div id="a2544" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:547.19px;">well as the effect that litigation, regulatory and similar matters have on the<div style="display:inline-block;width:1.28px">&#160;</div>operational risk component of our RWA, including as a result of its acquisition of </div><div id="a2548" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:558.55px;">Credit Suisse, as well as the amount of capital available for return to<div style="display:inline-block;width:4.11px">&#160;</div>shareholders; (xiii) the effects on<div style="display:inline-block;width:4.11px">&#160;</div>UBS&#8217;s business, in particular cross-border<div style="display:inline-block;width:4.15px">&#160;</div>banking, of </div><div id="a2553" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:569.91px;">sanctions, tax<div style="display:inline-block;width:4.76px">&#160;</div>or regulatory<div style="display:inline-block;width:4.97px">&#160;</div>developments and<div style="display:inline-block;width:4.67px">&#160;</div>of possible<div style="display:inline-block;width:4.77px">&#160;</div>changes in<div style="display:inline-block;width:4.55px">&#160;</div>UBS&#8217;s policies<div style="display:inline-block;width:4.74px">&#160;</div>and practices;<div style="display:inline-block;width:4.62px">&#160;</div>(xiv) UBS&#8217;s ability<div style="display:inline-block;width:5.04px">&#160;</div>to retain<div style="display:inline-block;width:4.67px">&#160;</div>and attract<div style="display:inline-block;width:4.59px">&#160;</div>the employees </div><div id="a2557" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:581.27px;">necessary to generate<div style="display:inline-block;width:1.4px">&#160;</div>revenues and to manage,<div style="display:inline-block;width:1px">&#160;</div>support and control its<div style="display:inline-block;width:1.21px">&#160;</div>businesses, which may<div style="display:inline-block;width:1.27px">&#160;</div>be affected by competitive<div style="display:inline-block;width:0px;margin-left:-0.07px">&#160;</div>factors;<div style="display:inline-block;width:1.02px">&#160;</div>(xv) changes<div style="display:inline-block;width:0.35px">&#160;</div>in accounting<div style="display:inline-block;width:0px;margin-left:-0.38px">&#160;</div>or </div><div id="a2561" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:592.63px;">tax standards or policies,<div style="display:inline-block;width:1.12px">&#160;</div>and determinations or interpretations affecting the<div style="display:inline-block;width:1.07px">&#160;</div>recognition of gain or<div style="display:inline-block;width:1.23px">&#160;</div>loss, the valuation<div style="display:inline-block;width:1.36px">&#160;</div>of goodwill, the recognition of<div style="display:inline-block;width:0.95px">&#160;</div>deferred </div><div id="a2564" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:603.83px;">tax assets and<div style="display:inline-block;width:1.02px">&#160;</div>other matters; (xvi) UBS&#8217;s ability<div style="display:inline-block;width:1.42px">&#160;</div>to implement new<div style="display:inline-block;width:1.32px">&#160;</div>technologies and business<div style="display:inline-block;width:1.4px">&#160;</div>methods, including digital services<div style="display:inline-block;width:1.24px">&#160;</div>and technologies,<div style="display:inline-block;width:0px;margin-left:-0.43px">&#160;</div>and ability<div style="display:inline-block;width:0px;margin-left:-0.19px">&#160;</div>to </div><div id="a2568" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:615.21px;">successfully compete with both existing and new financial service providers, some<div style="display:inline-block;width:1.38px">&#160;</div>of which may not be regulated to the<div style="display:inline-block;width:1.27px">&#160;</div>same extent; (xvii) limitations on the </div><div id="a2572" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:626.57px;">effectiveness of UBS&#8217;s<div style="display:inline-block;width:1.42px">&#160;</div>internal<div style="display:inline-block;width:2.25px">&#160;</div>processes for risk management,<div style="display:inline-block;width:1.28px">&#160;</div>risk control, measurement and modeling,<div style="display:inline-block;width:0.89px">&#160;</div>and of<div style="display:inline-block;width:0.59px">&#160;</div>financial<div style="display:inline-block;width:0.73px">&#160;</div>models<div style="display:inline-block;width:1.2px">&#160;</div>generally;<div style="display:inline-block;width:0.66px">&#160;</div>(xviii) the<div style="display:inline-block;width:0.56px">&#160;</div>occurrence </div><div id="a2576" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:637.93px;">of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is </div><div id="a2578" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:649.29px;">increased with cyberattack threats from both nation states and non-nation<div style="display:inline-block;width:1.51px">&#160;</div>-state actors targeting financial institutions; (xix) restrictions on the ability of UBS </div><div id="a2585" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:660.65px;">Group AG to make<div style="display:inline-block;width:1.39px">&#160;</div>payments or distributions, including due to<div style="display:inline-block;width:1.24px">&#160;</div>restrictions on the ability of<div style="display:inline-block;width:1.15px">&#160;</div>its subsidiaries to make<div style="display:inline-block;width:1.31px">&#160;</div>loans or distributions, directly or indirectly, </div><div id="a2587" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:671.85px;">or, in the case of financial difficulties, due<div style="display:inline-block;width:1.19px">&#160;</div>to the exercise by FINMA<div style="display:inline-block;width:1.16px">&#160;</div>or the regulators of UBS&#8217;s<div style="display:inline-block;width:1.34px">&#160;</div>operations in other countries of their<div style="display:inline-block;width:1.29px">&#160;</div>broad statutory powers in </div><div id="a2590" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:683.21px;">relation to protective measures, restructuring and liquidation proceedings; (xx) the degree to which changes in regulation, capital or<div style="display:inline-block;width:1.26px">&#160;</div>legal structure, financial </div><div id="a2593" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:694.57px;">results or other factors<div style="display:inline-block;width:0.99px">&#160;</div>may affect UBS&#8217;s<div style="display:inline-block;width:1.42px">&#160;</div>ability to maintain its<div style="display:inline-block;width:0.94px">&#160;</div>stated capital<div style="display:inline-block;width:1.87px">&#160;</div>return objective; (xxi) uncertainty over<div style="display:inline-block;width:1.29px">&#160;</div>the scope of<div style="display:inline-block;width:1.07px">&#160;</div>actions that<div style="display:inline-block;width:1.12px">&#160;</div>may be<div style="display:inline-block;width:0.5px">&#160;</div>required<div style="display:inline-block;width:1.24px">&#160;</div>by </div><div id="a2597" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:705.93px;">UBS, governments and<div style="display:inline-block;width:4.14px">&#160;</div>others for UBS<div style="display:inline-block;width:4.41px">&#160;</div>to achieve goals<div style="display:inline-block;width:4.2px">&#160;</div>relating to climate,<div style="display:inline-block;width:4.82px">&#160;</div>environmental and<div style="display:inline-block;width:4.32px">&#160;</div>social matters, as<div style="display:inline-block;width:4.29px">&#160;</div>well as the evolving<div style="display:inline-block;width:4.81px">&#160;</div>nature of underlying </div><div id="a2599" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:717.29px;">science and industry and the<div style="display:inline-block;width:1.23px">&#160;</div>possibility of conflict between different governmental<div style="display:inline-block;width:1.4px">&#160;</div>standards and regulatory regimes; (xxii) the ability<div style="display:inline-block;width:1.33px">&#160;</div>of UBS to access<div style="display:inline-block;width:1.21px">&#160;</div>capital </div><div id="a2602" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:728.65px;">markets; (xxiii) the ability of UBS to successfully recover from a disaster or other business continuity<div style="display:inline-block;width:4.46px">&#160;</div>problem due to a hurricane, flood, earthquake, terrorist </div><div id="a2604" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:739.85px;">attack, war, conflict (e.g., the Russia&#8211;Ukraine war), pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-</div><div id="a2608" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:751.21px;">made event, including the<div style="display:inline-block;width:0.95px">&#160;</div>ability to function remotely<div style="display:inline-block;width:1.2px">&#160;</div>during long-term disruptions such<div style="display:inline-block;width:1.37px">&#160;</div>as the COVID-19<div style="display:inline-block;width:1.08px">&#160;</div>(coronavirus) pandemic; (xxiv) the level<div style="display:inline-block;width:0.96px">&#160;</div>of success<div style="display:inline-block;width:1.24px">&#160;</div>in </div><div id="a2614" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:762.57px;">the absorption of<div style="display:inline-block;width:1.39px">&#160;</div>Credit Suisse, in<div style="display:inline-block;width:1.24px">&#160;</div>the integration of<div style="display:inline-block;width:1.42px">&#160;</div>the two groups<div style="display:inline-block;width:1.36px">&#160;</div>and their businesses,<div style="display:inline-block;width:1.29px">&#160;</div>and in the<div style="display:inline-block;width:1.15px">&#160;</div>execution of the<div style="display:inline-block;width:1.18px">&#160;</div>planned<div style="display:inline-block;width:1.41px">&#160;</div>strategy<div style="display:inline-block;width:0.95px">&#160;</div>regarding<div style="display:inline-block;width:1.2px">&#160;</div>cost reduction </div><div id="a2617" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:773.93px;">and divestment of any non-core assets, the existing assets and liabilities currently<div style="display:inline-block;width:4.53px">&#160;</div>existing in the Credit Suisse Group, the level of resulting impairments<div style="display:inline-block;width:4.73px">&#160;</div>and </div><div id="a2621" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:785.29px;">write-downs, the effect of<div style="display:inline-block;width:1.11px">&#160;</div>the consummation of the<div style="display:inline-block;width:0.99px">&#160;</div>integration on the<div style="display:inline-block;width:1.29px">&#160;</div>operational results, share price and<div style="display:inline-block;width:0.94px">&#160;</div>credit rating of UBS<div style="display:inline-block;width:0.89px">&#160;</div>&#8211; delays,<div style="display:inline-block;width:0.14px">&#160;</div>difficulties,<div style="display:inline-block;width:0.52px">&#160;</div>or failure<div style="display:inline-block;width:0.07px">&#160;</div>in </div><div id="a2628" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:796.65px;">closing the transaction may<div style="display:inline-block;width:1.05px">&#160;</div>cause market disruption and<div style="display:inline-block;width:0.95px">&#160;</div>challenges for UBS<div style="display:inline-block;width:1.33px">&#160;</div>to maintain business,<div style="display:inline-block;width:1.41px">&#160;</div>contractual and<div style="display:inline-block;width:1.38px">&#160;</div>operational<div style="display:inline-block;width:0.61px">&#160;</div>relationships;<div style="display:inline-block;width:0.34px">&#160;</div>and (xxv)<div style="display:inline-block;width:0.81px">&#160;</div>the<div style="display:inline-block;width:1.42px">&#160;</div>effect </div><div id="a2632" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:807.85px;">that these or<div style="display:inline-block;width:1.21px">&#160;</div>other factors or<div style="display:inline-block;width:1.3px">&#160;</div>unanticipated events, including media<div style="display:inline-block;width:1.35px">&#160;</div>reports and speculations, may<div style="display:inline-block;width:1.15px">&#160;</div>have on<div style="display:inline-block;width:0.93px">&#160;</div>our reputation<div style="display:inline-block;width:0px;margin-left:-0.38px">&#160;</div>and the<div style="display:inline-block;width:0.53px">&#160;</div>additional<div style="display:inline-block;width:0.66px">&#160;</div>consequences<div style="display:inline-block;width:0.21px">&#160;</div>that </div><div id="a2636" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:819.21px;">this may have<div style="display:inline-block;width:1.18px">&#160;</div>on our business<div style="display:inline-block;width:1.18px">&#160;</div>and performance. The sequence<div style="display:inline-block;width:1.12px">&#160;</div>in which the<div style="display:inline-block;width:1.23px">&#160;</div>factors above are presented is<div style="display:inline-block;width:0.79px">&#160;</div>not indicative of<div style="display:inline-block;width:1.25px">&#160;</div>their likelihood<div style="display:inline-block;width:0.03px">&#160;</div>of occurrence<div style="display:inline-block;width:0px;margin-left:-0.24px">&#160;</div>or the </div><div id="a2638" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:830.57px;">potential magnitude of their<div style="display:inline-block;width:1.34px">&#160;</div>consequences. Our business and<div style="display:inline-block;width:1.11px">&#160;</div>financial performance could be affected<div style="display:inline-block;width:1.29px">&#160;</div>by other factors identified<div style="display:inline-block;width:1.36px">&#160;</div>in our past<div style="display:inline-block;width:1.19px">&#160;</div>and future filings </div><div id="a2640" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:841.93px;">and reports, including those<div style="display:inline-block;width:4.15px">&#160;</div>filed with the US Securities and Exchange<div style="display:inline-block;width:4.45px">&#160;</div>Commission (the SEC). More<div style="display:inline-block;width:4.09px">&#160;</div>detailed information about those<div style="display:inline-block;width:4.15px">&#160;</div>factors is set forth in </div><div id="a2642" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:853.29px;">documents furnished by UBS and<div style="display:inline-block;width:1.15px">&#160;</div>filings made by UBS<div style="display:inline-block;width:1.33px">&#160;</div>with the SEC, including the<div style="display:inline-block;width:1.26px">&#160;</div>Annual Report on Form 20-F for<div style="display:inline-block;width:1.12px">&#160;</div>the year ended 31 December 2022.<div style="display:inline-block;width:1.42px">&#160;</div>UBS is </div><div id="a2648" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:864.69px;">not under any<div style="display:inline-block;width:1.42px">&#160;</div>obligation to (and<div style="display:inline-block;width:1.42px">&#160;</div>expressly disclaims any obligation to)<div style="display:inline-block;width:0.97px">&#160;</div>update or alter<div style="display:inline-block;width:1.32px">&#160;</div>its forward-looking statements, whether as<div style="display:inline-block;width:1.24px">&#160;</div>a result of<div style="display:inline-block;width:1.26px">&#160;</div>new information, </div><div id="a2651" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:9.92px;left:68px;top:876.05px;">future events, or otherwise. </div></div>
</div>
<div style="padding: 7px">
<div id="Page30" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div style="position:absolute; width:207.3px; height:1px; left:407px; top:296.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:208.9px; height:1px; left:407px; top:398.1px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:207.3px; height:1px; left:407px; top:549.7px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:208.9px; height:1px; left:407px; top:650.9px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:206.8px; height:1px; left:407px; top:802.6px; background-color:#000000; ">&#160;</div>
<div style="position:absolute; width:207.6px; height:1px; left:407px; top:886.9px; background-color:#000000; ">&#160;</div>
<div id="a2657" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:bold;left:349.19px;top:113.79px;">SIGNATURES</div><div id="a2660" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:142.59px;top:147.54px;">Pursuant to the requirements of the Securities<div style="display:inline-block;width:5.23px">&#160;</div>Exchange Act of 1934, the registrants<div style="display:inline-block;width:5.24px">&#160;</div>have duly </div><div id="a2662" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:94.59px;top:164.34px;">caused this report to be signed on their behalf<div style="display:inline-block;width:5.2px">&#160;</div>by the undersigned, thereunto duly<div style="display:inline-block;width:5.14px">&#160;</div>authorized. </div><div id="a2666" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:214.9px;">UBS Group AG </div><div id="a2671" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:282.42px;">By:<div style="display:inline-block;width:7.44px">&#160;</div>/s/ David Kelly<div style="display:inline-block;width:114.43px">&#160;</div></div><div id="a2674" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;color:#FFFFFF;left:614.69px;top:282.42px;">_ </div><div id="a2676" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:299.22px;">Name:<div style="display:inline-block;width:7.43px">&#160;</div>David Kelly </div><div id="a2678" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:316.02px;">Title:<div style="display:inline-block;width:15.37px">&#160;</div>Managing Director<div style="display:inline-block;width:4.48px">&#160;</div></div><div id="a2683" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:383.58px;">By:<div style="display:inline-block;width:7.44px">&#160;</div>/s/ Ella Campi<div style="display:inline-block;width:121.72px">&#160;</div></div><div id="a2687" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;color:#FFFFFF;left:616.29px;top:383.58px;">_</div><div id="a2689" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:400.38px;">Name:<div style="display:inline-block;width:7.43px">&#160;</div>Ella Campi </div><div id="a2691" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:417.18px;">Title:<div style="display:inline-block;width:15.37px">&#160;</div>Executive Director </div><div id="a2695" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:467.9px;">UBS AG </div><div id="a2700" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:535.26px;">By:<div style="display:inline-block;width:7.44px">&#160;</div>/s/ David Kelly<div style="display:inline-block;width:114.43px">&#160;</div></div><div id="a2703" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;color:#FFFFFF;left:614.69px;top:535.26px;">_ </div><div id="a2705" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:552.22px;">Name:<div style="display:inline-block;width:7.43px">&#160;</div>David Kelly </div><div id="a2707" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:569.02px;">Title:<div style="display:inline-block;width:15.37px">&#160;</div>Managing Director<div style="display:inline-block;width:4.48px">&#160;</div></div><div id="a2712" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:636.41px;">By:<div style="display:inline-block;width:7.44px">&#160;</div>/s/ Ella Campi<div style="display:inline-block;width:121.69px">&#160;</div></div><div id="a2715" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;color:#FFFFFF;left:616.29px;top:636.41px;">_</div><div id="a2717" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:653.21px;">Name:<div style="display:inline-block;width:7.43px">&#160;</div>Ella Campi </div><div id="a2719" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:670.17px;">Title:<div style="display:inline-block;width:15.37px">&#160;</div>Executive Director </div><div id="a2724" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:737.53px;">Credit Suisse AG </div><div id="a2730" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:788.09px;">By:<div style="display:inline-block;width:7.44px">&#160;</div>/s/ Ulrich K&#246;rner<div style="display:inline-block;width:103.45px">&#160;</div></div><div id="a2733" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;color:#FFFFFF;left:614.21px;top:788.09px;">_____</div><div id="a2735" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:805.05px;">Name:<div style="display:inline-block;width:7.46px">&#160;</div>Ulrich K&#246;rner </div><div id="a2738" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:821.85px;">Title:<div style="display:inline-block;width:15.37px">&#160;</div>Chief Executive Officer </div><div id="a2742" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:872.45px;">By:<div style="display:inline-block;width:7.44px">&#160;</div>/s/<div style="display:inline-block;width:11.04px">&#160;</div>Simon Grimwood<div style="display:inline-block;width:74.2px">&#160;</div></div><div id="a2746" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;color:#FFFFFF;left:615.01px;top:872.45px;">_ </div><div id="a2748" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:889.41px;">Name:<div style="display:inline-block;width:7.46px">&#160;</div>Simon Grimwood </div><div id="a2751" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:382.63px;top:906.21px;">Title:<div style="display:inline-block;width:15.37px">&#160;</div>Chief Financial Officer </div><div id="a2754" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.56px;font-weight:normal;left:94.59px;top:939.97px;">Date:<div style="display:inline-block;width:7.5px">&#160;</div>September 1, 2023</div></div>
</div>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
