<SEC-DOCUMENT>0001610520-23-000176.txt : 20231108
<SEC-HEADER>0001610520-23-000176.hdr.sgml : 20231108
<ACCEPTANCE-DATETIME>20231108111607
ACCESSION NUMBER:		0001610520-23-000176
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230930
FILED AS OF DATE:		20231108
DATE AS OF CHANGE:		20231108

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:		231386638

	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:		231386639

	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:		231386640

	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>investorpreso20231108.htm
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<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:14.72px;font-weight:normal;left:323.75px;top:220.36px;">Washington, D.C. 20549 </div><div id="a9" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:334.63px;top:237.16px;">_________________ </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:14.72px;font-weight:bold;left:321.51px;top:418.16px;">Date: November 8, 2023 </div><div id="a32" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:322.31px;top:452.08px;">UBS Group AG </div><div id="a34" 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="a36" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:264.55px;top:492.56px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a38" 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="a40" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:287.91px;top:524.72px;">Commission File Number: 1-36764 </div><div id="a45" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:356.23px;top:558.64px;">UBS AG</div><div id="a47" 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="a49" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:264.55px;top:599.12px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a51" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:267.27px;top:615.94px;">Aeschenvorstadt 1, 4051 Basel, Switzerland<div style="display:inline-block;width:2.75px">&#160;</div></div><div id="a54" 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="a56" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:287.91px;top:648.1px;">Commission File Number: 1-15060</div><div id="a59" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:505.85px;top:641.39px;"><div style="display:inline-block;width:5.44px">&#160;</div></div><div id="a62" 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Roman&apos;;font-size:14.72px;font-weight:normal;left:109.31px;top:820.58px;">Indicate by check mark whether the registrants file or will file annual<div style="display:inline-block;width:2.26px">&#160;</div>reports under cover of Form </div><div id="a79" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:339.91px;top:837.54px;">20-F or Form 40-</div><div id="a83" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:442.33px;top:837.54px;">F. </div><div id="a86" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:252.51px;top:884.14px;">Form 20-F<div style="display:inline-block;width:7.21px">&#160;</div></div><div id="a89" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:29.28px;font-weight:normal;left:323.11px;top:870.86px;">&#9746;</div><div id="a90" 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<div id="a98" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:113.64px;">This Form 6-K consists of the transcripts of the 3Q23 Earnings call remarks<div style="display:inline-block;width:2.2px">&#160;</div>and Analyst Q&amp;A, which </div><div id="a101" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:130.44px;">appear immediately following this page.</div></div>
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<div id="a104" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">1 </div><div id="a106" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:48px;left:68px;top:77.26px;">Third quarter 2023 results<div style="display:inline-block;width:14.79px">&#160;</div></div><div id="a112" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:150.01px;">7 November 2023 </div><div id="a115" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:192.09px;">Speeches by </div><div id="a119" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:171.23px;top:192.09px;">Sergio P.<div style="display:inline-block;width:7.72px">&#160;</div>Ermotti</div><div id="a120" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:302.95px;top:192.09px;">, Group Chief Executive Officer,<div style="display:inline-block;width:7.32px">&#160;</div>and </div><div id="a131" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:596.25px;top:192.09px;">Todd<div style="display:inline-block;width:7.56px">&#160;</div>Tuckner</div><div id="a132" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:705.09px;top:192.09px;">, </div><div id="a133" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:213.21px;">Group Chief Financial<div style="display:inline-block;width:3.21px">&#160;</div>Officer </div><div id="a142" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:251.29px;">Including analyst<div style="display:inline-block;width:3.64px">&#160;</div>Q&amp;A session </div><div id="a145" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:289.62px;">Transcript.</div><div id="a147" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:306.58px;">Numbers for slides refer to the third quarter 2023 results presentation.<div style="display:inline-block;width:2.23px">&#160;</div>Materials and a webcast </div><div id="a155" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:323.7px;">replay are available at </div><div id="a156" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;color:#0000FF;left:223.87px;top:323.7px;">www.ubs.com/investors</div><div id="a157" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:391.11px;top:323.7px;"><div style="display:inline-block;width:4px">&#160;</div></div><div id="a161" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:381.41px;">Sergio P.<div style="display:inline-block;width:7.24px">&#160;</div>Ermotti </div><div id="a164" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:430.76px;">Slide 3 &#8211; 3Q23 key achievements </div><div id="a170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:472.52px;">Thank you, Sarah and good morning, everyone. 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style="display:inline-block;width:5.4px">&#160;</div>insufficient<div style="display:inline-block;width:5.26px">&#160;</div>capital or<div style="display:inline-block;width:6.54px">&#160;</div>liquidity </div><div id="a200" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:836.54px;">requirements.<div style="display:inline-block;width:4.01px">&#160;</div></div><div id="a202" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:871.3px;">Rather,<div style="display:inline-block;width:6.42px">&#160;</div>the reports<div style="display:inline-block;width:6.7px">&#160;</div>emphasized sustainable<div style="display:inline-block;width:5.9px">&#160;</div>business models,<div style="display:inline-block;width:6.24px">&#160;</div>risk-adjusted profitability,<div style="display:inline-block;width:7.38px">&#160;</div>and importantly,<div style="display:inline-block;width:7.54px">&#160;</div>the </div><div id="a206" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:888.58px;">critical role<div style="display:inline-block;width:2.23px">&#160;</div>of robust<div style="display:inline-block;width:2.11px">&#160;</div>risk management<div style="display:inline-block;width:1.55px">&#160;</div>cultures and<div style="display:inline-block;width:1.91px">&#160;</div>effective governance.<div style="display:inline-block;width:1.49px">&#160;</div>We take<div style="display:inline-block;width:2.04px">&#160;</div>comfort in<div style="display:inline-block;width:1.9px">&#160;</div>these conclusions, </div><div id="a207" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:905.86px;">as they<div style="display:inline-block;width:5.28px">&#160;</div>have been<div style="display:inline-block;width:5.39px">&#160;</div>and remain<div style="display:inline-block;width:5.47px">&#160;</div>core principles of<div style="display:inline-block;width:5.93px">&#160;</div>UBS. Today,<div style="display:inline-block;width:8.14px">&#160;</div>we are<div style="display:inline-block;width:5.5px">&#160;</div>positioning UBS to<div style="display:inline-block;width:5.82px">&#160;</div>be an<div style="display:inline-block;width:5.39px">&#160;</div>even stronger </div><div id="a208" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:923.3px;">and safer global financial institution. It is for this reason that we remain confident the acquisition will allow us </div><div id="a210" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:940.58px;">to deliver significant<div style="display:inline-block;width:2.25px">&#160;</div>value for all<div style="display:inline-block;width:2.38px">&#160;</div>of our stakeholders,<div style="display:inline-block;width:2.2px">&#160;</div>notwithstanding potential<div style="display:inline-block;width:2.35px">&#160;</div>macroeconomic or geopolitical </div><div id="a211" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:957.86px;">challenges. </div></div>
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<div id="a216" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">2 </div><div id="a218" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 4 &#8211; Strong progress amid challenging market conditions </div><div id="a224" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Briefly summarizing<div style="display:inline-block;width:1.39px">&#160;</div>our results<div style="display:inline-block;width:1.98px">&#160;</div>this quarter. Our<div style="display:inline-block;width:1.94px">&#160;</div>strong underlying<div style="display:inline-block;width:1.65px">&#160;</div>performance<div style="display:inline-block;width:2.54px">&#160;</div>was driven<div style="display:inline-block;width:1.77px">&#160;</div>by positive<div style="display:inline-block;width:1.59px">&#160;</div>operating </div><div id="a225" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">leverage<div style="display:inline-block;width:6.42px">&#160;</div>at<div style="display:inline-block;width:6.51px">&#160;</div>the<div style="display:inline-block;width:6.36px">&#160;</div>Group<div style="display:inline-block;width:6.55px">&#160;</div>level.<div style="display:inline-block;width:6.46px">&#160;</div>GWM,<div style="display:inline-block;width:6.35px">&#160;</div>P&amp;C<div style="display:inline-block;width:6.34px">&#160;</div>and<div style="display:inline-block;width:6.42px">&#160;</div>Asset<div style="display:inline-block;width:6.32px">&#160;</div>Management<div style="display:inline-block;width:6.29px">&#160;</div>all<div style="display:inline-block;width:6.38px">&#160;</div>delivered<div style="display:inline-block;width:6.44px">&#160;</div>underlying<div style="display:inline-block;width:6.21px">&#160;</div>PBT<div style="display:inline-block;width:6.41px">&#160;</div>growth.<div style="display:inline-block;width:6.44px">&#160;</div>IB </div><div id="a226" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">performance was<div style="display:inline-block;width:2.39px">&#160;</div>impacted by<div style="display:inline-block;width:2.47px">&#160;</div>market conditions<div style="display:inline-block;width:2.44px">&#160;</div>that were unfavorable<div style="display:inline-block;width:1.98px">&#160;</div>to our business<div style="display:inline-block;width:1.85px">&#160;</div>model and<div style="display:inline-block;width:2.55px">&#160;</div>investments </div><div id="a228" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">we expect to be accretive in future quarters.<div style="display:inline-block;width:3.09px">&#160;</div></div><div id="a230" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">Our capital<div style="display:inline-block;width:5.5px">&#160;</div>position remained<div style="display:inline-block;width:5.39px">&#160;</div>strong with<div style="display:inline-block;width:5.63px">&#160;</div>a CET1<div style="display:inline-block;width:5.59px">&#160;</div>ratio of<div style="display:inline-block;width:5.47px">&#160;</div>14.4% and<div style="display:inline-block;width:5.34px">&#160;</div>total loss-absorbing<div style="display:inline-block;width:5.27px">&#160;</div>capacity of<div style="display:inline-block;width:5.33px">&#160;</div>nearly </div><div id="a233" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">200 billion. We achieved<div style="display:inline-block;width:5.53px">&#160;</div>this result while<div style="display:inline-block;width:5.25px">&#160;</div>incurring 2 billion in integration-related<div style="display:inline-block;width:5.37px">&#160;</div>expenses and making good </div><div id="a237" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">progress running down non-core assets.<div style="display:inline-block;width:3.28px">&#160;</div></div><div id="a241" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">Despite our reported loss<div style="display:inline-block;width:2.18px">&#160;</div>in the quarter, we incurred over 500<div style="display:inline-block;width:2.3px">&#160;</div>million in tax expense,<div style="display:inline-block;width:2.04px">&#160;</div>and paid over 200<div style="display:inline-block;width:2.11px">&#160;</div>million </div><div id="a242" 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<div id="a321" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">3 </div><div id="a323" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 7 &#8211; Accelerating the run-down of Non-core and<div style="display:inline-block;width:2.55px">&#160;</div>Legacy assets </div><div id="a334" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">In Non-core and Legacy,<div style="display:inline-block;width:5.34px">&#160;</div>we also made strong progress this quarter.<div style="display:inline-block;width:5.41px">&#160;</div>80% of the sequential reduction in NCL&#8217;s </div><div id="a337" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">credit<div style="display:inline-block;width:5.67px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>market<div style="display:inline-block;width:5.29px">&#160;</div>risk<div style="display:inline-block;width:5.42px">&#160;</div>risk<div style="display:inline-block;width:5.26px">&#160;</div>weighted<div style="display:inline-block;width:5.42px">&#160;</div>assets<div style="display:inline-block;width:5.27px">&#160;</div>was<div style="display:inline-block;width:5.33px">&#160;</div>driven<div style="display:inline-block;width:5.47px">&#160;</div>by<div style="display:inline-block;width:5.44px">&#160;</div>actively<div style="display:inline-block;width:5.51px">&#160;</div>running down<div style="display:inline-block;width:6.51px">&#160;</div>positions,<div style="display:inline-block;width:5.42px">&#160;</div>executed above </div><div id="a339" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">marks. 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As<div style="display:inline-block;width:5.78px">&#160;</div>a </div><div id="a365" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">function of the natural decay across the portfolio, we expect<div style="display:inline-block;width:5.26px">&#160;</div>a reduction of around 50% by the<div style="display:inline-block;width:5.29px">&#160;</div>end of 2026. </div><div id="a366" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Todd<div style="display:inline-block;width:5.43px">&#160;</div>will take you through this in more detail. </div><div id="a369" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">Slide 8 &#8211; Integration planning and execution well<div style="display:inline-block;width:2.48px">&#160;</div>underway<div style="display:inline-block;width:7.32px">&#160;</div></div><div id="a375" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">Returning to the integration, let me reiterate that<div style="display:inline-block;width:5.25px">&#160;</div>the complexity is not just from<div style="display:inline-block;width:5.35px">&#160;</div>managing two G-SIFI banks. </div><div id="a378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">Our<div style="display:inline-block;width:7.71px">&#160;</div>immediate<div style="display:inline-block;width:7.53px">&#160;</div>priority<div style="display:inline-block;width:7.69px">&#160;</div>since<div style="display:inline-block;width:7.71px">&#160;</div>the<div style="display:inline-block;width:7.8px">&#160;</div>transaction<div style="display:inline-block;width:7.43px">&#160;</div>was<div style="display:inline-block;width:7.57px">&#160;</div>announced<div style="display:inline-block;width:7.57px">&#160;</div>and<div style="display:inline-block;width:7.7px">&#160;</div>closed<div style="display:inline-block;width:7.81px">&#160;</div>had<div style="display:inline-block;width:7.7px">&#160;</div>to<div style="display:inline-block;width:7.8px">&#160;</div>be<div style="display:inline-block;width:7.69px">&#160;</div>on<div style="display:inline-block;width:7.86px">&#160;</div>stabilizing<div style="display:inline-block;width:7.42px">&#160;</div>and </div><div id="a381" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">restructuring Credit Suisse. 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<div id="a402" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">4 </div><div id="a404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 9 &#8211; Working towards ~15% RoCET1 </div><div id="a409" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">As we continue<div style="display:inline-block;width:2.4px">&#160;</div>to progress our plan,<div style="display:inline-block;width:2.49px">&#160;</div>the main focus<div style="display:inline-block;width:2.33px">&#160;</div>has been on<div style="display:inline-block;width:2.42px">&#160;</div>delivering synergies for<div style="display:inline-block;width:2.28px">&#160;</div>the combined Group. </div><div id="a411" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">We remain confident that the<div style="display:inline-block;width:5.51px">&#160;</div>2026 goals that we presented last<div style="display:inline-block;width:5.62px">&#160;</div>quarter are achievable. 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<div id="a439" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">5 </div><div id="a441" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Todd<div style="display:inline-block;width:6.76px">&#160;</div>Tuckner </div><div id="a444" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:124.96px;">Slide 11 &#8211; Update on reporting charges </div><div id="a450" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.28px;">Thank you and good morning everyone. As<div style="display:inline-block;width:5.38px">&#160;</div>Sergio highlighted, we are executing on<div style="display:inline-block;width:5.46px">&#160;</div>our plans at pace. In<div style="display:inline-block;width:5.29px">&#160;</div>our </div><div id="a451" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:178.72px;">first<div style="display:inline-block;width:5.65px">&#160;</div>full<div style="display:inline-block;width:5.7px">&#160;</div>quarter<div style="display:inline-block;width:5.63px">&#160;</div>since<div style="display:inline-block;width:5.63px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>Credit<div style="display:inline-block;width:5.89px">&#160;</div>Suisse<div style="display:inline-block;width:5.6px">&#160;</div>acquisition, we&#8217;ve<div style="display:inline-block;width:6.9px">&#160;</div>delivered<div style="display:inline-block;width:5.8px">&#160;</div>underlying<div style="display:inline-block;width:5.25px">&#160;</div>profitability<div style="display:inline-block;width:5.81px">&#160;</div>and<div style="display:inline-block;width:5.62px">&#160;</div>maintained </div><div id="a452" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196px;">strong client momentum with impressive net new money inflows in Global Wealth Management and net new </div><div id="a455" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:213.28px;">deposit growth in our Swiss franchise.<div style="display:inline-block;width:2.88px">&#160;</div></div><div id="a457" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248px;">We<div style="display:inline-block;width:5.37px">&#160;</div>also made<div style="display:inline-block;width:6.17px">&#160;</div>substantial progress<div style="display:inline-block;width:6.36px">&#160;</div>in de-risking<div style="display:inline-block;width:6.12px">&#160;</div>our Non-core<div style="display:inline-block;width:6.2px">&#160;</div>and Legacy<div style="display:inline-block;width:6.17px">&#160;</div>portfolio, reinforcing<div style="display:inline-block;width:6.19px">&#160;</div>our balance </div><div id="a462" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.28px;">sheet for all seasons. </div><div id="a464" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:300px;">Before I move on to discussing details of our financial performance, let me describe the reporting changes we </div><div id="a466" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:317.28px;">implemented this quarter and the ones we<div style="display:inline-block;width:2.55px">&#160;</div>expect to introduce soon. </div><div id="a468" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352px;">Today,<div style="display:inline-block;width:8.87px">&#160;</div>for<div style="display:inline-block;width:5.99px">&#160;</div>the<div style="display:inline-block;width:6.04px">&#160;</div>first<div style="display:inline-block;width:5.97px">&#160;</div>time<div style="display:inline-block;width:6.05px">&#160;</div>we&#8217;re<div style="display:inline-block;width:6.14px">&#160;</div>presenting<div style="display:inline-block;width:6.15px">&#160;</div>the<div style="display:inline-block;width:6.04px">&#160;</div>results<div style="display:inline-block;width:6.08px">&#160;</div>of<div style="display:inline-block;width:6.04px">&#160;</div>our<div style="display:inline-block;width:6.05px">&#160;</div>performance<div style="display:inline-block;width:5.9px">&#160;</div>segments<div style="display:inline-block;width:5.76px">&#160;</div>on<div style="display:inline-block;width:6.1px">&#160;</div>a<div style="display:inline-block;width:6.08px">&#160;</div>combined<div style="display:inline-block;width:5.81px">&#160;</div>basis, </div><div id="a470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:369.32px;">reflecting<div style="display:inline-block;width:5.54px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>way we&#8217;re<div style="display:inline-block;width:6.79px">&#160;</div>managing our<div style="display:inline-block;width:6.68px">&#160;</div>businesses and<div style="display:inline-block;width:6.45px">&#160;</div>engaging with<div style="display:inline-block;width:6.57px">&#160;</div>clients. 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Accordingly, </div><div id="a518" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:646.78px;">in the quarter<div style="display:inline-block;width:1.85px">&#160;</div>and going forward,<div style="display:inline-block;width:1.89px">&#160;</div>all sources of<div style="display:inline-block;width:2.02px">&#160;</div>NCL income,<div style="display:inline-block;width:2.38px">&#160;</div>gain or<div style="display:inline-block;width:2.54px">&#160;</div>loss will be<div style="display:inline-block;width:1.93px">&#160;</div>treated as part<div style="display:inline-block;width:2.09px">&#160;</div>of its underlying </div><div id="a520" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.06px;">performance.<div style="display:inline-block;width:3.46px">&#160;</div></div><div id="a522" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:698.78px;">As<div style="display:inline-block;width:5.61px">&#160;</div>last<div style="display:inline-block;width:5.58px">&#160;</div>quarter&#8217;s<div style="display:inline-block;width:5.36px">&#160;</div>disclosed IFRS<div style="display:inline-block;width:6.96px">&#160;</div>results<div style="display:inline-block;width:5.76px">&#160;</div>reflect<div style="display:inline-block;width:5.61px">&#160;</div>only<div style="display:inline-block;width:5.68px">&#160;</div>one<div style="display:inline-block;width:5.46px">&#160;</div>month<div style="display:inline-block;width:5.53px">&#160;</div>of<div style="display:inline-block;width:5.56px">&#160;</div>Credit<div style="display:inline-block;width:5.73px">&#160;</div>Suisse&#8217;s operating<div style="display:inline-block;width:6.87px">&#160;</div>performance, to </div><div id="a523" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:716.06px;">improve comparability, we&#8217;ve prepared estimated underlying results that<div style="display:inline-block;width:2.54px">&#160;</div>reflect all three months of the second </div><div id="a524" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.34px;">quarter. As I go<div style="display:inline-block;width:2.28px">&#160;</div>through my<div style="display:inline-block;width:2.31px">&#160;</div>remarks, unless<div style="display:inline-block;width:2.5px">&#160;</div>otherwise stated,<div style="display:inline-block;width:2.17px">&#160;</div>I will<div style="display:inline-block;width:2.38px">&#160;</div>compare our<div style="display:inline-block;width:2.46px">&#160;</div>underlying third<div style="display:inline-block;width:2.39px">&#160;</div>quarter results </div><div id="a527" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:750.78px;">sequentially to this<div style="display:inline-block;width:5.72px">&#160;</div>estimated performance in<div style="display:inline-block;width:5.58px">&#160;</div>the prior quarter.<div style="display:inline-block;width:6.82px">&#160;</div>We&#8217;ll focus<div style="display:inline-block;width:5.45px">&#160;</div>on sequential developments<div style="display:inline-block;width:5.36px">&#160;</div>until </div><div id="a528" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:768.06px;">the third quarter of 2024, when we&#8217;ll resume<div style="display:inline-block;width:2.99px">&#160;</div>year-over-year commentary. </div><div id="a535" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:802.78px;">Now, on to<div style="display:inline-block;width:5.33px">&#160;</div>our planned changes. 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We intend to introduce </div><div id="a540" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:854.78px;">a growth<div style="display:inline-block;width:6.12px">&#160;</div>target for<div style="display:inline-block;width:5.78px">&#160;</div>net new<div style="display:inline-block;width:5.91px">&#160;</div>money,<div style="display:inline-block;width:6.3px">&#160;</div>plus dividends<div style="display:inline-block;width:5.71px">&#160;</div>and interest,<div style="display:inline-block;width:5.95px">&#160;</div>when we<div style="display:inline-block;width:5.88px">&#160;</div>present our<div style="display:inline-block;width:5.95px">&#160;</div>integration KPIs<div style="display:inline-block;width:5.79px">&#160;</div>and </div><div id="a541" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:872.1px;">targets as part of our fourth quarter results early next<div style="display:inline-block;width:2.45px">&#160;</div>year.<div style="display:inline-block;width:5px">&#160;</div></div><div id="a544" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:906.82px;">Additionally, starting from<div style="display:inline-block;width:2.22px">&#160;</div>the first<div style="display:inline-block;width:2.02px">&#160;</div>quarter of<div style="display:inline-block;width:2px">&#160;</div>2024, we<div style="display:inline-block;width:1.74px">&#160;</div>expect to<div style="display:inline-block;width:2.07px">&#160;</div>push out<div style="display:inline-block;width:1.97px">&#160;</div>to our<div style="display:inline-block;width:2.1px">&#160;</div>business divisions<div style="display:inline-block;width:1.67px">&#160;</div>substantially </div><div id="a545" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.1px;">all balance sheet and P&amp;L<div style="display:inline-block;width:2.32px">&#160;</div>items that were previously retained centrally<div style="display:inline-block;width:2.15px">&#160;</div>in Group Items. The only exceptions<div style="display:inline-block;width:2.05px">&#160;</div>will </div><div id="a546" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:941.38px;">be for group<div style="display:inline-block;width:5.78px">&#160;</div>items that are<div style="display:inline-block;width:5.7px">&#160;</div>not directly<div style="display:inline-block;width:5.31px">&#160;</div>attributable to divisional activities,<div style="display:inline-block;width:5.58px">&#160;</div>including deferred tax<div style="display:inline-block;width:5.3px">&#160;</div>assets, cash </div><div id="a548" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:958.82px;">flow hedges, own<div style="display:inline-block;width:5.76px">&#160;</div>credit and<div style="display:inline-block;width:5.3px">&#160;</div>their associated P&amp;L<div style="display:inline-block;width:5.59px">&#160;</div>effects. Our<div style="display:inline-block;width:5.39px">&#160;</div>business division equity<div style="display:inline-block;width:5.67px">&#160;</div>attribution framework </div><div id="a549" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:976.1px;">will also<div style="display:inline-block;width:2.03px">&#160;</div>reflect these<div style="display:inline-block;width:2.1px">&#160;</div>changes<div style="display:inline-block;width:2.54px">&#160;</div>whereby the<div style="display:inline-block;width:2.11px">&#160;</div>average levels<div style="display:inline-block;width:1.8px">&#160;</div>of equity<div style="display:inline-block;width:1.84px">&#160;</div>across the<div style="display:inline-block;width:2.1px">&#160;</div>business divisions<div style="display:inline-block;width:1.67px">&#160;</div>will more<div style="display:inline-block;width:2px">&#160;</div>closely </div><div id="a551" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:993.38px;">align to our current Group capital targets. </div></div>
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<div id="a556" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">6 </div><div id="a558" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.49px;">Slide 12 &#8211; 3Q23 underlying PBT of 0.8bn, higher<div style="display:inline-block;width:2.54px">&#160;</div>revenues and lower costs QoQ </div><div id="a564" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:112px;">Moving on<div style="display:inline-block;width:6.24px">&#160;</div>to our<div style="display:inline-block;width:6.26px">&#160;</div>financial performance<div style="display:inline-block;width:6.01px">&#160;</div>on Slide<div style="display:inline-block;width:6.34px">&#160;</div>12. The<div style="display:inline-block;width:6.12px">&#160;</div>quarterly profit<div style="display:inline-block;width:6.55px">&#160;</div>before tax<div style="display:inline-block;width:6.29px">&#160;</div>was 844<div style="display:inline-block;width:6.41px">&#160;</div>million, a<div style="display:inline-block;width:6.35px">&#160;</div>1.4 </div><div id="a567" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:129.28px;">billion<div style="display:inline-block;width:5.44px">&#160;</div>increase<div style="display:inline-block;width:5.52px">&#160;</div>from<div style="display:inline-block;width:5.56px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>second<div style="display:inline-block;width:5.58px">&#160;</div>quarter as<div style="display:inline-block;width:6.64px">&#160;</div>we<div style="display:inline-block;width:5.53px">&#160;</div>delivered<div style="display:inline-block;width:5.64px">&#160;</div>strong<div style="display:inline-block;width:5.59px">&#160;</div>positive<div style="display:inline-block;width:5.34px">&#160;</div>operating<div style="display:inline-block;width:5.29px">&#160;</div>leverage<div style="display:inline-block;width:5.3px">&#160;</div>with<div style="display:inline-block;width:5.4px">&#160;</div>0.6<div style="display:inline-block;width:5.39px">&#160;</div>billion </div><div id="a568" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.56px;">higher revenues and 0.5 billion lower operating expenses.<div style="display:inline-block;width:2.14px">&#160;</div></div><div id="a570" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:181.28px;">Additionally, CLE<div style="display:inline-block;width:5.34px">&#160;</div>declined by 0.4 billion sequentially to 0.3 billion,<div style="display:inline-block;width:5.25px">&#160;</div>which mainly related to Credit<div style="display:inline-block;width:5.26px">&#160;</div>Suisse loans </div><div id="a572" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.56px;">within P&amp;C and NCL,<div style="display:inline-block;width:2.52px">&#160;</div>which I cover later in<div style="display:inline-block;width:2.35px">&#160;</div>more detail. By comparison,<div style="display:inline-block;width:2.43px">&#160;</div>CLE in the second<div style="display:inline-block;width:2.56px">&#160;</div>quarter of 0.7 billion </div><div id="a573" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:216px;">included more<div style="display:inline-block;width:6.03px">&#160;</div>than 0.5<div style="display:inline-block;width:5.93px">&#160;</div>billion of<div style="display:inline-block;width:5.96px">&#160;</div>charges primarily<div style="display:inline-block;width:5.84px">&#160;</div>related to<div style="display:inline-block;width:6.05px">&#160;</div>the take-on<div style="display:inline-block;width:5.98px">&#160;</div>recognition of<div style="display:inline-block;width:5.99px">&#160;</div>ECL allowances<div style="display:inline-block;width:5.77px">&#160;</div>on </div><div id="a577" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:233.28px;">Credit Suisse&#8217;s lending portfolios. </div><div id="a579" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:268px;">On a<div style="display:inline-block;width:2.57px">&#160;</div>reported basis,<div style="display:inline-block;width:2.56px">&#160;</div>the third<div style="display:inline-block;width:2.54px">&#160;</div>quarter net<div style="display:inline-block;width:2.32px">&#160;</div>loss was<div style="display:inline-block;width:2.38px">&#160;</div>785 million,<div style="display:inline-block;width:2.54px">&#160;</div>as 526<div style="display:inline-block;width:2.48px">&#160;</div>million in<div style="display:inline-block;width:2.51px">&#160;</div>tax expense<div style="display:inline-block;width:2.24px">&#160;</div>arising in<div style="display:inline-block;width:2.48px">&#160;</div>profitable </div><div id="a580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:285.28px;">entities, could not<div style="display:inline-block;width:2.26px">&#160;</div>be offset by tax<div style="display:inline-block;width:2.21px">&#160;</div>benefits from losses<div style="display:inline-block;width:2.29px">&#160;</div>primarily generated by<div style="display:inline-block;width:2.19px">&#160;</div>certain Credit Suisse<div style="display:inline-block;width:2.36px">&#160;</div>subsidiaries. </div><div id="a582" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.56px;">We expect our<div style="display:inline-block;width:5.29px">&#160;</div>effective tax rate to<div style="display:inline-block;width:5.35px">&#160;</div>remain elevated until<div style="display:inline-block;width:5.35px">&#160;</div>we merge and restructure<div style="display:inline-block;width:5.48px">&#160;</div>our most significant legal </div><div id="a583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:320px;">entities. After that time, the effective tax rate should<div style="display:inline-block;width:2.16px">&#160;</div>gradually return to a level below 25%,<div style="display:inline-block;width:2.5px">&#160;</div>absent the effects </div><div id="a585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:337.28px;">of any remeasurement of deferred tax assets.</div><div id="a588" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:374.44px;">Slide 13 &#8211; 3Q23 underlying total revenues 10.7bn, up<div style="display:inline-block;width:2.54px">&#160;</div>6% QoQ </div><div id="a594" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:413.32px;">Moving to Slide 13. Revenues<div style="display:inline-block;width:2.04px">&#160;</div>increased by 6% this quarter<div style="display:inline-block;width:2.4px">&#160;</div>to 10.7 billion driven by<div style="display:inline-block;width:2.38px">&#160;</div>lower funding costs within </div><div id="a595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:429.16px;">Group<div style="display:inline-block;width:5.43px">&#160;</div>Items and<div style="display:inline-block;width:6.28px">&#160;</div>gains in<div style="display:inline-block;width:6.33px">&#160;</div>Non-Core<div style="display:inline-block;width:5.44px">&#160;</div>and Legacy<div style="display:inline-block;width:6.17px">&#160;</div>as the<div style="display:inline-block;width:6.41px">&#160;</div>team accelerated<div style="display:inline-block;width:6.2px">&#160;</div>the unwind<div style="display:inline-block;width:6.17px">&#160;</div>of certain<div style="display:inline-block;width:6.42px">&#160;</div>positions at </div><div id="a599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:444.84px;">attractive prices relative to book values. </div><div id="a602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:481.32px;">Revenues in<div style="display:inline-block;width:1.75px">&#160;</div>Group Items<div style="display:inline-block;width:2.09px">&#160;</div>increased sequentially<div style="display:inline-block;width:1.76px">&#160;</div>primarily due<div style="display:inline-block;width:1.78px">&#160;</div>to the<div style="display:inline-block;width:1.93px">&#160;</div>reduction of<div style="display:inline-block;width:2.07px">&#160;</div>around 450<div style="display:inline-block;width:1.96px">&#160;</div>million in<div style="display:inline-block;width:1.87px">&#160;</div>centrally-</div><div id="a604" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:498.6px;">held funding<div style="display:inline-block;width:2.17px">&#160;</div>costs from<div style="display:inline-block;width:2.32px">&#160;</div>the Credit<div style="display:inline-block;width:2.42px">&#160;</div>Suisse-related liquidity<div style="display:inline-block;width:1.82px">&#160;</div>measures that<div style="display:inline-block;width:2.33px">&#160;</div>were repaid and<div style="display:inline-block;width:1.75px">&#160;</div>returned in<div style="display:inline-block;width:2.13px">&#160;</div>the middle </div><div id="a607" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:516.04px;">of the third quarter. 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I would<div style="display:inline-block;width:2.33px">&#160;</div>also point out<div style="display:inline-block;width:2px">&#160;</div>that we continue<div style="display:inline-block;width:2.37px">&#160;</div>to expect total<div style="display:inline-block;width:2.14px">&#160;</div>pull-to-par revenues, including<div style="display:inline-block;width:1.99px">&#160;</div>the reclassified </div><div id="a663" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:933.22px;">NCL and<div style="display:inline-block;width:5.63px">&#160;</div>post-2026 recognized portions,<div style="display:inline-block;width:5.78px">&#160;</div>to broadly<div style="display:inline-block;width:5.63px">&#160;</div>offset the<div style="display:inline-block;width:5.73px">&#160;</div>costs to<div style="display:inline-block;width:5.52px">&#160;</div>achieve the greater<div style="display:inline-block;width:6.24px">&#160;</div>than 10<div style="display:inline-block;width:5.52px">&#160;</div>billion in </div><div id="a666" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:948.9px;">gross savings we<div style="display:inline-block;width:2.17px">&#160;</div>described last<div style="display:inline-block;width:2.47px">&#160;</div>quarter. Having said this,<div style="display:inline-block;width:2.41px">&#160;</div>like in the<div style="display:inline-block;width:2.12px">&#160;</div>third quarter, we expect there<div style="display:inline-block;width:2.46px">&#160;</div>will be timing </div><div id="a668" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:964.74px;">mismatches in<div style="display:inline-block;width:2.42px">&#160;</div>the recognition<div style="display:inline-block;width:2.47px">&#160;</div>of these<div style="display:inline-block;width:2.53px">&#160;</div>reported revenues and<div style="display:inline-block;width:1.95px">&#160;</div>expenses, resulting<div style="display:inline-block;width:2.32px">&#160;</div>in headwinds<div style="display:inline-block;width:2.41px">&#160;</div>to our reported </div><div id="a669" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:980.58px;">results, particularly in the fourth quarter and throughout<div style="display:inline-block;width:2.52px">&#160;</div>2024. </div></div>
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<div id="a674" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">7 </div><div id="a676" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.49px;">Slide 15 &#8211; 3Q23 underlying operating expenses 9.6bn,<div style="display:inline-block;width:2.24px">&#160;</div>down 5% QoQ </div><div id="a683" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:112px;">Moving to Slide 15. Operating expenses for the<div style="display:inline-block;width:5.25px">&#160;</div>Group decreased to 9.6<div style="display:inline-block;width:5.29px">&#160;</div>billion, down 5% as our cost<div style="display:inline-block;width:5.29px">&#160;</div>savings </div><div id="a684" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:129.28px;">initiatives take effect, partially offset by reinvestments to help grow our<div style="display:inline-block;width:2.56px">&#160;</div>core businesses.<div style="display:inline-block;width:3.62px">&#160;</div></div><div id="a686" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:164px;">Progress<div style="display:inline-block;width:5.95px">&#160;</div>on<div style="display:inline-block;width:5.62px">&#160;</div>our<div style="display:inline-block;width:5.57px">&#160;</div>restructuring<div style="display:inline-block;width:5.38px">&#160;</div>actions<div style="display:inline-block;width:5.43px">&#160;</div>led<div style="display:inline-block;width:5.68px">&#160;</div>to<div style="display:inline-block;width:5.56px">&#160;</div>2<div style="display:inline-block;width:5.61px">&#160;</div>billion<div style="display:inline-block;width:5.28px">&#160;</div>in<div style="display:inline-block;width:5.68px">&#160;</div>integration-related<div style="display:inline-block;width:5.34px">&#160;</div>expenses.<div style="display:inline-block;width:5.3px">&#160;</div>Roughly<div style="display:inline-block;width:5.55px">&#160;</div>half<div style="display:inline-block;width:5.47px">&#160;</div>of<div style="display:inline-block;width:5.56px">&#160;</div>these </div><div id="a691" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:181.28px;">expenses was related<div style="display:inline-block;width:5.51px">&#160;</div>to personnel costs,<div style="display:inline-block;width:5.4px">&#160;</div>including severance payments, salaries of<div style="display:inline-block;width:5.57px">&#160;</div>employees fully dedicated </div><div id="a692" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.56px;">to integration matters, and<div style="display:inline-block;width:5.41px">&#160;</div>the costs of<div style="display:inline-block;width:5.41px">&#160;</div>retaining key personnel. The<div style="display:inline-block;width:5.6px">&#160;</div>other half was related<div style="display:inline-block;width:5.95px">&#160;</div>to non-personnel </div><div id="a696" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:216px;">matters, including<div style="display:inline-block;width:1.8px">&#160;</div>real estate<div style="display:inline-block;width:2.15px">&#160;</div>impairments and<div style="display:inline-block;width:1.96px">&#160;</div>depreciation, onerous<div style="display:inline-block;width:1.99px">&#160;</div>contract charges,<div style="display:inline-block;width:1.87px">&#160;</div>and consulting<div style="display:inline-block;width:1.8px">&#160;</div>and legal </div><div id="a697" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:233.28px;">fees.<div style="display:inline-block;width:3.71px">&#160;</div></div><div id="a699" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:268px;">For the fourth<div style="display:inline-block;width:2.05px">&#160;</div>quarter, we expect integration-related<div style="display:inline-block;width:2.4px">&#160;</div>expenses in excess<div style="display:inline-block;width:2.01px">&#160;</div>of 1 billion,<div style="display:inline-block;width:2.15px">&#160;</div>although certain<div style="display:inline-block;width:2.44px">&#160;</div>additional </div><div id="a703" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:285.28px;">costs to achieve may arise if we see opportunities<div style="display:inline-block;width:2.37px">&#160;</div>to accelerate savings.<div style="display:inline-block;width:3.16px">&#160;</div></div><div id="a705" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:320px;">While we<div style="display:inline-block;width:2.56px">&#160;</div>manage our<div style="display:inline-block;width:2.43px">&#160;</div>integration to<div style="display:inline-block;width:2.32px">&#160;</div>achieve overall<div style="display:inline-block;width:2.33px">&#160;</div>cost reductions without<div style="display:inline-block;width:1.68px">&#160;</div>specific headcount<div style="display:inline-block;width:2.2px">&#160;</div>targets, I would </div><div id="a706" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:337.28px;">note that our combined workforce<div style="display:inline-block;width:5.42px">&#160;</div>fell by over 4<div style="display:inline-block;width:5.35px">&#160;</div>thousand in the quarter,<div style="display:inline-block;width:6.16px">&#160;</div>bringing year-to-date reductions to </div><div id="a712" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.56px;">13 thousand, or down 9% versus the workforce of both banks as of the end of 2022. Across our cost-savings </div><div id="a715" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:372.04px;">initiatives, we&#8217;ve achieved around 3 billion<div style="display:inline-block;width:5.33px">&#160;</div>to date in gross run-rate<div style="display:inline-block;width:5.38px">&#160;</div>cost saves with further progress<div style="display:inline-block;width:5.28px">&#160;</div>expected </div><div id="a719" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:389.32px;">in the fourth quarter. </div><div id="a722" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:426.44px;">Slide 16 &#8211; Diversifying sources of funding and maintaining<div style="display:inline-block;width:2.38px">&#160;</div>a strong liquidity position </div><div id="a728" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:462.92px;">Turning to Slide 16.<div style="display:inline-block;width:2.54px">&#160;</div>In the 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<div id="a774" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">8 </div><div id="a776" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.49px;">Slide 17 &#8211; Global Wealth Management </div><div id="a782" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:112px;">Turning<div style="display:inline-block;width:7.18px">&#160;</div>to<div style="display:inline-block;width:6.2px">&#160;</div>the<div style="display:inline-block;width:6.2px">&#160;</div>performance<div style="display:inline-block;width:5.74px">&#160;</div>in<div style="display:inline-block;width:6.32px">&#160;</div>our<div style="display:inline-block;width:6.21px">&#160;</div>businesses,<div style="display:inline-block;width:5.79px">&#160;</div>beginning<div style="display:inline-block;width:5.96px">&#160;</div>on<div style="display:inline-block;width:6.26px">&#160;</div>slide<div style="display:inline-block;width:6.03px">&#160;</div>17.<div style="display:inline-block;width:6.19px">&#160;</div>In<div style="display:inline-block;width:6.16px">&#160;</div>Global<div style="display:inline-block;width:6.15px">&#160;</div>Wealth<div style="display:inline-block;width:6.2px">&#160;</div>Management<div style="display:inline-block;width:5.81px">&#160;</div>we </div><div id="a783" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:129.28px;">continued strong momentum with 22 billion in net new money inflows across all<div style="display:inline-block;width:5.35px">&#160;</div>regions. We saw particularly </div><div id="a786" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.56px;">strong inflows in both APAC and EMEA, with<div style="display:inline-block;width:2.57px">&#160;</div>13 and 8 billion<div style="display:inline-block;width:2.55px">&#160;</div>in net new money, respectively. Importantly,<div style="display:inline-block;width:5.69px">&#160;</div>our </div><div id="a787" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:164px;">Credit Suisse Wealth<div style="display:inline-block;width:2.02px">&#160;</div>Management business<div style="display:inline-block;width:1.88px">&#160;</div>attracted quarterly<div style="display:inline-block;width:2.07px">&#160;</div>net inflows<div style="display:inline-block;width:2.29px">&#160;</div>for the<div style="display:inline-block;width:2.2px">&#160;</div>first time<div style="display:inline-block;width:2.48px">&#160;</div>since the<div style="display:inline-block;width:2.48px">&#160;</div>beginning </div><div id="a789" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:181.28px;">of 2022. 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<div id="a864" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">9 </div><div id="a866" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Revenues increased to 2.2 billion.<div style="display:inline-block;width:5.53px">&#160;</div>With the announcement of the Swiss integration at<div style="display:inline-block;width:5.48px">&#160;</div>the end of August, the </div><div id="a867" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">business is<div style="display:inline-block;width:6.18px">&#160;</div>highly focused<div style="display:inline-block;width:5.62px">&#160;</div>on client<div style="display:inline-block;width:6.12px">&#160;</div>engagement and<div style="display:inline-block;width:5.81px">&#160;</div>deposit win-back.<div style="display:inline-block;width:6px">&#160;</div>Early indications<div style="display:inline-block;width:5.7px">&#160;</div>are<div 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id="a878" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">cost of restoring the structural funding profile of the combined<div style="display:inline-block;width:2.44px">&#160;</div>business to UBS&#8217;s NSFR standards. </div><div id="a880" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">For the fourth quarter,<div style="display:inline-block;width:5.95px">&#160;</div>we expect a low single digit<div style="display:inline-block;width:5.36px">&#160;</div>percentage decline in NII mainly due<div style="display:inline-block;width:5.25px">&#160;</div>to rotation to higher </div><div id="a882" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">yielding deposits. </div><div id="a884" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">Credit loss expense in<div style="display:inline-block;width:5.88px">&#160;</div>the quarter was 154<div 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<div id="a953" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">10 </div><div id="a955" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Underlying revenues, which exclude<div style="display:inline-block;width:5.61px">&#160;</div>251 million of pull-to-par<div style="display:inline-block;width:5.49px">&#160;</div>accretion and other<div style="display:inline-block;width:5.31px">&#160;</div>effects, declined 6%<div style="display:inline-block;width:5.46px">&#160;</div>year-</div><div id="a962" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">over-year to 1.9 billion<div style="display:inline-block;width:5.46px">&#160;</div>amid muted client activity due to ongoing concerns around terminal interest<div style="display:inline-block;width:5.44px">&#160;</div>rates and </div><div id="a965" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">geopolitical events.<div style="display:inline-block;width:5.8px">&#160;</div>Volatility<div style="display:inline-block;width:5.65px">&#160;</div>across<div style="display:inline-block;width:5.25px">&#160;</div>asset classes<div style="display:inline-block;width:6.21px">&#160;</div>declined significantly<div style="display:inline-block;width:5.69px">&#160;</div>from a<div style="display:inline-block;width:6.45px">&#160;</div>year ago<div style="display:inline-block;width:6.13px">&#160;</div>and global<div style="display:inline-block;width:6.04px">&#160;</div>fee pools </div><div id="a968" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">remained depressed. </div><div id="a970" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">Against this<div style="display:inline-block;width:6.05px">&#160;</div>backdrop, Global<div style="display:inline-block;width:5.92px">&#160;</div>Banking revenues<div style="display:inline-block;width:5.97px">&#160;</div>increased 36%<div style="display:inline-block;width:6.27px">&#160;</div>with particular<div style="display:inline-block;width:5.66px">&#160;</div>strength in<div style="display:inline-block;width:6.35px">&#160;</div>leveraged capital </div><div id="a971" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">markets<div style="display:inline-block;width:6.69px">&#160;</div>and<div style="display:inline-block;width:6.9px">&#160;</div>strong<div style="display:inline-block;width:6.87px">&#160;</div>performance<div style="display:inline-block;width:6.54px">&#160;</div>in<div style="display:inline-block;width:6.8px">&#160;</div>EMEA.<div style="display:inline-block;width:6.66px">&#160;</div>Advisory<div style="display:inline-block;width:6.66px">&#160;</div>outperformed<div style="display:inline-block;width:6.52px">&#160;</div>the<div style="display:inline-block;width:6.84px">&#160;</div>global<div style="display:inline-block;width:6.57px">&#160;</div>fee<div style="display:inline-block;width:6.83px">&#160;</div>pool,<div style="display:inline-block;width:6.75px">&#160;</div>and<div style="display:inline-block;width:6.74px">&#160;</div>was<div style="display:inline-block;width:6.77px">&#160;</div>further </div><div id="a973" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">supported by revenues from the heritage Credit Suisse franchise. </div><div id="a975" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">Global Markets<div style="display:inline-block;width:2.23px">&#160;</div>revenues declined<div style="display:inline-block;width:2.19px">&#160;</div>15% from a<div style="display:inline-block;width:1.91px">&#160;</div>very strong<div style="display:inline-block;width:2.41px">&#160;</div>third quarter, reflecting lower<div style="display:inline-block;width:2.15px">&#160;</div>revenues across<div style="display:inline-block;width:2.47px">&#160;</div>macro </div><div id="a976" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">products<div style="display:inline-block;width:5.27px">&#160;</div>and equity<div style="display:inline-block;width:6.06px">&#160;</div>derivatives. 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RWAs at </div><div id="a989" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">23% of the Group&#8217;s resources excluding NCL were roughly unchanged sequentially. </div><div id="a991" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">Looking ahead, as the majority<div style="display:inline-block;width:2.24px">&#160;</div>of the onboarding of our colleagues<div style="display:inline-block;width:2.2px">&#160;</div>and positions to UBS IB<div style="display:inline-block;width:2.45px">&#160;</div>systems is planned </div><div id="a992" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">for completion<div style="display:inline-block;width:5.87px">&#160;</div>by the<div style="display:inline-block;width:5.97px">&#160;</div>end of<div style="display:inline-block;width:5.83px">&#160;</div>the year,<div style="display:inline-block;width:7.29px">&#160;</div>we expect<div style="display:inline-block;width:5.88px">&#160;</div>revenues<div style="display:inline-block;width:5.3px">&#160;</div>to ramp<div style="display:inline-block;width:5.88px">&#160;</div>up over<div style="display:inline-block;width:5.98px">&#160;</div>the course<div style="display:inline-block;width:5.89px">&#160;</div>of 2024.<div style="display:inline-block;width:5.93px">&#160;</div>Given this </div><div id="a994" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">timing,<div style="display:inline-block;width:7.19px">&#160;</div>in<div style="display:inline-block;width:7.44px">&#160;</div>addition<div style="display:inline-block;width:7.17px">&#160;</div>to<div style="display:inline-block;width:7.32px">&#160;</div>current<div style="display:inline-block;width:7.32px">&#160;</div>market<div style="display:inline-block;width:7.21px">&#160;</div>conditions<div style="display:inline-block;width:7.13px">&#160;</div>and<div style="display:inline-block;width:7.22px">&#160;</div>seasonality,<div style="display:inline-block;width:8.29px">&#160;</div>we<div style="display:inline-block;width:7.29px">&#160;</div>expect<div style="display:inline-block;width:7.14px">&#160;</div>continued<div style="display:inline-block;width:7.26px">&#160;</div>pressure<div style="display:inline-block;width:7.55px">&#160;</div>on<div style="display:inline-block;width:7.38px">&#160;</div>our </div><div id="a995" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">underlying profitability in the fourth quarter.<div style="display:inline-block;width:3.94px">&#160;</div></div><div id="a997" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:547.24px;">Slide 21 &#8211; Non-core and Legacy<div style="display:inline-block;width:3.14px">&#160;</div></div><div id="a1007" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:583.72px;">Moving<div style="display:inline-block;width:6.77px">&#160;</div>to<div style="display:inline-block;width:6.68px">&#160;</div>Non-Core<div style="display:inline-block;width:7.03px">&#160;</div>and<div style="display:inline-block;width:6.58px">&#160;</div>Legacy<div style="display:inline-block;width:6.86px">&#160;</div>on<div style="display:inline-block;width:6.74px">&#160;</div>Slide<div style="display:inline-block;width:6.71px">&#160;</div>21.<div style="display:inline-block;width:6.83px">&#160;</div>Excluding<div style="display:inline-block;width:6.56px">&#160;</div>integration-related<div style="display:inline-block;width:6.46px">&#160;</div>expenses,<div style="display:inline-block;width:6.58px">&#160;</div>NCL<div style="display:inline-block;width:6.81px">&#160;</div>generated<div style="display:inline-block;width:6.49px">&#160;</div>an </div><div id="a1012" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:601px;">underlying operating loss of 1 billion.<div style="display:inline-block;width:2.79px">&#160;</div></div><div id="a1014" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:635.74px;">Quarterly revenues of 350 million consisted mainly of gains from the early unwind<div style="display:inline-block;width:2.32px">&#160;</div>of loan commitments while </div><div id="a1016" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:653.02px;">the portion of<div style="display:inline-block;width:2.35px">&#160;</div>the NCL portfolio<div style="display:inline-block;width:2.18px">&#160;</div>that remains on<div style="display:inline-block;width:2.39px">&#160;</div>the accrual method<div style="display:inline-block;width:2px">&#160;</div>of accounting was<div style="display:inline-block;width:2.16px">&#160;</div>left broadly unchanged </div><div id="a1017" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:670.3px;">this quarter given recovery expectations on the underlying<div style="display:inline-block;width:2.2px">&#160;</div>lending positions. </div><div id="a1019" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:705.02px;">Credit loss expense<div style="display:inline-block;width:1.56px">&#160;</div>was 125<div style="display:inline-block;width:2.24px">&#160;</div>million. 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<div id="a1055" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">11 </div><div id="a1057" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">During the<div style="display:inline-block;width:6.23px">&#160;</div>quarter,<div style="display:inline-block;width:6.21px">&#160;</div>we completed<div style="display:inline-block;width:5.93px">&#160;</div>the initial<div style="display:inline-block;width:6.22px">&#160;</div>impact assessment<div style="display:inline-block;width:5.74px">&#160;</div>on our<div style="display:inline-block;width:6.16px">&#160;</div>operational risk<div style="display:inline-block;width:5.92px">&#160;</div>RWA<div style="display:inline-block;width:5.53px">&#160;</div>from the<div style="display:inline-block;width:6.41px">&#160;</div>final </div><div id="a1058" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">Basel 3 standard, which comes into effect on January 1, 2025. 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On the basis of natural roll-off in both contexts,<div style="display:inline-block;width:2.5px">&#160;</div>we </div><div id="a1073" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">expect operational risk RWA in NCL to decrease to around 14 billion by the<div style="display:inline-block;width:2.52px">&#160;</div>end of 2026. </div><div id="a1075" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">As a reminder, we continue to expect a roughly 5% increase from day-1 effects in 2025 from other final Basel </div><div id="a1078" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">3 considerations, mainly FRTB. </div><div id="a1082" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:304.48px;">Slide 22 &#8211; On track to deliver on our integration<div style="display:inline-block;width:2.37px">&#160;</div>goals </div><div id="a1088" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:343.36px;">As we look ahead<div style="display:inline-block;width:5.3px">&#160;</div>to the fourth quarter,<div style="display:inline-block;width:6.28px">&#160;</div>we expect many of the<div style="display:inline-block;width:5.38px">&#160;</div>drivers of underlying profitability to continue </div><div id="a1090" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:359.24px;">to progress.<div style="display:inline-block;width:2.1px">&#160;</div>In particular, we<div style="display:inline-block;width:1.73px">&#160;</div>expect underlying<div style="display:inline-block;width:1.44px">&#160;</div>operating<div style="display:inline-block;width:2.57px">&#160;</div>expenses to<div style="display:inline-block;width:1.58px">&#160;</div>decline sequentially<div style="display:inline-block;width:1.28px">&#160;</div>as our<div style="display:inline-block;width:1.78px">&#160;</div>core businesses </div><div id="a1092" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:375.08px;">realize incremental synergies,<div style="display:inline-block;width:2.42px">&#160;</div>and NCL remains<div style="display:inline-block;width:2.56px">&#160;</div>focused on actively<div style="display:inline-block;width:2.11px">&#160;</div>running down its<div style="display:inline-block;width:2.27px">&#160;</div>portfolio to release capital </div><div id="a1093" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:390.76px;">and accelerate cost saves.<div style="display:inline-block;width:3.06px">&#160;</div></div><div id="a1096" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:427.24px;">In addition<div style="display:inline-block;width:5.9px">&#160;</div>to the<div style="display:inline-block;width:5.93px">&#160;</div>NII expectations<div style="display:inline-block;width:5.66px">&#160;</div>that I<div style="display:inline-block;width:5.99px">&#160;</div>described earlier,<div style="display:inline-block;width:6.8px">&#160;</div>transactional activity<div style="display:inline-block;width:5.46px">&#160;</div>may be<div style="display:inline-block;width:5.96px">&#160;</div>affected by<div style="display:inline-block;width:6.12px">&#160;</div>seasonal </div><div id="a1098" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:444.52px;">factors as well as client sentiment in response to the<div style="display:inline-block;width:2.36px">&#160;</div>geopolitical landscape.<div style="display:inline-block;width:3.15px">&#160;</div></div><div id="a1100" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:479.24px;">Despite these elements, we are executing on our integration plans at pace and remain on track to achieve our </div><div id="a1101" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:496.52px;">goals of around a 15% return on CET1 capital and a<div style="display:inline-block;width:2.36px">&#160;</div>cost/income ratio of less than 70% by the end<div style="display:inline-block;width:2.56px">&#160;</div>of 2026.<div style="display:inline-block;width:3.48px">&#160;</div></div><div id="a1105" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:531.24px;">With that, let&#8217;s open for questions. </div></div>
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<div id="a1108" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">12 </div><div id="a1110" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Analyst Q&amp;A (CEO<div style="display:inline-block;width:3.66px">&#160;</div>and CFO) </div><div id="a1113" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:122.06px;">Stefan Stalmann, Autonomous Research </div><div id="a1115" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:157.12px;">Yes. Good morning, gentlemen. Thank you very much for the presentation. I have<div style="display:inline-block;width:2.52px">&#160;</div>two questions and they </div><div id="a1117" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:174.4px;">may be linked. The first regarding the outstanding SNB<div style="display:inline-block;width:2.45px">&#160;</div>funding. I don't think there's any update in the </div><div id="a1118" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:191.84px;">disclosure material on where the number has moved to.<div style="display:inline-block;width:2.47px">&#160;</div>I think the last disclosed number was CHF 38<div style="display:inline-block;width:2.37px">&#160;</div>billion </div><div id="a1119" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:209.12px;">at the end of August. Could you provide an update<div style="display:inline-block;width:2.48px">&#160;</div>here? </div><div id="a1122" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:243.84px;">And possibly related to this, it looks to me looking at<div style="display:inline-block;width:2.39px">&#160;</div>SNB data that there has not been a lot further reduction </div><div id="a1123" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:261.12px;">of SNB funding after August, in September. Is that a good interpretation of the data? And is<div style="display:inline-block;width:2.57px">&#160;</div>there any </div><div id="a1125" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:278.4px;">connection here between your management of the<div style="display:inline-block;width:2.54px">&#160;</div>SNB funding and the new Liquidity Ordinance<div style="display:inline-block;width:2.56px">&#160;</div>that has </div><div id="a1126" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:295.84px;">come into play &#8211; that will come into place<div style="display:inline-block;width:2.56px">&#160;</div>in January? And is it possible for you to<div style="display:inline-block;width:2.4px">&#160;</div>give us a guidance on how </div><div id="a1130" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:313.12px;">your liquidity ratios will look like on the 1st of<div style="display:inline-block;width:2.5px">&#160;</div>January under this new Liquidity Ordinance in Switzerland, </div><div id="a1132" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:330.4px;">please? Thank you. </div><div id="a1134" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:364.82px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1136" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:399.88px;">Hi, Stefan. Thanks for your questions. So,<div style="display:inline-block;width:2.52px">&#160;</div>in terms of the outstanding SNB funding, no,<div style="display:inline-block;width:2.51px">&#160;</div>it's &#8211; we still have the </div><div id="a1140" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:417.16px;">&#8211; that funding levels are still unchanged at this<div style="display:inline-block;width:2.57px">&#160;</div>stage. We are working through our business plans and as well </div><div id="a1145" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:434.44px;">as our funding plans. And we'll consider<div style="display:inline-block;width:2.5px">&#160;</div>the ability to repay some or all of that over the course<div style="display:inline-block;width:2.44px">&#160;</div>of the coming </div><div id="a1146" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:451.88px;">months, but your read was correct. </div><div id="a1148" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:486.44px;">In connection with that funding and the Liq.<div style="display:inline-block;width:2.46px">&#160;</div>Ordinance, no. I'd say there's no specific connection with<div style="display:inline-block;width:2.48px">&#160;</div>that. </div><div id="a1150" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:503.88px;">And we're not maintaining that funding, particularly<div style="display:inline-block;width:2.52px">&#160;</div>in respect of satisfying the Liquidity Ordinance per se. </div><div id="a1151" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:521.16px;">That said, the LCR guidance that you're looking for, as we say, will remain prudent. So you can expect it to </div><div id="a1153" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:538.44px;">remain at levels not terribly far away from where we finished 3Q<div style="display:inline-block;width:2.52px">&#160;</div>at. </div><div id="a1155" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:572.82px;">Stefan Stalmann, Autonomous Research </div><div id="a1157" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:607.88px;">Great that&#8217;s very helpful, thank you.</div><div id="a1159" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:642.13px;">Giulia Miotto, Morgan Stanley </div><div id="a1161" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:677.18px;">Yes. Hi. Good morning. Two<div style="display:inline-block;width:5.33px">&#160;</div>questions from me. The first one on capital<div style="display:inline-block;width:2.58px">&#160;</div>distribution. I know it's very early and </div><div id="a1164" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:694.46px;">I guess you will comment on<div style="display:inline-block;width:2.57px">&#160;</div>Q4, but what are the stepping stones<div style="display:inline-block;width:2.4px">&#160;</div>that we should look out for<div style="display:inline-block;width:2.56px">&#160;</div>before you can </div><div id="a1165" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:711.9px;">resume a buyback? That's my first question. </div><div id="a1167" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:746.46px;">And then, the second question is with respect to costs. In the quarter, there was an excellent delivery on costs </div><div id="a1169" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:763.9px;">and the USD 3 billion target by year<div style="display:inline-block;width:5.3px">&#160;</div>end has already been achieved. So basically,<div style="display:inline-block;width:6.21px">&#160;</div>where do we go from<div style="display:inline-block;width:5.38px">&#160;</div>here? </div><div id="a1170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:781.18px;">Can we assume that this steady path of cost saves<div style="display:inline-block;width:2.47px">&#160;</div>can continue? Or will there kind of be a pause until there<div style="display:inline-block;width:2.57px">&#160;</div>is </div><div id="a1172" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:798.46px;">the legal merger because you have already basically extracted as much as you could of<div style="display:inline-block;width:5.42px">&#160;</div>the low hanging fruit? </div><div id="a1173" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:815.9px;">Thank you. </div><div id="a1175" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:850.13px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1177" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:885.22px;">Okay. Thank you. So in respect of the capital distribution plan or capital return plans, as you<div style="display:inline-block;width:2.37px">&#160;</div>pointed out, </div><div id="a1179" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:902.5px;">you're going to have to be patient. You know, is for the time being I just can reiterate that we are still looking </div><div id="a1180" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:919.94px;">to have a progressive cash dividend policy that will be implemented.<div style="display:inline-block;width:2.2px">&#160;</div>And for the rest, you need to have &#8211; </div><div id="a1184" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:937.22px;">what you need to see is the visibility with<div style="display:inline-block;width:2.52px">&#160;</div>the plan. So we are finalizing the three-year plan and that will allow </div><div id="a1187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:954.5px;">us to really calibrate capital returns. </div></div>
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<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="a1192" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">13 </div><div id="a1194" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">I just want to reiterate, I still believe at this stage, although<div style="display:inline-block;width:2.27px">&#160;</div>the plan is not finished, that capital returns<div style="display:inline-block;width:2.35px">&#160;</div>and </div><div id="a1196" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">share buybacks is not a matter of years. In my point of<div style="display:inline-block;width:2.35px">&#160;</div>view, it could be a matter of quarters. But without </div><div id="a1197" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">having the final plan, it's difficult to really make a final<div style="display:inline-block;width:2.46px">&#160;</div>statement. But that will be addressed in February. </div><div id="a1199" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">And somehow, it's linked to your second question because, of<div style="display:inline-block;width:2.57px">&#160;</div>course, I'm not so sure, I would define the </div><div id="a1201" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">progress we've made so far as low hanging fruit. But I<div style="display:inline-block;width:2.52px">&#160;</div>think that it takes efforts and time to go through this.<div style="display:inline-block;width:2.5px">&#160;</div>I </div><div id="a1202" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">do believe that we still have costs that can be<div style="display:inline-block;width:2.54px">&#160;</div>taken out during 2024, regardless of what you are pointing out </div><div id="a1204" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">being the critical issue is the legal entity merger. The legal entity merger is the triggering<div style="display:inline-block;width:2.4px">&#160;</div>point that allow us </div><div id="a1205" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">to go to the next level of cost reduction and synergy<div style="display:inline-block;width:2.53px">&#160;</div>realizations from an operational standpoint of view, but </div><div id="a1207" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">also from an IT stand point of view. </div><div id="a1209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">So 2024, as Todd<div style="display:inline-block;width:6.11px">&#160;</div>mentioned, is the &#8211; and I also remarked, is<div style="display:inline-block;width:5.4px">&#160;</div>a pivotal year,<div style="display:inline-block;width:5.6px">&#160;</div>is probably the one time in which </div><div id="a1213" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">we're going to incur the most costs in order to achieve the synergies that we'll achieve in 2025 and 2026. So, </div><div id="a1215" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">you see how the two questions are somehow linked. </div><div id="a1217" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:336.3px;">Giulia Miotto, Morgan Stanley </div><div id="a1219" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">Thank you. </div><div id="a1221" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:405.78px;">Andrew Coombs, Citigroup </div><div id="a1223" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">Good morning. Two questions from me, please. Firstly, on the GWM net interest income trajectory. Thank </div><div id="a1225" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">you for the commentary in your prepared remarks. I think you said after<div style="display:inline-block;width:2.36px">&#160;</div>a 3% decline in Q3, you expected </div><div id="a1226" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">mid-single-digit percentage decline in Q4 and that<div style="display:inline-block;width:2.57px">&#160;</div>there's an ongoing deposit mix shift. So that<div style="display:inline-block;width:2.55px">&#160;</div>seems to be </div><div id="a1231" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">accelerating rather than decelerating. So can<div style="display:inline-block;width:2.47px">&#160;</div>you give us any indication of how much<div style="display:inline-block;width:2.49px">&#160;</div>longer you think that </div><div id="a1233" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">trend could continue for? Do you think now that<div style="display:inline-block;width:2.5px">&#160;</div>we're at peak rates, if anything, that should slow<div style="display:inline-block;width:2.55px">&#160;</div>as we go </div><div id="a1234" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">into 2024? And also, if there's any implications from your<div style="display:inline-block;width:2.52px">&#160;</div>broader deposit pricing that's also influencing that </div><div id="a1237" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">sequential NII decline. That's the first<div style="display:inline-block;width:2.57px">&#160;</div>question. </div><div id="a1239" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">Second question, there's<div style="display:inline-block;width:5.32px">&#160;</div>been quite a<div style="display:inline-block;width:5.36px">&#160;</div>lot of media<div style="display:inline-block;width:5.32px">&#160;</div>commentary over the past<div style="display:inline-block;width:5.34px">&#160;</div>week ahead of<div style="display:inline-block;width:5.36px">&#160;</div>the Too<div style="display:inline-block;width:6.43px">&#160;</div>Big To </div><div id="a1240" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">Fail<div style="display:inline-block;width:5.57px">&#160;</div>review<div style="display:inline-block;width:5.8px">&#160;</div>coming<div style="display:inline-block;width:5.48px">&#160;</div>out<div style="display:inline-block;width:5.57px">&#160;</div>in<div style="display:inline-block;width:5.68px">&#160;</div>spring<div style="display:inline-block;width:5.61px">&#160;</div>next<div style="display:inline-block;width:5.55px">&#160;</div>year.<div style="display:inline-block;width:6.76px">&#160;</div>I<div style="display:inline-block;width:5.67px">&#160;</div>think<div style="display:inline-block;width:5.64px">&#160;</div>there's<div style="display:inline-block;width:5.5px">&#160;</div>been<div style="display:inline-block;width:5.71px">&#160;</div>some<div style="display:inline-block;width:5.52px">&#160;</div>explicit<div style="display:inline-block;width:5.44px">&#160;</div>discussion<div style="display:inline-block;width:5.49px">&#160;</div>around<div style="display:inline-block;width:5.68px">&#160;</div>potentially </div><div id="a1242" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">introducing more exit fees or more notice periods around deposits. So, anything<div style="display:inline-block;width:2.35px">&#160;</div>you could say with regards to </div><div id="a1243" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">that and also what that means for your competitive<div style="display:inline-block;width:2.19px">&#160;</div>positioning versus international peers?<div style="display:inline-block;width:2.33px">&#160;</div>Thank you. </div><div id="a1246" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:665.81px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1248" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">Yeah. Thanks, Andrew.<div style="display:inline-block;width:5.46px">&#160;</div>On the first in terms of GWM NII trajectory, I think you captured it right in terms of </div><div id="a1249" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">guidance around a mid-single digit decline owing to<div style="display:inline-block;width:2.47px">&#160;</div>deposit mix shifts and whether that<div style="display:inline-block;width:2.55px">&#160;</div>seems like an </div><div id="a1252" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">acceleration. I'd comment that I think what we're seeing<div style="display:inline-block;width:2.41px">&#160;</div>is a bit of a broadening of that dynamic more across </div><div id="a1254" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">the globe. </div><div id="a1256" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">We saw in most of 2023 that dynamic being very significantly<div style="display:inline-block;width:2.05px">&#160;</div>driven by moves from sweep deposits into </div><div id="a1257" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">higher yielding deposits in the US. And we<div style="display:inline-block;width:2.49px">&#160;</div>saw less of that in Europe and APAC, as well as in Switzerland. </div><div id="a1260" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">And so while we're seeing the US taper now, both in the current quarter and as we<div style="display:inline-block;width:2.45px">&#160;</div>look ahead, we're seeing </div><div id="a1261" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">a bit of an expansion of that dynamic in other<div style="display:inline-block;width:2.35px">&#160;</div>parts of the globe, and that's what's<div style="display:inline-block;width:2.35px">&#160;</div>sort of driving that. </div><div id="a1264" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">As I look out into 2024, we're doing<div style="display:inline-block;width:2.54px">&#160;</div>that work now. We'll come back with a view during<div style="display:inline-block;width:2.49px">&#160;</div>February with a view </div><div id="a1265" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">on full year 2024. I would just conclude on the point saying, no,<div style="display:inline-block;width:5.38px">&#160;</div>I don't see pricing having an impact. I mean, </div><div id="a1266" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">this is just a<div style="display:inline-block;width:5.56px">&#160;</div>response to the current<div style="display:inline-block;width:5.77px">&#160;</div>rate environment as clients<div style="display:inline-block;width:5.35px">&#160;</div>are undergoing cash sorting<div style="display:inline-block;width:5.44px">&#160;</div>across our client </div><div id="a1268" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">base. </div></div>
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<div id="a1273" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">14 </div><div id="a1275" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1277" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">So in respect of what you mentioned and changes<div style="display:inline-block;width:2.54px">&#160;</div>in the law or regulations around liquidity. I think I can only </div><div id="a1278" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">say that it's pretty difficult to track all the rumors, speculations and<div style="display:inline-block;width:2.4px">&#160;</div>ideas that are coming up, almost daily. </div><div id="a1281" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">On the Swiss media, I think that I can only tell you that, that at this stage what stands<div style="display:inline-block;width:2.47px">&#160;</div>is that even the Finance </div><div id="a1282" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Minister took an official stance<div style="display:inline-block;width:2.51px">&#160;</div>on the matter. I mean, those are speculations. I don't<div style="display:inline-block;width:2.23px">&#160;</div>believe this is going to<div style="display:inline-block;width:2.51px">&#160;</div>be </div><div id="a1284" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">part of the package. I think that - I'm convinced that Switzerland will keep its standards in terms of allowing<div style="display:inline-block;width:2.55px">&#160;</div>&#8211; </div><div id="a1290" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">or responding to the crisis in March, not only the one in Switzerland, but broadly speaking,<div style="display:inline-block;width:2.53px">&#160;</div>with following the </div><div id="a1293" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">recommendation<div style="display:inline-block;width:5.93px">&#160;</div>that<div style="display:inline-block;width:5.99px">&#160;</div>it<div style="display:inline-block;width:6.1px">&#160;</div>will<div style="display:inline-block;width:5.9px">&#160;</div>be<div style="display:inline-block;width:6.09px">&#160;</div>set<div style="display:inline-block;width:5.99px">&#160;</div>by<div style="display:inline-block;width:6.08px">&#160;</div>the<div style="display:inline-block;width:6.04px">&#160;</div>FSB<div style="display:inline-block;width:5.92px">&#160;</div>and<div style="display:inline-block;width:5.94px">&#160;</div>other<div style="display:inline-block;width:6px">&#160;</div>bodies.<div style="display:inline-block;width:5.91px">&#160;</div>And<div style="display:inline-block;width:5.99px">&#160;</div>in<div style="display:inline-block;width:6px">&#160;</div>that<div style="display:inline-block;width:5.83px">&#160;</div>sense,<div style="display:inline-block;width:5.94px">&#160;</div>I<div style="display:inline-block;width:6.15px">&#160;</div>don't<div style="display:inline-block;width:5.99px">&#160;</div>see<div style="display:inline-block;width:6.04px">&#160;</div>us<div style="display:inline-block;width:6.05px">&#160;</div>being </div><div id="a1294" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">particularly disadvantaged<div style="display:inline-block;width:5.46px">&#160;</div>compared to<div style="display:inline-block;width:6.3px">&#160;</div>any other<div style="display:inline-block;width:5.93px">&#160;</div>jurisdictions in<div style="display:inline-block;width:5.91px">&#160;</div>terms of<div style="display:inline-block;width:6.1px">&#160;</div>a Liquidity<div style="display:inline-block;width:5.7px">&#160;</div>Ordinance. So,<div style="display:inline-block;width:6.08px">&#160;</div>I guess </div><div id="a1295" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">that we will<div style="display:inline-block;width:6.11px">&#160;</div>follow up<div style="display:inline-block;width:5.27px">&#160;</div>and I<div style="display:inline-block;width:5.3px">&#160;</div>think it's<div style="display:inline-block;width:5.32px">&#160;</div>going to<div style="display:inline-block;width:5.44px">&#160;</div>still take<div style="display:inline-block;width:5.29px">&#160;</div>months and<div style="display:inline-block;width:5.28px">&#160;</div>months before<div style="display:inline-block;width:5.28px">&#160;</div>the full<div style="display:inline-block;width:5.43px">&#160;</div>analysis of what </div><div id="a1298" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">happened will translate into concrete actions. </div><div id="a1300" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:319.02px;">Adam Terelak, Mediobanca </div><div id="a1302" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">Good morning. Thanks for the<div style="display:inline-block;width:2.55px">&#160;</div>questions. I had a one big picture question on revenues and<div style="display:inline-block;width:2.5px">&#160;</div>then a follow-up </div><div id="a1306" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">on the operational risk RWA. Big picture, your revenues at the minute are annualizing<div style="display:inline-block;width:2.45px">&#160;</div>to low-40 billions or so. </div><div id="a1309" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Clearly, your target has a number,<div style="display:inline-block;width:5.3px">&#160;</div>which is probably USD 50 billion-plus. Just want<div style="display:inline-block;width:2.52px">&#160;</div>to understand how you </div><div id="a1312" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">see the revenue bridge from here through to 2027 and what the key moving<div style="display:inline-block;width:2.44px">&#160;</div>parts should be, particularly in </div><div id="a1314" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">the context of some of your GWM trends, which<div style="display:inline-block;width:2.55px">&#160;</div>at the minute seem to be down before we go back<div style="display:inline-block;width:2.51px">&#160;</div>up. </div><div id="a1316" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">And then, secondly, on operational risk, I<div style="display:inline-block;width:2.32px">&#160;</div>just want to understand<div style="display:inline-block;width:2.42px">&#160;</div>some of the assumptions<div style="display:inline-block;width:2.33px">&#160;</div>that are going into </div><div id="a1318" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">your Basel IV<div style="display:inline-block;width:5.41px">&#160;</div>guidance there. Clearly there's<div style="display:inline-block;width:5.77px">&#160;</div>some uncertainty around ILM.<div style="display:inline-block;width:5.59px">&#160;</div>There's a bit<div style="display:inline-block;width:5.43px">&#160;</div>of uncertainty about </div><div id="a1319" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">what losses<div style="display:inline-block;width:6.5px">&#160;</div>to use<div style="display:inline-block;width:6.58px">&#160;</div>in<div style="display:inline-block;width:5.36px">&#160;</div>that standardized<div style="display:inline-block;width:6.46px">&#160;</div>calculation. So<div style="display:inline-block;width:6.28px">&#160;</div>what losses<div style="display:inline-block;width:6.5px">&#160;</div>from<div style="display:inline-block;width:5.4px">&#160;</div>the Credit<div style="display:inline-block;width:6.74px">&#160;</div>Suisse<div style="display:inline-block;width:5.28px">&#160;</div>business are<div style="display:inline-block;width:6.65px">&#160;</div>you </div><div id="a1321" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">having to<div style="display:inline-block;width:2.38px">&#160;</div>carry forward<div style="display:inline-block;width:2.27px">&#160;</div>and how<div style="display:inline-block;width:2.13px">&#160;</div>does that<div style="display:inline-block;width:2.22px">&#160;</div>impact your<div style="display:inline-block;width:2.1px">&#160;</div>operational risk<div style="display:inline-block;width:2.08px">&#160;</div>RWA? And then,<div style="display:inline-block;width:1.99px">&#160;</div>finally, can I just<div style="display:inline-block;width:1.88px">&#160;</div>clarify </div><div id="a1322" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">on the Basel 3.1 finalization guidance, is that<div style="display:inline-block;width:2.37px">&#160;</div>5% ex. any moves in operational risk? Thank<div style="display:inline-block;width:2.38px">&#160;</div>you. </div><div id="a1324" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:561.78px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1326" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">Thank you, Adam. So in terms of revenues, I'm not<div style="display:inline-block;width:2.57px">&#160;</div>so sure we ever indicated that we have a USD<div style="display:inline-block;width:2.46px">&#160;</div>50 billion </div><div id="a1328" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">plus revenue. I don't know where this figure is coming from. What<div style="display:inline-block;width:2.51px">&#160;</div>I remember saying back in August is that </div><div id="a1329" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">our targets, our ambitions for 2026 are not based on<div style="display:inline-block;width:2.4px">&#160;</div>blue sky scenarios on revenues. So, if anything, I guided </div><div id="a1331" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">to the contrary of that. </div><div id="a1333" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">So we are definitely focused on costs and we are definitely<div style="display:inline-block;width:2.53px">&#160;</div>also focusing on the denominator. So we need to </div><div id="a1334" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">basically focus on managing and utilizing in a better<div style="display:inline-block;width:2.21px">&#160;</div>way the resources and the risk-weighted assets that we </div><div id="a1339" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">have right now. </div><div id="a1341" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">I<div style="display:inline-block;width:5.51px">&#160;</div>have<div style="display:inline-block;width:5.28px">&#160;</div>to<div style="display:inline-block;width:5.4px">&#160;</div>go<div style="display:inline-block;width:5.3px">&#160;</div>back<div style="display:inline-block;width:5.28px">&#160;</div>to<div style="display:inline-block;width:5.4px">&#160;</div>the critical<div style="display:inline-block;width:6.55px">&#160;</div>point.<div style="display:inline-block;width:5.26px">&#160;</div>Mission number<div style="display:inline-block;width:6.3px">&#160;</div>one<div style="display:inline-block;width:5.46px">&#160;</div>we have<div style="display:inline-block;width:6.58px">&#160;</div>had<div style="display:inline-block;width:5.3px">&#160;</div>in<div style="display:inline-block;width:5.36px">&#160;</div>the last<div style="display:inline-block;width:6.75px">&#160;</div>six<div style="display:inline-block;width:5.3px">&#160;</div>months and<div style="display:inline-block;width:6.4px">&#160;</div>in<div style="display:inline-block;width:5.52px">&#160;</div>the </div><div id="a1342" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">foreseeable future is to restructure Credit Suisse,<div style="display:inline-block;width:2.11px">&#160;</div>okay? And then we're going<div style="display:inline-block;width:2.32px">&#160;</div>to talk about synergies<div style="display:inline-block;width:2.23px">&#160;</div>and then </div><div id="a1344" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">we're going<div style="display:inline-block;width:5.54px">&#160;</div>to talk<div style="display:inline-block;width:5.35px">&#160;</div>about growth.<div style="display:inline-block;width:5.39px">&#160;</div>But, before<div style="display:inline-block;width:5.6px">&#160;</div>we talk<div style="display:inline-block;width:5.32px">&#160;</div>about growth<div style="display:inline-block;width:5.46px">&#160;</div>of the<div style="display:inline-block;width:5.29px">&#160;</div>top line,<div style="display:inline-block;width:5.58px">&#160;</div>we need<div style="display:inline-block;width:5.32px">&#160;</div>to restructure </div><div id="a1345" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">and reset the basis. And in that<div style="display:inline-block;width:2.38px">&#160;</div>sense, believe me, we are not<div style="display:inline-block;width:2.51px">&#160;</div>counting on blue sky scenarios<div style="display:inline-block;width:2.51px">&#160;</div>and that figure is </div><div id="a1346" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">not really our figure. </div><div id="a1348" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:856.37px;">Adam Terelak, Mediobanca </div><div id="a1351" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">Can I ask for a better landing point then? </div><div id="a1353" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:925.85px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1355" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">Well, the landing point you will see it in February. </div></div>
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<div id="a1360" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">15 </div><div id="a1362" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Adam Terelak, Mediobanca </div><div id="a1364" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Okay. Thank you. </div><div id="a1366" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:145.74px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1368" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Adam, on your second question in terms of<div style="display:inline-block;width:2.47px">&#160;</div>op risk RWA and modeling, as I mentioned, we did an initial </div><div id="a1370" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">impact assessment. It was quite dynamic.<div style="display:inline-block;width:2.56px">&#160;</div>We've had only initial discussions with our regulator at this<div style="display:inline-block;width:2.52px">&#160;</div>point in </div><div id="a1371" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">time, naturally ahead of the formal introduction of Basel<div style="display:inline-block;width:2.28px">&#160;</div>III final for op risk RWA, there'll be much more </div><div id="a1373" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">extensive interactions with the regulator to agree on the<div style="display:inline-block;width:2.54px">&#160;</div>particulars around the ILM, as you say.<div style="display:inline-block;width:4.17px">&#160;</div></div><div id="a1375" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">We made certain modeled assumptions for now, as well as the loss history. We made certain assumptions </div><div id="a1376" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">about the loss history and the roll off of certain legacy<div style="display:inline-block;width:2.46px">&#160;</div>matters. So, it was a thoughtful analysis, a<div style="display:inline-block;width:2.54px">&#160;</div>good initial </div><div id="a1378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">view, but it's going to be one that requires more work and more engagement with our regulator over the </div><div id="a1379" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">coming months. </div><div id="a1381" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">On the<div style="display:inline-block;width:5.25px">&#160;</div>5%, actually,<div style="display:inline-block;width:6.29px">&#160;</div>no, it's not<div style="display:inline-block;width:5.61px">&#160;</div>ex-op risk, it's<div style="display:inline-block;width:5.79px">&#160;</div>inclusive. But given<div style="display:inline-block;width:5.61px">&#160;</div>that, op<div style="display:inline-block;width:5.25px">&#160;</div>risk we're saying,<div style="display:inline-block;width:5.79px">&#160;</div>as I said<div style="display:inline-block;width:5.85px">&#160;</div>in my </div><div id="a1385" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">remarks, we see that as broadly unchanged from now. The maths are the same either way. </div><div id="a1387" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:405.78px;">Adam Terelak, Mediobanca </div><div id="a1389" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">Perfect. Thank you very much. </div><div id="a1391" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:475.06px;">Flora Bocahut, Jefferies </div><div id="a1393" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">Yes. Good morning. I'd like to talk about the net new money, especially at CS this quarter, because if I look<div style="display:inline-block;width:8.04px">&#160;</div></div><div id="a1395" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">at extrapolating the quarterly changes in net<div style="display:inline-block;width:2.5px">&#160;</div>new money at CS that we've seen over the<div style="display:inline-block;width:2.48px">&#160;</div>past two quarters, it </div><div id="a1396" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">seems to point to a run rate where you gain USD 20<div style="display:inline-block;width:2.49px">&#160;</div>to USD 30 billion of net new money per quarter. But </div><div id="a1398" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">then, if I try and reconcile just the month of September<div style="display:inline-block;width:2.29px">&#160;</div>from what you had disclosed with Q2, it looks like </div><div id="a1399" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">there's been a slowdown actually in net new money<div style="display:inline-block;width:2.49px">&#160;</div>at CS with just USD 2 billion in Wealth this month.<div style="display:inline-block;width:2.43px">&#160;</div>So </div><div id="a1400" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">what should I consider as a more normalized level from<div style="display:inline-block;width:2.58px">&#160;</div>here? Is it going to be still the pace we saw over </div><div id="a1402" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">quarterly basis or there is a slowdown because the environment<div style="display:inline-block;width:2.4px">&#160;</div>is tougher. You<div style="display:inline-block;width:5.92px">&#160;</div>probably have visibility there </div><div id="a1403" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">with what happened in October. </div><div id="a1405" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">And the second question is actually following<div style="display:inline-block;width:2px">&#160;</div>up on this. I know you are going<div style="display:inline-block;width:2.52px">&#160;</div>to provide us with the strategic </div><div id="a1407" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">update at<div style="display:inline-block;width:2.42px">&#160;</div>the full<div style="display:inline-block;width:2.39px">&#160;</div>year, but any hint<div style="display:inline-block;width:1.92px">&#160;</div>as to<div style="display:inline-block;width:2.41px">&#160;</div>what kind<div style="display:inline-block;width:2.31px">&#160;</div>of assumptions<div style="display:inline-block;width:2.02px">&#160;</div>you've made<div style="display:inline-block;width:2.06px">&#160;</div>in your<div style="display:inline-block;width:2.37px">&#160;</div>RoCET1 target<div style="display:inline-block;width:2.11px">&#160;</div>towards </div><div id="a1408" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">2026 regarding<div style="display:inline-block;width:5.61px">&#160;</div>the AUM level,<div style="display:inline-block;width:5.86px">&#160;</div>especially considering the<div style="display:inline-block;width:5.36px">&#160;</div>fact that<div style="display:inline-block;width:5.43px">&#160;</div>the market effect<div style="display:inline-block;width:6.01px">&#160;</div>is starting<div style="display:inline-block;width:5.31px">&#160;</div>for the more </div><div id="a1410" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">negative now. Thank you. </div><div id="a1412" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:752.37px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1414" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">Hi, Flora. Thanks for the questions. So, on<div style="display:inline-block;width:2.58px">&#160;</div>the net new money for Credit Suisse Wealth, I appreciate your </div><div id="a1415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">doing a fair bit of the extrapolation math<div style="display:inline-block;width:2.51px">&#160;</div>but a long time in this business tells me<div style="display:inline-block;width:2.48px">&#160;</div>that extrapolating net new </div><div id="a1417" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">money trends is probably not necessarily the way to go, certainly<div style="display:inline-block;width:2.24px">&#160;</div>not from you know, a month or so. </div><div id="a1419" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">The point we've made is that we've stabilized<div style="display:inline-block;width:2.33px">&#160;</div>the business. We're seeing inflows after massive outflows<div style="display:inline-block;width:2.36px">&#160;</div>and </div><div id="a1421" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">that for us, as Sergio highlighted, was really objective<div style="display:inline-block;width:2.34px">&#160;</div>number one, was to stabilize the business<div style="display:inline-block;width:2.57px">&#160;</div>and that </div><div id="a1422" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">we've achieved. </div></div>
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<div id="a1427" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">16 </div><div id="a1429" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Look, going forward in any case, we're going to be reporting these metrics<div style="display:inline-block;width:2.4px">&#160;</div>on a combined basis. We're just </div><div id="a1430" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">giving an indication because we talked about that<div style="display:inline-block;width:2.48px">&#160;</div>in the second quarter. We gave an indication even up to </div><div id="a1432" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">the late publication date towards the end of August.<div style="display:inline-block;width:2.38px">&#160;</div>So, we, Sergio and I, wanted to follow<div style="display:inline-block;width:2.45px">&#160;</div>through on that </div><div id="a1433" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">and offer that perspective, but the expectation going<div style="display:inline-block;width:2.54px">&#160;</div>forward in any case is that Wealth Management, which </div><div id="a1437" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">is how we manage the business, will be providing a<div style="display:inline-block;width:2.52px">&#160;</div>combined net new money plus dividend and<div style="display:inline-block;width:2.44px">&#160;</div>interest </div><div id="a1438" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">figure going forward. </div><div id="a1440" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">And in terms of the RoCET1 assumptions<div style="display:inline-block;width:2.3px">&#160;</div>in terms of AUM levels, we're doing that work<div style="display:inline-block;width:2.47px">&#160;</div>now. Naturally,<div style="display:inline-block;width:5.42px">&#160;</div>when </div><div id="a1442" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">we develop the landing zone targets that we articulated in the second quarter, we had a view on growth, but </div><div id="a1443" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">now we're<div style="display:inline-block;width:5.38px">&#160;</div>validating that in<div style="display:inline-block;width:5.96px">&#160;</div>our business<div style="display:inline-block;width:5.32px">&#160;</div>planning process and<div style="display:inline-block;width:5.96px">&#160;</div>we'll come back<div style="display:inline-block;width:5.73px">&#160;</div>and offer<div style="display:inline-block;width:5.5px">&#160;</div>specificity around </div><div id="a1444" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">that in February. </div><div id="a1447" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:284.3px;">Flora Bocahut </div><div id="a1449" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">Thank you. </div><div id="a1451" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:353.74px;">Jeremy Sigee, Exane BNP Paribas </div><div id="a1453" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Good morning. Thank you. I'd like<div style="display:inline-block;width:2.58px">&#160;</div>to ask two questions about non-core, if I could.<div style="display:inline-block;width:2.45px">&#160;</div>The first one on the RWA </div><div id="a1456" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">outlook, you've had a great start already reducing that balance<div style="display:inline-block;width:2.57px">&#160;</div>down quite effectively. The runoff you show </div><div id="a1458" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">in the slide is effectively the natural runoff with no action, but<div style="display:inline-block;width:2.5px">&#160;</div>clearly you are taking action. So, is it </div><div id="a1459" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">reasonable for us to expect that rather than being<div style="display:inline-block;width:2.52px">&#160;</div>down 50%, it could be down 75% or 100%<div style="display:inline-block;width:2.46px">&#160;</div>within that </div><div id="a1460" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">sort of three-year timeframe? It seems that you're on a<div style="display:inline-block;width:2.56px">&#160;</div>more aggressive trajectory than that passive runoff </div><div id="a1464" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">that you're showing in the slide. </div><div id="a1466" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">And then,<div style="display:inline-block;width:6.13px">&#160;</div>the second<div style="display:inline-block;width:5.95px">&#160;</div>question is<div style="display:inline-block;width:6.06px">&#160;</div>also about<div style="display:inline-block;width:6.03px">&#160;</div>non-core, about<div style="display:inline-block;width:6.17px">&#160;</div>the P&amp;L.<div style="display:inline-block;width:6.1px">&#160;</div>So you're<div style="display:inline-block;width:6.16px">&#160;</div>annualizing in<div style="display:inline-block;width:6.02px">&#160;</div>this quarter </div><div id="a1469" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">around USD 1 billion positive<div style="display:inline-block;width:2.39px">&#160;</div>revenues and USD 5 billion<div style="display:inline-block;width:2.57px">&#160;</div>of costs. I just wonder<div style="display:inline-block;width:2.33px">&#160;</div>is that a representative starting </div><div id="a1471" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">point for<div style="display:inline-block;width:5.81px">&#160;</div>us to<div style="display:inline-block;width:6.1px">&#160;</div>sort of<div style="display:inline-block;width:6.16px">&#160;</div>model non-core<div style="display:inline-block;width:6.14px">&#160;</div>going forward?<div style="display:inline-block;width:6.01px">&#160;</div>And linked<div style="display:inline-block;width:5.92px">&#160;</div>to that,<div style="display:inline-block;width:5.97px">&#160;</div>how much<div style="display:inline-block;width:5.92px">&#160;</div>could that<div style="display:inline-block;width:6.01px">&#160;</div>change in </div><div id="a1474" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">2024? Could we see &#8211; will we<div style="display:inline-block;width:2.51px">&#160;</div>still see positive revenues in 2024 in<div style="display:inline-block;width:2.56px">&#160;</div>non-core? And how much could we<div style="display:inline-block;width:2.37px">&#160;</div>expect </div><div id="a1482" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">the costs to reduce in 2024 in non-core? </div><div id="a1486" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:613.81px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1488" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">I think, Todd, I mean, let me start with taking the one on &#8211; you know we are giving as we mentioned<div style="display:inline-block;width:2.27px">&#160;</div>last </div><div id="a1492" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">time, we just give you a flavor for the natural decay<div style="display:inline-block;width:2.44px">&#160;</div>in order for you to understand that, what will<div style="display:inline-block;width:2.55px">&#160;</div>be the </div><div id="a1494" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">leftover in case we do nothing. And as you<div style="display:inline-block;width:2.57px">&#160;</div>pointed out, we have been pretty active. </div><div id="a1496" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">Having said that, I don't think it's reasonable to assume<div style="display:inline-block;width:2.13px">&#160;</div>that we're going to take down 100% or 75% to </div><div id="a1497" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">100% per se because it all depends on at<div style="display:inline-block;width:2.55px">&#160;</div>what terms we will do it. The very critical<div style="display:inline-block;width:2.57px">&#160;</div>topic here is that we have </div><div id="a1499" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">to do it in a way that creates value and not just headlines.<div style="display:inline-block;width:2.15px">&#160;</div>So, we can get rid of probably many of those </div><div id="a1500" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">positions, but destroying a lot of value. And this will be<div style="display:inline-block;width:2.45px">&#160;</div>in conflict with capital accretion and the ability for us </div><div id="a1502" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">to return capital to shareholders. </div><div id="a1504" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">So, I think<div style="display:inline-block;width:2.15px">&#160;</div>that it's very<div style="display:inline-block;width:2.01px">&#160;</div>clear what<div style="display:inline-block;width:2.39px">&#160;</div>is the framework<div style="display:inline-block;width:1.99px">&#160;</div>we are using<div style="display:inline-block;width:2.13px">&#160;</div>and I think<div style="display:inline-block;width:2.07px">&#160;</div>objective number<div style="display:inline-block;width:2.35px">&#160;</div>one around non-</div><div id="a1506" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">core is not necessarily just<div style="display:inline-block;width:5.36px">&#160;</div>to accelerate the wind down of<div style="display:inline-block;width:5.44px">&#160;</div>assets, but it's to take down<div style="display:inline-block;width:5.39px">&#160;</div>cost. That's the much </div><div id="a1508" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">more critical element of freeing up capacity and resources. </div></div>
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<div id="a1513" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">17 </div><div id="a1515" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1517" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">And Jeremy, on the P&amp;L question, for sure, on the revenue side, I would not annualize the current quarter's </div><div id="a1518" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">revenues. The revenues are a function of &#8211; the market through which we<div style="display:inline-block;width:2.5px">&#160;</div>would exit these positions. It </div><div id="a1523" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">depends on the nature of the positions we're talking about.<div style="display:inline-block;width:2.45px">&#160;</div>It depends on market conditions. We'll be </div><div id="a1524" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">opportunistic and everything, Sergio just<div style="display:inline-block;width:2.56px">&#160;</div>said that actually informs the dynamic about<div style="display:inline-block;width:2.42px">&#160;</div>the speed, the timing, </div><div id="a1526" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">the intensity of when we get out of positions<div style="display:inline-block;width:2.54px">&#160;</div>is, of course, what governs in<div style="display:inline-block;width:2.58px">&#160;</div>that respect. So, I would put no </div><div id="a1527" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">sort of target or certain extrapolation. Certainly, no extrapolation to the current quarter's<div style="display:inline-block;width:2.38px">&#160;</div>revenues in NCL is </div><div id="a1529" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">saying, well that's a run rate. </div><div id="a1531" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">On<div style="display:inline-block;width:5.36px">&#160;</div>the cost<div style="display:inline-block;width:6.52px">&#160;</div>side,<div style="display:inline-block;width:5.25px">&#160;</div>I<div style="display:inline-block;width:5.35px">&#160;</div>would argue<div style="display:inline-block;width:6.49px">&#160;</div>that's different<div style="display:inline-block;width:6.85px">&#160;</div>because there<div style="display:inline-block;width:6.62px">&#160;</div>you're<div style="display:inline-block;width:5.42px">&#160;</div>looking at<div style="display:inline-block;width:6.55px">&#160;</div>&#8211;<div style="display:inline-block;width:5.28px">&#160;</div>on<div style="display:inline-block;width:5.3px">&#160;</div>the underlying<div style="display:inline-block;width:6.58px">&#160;</div>OpEx, </div><div id="a1535" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">you're looking at, at this point, the run rate cost to support the rundown of<div style="display:inline-block;width:5.3px">&#160;</div>the business. So, as that business </div><div id="a1537" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">runs down, you would expect that the costs associated, the underlying OpEx supporting the portfolio will also </div><div id="a1538" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">run down. Now, that may not be linear and I wouldn't expect it to be linear,<div style="display:inline-block;width:6.43px">&#160;</div>but it ought to be somewhere in </div><div id="a1539" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">some way, shape or form correlated with the size of the balance sheet as it starts to<div style="display:inline-block;width:2.56px">&#160;</div>diminish over time. </div><div id="a1542" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:353.74px;">Jeremy Sigee, Exane BNP Paribas </div><div id="a1544" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Okay. Thank you. </div><div id="a1547" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:423.06px;">Andrew Lim, Soci&#233;t&#233; G&#233;n&#233;rale </div><div id="a1550" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">Hi. Morning. Thanks for taking my questions.<div style="display:inline-block;width:2.14px">&#160;</div>So just turning to tax. Obviously, we saw some nice RWA </div><div id="a1552" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">reduction, but it was negated by the high tax charge.<div style="display:inline-block;width:2.33px">&#160;</div>But at the same time, you're talking about mergers<div style="display:inline-block;width:2.54px">&#160;</div>of </div><div id="a1553" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">the divisional structure to enable you to reduce the effective tax<div style="display:inline-block;width:2.56px">&#160;</div>rate. I was wondering if you could give us </div><div id="a1554" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">more specificity on when we can expect that to happen.<div style="display:inline-block;width:2.32px">&#160;</div>And would that be a gradual process for the </div><div id="a1557" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">reduction in the effective tax rate, or would that be actually<div style="display:inline-block;width:2.55px">&#160;</div>a step-down change there? </div><div id="a1561" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">And then, my second question is, you've done a good job on costs, well done there. The exit run rates for the </div><div id="a1563" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">end of the year, I was wondering if you could update us on that. </div><div id="a1565" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:613.81px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1567" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">Thanks, Andrew. So, on the tax question, in terms of timing. As I mentioned<div style="display:inline-block;width:2.51px">&#160;</div>in my remarks, certainly the </div><div id="a1568" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">elevated tax rate is a function of the fact<div style="display:inline-block;width:2.5px">&#160;</div>that the expenses that are weighing on our pre-tax at the moment, </div><div id="a1572" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">in particular, the integration related expenses are being incurred in jurisdictions where we're not able to offset </div><div id="a1573" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">&#8211; even within the jurisdictions - necessarily offset profits and<div style="display:inline-block;width:2.54px">&#160;</div>losses in different entities just given where they </div><div id="a1580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">fall out. </div><div id="a1582" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">So there could be expenses or losses in one entity that's<div style="display:inline-block;width:2.17px">&#160;</div>not tax grouped with an entity that is generating </div><div id="a1583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">taxable profits. And that's indeed what's happening<div style="display:inline-block;width:2.43px">&#160;</div>really across the globe because the Credit Suisse entities </div><div id="a1585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">in particular, as you'll appreciate under Credit Suisse AG, which is not yet merged with UBS AG, those<div style="display:inline-block;width:2.32px">&#160;</div>are </div><div id="a1586" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">separate chains of entities. So, therefore, anything happening<div style="display:inline-block;width:2.41px">&#160;</div>on the CS AG side that you would otherwise </div><div id="a1587" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">ideally shelter with profits of the UBS side, isn't happening<div style="display:inline-block;width:2.26px">&#160;</div>until we start the mergers. </div><div id="a1591" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">Now, once we do that, your<div style="display:inline-block;width:2.49px">&#160;</div>question was, is it<div style="display:inline-block;width:2.56px">&#160;</div>a step or it's gradual?<div style="display:inline-block;width:2.12px">&#160;</div>We'll see both. I mean,<div style="display:inline-block;width:2.58px">&#160;</div>certainly we'll see </div><div id="a1592" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">some immediate benefits by bringing together certain<div style="display:inline-block;width:2.17px">&#160;</div>entities. Others are going to be harder work and harder </div><div id="a1594" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">planning to unlock some additional tax value and get the rate to a lower level. So you&#8217;ll see<div style="display:inline-block;width:5.28px">&#160;</div>once the mergers </div><div id="a1595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">take place over the course of 2024, you'll see some step down. But you'll also, as I said, gradually see the rate </div><div id="a1596" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">come back in. </div></div>
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<div id="a1602" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">18 </div><div id="a1604" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">In terms of the update for year end,<div style="display:inline-block;width:2.45px">&#160;</div>we did say that as of the<div style="display:inline-block;width:2.53px">&#160;</div>third quarter, we see the run rate saves in excess </div><div id="a1605" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">of<div style="display:inline-block;width:6.04px">&#160;</div>USD<div style="display:inline-block;width:6.18px">&#160;</div>3<div style="display:inline-block;width:6.09px">&#160;</div>billion<div style="display:inline-block;width:6.08px">&#160;</div>and<div style="display:inline-block;width:6.1px">&#160;</div>expect<div style="display:inline-block;width:5.7px">&#160;</div>to<div style="display:inline-block;width:6.04px">&#160;</div>make<div style="display:inline-block;width:6.03px">&#160;</div>further<div style="display:inline-block;width:5.9px">&#160;</div>progress.<div style="display:inline-block;width:6.37px">&#160;</div>We're<div style="display:inline-block;width:6.46px">&#160;</div>undertaking<div style="display:inline-block;width:6.1px">&#160;</div>actions<div style="display:inline-block;width:5.91px">&#160;</div>at<div style="display:inline-block;width:6.03px">&#160;</div>present.<div style="display:inline-block;width:6.14px">&#160;</div>We<div style="display:inline-block;width:6.32px">&#160;</div>haven't </div><div id="a1606" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">quantified that,<div style="display:inline-block;width:2.09px">&#160;</div>but you<div style="display:inline-block;width:2.31px">&#160;</div>can expect<div style="display:inline-block;width:2.3px">&#160;</div>that there<div style="display:inline-block;width:2.41px">&#160;</div>will be<div style="display:inline-block;width:2.32px">&#160;</div>further progress<div style="display:inline-block;width:2.35px">&#160;</div>in the<div style="display:inline-block;width:2.37px">&#160;</div>fourth quarter<div style="display:inline-block;width:2.08px">&#160;</div>before we<div style="display:inline-block;width:2.43px">&#160;</div>exit 2023. </div><div id="a1609" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:145.74px;">Andrew Lim, Soci&#233;t&#233; G&#233;n&#233;rale </div><div id="a1612" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">That&#8217;s great. Thank you.<div style="display:inline-block;width:3.44px">&#160;</div></div><div id="a1615" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:215.02px;">Amit Goel, Barclays </div><div id="a1617" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">Hi. Thank you. Two questions from me. So, the first is, I mean, so clearly the legal entity<div style="display:inline-block;width:2.5px">&#160;</div>merger is pretty </div><div id="a1619" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">important in terms of the kind of the costs<div style="display:inline-block;width:2.55px">&#160;</div>and the tax and so forth. So, do you<div style="display:inline-block;width:2.46px">&#160;</div>mind just reminding us </div><div id="a1620" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">exactly the main pieces and in terms of the<div style="display:inline-block;width:2.48px">&#160;</div>timing? So, would you be expecting some<div style="display:inline-block;width:2.45px">&#160;</div>of that to happen </div><div id="a1621" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">within the first half of the year or is that kind<div style="display:inline-block;width:2.49px">&#160;</div>of second half? And just things that<div style="display:inline-block;width:2.57px">&#160;</div>we can monitor to check </div><div id="a1624" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">the progress there. </div><div id="a1626" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">And then,<div style="display:inline-block;width:5.49px">&#160;</div>secondly,<div style="display:inline-block;width:5.58px">&#160;</div>just in<div style="display:inline-block;width:5.44px">&#160;</div>terms of<div style="display:inline-block;width:5.46px">&#160;</div>the revenue<div style="display:inline-block;width:5.54px">&#160;</div>picture, just<div style="display:inline-block;width:5.37px">&#160;</div>into Q4,<div style="display:inline-block;width:5.42px">&#160;</div>obviously,<div style="display:inline-block;width:5.82px">&#160;</div>there's the<div style="display:inline-block;width:5.54px">&#160;</div>commentary on </div><div id="a1627" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">the transactional income and<div style="display:inline-block;width:2.49px">&#160;</div>NII. Just thinking &#8211; are you thinking<div style="display:inline-block;width:2.19px">&#160;</div>the underlying revenues Q4 ex-NCL<div style="display:inline-block;width:2.4px">&#160;</div>are likely </div><div id="a1634" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">to be in line with what we've seen in Q3 or slightly<div style="display:inline-block;width:2.38px">&#160;</div>better or due to seasonality, slightly worse? Thank you. </div><div id="a1636" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:423.06px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1638" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">Thanks for the questions, Amit. So, on the<div style="display:inline-block;width:2.49px">&#160;</div>legal entities, in terms of the main pieces and the timing, </div><div id="a1640" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">obviously, the big groups to address are the parent banks that will take place, the two Swiss banks and then </div><div id="a1641" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">the US IHCs and the subsidiaries below. I mean, I'd say those are &#8211; and in the<div style="display:inline-block;width:2.52px">&#160;</div>UK as well. And those are going </div><div id="a1645" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">to be the biggest chunks. </div><div id="a1648" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">Of course, across the globe, there's also a lot of undertaking<div style="display:inline-block;width:2.42px">&#160;</div>in Europe and in Asia. But the big &#8211; I highlighted </div><div id="a1652" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">the big pieces because that's what you<div style="display:inline-block;width:2.52px">&#160;</div>were looking for. We are working hard on developing plans for all of </div><div id="a1653" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">those. I think it's fair to say over the course<div style="display:inline-block;width:2.55px">&#160;</div>of 2024, I won&#8217;t at this stage, speculate<div style="display:inline-block;width:2.31px">&#160;</div>on exact timing, but we'll </div><div id="a1655" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">provide more updates as we go and as we enter the year<div style="display:inline-block;width:2.44px">&#160;</div>and as we go through the year, we'll give you more </div><div id="a1656" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">specificity around timelines. </div><div id="a1658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">In terms of the revenue picture in the fourth quarter, I mean, as you mentioned, repeating back that I offered </div><div id="a1660" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">some NII guidance for our core businesses in terms<div style="display:inline-block;width:2.44px">&#160;</div>of underlying NII. We do see the potential for transactional </div><div id="a1661" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">activities. I mean, the market for transactional<div style="display:inline-block;width:2.49px">&#160;</div>activities is a bit clouded at the moment. </div><div id="a1664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">We are seeing some risk off even though, earlier this month certainly<div style="display:inline-block;width:2.28px">&#160;</div>some of the less hawkish sentiment, </div><div id="a1665" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">coupled with further rate hike pauses, and<div style="display:inline-block;width:2.52px">&#160;</div>seeing bonds and equities rally more recently, that would suggest </div><div id="a1667" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">perhaps more risk on. But I think that's all counterbalanced<div style="display:inline-block;width:2.31px">&#160;</div>as well in our clients' minds also about what's </div><div id="a1668" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">happening in the Middle East. </div><div id="a1670" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">And so we do see the<div style="display:inline-block;width:2.43px">&#160;</div>potential for TRX in our asset<div style="display:inline-block;width:2.32px">&#160;</div>gathering businesses as well<div style="display:inline-block;width:2.49px">&#160;</div>as transactional activity in our </div><div id="a1672" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">IB to potentially be affected by that. And as you mentioned, seasonality<div style="display:inline-block;width:2.39px">&#160;</div>will for sure, in any event, be a factor. </div><div id="a1673" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">So I'd<div style="display:inline-block;width:6.06px">&#160;</div>say the<div style="display:inline-block;width:5.92px">&#160;</div>revenue picture<div style="display:inline-block;width:5.98px">&#160;</div>is a<div style="display:inline-block;width:6.04px">&#160;</div>bit clouded,<div style="display:inline-block;width:5.75px">&#160;</div>but I,<div style="display:inline-block;width:5.82px">&#160;</div>at this<div style="display:inline-block;width:5.95px">&#160;</div>point, wouldn't<div style="display:inline-block;width:5.58px">&#160;</div>necessarily expect<div style="display:inline-block;width:5.48px">&#160;</div>it to<div style="display:inline-block;width:5.99px">&#160;</div>increase </div><div id="a1676" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">quarter-on-quarter significantly at this stage. </div></div>
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<div id="a1686" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">19 </div><div id="a1688" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Amit Goel, Barclays </div><div id="a1690" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Got it. Thanks. And just on the legal<div style="display:inline-block;width:5.34px">&#160;</div>entity piece, so just sorry for my understanding, it's like getting<div style="display:inline-block;width:5.32px">&#160;</div>the legal </div><div id="a1691" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">work<div style="display:inline-block;width:5.81px">&#160;</div>done<div style="display:inline-block;width:5.79px">&#160;</div>and<div style="display:inline-block;width:5.78px">&#160;</div>getting<div style="display:inline-block;width:5.76px">&#160;</div>the<div style="display:inline-block;width:5.72px">&#160;</div>regulators<div style="display:inline-block;width:5.93px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>kind<div style="display:inline-block;width:5.69px">&#160;</div>of<div style="display:inline-block;width:5.88px">&#160;</div>sign<div style="display:inline-block;width:5.81px">&#160;</div>off.<div style="display:inline-block;width:6.01px">&#160;</div>And<div style="display:inline-block;width:5.83px">&#160;</div>just<div style="display:inline-block;width:5.75px">&#160;</div>in<div style="display:inline-block;width:6px">&#160;</div>terms<div style="display:inline-block;width:5.73px">&#160;</div>of<div style="display:inline-block;width:5.72px">&#160;</div>the<div style="display:inline-block;width:5.88px">&#160;</div>main<div style="display:inline-block;width:5.79px">&#160;</div>things<div style="display:inline-block;width:5.91px">&#160;</div>that<div style="display:inline-block;width:5.83px">&#160;</div>you, </div><div id="a1694" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">obviously, have to get done to do the mergers, is that right?<div style="display:inline-block;width:3.1px">&#160;</div></div><div id="a1696" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:180.3px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1698" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">Yes.<div style="display:inline-block;width:5.54px">&#160;</div>That's correct. There is<div style="display:inline-block;width:5.51px">&#160;</div>a lot of planning<div style="display:inline-block;width:5.41px">&#160;</div>to be done. The<div style="display:inline-block;width:5.32px">&#160;</div>planning manuals are incredibly<div style="display:inline-block;width:5.25px">&#160;</div>extensive. And </div><div id="a1699" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">of course,<div style="display:inline-block;width:5.98px">&#160;</div>it needs<div style="display:inline-block;width:6.01px">&#160;</div>to be<div style="display:inline-block;width:5.98px">&#160;</div>approved by<div style="display:inline-block;width:6.08px">&#160;</div>the regulators.<div style="display:inline-block;width:6.07px">&#160;</div>And when<div style="display:inline-block;width:6.12px">&#160;</div>you think<div style="display:inline-block;width:6.06px">&#160;</div>about the<div style="display:inline-block;width:5.79px">&#160;</div>parent bank<div style="display:inline-block;width:6.2px">&#160;</div>and how </div><div id="a1701" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">many jurisdictions<div style="display:inline-block;width:5.3px">&#160;</div>they operate<div style="display:inline-block;width:5.4px">&#160;</div>in, you're<div style="display:inline-block;width:5.84px">&#160;</div>talking about<div style="display:inline-block;width:5.46px">&#160;</div>regulators across<div style="display:inline-block;width:5.82px">&#160;</div>the world.<div style="display:inline-block;width:5.55px">&#160;</div>So these<div style="display:inline-block;width:5.62px">&#160;</div>are not<div style="display:inline-block;width:5.86px">&#160;</div>simple </div><div id="a1702" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">transactions by any stretch of the imagination.<div style="display:inline-block;width:2.61px">&#160;</div></div><div id="a1704" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:301.74px;">Amit Goel, Barclays </div><div id="a1706" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">Okay. Thank you. </div><div id="a1708" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:371.06px;">Benjamin Goy, Deutsche Bank </div><div id="a1711" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">Hi. Good<div style="display:inline-block;width:6.16px">&#160;</div>morning. Two<div style="display:inline-block;width:7.03px">&#160;</div>questions, please.<div style="display:inline-block;width:5.73px">&#160;</div>The first,<div style="display:inline-block;width:5.99px">&#160;</div>if you<div style="display:inline-block;width:6.36px">&#160;</div>could maybe<div style="display:inline-block;width:5.89px">&#160;</div>speak about<div style="display:inline-block;width:5.96px">&#160;</div>the profitability<div style="display:inline-block;width:6.01px">&#160;</div>of the </div><div id="a1712" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">recovery of funds and assets of Credit<div style="display:inline-block;width:5.63px">&#160;</div>Suisse and how that's going, the discussion with clients there.<div style="display:inline-block;width:5.52px">&#160;</div>And the </div><div id="a1713" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">second is, it looks like, in particular,<div style="display:inline-block;width:5.31px">&#160;</div>non-core significantly outperformed your expectation you set in Q2 in the </div><div id="a1717" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">third quarter.<div style="display:inline-block;width:5.27px">&#160;</div>So just wondering, what does it mean for the budget, so to say,<div style="display:inline-block;width:5.41px">&#160;</div>you have to, for an accelerated </div><div id="a1718" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">rundown in Q4 and beyond. Thank you.<div style="display:inline-block;width:2.54px">&#160;</div></div><div id="a1720" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:509.78px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti</div><div id="a1721" style="position:absolute;font-family:&apos;Frutiger&apos;;left:178.59px;top:510.12px;"><div style="display:inline-block;width:3.84px">&#160;</div></div><div id="a1723" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">Yes.<div style="display:inline-block;width:5.54px">&#160;</div>I mean, in terms of<div style="display:inline-block;width:5.61px">&#160;</div>the non-core, I don't<div style="display:inline-block;width:5.34px">&#160;</div>think that extrapolating a quarter is<div style="display:inline-block;width:5.29px">&#160;</div>meaningful. I do &#8211; as<div style="display:inline-block;width:5.6px">&#160;</div>Todd </div><div id="a1729" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">mentioned before, we need to look at &#8211;<div style="display:inline-block;width:2.51px">&#160;</div>in some cases, we were able to<div style="display:inline-block;width:2.55px">&#160;</div>dispose assets above marks. In others, </div><div id="a1733" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">we will need to make an assessment about<div style="display:inline-block;width:2.51px">&#160;</div>what we think is the value of those positions. </div><div id="a1736" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">But I would<div style="display:inline-block;width:2.17px">&#160;</div>pay attention to<div style="display:inline-block;width:1.85px">&#160;</div>not to use<div style="display:inline-block;width:2.16px">&#160;</div>the third quarter<div style="display:inline-block;width:2.18px">&#160;</div>numbers and extrapolate<div style="display:inline-block;width:1.62px">&#160;</div>and call it<div style="display:inline-block;width:2.27px">&#160;</div>is better than<div style="display:inline-block;width:2.12px">&#160;</div>what </div><div id="a1737" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">we expected because we didn't really give<div style="display:inline-block;width:2.46px">&#160;</div>any guidance on that. So, I mean,<div style="display:inline-block;width:2.22px">&#160;</div>I think that we are confident that </div><div id="a1739" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">the quality,<div style="display:inline-block;width:6.49px">&#160;</div>broadly speaking,<div style="display:inline-block;width:5.33px">&#160;</div>of the<div style="display:inline-block;width:5.29px">&#160;</div>assets is there.<div style="display:inline-block;width:6.06px">&#160;</div>They are<div style="display:inline-block;width:5.57px">&#160;</div>non-core assets<div style="display:inline-block;width:5.32px">&#160;</div>per se. The<div style="display:inline-block;width:5.96px">&#160;</div>vast majority<div style="display:inline-block;width:5.27px">&#160;</div>is not </div><div id="a1742" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">problematic<div style="display:inline-block;width:5.55px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>therefore<div style="display:inline-block;width:5.77px">&#160;</div>I'm<div style="display:inline-block;width:5.55px">&#160;</div>not<div style="display:inline-block;width:5.57px">&#160;</div>overly<div style="display:inline-block;width:5.45px">&#160;</div>concerned about<div style="display:inline-block;width:6.5px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>revenue<div style="display:inline-block;width:5.66px">&#160;</div>or<div style="display:inline-block;width:5.56px">&#160;</div>the cost<div style="display:inline-block;width:6.84px">&#160;</div>to<div style="display:inline-block;width:5.56px">&#160;</div>exit.<div style="display:inline-block;width:5.38px">&#160;</div>As<div style="display:inline-block;width:5.61px">&#160;</div>I<div style="display:inline-block;width:5.67px">&#160;</div>mentioned </div><div id="a1744" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">before, it's more<div style="display:inline-block;width:5.32px">&#160;</div>of a matter of<div style="display:inline-block;width:5.43px">&#160;</div>addressing the cost to<div style="display:inline-block;width:5.61px">&#160;</div>sustain those assets than it<div style="display:inline-block;width:5.51px">&#160;</div>is about managing out<div style="display:inline-block;width:5.43px">&#160;</div>the </div><div id="a1745" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">assets themselves. </div><div id="a1747" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">In terms of<div style="display:inline-block;width:5.31px">&#160;</div>recovery of the funds,<div style="display:inline-block;width:5.63px">&#160;</div>we see a<div style="display:inline-block;width:5.41px">&#160;</div>&#8211; the win-back strategy<div style="display:inline-block;width:5.43px">&#160;</div>is still in<div style="display:inline-block;width:5.38px">&#160;</div>place. We have been<div style="display:inline-block;width:5.72px">&#160;</div>&#8211; we are<div style="display:inline-block;width:5.59px">&#160;</div>&#8211; </div><div id="a1758" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">very focused.<div style="display:inline-block;width:5.83px">&#160;</div>And probably<div style="display:inline-block;width:5.9px">&#160;</div>what I<div style="display:inline-block;width:5.97px">&#160;</div>can offer<div style="display:inline-block;width:6.13px">&#160;</div>as a<div style="display:inline-block;width:5.97px">&#160;</div>comment is<div style="display:inline-block;width:5.9px">&#160;</div>that as<div style="display:inline-block;width:5.88px">&#160;</div>time goes<div style="display:inline-block;width:5.8px">&#160;</div>by we<div style="display:inline-block;width:5.94px">&#160;</div>saw it<div style="display:inline-block;width:5.92px">&#160;</div>already in<div style="display:inline-block;width:6.37px">&#160;</div>the </div><div id="a1760" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">second quarter of<div style="display:inline-block;width:5.27px">&#160;</div>the year after<div style="display:inline-block;width:5.37px">&#160;</div>the announcement of<div style="display:inline-block;width:5.33px">&#160;</div>the transaction, and<div style="display:inline-block;width:5.43px">&#160;</div>definitely,<div style="display:inline-block;width:5.51px">&#160;</div>has been confirmed in </div><div id="a1761" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">the third<div style="display:inline-block;width:6.22px">&#160;</div>quarter.<div style="display:inline-block;width:5.89px">&#160;</div>Basically,<div style="display:inline-block;width:6.03px">&#160;</div>the third<div style="display:inline-block;width:6.22px">&#160;</div>quarter is<div style="display:inline-block;width:5.91px">&#160;</div>a year<div style="display:inline-block;width:5.86px">&#160;</div>after you<div style="display:inline-block;width:5.87px">&#160;</div>started to<div style="display:inline-block;width:5.79px">&#160;</div>see departure<div style="display:inline-block;width:6.11px">&#160;</div>of assets<div style="display:inline-block;width:5.8px">&#160;</div>and client </div><div id="a1763" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">advisors from Credit Suisse.<div style="display:inline-block;width:2.31px">&#160;</div>Despite the massive outflows<div style="display:inline-block;width:1.85px">&#160;</div>that you saw, the amount of<div style="display:inline-block;width:2.25px">&#160;</div>assets that were able to </div><div id="a1764" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">be moved<div style="display:inline-block;width:2.46px">&#160;</div>by the<div style="display:inline-block;width:2.45px">&#160;</div>people that<div style="display:inline-block;width:2.34px">&#160;</div>were serving those<div style="display:inline-block;width:1.83px">&#160;</div>assets has<div style="display:inline-block;width:2.29px">&#160;</div>been within<div style="display:inline-block;width:2.55px">&#160;</div>what we<div style="display:inline-block;width:2.47px">&#160;</div>expected, on<div style="display:inline-block;width:2.48px">&#160;</div>average no<div style="display:inline-block;width:2.3px">&#160;</div>more </div><div id="a1766" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">than 20%. So the<div style="display:inline-block;width:2.23px">&#160;</div>first big issue, as<div style="display:inline-block;width:2.21px">&#160;</div>I said, we have<div style="display:inline-block;width:2.31px">&#160;</div>been able to keep<div style="display:inline-block;width:2.25px">&#160;</div>the vast majority<div style="display:inline-block;width:2.44px">&#160;</div>of the assets.<div style="display:inline-block;width:2.42px">&#160;</div>So it's very </div><div id="a1767" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">difficult for people that move out to be able to bring<div style="display:inline-block;width:2.4px">&#160;</div>the assets with them. </div><div id="a1769" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">So if you look at the numbers, it's quite &#8211; I can<div style="display:inline-block;width:2.53px">&#160;</div>give you maybe a little bit of anecdotal<div style="display:inline-block;width:2.56px">&#160;</div>evidence. I mean, we </div><div id="a1774" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">lost around &#8211; or Credit Suisse in the last 12 months lost<div style="display:inline-block;width:2.42px">&#160;</div>around 500 client advisors. They moved so far USD </div><div id="a1778" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">20 billions of assets. So &#8211; and let's say that we<div style="display:inline-block;width:2.46px">&#160;</div>we're going to lose further assets because some of<div style="display:inline-block;width:2.53px">&#160;</div>those </div><div id="a1783" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">people just left more recently, and we're going to see some outflows later on, but we are totally convinced </div><div id="a1784" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">that it's not going to be a multiple of that<div style="display:inline-block;width:2.44px">&#160;</div>USD 20 billions, the future outflows. And we are working<div style="display:inline-block;width:2.48px">&#160;</div>hard to </div><div id="a1785" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">recapture some of it. </div></div>
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<div id="a1791" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">20 </div><div id="a1793" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">So,<div style="display:inline-block;width:5.38px">&#160;</div>I<div style="display:inline-block;width:5.35px">&#160;</div>think that<div style="display:inline-block;width:6.44px">&#160;</div>our<div style="display:inline-block;width:5.25px">&#160;</div>strategy now<div style="display:inline-block;width:6.41px">&#160;</div>is<div style="display:inline-block;width:5.31px">&#160;</div>more<div style="display:inline-block;width:5.45px">&#160;</div>focused on<div style="display:inline-block;width:6.44px">&#160;</div>regaining<div style="display:inline-block;width:5.35px">&#160;</div>the clients<div style="display:inline-block;width:6.5px">&#160;</div>that left<div style="display:inline-block;width:6.53px">&#160;</div>because<div style="display:inline-block;width:5.25px">&#160;</div>of fears<div style="display:inline-block;width:6.47px">&#160;</div>of the </div><div id="a1794" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">instability of the system. And in that sense, we maintain our ambitions,<div style="display:inline-block;width:5.28px">&#160;</div>as we say.<div style="display:inline-block;width:5.56px">&#160;</div>Most likely,<div style="display:inline-block;width:5.56px">&#160;</div>we're going to </div><div id="a1795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">formulate these<div style="display:inline-block;width:5.51px">&#160;</div>ambitions, as<div style="display:inline-block;width:5.32px">&#160;</div>Todd<div style="display:inline-block;width:6.39px">&#160;</div>mentioned, as<div style="display:inline-block;width:5.59px">&#160;</div>a combined<div style="display:inline-block;width:5.74px">&#160;</div>wealth management business<div style="display:inline-block;width:5.76px">&#160;</div>going forward </div><div id="a1797" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">because, I mean, it's not<div style="display:inline-block;width:2.49px">&#160;</div>really an issue any longer, Credit Suisse versus UBS, it&#8217;s one team.<div style="display:inline-block;width:2.34px">&#160;</div>We are working on </div><div id="a1798" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">maximizing the<div style="display:inline-block;width:2.25px">&#160;</div>outcome. And<div style="display:inline-block;width:2.09px">&#160;</div>so we're<div style="display:inline-block;width:2.52px">&#160;</div>going to<div style="display:inline-block;width:2.4px">&#160;</div>just outline<div style="display:inline-block;width:2.28px">&#160;</div>our net<div style="display:inline-block;width:2.51px">&#160;</div>new money<div style="display:inline-block;width:2.23px">&#160;</div>growth ambitions<div style="display:inline-block;width:2.32px">&#160;</div>in our<div style="display:inline-block;width:2.38px">&#160;</div>three-</div><div id="a1801" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">year plan in a way that reflects win-backs and organic<div style="display:inline-block;width:2.36px">&#160;</div>growth. </div><div id="a1805" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:197.74px;">Benjamin Goy, Deutsche Bank </div><div id="a1807" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">Good. Thank you. </div><div id="a1810" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:267.02px;">Chris Hallam, Goldman Sachs </div><div id="a1812" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">Yeah. Good morning, everyone. Just two from me. So, on profitability, clearly better than expected in the </div><div id="a1814" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">quarter. Previously,<div style="display:inline-block;width:6.23px">&#160;</div>you'd guided for positive underlying<div style="display:inline-block;width:2.44px">&#160;</div>PBT in H2 and breakeven in the third quarter. So, </div><div id="a1815" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">given the third quarter is already quite positive, does that<div style="display:inline-block;width:2.47px">&#160;</div>change how we should think about Q4? I guess<div style="display:inline-block;width:2.52px">&#160;</div>the </div><div id="a1818" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">old guidance implied a sequential improvement in<div style="display:inline-block;width:2.5px">&#160;</div>the fourth quarter in terms of PBT. So just wondering </div><div id="a1819" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">whether that's still the right way to<div style="display:inline-block;width:2.54px">&#160;</div>think about that. </div><div id="a1821" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">And then,<div style="display:inline-block;width:5.81px">&#160;</div>second, and<div style="display:inline-block;width:5.61px">&#160;</div>I appreciate<div style="display:inline-block;width:6px">&#160;</div>it's a<div style="display:inline-block;width:5.92px">&#160;</div>bit of<div style="display:inline-block;width:5.84px">&#160;</div>a follow-up<div style="display:inline-block;width:5.77px">&#160;</div>to some<div style="display:inline-block;width:5.73px">&#160;</div>of the<div style="display:inline-block;width:5.93px">&#160;</div>earlier questions<div style="display:inline-block;width:5.42px">&#160;</div>on CS<div style="display:inline-block;width:5.92px">&#160;</div>net new </div><div id="a1825" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">money.<div style="display:inline-block;width:6.62px">&#160;</div>You've<div style="display:inline-block;width:6.71px">&#160;</div>given<div style="display:inline-block;width:5.36px">&#160;</div>the regional<div style="display:inline-block;width:6.99px">&#160;</div>disclosure<div style="display:inline-block;width:5.41px">&#160;</div>on<div style="display:inline-block;width:5.46px">&#160;</div>a<div style="display:inline-block;width:5.44px">&#160;</div>combined<div style="display:inline-block;width:5.33px">&#160;</div>basis,<div style="display:inline-block;width:5.37px">&#160;</div>but<div style="display:inline-block;width:5.41px">&#160;</div>I<div style="display:inline-block;width:5.51px">&#160;</div>just<div style="display:inline-block;width:5.43px">&#160;</div>wanted<div style="display:inline-block;width:5.34px">&#160;</div>to<div style="display:inline-block;width:5.4px">&#160;</div>check<div style="display:inline-block;width:5.43px">&#160;</div>whether the </div><div id="a1826" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">combined regional<div style="display:inline-block;width:6.6px">&#160;</div>picture, sort<div style="display:inline-block;width:6.37px">&#160;</div>of Asia<div style="display:inline-block;width:6.69px">&#160;</div>strong,<div style="display:inline-block;width:5.51px">&#160;</div>EMEA strong,<div style="display:inline-block;width:6.57px">&#160;</div>Switzerland more<div style="display:inline-block;width:6.48px">&#160;</div>balanced. Is<div style="display:inline-block;width:6.54px">&#160;</div>that consistent </div><div id="a1827" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">across both the CS and UBS Wealth franchises? </div><div id="a1830" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:492.34px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1832" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">Thanks, Christopher. Yeah.<div style="display:inline-block;width:5.59px">&#160;</div>On the second question, it is consistent, obviously<div style="display:inline-block;width:2.37px">&#160;</div>ex the US given CS doesn't </div><div id="a1833" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">have a wealth presence there, but across, it is. I would say the APAC and EMEA proportionality holds </div><div id="a1834" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">obviously on the smaller base that we<div style="display:inline-block;width:2.56px">&#160;</div>were talking in terms of the net inflows this quarter<div style="display:inline-block;width:2.45px">&#160;</div>compared to the </div><div id="a1836" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">UBS side. But yes, that dynamic does hold. </div><div id="a1838" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">In terms of profitability in the fourth quarter, I would say that we certainly accelerated a bit<div style="display:inline-block;width:2.58px">&#160;</div>of what we were </div><div id="a1839" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">forecasting back in August in terms of 3Q, 4Q where we<div style="display:inline-block;width:2.44px">&#160;</div>said roughly breakeven in 3Q and further progress in </div><div id="a1841" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">4Q. I think we've seen the progress that we've been able to<div style="display:inline-block;width:2.49px">&#160;</div>accelerate. So really undertaking and executing </div><div id="a1842" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">integration at pace. And you see the results<div style="display:inline-block;width:2.82px">&#160;</div>of that. </div><div id="a1845" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">I'd say 4Q in<div style="display:inline-block;width:2.47px">&#160;</div>a way standing<div style="display:inline-block;width:2.52px">&#160;</div>alone relative to how<div style="display:inline-block;width:2.47px">&#160;</div>we saw it back<div style="display:inline-block;width:2.34px">&#160;</div>in August is still<div style="display:inline-block;width:2.41px">&#160;</div>around the same. So<div style="display:inline-block;width:2.4px">&#160;</div>I would </div><div id="a1846" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">look &#8211; meaning<div style="display:inline-block;width:5.47px">&#160;</div>I would say<div style="display:inline-block;width:5.51px">&#160;</div>we expect 4Q<div style="display:inline-block;width:5.57px">&#160;</div>to come in<div style="display:inline-block;width:5.45px">&#160;</div>better than breakeven,<div style="display:inline-block;width:5.43px">&#160;</div>which is what<div style="display:inline-block;width:5.55px">&#160;</div>we said was<div style="display:inline-block;width:5.31px">&#160;</div>the </div><div id="a1850" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">case back in<div style="display:inline-block;width:5.33px">&#160;</div>August. And I would<div style="display:inline-block;width:5.5px">&#160;</div>say balancing the execution<div style="display:inline-block;width:5.34px">&#160;</div>on the cost side,<div style="display:inline-block;width:5.57px">&#160;</div>but also considering some<div style="display:inline-block;width:5.41px">&#160;</div>of </div><div id="a1852" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">how we're guiding on the<div style="display:inline-block;width:2.45px">&#160;</div>revenue side I think that<div style="display:inline-block;width:2.56px">&#160;</div>number you have an<div style="display:inline-block;width:2.45px">&#160;</div>idea of where we, at this<div style="display:inline-block;width:2.35px">&#160;</div>stage expect </div><div id="a1853" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">that number to come in. </div><div id="a1855" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:804.37px;">Chris Hallam, Goldman Sachs </div><div id="a1857" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">Thanks, Todd. Helpful. </div><div id="a1861" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:873.85px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1863" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">Okay.<div style="display:inline-block;width:5.64px">&#160;</div>I think this was the<div style="display:inline-block;width:5.59px">&#160;</div>last question. Let me thank<div style="display:inline-block;width:5.43px">&#160;</div>you for dialing in<div style="display:inline-block;width:5.47px">&#160;</div>and by just quickly reiterating,<div style="display:inline-block;width:5.62px">&#160;</div>as you </div><div id="a1865" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">can see, we are in full execution<div style="display:inline-block;width:2.53px">&#160;</div>mode, but also at the<div style="display:inline-block;width:2.41px">&#160;</div>same time we are planning for<div style="display:inline-block;width:2.48px">&#160;</div>the future. And the next </div><div id="a1866" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">milestones, other than the<div style="display:inline-block;width:2.46px">&#160;</div>operational one I just or<div style="display:inline-block;width:2.4px">&#160;</div>we just described, is<div style="display:inline-block;width:2.55px">&#160;</div>to prepare the three-year plan that<div style="display:inline-block;width:2.45px">&#160;</div>we </div><div id="a1870" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">will present in February. </div></div>
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<div id="a1875" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">21 </div><div id="a1877" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">In the meantime, we are very<div style="display:inline-block;width:5.37px">&#160;</div>focused really on, as I said,<div style="display:inline-block;width:5.46px">&#160;</div>on execution. And I'm totally convinced that we are </div><div id="a1878" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">in<div style="display:inline-block;width:6.48px">&#160;</div>a<div style="display:inline-block;width:6.27px">&#160;</div>good<div style="display:inline-block;width:6.28px">&#160;</div>place<div style="display:inline-block;width:6.15px">&#160;</div>and<div style="display:inline-block;width:6.26px">&#160;</div>of<div style="display:inline-block;width:6.36px">&#160;</div>course,<div style="display:inline-block;width:6.09px">&#160;</div>in<div style="display:inline-block;width:6.32px">&#160;</div>our<div style="display:inline-block;width:6.37px">&#160;</div>mission<div style="display:inline-block;width:6.11px">&#160;</div>to<div style="display:inline-block;width:6.36px">&#160;</div>really<div style="display:inline-block;width:6.42px">&#160;</div>create<div style="display:inline-block;width:6.39px">&#160;</div>some<div style="display:inline-block;width:6.32px">&#160;</div>things<div style="display:inline-block;width:6.09px">&#160;</div>that<div style="display:inline-block;width:6.15px">&#160;</div>will<div style="display:inline-block;width:6.22px">&#160;</div>not<div style="display:inline-block;width:6.37px">&#160;</div>only<div style="display:inline-block;width:6.16px">&#160;</div>be<div style="display:inline-block;width:6.41px">&#160;</div>a<div style="display:inline-block;width:6.24px">&#160;</div>huge </div><div id="a1880" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">restructuring story,<div style="display:inline-block;width:5.88px">&#160;</div>but also something that has<div style="display:inline-block;width:5.34px">&#160;</div>set the base for<div style="display:inline-block;width:5.3px">&#160;</div>future growth and ambitions<div style="display:inline-block;width:5.36px">&#160;</div>that we have. I </div><div id="a1881" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">mean, we look<div style="display:inline-block;width:5.52px">&#160;</div>forward to present<div style="display:inline-block;width:5.77px">&#160;</div>you the three-year<div style="display:inline-block;width:5.65px">&#160;</div>plan in February.<div style="display:inline-block;width:6.91px">&#160;</div>And I'm sure<div style="display:inline-block;width:5.65px">&#160;</div>in the meantime,<div style="display:inline-block;width:5.68px">&#160;</div>we're </div><div id="a1884" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">going to be in touch either directly or through my colleagues<div style="display:inline-block;width:2.48px">&#160;</div>for the follow-ups of this call. </div><div id="a1888" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Thank you for calling in and enjoy the rest of the<div style="display:inline-block;width:2.51px">&#160;</div>day. Thank you. </div></div>
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<div id="a1893" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">22 </div><div id="a1896" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:68px;top:112.21px;">Cautionary Statement<div style="display:inline-block;width:1.26px">&#160;</div>Regarding Forward-Looking<div style="display:inline-block;width:1.32px">&#160;</div>Statements |</div><div id="a1900" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:365.19px;top:112.45px;"><div style="display:inline-block;width:2.4px">&#160;</div>This presentation contains<div style="display:inline-block;width:0.95px">&#160;</div>statements that constitute<div style="display:inline-block;width:0.88px">&#160;</div>&#8220;forward-looking statements,&#8221; </div><div id="a1904" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:123.97px;">including but<div style="display:inline-block;width:5.01px">&#160;</div>not limited<div style="display:inline-block;width:5.03px">&#160;</div>to management&#8217;s<div style="display:inline-block;width:4.87px">&#160;</div>outlook for<div style="display:inline-block;width:4.94px">&#160;</div>UBS&#8217;s financial<div style="display:inline-block;width:4.95px">&#160;</div>performance, statements<div style="display:inline-block;width:4.48px">&#160;</div>relating to<div style="display:inline-block;width:5.21px">&#160;</div>the anticipated<div style="display:inline-block;width:4.71px">&#160;</div>effect<div style="display:inline-block;width:4.35px">&#160;</div>of transactions<div style="display:inline-block;width:4.71px">&#160;</div>and </div><div id="a1907" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:135.32px;">strategic initiatives on UBS&#8217;s business and<div style="display:inline-block;width:4.35px">&#160;</div>future development and goals or<div style="display:inline-block;width:4.14px">&#160;</div>intentions to achieve climate, sustainability and other<div style="display:inline-block;width:4.18px">&#160;</div>social objectives. While </div><div id="a1910" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:146.52px;">these forward-looking<div style="display:inline-block;width:1.15px">&#160;</div>statements represent<div style="display:inline-block;width:1.24px">&#160;</div>UBS&#8217;s judgments,<div style="display:inline-block;width:0.93px">&#160;</div>expectations and<div style="display:inline-block;width:0.95px">&#160;</div>objectives concerning<div style="display:inline-block;width:0.75px">&#160;</div>the matters<div style="display:inline-block;width:1.13px">&#160;</div>described, a<div style="display:inline-block;width:1.11px">&#160;</div>number of<div style="display:inline-block;width:1.35px">&#160;</div>risks, uncertainties </div><div id="a1914" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:157.88px;">and other important factors could cause actual developments and results to differ materially from UBS&#8217;s expectations. In particular, recent terrorist activity </div><div id="a1916" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:169.24px;">and escalating armed conflict in<div style="display:inline-block;width:1.42px">&#160;</div>the middle east, as well<div style="display:inline-block;width:1.43px">&#160;</div>as the continuing Russia&#8211;Ukraine war, may have significant<div style="display:inline-block;width:1.19px">&#160;</div>impacts on global markets, exacerbate </div><div id="a1920" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:180.6px;">global inflationary pressures, and<div style="display:inline-block;width:4.4px">&#160;</div>slow global growth. 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style="display:inline-block;width:1.08px">&#160;</div>(the SEC). 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UBS<div style="display:inline-block;width:4.52px">&#160;</div>is not under any<div style="display:inline-block;width:4.77px">&#160;</div>obligation to (and </div><div id="a2111" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:928.71px;">expressly disclaims any obligation to) update or<div style="display:inline-block;width:1.34px">&#160;</div>alter its forward-looking statements, whether as<div style="display:inline-block;width:1.42px">&#160;</div>a result of new information, future events, or otherwise. </div></div>
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<div id="a2119" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">23 </div><div id="a2121" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:322.63px;top:75.69px;">SIGNATURES</div><div id="a2124" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:116.03px;top:109.48px;">Pursuant to the requirements of the Securities Exchange Act of 1934, the<div style="display:inline-block;width:2.3px">&#160;</div>registrants have duly </div><div id="a2125" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:68px;top:126.44px;">caused this report to be signed on their behalf by the undersigned, thereunto<div style="display:inline-block;width:2.17px">&#160;</div>duly authorized. </div><div id="a2129" style="position:absolute;font-family:&apos;Times New 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