<SEC-DOCUMENT>0001104659-23-019896.txt : 20230411
<SEC-HEADER>0001104659-23-019896.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20230213172609
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-019896
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230213

FILER:

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

	FILING VALUES:
		FORM TYPE:		CORRESP

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm236646d1_correspimg01.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February&nbsp;13, 2023</P>

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Credit Suisse AG<BR>
Form&nbsp;20-F for the Fiscal Year Ended December&nbsp;31, 2021<BR>
Response Dated November&nbsp;18, 2022<BR>
File No.&nbsp;001-33434</B></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Credit Suisse AG (the
 &ldquo;<U>Bank</U>&rdquo; or &ldquo;<U>Credit Suisse</U>&rdquo;) is writing in response to the letter from the staff (the
 &ldquo;<U>Staff</U>&rdquo;) of the United States Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) dated
January&nbsp;17, 2023, containing the Staff&rsquo;s comments with respect to the Bank&rsquo;s annual report on Form&nbsp;20-F for
the fiscal year ended December&nbsp;31, 2021, filed with the Commission on March&nbsp;10, 2022 (the &ldquo;<U>2021
Form&nbsp;20-F</U>&rdquo;). As discussed between Ms.&nbsp;Lubit of the Staff and Sebastian Sperber of Cleary Gottlieb
Steen&nbsp;&amp; Hamilton LLP, our counsel, on January&nbsp;23, 2023, the Bank very much appreciates the Staff&rsquo;s accommodation
to file its response via EDGAR on or before February&nbsp;14, 2023, as opposed to submitting it by the originally requested
deadline.</P>

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

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

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

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

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Notes to the Consolidated Financial Statements<BR>
Note 1 - Summary of Significant Accounting Policies<BR>
Revisions of Prior Period Financial Statements, page&nbsp;466</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>We note your response to prior comments 2 and 3. We continue to have questions as to the actual control(s)&nbsp;that were deficient.
For each identified control deficiency, please address the following:</I></TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Identify the deficient control(s), provide a description of how each control was designed to address the related risk of material
misstatement, and explain whether the deficiency related to the design or operating effectiveness of the control.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Provide management&rsquo;s root cause analysis. In your response, tell us how the root cause(s), including instances where the
root cause is related to the knowledge assessment and technical accounting expertise of the control owner, impact your conclusions around
entity level controls.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Describe any remediation efforts, including the nature and timing of remediation, and how the remedial actions address the related
root cause(s).</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We acknowledge the Staff&rsquo;s comment requesting
clarification as to the actual controls that were deficient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Presentation of non-cash equity statement
movements deficiency</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
noted in our response to prior comment 2 on November&nbsp;18, 2022, management self-identified in 2021 a control deficiency relating to
the presentation and disclosure of a limited number of non-core, unique and/or immaterial equity statement movement line items (e.g.,
share-based compensation, cash flow hedges) within the appropriate section / line item in the consolidated statement of cash flows. This
resulted in prior period corrections, as outlined in Exhibit&nbsp;A in our prior response on November&nbsp;18, 2022, to r</FONT>eclassify
the non-cash portion of these items from the &lsquo;Other, net&rsquo; line in the financing section to the operating section of the consolidated
statement of cash flows. In our prior response on November&nbsp;18, 2022, we referred to this control deficiency as the &ldquo;Mapping
rules&nbsp;deficiency&rdquo; but we will refer to this deficiency as the &ldquo;Presentation of non-cash equity statement movements deficiency&rdquo;
hereafter.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>What is the deficient control?</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">There was not a control in our inventory that was explicitly
designed to designate the non-cash elements of a limited number of equity statement movements relating to certain non-core, unique and/or
immaterial line items (e.g., share-based compensation, cash flow hedges) for presentation and disclosure within the operating section
of the consolidated statement of cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The control that should have been in place to mitigate this
specific presentation and disclosure risk was a quarterly designation of the non-cash transactions relating to these limited, non-core,
and/or unique equity statement movement line items for intra-statement classification within the consolidated statement of cash flows.</P>

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

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

<!-- Field: Page; Sequence: 2; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Describe how the control was designed to address the related risk of material misstatement.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Not applicable &ndash; see above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Is the deficiency related to the design or operating effectiveness of the control?</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The deficiency related to design effectiveness as there
was not a control in our inventory that was explicitly designed to mitigate the specific presentation and disclosure risks relating to
the non-cash elements of these limited, non-core, and/or unique line items.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Provide management&rsquo;s root cause analysis.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The requirement for a control to mitigate this specific
presentation and disclosure risk for these items was not previously identified, as these items relate to non-core activities of the Bank,
which are limited in number and/or unique in nature, and were immaterial, individually and in the aggregate, to the cash flow statement.
As a risk of material misstatement was not identified, a distinct control was not designed and implemented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Management concluded that this was not indicative of a pervasive
issue, given the unique and limited nature of the items and the factors noted above. Certain reconciling items in the cash flow statement,
specifically those impacted by this issue, did not lend themselves to the establishment of an objective expectation. However, the total
investing and financing captions within the consolidated statement of cash flows may lend themselves to more predictability based upon
current period lending and financing activity, as compared to certain individual line items within the consolidated statement of cash
flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The issue does not extend to other principal financial statement
elements due to controls such as the following.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Balance sheet and off-balance sheet accounts are subject to general ledger account ownership, reconciliations, substantiation, and
monthly sign-off by named employees with direct ownership and familiarity with each specific account.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Income statement accounts are subject to a variety of controls across the first and second lines of defense, and given the nature
of profit and loss, control performers can empirically establish an expectation for analytical or other detective plausibility checks
items (e.g., revenues driven by volumes,&nbsp;etc.).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Is the root cause related to the knowledge assessment and technical accounting expertise of the control owner, and what is the
impact on our conclusions around entity level controls?</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The root cause does not have to do with the knowledge or
competency of a control owner, but rather a missing designation and step for review of these items within a wider process. The need for
the control was not previously identified due to the nature of these items (e.g., non-core business activities, unique in nature, limited
in number, and/or quantitatively immaterial).</P>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Describe any remediation efforts, including the nature and timing of remediation, and how the remedial actions address the related
root cause(s).</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date/Period</B></FONT></TD>
    <TD STYLE="width: 82%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event/Activity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q3 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management identified the control deficiency.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management enhanced the process design to explicitly include a quarterly
    review of the designation and presentation of share-based compensation as a stand-alone financial statement line item within the consolidated
    statement of cash flows, and the designation and presentation of the non-cash elements relating to the other items (e.g., cash flow hedges).
    This quarterly control activity operated for the first time in support of the filing of our Q3 2021 Form&nbsp;6-K. This addressed the
    root cause as it ensures that there is sufficient quarterly consideration of the non-cash designation and presentation of these unique
    and/or immaterial items.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Q4 2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The quarterly control activity implemented as part of the remediation operated for the second time in support of the filing of our 2021 Form&nbsp;20-F.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year-end 2021 (prior to filing of the 2021 Form&nbsp;20-F)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management concluded that the quarterly control was designed and operating
    effectively as of December&nbsp;31, 2021.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The control deficiency was remediated as of December&nbsp;31, 2021.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Nonfunctional currency gains and losses
deficiency</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As noted in our response to prior comment
2 on November&nbsp;18, 2022, management self-identified in 2021 a control deficiency relating to non-functional currency gains and losses
(&ldquo;<U>Nonfunctional currency gains and losses deficiency</U>&rdquo;), which relates to the exclusion of certain instruments from
the computation and reporting of the cash flow effects of gains and losses on remeasurements (transactional currency to functional currency)
within the consolidated statement of cash flows.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>What is the deficient control?</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">There was not a control in our inventory that was explicitly
designed to mitigate the specific presentation and disclosure risk relating to the relevant instruments excluded from our computation
and reporting of the cash flow effects of gains and losses on remeasurements within the consolidated statement of cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The control that should have been in place was the periodic
assessment of the quantified impact of the instruments that are excluded from the computation of foreign currency exposures for the relevant
monetary assets and liabilities within legal entities that could significantly impact the total net cash provided by/(used in) operating
activities, investing activities, and/or financing activities; with consideration of the coverage of instruments, and extension of coverage
if deemed to be material.</P>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Describe how the control was designed to address the related risk of material misstatement.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Not applicable &ndash; see above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Is the deficiency related to the design or operating effectiveness of the control?</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The deficiency relates to design effectiveness as there
was not a control in our inventory that was explicitly designed to mitigate this specific presentation and disclosure risk relating to
the relevant instruments excluded from our computation and reporting of the cash flow effects of gains and losses on remeasurements within
the consolidated statement of cash flows.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Provide management&rsquo;s root cause analysis.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The computation only included the relevant instruments
that are considered material in relation to the cash flow effects of gains and losses resulting from the remeasurement of foreign
currency-denominated monetary assets and liabilities. There was an embedded assumption about the materiality of the instruments that
were excluded within our computation of the cash flow effects of gains and losses resulting from the remeasurement of foreign
currency-denominated monetary assets and liabilities. There was no Bank level assessment and challenge of the assumptions regarding
the materiality of the excluded instruments.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Is the root cause related to the knowledge assessment and technical accounting expertise of the control owner, and what is the
impact on our conclusions around entity level controls?</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The root cause does not have to do with the knowledge or
competency of a process or control owner, but rather the consideration of creating a distinct control activity to address this specific
presentation and disclosure risk relating to the relevant instruments excluded from the computation of the cash flow effects of gains
and losses resulting from the remeasurement of foreign currency-denominated monetary assets and liabilities.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><B>Describe any remediation efforts, including the nature and timing of remediation, and how the remedial actions address the related
root cause(s).</B></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 97%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date/Period</B></FONT></TD>
    <TD STYLE="width: 82%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Event/Activity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year-end 2021 (prior to filing of the 2021 Form&nbsp;20-F)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT><FONT STYLE="font-family: Symbol"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
    implemented a process and operated a control activity, which was not subject to independent operating effectiveness testing, as of December&nbsp;31,
    2021, related to the inclusion of additional instruments (Loans and Customer deposits) in the FX remeasurement (Nonfunctional currency
    gains and losses) for cash flow statement purposes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 97%; border-collapse: collapse; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 18%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
operated a control activity, which was not subject to independent operating effectiveness testing, as of December&nbsp;31, 2021, related
to the monitoring of the financial impact of excluded instruments from the FX remeasurement (Nonfunctional currency gains and losses)
for cash flow statement purposes. Management did not elect to include additional instruments as the impact was not material.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 82%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
enhanced the design of existing quarterly controls, which are owned by the respective legal entity controllers, to explicitly cover Net
loans and Customer deposits in addition to Long-term debt.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
formalized the control, which is subject to independent operating effectiveness testing, to periodically assess and monitor the materiality
and quantified impact of instruments excluded in the computation of foreign currency exposures for the relevant monetary assets and liabilities
within legal entities that could significantly impact the total net cash provided by/(used in) operating activities, investing activities,
and/or financing activities. This control includes a consideration of the coverage of instruments and extension of coverage if deemed
to be material. This addressed the root cause as it ensures that the quantified impact of the instruments excluded in the computation
is explicitly and periodically considered in a formal control.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>We note your response to prior comment 1 states that you perform
                                            an accounting Quality Assurance Review that focuses on a specific accounting topic, documenting
                                            and reviewing the way such topic is addressed across relevant entities and systems within
                                            the Group<SUP>1</SUP> to ensure appropriate treatment. Your response further explained that
                                            the consolidated statement of cash flows was included in this review and that this management
                                            review was compensating in nature for the cash flow mapping deficiencies identified. For
                                            each control deficiency identified, please explain how you determined that management&rsquo;s
                                            compensating controls compensate for the root cause(s)&nbsp;of the deficient controls. Specifically,
                                            for each compensating control, please explain and provide the following:</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>The objective of the review control. For example, explain whether the control looks at how transactions should be treated and whether
the treatment was properly implemented.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>The level of aggregation at which the control is performed.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>The frequency of the control.</I></TD></TR></TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> We note that the Staff references Credit Suisse Group
AG here, while this letter is addressed to Credit Suisse AG. &nbsp;We have drafted our response to this comment 2 with reference to Credit
Suisse AG. &nbsp;For a response that references Credit Suisse Group AG, please see our response to comment 2 of the Staff's letter addressed
to Credit Suisse Group AG dated January 17, 2023, which we submitted concurrently with this response and which is substantively identical
to our response to this comment 2, except for the entity referenced.</P>

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

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>The correlation of the control&rsquo;s design to each of the risks of material misstatement related to these errors.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>The level of predictability of management&rsquo;s expectations in their review.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>The criteria for investigating deviations or differences from expectations and how those criteria correlate to management&rsquo;s
materiality evaluation. As part of this response, explain whether the control identified any outliers in the operation of the control.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Quantification of the level of precision and magnitude of the potential error that these compensating controls are designed to
detect.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We acknowledge the Staff&rsquo;s comment regarding
compensating controls.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">There are a variety of controls in place over
the consolidated statement of cash flows. [***]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We acknowledge the Staff&rsquo;s comment regarding
the  Bank&rsquo;s Quality Assurance Review (&ldquo;<U>QAR</U>&rdquo;) function and its involvement in the identification and remediation
of the Presentation of non-cash equity statement movements deficiency and the Nonfunctional currency gains and losses deficiency, and
we wish to clarify the response provided to prior comment 1 on November&nbsp;18, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management established the QAR function as
an element of the monitoring component of the Bank&rsquo;s internal control over financial reporting (&ldquo;<U>ICFR</U>&rdquo;) framework.
Throughout each year, the QAR function reviews and assesses processes and accounting treatments, on a sample basis, across the Bank&rsquo;s
consolidated financial statements. We have not identified such QAR reviews as a separate direct and precise control to address any individual
financial statement risk. Further, it was not a QAR review that identified the Presentation of non-cash equity statement movements deficiency
and the Nonfunctional currency gains and losses deficiency. The reference to the QAR function in our response to prior comment 1 on November
18, 2022, was solely intended to provide this function as an illustrative example of the various elements of management&rsquo;s continuous
monitoring activities that form part of the Bank&rsquo;s overall ICFR framework.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the QAR function, in our response to prior comment
1 on November&nbsp;18, 2022, we referenced a review, which identified the Presentation of non-cash equity statement movements deficiency
and the Nonfunctional gains and losses deficiency. In that prior response, we provided a list of qualitative factors that were considered
when evaluating the severity of the identified control deficiencies and indicated that the review was &ldquo;compensating in nature&rdquo;.
We did not intend to suggest that this review was designed to operate as a compensating control for the root cause associated with either
the Presentation of non-cash equity statement movements deficiency or the Nonfunctional currency gains and losses deficiency; rather,
the review represented a risk assessment activity. The objective of this risk assessment activity was to identify the risks of material
misstatement within specific financial reporting processes, and where existing controls were not sufficiently direct and precise to address
such risk, to perform remediation of the control or implementation of a new control activity.</P>

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

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe it is helpful to provide the Staff with the timeline of
events to illustrate that the correction of the cash flow statement misstatements and remediation of the Presentation of non-cash equity
statement movements deficiency and the Nonfunctional currency gains and losses deficiency as of December&nbsp;31, 2021, was the culmination
of activities which commenced in August&nbsp;2020. Please refer to Exhibit&nbsp;B.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>We note your response to prior comment 2 discusses how you evaluated the severity of each of the identified control deficiencies.
It appears your analysis primarily focused on the actual size of the errors identified rather than the potential magnitude. For each control
deficiency identified, please respond to the following:</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Describe the factors that affected the magnitude of the misstatement that might result from the deficiency, including (i)&nbsp;the
total monetary amount of transactions exposed to the deficiency and (ii)&nbsp;the volume of activity in the account balance or class of
transactions exposed to the deficiency in the current period or that is expected in a future period.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Quantify the magnitude of the potential misstatement for each of the identified control deficiencies.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Explain whether the qualitative factors also included considerations of other impacts, such as regulatory requirements and other
ratios.</I></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We acknowledge the Staff&rsquo;s comment regarding
how we evaluated the severity of each of the identified control deficiencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">When we assess a control deficiency, we consider
both quantitative and qualitative factors. This includes consideration of the nature of the deficiency, the deficient control(s), the
impacted financial statement line item(s)&nbsp;and footnote disclosure(s), the root cause, the precision of compensating controls (if
any), the likelihood of potential misstatement, the magnitude of potential misstatement (&ldquo;<U>the Could</U>&rdquo;), the actual error
(if any), and the status of planned remediation activities. In addition, and as further outlined in our response to comment 4 in this
letter, we perform an aggregation analysis of control matters quarterly and annually &ndash; this considers a variety of dimensions: financial
statement line item, reporting theme, root cause, internal control objective (completeness, accuracy, validity, restricted access, timeliness),
and criteria issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission (&ldquo;<U>COSO</U>&rdquo;) (component
and principle).</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">When
assessing the Presentation of non-cash equity statement movements deficiency and the Nonfunctional currency gains and losses
deficiency, we consider what is likely to be most important to a reasonable investor with respect to the consolidated statement of
cash flows. In that, we note that a reasonable investor would likely consider the overall total trend and direction of the three
prominent captions within the statement to be of most importance: Net cash provided by/(used in) operating activities, Net cash
provided by/(used in) investing activities, and Net cash provided by/(used in) financing activities. We consider that </FONT>Generally
Accepted Accounting Principles in the United States of America (&ldquo;<U>US GAAP</U>&rdquo;) require that we report on these
subtotal captions, which we believe signifies their importance to users of our financial reporting. We also believe that a
reasonable investor would consider the nature of the individual financial statement line items in the context of what the Bank is
invested in and the nature of our banking business, which means that movements in loans and customer deposits are correlated and
connected to the operation of the business overall.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Factors that affected the magnitude of the misstatement that might
result from the deficiency and quantified magnitude of the potential misstatement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We acknowledge
the Staff&rsquo;s comment to describe the factors that affected the magnitude of the misstatement that might result from the deficiency,
including (i)&nbsp;the total monetary amount of transactions exposed to the deficiency and (ii)&nbsp;the volume of activity in the account
balance or class of transactions exposed to the deficiency in the current period or that is expected in a future period. We also acknowledge
the Staff&rsquo;s comment to quantify the magnitude of the potential misstatement for each of the identified control deficiencies. </FONT>[***]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
determining the magnitude of the potential misstatement that might result from each of these deficiencies, we consider a variety of factors,
including the nature of the deficiency, the design of the underlying process and controls, and the total monetary amount and volume in
the account balance or financial statement element exposed to the deficiency. The cash flow statement elements impacted by each of the
Presentation of non-cash equity statement movements deficiency and the Nonfunctional currency gains and losses deficiency are subject
to volatility year over year. Therefore, to assess the volume of activity exposed to the deficiencies, in 2021 and that which may be expected
in future periods, we have performed an analysis of the potential misstatement each quarter over a historical 4-year period (2018 to 2021).
</FONT>We considered this period, which extends beyond the periods presented in any current annual or interim filings, because we acknowledge
that each control deficiency existed for several years, and we evaluated whether our control framework did not detect a material unmitigated
risk over an extended period. We chose to start with 2018 because that was the year in which a restructuring, which commenced in 2015
under our former Chairman of the Board of Directors and former Group Chief Executive Officer, was completed; hence, the comparability
of years prior to 2018 is decreased. We believe the 4-year period from 2018 to 2021 provides a range of activity that could be reasonably
expected in any given period. This section of our response sets out our approach to determine the monetary amount and volume exposed to
each of the identified deficiencies.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Presentation of non-cash equity statement
movements deficiency</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In combination with the factors that we outlined
in our prior response to comment 2 on November&nbsp;18, 2022, we do not consider that there is a substantial likelihood that the potential
misstatements resulting from the Presentation of non-cash equity statement movements deficiency would have been viewed by a reasonable
investor as having significantly altered the &lsquo;total mix&rsquo; of information made available.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nonfunctional currency gains and losses deficiency</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
combination with the factors that we outlined in our prior response to comment 2 on November&nbsp;18, 2022, we do not consider that there
is a substantial likelihood that the potential misstatements resulting from the </FONT>Nonfunctional currency gains and losses deficiency
would have been viewed by a reasonable investor as having significantly altered the &lsquo;total mix&rsquo; of information made available.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Considerations of other impacts, such as regulatory requirements
and other ratios</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff&rsquo;s comment to explain whether the qualitative
factors also included considerations of other impacts, such as regulatory requirements and other ratios.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As outlined in our prior response to comment 2 on November&nbsp;18,
2022, we consider quantitative and qualitative factors when assessing the severity of this control deficiency. From a qualitative perspective,
we consider whether there is substantial likelihood that the potential misstatements arising from the Presentation of non-cash equity
statement movements deficiency and the Nonfunctional currency gains and losses deficiency would have been viewed by a reasonable investor
as material or as having significantly altered the &lsquo;total mix&rsquo; of information made available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our consideration starts with what is likely to be most important to
a reasonable investor within the consolidated statement of cash flows. We believe that a reasonable investor would likely consider the
overall total trend and direction of and the relationship between the three prominent sections within the statement to be of most importance:
Net cash provided by/(used in) operating activities, Net cash provided by/(used in) investing activities, and Net cash provided by/(used
in) financing activities.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We further consider, as a part of the &lsquo;total mix&rsquo; of information
available, that there was no impact from the Presentation of non-cash equity statement movements deficiency and the Nonfunctional currency
gains and losses deficiency to the other consolidated financial statements or notes to the consolidated financial statements. In addition,
there was no impact to the other information available, such as the liquidity metrics and disclosures in the Liquidity and funding management
section of our Form&nbsp;20-F (e.g., liquidity coverage ratio, net stable funding ratio) or the Capital management section of our Form&nbsp;20-F
(e.g., common equity tier 1 ratio).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><I>4.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior comment 2, which states that,
as it related to the mapping deficiency, the likelihood of the potential misstatement was remote and the magnitude of the potential misstatement
was not material. In addition, the response states that, for the nonfunctional currency gains and loss deficiency, the likelihood of
potential misstatement was reasonably possible, but the magnitude of the potential misstatement was not material. Please explain in more
detail how you performed the severity analysis for each of the control deficiencies related to the errors. As part of your response,
please address the following:</I></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Explain in more detail how you supported the conclusions outlined above related to the likelihood of potential misstatements and
the potential magnitude for each deficiency.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Since the control deficiencies remained un-remediated for multiple years, tell us how this was considered in the evaluation of
the severity of the control deficiencies.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Given that a restatement of previously issued financial statements for a correction of an error is an indicator of a material weakness,
explain how you considered the restatement of previously issued financial statements to reflect the correction of these errors, as described
in Note 1 of your 2021 Form&nbsp;20-F, in your evaluation of whether the control deficiencies represented a material weakness.</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD><I>Provide management&rsquo;s aggregation analysis of all control deficiencies identified for the period.</I></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><U>Response to Comment 4</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Likelihood of the potential misstatement and the magnitude of the
potential misstatement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff&rsquo;s comments relating to the likelihood
of the potential misstatement and the magnitude of the potential misstatement.</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Presentation of non-cash equity statement movements deficiency</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The likelihood of a potential misstatement was reasonably possible
as of September&nbsp;30, 2021, as the control deficiency was open as of September&nbsp;30, 2021. The likelihood of a potential material
misstatement was remote as of December&nbsp;31, 2021, as the control deficiency was remediated as of December&nbsp;31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Nonfunctional currency gains and losses
deficiency</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The likelihood of a potential misstatement was reasonably possible
as not all instruments were, or are, included in the FX computation. At the time in 2021 that the deficiency was identified, raised, and
subject to severity assessment, we had already determined to extend the coverage of instruments from Long-term debt to also include Net
loans and Customer deposits, and had assessed the potential impact of the instruments that were excluded in the computation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Could was not material. A reasonable investor would likely consider
the overall total trend and direction of the three prominent sections within the statement to be of most importance: Net cash provided
by/(used in) operating activities, Net cash provided by/(used in) investing activities, and Net cash provided by/(used in) financing activities.
Further qualitative considerations include the likely impact to a reasonable investor in respect of the &lsquo;total mix&rsquo; of information
available. In addition to the qualitative factors noted in our response to prior comment 2 on November&nbsp;18, 2022, and further outlined
in our response to comment 3 in this letter, we believe that there is not a substantial likelihood that the potential misstatement resulting
from this control deficiency would have been viewed by a reasonable investor as material or as having significantly altered the &lsquo;total
mix&rsquo; of information made available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consideration that the control deficiencies remained un-remediated
for multiple years</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff&rsquo;s comment that the control deficiencies
remained unidentified and un-remediated for multiple years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As noted in our response to comment 3 in this letter, we revisited
the presentation and disclosure risk relating to the Presentation of non-cash equity statement movements deficiency and the Nonfunctional
currency gains and losses deficiency to challenge and validate the outcome of our original conclusion. We assessed the Could for each
quarter over a 4-year period starting from Q1 2018. We considered this period, which extends beyond the periods presented in any current
annual or interim filings, because we acknowledge that each control deficiency existed for several years, and we evaluated whether our
control framework did not detect a material unmitigated risk over an extended period. In addition, we did evaluate this deficiency in
the context of our entity level controls, as illustrated in Exhibit&nbsp;A.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consideration that a restatement of previously issued financial
statements for a correction of an error is an indicator of a material weakness</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We acknowledge the Staff&rsquo;s comment relating to our evaluation
of whether the control deficiencies represented a material weakness considering that a restatement of previously issued financial statements
for a correction of an error is an indicator of a material weakness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Presentation of non-cash equity statement movements deficiency</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The decision
by management to correct prior periods for this matter was not driven by the materiality of the corrections from the perspective of a
reasonable investor </FONT>[***].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nonfunctional gains and losses deficiency</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The decision
by management to correct prior periods for this matter was not driven by the materiality of the corrections from the perspective of a
reasonable investor. </FONT>[***]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Management&rsquo;s aggregation analysis
as of December&nbsp;31, 2021</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We acknowledge the Staff&rsquo;s comment to
provide management&rsquo;s aggregation analysis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Management&rsquo;s aggregation analysis
process</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quarterly and annually, management performs an aggregation analysis
of control matters. We aggregate by a variety of quantitative (potential magnitude of misstatement) and qualitative dimensions, including
financial statement line item, reporting theme, root cause, internal control objective (completeness, accuracy, validity, restricted access,
timeliness), and COSO component and principle.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The quarterly and annual aggregation analysis across all these quantitative and qualitative dimensions is reported to a senior management
SOX Steering Committee (&ldquo;<U>STC</U>&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The annual aggregation analysis across all these quantitative and qualitative dimensions is reported to and discussed with the
                                                                                                                                                                               Bank Chief Executive Officer (&ldquo;<U>CEO</U>&rdquo;) and  Bank Chief Financial Officer (&ldquo;<U>CFO</U>&rdquo;) in advance of
                                                                                                                                                                               the filing of the Form&nbsp;20-F.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD>The results of the aggregation analysis are reported to the BoD Audit Committee, either as required or as deemed appropriate by management
to provide transparency on the control environment.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When assessing across and within these various quantitative and
qualitative dimensions, we consider a variety of elements. This includes consideration of the nature of the issues, the Could, and
whether there are any unusual or anomalous concentrations of control matters in a division, function, legal entity, geography,
process, or control owner. We also consider whether the control matters are reflective of pervasive matters across the Bank that
could result in a material misstatement to our financial reporting.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management&rsquo;s aggregation analysis</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management concluded, based on information available at the time, that
there was not a significant aggregation of or commonality across control matters that could impact the classification of the Nonfunctional
currency gains and losses deficiency, individually or in aggregate, as of December&nbsp;31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We acknowledge
that the severity assessment and classification of the Presentation of non-cash equity statement movements deficiency and the Nonfunctional
currency gains and losses deficiency was a professional judgment. In arriving at such judgments, we consider a variety of quantitative
and qualitative factors, consult among a variety of internal stakeholders, </FONT>including a senior management SOX STC, and discuss with
our independent external auditors. Given the importance of the consolidated statement of cash flows as a primary financial statement and
for transparency on the control environment, [***].</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management&rsquo;s evaluation and assessment of the Bank&rsquo;s ICFR,
including the aggregation analysis, uses the criteria established in 2013 by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in &ldquo;Internal Control &ndash; Integrated Framework&rdquo;, which incorporates the five COSO components of Control
Environment, Risk Assessment, Control Activities,&nbsp;Information and Communication, and Monitoring. Management concluded that each of
the five COSO components were present and functioning. Please refer to Exhibit&nbsp;A for further detail regarding our assessment of the
five COSO components.</P>

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

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

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms.&nbsp;Cara Lubit and Mr.&nbsp;Robert Klein</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February&nbsp;13, 2023</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Bank hopes that its responses adequately
address each of the Staff&rsquo;s comments. If the Staff has any questions concerning this letter or requires further information,
please do not hesitate to contact Robert Arbuthnott, Head of Group Finance and Chief Accounting Officer, in Zurich at
011-41-44-332-6261, Todd Runyan, Group Accountant, in Zurich at 011-41-44-334-8063, Christopher Harris, Head of External Reporting,
in Zurich at 011-41-44-333-8395, or me in Zurich at 011-41-44-333-1780.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CREDIT SUISSE  AG</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Dixit Joshi</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Dixit Joshi</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD></TR>
  </TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;cc:&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Mirko Bianchi</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 90%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman of the Audit Committee</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit Suisse  AG</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Sebastian R. Sperber,&nbsp;Esq.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>EXHIBIT&nbsp;A</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Consideration of the criteria issued in
2013 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in &ldquo;Internal Control &ndash; Integrated Framework&rdquo;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The control environment, as established by the Bank&rsquo;s senior
management and BoD, influences the overall control focus of management, and serves as the foundation for the Bank&rsquo;s ICFR framework.
That framework includes various information and communication features that are designed to ensure that employees understand the importance
of internal control and have clear guidance regarding the evaluation and testing of control effectiveness, and information systems incorporate
controls that provide assurance that data processing produces reliable information. Specifically, formal control activities are documented
in the form of policies, procedures and controls, and a signoff/certification by process and control owners is required under the ICFR
framework. Policies and procedures also include information on implementing controls as part of the overall business process and communication
by the Bank&rsquo;s senior management of the importance of a strong internal control environment. Monitoring of control activities is
achieved through self-assessment, independent design and operating effectiveness testing of controls, and Internal Audit. Communication
of testing results is made to the Bank&rsquo;s senior management and at least quarterly updates are provided to the BoD AC (e.g., scoping,
results of testing, analysis of deficiencies, status of remediation of deficiencies, etc.). Risk assessment within the ICFR framework
occurs via identification and documentation of risks and controls by business owners, a top down, risk-based approach to scoping is applied
as the basis for the testing program and evaluation of identified deficiencies in line with the Bank&rsquo;s deficiency risk rating process,
which is based on a standardized set of criteria.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our assessment concluded that each of the five COSO components were
present and functioning.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Control Environment</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Bank has a culture of identifying, reporting,
and ensuring action on a broad range of control matters &ndash; including controls that are deficient in their design or operation, potentially
emerging resourcing constraints, controls that are operating, but could be enhanced through automation, etc. The Bank has established
lines of reporting directly from the Head of the CFO Risk and Control Office to the BoD AC, and to the broader organization, through a
senior management SOX STC. There is ongoing and active discussion with the BoD AC on the control environment. Management of the Bank has
the endorsement of those charged with governance, as well as senior management to ensure appropriate remedial actions are taken when control
deficiencies are identified. As such, we continue to believe that our control environment was established to foster effective ICFR as
of December 31, 2021.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank represents a large, global, diversified financial institution
with an associated level of complexity. The CFO function has developed a risk and control framework inclusive of the risks related to
ICFR, commensurate with the size and complexity of the organization. This also feeds into the Bank&rsquo;s broader non-financial risk
and control framework, which is established and communicated through policy statements and enforced through second line of defense and
third line of defense monitoring. The risk identification and assessment are informed by risk incidents (actual or near financial losses
or reporting errors), internal and external audit findings, control owners&rsquo; self-assessments, and the monitoring by the CFO Risk
 &amp; Control Office. All such findings are logged as control matters, evaluated for root cause and potential impact, and have an action
plan and committed response/delivery date associated with them. This is then subject to various levels of reporting across management,
as well as to the BoD AC. In this way, management can identify residual risks, which require focused attention. This culminates with the
reporting to the BoD AC, which has been summarized in the response to comment 2 in this letter.</P>

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

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

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any system of ICFR can only be designed to provide reasonable, rather
than absolute assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes,
and this extends to the risk assessment component. It is not possible to provide absolute assurance that all risks have been identified
and fully mitigated; however, the Bank does follow its established policies and framework to obtain reasonable assurance that risks of
material misstatement to the consolidated financial statements have been identified and mitigated. In the context of the Presentation
of non-cash equity statement movements deficiency and the Nonfunctional currency gains and losses deficiency discussed in this response,
management had identified and designed effective controls to respond to the risk of material misstatement of key cash flow statement captions,
i.e., operating, investing, and financing cash flows; and through its continuous monitoring and control enhancement processes, identified
and sought to remediate the matters discussed in this response. As such, we continue to believe that our risk assessment framework was
established to foster effective internal control over financial reporting as of December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Control Activities</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Bank represents a large, global, diversified
financial institution with an associated level of complexity. The Bank has identified [***] control activities that are owned across the
divisions, functions, and lines of defense. It is important to note that management applies a conservative approach to documenting control
matters, so that we have a comprehensive overview of the ICFR environment, the associated control initiatives and remediations underway
across the Bank, and to drive and enhance the end-to-end balance between divisional and functional controls, preventative and detective
controls, and automated and manual controls.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quarterly and annually, management performs an aggregation analysis
of control matters. We aggregate by a variety of quantitative (potential magnitude of misstatement) and qualitative dimensions, including
financial statement line item, reporting theme, root cause, internal control objective (completeness, accuracy, validity, restricted access,
timeliness), and COSO component and principle. This aggregation analysis is reported to a senior management SOX STC on a quarterly and
annual basis, to the CEO and CFO annually prior to the filing of the annual Form&nbsp;20-F, and the results are presented to the BoD AC,
as required and to the extent deemed appropriate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As such, we continue to believe that our control
activities were selected and established to foster effective internal control over financial reporting as of December&nbsp;31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Information and Communication</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">There are two considerations as it relates
to this COSO component.</P>

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

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

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">First, management has concluded that the use
of information technology within the organization is conducive to obtaining, generating and/or using relevant, quality information to
support the functioning of internal control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The second consideration relates to the communication
of objectives and responsibilities for internal control, necessary to support the functioning of internal control. The Bank has a formal
and robust SOX program, under the governance of the BoD AC, and delivered by the CFO Risk and Control Office. Responsibility and accountability
are communicated through a comprehensive set of policies and procedures related to the firm-wide and CFO-specific risk and control frameworks.
Further, the Bank employs a governance risk and compliance (&ldquo;<U>GRC</U>&rdquo;) tool, which has been built and designed to satisfy
management&rsquo;s requirements with respect to maintaining an inventory of controls and control matters, performing design, and operating
effectiveness testing, and managing and documenting the internal process and control attestations. This GRC tool includes process and
control documentation sufficient for control owners to execute on their responsibility, significant information regarding the monitoring
of individual control activities, and an embedded tracking tool by which control matters are linked to controls, processes, and risks,
so that they can be monitored, risk assessed, and reported throughout the organization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Based on our evaluation of these two
considerations, we continue to believe that information and communication within the Bank was maintained to foster effective ICFR as
of December&nbsp;31, 2021.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ongoing monitoring activities are built into the Bank&rsquo;s overall
risk and control framework and include information obtained from various sources, including line and functional personnel and senior management,
and may include communications from external parties (e.g., regulators, legal counsel, independent auditors). Additionally, separate independent
evaluations performed by the Bank&rsquo;s Internal Audit organization and the CFO Risk &amp; Control Office validate the ongoing functioning
and effectiveness of internal controls. Information from these various sources is used by management to continually update and reassess
risk and to continually implement enhanced internal controls and monitoring activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">As discussed in our response to comment 2
in this letter, the identification of the Presentation of non-cash equity statement movements deficiency and the Nonfunctional currency
gains and losses deficiency was the result of the consideration of information gathered through our ongoing monitoring activities. In
August 2020, as part of the periodic reviews that we perform over our control environment, management commenced the formal review program
with the plan to perform a risk assessment review of certain identified cash flow statement and footnote disclosure elements. The status
of this review program was periodically reported to senior management and the BoD AC. As this program progressed, we were able to report
to the BoD AC in further detail regarding the precise issues identified. This program culminated with the correction of prior period errors
included in our 2021 Form 20-F, as well as the remediation of related control deficiencies in connection with our 2021 financial reporting
process, and further refinement thereafter. Although, as noted, it is not possible to design an internal control framework that provides
absolute assurance, we do believe that the process by which we identified, investigated, and remediated the Presentation of non-cash equity
statement movements deficiency and identified, investigated, and are remediating the Nonfunctional currency gains and losses deficiency
provides evidence that the Bank&rsquo;s ongoing monitoring does foster effective internal control over financial reporting.</P>

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

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

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As illustrated
in the timeline below, and as outlined in our response to prior comment 1 on November&nbsp;18, 2022, as part of the periodic reviews that
we perform over our control environment, management commenced a formal program in August&nbsp;2020 to perform a detailed risk assessment
review, using a risk-based approach, of footnote disclosure table extracts that were dependent on manual processes and/or on the receipt
of non-balance sheet or income statement data elements, and also on the consolidated statement of cash flows, as the compilation of this
requires recategorization of certain income statement line items, and the underlying processes are not fully automated. As a result of
this formal program, management identified two separate control deficiencies relating to the consolidated statement of cash flows: the
Presentation of non-cash equity statement movements deficiency and the Nonfunctional currency gains and losses deficiency. </FONT>[***]</P>

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

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

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

<P STYLE="margin: 0pt"></P>

<!-- Field: Page; Sequence: 19; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm236646d1_correspimg01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm236646d1_correspimg01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !/ 4<# 2(  A$! Q$!_\0
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MQ'XHM]#2-#\]Q(VU47DU7*)3.BSUXHW<9P<^E>?2^+-6M1'/<6DK0LP&!&>
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/=11104%%%% !1110!__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
