<SEC-DOCUMENT>0001610520-24-000026.txt : 20240207
<SEC-HEADER>0001610520-24-000026.hdr.sgml : 20240207
<ACCEPTANCE-DATETIME>20240207102851
ACCESSION NUMBER:		0001610520-24-000026
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240207
DATE AS OF CHANGE:		20240207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS Group AG
		CENTRAL INDEX KEY:			0001610520
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36764
		FILM NUMBER:		24602721

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREDIT SUISSE AG
		CENTRAL INDEX KEY:			0001053092
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33434
		FILM NUMBER:		24602722

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CREDIT SUISSE FIRST BOSTON /                            /FI
		DATE OF NAME CHANGE:	19980115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS AG
		CENTRAL INDEX KEY:			0001114446
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15060
		FILM NUMBER:		24602723

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

	MAIL ADDRESS:	
		STREET 1:		600 WASHINGTON BLVD.
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>investorpreso20240207.htm
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<div id="a3" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.28px;font-weight:bold;left:311.91px;top:171.49px;">UNITED STATES </div><div id="a5" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.28px;font-weight:bold;left:167.23px;top:195.97px;">SECURITIES AND EXCHANGE COMMISSION</div><div id="a7" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:323.75px;top:220.36px;">Washington, D.C. 20549 </div><div id="a9" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:334.63px;top:237.16px;">_________________ </div><div id="a12" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:29.28px;font-weight:bold;left:324.87px;top:271.39px;">FORM 6-K</div><div id="a17" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:229.31px;top:321.86px;">REPORT OF FOREIGN PRIVATE<div style="display:inline-block;width:9.06px">&#160;</div>ISSUER </div><div id="a20" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:206.75px;top:361.74px;">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER </div><div id="a26" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:217.47px;top:381.74px;">THE SECURITIES EXCHANGE ACT OF 1934 </div><div id="a29" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:324.39px;top:418.16px;">Date: February 7, 2024 </div><div id="a32" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:322.31px;top:452.08px;">UBS Group AG </div><div id="a34" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:477.39px;">(Registrant's Name)</div><div id="a36" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:264.55px;top:492.56px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a38" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:293.67px;top:509.55px;">(Address of principal executive office)</div><div id="a40" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:287.91px;top:524.72px;">Commission File Number: 1-36764 </div><div id="a45" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:356.23px;top:558.64px;">UBS AG</div><div id="a47" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:583.95px;">(Registrant's Name)</div><div id="a49" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:264.55px;top:599.12px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a51" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:267.27px;top:615.94px;">Aeschenvorstadt 1, 4051 Basel, Switzerland<div style="display:inline-block;width:2.73px">&#160;</div></div><div id="a55" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:291.11px;top:632.94px;">(Address of principal executive offices)</div><div id="a57" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:287.91px;top:648.1px;">Commission File Number: 1-15060</div><div id="a60" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:505.85px;top:641.39px;"><div style="display:inline-block;width:5.44px">&#160;</div></div><div id="a63" 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<div id="a98" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:113.64px;">This Form 6-K consists of the transcripts of the of UBS Group AG 4Q23<div style="display:inline-block;width:2.29px">&#160;</div>Earnings call remarks and </div><div id="a102" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:130.44px;">Analyst Q&amp;A, which appear immediately following this page.</div></div>
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<div id="a104" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">1 </div><div id="a106" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:48px;left:68px;top:77.26px;">Investor update and fourth </div><div id="a107" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:48px;left:68px;top:131.33px;">quarter 2023 results<div style="display:inline-block;width:13.61px">&#160;</div></div><div id="a112" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:204.25px;">6 February 2024 </div><div id="a115" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:246.17px;">Speeches by </div><div id="a119" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:171.23px;top:246.17px;">Sergio P.<div style="display:inline-block;width:7.72px">&#160;</div>Ermotti</div><div id="a120" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:302.95px;top:246.17px;">, Group Chief Executive Officer,<div style="display:inline-block;width:7.32px">&#160;</div>and </div><div id="a131" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:596.25px;top:246.17px;">Todd<div style="display:inline-block;width:7.56px">&#160;</div>Tuckner</div><div id="a132" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:705.09px;top:246.17px;">, </div><div id="a133" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:267.29px;">Group Chief Financial<div style="display:inline-block;width:3.21px">&#160;</div>Officer </div><div id="a142" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:305.53px;">Including analyst<div style="display:inline-block;width:3.64px">&#160;</div>Q&amp;A session </div><div id="a145" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:343.86px;">Transcript.</div><div id="a147" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:360.86px;">Numbers for<div style="display:inline-block;width:6.43px">&#160;</div>slides<div style="display:inline-block;width:5.44px">&#160;</div>refer to<div style="display:inline-block;width:6.82px">&#160;</div>the investor<div style="display:inline-block;width:6.49px">&#160;</div>update and<div style="display:inline-block;width:6.45px">&#160;</div>fourth quarter<div style="display:inline-block;width:6.29px">&#160;</div>2023 results<div style="display:inline-block;width:6.6px">&#160;</div>presentation. </div><div id="a155" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:377.82px;">Materials and a<div style="display:inline-block;width:2.6px">&#160;</div>webcast replay are 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style="display:inline-block;width:5.31px">&#160;</div>as well as<div style="display:inline-block;width:5.45px">&#160;</div>many talented people. 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<div id="a207" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">2 </div><div id="a209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 4 &#8211; Stabilized Credit Suisse franchise and delivered<div style="display:inline-block;width:2.53px">&#160;</div>on 2023 financial priorities </div><div id="a214" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">We made great progress<div style="display:inline-block;width:2.28px">&#160;</div>on our plans<div style="display:inline-block;width:1.98px">&#160;</div>in 2023. We<div style="display:inline-block;width:2.39px">&#160;</div>successfully won<div style="display:inline-block;width:2.4px">&#160;</div>back, retained and<div style="display:inline-block;width:2.13px">&#160;</div>grew client assets<div style="display:inline-block;width:2.17px">&#160;</div>while </div><div id="a215" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">beginning the restructuring phase.<div style="display:inline-block;width:5.52px">&#160;</div>We have also<div style="display:inline-block;width:5.58px">&#160;</div>substantially reduced funding costs<div style="display:inline-block;width:5.45px">&#160;</div>and run down<div style="display:inline-block;width:5.4px">&#160;</div>non-core </div><div id="a218" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">books. 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Given<div style="display:inline-block;width:6.56px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>ongoing debate </div><div id="a256" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">following the events of last March, this is particularly<div style="display:inline-block;width:2.44px">&#160;</div>relevant to me. </div><div id="a258" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">Lastly, let me highlight some things I am especially proud of, and which I believe is the essential driver of what </div><div id="a259" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">will make this<div style="display:inline-block;width:2.02px">&#160;</div>successful journey<div style="display:inline-block;width:2.02px">&#160;</div>a great story. Our people<div style="display:inline-block;width:2.06px">&#160;</div>have embraced<div style="display:inline-block;width:2.4px">&#160;</div>both our culture<div style="display:inline-block;width:2.28px">&#160;</div>and the opportunity </div><div id="a260" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">ahead while collaborating<div style="display:inline-block;width:1.55px">&#160;</div>on the integration.<div style="display:inline-block;width:1.91px">&#160;</div>This will<div style="display:inline-block;width:2.51px">&#160;</div>allow us to<div style="display:inline-block;width:2.11px">&#160;</div>continue to<div style="display:inline-block;width:2.5px">&#160;</div>serve clients<div style="display:inline-block;width:2.45px">&#160;</div>and fulfil our<div style="display:inline-block;width:1.89px">&#160;</div>growth </div><div id="a262" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">initiatives. Before I take you through our plans for the next phase of the acquisition, I will<div style="display:inline-block;width:5.47px">&#160;</div>hand off to Todd<div style="display:inline-block;width:5.85px">&#160;</div>to </div><div id="a263" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">cover our fourth-quarter results.<div style="display:inline-block;width:3.08px">&#160;</div></div></div>
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<div id="a270" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">3 </div><div id="a272" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Todd<div style="display:inline-block;width:6.76px">&#160;</div>Tuckner </div><div id="a275" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:122.4px;">Slide 5 &#8211; 4Q23 underlying PBT of 0.6bn </div><div id="a280" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:157.12px;">Thank you Sergio and good morning,<div style="display:inline-block;width:2.49px">&#160;</div>everyone. </div><div id="a282" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:191.84px;">You&#8217;ll<div style="display:inline-block;width:5.26px">&#160;</div>recall that with our third quarter earnings, we introduced underlying performance metrics that strip out </div><div id="a283" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:209.12px;">items that we<div style="display:inline-block;width:2.03px">&#160;</div>don&#8217;t consider<div style="display:inline-block;width:2.56px">&#160;</div>to be representative of<div style="display:inline-block;width:1.99px">&#160;</div>underlying performance<div style="display:inline-block;width:2.22px">&#160;</div>- primarily pull-to-par<div style="display:inline-block;width:1.87px">&#160;</div>effects from </div><div id="a291" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:226.4px;">the<div style="display:inline-block;width:5.72px">&#160;</div>purchase<div style="display:inline-block;width:5.95px">&#160;</div>price<div style="display:inline-block;width:5.62px">&#160;</div>allocation<div style="display:inline-block;width:5.63px">&#160;</div>process<div style="display:inline-block;width:5.96px">&#160;</div>and<div style="display:inline-block;width:5.78px">&#160;</div>integration-related<div style="display:inline-block;width:5.5px">&#160;</div>expenses.<div style="display:inline-block;width:5.62px">&#160;</div>In<div style="display:inline-block;width:5.84px">&#160;</div>this<div style="display:inline-block;width:5.59px">&#160;</div>respect,<div style="display:inline-block;width:5.97px">&#160;</div>when<div style="display:inline-block;width:5.71px">&#160;</div>assessing<div style="display:inline-block;width:5.69px">&#160;</div>the </div><div id="a295" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:243.84px;">progress<div style="display:inline-block;width:6.6px">&#160;</div>we<div style="display:inline-block;width:6.17px">&#160;</div>are<div style="display:inline-block;width:6.45px">&#160;</div>making<div style="display:inline-block;width:6.28px">&#160;</div>in<div style="display:inline-block;width:6.16px">&#160;</div>our<div style="display:inline-block;width:6.21px">&#160;</div>underlying<div style="display:inline-block;width:6.05px">&#160;</div>performance,<div style="display:inline-block;width:5.83px">&#160;</div>it<div style="display:inline-block;width:6.26px">&#160;</div>is<div style="display:inline-block;width:6.27px">&#160;</div>important<div style="display:inline-block;width:6.15px">&#160;</div>to<div style="display:inline-block;width:6.2px">&#160;</div>remember<div style="display:inline-block;width:6.31px">&#160;</div>that<div style="display:inline-block;width:6.15px">&#160;</div>our<div style="display:inline-block;width:6.21px">&#160;</div>underlying </div><div id="a296" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:261.12px;">operating expense baseline<div style="display:inline-block;width:2.52px">&#160;</div>is the combination of the<div style="display:inline-block;width:2.43px">&#160;</div>cost stacks of two globally, systemically important banks, </div><div id="a298" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:278.4px;">such<div style="display:inline-block;width:5.25px">&#160;</div>that our<div style="display:inline-block;width:6.53px">&#160;</div>underlying costs<div style="display:inline-block;width:6.01px">&#160;</div>in<div style="display:inline-block;width:5.36px">&#160;</div>absolute terms<div style="display:inline-block;width:6.31px">&#160;</div>remain<div style="display:inline-block;width:5.36px">&#160;</div>elevated, and<div style="display:inline-block;width:6.3px">&#160;</div>will<div style="display:inline-block;width:5.26px">&#160;</div>for some<div style="display:inline-block;width:6.32px">&#160;</div>time. 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Our combined<div style="display:inline-block;width:2.22px">&#160;</div>workforce </div><div id="a349" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:798.46px;">was reduced by around 4<div style="display:inline-block;width:5.36px">&#160;</div>thousand in the quarter,<div style="display:inline-block;width:5.84px">&#160;</div>bringing year-to-date reductions to 17<div style="display:inline-block;width:5.49px">&#160;</div>thousand, or down </div><div id="a354" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:815.9px;">11% versus the workforce<div style="display:inline-block;width:2.08px">&#160;</div>of both banks at<div style="display:inline-block;width:2.28px">&#160;</div>the end of<div style="display:inline-block;width:2.36px">&#160;</div>2022. These reductions<div style="display:inline-block;width:2.57px">&#160;</div>contributed to our<div style="display:inline-block;width:2.31px">&#160;</div>achievement </div><div id="a356" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:833.18px;">of around 4 billion in gross run-rate cost saves exiting 2023 when<div style="display:inline-block;width:2.33px">&#160;</div>compared to the 2022 baseline. </div><div id="a360" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:867.94px;">Integration-related expenses<div style="display:inline-block;width:2.47px">&#160;</div>were 1.8 billion, of<div style="display:inline-block;width:2.47px">&#160;</div>which 794 million<div style="display:inline-block;width:2.55px">&#160;</div>were personnel-related, including<div style="display:inline-block;width:2.39px">&#160;</div>a pension </div><div id="a365" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:885.22px;">benefit equalization<div style="display:inline-block;width:5.56px">&#160;</div>charge of<div style="display:inline-block;width:5.77px">&#160;</div>245 million,<div style="display:inline-block;width:6.06px">&#160;</div>and 604<div style="display:inline-block;width:5.89px">&#160;</div>million from<div style="display:inline-block;width:6.06px">&#160;</div>real-estate and<div style="display:inline-block;width:5.89px">&#160;</div>technology asset<div style="display:inline-block;width:5.77px">&#160;</div>expenses. </div><div id="a368" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:902.5px;">The pension charge did not affect CET1 capital as we recorded an offsetting<div style="display:inline-block;width:5.29px">&#160;</div>gain in OCI. On a reported basis, </div><div id="a370" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:919.94px;">including integration-related expenses, opex was<div style="display:inline-block;width:2.5px">&#160;</div>11.5 billion.</div></div>
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<div id="a378" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">4 </div><div id="a380" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 8 &#8211; Global Wealth Management </div><div id="a385" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Turning<div style="display:inline-block;width:6.86px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>the<div style="display:inline-block;width:5.88px">&#160;</div>performance<div style="display:inline-block;width:5.42px">&#160;</div>in<div style="display:inline-block;width:6px">&#160;</div>our<div style="display:inline-block;width:5.89px">&#160;</div>businesses,<div style="display:inline-block;width:5.63px">&#160;</div>beginning<div style="display:inline-block;width:5.64px">&#160;</div>with<div style="display:inline-block;width:5.72px">&#160;</div>Global<div style="display:inline-block;width:5.83px">&#160;</div>Wealth<div style="display:inline-block;width:5.88px">&#160;</div>Management<div style="display:inline-block;width:5.65px">&#160;</div>on<div style="display:inline-block;width:5.94px">&#160;</div>slide<div style="display:inline-block;width:5.87px">&#160;</div>8.<div style="display:inline-block;width:5.7px">&#160;</div>As </div><div id="a386" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">mentioned last quarter, to align with peers, we now report net new money, plus dividends and interest, under </div><div id="a388" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">the<div style="display:inline-block;width:5.72px">&#160;</div>label<div style="display:inline-block;width:5.75px">&#160;</div>of<div style="display:inline-block;width:5.72px">&#160;</div>net<div style="display:inline-block;width:5.72px">&#160;</div>new<div style="display:inline-block;width:5.7px">&#160;</div>assets.<div style="display:inline-block;width:5.36px">&#160;</div>We<div style="display:inline-block;width:6px">&#160;</div>will<div style="display:inline-block;width:5.9px">&#160;</div>also<div style="display:inline-block;width:5.64px">&#160;</div>continue<div style="display:inline-block;width:5.49px">&#160;</div>to<div style="display:inline-block;width:5.56px">&#160;</div>disclose<div style="display:inline-block;width:5.67px">&#160;</div>net<div style="display:inline-block;width:5.72px">&#160;</div>new<div style="display:inline-block;width:5.54px">&#160;</div>fee-generating<div style="display:inline-block;width:5.45px">&#160;</div>assets,<div style="display:inline-block;width:5.68px">&#160;</div>now<div style="display:inline-block;width:5.55px">&#160;</div>for<div style="display:inline-block;width:5.67px">&#160;</div>the </div><div id="a391" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">combined franchise. </div><div id="a393" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">We saw continued momentum in flows with 22 billion<div style="display:inline-block;width:2.47px">&#160;</div>in net new assets, with particularly strong performance </div><div id="a394" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">in APAC<div style="display:inline-block;width:5.36px">&#160;</div>and the Americas. 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As<div style="display:inline-block;width:6.51px">&#160;</div>I<div style="display:inline-block;width:5.51px">&#160;</div>highlighted last<div style="display:inline-block;width:6.54px">&#160;</div>quarter in </div><div id="a440" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">connection with<div style="display:inline-block;width:2.5px">&#160;</div>September trends, the<div style="display:inline-block;width:1.99px">&#160;</div>focus on win-back<div style="display:inline-block;width:2.22px">&#160;</div>and coverage alignment<div style="display:inline-block;width:1.66px">&#160;</div>across both Swiss<div style="display:inline-block;width:2.28px">&#160;</div>platforms </div><div id="a443" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">continues to<div style="display:inline-block;width:5.5px">&#160;</div>contribute to<div style="display:inline-block;width:5.44px">&#160;</div>strong financial<div style="display:inline-block;width:5.69px">&#160;</div>performance for P&amp;C,<div style="display:inline-block;width:6.02px">&#160;</div>including over<div style="display:inline-block;width:5.34px">&#160;</div>7 billion<div style="display:inline-block;width:5.69px">&#160;</div>of net<div style="display:inline-block;width:5.61px">&#160;</div>new deposit </div><div id="a445" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">inflows in the fourth quarter and revenue resiliency. </div><div id="a447" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">Net interest<div style="display:inline-block;width:5.36px">&#160;</div>income was down<div style="display:inline-block;width:5.65px">&#160;</div>1%, as<div style="display:inline-block;width:5.27px">&#160;</div>the benefits from<div style="display:inline-block;width:5.81px">&#160;</div>deposit inflows and<div style="display:inline-block;width:5.65px">&#160;</div>higher rates were<div style="display:inline-block;width:5.98px">&#160;</div>slightly more </div><div id="a448" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">than offset by the effects of lower loan<div style="display:inline-block;width:2.46px">&#160;</div>volumes and clients shifting deposits<div style="display:inline-block;width:2.19px">&#160;</div>into higher-yielding products. We </div><div id="a451" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">expect NII<div style="display:inline-block;width:6.78px">&#160;</div>for<div style="display:inline-block;width:5.35px">&#160;</div>P&amp;C<div style="display:inline-block;width:5.38px">&#160;</div>and<div style="display:inline-block;width:5.3px">&#160;</div>GWM<div style="display:inline-block;width:5.3px">&#160;</div>combined, and<div style="display:inline-block;width:6.55px">&#160;</div>in<div style="display:inline-block;width:5.36px">&#160;</div>US<div style="display:inline-block;width:5.33px">&#160;</div>dollar<div style="display:inline-block;width:5.39px">&#160;</div>terms,<div style="display:inline-block;width:5.34px">&#160;</div>to be<div style="display:inline-block;width:6.78px">&#160;</div>roughly<div style="display:inline-block;width:5.43px">&#160;</div>flat<div style="display:inline-block;width:5.41px">&#160;</div>sequentially in<div style="display:inline-block;width:6.56px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>first </div><div id="a453" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">quarter,<div style="display:inline-block;width:5.57px">&#160;</div>with higher rates broadly offsetting<div style="display:inline-block;width:5.76px">&#160;</div>the residual effects of<div style="display:inline-block;width:5.53px">&#160;</div>deposit mix shifts and<div style="display:inline-block;width:5.33px">&#160;</div>the initial impact of </div><div id="a454" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">financial resource optimization, which Sergio and I will cover in greater<div style="display:inline-block;width:2.85px">&#160;</div>detail shortly. 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While we have now </div><div id="a467" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">substantially<div style="display:inline-block;width:5.5px">&#160;</div>aligned<div style="display:inline-block;width:5.61px">&#160;</div>provisions<div style="display:inline-block;width:5.74px">&#160;</div>and<div style="display:inline-block;width:5.62px">&#160;</div>methodologies<div style="display:inline-block;width:5.34px">&#160;</div>across<div style="display:inline-block;width:5.89px">&#160;</div>both<div style="display:inline-block;width:5.74px">&#160;</div>books,<div style="display:inline-block;width:5.68px">&#160;</div>we<div style="display:inline-block;width:5.69px">&#160;</div>could<div style="display:inline-block;width:5.69px">&#160;</div>see<div style="display:inline-block;width:5.72px">&#160;</div>a<div style="display:inline-block;width:5.76px">&#160;</div>continuation<div style="display:inline-block;width:5.53px">&#160;</div>of<div style="display:inline-block;width:5.72px">&#160;</div>the </div><div id="a468" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">elevated levels of CLE in P&amp;C for the foreseeable future<div style="display:inline-block;width:2.58px">&#160;</div>given Credit Suisse&#8217;s higher historical credit risk profile </div><div id="a470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">and the current economic environment. Opex dropped by 5% on<div style="display:inline-block;width:2.53px">&#160;</div>lower personnel and real estate expenses.</div></div>
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<div id="a476" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">5 </div><div id="a478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 10 &#8211; Asset Management </div><div id="a483" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Moving to slide 10.<div style="display:inline-block;width:5.3px">&#160;</div>Underlying PBT in Asset Management increased<div style="display:inline-block;width:5.56px">&#160;</div>16% to 180 million on<div style="display:inline-block;width:5.6px">&#160;</div>seasonally higher </div><div id="a484" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">performance fees<div style="display:inline-block;width:5.58px">&#160;</div>and from<div style="display:inline-block;width:5.98px">&#160;</div>gains on<div style="display:inline-block;width:5.92px">&#160;</div>disposals that<div style="display:inline-block;width:5.65px">&#160;</div>closed in<div style="display:inline-block;width:5.97px">&#160;</div>the quarter,<div style="display:inline-block;width:6.9px">&#160;</div>notably our<div style="display:inline-block;width:5.7px">&#160;</div>joint venture<div style="display:inline-block;width:5.97px">&#160;</div>in South </div><div id="a485" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">Korea.<div style="display:inline-block;width:6.74px">&#160;</div>Net<div style="display:inline-block;width:6.72px">&#160;</div>management<div style="display:inline-block;width:6.12px">&#160;</div>fees<div style="display:inline-block;width:6.63px">&#160;</div>were<div style="display:inline-block;width:6.85px">&#160;</div>down<div style="display:inline-block;width:6.52px">&#160;</div>slightly<div style="display:inline-block;width:6.44px">&#160;</div>on<div style="display:inline-block;width:6.74px">&#160;</div>lower<div style="display:inline-block;width:6.52px">&#160;</div>average<div style="display:inline-block;width:6.35px">&#160;</div>invested<div style="display:inline-block;width:6.55px">&#160;</div>assets<div style="display:inline-block;width:6.55px">&#160;</div>in<div style="display:inline-block;width:6.64px">&#160;</div>the<div style="display:inline-block;width:6.68px">&#160;</div>quarter.<div style="display:inline-block;width:7.49px">&#160;</div>Opex </div><div id="a487" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">increased 4% to 625 million, mainly from higher personnel<div style="display:inline-block;width:2.54px">&#160;</div>expenses and litigation charges.<div style="display:inline-block;width:2.81px">&#160;</div></div><div id="a489" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">Net<div style="display:inline-block;width:5.6px">&#160;</div>new<div style="display:inline-block;width:5.54px">&#160;</div>money in<div style="display:inline-block;width:7.01px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>quarter<div style="display:inline-block;width:5.31px">&#160;</div>was<div style="display:inline-block;width:5.49px">&#160;</div>negative<div style="display:inline-block;width:5.47px">&#160;</div>12<div style="display:inline-block;width:5.46px">&#160;</div>billion,<div style="display:inline-block;width:5.36px">&#160;</div>predominantly<div style="display:inline-block;width:5.41px">&#160;</div>from<div style="display:inline-block;width:5.72px">&#160;</div>two<div style="display:inline-block;width:5.33px">&#160;</div>large<div style="display:inline-block;width:5.47px">&#160;</div>outflows<div style="display:inline-block;width:5.33px">&#160;</div>in<div style="display:inline-block;width:5.52px">&#160;</div>indexed </div><div id="a490" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">equities, while we continue to see client<div style="display:inline-block;width:2.53px">&#160;</div>demand for SMA and Private Markets capabilities.</div><div id="a493" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">Slide 11 &#8211; Investment Bank </div><div id="a498" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">Turning to the Investment Bank on slide 11. 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Integration-related </div><div id="a562" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">expenses of 749 million consisted mainly of<div style="display:inline-block;width:2.48px">&#160;</div>real estate impairment charges.<div style="display:inline-block;width:3.19px">&#160;</div></div></div>
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<div id="a567" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">6 </div><div id="a569" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 13 &#8211; Maintained capital strength with CET1 ratio<div style="display:inline-block;width:2.35px">&#160;</div>comfortably above guidance<div style="display:inline-block;width:3.11px">&#160;</div></div><div id="a574" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Moving<div style="display:inline-block;width:7.25px">&#160;</div>to<div style="display:inline-block;width:7.32px">&#160;</div>CET1<div style="display:inline-block;width:7.26px">&#160;</div>capital<div style="display:inline-block;width:7.13px">&#160;</div>and<div style="display:inline-block;width:7.38px">&#160;</div>RWA<div style="display:inline-block;width:7.77px">&#160;</div>on<div style="display:inline-block;width:7.38px">&#160;</div>Slide<div style="display:inline-block;width:7.19px">&#160;</div>13.<div style="display:inline-block;width:7.15px">&#160;</div>Our<div style="display:inline-block;width:7.23px">&#160;</div>capital<div style="display:inline-block;width:7.3px">&#160;</div>position<div style="display:inline-block;width:7.13px">&#160;</div>remains<div style="display:inline-block;width:7.24px">&#160;</div>strong,<div style="display:inline-block;width:7.59px">&#160;</div>with<div style="display:inline-block;width:7.32px">&#160;</div>capital<div style="display:inline-block;width:7.13px">&#160;</div>ratios </div><div id="a575" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">comfortably above our guidance and<div style="display:inline-block;width:2.58px">&#160;</div>regulatory requirements. The CET1 capital ratio improved 10<div style="display:inline-block;width:2.49px">&#160;</div>basis points </div><div id="a576" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">to 14.5% as the negative<div style="display:inline-block;width:2.3px">&#160;</div>impacts from the reported loss<div style="display:inline-block;width:2.49px">&#160;</div>and dividend accruals were more<div style="display:inline-block;width:2.58px">&#160;</div>than offset by RWA </div><div id="a578" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">reductions ex-FX and a net write-up of temporary difference DTAs.<div style="display:inline-block;width:3.53px">&#160;</div></div><div id="a584" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">Both CET1<div style="display:inline-block;width:6.21px">&#160;</div>capital and<div style="display:inline-block;width:6.12px">&#160;</div>RWAs<div style="display:inline-block;width:5.49px">&#160;</div>were<div style="display:inline-block;width:5.25px">&#160;</div>significantly impacted<div style="display:inline-block;width:5.83px">&#160;</div>by currency<div style="display:inline-block;width:6.48px">&#160;</div>translation, which<div style="display:inline-block;width:5.77px">&#160;</div>broadly<div style="display:inline-block;width:5.26px">&#160;</div>offset each </div><div id="a585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">other in the CET1 capital ratio. 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I<div style="display:inline-block;width:5.49px">&#160;</div>will return shortly to comment on how we&#8217;re thinking </div><div id="a590" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">more broadly about capital,<div style="display:inline-block;width:2.01px">&#160;</div>liquidity and funding,<div style="display:inline-block;width:2.05px">&#160;</div>as we work<div style="display:inline-block;width:2.35px">&#160;</div>towards delivering our<div style="display:inline-block;width:2.41px">&#160;</div>financial ambitions<div style="display:inline-block;width:2.54px">&#160;</div>by the </div><div id="a592" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">end of 2026. </div><div id="a594" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">Let me also briefly<div style="display:inline-block;width:2.33px">&#160;</div>touch on a<div style="display:inline-block;width:2.4px">&#160;</div>few reporting changes we<div style="display:inline-block;width:2.19px">&#160;</div>are implementing from the<div style="display:inline-block;width:2.42px">&#160;</div>first quarter of<div style="display:inline-block;width:2.46px">&#160;</div>2024. First, </div><div id="a595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">we are transferring the<div style="display:inline-block;width:5.3px">&#160;</div>high net-worth client segment from<div style="display:inline-block;width:5.33px">&#160;</div>the Swiss Bank of<div style="display:inline-block;width:5.41px">&#160;</div>Credit Suisse to Global<div style="display:inline-block;width:5.39px">&#160;</div>Wealth </div><div id="a598" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">Management to best meet our clients&#8217; needs and<div style="display:inline-block;width:2.39px">&#160;</div>align to UBS&#8217;s divisional structure. These clients represent an </div><div id="a601" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">estimated 60<div style="display:inline-block;width:5.76px">&#160;</div>billion in<div style="display:inline-block;width:5.93px">&#160;</div>invested assets<div style="display:inline-block;width:5.67px">&#160;</div>and 550<div style="display:inline-block;width:6.06px">&#160;</div>million in<div style="display:inline-block;width:5.87px">&#160;</div>annual revenues.<div style="display:inline-block;width:5.89px">&#160;</div>Second, and<div style="display:inline-block;width:5.81px">&#160;</div>as I<div style="display:inline-block;width:6.04px">&#160;</div>highlighted last </div><div id="a602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">quarter,<div style="display:inline-block;width:5.25px">&#160;</div>we are pushing out to our business divisions substantially all balance sheet, equity and P&amp;L items that </div><div id="a605" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">were previously retained<div style="display:inline-block;width:5.36px">&#160;</div>centrally.<div style="display:inline-block;width:5.26px">&#160;</div>We will restate<div style="display:inline-block;width:5.43px">&#160;</div>2023 to ensure comparability and<div style="display:inline-block;width:5.43px">&#160;</div>publish an updated time </div><div id="a606" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">series ahead of 1Q results. </div><div id="a608" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">With that, I&#8217;ll hand back to Sergio for<div style="display:inline-block;width:2.47px">&#160;</div>the investor update. </div></div>
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<div id="a614" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">7 </div><div id="a616" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Sergio P.<div style="display:inline-block;width:7.24px">&#160;</div>Ermotti </div><div id="a619" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:132.48px;">Slide 15 &#8211; Attractive business model with unique<div style="display:inline-block;width:2.46px">&#160;</div>global asset gathering businesses<div style="display:inline-block;width:2.56px">&#160;</div></div><div id="a624" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:167.04px;">Thank you, Todd.<div style="display:inline-block;width:7.25px">&#160;</div>For more<div style="display:inline-block;width:5.33px">&#160;</div>than a<div style="display:inline-block;width:5.34px">&#160;</div>decade, UBS has<div style="display:inline-block;width:5.58px">&#160;</div>stood out<div style="display:inline-block;width:5.28px">&#160;</div>among its G-SIB<div style="display:inline-block;width:5.62px">&#160;</div>peers for its<div style="display:inline-block;width:5.91px">&#160;</div>favorable mix of </div><div id="a627" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:184.48px;">businesses and unique model.<div style="display:inline-block;width:1.9px">&#160;</div>Our global asset gathering<div style="display:inline-block;width:2.27px">&#160;</div>operation and Swiss<div style="display:inline-block;width:2.53px">&#160;</div>universal bank are at the<div style="display:inline-block;width:2.31px">&#160;</div>core of </div><div id="a628" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:201.76px;">our strategy, and they are complemented by our capital-light<div style="display:inline-block;width:2.44px">&#160;</div>Investment Bank. Since 2012,<div style="display:inline-block;width:2.38px">&#160;</div>our ambition to be </div><div id="a632" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:219.04px;">the world&#8217;s leading<div style="display:inline-block;width:2.57px">&#160;</div>global wealth manager<div style="display:inline-block;width:2.31px">&#160;</div>has served us<div style="display:inline-block;width:2.43px">&#160;</div>well, allowing us to<div style="display:inline-block;width:2.29px">&#160;</div>generate over 50 billion<div style="display:inline-block;width:2.23px">&#160;</div>in capital </div><div id="a633" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:236.48px;">for shareholders through the end of 2022, while also<div style="display:inline-block;width:2.48px">&#160;</div>investing in sustainable, long-term growth.<div style="display:inline-block;width:2.87px">&#160;</div></div><div id="a638" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:271.04px;">Slide 16 &#8211; Accelerating our strategy by enhancing<div style="display:inline-block;width:2.45px">&#160;</div>client franchises, capabilities and scale </div><div id="a643" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:305.76px;">The<div style="display:inline-block;width:5.29px">&#160;</div>Credit<div style="display:inline-block;width:5.57px">&#160;</div>Suisse<div style="display:inline-block;width:5.28px">&#160;</div>deal accelerates<div style="display:inline-block;width:6.33px">&#160;</div>our<div style="display:inline-block;width:5.41px">&#160;</div>strategy.<div style="display:inline-block;width:6.32px">&#160;</div>We<div style="display:inline-block;width:5.52px">&#160;</div>are<div style="display:inline-block;width:5.65px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>only truly<div style="display:inline-block;width:6.54px">&#160;</div>global wealth<div style="display:inline-block;width:6.62px">&#160;</div>manager with<div style="display:inline-block;width:6.37px">&#160;</div>nearly 4 </div><div id="a644" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:323.04px;">trillion in invested assets across a client franchise that would be<div style="display:inline-block;width:5.43px">&#160;</div>nearly impossible to replicate. Globally,<div style="display:inline-block;width:5.56px">&#160;</div>GWM </div><div id="a645" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:340.48px;">clients benefit from our unparalleled<div style="display:inline-block;width:2.2px">&#160;</div>advice, products and services.<div style="display:inline-block;width:2.35px">&#160;</div>We are the number one wealth<div style="display:inline-block;width:2.36px">&#160;</div>manager in </div><div id="a647" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:357.8px;">Switzerland, EMEA<div style="display:inline-block;width:5.45px">&#160;</div>and APAC.<div style="display:inline-block;width:6.51px">&#160;</div>In these<div style="display:inline-block;width:5.85px">&#160;</div>regions, our<div style="display:inline-block;width:5.69px">&#160;</div>invested assets<div style="display:inline-block;width:5.51px">&#160;</div>have grown<div style="display:inline-block;width:5.85px">&#160;</div>by at<div style="display:inline-block;width:5.8px">&#160;</div>least 50%<div style="display:inline-block;width:5.69px">&#160;</div>due to<div style="display:inline-block;width:5.83px">&#160;</div>the </div><div id="a648" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:375.08px;">acquisition &#8211; the<div style="display:inline-block;width:5.44px">&#160;</div>equivalent of a decade<div style="display:inline-block;width:5.79px">&#160;</div>of growth. In<div style="display:inline-block;width:5.7px">&#160;</div>the Americas, we<div style="display:inline-block;width:5.41px">&#160;</div>are a<div style="display:inline-block;width:5.32px">&#160;</div>top player in<div style="display:inline-block;width:5.53px">&#160;</div>the U.S., and<div style="display:inline-block;width:5.43px">&#160;</div>are </div><div id="a653" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:392.52px;">number one in Latin America.<div style="display:inline-block;width:2.93px">&#160;</div></div><div id="a655" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:427.08px;">The acquisition is<div style="display:inline-block;width:5.33px">&#160;</div>also reinforcing our<div style="display:inline-block;width:5.68px">&#160;</div>position as the<div style="display:inline-block;width:5.31px">&#160;</div>number one universal bank<div style="display:inline-block;width:5.58px">&#160;</div>in Switzerland. This<div style="display:inline-block;width:5.33px">&#160;</div>is not a </div><div id="a656" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:444.52px;">function of our size or market share, but the clear result of the value we bring to our clients through our one-</div><div id="a658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:461.8px;">firm approach,<div style="display:inline-block;width:5.3px">&#160;</div>expertise and global<div style="display:inline-block;width:5.65px">&#160;</div>reach that<div style="display:inline-block;width:5.33px">&#160;</div>is particularly important<div style="display:inline-block;width:5.46px">&#160;</div>to our<div style="display:inline-block;width:5.3px">&#160;</div>large corporate and<div style="display:inline-block;width:5.7px">&#160;</div>Small and </div><div id="a660" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:479.08px;">Medium Enterprise clients.<div style="display:inline-block;width:2.97px">&#160;</div></div><div id="a662" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:513.8px;">With 1.6<div style="display:inline-block;width:1.8px">&#160;</div>trillion in<div style="display:inline-block;width:1.82px">&#160;</div>invested assets,<div style="display:inline-block;width:1.76px">&#160;</div>Asset Management<div style="display:inline-block;width:1.5px">&#160;</div>has improved<div style="display:inline-block;width:2.23px">&#160;</div>our competitiveness<div style="display:inline-block;width:1.59px">&#160;</div>globally and<div style="display:inline-block;width:1.78px">&#160;</div>expanded </div><div id="a663" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:531.08px;">our presence in growth markets. We have strengthened the value<div style="display:inline-block;width:5.27px">&#160;</div>provided to clients through complementary </div><div id="a664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:548.52px;">products across key asset classes. </div><div id="a666" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:583.08px;">In the Investment<div style="display:inline-block;width:5.39px">&#160;</div>Bank, we are<div style="display:inline-block;width:5.54px">&#160;</div>reinforcing our<div style="display:inline-block;width:5.39px">&#160;</div>competitive position with our<div style="display:inline-block;width:5.41px">&#160;</div>key clients. We<div style="display:inline-block;width:5.52px">&#160;</div>will continue to </div><div id="a667" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:600.52px;">build durable<div style="display:inline-block;width:1.75px">&#160;</div>and profitable<div style="display:inline-block;width:1.67px">&#160;</div>market share<div style="display:inline-block;width:1.88px">&#160;</div>in the<div style="display:inline-block;width:1.89px">&#160;</div>areas that<div style="display:inline-block;width:2.09px">&#160;</div>differentiate UBS<div style="display:inline-block;width:2.17px">&#160;</div>for our<div style="display:inline-block;width:1.73px">&#160;</div>clients, while<div style="display:inline-block;width:1.75px">&#160;</div>now deploying </div><div id="a668" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:617.82px;">a smaller proportion of the Group&#8217;s financial resources, compared to pre-acquisition levels. </div><div id="a673" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:652.54px;">Slide 17 &#8211; Executing to capture long-term growth and value creation<div style="display:inline-block;width:2.65px">&#160;</div></div><div id="a680" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:687.1px;">We finished 2023 with strong momentum in terms of our<div style="display:inline-block;width:5.41px">&#160;</div>integration timeline. While we have full confidence </div><div id="a681" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:704.54px;">in our ability to fulfil<div style="display:inline-block;width:2.1px">&#160;</div>our goals, we are not<div style="display:inline-block;width:2.33px">&#160;</div>complacent about the<div style="display:inline-block;width:2.34px">&#160;</div>magnitude and complexity<div style="display:inline-block;width:2.16px">&#160;</div>of the task ahead. </div><div id="a682" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:721.82px;">Given<div style="display:inline-block;width:6.06px">&#160;</div>the<div style="display:inline-block;width:6.04px">&#160;</div>evident<div style="display:inline-block;width:5.79px">&#160;</div>structural<div style="display:inline-block;width:5.93px">&#160;</div>issues<div style="display:inline-block;width:6.04px">&#160;</div>with<div style="display:inline-block;width:5.95px">&#160;</div>Credit<div style="display:inline-block;width:6.21px">&#160;</div>Suisse&#8217;s<div style="display:inline-block;width:5.81px">&#160;</div>business<div style="display:inline-block;width:6.06px">&#160;</div>model<div style="display:inline-block;width:5.96px">&#160;</div>and<div style="display:inline-block;width:5.94px">&#160;</div>lack<div style="display:inline-block;width:5.98px">&#160;</div>of<div style="display:inline-block;width:6.04px">&#160;</div>profitability,<div style="display:inline-block;width:7.35px">&#160;</div>there<div style="display:inline-block;width:6.25px">&#160;</div>is<div style="display:inline-block;width:5.95px">&#160;</div>a </div><div id="a684" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:739.1px;">significant amount of restructuring and optimization that must take place over the next three years before we </div><div id="a685" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:756.54px;">can harvest the full benefits of the combination. </div><div id="a687" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:791.1px;">As we previously communicated, during<div style="display:inline-block;width:2.3px">&#160;</div>2024 and 2025, we will<div style="display:inline-block;width:2.53px">&#160;</div>incur substantial integration-related expenses </div><div id="a690" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:808.54px;">as we materially restructure and remove duplication across our operations. The Non-core and Legacy portfolio </div><div id="a693" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:825.82px;">will continue to be a meaningful drag on our results as it is<div style="display:inline-block;width:5.35px">&#160;</div>actively unwound. In addition, over the next three </div><div id="a695" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:843.1px;">years, Credit<div style="display:inline-block;width:5.97px">&#160;</div>Suisse&#8217;s core<div style="display:inline-block;width:5.94px">&#160;</div>businesses will<div style="display:inline-block;width:5.77px">&#160;</div>also continue<div style="display:inline-block;width:5.62px">&#160;</div>to require<div style="display:inline-block;width:6.31px">&#160;</div>balance sheet<div style="display:inline-block;width:5.53px">&#160;</div>optimization. While<div style="display:inline-block;width:5.7px">&#160;</div>we will </div><div id="a696" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:860.58px;">sacrifice some<div style="display:inline-block;width:2.24px">&#160;</div>reported profitability<div style="display:inline-block;width:2.19px">&#160;</div>and growth<div style="display:inline-block;width:2.3px">&#160;</div>in the<div style="display:inline-block;width:2.21px">&#160;</div>short-term, we<div style="display:inline-block;width:2.12px">&#160;</div>are convinced<div style="display:inline-block;width:2.3px">&#160;</div>this will<div style="display:inline-block;width:2.15px">&#160;</div>improve the<div style="display:inline-block;width:2.37px">&#160;</div>quality </div><div id="a700" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:877.86px;">of our long-term growth trajectory, and bring greater cost and<div style="display:inline-block;width:2.46px">&#160;</div>capital efficiency. As a result, we are reiterating </div><div id="a703" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:895.14px;">our targets to realize<div style="display:inline-block;width:5.48px">&#160;</div>an underlying return on CET1<div style="display:inline-block;width:5.4px">&#160;</div>capital of around 15% and<div style="display:inline-block;width:5.49px">&#160;</div>cost/income ratio of less than </div><div id="a705" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:912.58px;">70% as we exit 2026.<div style="display:inline-block;width:3.15px">&#160;</div></div></div>
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<div id="a710" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">8 </div><div id="a712" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 18 &#8211; Restructuring and delivering on integration<div style="display:inline-block;width:2.27px">&#160;</div>milestones by end-2026 </div><div id="a720" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">As I&#8217;ve said<div style="display:inline-block;width:5.5px">&#160;</div>before, 2024 is<div style="display:inline-block;width:5.31px">&#160;</div>a pivotal year<div style="display:inline-block;width:5.34px">&#160;</div>for UBS. We<div style="display:inline-block;width:5.44px">&#160;</div>are taking a<div style="display:inline-block;width:5.7px">&#160;</div>staged approach in our<div style="display:inline-block;width:5.76px">&#160;</div>execution plan to </div><div id="a721" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">minimize the<div style="display:inline-block;width:6.09px">&#160;</div>risk of<div style="display:inline-block;width:6.27px">&#160;</div>disruption for<div style="display:inline-block;width:5.97px">&#160;</div>clients and<div style="display:inline-block;width:6.08px">&#160;</div>employees. 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This is<div style="display:inline-block;width:2.08px">&#160;</div>why a pure<div style="display:inline-block;width:2.41px">&#160;</div>integration cost journey<div style="display:inline-block;width:1.83px">&#160;</div>is not enough.<div style="display:inline-block;width:2.07px">&#160;</div>We </div><div id="a747" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">also need to deeply restructure to get to an appropriate cost base.<div style="display:inline-block;width:2.6px">&#160;</div></div><div id="a750" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Therefore, the<div style="display:inline-block;width:5.64px">&#160;</div>realization of our<div style="display:inline-block;width:5.77px">&#160;</div>integration plans and<div style="display:inline-block;width:5.56px">&#160;</div>the run-down of<div style="display:inline-block;width:5.83px">&#160;</div>the Non-core<div style="display:inline-block;width:5.39px">&#160;</div>and Legacy portfolio<div style="display:inline-block;width:5.49px">&#160;</div>is </div><div id="a755" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">expected to result<div style="display:inline-block;width:5.41px">&#160;</div>in around 13<div style="display:inline-block;width:5.48px">&#160;</div>billion in gross<div style="display:inline-block;width:5.36px">&#160;</div>cost reductions by<div style="display:inline-block;width:5.27px">&#160;</div>the end of 2026.<div style="display:inline-block;width:5.61px">&#160;</div>In addition to supporting </div><div id="a756" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">our cost/income<div style="display:inline-block;width:2.17px">&#160;</div>ratio target,<div style="display:inline-block;width:2.1px">&#160;</div>this decrease<div style="display:inline-block;width:2.55px">&#160;</div>also provides<div style="display:inline-block;width:2.15px">&#160;</div>us with<div style="display:inline-block;width:2.42px">&#160;</div>the necessary<div style="display:inline-block;width:2.15px">&#160;</div>capacity to<div style="display:inline-block;width:2.29px">&#160;</div>enhance the<div style="display:inline-block;width:2.15px">&#160;</div>resilience </div><div id="a758" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">of our combined infrastructure.<div style="display:inline-block;width:2.27px">&#160;</div>It will also allow us<div style="display:inline-block;width:2.37px">&#160;</div>to continue to drive<div style="display:inline-block;width:2.34px">&#160;</div>enduring growth by investing<div style="display:inline-block;width:2.28px">&#160;</div>in talent, </div><div id="a759" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">products<div style="display:inline-block;width:5.75px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>services.<div style="display:inline-block;width:5.29px">&#160;</div>We<div style="display:inline-block;width:5.69px">&#160;</div>will<div style="display:inline-block;width:5.74px">&#160;</div>focus<div style="display:inline-block;width:5.36px">&#160;</div>on<div style="display:inline-block;width:5.62px">&#160;</div>improving<div style="display:inline-block;width:5.61px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>client<div style="display:inline-block;width:5.54px">&#160;</div>experience<div style="display:inline-block;width:5.4px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>lowering<div style="display:inline-block;width:5.33px">&#160;</div>the<div style="display:inline-block;width:5.56px">&#160;</div>cost<div style="display:inline-block;width:5.51px">&#160;</div>to<div style="display:inline-block;width:5.56px">&#160;</div>serve<div style="display:inline-block;width:5.34px">&#160;</div>by </div><div id="a761" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">leveraging our already-leading technology proficiencies.<div style="display:inline-block;width:2.67px">&#160;</div></div><div id="a765" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">Slide 20 &#8211; 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Obviously,<div style="display:inline-block;width:7.52px">&#160;</div>the </div><div id="a771" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">most prominent<div style="display:inline-block;width:6.58px">&#160;</div>example is<div style="display:inline-block;width:6.38px">&#160;</div>the Non-core<div style="display:inline-block;width:6.9px">&#160;</div>and Legacy<div style="display:inline-block;width:6.33px">&#160;</div>portfolio, where<div style="display:inline-block;width:6.75px">&#160;</div>we expect<div style="display:inline-block;width:6.36px">&#160;</div>our<div style="display:inline-block;width:5.25px">&#160;</div>wind-down efforts<div style="display:inline-block;width:6.51px">&#160;</div>to </div><div id="a776" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">result in a<div style="display:inline-block;width:5.42px">&#160;</div>capital release of over 6<div style="display:inline-block;width:5.57px">&#160;</div>billion by the end<div style="display:inline-block;width:5.43px">&#160;</div>of 2026. Of equal<div style="display:inline-block;width:5.26px">&#160;</div>importance, we need to optimize<div style="display:inline-block;width:5.31px">&#160;</div>the </div><div id="a778" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">utilization of financial resources across the core businesses to improve returns on<div style="display:inline-block;width:2.42px">&#160;</div>risk-weighted assets.<div style="display:inline-block;width:3.26px">&#160;</div></div><div id="a782" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">As you can<div style="display:inline-block;width:2.43px">&#160;</div>see on the<div style="display:inline-block;width:2.36px">&#160;</div>slide, Credit Suisse&#8217;s<div style="display:inline-block;width:2.32px">&#160;</div>capital efficiency and<div style="display:inline-block;width:2.33px">&#160;</div>profitability were compromised<div style="display:inline-block;width:2.28px">&#160;</div>in recent years </div><div id="a783" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">by capital intensive exposures, underpriced resources and<div style="display:inline-block;width:5.46px">&#160;</div>products, and hurdle rates that were<div style="display:inline-block;width:5.39px">&#160;</div>not aligned to </div><div id="a784" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">underlying risks. While<div style="display:inline-block;width:5.6px">&#160;</div>in the<div style="display:inline-block;width:5.28px">&#160;</div>short-term, it will<div style="display:inline-block;width:5.76px">&#160;</div>be difficult<div style="display:inline-block;width:5.39px">&#160;</div>to produce the<div style="display:inline-block;width:5.93px">&#160;</div>best-in-class returns that<div style="display:inline-block;width:5.44px">&#160;</div>UBS had </div><div id="a792" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">previously,<div style="display:inline-block;width:5.86px">&#160;</div>our aim is<div style="display:inline-block;width:5.64px">&#160;</div>to narrow the<div style="display:inline-block;width:5.64px">&#160;</div>gap in a<div style="display:inline-block;width:5.72px">&#160;</div>reasonable timeframe. This<div style="display:inline-block;width:5.52px">&#160;</div>will require<div style="display:inline-block;width:5.37px">&#160;</div>re-pricing and/or exiting </div><div id="a795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">low returning exposures. We will also<div style="display:inline-block;width:2.52px">&#160;</div>remain disciplined to ensure that pricing<div style="display:inline-block;width:2.18px">&#160;</div>reflects the underlying risks and </div><div id="a797" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">the value<div style="display:inline-block;width:2.52px">&#160;</div>of the<div style="display:inline-block;width:2.41px">&#160;</div>advice, products<div style="display:inline-block;width:2.46px">&#160;</div>and services<div style="display:inline-block;width:2.43px">&#160;</div>we provide.<div style="display:inline-block;width:2.48px">&#160;</div>As we<div style="display:inline-block;width:2.43px">&#160;</div>do this, we<div style="display:inline-block;width:1.8px">&#160;</div>will expect<div style="display:inline-block;width:2.57px">&#160;</div>to capture gross<div style="display:inline-block;width:2.05px">&#160;</div>inflows </div><div id="a798" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">in GWM and<div style="display:inline-block;width:5.42px">&#160;</div>P&amp;C as we<div style="display:inline-block;width:5.44px">&#160;</div>prioritize relationships where we<div style="display:inline-block;width:5.71px">&#160;</div>provide more<div style="display:inline-block;width:5.35px">&#160;</div>holistic client coverage. As<div style="display:inline-block;width:5.64px">&#160;</div>I said, we </div><div id="a800" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">assume that our<div style="display:inline-block;width:5.38px">&#160;</div>actions to improve<div style="display:inline-block;width:5.49px">&#160;</div>capital efficiency will<div style="display:inline-block;width:5.34px">&#160;</div>result in<div style="display:inline-block;width:5.33px">&#160;</div>a lower growth<div style="display:inline-block;width:5.37px">&#160;</div>trajectory through 2025, a </div><div id="a801" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">necessary trade-off to create long-term value. </div><div id="a807" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">Slide 21 &#8211; GWM &#8211; Building on our unrivaled global<div style="display:inline-block;width:2.39px">&#160;</div>scale and footprint<div style="display:inline-block;width:3.24px">&#160;</div></div><div id="a815" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">Now, moving to our<div style="display:inline-block;width:5.25px">&#160;</div>medium-term priorities and ambitions for our business divisions, starting with GWM. We </div><div id="a818" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">have robust<div style="display:inline-block;width:1.99px">&#160;</div>momentum<div style="display:inline-block;width:2.55px">&#160;</div>across our<div style="display:inline-block;width:1.79px">&#160;</div>entire platform<div style="display:inline-block;width:1.82px">&#160;</div>and our<div style="display:inline-block;width:1.68px">&#160;</div>top objectives<div style="display:inline-block;width:1.55px">&#160;</div>are to<div style="display:inline-block;width:2.01px">&#160;</div>stay close<div style="display:inline-block;width:1.78px">&#160;</div>to clients<div style="display:inline-block;width:1.7px">&#160;</div>and improve </div><div id="a819" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">advisor productivity. In Switzerland,<div style="display:inline-block;width:1.96px">&#160;</div>EMEA and<div style="display:inline-block;width:2.2px">&#160;</div>APAC, we expect<div style="display:inline-block;width:2.45px">&#160;</div>PBT margins<div style="display:inline-block;width:2.29px">&#160;</div>to eventually<div style="display:inline-block;width:2.38px">&#160;</div>exceed 40%<div style="display:inline-block;width:2.18px">&#160;</div>in each </div><div id="a821" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">of<div style="display:inline-block;width:7px">&#160;</div>these<div style="display:inline-block;width:6.96px">&#160;</div>regions<div style="display:inline-block;width:7.31px">&#160;</div>as<div style="display:inline-block;width:7px">&#160;</div>we<div style="display:inline-block;width:6.97px">&#160;</div>capture<div style="display:inline-block;width:7.21px">&#160;</div>the<div style="display:inline-block;width:7px">&#160;</div>benefits<div style="display:inline-block;width:6.83px">&#160;</div>of<div style="display:inline-block;width:7px">&#160;</div>our<div style="display:inline-block;width:7.01px">&#160;</div>fortified<div style="display:inline-block;width:7.01px">&#160;</div>leadership<div style="display:inline-block;width:6.8px">&#160;</div>positions<div style="display:inline-block;width:6.93px">&#160;</div>and<div style="display:inline-block;width:6.9px">&#160;</div>integration-related </div><div id="a824" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">synergies.<div style="display:inline-block;width:3.59px">&#160;</div></div></div>
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<div id="a829" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">9 </div><div id="a831" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">While<div style="display:inline-block;width:5.58px">&#160;</div>our<div style="display:inline-block;width:5.41px">&#160;</div>U.S.<div style="display:inline-block;width:5.51px">&#160;</div>wealth<div style="display:inline-block;width:5.4px">&#160;</div>management business<div style="display:inline-block;width:6.67px">&#160;</div>will<div style="display:inline-block;width:5.42px">&#160;</div>profit<div style="display:inline-block;width:5.64px">&#160;</div>from<div style="display:inline-block;width:5.72px">&#160;</div>our<div style="display:inline-block;width:5.57px">&#160;</div>strengthened<div style="display:inline-block;width:5.4px">&#160;</div>Investment<div style="display:inline-block;width:5.34px">&#160;</div>Bank<div style="display:inline-block;width:5.46px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>Asset </div><div id="a832" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">Management franchises, it is not directly benefiting from increased<div style="display:inline-block;width:5.36px">&#160;</div>scale related to the acquisition. 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<div id="a920" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">10 </div><div id="a922" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 25 &#8211; IB &#8211; Enhancing client offering while maintaining<div style="display:inline-block;width:2.24px">&#160;</div>capital discipline </div><div id="a930" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">The<div style="display:inline-block;width:6.73px">&#160;</div>acquisition<div style="display:inline-block;width:6.4px">&#160;</div>has<div style="display:inline-block;width:6.69px">&#160;</div>added<div style="display:inline-block;width:6.43px">&#160;</div>capability<div style="display:inline-block;width:6.57px">&#160;</div>that<div style="display:inline-block;width:6.63px">&#160;</div>were<div style="display:inline-block;width:6.85px">&#160;</div>already<div style="display:inline-block;width:6.84px">&#160;</div>of<div style="display:inline-block;width:6.68px">&#160;</div>strategic<div style="display:inline-block;width:6.61px">&#160;</div>importance<div style="display:inline-block;width:6.34px">&#160;</div>for<div style="display:inline-block;width:6.63px">&#160;</div>our<div style="display:inline-block;width:6.69px">&#160;</div>Investment<div style="display:inline-block;width:6.62px">&#160;</div>Bank. </div><div id="a931" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">Therefore,<div style="display:inline-block;width:5.27px">&#160;</div>in terms<div style="display:inline-block;width:5.74px">&#160;</div>of strategy,<div style="display:inline-block;width:7.16px">&#160;</div>clients&#8217; priorities<div style="display:inline-block;width:5.56px">&#160;</div>and risk<div style="display:inline-block;width:5.69px">&#160;</div>discipline, nothing<div style="display:inline-block;width:5.63px">&#160;</div>changes. 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And it will do this while consuming<div style="display:inline-block;width:2.31px">&#160;</div>no more than 25% of the Group&#8217;s risk weighted assets.<div style="display:inline-block;width:2.54px">&#160;</div></div><div id="a954" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Slide 26 &#8211; Non-core and Legacy &#8211; driving lower costs<div style="display:inline-block;width:2.55px">&#160;</div>and efficient capital release </div><div id="a964" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">As I mentioned before, the active run-down<div style="display:inline-block;width:2.39px">&#160;</div>of the Non-core and Legacy portfolio<div style="display:inline-block;width:2.38px">&#160;</div>releases capital, removes tail </div><div id="a969" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">risks<div style="display:inline-block;width:5.38px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>complexity,<div style="display:inline-block;width:6.54px">&#160;</div>and<div style="display:inline-block;width:5.3px">&#160;</div>reduces<div style="display:inline-block;width:5.62px">&#160;</div>our<div style="display:inline-block;width:5.41px">&#160;</div>cost<div style="display:inline-block;width:5.35px">&#160;</div>base,<div style="display:inline-block;width:5.5px">&#160;</div>allowing<div style="display:inline-block;width:5.29px">&#160;</div>us<div style="display:inline-block;width:5.41px">&#160;</div>to<div style="display:inline-block;width:5.4px">&#160;</div>improve<div style="display:inline-block;width:5.68px">&#160;</div>our<div style="display:inline-block;width:5.25px">&#160;</div>returns. We<div style="display:inline-block;width:6.97px">&#160;</div>have<div style="display:inline-block;width:5.44px">&#160;</div>made<div style="display:inline-block;width:5.4px">&#160;</div>good </div><div id="a970" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">progress to<div style="display:inline-block;width:5.69px">&#160;</div>date. We<div style="display:inline-block;width:5.5px">&#160;</div>have closed over<div style="display:inline-block;width:5.61px">&#160;</div>two thousand NCL<div style="display:inline-block;width:5.78px">&#160;</div>books, including full<div style="display:inline-block;width:5.41px">&#160;</div>exits of<div style="display:inline-block;width:5.3px">&#160;</div>several macro<div style="display:inline-block;width:5.34px">&#160;</div>books, </div><div id="a972" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">and are<div style="display:inline-block;width:6.23px">&#160;</div>largely closed<div style="display:inline-block;width:5.85px">&#160;</div>&#8211; we<div style="display:inline-block;width:6.1px">&#160;</div>have largely<div style="display:inline-block;width:5.94px">&#160;</div>closed our<div style="display:inline-block;width:5.86px">&#160;</div>non-core Cash<div style="display:inline-block;width:6.09px">&#160;</div>Equities, Convertibles<div style="display:inline-block;width:5.6px">&#160;</div>and Prime<div style="display:inline-block;width:5.84px">&#160;</div>Services </div><div id="a978" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">exposures.<div style="display:inline-block;width:3.78px">&#160;</div></div><div id="a980" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">To<div style="display:inline-block;width:6.05px">&#160;</div>date, we have<div style="display:inline-block;width:5.43px">&#160;</div>decommissioned around 150 of<div style="display:inline-block;width:5.62px">&#160;</div>NCL systems, and<div style="display:inline-block;width:5.43px">&#160;</div>retired nearly 20%<div style="display:inline-block;width:5.78px">&#160;</div>of its models.<div style="display:inline-block;width:5.33px">&#160;</div>As we </div><div id="a981" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">further<div style="display:inline-block;width:5.26px">&#160;</div>wind<div style="display:inline-block;width:5.3px">&#160;</div>down<div style="display:inline-block;width:5.4px">&#160;</div>this<div style="display:inline-block;width:5.27px">&#160;</div>portfolio, we<div style="display:inline-block;width:6.7px">&#160;</div>will<div style="display:inline-block;width:5.26px">&#160;</div>focus<div style="display:inline-block;width:5.36px">&#160;</div>on<div style="display:inline-block;width:5.3px">&#160;</div>economic profitability,<div style="display:inline-block;width:7.79px">&#160;</div>including funding,<div style="display:inline-block;width:6.58px">&#160;</div>operating and </div><div id="a982" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">capital<div style="display:inline-block;width:6.65px">&#160;</div>costs.<div style="display:inline-block;width:6.52px">&#160;</div>We<div style="display:inline-block;width:6.96px">&#160;</div>will<div style="display:inline-block;width:6.7px">&#160;</div>also<div style="display:inline-block;width:6.44px">&#160;</div>remain<div style="display:inline-block;width:6.96px">&#160;</div>focused<div style="display:inline-block;width:6.49px">&#160;</div>on<div style="display:inline-block;width:6.81px">&#160;</div>balancing<div style="display:inline-block;width:6.57px">&#160;</div>our<div style="display:inline-block;width:6.53px">&#160;</div>priorities<div style="display:inline-block;width:6.61px">&#160;</div>with<div style="display:inline-block;width:6.68px">&#160;</div>the<div style="display:inline-block;width:6.52px">&#160;</div>needs<div style="display:inline-block;width:6.7px">&#160;</div>of<div style="display:inline-block;width:6.68px">&#160;</div>our<div style="display:inline-block;width:6.69px">&#160;</div>clients<div style="display:inline-block;width:6.62px">&#160;</div>and </div><div id="a985" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">counterparties. Our<div style="display:inline-block;width:2.31px">&#160;</div>ambition is<div style="display:inline-block;width:2.43px">&#160;</div>for NCL&#8217;s<div style="display:inline-block;width:2.38px">&#160;</div>underlying loss<div style="display:inline-block;width:2.3px">&#160;</div>to move to<div style="display:inline-block;width:1.97px">&#160;</div>around 1 billion,<div style="display:inline-block;width:1.95px">&#160;</div>with the<div style="display:inline-block;width:2.57px">&#160;</div>residual portfolio </div><div id="a986" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">of total risk<div style="display:inline-block;width:2.18px">&#160;</div>weighted assets<div style="display:inline-block;width:2.46px">&#160;</div>accounting for around<div style="display:inline-block;width:2.3px">&#160;</div>5% of the<div style="display:inline-block;width:2.03px">&#160;</div>Group&#8217;s by the<div style="display:inline-block;width:2.41px">&#160;</div>end of 2026.<div style="display:inline-block;width:2.29px">&#160;</div>By the end<div style="display:inline-block;width:2.24px">&#160;</div>of 2024, </div><div id="a988" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">we expect combined risk &#8211; credit and market risk risk-weighted<div style="display:inline-block;width:2.25px">&#160;</div>assets to be substantially below 40 billion. </div><div id="a995" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">Slide 27 &#8211; Balancing resiliency, growth and attractive capital returns </div><div id="a1000" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">Capital strength has<div style="display:inline-block;width:2.16px">&#160;</div>been a key<div style="display:inline-block;width:2.11px">&#160;</div>pillar of our<div style="display:inline-block;width:2.2px">&#160;</div>strategy, and we remain committed<div style="display:inline-block;width:2.1px">&#160;</div>to maintaining<div style="display:inline-block;width:2.44px">&#160;</div>a balance<div style="display:inline-block;width:2.57px">&#160;</div>sheet </div><div id="a1001" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">for all<div style="display:inline-block;width:6.7px">&#160;</div>seasons. We<div style="display:inline-block;width:6.56px">&#160;</div>expect to<div style="display:inline-block;width:6.23px">&#160;</div>operate with<div style="display:inline-block;width:6.37px">&#160;</div>a<div style="display:inline-block;width:5.28px">&#160;</div>CET1 capital<div style="display:inline-block;width:6.32px">&#160;</div>ratio of<div style="display:inline-block;width:6.43px">&#160;</div>around<div style="display:inline-block;width:5.36px">&#160;</div>14%. This<div style="display:inline-block;width:6.48px">&#160;</div>will provide<div style="display:inline-block;width:6.61px">&#160;</div>us<div style="display:inline-block;width:5.25px">&#160;</div>with a </div><div id="a1002" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">substantial capital buffer<div style="display:inline-block;width:5.35px">&#160;</div>relative to our<div style="display:inline-block;width:5.58px">&#160;</div>minimum regulatory requirements<div style="display:inline-block;width:5.25px">&#160;</div>during the integration, but<div style="display:inline-block;width:5.66px">&#160;</div>also as </div><div id="a1005" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">our capital requirements increase over time.<div style="display:inline-block;width:3.28px">&#160;</div></div><div id="a1007" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">As<div style="display:inline-block;width:5.61px">&#160;</div>we<div style="display:inline-block;width:5.53px">&#160;</div>fund<div style="display:inline-block;width:5.42px">&#160;</div>growth<div style="display:inline-block;width:5.55px">&#160;</div>with part<div style="display:inline-block;width:6.84px">&#160;</div>of<div style="display:inline-block;width:5.56px">&#160;</div>our<div style="display:inline-block;width:5.57px">&#160;</div>retained<div style="display:inline-block;width:5.37px">&#160;</div>profits,<div style="display:inline-block;width:5.69px">&#160;</div>we<div style="display:inline-block;width:5.53px">&#160;</div>will<div style="display:inline-block;width:5.42px">&#160;</div>also<div style="display:inline-block;width:5.48px">&#160;</div>seek<div style="display:inline-block;width:5.4px">&#160;</div>to<div style="display:inline-block;width:5.56px">&#160;</div>calibrate the<div style="display:inline-block;width:6.66px">&#160;</div>proportion<div style="display:inline-block;width:5.52px">&#160;</div>of<div style="display:inline-block;width:5.56px">&#160;</div>cash </div><div id="a1008" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">dividends versus buybacks. For<div style="display:inline-block;width:2.36px">&#160;</div>the 2023 financial year, we intend to propose an ordinary dividend<div style="display:inline-block;width:2.15px">&#160;</div>of 70 cents, </div><div id="a1009" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">a 27% increase<div style="display:inline-block;width:2.19px">&#160;</div>year-on-year. With respect to<div style="display:inline-block;width:2.1px">&#160;</div>our progressive dividend<div style="display:inline-block;width:2.18px">&#160;</div>policy, we are accounting<div style="display:inline-block;width:2.45px">&#160;</div>for a mid-teen </div><div id="a1017" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">percentage<div style="display:inline-block;width:7.54px">&#160;</div>increase<div style="display:inline-block;width:7.6px">&#160;</div>in<div style="display:inline-block;width:7.44px">&#160;</div>2024.<div style="display:inline-block;width:7.49px">&#160;</div>We<div style="display:inline-block;width:7.76px">&#160;</div>also<div style="display:inline-block;width:7.4px">&#160;</div>plan<div style="display:inline-block;width:7.45px">&#160;</div>to<div style="display:inline-block;width:7.48px">&#160;</div>continue<div style="display:inline-block;width:7.41px">&#160;</div>to<div style="display:inline-block;width:7.48px">&#160;</div>distribute<div style="display:inline-block;width:7.35px">&#160;</div>excess<div style="display:inline-block;width:7.26px">&#160;</div>capital<div style="display:inline-block;width:7.61px">&#160;</div>to<div style="display:inline-block;width:7.48px">&#160;</div>shareholders<div style="display:inline-block;width:7.23px">&#160;</div>via </div><div id="a1018" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">repurchases. In the short<div style="display:inline-block;width:2.23px">&#160;</div>term, it is<div style="display:inline-block;width:2.41px">&#160;</div>prudent to hold<div style="display:inline-block;width:2.26px">&#160;</div>off until the parent<div style="display:inline-block;width:2.44px">&#160;</div>bank merger is<div style="display:inline-block;width:2.42px">&#160;</div>complete in the<div style="display:inline-block;width:2.28px">&#160;</div>first half </div><div id="a1020" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">of this year. Then, we expect<div style="display:inline-block;width:2.49px">&#160;</div>to resume buying back<div style="display:inline-block;width:2.37px">&#160;</div>stocks, with a target<div style="display:inline-block;width:2.13px">&#160;</div>of up to 1<div style="display:inline-block;width:2.29px">&#160;</div>billion dollars in 2024.<div style="display:inline-block;width:2.14px">&#160;</div>Our </div><div id="a1021" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">ambition in 2026 is for total capital returns to exceed<div style="display:inline-block;width:2.55px">&#160;</div>pre-acquisition levels, with share repurchases most likely </div><div id="a1025" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">being the biggest component. </div></div>
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<div id="a1030" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">11 </div><div id="a1032" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 28 &#8211; Rebuilding profitability while restructuring for sustainable<div style="display:inline-block;width:2.34px">&#160;</div>growth </div><div id="a1037" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">As you can<div style="display:inline-block;width:5.47px">&#160;</div>see from this<div style="display:inline-block;width:5.53px">&#160;</div>slide, in terms of<div style="display:inline-block;width:5.76px">&#160;</div>returns on capital, we<div style="display:inline-block;width:5.51px">&#160;</div>expect to build towards<div style="display:inline-block;width:5.68px">&#160;</div>our 15% return on </div><div id="a1038" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">CET1 target<div style="display:inline-block;width:2.09px">&#160;</div>as we<div style="display:inline-block;width:2.06px">&#160;</div>exit 2026,<div style="display:inline-block;width:2.15px">&#160;</div>with 2024<div style="display:inline-block;width:2.01px">&#160;</div>still reflecting<div style="display:inline-block;width:2.08px">&#160;</div>the significant<div style="display:inline-block;width:1.91px">&#160;</div>restructuring and<div style="display:inline-block;width:1.94px">&#160;</div>optimization work<div style="display:inline-block;width:1.83px">&#160;</div>taking </div><div id="a1039" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">place as we integrate Credit Suisse.<div style="display:inline-block;width:3.03px">&#160;</div></div><div id="a1042" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Our plan<div style="display:inline-block;width:5.97px">&#160;</div>is not<div style="display:inline-block;width:6.01px">&#160;</div>relying on<div style="display:inline-block;width:6.07px">&#160;</div>overly optimistic<div style="display:inline-block;width:5.74px">&#160;</div>market assumptions.<div style="display:inline-block;width:5.36px">&#160;</div>And, if<div style="display:inline-block;width:6.03px">&#160;</div>necessary,<div style="display:inline-block;width:6.04px">&#160;</div>we have<div style="display:inline-block;width:5.94px">&#160;</div>the flexibility<div style="display:inline-block;width:5.9px">&#160;</div>to </div><div id="a1043" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">adjust our plans<div style="display:inline-block;width:5.64px">&#160;</div>as needed to<div style="display:inline-block;width:5.73px">&#160;</div>respond to<div style="display:inline-block;width:5.37px">&#160;</div>changes in the<div style="display:inline-block;width:5.48px">&#160;</div>underlying assumptions. When our<div style="display:inline-block;width:5.64px">&#160;</div>cost and capital </div><div id="a1044" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">efficiency measures are behind us, we expect to increase &#8211; we expect our increased<div style="display:inline-block;width:5.31px">&#160;</div>scale and enhanced client </div><div id="a1049" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">franchises will position us to attain<div style="display:inline-block;width:5.62px">&#160;</div>sustainably higher returns, starting with a reported<div style="display:inline-block;width:5.5px">&#160;</div>return on CET1 capital </div><div id="a1050" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">of around 18% in 2028. </div><div id="a1052" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">With that, I hand back to Todd for more details on our plans.<div style="display:inline-block;width:3.4px">&#160;</div></div></div>
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<div id="a1055" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">12 </div><div id="a1057" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Todd<div style="display:inline-block;width:6.76px">&#160;</div>Tuckner </div><div id="a1060" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:132.48px;">Slide 30 &#8211; Our path to ~15% underlying RoCET1<div style="display:inline-block;width:2.45px">&#160;</div>by year-end 2026 </div><div id="a1067" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:167.04px;">Thanks again, Sergio. The strategic and detailed planning we&#8217;ve undertaken over the last several months now </div><div id="a1068" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:184.48px;">informs a clear path<div style="display:inline-block;width:2.23px">&#160;</div>towards our objectives<div style="display:inline-block;width:2.57px">&#160;</div>of generating an<div style="display:inline-block;width:2.56px">&#160;</div>underlying return on<div style="display:inline-block;width:2.28px">&#160;</div>CET1 capital of around<div style="display:inline-block;width:2.38px">&#160;</div>15% </div><div id="a1070" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:201.76px;">and an underlying<div style="display:inline-block;width:2.42px">&#160;</div>cost-income ratio of<div style="display:inline-block;width:2.44px">&#160;</div>less than 70%<div style="display:inline-block;width:2.4px">&#160;</div>by the time we<div style="display:inline-block;width:2.21px">&#160;</div>complete the integration<div style="display:inline-block;width:2.24px">&#160;</div>of Credit Suisse </div><div id="a1073" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:219.04px;">at<div style="display:inline-block;width:6.03px">&#160;</div>the<div style="display:inline-block;width:6.04px">&#160;</div>end<div style="display:inline-block;width:6.1px">&#160;</div>of<div style="display:inline-block;width:6.04px">&#160;</div>2026.<div style="display:inline-block;width:6.05px">&#160;</div>In<div style="display:inline-block;width:6.16px">&#160;</div>the<div style="display:inline-block;width:5.88px">&#160;</div>next<div style="display:inline-block;width:6.03px">&#160;</div>few<div style="display:inline-block;width:5.96px">&#160;</div>minutes,<div style="display:inline-block;width:5.96px">&#160;</div>I&#8217;ll<div style="display:inline-block;width:6.22px">&#160;</div>describe<div style="display:inline-block;width:5.91px">&#160;</div>the<div style="display:inline-block;width:6.04px">&#160;</div>ways<div style="display:inline-block;width:5.96px">&#160;</div>in<div style="display:inline-block;width:6.25px">&#160;</div>which<div style="display:inline-block;width:5.77px">&#160;</div>we<div style="display:inline-block;width:6.01px">&#160;</div>expect<div style="display:inline-block;width:6.02px">&#160;</div>to<div style="display:inline-block;width:6.04px">&#160;</div>achieve<div style="display:inline-block;width:6.14px">&#160;</div>these </div><div id="a1076" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:236.48px;">objectives, offer details on trajectories, and comment<div style="display:inline-block;width:2.35px">&#160;</div>on how we&#8217;ll measure progress. </div><div id="a1078" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:271.04px;">I want to emphasize that our plans are<div style="display:inline-block;width:5.31px">&#160;</div>based on the complex work required to restructure<div style="display:inline-block;width:5.36px">&#160;</div>a cost base that at </div><div id="a1079" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:288.48px;">present supports the infrastructure of two G-SIBs, and to enhance the returns on financial resources deployed </div><div id="a1082" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:305.76px;">in our core businesses<div style="display:inline-block;width:2.22px">&#160;</div>that have been<div style="display:inline-block;width:2.41px">&#160;</div>diluted by the<div style="display:inline-block;width:2.34px">&#160;</div>acquisition. 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On top of </div><div id="a1158" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:929.86px;">revenue improvement, we also believe we<div style="display:inline-block;width:5.26px">&#160;</div>can enhance GWM&#8217;s net margins and drive greater<div style="display:inline-block;width:5.58px">&#160;</div>returns overall, </div><div id="a1159" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:947.14px;">by leveraging<div style="display:inline-block;width:5.48px">&#160;</div>the benefits<div style="display:inline-block;width:5.44px">&#160;</div>of increased<div style="display:inline-block;width:5.74px">&#160;</div>scale, realizing<div style="display:inline-block;width:5.59px">&#160;</div>cost synergies<div style="display:inline-block;width:5.55px">&#160;</div>from the<div style="display:inline-block;width:5.77px">&#160;</div>Credit Suisse<div style="display:inline-block;width:5.82px">&#160;</div>integration, and </div><div id="a1160" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:964.58px;">emphasizing data and AI capabilities to improve advisor<div style="display:inline-block;width:2.23px">&#160;</div>productivity. </div></div>
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<div id="a1166" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">13 </div><div id="a1168" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Second, in our<div style="display:inline-block;width:2.09px">&#160;</div>Investment Bank,<div style="display:inline-block;width:2.49px">&#160;</div>we&#8217;re well positioned<div style="display:inline-block;width:2.01px">&#160;</div>to achieve revenue<div style="display:inline-block;width:2.33px">&#160;</div>accretion relatively quickly, especially </div><div id="a1169" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">as we&#8217;re selectively<div style="display:inline-block;width:2.22px">&#160;</div>adding key Credit<div style="display:inline-block;width:2.16px">&#160;</div>Suisse IB resources<div style="display:inline-block;width:2.36px">&#160;</div>directly to the<div style="display:inline-block;width:2.47px">&#160;</div>UBS platform.<div style="display:inline-block;width:2.21px">&#160;</div>As a result,<div style="display:inline-block;width:2.55px">&#160;</div>we accelerate </div><div id="a1170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">our IB<div style="display:inline-block;width:5.42px">&#160;</div>strategy by doubling<div style="display:inline-block;width:5.82px">&#160;</div>our Banking<div style="display:inline-block;width:5.29px">&#160;</div>presence in<div style="display:inline-block;width:5.46px">&#160;</div>the US<div style="display:inline-block;width:5.38px">&#160;</div>and building<div style="display:inline-block;width:5.49px">&#160;</div>on our market-leading<div style="display:inline-block;width:5.85px">&#160;</div>strengths in </div><div id="a1174" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">Switzerland, EMEA and APAC. As the newly-onboarded bankers<div style="display:inline-block;width:2.34px">&#160;</div>return to full productivity over the<div style="display:inline-block;width:2.47px">&#160;</div>next 12-18 </div><div id="a1179" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">months,<div style="display:inline-block;width:5.9px">&#160;</div>we<div style="display:inline-block;width:6.01px">&#160;</div>expect<div style="display:inline-block;width:5.86px">&#160;</div>Banking<div style="display:inline-block;width:5.71px">&#160;</div>to<div style="display:inline-block;width:6.04px">&#160;</div>generate<div style="display:inline-block;width:5.68px">&#160;</div>almost<div style="display:inline-block;width:5.86px">&#160;</div>twice<div style="display:inline-block;width:5.86px">&#160;</div>its<div style="display:inline-block;width:6.06px">&#160;</div>baseline<div style="display:inline-block;width:5.88px">&#160;</div>revenues<div style="display:inline-block;width:6.03px">&#160;</div>by<div style="display:inline-block;width:5.92px">&#160;</div>2026,<div style="display:inline-block;width:5.89px">&#160;</div>assuming<div style="display:inline-block;width:5.89px">&#160;</div>supportive </div><div id="a1181" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">markets. We<div style="display:inline-block;width:6.32px">&#160;</div>also aim<div style="display:inline-block;width:6.07px">&#160;</div>to drive<div style="display:inline-block;width:5.99px">&#160;</div>incremental client<div style="display:inline-block;width:6.04px">&#160;</div>flow across<div style="display:inline-block;width:6.1px">&#160;</div>Derivatives &amp;<div style="display:inline-block;width:5.93px">&#160;</div>Solutions, Execution<div style="display:inline-block;width:5.58px">&#160;</div>Services and </div><div id="a1182" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Financing, with support from<div style="display:inline-block;width:5.29px">&#160;</div>around 400 Credit<div style="display:inline-block;width:5.53px">&#160;</div>Suisse colleagues joining our Markets<div style="display:inline-block;width:5.32px">&#160;</div>business. 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The<div style="display:inline-block;width:5.98px">&#160;</div>non-linear </div><div id="a1244" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">trajectory of cost<div style="display:inline-block;width:5.68px">&#160;</div>saves between 2023<div style="display:inline-block;width:5.46px">&#160;</div>and 2026 reflects<div style="display:inline-block;width:5.64px">&#160;</div>the intensity of<div style="display:inline-block;width:5.71px">&#160;</div>our integration work,<div style="display:inline-block;width:5.44px">&#160;</div>with the legal </div><div id="a1245" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">entity mergers,<div style="display:inline-block;width:2.53px">&#160;</div>migration of<div style="display:inline-block;width:2.15px">&#160;</div>over a million<div style="display:inline-block;width:1.99px">&#160;</div>clients, and<div style="display:inline-block;width:2.33px">&#160;</div>decommissioning of<div style="display:inline-block;width:2.22px">&#160;</div>platforms requiring<div style="display:inline-block;width:2.36px">&#160;</div>significant levels </div><div id="a1248" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">of workforce to execute against our timelines, especially<div style="display:inline-block;width:2.28px">&#160;</div>over the next 12-18 months.<div style="display:inline-block;width:2.84px">&#160;</div></div><div id="a1252" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">As<div style="display:inline-block;width:8.33px">&#160;</div>we<div style="display:inline-block;width:8.25px">&#160;</div>progress<div style="display:inline-block;width:8.68px">&#160;</div>on,<div style="display:inline-block;width:8.43px">&#160;</div>and<div style="display:inline-block;width:8.02px">&#160;</div>ultimately<div style="display:inline-block;width:8.23px">&#160;</div>complete,<div style="display:inline-block;width:8.07px">&#160;</div>these<div style="display:inline-block;width:8.08px">&#160;</div>complex<div style="display:inline-block;width:8.18px">&#160;</div>aspects<div style="display:inline-block;width:8.19px">&#160;</div>of<div style="display:inline-block;width:8.37px">&#160;</div>the<div style="display:inline-block;width:8.28px">&#160;</div>integration,<div style="display:inline-block;width:8.12px">&#160;</div>our<div style="display:inline-block;width:8.29px">&#160;</div>resource </div><div id="a1254" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">requirements for these various programs<div style="display:inline-block;width:5.29px">&#160;</div>of work will diminish, leading to considerable cost<div style="display:inline-block;width:5.3px">&#160;</div>reductions by the </div><div id="a1255" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">end of 2025, when we expect to have delivered a substantial portion of our integration milestones. The back-</div><div id="a1257" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">end portion<div style="display:inline-block;width:6.07px">&#160;</div>of our<div style="display:inline-block;width:6.1px">&#160;</div>cost save<div style="display:inline-block;width:6.03px">&#160;</div>plan relates<div style="display:inline-block;width:6.29px">&#160;</div>mainly to<div style="display:inline-block;width:5.9px">&#160;</div>completing hardware<div style="display:inline-block;width:6.12px">&#160;</div>and software<div style="display:inline-block;width:6.03px">&#160;</div>decommissioning, in </div><div id="a1259" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">particular switching off<div style="display:inline-block;width:5.31px">&#160;</div>redundant legacy applications and<div style="display:inline-block;width:5.5px">&#160;</div>infrastructure. This includes the<div style="display:inline-block;width:5.61px">&#160;</div>applications in the </div><div id="a1260" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">various support and control functions,<div style="display:inline-block;width:5.36px">&#160;</div>like Risk and Finance,<div style="display:inline-block;width:5.33px">&#160;</div>where the work is<div style="display:inline-block;width:5.41px">&#160;</div>naturally sequenced to follow </div><div id="a1262" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">the completion of client-facing technology decommissioning. As<div style="display:inline-block;width:5.34px">&#160;</div>Sergio mentioned, we&#8217;ll re-invest part of<div style="display:inline-block;width:5.56px">&#160;</div>the </div><div id="a1267" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">gross saves generated from the integration into enhancing<div style="display:inline-block;width:2.31px">&#160;</div>the resilience of our technology estate and<div style="display:inline-block;width:2.43px">&#160;</div>funding </div><div id="a1269" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.46px;">organic business growth in our core divisions. </div><div id="a1271" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1030.18px;">In terms of the<div style="display:inline-block;width:2.16px">&#160;</div>nature of the gross cost<div style="display:inline-block;width:2.27px">&#160;</div>saves, we expect that<div style="display:inline-block;width:2.13px">&#160;</div>roughly half will be personnel-related<div style="display:inline-block;width:2.1px">&#160;</div>costs as we </div></div>
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<div id="a1275" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">14 </div><div id="a1277" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">streamline<div style="display:inline-block;width:6.62px">&#160;</div>our<div style="display:inline-block;width:6.53px">&#160;</div>front<div style="display:inline-block;width:6.69px">&#160;</div>office<div style="display:inline-block;width:6.79px">&#160;</div>operations<div style="display:inline-block;width:6.37px">&#160;</div>across<div style="display:inline-block;width:6.69px">&#160;</div>businesses<div style="display:inline-block;width:6.34px">&#160;</div>and<div style="display:inline-block;width:6.58px">&#160;</div>deliver<div style="display:inline-block;width:6.5px">&#160;</div>synergies<div style="display:inline-block;width:6.19px">&#160;</div>in<div style="display:inline-block;width:6.64px">&#160;</div>our<div style="display:inline-block;width:6.53px">&#160;</div>support<div style="display:inline-block;width:6.46px">&#160;</div>and<div style="display:inline-block;width:6.58px">&#160;</div>control </div><div id="a1278" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">functions.<div style="display:inline-block;width:7.57px">&#160;</div>The<div style="display:inline-block;width:7.85px">&#160;</div>remaining<div style="display:inline-block;width:7.53px">&#160;</div>balance<div style="display:inline-block;width:7.76px">&#160;</div>of<div style="display:inline-block;width:7.8px">&#160;</div>saves<div style="display:inline-block;width:7.59px">&#160;</div>will<div style="display:inline-block;width:7.82px">&#160;</div>be<div style="display:inline-block;width:7.69px">&#160;</div>derived<div style="display:inline-block;width:7.71px">&#160;</div>predominantly<div style="display:inline-block;width:7.49px">&#160;</div>from<div style="display:inline-block;width:7.96px">&#160;</div>hardware<div style="display:inline-block;width:8.2px">&#160;</div>and<div style="display:inline-block;width:7.7px">&#160;</div>software </div><div id="a1279" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">decommissioning, real<div style="display:inline-block;width:6.94px">&#160;</div>estate<div style="display:inline-block;width:5.3px">&#160;</div>rationalization, and<div style="display:inline-block;width:6.76px">&#160;</div>reduced<div style="display:inline-block;width:5.73px">&#160;</div>service<div style="display:inline-block;width:5.41px">&#160;</div>requirements<div style="display:inline-block;width:5.49px">&#160;</div>from<div style="display:inline-block;width:5.72px">&#160;</div>external providers<div style="display:inline-block;width:6.74px">&#160;</div>and </div><div id="a1281" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">contractors. </div><div id="a1283" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">Moving to<div style="display:inline-block;width:6.18px">&#160;</div>integration-related expenses,<div style="display:inline-block;width:5.92px">&#160;</div>which we<div style="display:inline-block;width:6.11px">&#160;</div>expect to<div style="display:inline-block;width:6.23px">&#160;</div>total to<div style="display:inline-block;width:6.27px">&#160;</div>around<div style="display:inline-block;width:5.36px">&#160;</div>13 billion<div style="display:inline-block;width:6.34px">&#160;</div>by the<div style="display:inline-block;width:6.29px">&#160;</div>end of<div style="display:inline-block;width:6.31px">&#160;</div>2026, </div><div id="a1286" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">including the 4 and a half billion<div style="display:inline-block;width:2.56px">&#160;</div>incurred to date. 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As I have highlighted,<div style="display:inline-block;width:2.52px">&#160;</div>the mergers of our largest group entities later this </div><div id="a1352" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">year are expected to<div style="display:inline-block;width:5.28px">&#160;</div>enable further workforce consolidation and management de-layering. For reference,<div style="display:inline-block;width:5.94px">&#160;</div>our </div><div id="a1355" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">target legal entity structure is presented in the Appendix.<div style="display:inline-block;width:2.53px">&#160;</div></div><div id="a1357" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">Additionally, with complete exits of larger books of business in NCL, we expect to drive cost saves by reducing </div><div id="a1358" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">staff aligned<div style="display:inline-block;width:5.77px">&#160;</div>to the<div style="display:inline-block;width:5.45px">&#160;</div>unit and<div style="display:inline-block;width:5.43px">&#160;</div>eliminating expensive-to-maintain technology<div style="display:inline-block;width:5.25px">&#160;</div>applications and infrastructure.<div 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style="display:inline-block;width:5.74px">&#160;</div>divisions.<div style="display:inline-block;width:5.84px">&#160;</div>As<div style="display:inline-block;width:6.09px">&#160;</div>part<div style="display:inline-block;width:5.99px">&#160;</div>of<div style="display:inline-block;width:5.88px">&#160;</div>our<div style="display:inline-block;width:6.05px">&#160;</div>planning<div style="display:inline-block;width:5.79px">&#160;</div>process<div style="display:inline-block;width:6.06px">&#160;</div>we<div style="display:inline-block;width:6.01px">&#160;</div>identified<div style="display:inline-block;width:5.59px">&#160;</div>an </div><div id="a1378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">additional 300<div style="display:inline-block;width:5.44px">&#160;</div>million of<div style="display:inline-block;width:5.43px">&#160;</div>such costs<div style="display:inline-block;width:5.53px">&#160;</div>that we&#8217;ll<div style="display:inline-block;width:5.6px">&#160;</div>reallocate to<div style="display:inline-block;width:5.47px">&#160;</div>the core<div style="display:inline-block;width:5.85px">&#160;</div>business divisions,<div style="display:inline-block;width:5.37px">&#160;</div>where they<div style="display:inline-block;width:5.78px">&#160;</div>are more </div><div id="a1380" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">appropriately managed.<div style="display:inline-block;width:6.2px">&#160;</div>This change<div style="display:inline-block;width:6.23px">&#160;</div>will form<div style="display:inline-block;width:6.34px">&#160;</div>part of<div style="display:inline-block;width:6.36px">&#160;</div>the planned<div style="display:inline-block;width:6.4px">&#160;</div>restatements that<div style="display:inline-block;width:6.18px">&#160;</div>I<div style="display:inline-block;width:5.35px">&#160;</div>described earlier.<div 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<div id="a1392" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">15 </div><div id="a1394" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 34 &#8211; Balance sheet for all seasons remains the foundation<div style="display:inline-block;width:2.23px">&#160;</div>of our success </div><div id="a1399" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Moving to our<div style="display:inline-block;width:5.44px">&#160;</div>balance sheet on<div style="display:inline-block;width:5.32px">&#160;</div>slide 34. Maintaining a<div style="display:inline-block;width:5.77px">&#160;</div>balance sheet for<div style="display:inline-block;width:5.37px">&#160;</div>all seasons is<div style="display:inline-block;width:5.53px">&#160;</div>key to everything<div style="display:inline-block;width:5.39px">&#160;</div>we </div><div id="a1400" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">do. It gives<div style="display:inline-block;width:5.46px">&#160;</div>us the ability<div style="display:inline-block;width:5.39px">&#160;</div>to withstand financial shocks<div style="display:inline-block;width:5.34px">&#160;</div>and the flexibility<div style="display:inline-block;width:5.37px">&#160;</div>to support our clients<div style="display:inline-block;width:5.59px">&#160;</div>in all climates. </div><div id="a1401" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">It&#8217;s especially critical<div style="display:inline-block;width:5.47px">&#160;</div>during this complex<div style="display:inline-block;width:5.4px">&#160;</div>integration process. As<div style="display:inline-block;width:5.56px">&#160;</div>highlighted earlier during<div style="display:inline-block;width:5.47px">&#160;</div>the fourth quarter </div><div id="a1403" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">review, we&#8217;re maintaining appropriately prudent<div style="display:inline-block;width:2.49px">&#160;</div>capital and liquidity<div style="display:inline-block;width:2.47px">&#160;</div>levels while executing<div style="display:inline-block;width:2.46px">&#160;</div>the restructuring of </div><div id="a1404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Credit<div style="display:inline-block;width:6.53px">&#160;</div>Suisse<div style="display:inline-block;width:6.4px">&#160;</div>and<div style="display:inline-block;width:6.26px">&#160;</div>preparing<div style="display:inline-block;width:6.35px">&#160;</div>for<div style="display:inline-block;width:6.31px">&#160;</div>new<div style="display:inline-block;width:6.34px">&#160;</div>regulatory<div style="display:inline-block;width:6.6px">&#160;</div>requirements.<div style="display:inline-block;width:6.48px">&#160;</div>This<div style="display:inline-block;width:6.44px">&#160;</div>is<div style="display:inline-block;width:6.43px">&#160;</div>also<div style="display:inline-block;width:6.28px">&#160;</div>the<div style="display:inline-block;width:6.36px">&#160;</div>case<div style="display:inline-block;width:6.35px">&#160;</div>for<div style="display:inline-block;width:6.31px">&#160;</div>our<div style="display:inline-block;width:6.37px">&#160;</div>key<div style="display:inline-block;width:6.39px">&#160;</div>operating </div><div id="a1406" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">subsidiaries. With<div style="display:inline-block;width:2.18px">&#160;</div>these considerations<div style="display:inline-block;width:2.09px">&#160;</div>in mind, I&#8217;ll<div style="display:inline-block;width:2.13px">&#160;</div>now cover<div style="display:inline-block;width:2.54px">&#160;</div>how we think<div style="display:inline-block;width:2.17px">&#160;</div>about capital,<div style="display:inline-block;width:2.33px">&#160;</div>liquidity and funding </div><div id="a1407" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">across the Group as we look out over the planning horizon.</div><div id="a1410" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">Slide 35 &#8211; Strong capital position at group and pro forma combined parent<div style="display:inline-block;width:2.52px">&#160;</div>bank level </div><div id="a1415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">First, capital. 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To<div style="display:inline-block;width:6.4px">&#160;</div>improve efficiency<div style="display:inline-block;width:5.25px">&#160;</div>of our<div style="display:inline-block;width:5.3px">&#160;</div>capital stack, we<div style="display:inline-block;width:5.5px">&#160;</div>intend to fund<div style="display:inline-block;width:5.77px">&#160;</div>this </div><div id="a1428" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">increase<div style="display:inline-block;width:5.84px">&#160;</div>by<div style="display:inline-block;width:5.76px">&#160;</div>cost-effectively<div style="display:inline-block;width:5.55px">&#160;</div>building-out<div style="display:inline-block;width:5.66px">&#160;</div>the<div style="display:inline-block;width:5.72px">&#160;</div>permissible<div style="display:inline-block;width:5.66px">&#160;</div>AT1<div style="display:inline-block;width:6.61px">&#160;</div>bucket<div style="display:inline-block;width:5.72px">&#160;</div>over<div style="display:inline-block;width:5.71px">&#160;</div>time,<div style="display:inline-block;width:5.66px">&#160;</div>bringing<div style="display:inline-block;width:5.74px">&#160;</div>the<div style="display:inline-block;width:5.72px">&#160;</div>going<div style="display:inline-block;width:5.71px">&#160;</div>concern </div><div id="a1433" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">capital ratio to around<div style="display:inline-block;width:5.83px">&#160;</div>18% while broadly maintaining<div style="display:inline-block;width:5.3px">&#160;</div>our CET1 capital ratio<div style="display:inline-block;width:5.33px">&#160;</div>at around 14%.<div style="display:inline-block;width:5.28px">&#160;</div>In this respect, </div><div id="a1434" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">following last year&#8217;s successful raises, we expect<div style="display:inline-block;width:2.4px">&#160;</div>to issue up to 2 billion in AT1 in 2024.<div style="display:inline-block;width:3.54px">&#160;</div></div><div id="a1437" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">A word<div style="display:inline-block;width:6.05px">&#160;</div>on going<div style="display:inline-block;width:5.82px">&#160;</div>concern capital at<div style="display:inline-block;width:6.01px">&#160;</div>our parent<div style="display:inline-block;width:5.99px">&#160;</div>bank, UBS<div style="display:inline-block;width:5.53px">&#160;</div>AG, on<div style="display:inline-block;width:5.76px">&#160;</div>a pro-forma<div style="display:inline-block;width:5.72px">&#160;</div>post-merger basis.<div style="display:inline-block;width:5.52px">&#160;</div>The main </div><div id="a1442" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">take-away here<div style="display:inline-block;width:6.08px">&#160;</div>is that<div style="display:inline-block;width:5.95px">&#160;</div>we expect<div style="display:inline-block;width:5.88px">&#160;</div>a healthy<div style="display:inline-block;width:5.88px">&#160;</div>buffer over<div style="display:inline-block;width:5.93px">&#160;</div>regulatory requirements<div style="display:inline-block;width:6.1px">&#160;</div>on a<div style="display:inline-block;width:6.03px">&#160;</div>fully applied<div style="display:inline-block;width:5.95px">&#160;</div>basis and </div><div id="a1445" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">even<div style="display:inline-block;width:5.6px">&#160;</div>without<div style="display:inline-block;width:5.37px">&#160;</div>the<div style="display:inline-block;width:5.56px">&#160;</div>substantial<div style="display:inline-block;width:5.28px">&#160;</div>regulatory<div style="display:inline-block;width:5.48px">&#160;</div>concession<div style="display:inline-block;width:5.36px">&#160;</div>historically<div style="display:inline-block;width:5.27px">&#160;</div>applied<div style="display:inline-block;width:5.45px">&#160;</div>to<div style="display:inline-block;width:5.56px">&#160;</div>Credit<div style="display:inline-block;width:5.57px">&#160;</div>Suisse<div style="display:inline-block;width:5.6px">&#160;</div>AG&#8217;s<div style="display:inline-block;width:5.45px">&#160;</div>investments in </div><div id="a1447" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">subsidiaries. Any increases<div style="display:inline-block;width:5.87px">&#160;</div>in UBS<div style="display:inline-block;width:5.51px">&#160;</div>AG&#8217;s going-concern capital requirements<div style="display:inline-block;width:6.18px">&#160;</div>from greater<div style="display:inline-block;width:5.6px">&#160;</div>market share<div style="display:inline-block;width:5.4px">&#160;</div>and a </div><div id="a1450" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">larger balance sheet will be funded in much the same way I described for the Group, and by being disciplined </div><div id="a1452" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">in right-sizing UBS<div style="display:inline-block;width:5.53px">&#160;</div>AG and its<div style="display:inline-block;width:5.9px">&#160;</div>subsidiaries. In terms<div style="display:inline-block;width:5.52px">&#160;</div>of gone-concern capital, I<div style="display:inline-block;width:5.83px">&#160;</div>would highlight that,<div style="display:inline-block;width:5.38px">&#160;</div>for now, </div><div id="a1457" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">UBS AG&#8217;s<div style="display:inline-block;width:6.24px">&#160;</div>standalone requirement<div style="display:inline-block;width:6.12px">&#160;</div>serves as<div style="display:inline-block;width:6.15px">&#160;</div>the binding<div style="display:inline-block;width:6px">&#160;</div>constraint for<div style="display:inline-block;width:5.83px">&#160;</div>the Group.<div style="display:inline-block;width:6.36px">&#160;</div>As such,<div style="display:inline-block;width:6.24px">&#160;</div>we consider<div style="display:inline-block;width:6.1px">&#160;</div>the </div><div id="a1458" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">Group&#8217;s current<div style="display:inline-block;width:5.55px">&#160;</div>substantial TLAC buffers<div style="display:inline-block;width:5.63px">&#160;</div>to be<div style="display:inline-block;width:5.34px">&#160;</div>appropriate, and, accordingly,<div style="display:inline-block;width:6.97px">&#160;</div>we intend to<div style="display:inline-block;width:5.88px">&#160;</div>replace maturing </div><div id="a1461" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">TLAC at similar<div style="display:inline-block;width:5.57px">&#160;</div>tenors. Over time,<div style="display:inline-block;width:5.34px">&#160;</div>as we reduce<div style="display:inline-block;width:5.72px">&#160;</div>the leverage in<div style="display:inline-block;width:5.84px">&#160;</div>our businesses, we expect<div style="display:inline-block;width:5.74px">&#160;</div>to see the<div style="display:inline-block;width:5.66px">&#160;</div>level of </div><div id="a1462" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">Holdco start to tick down, with some potential<div style="display:inline-block;width:2.47px">&#160;</div>to tighten average spreads in the back book.<div style="display:inline-block;width:2.73px">&#160;</div></div><div id="a1465" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">On to liquidity<div style="display:inline-block;width:5.44px">&#160;</div>and funding. Beyond our<div style="display:inline-block;width:5.4px">&#160;</div>approach to TLAC<div style="display:inline-block;width:5.26px">&#160;</div>and AT1,<div style="display:inline-block;width:5.85px">&#160;</div>our strategic objective in<div style="display:inline-block;width:5.58px">&#160;</div>the context of </div><div id="a1466" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">liquidity and<div style="display:inline-block;width:6.12px">&#160;</div>funding is<div style="display:inline-block;width:5.95px">&#160;</div>to balance<div style="display:inline-block;width:6.05px">&#160;</div>efficiency with<div style="display:inline-block;width:6.09px">&#160;</div>resiliency and<div style="display:inline-block;width:6.24px">&#160;</div>safety.<div style="display:inline-block;width:6.03px">&#160;</div>In this<div style="display:inline-block;width:6.24px">&#160;</div>respect, we<div style="display:inline-block;width:6.14px">&#160;</div>maintain liquidity </div><div id="a1467" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">levels among<div style="display:inline-block;width:5.44px">&#160;</div>the highest in<div style="display:inline-block;width:5.99px">&#160;</div>the industry,<div style="display:inline-block;width:6.73px">&#160;</div>satisfying the more<div style="display:inline-block;width:6.2px">&#160;</div>stringent Swiss liquidity<div style="display:inline-block;width:5.71px">&#160;</div>requirements that<div style="display:inline-block;width:5.49px">&#160;</div>took </div><div id="a1469" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">effect last month. At<div style="display:inline-block;width:5.33px">&#160;</div>the same time, we&#8217;ve begun executing on<div style="display:inline-block;width:5.36px">&#160;</div>a funding plan that drives<div style="display:inline-block;width:5.37px">&#160;</div>significant funding </div><div id="a1470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">cost efficiencies over the next 3<div style="display:inline-block;width:5.35px">&#160;</div>years, principally from reducing the size<div style="display:inline-block;width:5.5px">&#160;</div>of our balance sheet. Specifically,<div style="display:inline-block;width:5.97px">&#160;</div>we </div><div id="a1473" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">expect<div style="display:inline-block;width:6.66px">&#160;</div>to<div style="display:inline-block;width:6.68px">&#160;</div>reduce<div style="display:inline-block;width:6.94px">&#160;</div>LRD<div style="display:inline-block;width:6.61px">&#160;</div>by<div style="display:inline-block;width:6.72px">&#160;</div>over<div style="display:inline-block;width:6.67px">&#160;</div>100<div style="display:inline-block;width:6.75px">&#160;</div>billion<div style="display:inline-block;width:6.56px">&#160;</div>at<div style="display:inline-block;width:6.67px">&#160;</div>constant<div style="display:inline-block;width:6.44px">&#160;</div>FX<div style="display:inline-block;width:6.75px">&#160;</div>via<div style="display:inline-block;width:6.78px">&#160;</div>the<div style="display:inline-block;width:6.68px">&#160;</div>wind-down<div style="display:inline-block;width:6.42px">&#160;</div>of<div style="display:inline-block;width:6.68px">&#160;</div>NCL<div style="display:inline-block;width:6.81px">&#160;</div>and<div style="display:inline-block;width:6.74px">&#160;</div>from<div style="display:inline-block;width:6.84px">&#160;</div>resource </div><div id="a1476" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">optimization across our core business divisions, driving<div style="display:inline-block;width:2.39px">&#160;</div>down funding needs.<div style="display:inline-block;width:3.24px">&#160;</div></div><div id="a1478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">We also<div style="display:inline-block;width:5.33px">&#160;</div>aim to narrow<div style="display:inline-block;width:5.54px">&#160;</div>the structural funding gap<div style="display:inline-block;width:5.6px">&#160;</div>of the Swiss<div style="display:inline-block;width:5.46px">&#160;</div>entity inherited from<div style="display:inline-block;width:5.3px">&#160;</div>Credit Suisse, increasing </div><div id="a1479" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">the self-sufficiency of<div style="display:inline-block;width:5.6px">&#160;</div>the post-merger Swiss<div style="display:inline-block;width:5.28px">&#160;</div>banking subsidiary.<div style="display:inline-block;width:5.77px">&#160;</div>In this respect,<div style="display:inline-block;width:5.74px">&#160;</div>deposits remain a<div style="display:inline-block;width:5.67px">&#160;</div>key source </div><div id="a1484" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">of<div style="display:inline-block;width:5.88px">&#160;</div>funding.<div style="display:inline-block;width:5.6px">&#160;</div>We&#8217;ll<div style="display:inline-block;width:6.08px">&#160;</div>continue<div style="display:inline-block;width:5.49px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>focus<div style="display:inline-block;width:5.75px">&#160;</div>on<div style="display:inline-block;width:5.94px">&#160;</div>winning<div style="display:inline-block;width:5.55px">&#160;</div>them<div style="display:inline-block;width:5.67px">&#160;</div>back,<div style="display:inline-block;width:5.85px">&#160;</div>with<div style="display:inline-block;width:5.72px">&#160;</div>emphasis<div style="display:inline-block;width:5.56px">&#160;</div>on<div style="display:inline-block;width:5.78px">&#160;</div>stability<div style="display:inline-block;width:5.68px">&#160;</div>reflected<div style="display:inline-block;width:5.78px">&#160;</div>in<div style="display:inline-block;width:6px">&#160;</div>tenors, </div><div id="a1486" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">products, and<div style="display:inline-block;width:5.46px">&#160;</div>counterparty selection. In<div style="display:inline-block;width:5.51px">&#160;</div>addition to applying<div style="display:inline-block;width:5.72px">&#160;</div>discipline on deposit<div style="display:inline-block;width:5.75px">&#160;</div>pricing, we expect<div style="display:inline-block;width:5.85px">&#160;</div>to take </div><div id="a1487" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">actions to<div style="display:inline-block;width:5.32px">&#160;</div>optimize our funding<div style="display:inline-block;width:5.71px">&#160;</div>mix and drive<div style="display:inline-block;width:5.99px">&#160;</div>down costs, including<div style="display:inline-block;width:5.63px">&#160;</div>reducing our<div style="display:inline-block;width:5.42px">&#160;</div>levels of<div style="display:inline-block;width:5.26px">&#160;</div>OpCo by<div style="display:inline-block;width:5.35px">&#160;</div>making </div><div id="a1489" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">further use of Swiss covered bonds<div style="display:inline-block;width:2.4px">&#160;</div>and tapping an expanded<div style="display:inline-block;width:2.46px">&#160;</div>variety of funding markets.<div style="display:inline-block;width:2.39px">&#160;</div>Overall, as a result of </div><div id="a1490" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">lower funding<div style="display:inline-block;width:6.36px">&#160;</div>needs, diversified<div style="display:inline-block;width:6px">&#160;</div>and<div style="display:inline-block;width:5.3px">&#160;</div>more<div style="display:inline-block;width:5.29px">&#160;</div>stable funding<div style="display:inline-block;width:6.23px">&#160;</div>sources,<div style="display:inline-block;width:5.34px">&#160;</div>tighter issuance<div style="display:inline-block;width:6.12px">&#160;</div>spreads<div style="display:inline-block;width:5.27px">&#160;</div>relative<div style="display:inline-block;width:5.41px">&#160;</div>to 2023 </div><div id="a1491" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">levels, and disciplined deposit pricing, we<div style="display:inline-block;width:5.25px">&#160;</div>believe we can realize funding cost<div style="display:inline-block;width:5.47px">&#160;</div>saves of up to 1<div style="display:inline-block;width:5.33px">&#160;</div>billion by 2026 </div><div id="a1493" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">on top of the saves achieved last year. This is reflected in our long-term NII guidance that<div style="display:inline-block;width:2.48px">&#160;</div>I described earlier. </div></div>
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<div id="a1501" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">16 </div><div id="a1503" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">Slide 36 &#8211; RWA expected to decrease by ~35bn due to optimization and<div style="display:inline-block;width:2.43px">&#160;</div>NCL unwind </div><div id="a1508" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Let me now walk you through our RWA expectations over the next three years. 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In<div style="display:inline-block;width:2.4px">&#160;</div>our core businesses,<div style="display:inline-block;width:2.14px">&#160;</div>we expect </div><div id="a1519" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">Basel 3<div style="display:inline-block;width:6.38px">&#160;</div>to increase<div style="display:inline-block;width:6.53px">&#160;</div>RWA<div style="display:inline-block;width:5.53px">&#160;</div>by around<div style="display:inline-block;width:6.57px">&#160;</div>15 billion<div style="display:inline-block;width:6.34px">&#160;</div>beginning in<div style="display:inline-block;width:6.13px">&#160;</div>2025, primarily<div style="display:inline-block;width:6.04px">&#160;</div>from FRTB,<div style="display:inline-block;width:6.46px">&#160;</div>credit risk,<div style="display:inline-block;width:6.47px">&#160;</div>and CVA </div><div id="a1520" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">changes in the final standard. 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All<div style="display:inline-block;width:6.6px">&#160;</div>told,<div style="display:inline-block;width:5.25px">&#160;</div>over<div style="display:inline-block;width:5.39px">&#160;</div>the<div style="display:inline-block;width:5.4px">&#160;</div>next<div style="display:inline-block;width:5.39px">&#160;</div>3<div style="display:inline-block;width:5.45px">&#160;</div>years, Group </div><div id="a1531" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">RWA is expected to<div style="display:inline-block;width:2.54px">&#160;</div>drop from its current levels<div style="display:inline-block;width:2.18px">&#160;</div>by 35 billion<div style="display:inline-block;width:2.43px">&#160;</div>at constant FX,<div style="display:inline-block;width:2.37px">&#160;</div>freeing up around 5<div style="display:inline-block;width:2.54px">&#160;</div>billion in CET1 </div><div id="a1532" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">capital. </div><div id="a1534" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">Slide 37 &#8211; Effective tax rate to reduce following key legal entity<div style="display:inline-block;width:2.45px">&#160;</div>mergers </div><div id="a1539" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">Turning to tax, on<div style="display:inline-block;width:2.49px">&#160;</div>slide 37.<div style="display:inline-block;width:2.55px">&#160;</div>As mentioned, we<div style="display:inline-block;width:1.97px">&#160;</div>expect to<div style="display:inline-block;width:2.39px">&#160;</div>operate with<div style="display:inline-block;width:2.53px">&#160;</div>a relatively high<div style="display:inline-block;width:2.07px">&#160;</div>effective tax rate<div style="display:inline-block;width:2.1px">&#160;</div>in 2024, </div><div id="a1540" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">mainly due to<div style="display:inline-block;width:5.69px">&#160;</div>losses generated by<div style="display:inline-block;width:5.67px">&#160;</div>various Credit Suisse<div style="display:inline-block;width:5.58px">&#160;</div>entities, primarily in<div style="display:inline-block;width:5.55px">&#160;</div>Switzerland, the US<div style="display:inline-block;width:5.54px">&#160;</div>and the UK, </div><div id="a1541" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">that cannot at present offset profits in<div style="display:inline-block;width:5.32px">&#160;</div>their counterpart UBS entities in the same jurisdictions. The legal entity </div><div id="a1543" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">mergers planned<div style="display:inline-block;width:1.78px">&#160;</div>for later<div style="display:inline-block;width:2.05px">&#160;</div>this year<div style="display:inline-block;width:1.94px">&#160;</div>will resolve<div style="display:inline-block;width:2.23px">&#160;</div>a considerable<div style="display:inline-block;width:1.61px">&#160;</div>level of<div style="display:inline-block;width:2.1px">&#160;</div>this inefficiency, driving<div style="display:inline-block;width:2.19px">&#160;</div>down our<div style="display:inline-block;width:1.93px">&#160;</div>effective </div><div id="a1544" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">tax rate to around 40% by the end of 2024. Further optimization of our legal entity structure,<div style="display:inline-block;width:5.27px">&#160;</div>combined with </div><div id="a1546" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">improved profitability and opportunities for tax planning, are<div style="display:inline-block;width:5.28px">&#160;</div>expected to drive the effective tax rate to below </div><div id="a1547" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">30% by the end of 2025, and finally to<div style="display:inline-block;width:2.54px">&#160;</div>our normal levels of around 23% in 2026. </div><div id="a1549" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">In terms of deferred tax assets, our year-end 2023 balance sheet reflects recognition of around 3 billion in net </div><div id="a1552" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">tax loss DTAs, mainly relating to the US. Of those, we<div style="display:inline-block;width:2.53px">&#160;</div>expect to amortize around 0.5 billion against<div style="display:inline-block;width:2.31px">&#160;</div>profits and </div><div id="a1553" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">convert around<div style="display:inline-block;width:5.99px">&#160;</div>2 billion<div style="display:inline-block;width:5.69px">&#160;</div>into temporary<div style="display:inline-block;width:5.73px">&#160;</div>difference DTAs<div style="display:inline-block;width:6.99px">&#160;</div>by the<div style="display:inline-block;width:5.97px">&#160;</div>end of<div style="display:inline-block;width:5.83px">&#160;</div>2025, seeking<div style="display:inline-block;width:5.7px">&#160;</div>to maintain<div style="display:inline-block;width:5.71px">&#160;</div>a balance </div><div id="a1555" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">equal to<div style="display:inline-block;width:5.26px">&#160;</div>the eligible cap<div style="display:inline-block;width:5.56px">&#160;</div>of 10% of<div style="display:inline-block;width:5.72px">&#160;</div>our CET1 capital.<div style="display:inline-block;width:5.51px">&#160;</div>The remaining level<div style="display:inline-block;width:5.93px">&#160;</div>of recognized net<div style="display:inline-block;width:5.67px">&#160;</div>tax loss DTAs<div style="display:inline-block;width:6.57px">&#160;</div>of </div><div id="a1556" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">0.5 billion, absent further planning considerations,<div style="display:inline-block;width:2.11px">&#160;</div>is expected to remain relatively stable over the near<div style="display:inline-block;width:2.48px">&#160;</div>term. It </div><div id="a1558" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">is worth highlighting that the more modest level of tax loss DTAs expected over the next couple of years<div style="display:inline-block;width:2.52px">&#160;</div>limits </div><div id="a1559" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">the impact of one of the key differentiators between<div style="display:inline-block;width:2.54px">&#160;</div>tangible equity and CET1, signalling their convergence.<div style="display:inline-block;width:2.12px">&#160;</div></div><div id="a1562" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">Slide 38 &#8211; Delivering on our priorities while creating<div style="display:inline-block;width:2.49px">&#160;</div>long-term sustainable value<div style="display:inline-block;width:2.98px">&#160;</div></div><div id="a1569" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">Finally,<div style="display:inline-block;width:5.59px">&#160;</div>let me briefly<div style="display:inline-block;width:5.32px">&#160;</div>touch on how we<div style="display:inline-block;width:5.41px">&#160;</div>plan to communicate our progress<div style="display:inline-block;width:5.95px">&#160;</div>across the integration<div style="display:inline-block;width:5.26px">&#160;</div>timeline. As </div><div id="a1570" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">you would expect,<div style="display:inline-block;width:2.48px">&#160;</div>demonstrating the headway<div style="display:inline-block;width:2.2px">&#160;</div>we&#8217;re making in our<div style="display:inline-block;width:2.5px">&#160;</div>cost reduction plans is,<div style="display:inline-block;width:2.21px">&#160;</div>and will remain, of </div><div id="a1571" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">paramount importance. We intend<div style="display:inline-block;width:5.28px">&#160;</div>to regularly report<div style="display:inline-block;width:5.28px">&#160;</div>on developments, and to<div style="display:inline-block;width:5.27px">&#160;</div>track our performance vs the </div><div id="a1573" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">opex and integration cost trajectories I described earlier,<div style="display:inline-block;width:5.84px">&#160;</div>even when we switch back to focusing on year-over-</div><div id="a1577" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">year comparisons by 3Q24. NCL risk reduction<div style="display:inline-block;width:2.51px">&#160;</div>will continue to feature in our quarterly performance<div style="display:inline-block;width:2.23px">&#160;</div>reporting. </div><div id="a1579" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">And we&#8217;ll periodically<div style="display:inline-block;width:5.29px">&#160;</div>check in on<div style="display:inline-block;width:5.55px">&#160;</div>where we stand<div style="display:inline-block;width:5.62px">&#160;</div>in terms of<div style="display:inline-block;width:5.63px">&#160;</div>key integration milestones, including<div style="display:inline-block;width:5.58px">&#160;</div>the legal </div><div id="a1580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">entity mergers, systems migration of client accounts and infrastructure decommissioning, as well as improving </div><div id="a1581" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">overall efficiency in the utilization of our financial resources.<div style="display:inline-block;width:2.76px">&#160;</div></div><div id="a1584" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">With that, I hand back to Sergio<div style="display:inline-block;width:2.56px">&#160;</div>for his closing remarks before we move to Q&amp;A. </div></div>
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<div id="a1589" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">17 </div><div id="a1591" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Sergio P.<div style="display:inline-block;width:7.24px">&#160;</div>Ermotti </div><div id="a1594" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:132.48px;">Thank you, Todd. </div><div id="a1596" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:167.04px;">To<div style="display:inline-block;width:6.37px">&#160;</div>re-cap, we<div style="display:inline-block;width:5.7px">&#160;</div>are pleased<div style="display:inline-block;width:5.47px">&#160;</div>with the<div style="display:inline-block;width:5.61px">&#160;</div>progress we<div style="display:inline-block;width:5.82px">&#160;</div>have made<div style="display:inline-block;width:5.49px">&#160;</div>so far.<div style="display:inline-block;width:6.78px">&#160;</div>As you<div style="display:inline-block;width:5.71px">&#160;</div>can see,<div style="display:inline-block;width:5.42px">&#160;</div>and you<div style="display:inline-block;width:5.4px">&#160;</div>heard, we<div style="display:inline-block;width:5.77px">&#160;</div>have </div><div id="a1599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:184.48px;">detailed plans to achieve our ambitions.<div style="display:inline-block;width:2.16px">&#160;</div>We are in full execution mode. While our<div style="display:inline-block;width:2.42px">&#160;</div>progress over the next three </div><div id="a1600" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:201.76px;">years will not be measured<div style="display:inline-block;width:5.31px">&#160;</div>in a straight line, our<div style="display:inline-block;width:5.42px">&#160;</div>strategy is clear.<div style="display:inline-block;width:5.74px">&#160;</div>With enhanced scale and capabilities across </div><div id="a1602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:219.04px;">our leading client franchises and improved resource discipline, we will drive sustainable long-term growth and </div><div id="a1605" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:236.48px;">higher returns.<div style="display:inline-block;width:3.45px">&#160;</div></div><div id="a1607" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:271.04px;">We are<div style="display:inline-block;width:5.5px">&#160;</div>confident that by the<div style="display:inline-block;width:5.74px">&#160;</div>end of 2026<div style="display:inline-block;width:5.47px">&#160;</div>and beyond, this<div style="display:inline-block;width:5.26px">&#160;</div>will allow us<div style="display:inline-block;width:5.33px">&#160;</div>to deliver significant value<div style="display:inline-block;width:5.61px">&#160;</div>for all of </div><div id="a1608" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:288.48px;">our<div style="display:inline-block;width:6.53px">&#160;</div>stakeholders.<div style="display:inline-block;width:6.25px">&#160;</div>Particularly,<div style="display:inline-block;width:7.68px">&#160;</div>our<div style="display:inline-block;width:6.53px">&#160;</div>clients<div style="display:inline-block;width:6.46px">&#160;</div>will<div style="display:inline-block;width:6.54px">&#160;</div>benefit<div style="display:inline-block;width:6.23px">&#160;</div>from<div style="display:inline-block;width:6.68px">&#160;</div>even<div style="display:inline-block;width:6.65px">&#160;</div>&#8211;<div style="display:inline-block;width:6.56px">&#160;</div>an<div style="display:inline-block;width:6.57px">&#160;</div>even<div style="display:inline-block;width:6.56px">&#160;</div>stronger<div style="display:inline-block;width:6.82px">&#160;</div>products<div style="display:inline-block;width:6.55px">&#160;</div>and<div style="display:inline-block;width:6.58px">&#160;</div>service </div><div id="a1612" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:305.76px;">capabilities. Our<div style="display:inline-block;width:6.02px">&#160;</div>people will<div style="display:inline-block;width:6.25px">&#160;</div>have a<div style="display:inline-block;width:6.39px">&#160;</div>better platform<div style="display:inline-block;width:6.09px">&#160;</div>to grow<div style="display:inline-block;width:6.28px">&#160;</div>their careers.<div style="display:inline-block;width:6.35px">&#160;</div>And our<div style="display:inline-block;width:6.37px">&#160;</div>shareholders will<div style="display:inline-block;width:6.34px">&#160;</div>benefit </div><div id="a1614" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:323.04px;">from<div style="display:inline-block;width:6.2px">&#160;</div>higher<div style="display:inline-block;width:6.13px">&#160;</div>capital<div style="display:inline-block;width:6.01px">&#160;</div>returns.<div style="display:inline-block;width:5.68px">&#160;</div>Last<div style="display:inline-block;width:6.14px">&#160;</div>but<div style="display:inline-block;width:6.05px">&#160;</div>not<div style="display:inline-block;width:6.05px">&#160;</div>least,<div style="display:inline-block;width:6.15px">&#160;</div>we<div style="display:inline-block;width:6.17px">&#160;</div>will<div style="display:inline-block;width:6.06px">&#160;</div>remain<div style="display:inline-block;width:6.32px">&#160;</div>a<div style="display:inline-block;width:6.08px">&#160;</div>reliable<div style="display:inline-block;width:6.19px">&#160;</div>economic<div style="display:inline-block;width:5.95px">&#160;</div>partner,<div style="display:inline-block;width:7.17px">&#160;</div>employer<div style="display:inline-block;width:5.74px">&#160;</div>and </div><div id="a1615" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:340.48px;">taxpayer in the communities where we operate. </div><div id="a1617" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:375.08px;">With that, let&#8217;s get started with<div style="display:inline-block;width:2.5px">&#160;</div>questions.<div style="display:inline-block;width:3.5px">&#160;</div></div></div>
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<div id="a1623" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">18 </div><div id="a1625" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:75.58px;">Analyst Q&amp;A (CEO<div style="display:inline-block;width:3.66px">&#160;</div>and CFO) </div><div id="a1628" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:122.06px;">Kian Abouhossein, JP Morgan </div><div id="a1630" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:157.12px;">Yes. First of all, thanks for taking my questions. Looking at the slides, I can put together<div style="display:inline-block;width:2.34px">&#160;</div>a revenue picture as </div><div id="a1632" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:174.4px;">you're giving some details around return on risk-weighted assets<div style="display:inline-block;width:2.39px">&#160;</div>in the long term, as well as your risk-</div><div id="a1636" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:191.84px;">weighted assets overall absolute. So, I get to<div style="display:inline-block;width:2.48px">&#160;</div>about $48.5 billion of revenues, which implies around 70%<div style="display:inline-block;width:2.56px">&#160;</div>cost </div><div id="a1637" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:209.12px;">income of $34 billion. And clearly, first of all, I wanted to see if the revenue assumption<div style="display:inline-block;width:2.37px">&#160;</div>that I'm making here </div><div id="a1639" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:226.4px;">calculation is reasonable and what underlying scenarios<div style="display:inline-block;width:2.12px">&#160;</div>you use to calculate that. And secondly, on the cost </div><div id="a1640" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:243.84px;">side, clearly, even if I assume some kind of growth rate in kind of cost inflation, I still see that<div style="display:inline-block;width:2.53px">&#160;</div>most of the cost </div><div id="a1642" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:261.12px;">savings come from your legacy non-core reductions. So, it looks<div style="display:inline-block;width:2.5px">&#160;</div>like a lot of flexibility. So, can you talk a little </div><div id="a1645" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:278.4px;">bit about &#8211; is my calculation correct to some extent?<div style="display:inline-block;width:2.51px">&#160;</div>And secondly, how should I think about the cost </div><div id="a1650" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:295.84px;">flexibility as it seems to mainly come from Non-core and Legacy?<div style="display:inline-block;width:2.37px">&#160;</div>That's the first question. </div><div id="a1654" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:330.4px;">If I may, just secondly,<div style="display:inline-block;width:5.91px">&#160;</div>on the Investment Bank. You're clearly making a big investment push, and here I want </div><div id="a1655" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:347.84px;">to understand at what point do you see delivery<div style="display:inline-block;width:2.46px">&#160;</div>has to be achieved. I think you mentioned<div style="display:inline-block;width:2.45px">&#160;</div>end-2026 in terms </div><div id="a1658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:365.16px;">of revenue improvement, but is there any milestones that have to be achieved<div style="display:inline-block;width:2.29px">&#160;</div>order to illustrate that this cost </div><div id="a1660" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:382.44px;">income will continuously improve not just in the first<div style="display:inline-block;width:2.38px">&#160;</div>quarter? </div><div id="a1662" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:416.82px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:451.88px;">Thanks for your questions. Let me take the first.<div style="display:inline-block;width:2.33px">&#160;</div>So, I think in terms of the way you're thinking about<div style="display:inline-block;width:2.52px">&#160;</div>it, I'd </div><div id="a1665" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:469.16px;">say the key is to think about a cost income<div style="display:inline-block;width:2.57px">&#160;</div>ratio below 70% is really the driver as we<div style="display:inline-block;width:2.52px">&#160;</div>exit 2026. You know, </div><div id="a1666" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:486.44px;">the revenue picture that we gave, as I commented, is not<div style="display:inline-block;width:2.57px">&#160;</div>based on blue sky scenarios. You see that for two of </div><div id="a1669" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:503.88px;">the core business divisions, we effectively priced in, you know, flat revenue growth. NCL, we priced<div style="display:inline-block;width:2.46px">&#160;</div>in flat </div><div id="a1670" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:521.16px;">revenue growth. We talked quite, you know, I think appropriately about what we would expect from GWM </div><div id="a1672" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:538.44px;">as it improves its asset base. And of course, on the<div style="display:inline-block;width:2.44px">&#160;</div>IB, coming from a low 2023 and given the onboarding of </div><div id="a1673" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:555.88px;">the Credit Suisse bankers we discussed and getting them<div style="display:inline-block;width:2.32px">&#160;</div>productive over the next 12 to 18 months, one </div><div id="a1674" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:573.16px;">could see that our revenue picture is, you know, is appropriate in that respect and not toppy. </div><div id="a1678" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:607.88px;">That said, you know, when you look at, say, the return on RWA, which is I think what you used as a basis, </div><div id="a1679" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:625.18px;">you know, that is certainly our ambition is to do the financial resource optimization<div style="display:inline-block;width:2.46px">&#160;</div>to improve our &#8211; the ratio </div><div id="a1683" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:642.46px;">of revenues over RWA, and that's clearly something we know we need to<div style="display:inline-block;width:2.48px">&#160;</div>do. You saw in the depiction of </div><div id="a1685" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:659.9px;">how dilutive the CS revenues have been on that metric.<div style="display:inline-block;width:2.34px">&#160;</div>So clearly, we're going to keep working on that. But </div><div id="a1686" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:677.18px;">the key really to take away here is that, you know, as both Sergio and I said, we<div style="display:inline-block;width:2.5px">&#160;</div>have the flexibility to, you </div><div id="a1688" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:694.46px;">know, pace the reinvestments of the $13 billion in gross cost saves depending<div style="display:inline-block;width:2.5px">&#160;</div>on how that revenue trajectory </div><div id="a1689" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:711.9px;">develops. So, for us, that's really the key, maintaining less than a 70% cost income<div style="display:inline-block;width:2.52px">&#160;</div>ratio. That's where the </div><div id="a1690" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:729.18px;">discipline comes in and as I said, pricing in what<div style="display:inline-block;width:2.47px">&#160;</div>is an appropriate revenue picture and just ensuring we keep </div><div id="a1693" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:746.46px;">to the gross cost saves and then we could pace the<div style="display:inline-block;width:2.5px">&#160;</div>reinvestment as appropriate. </div><div id="a1695" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:780.85px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1697" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:815.9px;">Kian, vis-a-vis your second question on the<div style="display:inline-block;width:2.57px">&#160;</div>IB, I think of course we do expect the<div style="display:inline-block;width:2.48px">&#160;</div>onboarded resources, </div><div id="a1702" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:833.18px;">particularly in the banking part of the business,<div style="display:inline-block;width:2.5px">&#160;</div>to start to ramp-up to average productivity of the<div style="display:inline-block;width:2.43px">&#160;</div>incumbent </div><div id="a1705" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:850.46px;">UBS bankers. And that will happen and<div style="display:inline-block;width:2.55px">&#160;</div>is already happening, to be honest, because we<div style="display:inline-block;width:2.55px">&#160;</div>have been observing </div><div id="a1707" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:867.94px;">good mandates winning. Of course, now what<div style="display:inline-block;width:2.27px">&#160;</div>we need is the second condition how do<div style="display:inline-block;width:2.55px">&#160;</div>I &#8211; first one is do we </div><div id="a1711" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:885.22px;">win mandates? Do we get tractions? And the<div style="display:inline-block;width:2.46px">&#160;</div>answer is clearly yes. So, I'm very pleased with<div style="display:inline-block;width:2.53px">&#160;</div>that outcome. </div><div id="a1713" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:902.5px;">Now, the most difficult question to answer is, is the market going to be there to<div style="display:inline-block;width:2.5px">&#160;</div>support monetizing those </div><div id="a1714" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:919.94px;">mandates? And you know what's going on.<div style="display:inline-block;width:2.51px">&#160;</div>It's very difficult to predict the near future. So, past a very, very </div><div id="a1715" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:937.22px;">hard 2023 but the momentum is very good. So,<div style="display:inline-block;width:2.55px">&#160;</div>I do think that is important to measure that. </div></div>
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<div id="a1721" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">19 </div><div id="a1723" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">The other observation I tried to take on<div style="display:inline-block;width:2.58px">&#160;</div>executed transaction will be are we gaining market<div style="display:inline-block;width:2.4px">&#160;</div>shares? How do </div><div id="a1724" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">we do relatively to our competitors? A third element which<div style="display:inline-block;width:2.45px">&#160;</div>is very important for me, how is the IB </div><div id="a1725" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">contributing to the value creation in our Wealth Management<div style="display:inline-block;width:2.55px">&#160;</div>and P&amp;C businesses because it is very, very </div><div id="a1727" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">important, is a pillar, is a very important driver and particularly now in the US but<div style="display:inline-block;width:2.36px">&#160;</div>also for example in </div><div id="a1728" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">Australia, but also in APAC, in general. We can drive this real value creation by working closer together. But </div><div id="a1731" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">lastly, it will be over the cycle, can they deliver return on allocated equity, as we've said, as a target? So, it's a </div><div id="a1732" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">set of short-term and medium-term and long-term<div style="display:inline-block;width:2.46px">&#160;</div>measures that we will use, but I'm confident that<div style="display:inline-block;width:2.43px">&#160;</div>the </div><div id="a1739" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">trajectory we had in the last seven, eight years,<div style="display:inline-block;width:2.41px">&#160;</div>which has volatility elements, will continue<div style="display:inline-block;width:2.43px">&#160;</div>but in a way that </div><div id="a1742" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">accrue value to our shareholders and clients. </div><div id="a1744" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:249.74px;">Kian Abouhossein, JP Morgan </div><div id="a1746" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">Thank you. </div><div id="a1748" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:319.02px;">Chris Hallam, Goldman Sachs </div><div id="a1750" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">Thanks. So, first, on slide 28. If I zoom in on<div style="display:inline-block;width:2.54px">&#160;</div>2026, you've guided to an exit run rates<div style="display:inline-block;width:2.36px">&#160;</div>of 15% return on core </div><div id="a1751" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">Tier 1. But for the year as a<div style="display:inline-block;width:2.55px">&#160;</div>whole, you flagged double digit, which I guess<div style="display:inline-block;width:2.56px">&#160;</div>is sort of 10% to 12%. So, just </div><div id="a1752" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">wondering if there's something specific happening later<div style="display:inline-block;width:2.39px">&#160;</div>towards the end of 2026 that's causing a sort<div style="display:inline-block;width:2.55px">&#160;</div>of big </div><div id="a1754" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">jump up in profitability or perhaps whether I'm just<div style="display:inline-block;width:2.51px">&#160;</div>being a bit too pessimistic on assuming<div style="display:inline-block;width:2.54px">&#160;</div>that double digit </div><div id="a1755" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">means 10% to 12%? And then second, on distribution.<div style="display:inline-block;width:2.03px">&#160;</div>We have the details in terms of what you want to do </div><div id="a1757" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">on the dividend this year, also the comments you've made on buybacks for 2024<div style="display:inline-block;width:2.43px">&#160;</div>and for 2025, but I was just </div><div id="a1758" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">thinking about how you think about the<div style="display:inline-block;width:2.5px">&#160;</div>overall payout ratio longer term, 2026 onwards, and<div style="display:inline-block;width:2.53px">&#160;</div>the split in that </div><div id="a1759" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">between dividends and buybacks. </div><div id="a1762" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:509.78px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1764" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">Hey, Chris. So, on the first, I think what's that dynamic is effectively the benefit of having the<div style="display:inline-block;width:2.51px">&#160;</div>full year of </div><div id="a1765" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">2026 absorb all the savings that, you know, we're working super hard at to achieve<div style="display:inline-block;width:2.47px">&#160;</div>over the next two to </div><div id="a1766" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">three years. So, during the course of 2026, we're still going<div style="display:inline-block;width:2.49px">&#160;</div>to be taking significant cost out. In particular, the </div><div id="a1768" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">expectation is more in the middle and back office where, as I mentioned,<div style="display:inline-block;width:2.33px">&#160;</div>you know, things are sequenced a </div><div id="a1769" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">bit. You know,<div style="display:inline-block;width:5.5px">&#160;</div>we have to get the client tech decommissioning<div style="display:inline-block;width:2.32px">&#160;</div>done and you'll start to see sort of<div style="display:inline-block;width:2.49px">&#160;</div>a lot of the </div><div id="a1771" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">middle and back office functions, including semi-owned,<div style="display:inline-block;width:2.38px">&#160;</div>where we'll see more of the cost take-out in the </div><div id="a1776" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">latter part of the journey. And so, what you're seeing really priced in at the end of<div style="display:inline-block;width:2.57px">&#160;</div>226 is the full harvesting, </div><div id="a1778" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">effectively the complete cost income story whereas in<div style="display:inline-block;width:2.54px">&#160;</div>2026 in-year, of course, you know, you're just having </div><div id="a1781" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">the averaging effect over the course of the year. </div><div id="a1783" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:717.81px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1785" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">Yes, Chris. On buyback, of course, in 2026 we're going to have to factor in different considerations. But </div><div id="a1786" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">generally speaking, I would say that<div style="display:inline-block;width:2.58px">&#160;</div>we want to continue to have a good mix.<div style="display:inline-block;width:2.55px">&#160;</div>I think that our progressive </div><div id="a1787" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">dividend policy is extremely unlikely to change over the<div style="display:inline-block;width:2.36px">&#160;</div>long term. So, I think that we want to<div style="display:inline-block;width:2.57px">&#160;</div>continue to </div><div id="a1789" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">deliver a cash dividend growth every year. The pace will be a function as well of where the stock<div style="display:inline-block;width:2.56px">&#160;</div>trades, </div><div id="a1790" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">right? So, I mean, at the end of the day, there is an element of balancing cash versus<div style="display:inline-block;width:2.55px">&#160;</div>stock depending on </div><div id="a1793" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">where the stock trades. </div><div id="a1795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">Having said that, I do recognize that also from a prudential<div style="display:inline-block;width:2.39px">&#160;</div>and capital management standpoint of<div style="display:inline-block;width:2.53px">&#160;</div>view, </div><div id="a1796" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">share buybacks offers more flexibility, right? So, what we want to always make sure that our cash dividend is </div><div id="a1798" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">sacrosanct and our progressive policy is also very, very important. Therefore, we always want to measure this </div><div id="a1799" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">in two ways. Our dividend will be then benchmark<div style="display:inline-block;width:2.33px">&#160;</div>also in respect of making sure that we have an attractive </div><div id="a1800" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">story for more yield focused equity investors. </div></div>
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<div id="a1806" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">20 </div><div id="a1808" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Jeremy Sigee, BNP Paribas Exane </div><div id="a1810" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Thank you. And apologies, my video is not<div style="display:inline-block;width:2.5px">&#160;</div>working actually so I'm audio only. So, sorry for that. Two </div><div id="a1811" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">questions if I could. So, I think what you said about<div style="display:inline-block;width:2.39px">&#160;</div>RWA reductions is very welcome, you know, and the </div><div id="a1813" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">target of $510 billion in the medium term<div style="display:inline-block;width:2.44px">&#160;</div>and that frees up a lot of capital, which is really great to hear. </div><div id="a1814" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">You've talked about optimization outside Non-core, so within the core divisions, and I just wonder<div style="display:inline-block;width:2.3px">&#160;</div>if you </div><div id="a1819" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">could sort of talk about that a bit more. Just<div style="display:inline-block;width:2.55px">&#160;</div>give us some examples of the kind of lazy assets<div style="display:inline-block;width:2.36px">&#160;</div>that you think </div><div id="a1820" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">you can cut. So, that's my first question. </div><div id="a1822" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">The second one is back on the capital returns.<div style="display:inline-block;width:2.5px">&#160;</div>You talked about 2024 and you talked about 2026 on the </div><div id="a1823" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">buybacks and I just wondered in terms of how we<div style="display:inline-block;width:2.51px">&#160;</div>think about what you might be able to<div style="display:inline-block;width:2.5px">&#160;</div>do in 2025. Is 14% </div><div id="a1824" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">CET1 the relative &#8211; the relevant thresholds? Are there other constraints that will constrain<div style="display:inline-block;width:2.35px">&#160;</div>you in terms of </div><div id="a1829" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">what buybacks you can do in 2025? So, does<div style="display:inline-block;width:2.39px">&#160;</div>it have to wait for the Swiss integrations to<div style="display:inline-block;width:2.47px">&#160;</div>be done? Does it </div><div id="a1830" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">have to wait for non-core milestones? If you just<div style="display:inline-block;width:2.48px">&#160;</div>could talk about the constraints that would affect that,<div style="display:inline-block;width:2.53px">&#160;</div>that </div><div id="a1834" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">would be great. </div><div id="a1836" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:353.74px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1838" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Okay. Hi, Jeremy.<div style="display:inline-block;width:6.19px">&#160;</div>So, on the first in terms of RWA reduction, you were looking for examples<div style="display:inline-block;width:2.42px">&#160;</div>in terms of </div><div id="a1839" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">optimization in the core. So, I'd say, you know, the classic example would be where on, say, on the Credit </div><div id="a1840" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">Suisse side. In Wealth Management, to give an example,<div style="display:inline-block;width:2.52px">&#160;</div>we are inheriting a situation where there was just </div><div id="a1843" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">say a loan relationship between the bank and a client.<div style="display:inline-block;width:2.25px">&#160;</div>And perhaps, you know, we weren't bringing to bear </div><div id="a1844" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">the holistic client array of services that is our<div style="display:inline-block;width:2.51px">&#160;</div>expectation to sort of do. Now, it's been the blueprint for us in </div><div id="a1846" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">UBS. GWM. And so, that's just an example<div style="display:inline-block;width:2.43px">&#160;</div>where you have kind of a monoline is a simple example<div style="display:inline-block;width:2.46px">&#160;</div>of that. </div><div id="a1847" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">Another example could be pricing. So, you<div style="display:inline-block;width:2.54px">&#160;</div>might not be getting the pricing for<div style="display:inline-block;width:2.57px">&#160;</div>the risks that you're effectively </div><div id="a1848" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">taking with respect to that financing. So, I think those<div style="display:inline-block;width:2.33px">&#160;</div>are two examples where, you know, we need to do </div><div id="a1850" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">work to ensure the holistic client coverage is brought to<div style="display:inline-block;width:2.45px">&#160;</div>bear in a given situation or we're looking at pricing </div><div id="a1851" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">opportunities in particular cases. </div><div id="a1853" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:579.06px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1855" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">Yeah, Jeremy,<div style="display:inline-block;width:6.36px">&#160;</div>in respect of share buyback in 2025, I think it's a<div style="display:inline-block;width:2.58px">&#160;</div>little bit early to discuss that. But I would say </div><div id="a1856" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">that first of all, the integration, the Swiss topic,<div style="display:inline-block;width:2.38px">&#160;</div>is a 2024 matter. So, by mid-2024 or during 2024 latest, we </div><div id="a1859" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">know exactly how we manage the integration of<div style="display:inline-block;width:2.51px">&#160;</div>the parent company, the US entities and the Swiss </div><div id="a1861" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">operation. That will so in 2025 is unlikely to<div style="display:inline-block;width:2.5px">&#160;</div>play a role in our capital return policies. The 14%<div style="display:inline-block;width:2.43px">&#160;</div>is a good </div><div id="a1862" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">assumption. And what we mean by around 14% means<div style="display:inline-block;width:2.35px">&#160;</div>13.8% to 14.2%, not 14.5%. When we have excess </div><div id="a1864" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">capital, well above the 14% is because we<div style="display:inline-block;width:2.55px">&#160;</div>are creating the buffer to do share buyback, to offset temporary </div><div id="a1865" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">timing differences between cost to achieve in our integration<div style="display:inline-block;width:2.37px">&#160;</div>journey and the savings we realize and have<div style="display:inline-block;width:2.43px">&#160;</div>the </div><div id="a1866" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">necessary buffer to also phase in the reduction of our tax<div style="display:inline-block;width:2.49px">&#160;</div>rate.<div style="display:inline-block;width:3.74px">&#160;</div></div><div id="a1869" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">So, in a sense, nothing really changes but we do<div style="display:inline-block;width:2.58px">&#160;</div>indeed expect also the underlying profitability to<div style="display:inline-block;width:2.47px">&#160;</div>improve, </div><div id="a1870" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">and therefore potentially giving us more flexibility. But this is something that we will focus in exactly<div style="display:inline-block;width:2.5px">&#160;</div>12 </div><div id="a1871" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">months' time and we will communicate our<div style="display:inline-block;width:2.46px">&#160;</div>plans for 2025. </div><div id="a1874" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:839.09px;">Jeremy Sigee, BNP Paribas Exane </div><div id="a1876" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">That's great. Thanks very much. </div></div>
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<div id="a1881" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">21 </div><div id="a1883" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Andrew Coombs, Citigroup </div><div id="a1885" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Good morning. Thank you for taking my<div style="display:inline-block;width:2.48px">&#160;</div>questions. So, the first one would just<div style="display:inline-block;width:2.5px">&#160;</div>be going back to some of the </div><div id="a1886" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">math that Kian outlined at the start.<div style="display:inline-block;width:2.5px">&#160;</div>I'm just trying to understand your decision-making<div style="display:inline-block;width:2.48px">&#160;</div>process. So, if you </div><div id="a1889" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">look at slide 20, I think you said the 9% revenue to<div style="display:inline-block;width:2.57px">&#160;</div>RWA post-Basel IV.<div style="display:inline-block;width:5.75px">&#160;</div>So, you're suggesting exit run rate </div><div id="a1893" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">$46 billion of revenues, 70% cost income, $32 billion<div style="display:inline-block;width:2.31px">&#160;</div>of costs and that's a couple of billion below the<div style="display:inline-block;width:2.55px">&#160;</div>full </div><div id="a1894" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">year 2026 consensus revenues and full year 2026 costs,<div style="display:inline-block;width:2.43px">&#160;</div>appreciate we&#8217;re comparing exit versus full year </div><div id="a1896" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">there. But with that in mind, could you elaborate<div style="display:inline-block;width:2.55px">&#160;</div>on where you've identified the additional cost opportunities </div><div id="a1897" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">given that you previously said $10 billion, you're now<div style="display:inline-block;width:2.55px">&#160;</div>at $13 billion and you're on the tape of saying we are </div><div id="a1898" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">sacrificing some topline growth in order to enhance returns.<div style="display:inline-block;width:2.41px">&#160;</div>So also, where you've made the decision to </div><div id="a1900" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">perhaps come out of some product areas where there was a revenue opportunity?<div style="display:inline-block;width:2.34px">&#160;</div>That's the first question. </div><div id="a1902" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">Second question is on capital return. Again,<div style="display:inline-block;width:2.5px">&#160;</div>trying to run the numbers, $510 billion<div style="display:inline-block;width:2.5px">&#160;</div>RWAs, 14% core Tier 1. </div><div id="a1903" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">You need to be, on that basis, $71.5 billion in core Tier 1 capital. You're at $78 billion today. So, already a lot </div><div id="a1904" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">of excess capital there, then there's the retained earnings<div style="display:inline-block;width:2.53px">&#160;</div>coming through. So, just trying to understand. Are </div><div id="a1906" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">there any other moving parts aside from that amortization<div style="display:inline-block;width:2.51px">&#160;</div>in the FINMA waiver between tangible equity<div style="display:inline-block;width:2.45px">&#160;</div>and </div><div id="a1907" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">core Tier 1 capital over the next three to four years?<div style="display:inline-block;width:2.45px">&#160;</div>Thank you. </div><div id="a1909" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:388.34px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1911" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">So, I'll let Todd take the questions and only noting that you may have got the revenues wrong, but you may </div><div id="a1912" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">address this issue. </div><div id="a1914" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:475.06px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1916" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">Okay. Yes.<div style="display:inline-block;width:6.11px">&#160;</div>So, Andy, hey.<div style="display:inline-block;width:6.13px">&#160;</div>I will just go on the cost side because I think<div style="display:inline-block;width:2.41px">&#160;</div>I addressed the revenue side anyway in </div><div id="a1917" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">response to Kian. I would &#8211; I'd also &#8211; it's also important<div style="display:inline-block;width:2.25px">&#160;</div>to point out just quickly on that slide that<div style="display:inline-block;width:2.54px">&#160;</div>as we say in </div><div id="a1924" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">there, it's pre-impact from the Basel III final and model update so<div style="display:inline-block;width:2.53px">&#160;</div>that, you know, also will impact on the </div><div id="a1928" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">return of RWA. </div><div id="a1930" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">In terms of the additional cost opportunities<div style="display:inline-block;width:2.4px">&#160;</div>that we found, as you asked, I mean, first,<div style="display:inline-block;width:2.51px">&#160;</div>I would say we're just </div><div id="a1931" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">confirming what we said last year about<div style="display:inline-block;width:2.56px">&#160;</div>greater than $10 billion and saying we had to go do the<div style="display:inline-block;width:2.4px">&#160;</div>work to </div><div id="a1933" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">validate all the details. And so, you know, the $13 billion that we've<div style="display:inline-block;width:2.42px">&#160;</div>come out with, neither Sergio nor I think </div><div id="a1934" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">that that's, you know, going further. It was for us always the neighborhood of where, you know, we thought </div><div id="a1935" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">the plan &#8211; the detailed bottom-up plans would get<div style="display:inline-block;width:2.32px">&#160;</div>us. And ultimately, when we were communicating greater </div><div id="a1942" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">than $10 billion, you know, that was an informed estimate of course<div style="display:inline-block;width:2.52px">&#160;</div>because we had done a fair bit of work. </div><div id="a1943" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">But of course, all the work that we've<div style="display:inline-block;width:2.55px">&#160;</div>done over the last three months validating that, you<div style="display:inline-block;width:2.57px">&#160;</div>know, that </div><div id="a1945" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">number. So, that's sort of the first thing is just important to emphasize that it's<div style="display:inline-block;width:2.52px">&#160;</div>not as if we've gone deeper. </div><div id="a1946" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">But in terms &#8211; so on that basis, I would just say<div style="display:inline-block;width:2.54px">&#160;</div>that the $13 billion remains for us on a gross basis,<div style="display:inline-block;width:2.55px">&#160;</div>critical. </div><div id="a1951" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">You know,<div style="display:inline-block;width:5.77px">&#160;</div>we said half is going to be personnel<div style="display:inline-block;width:2.51px">&#160;</div>related. Half is &#8211; the other half will be consisting comprised </div><div id="a1955" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">of things like mainly tech but also real estate, also<div style="display:inline-block;width:2.52px">&#160;</div>third party costs. So, again, it's a validation of what<div style="display:inline-block;width:2.41px">&#160;</div>we've </div><div id="a1956" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">done and also as I highlighted going through the trajectories,<div style="display:inline-block;width:2.08px">&#160;</div>giving you a sense of when we think these<div style="display:inline-block;width:2.53px">&#160;</div>will </div><div id="a1958" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">head through. </div><div id="a1960" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">And just quickly on the &#8211; you asked about, you<div style="display:inline-block;width:2.55px">&#160;</div>know, sacrificing topline growth. I think the point that both </div><div id="a1964" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">Sergio and I have made is just of course when<div style="display:inline-block;width:2.5px">&#160;</div>you do a financial resource optimization work, and<div style="display:inline-block;width:2.58px">&#160;</div>we've done </div><div id="a1965" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">this before, you know, naturally to reduce the balance sheet means at times, well,<div style="display:inline-block;width:2.54px">&#160;</div>you know, you're going to </div><div id="a1967" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">be sacrificing revenues as assets come down. And<div style="display:inline-block;width:2.5px">&#160;</div>so, you know, it all comes down to the accretion of return </div><div id="a1968" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">on CET1 ultimately and how we think about<div style="display:inline-block;width:2.44px">&#160;</div>this in terms of trade-offs. So, that's how I would respond to </div><div id="a1972" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">that. </div><div id="a1974" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">And then I think you were saying any other differences, if I took your<div style="display:inline-block;width:2.4px">&#160;</div>point on CET1 and tangible equity. Was </div><div id="a1975" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">that the point that you were making the differences, I think you<div style="display:inline-block;width:2.53px">&#160;</div>were saying, Andy. </div></div>
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<div id="a1980" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">22 </div><div id="a1982" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Andrew Coombs, Citigroup </div><div id="a1984" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">It's exactly that. Just trying to get with the<div style="display:inline-block;width:2.55px">&#160;</div>capital build. Thank you. </div><div id="a1986" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:145.74px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1988" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Yes. Well, I was just pointing out in terms of convergence, as I highlighted, you know, historically one of the </div><div id="a1990" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">big differentiators between CET1, which we think, by the<div style="display:inline-block;width:2.5px">&#160;</div>way, is the right is the right model anyway because </div><div id="a1991" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">that's the basis for being able to buy back shares<div style="display:inline-block;width:2.52px">&#160;</div>and pay dividends, so we think, you know, measuring return </div><div id="a1994" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">on CET1 capital is right. But we know there's always<div style="display:inline-block;width:2.53px">&#160;</div>interest in that CET1 versus TE. So, what I was<div style="display:inline-block;width:2.5px">&#160;</div>just </div><div id="a1995" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">suggesting was that our &#8211; as our tax loss DTAs, which were one of the big differentiators, are amortizing </div><div id="a1999" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">down and being converted into temp difference DTAs which are CET1 accretive, that that becomes much<div style="display:inline-block;width:2.37px">&#160;</div>less </div><div id="a2001" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">of a delta and therefore, you know, signals a move towards convergence. </div><div id="a2003" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:319.02px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a2005" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">Yeah, Maybe let me just add quickly to your comment on driving optimization of<div style="display:inline-block;width:2.48px">&#160;</div>the balance sheet and </div><div id="a2006" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">return on risk-weighted assets. You mentioned if we are planning to exit products, I have to<div style="display:inline-block;width:2.55px">&#160;</div>say that, you </div><div id="a2009" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">know, never say never because in the next two or three years, you never know<div style="display:inline-block;width:2.48px">&#160;</div>how developments work out. </div><div id="a2012" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">But at this stage, everything that we don&#8217;t<div style="display:inline-block;width:2.51px">&#160;</div>deem as a product that we want to have is part<div style="display:inline-block;width:2.54px">&#160;</div>of non-core. So, </div><div id="a2015" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">it's all about repricing the existing core relationships and businesses.<div style="display:inline-block;width:2.4px">&#160;</div>It's not about exiting businesses. I mean, </div><div id="a2017" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">I'm talking about meaningful businesses, of<div style="display:inline-block;width:2.48px">&#160;</div>course, right? So, I don't expect &#8211; it's<div style="display:inline-block;width:2.54px">&#160;</div>really and that's the reason </div><div id="a2021" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">why it's not an immediate effect because we have to<div style="display:inline-block;width:2.34px">&#160;</div>manage the relationship. We have to manage the </div><div id="a2022" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">discussion with clients in a way that they understand<div style="display:inline-block;width:2.34px">&#160;</div>risk-reward for us, for them. They understand the value </div><div id="a2026" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">of the advice we give to clients, the services and<div style="display:inline-block;width:2.39px">&#160;</div>products we give. We also have to make sure that, you </div><div id="a2027" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">know, where applicable, we stop having discounts. And so, this is over time, of<div style="display:inline-block;width:2.33px">&#160;</div>course, is going to help to </div><div id="a2029" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">close the gap. </div><div id="a2031" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:561.78px;">Andrew Coombs, Citigroup </div><div id="a2033" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">That's great. Perhaps I could just follow-up on the opening<div style="display:inline-block;width:2.28px">&#160;</div>remark, I think you said my revenue calculation </div><div id="a2036" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">was wrong on slide 20. The $510 billion I think<div style="display:inline-block;width:2.52px">&#160;</div>is post-Basel IV and in the footnote you said<div style="display:inline-block;width:2.42px">&#160;</div>9% post-Basel IV </div><div id="a2041" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">finalization model update. So, should we be taking<div style="display:inline-block;width:2.43px">&#160;</div>$510 billion times the 9% or $510 billion<div style="display:inline-block;width:2.47px">&#160;</div>times the 10% </div><div id="a2044" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">on the slide? Just to be clear. </div><div id="a2046" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:683.09px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a2048" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">Well, it would be $510 billion times the 9% since that<div style="display:inline-block;width:2.26px">&#160;</div>would be the return inclusive of the &#8211; so that's<div style="display:inline-block;width:2.52px">&#160;</div>apples </div><div id="a2052" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">and apples. </div><div id="a2054" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:769.81px;">Andrew Coombs, Citigroup </div><div id="a2056" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">Brilliant. Thank you. </div><div id="a2058" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:839.09px;">Anke Reingen, RBC </div><div id="a2060" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">Yeah. Sorry.<div style="display:inline-block;width:6.19px">&#160;</div>Hopefully that works. If you can talk about<div style="display:inline-block;width:2.26px">&#160;</div>the path from the 15% to the 18% in 2028 return </div><div id="a2062" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">on core Tier 1 capital. Given you had 15% to<div style="display:inline-block;width:2.49px">&#160;</div>18% before, so how conservative is the timing as<div style="display:inline-block;width:2.52px">&#160;</div>well as the </div><div id="a2064" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">18% compared to your previous range and how much<div style="display:inline-block;width:2.41px">&#160;</div>is at self-help versus market? And the second<div style="display:inline-block;width:2.53px">&#160;</div>question </div><div id="a2067" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">is a Q4 question. Your net fee generating assets were negative in Q4. If you can maybe elaborate<div style="display:inline-block;width:2.21px">&#160;</div>a bit on </div><div id="a2068" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">what's been driving this? Thank you. </div></div>
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<div id="a2074" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">23 </div><div id="a2076" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a2078" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Anke, I'll take this one. I think &#8211; and you take<div style="display:inline-block;width:2.55px">&#160;</div>the second, Todd. I guess on the exit rate, we are trying to </div><div id="a2082" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">model what the potential will be and I outline<div style="display:inline-block;width:2.48px">&#160;</div>that we can definitely converge back into a<div style="display:inline-block;width:2.51px">&#160;</div>level of value </div><div id="a2083" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">creation that is in the middle range since maybe it's<div style="display:inline-block;width:2.5px">&#160;</div>also appropriate to remember that if we wanted to really </div><div id="a2085" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">reiterate the old story, we would have talked about 15% to 18%., and what we are saying is that<div style="display:inline-block;width:2.54px">&#160;</div>we believe </div><div id="a2086" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">the exit rate is 18%. So, I believe that the combined<div style="display:inline-block;width:2.25px">&#160;</div>story over time will deliver a better, more stable, less </div><div id="a2088" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">volatile returns and those returns will be in<div style="display:inline-block;width:2.55px">&#160;</div>the mid of that range between, you know, from above 15%, </div><div id="a2089" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">around 18%. </div><div id="a2091" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">So, I would say that's the nuances of the changes<div style="display:inline-block;width:2.18px">&#160;</div>are the one I just mentioned. So, we are not talking about </div><div id="a2092" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">15% to 18%. I believe that we are well-positioned<div style="display:inline-block;width:2.52px">&#160;</div>to be sustainably in the high teens going forward. I don't </div><div id="a2095" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">think there is a level of being conservative five years<div style="display:inline-block;width:2.58px">&#160;</div>ahead. We need to really work out the execution of<div style="display:inline-block;width:2.56px">&#160;</div>the </div><div id="a2097" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">phase and understand what is the potential,<div style="display:inline-block;width:2.56px">&#160;</div>and over time we will fine tune short-term<div style="display:inline-block;width:2.45px">&#160;</div>ambitions. </div><div id="a2101" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:336.3px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a2103" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">And Anke, on the net new fee generating assets<div style="display:inline-block;width:2.19px">&#160;</div>in the quarters, you mentioned they were negative.<div style="display:inline-block;width:2.41px">&#160;</div>Just to </div><div id="a2104" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">unpack that a bit. We saw good NNFGA on the<div style="display:inline-block;width:2.48px">&#160;</div>UBS platform. What you see a bit is more the Credit Suisse </div><div id="a2105" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">dynamic in terms of mandates on the Credit Suisse<div style="display:inline-block;width:2.56px">&#160;</div>platform and in the fact that there was a net<div style="display:inline-block;width:2.49px">&#160;</div>outflow of </div><div id="a2107" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">mandates that also could be as well from relationship<div style="display:inline-block;width:2.44px">&#160;</div>managers who have left. We are countering that by </div><div id="a2108" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">virtue of having now have an aligned CIO<div style="display:inline-block;width:2.56px">&#160;</div>view and aligned solutions and offerings that we're bringing out<div style="display:inline-block;width:2.39px">&#160;</div>to </div><div id="a2111" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">both &#8211; on both platforms. So, we expect going<div style="display:inline-block;width:2.54px">&#160;</div>forward that, you know, the CS mandates that perhaps we </div><div id="a2115" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">were seeing a bit less of than ideal. We should be able<div style="display:inline-block;width:2.56px">&#160;</div>to stem that issue a bit going forward from an NNFGA </div><div id="a2116" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">perspective. </div><div id="a2118" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:527.06px;">Anke Reingen, RBC </div><div id="a2120" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">Thank you. </div><div id="a2122" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:596.34px;">Alastair Ryan, Bank of America </div><div id="a2124" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">Yeah. Okay.<div style="display:inline-block;width:6.16px">&#160;</div>Apologies. Technology is not my specialty. $100 billion net new assets in 2024 and 2025 but </div><div id="a2125" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">that feels like about dividends and interest given the<div style="display:inline-block;width:2.35px">&#160;</div>shape of the balance sheet you provide in the slides.<div style="display:inline-block;width:2.49px">&#160;</div>So, </div><div id="a2126" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">could you just talk &#8211; just expand a little bit on<div style="display:inline-block;width:2.57px">&#160;</div>what else the underlying outflows<div style="display:inline-block;width:2.5px">&#160;</div>assumptions you're making </div><div id="a2131" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">perhaps on some of the relationships you took over<div style="display:inline-block;width:2.53px">&#160;</div>with Credit Suisse whether that's case? And secondly, </div><div id="a2132" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">cash, now 18% of the balance sheet. Very, very high liquidity coverage ratio. Is that something that's just<div style="display:inline-block;width:2.5px">&#160;</div>the </div><div id="a2135" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">new run rate or can you bring that down as<div style="display:inline-block;width:2.53px">&#160;</div>you complete the complex legal entity<div style="display:inline-block;width:2.46px">&#160;</div>restructuring? Thank you. </div><div id="a2137" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:752.37px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a2139" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">Hey, Alastair,<div style="display:inline-block;width:6.14px">&#160;</div>I'll take those. So, on your first on net<div style="display:inline-block;width:2.52px">&#160;</div>new assets, you know, the $100 billion over the next two </div><div id="a2140" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">years just reflects the fact that, you know, to the point that I think we've been<div style="display:inline-block;width:2.46px">&#160;</div>making that while we're going </div><div id="a2142" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">to continue to grow the asset base, I mean, $100<div style="display:inline-block;width:2.57px">&#160;</div>billion is still $100 billion over the next &#8211; each<div style="display:inline-block;width:2.52px">&#160;</div>of the next </div><div id="a2146" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">two years, $200 billion by the end of 2025<div style="display:inline-block;width:2.52px">&#160;</div>and that's a focus of the team. In terms<div style="display:inline-block;width:2.33px">&#160;</div>of where we think, you </div><div id="a2147" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">know, the appropriate ambition would be, normally when we're just in growth &#8211; full growth<div style="display:inline-block;width:2.51px">&#160;</div>mode and not </div><div id="a2152" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">looking to also ensure that, you know, appropriate hygiene on the balance sheet,<div style="display:inline-block;width:2.47px">&#160;</div>that's reflecting that </div><div id="a2153" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">discount in there a bit. We still think it's a strong number. It's still growing the asset base. It's still providing a </div><div id="a2155" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">basis to grow our revenues, as I highlighted in my comments,<div style="display:inline-block;width:2.54px">&#160;</div>but it is reflecting the fact that in addition to </div><div id="a2156" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">growing client relationships and bringing more and more aligned products and<div style="display:inline-block;width:2.56px">&#160;</div>solutions to our clients, there </div><div id="a2158" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">are going to be situations, as we both highlighted,<div style="display:inline-block;width:2.53px">&#160;</div>where, you know, perhaps we see potential outflows </div><div id="a2159" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">because of decisions we've made around given service<div style="display:inline-block;width:2.33px">&#160;</div>for example, trying to a price alone, potentially </div><div id="a2160" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">unsuccessfully, and then seeing that roll off and then potentially the collateral moving out of the<div style="display:inline-block;width:2.53px">&#160;</div>bank as a </div><div id="a2162" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.46px;">result. So, it's just appropriate to price in some of that<div style="display:inline-block;width:2.53px">&#160;</div>as we do this, you know, good and necessary work to </div><div id="a2163" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1012.74px;">ensure ultimately stronger return on RWA and sustainably higher returns in the<div style="display:inline-block;width:2.48px">&#160;</div>long run. </div></div>
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<div id="a2167" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">24 </div><div id="a2169" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:76.61px;">In terms of cash or the HQLA that we have,<div style="display:inline-block;width:2.54px">&#160;</div>yeah, you could assume going forward that that<div style="display:inline-block;width:2.44px">&#160;</div>is structurally our </div><div id="a2170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:94.05px;">run rate for now just given the new Swiss<div style="display:inline-block;width:2.57px">&#160;</div>liquidity ordinance requirements that we're complying with. So, you </div><div id="a2171" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">can assume that that's right. Naturally, we're focusing on, you know, winning back deposits and continuing </div><div id="a2173" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">diversified sources of funding, not least given the<div style="display:inline-block;width:2.56px">&#160;</div>structural funding gap we've inherited from the<div style="display:inline-block;width:2.54px">&#160;</div>Credit </div><div id="a2174" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">Suisse subsidiary in Switzerland. So, you know, we're taking steps in our<div style="display:inline-block;width:2.44px">&#160;</div>funding plan to narrow that. But in </div><div id="a2176" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">the end, you can assume that for now, that level of liquidity is sort<div style="display:inline-block;width:2.55px">&#160;</div>of run rate level. </div><div id="a2178" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:197.74px;">Alastair Ryan, Bank of America </div><div id="a2180" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">Thank you. </div><div id="a2182" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:267.02px;">Giulia Miotto, Morgan Stanley</div><div id="a2184" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">Hi. Good morning. You hear me well? Okay, perfect. So, my first question goes to GWM Americas. I think the </div><div id="a2186" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">target is low teens until 2026 and then up to<div style="display:inline-block;width:2.5px">&#160;</div>mid-teens PBT margin. So, what strategic<div style="display:inline-block;width:2.54px">&#160;</div>options are you taking </div><div id="a2189" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">to structurally lift profitability in this division? I think<div style="display:inline-block;width:2.49px">&#160;</div>I heard this &#8211; rebuilding the banking platform in-house, </div><div id="a2196" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">but if you can give us more color on that. So that's<div style="display:inline-block;width:2.48px">&#160;</div>my first longer-term question. Whereas on the short term, </div><div id="a2199" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">in terms of transaction margins, those are being<div style="display:inline-block;width:2.58px">&#160;</div>subdued for a while and especially in Asia.<div style="display:inline-block;width:2.49px">&#160;</div>What evidence </div><div id="a2201" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">are you seeing or are you seeing any evidence of that coming<div style="display:inline-block;width:2.41px">&#160;</div>back? Thank you. </div><div id="a2203" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:423.06px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a2205" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">Yeah. Hi, Giulia. So, on &#8211; in terms of the sorts of investments we're making, as you mentioned,<div style="display:inline-block;width:2.32px">&#160;</div>you know, we </div><div id="a2209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">think the core banking infrastructure work is critical because<div style="display:inline-block;width:2.47px">&#160;</div>that effectively institutionalizes clients much </div><div id="a2210" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">more effectively in doing that. The more that you have a broader suite of<div style="display:inline-block;width:2.51px">&#160;</div>products and capabilities to offer </div><div id="a2212" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">clients, the more in effect it becomes, you know, they become stickier. The clients and the advisors just </div><div id="a2213" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">become stickier. We know that playbook. We run that playbook in every part of the world outside<div style="display:inline-block;width:2.39px">&#160;</div>the US. </div><div id="a2216" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">And so, it's something that for us is quite fundamental.<div style="display:inline-block;width:2px">&#160;</div>And so, we're going to continue to do that and </div><div id="a2217" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">continue to invest in digital capabilities to<div style="display:inline-block;width:2.56px">&#160;</div>make being both a client and an advisor<div style="display:inline-block;width:2.36px">&#160;</div>of the US business of </div><div id="a2218" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">GWM better. </div><div id="a2220" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">There are also some other things that we're doing to bring that<div style="display:inline-block;width:2.57px">&#160;</div>profit margin up. Sergio mentioned in his </div><div id="a2221" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">comments. A lot of it's also about products and capabilities<div style="display:inline-block;width:2.33px">&#160;</div>and we're seeing that start to hit through. And </div><div id="a2222" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">that's just in terms of, again, borrowing a page from the playbook<div style="display:inline-block;width:2.31px">&#160;</div>that we use outside the US, it's the global </div><div id="a2225" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">markets approach. So, it's having a more joint GWM-Investment<div style="display:inline-block;width:2.44px">&#160;</div>Bank approach to serving clients from a </div><div id="a2228" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">transactional perspective, especially clients<div style="display:inline-block;width:2.57px">&#160;</div>with more sophisticated needs, also from a lending perspective<div style="display:inline-block;width:2.54px">&#160;</div>as </div><div id="a2230" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">well, having more of a focus on lending solutions<div style="display:inline-block;width:2.54px">&#160;</div>as we've done outside the US as well. So,<div style="display:inline-block;width:2.54px">&#160;</div>I think doing all </div><div id="a2231" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">that is where we think, you know, just doing the sort of good blocking<div style="display:inline-block;width:2.54px">&#160;</div>and tackling will, you know, should </div><div id="a2232" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">support the profit margin in mid-teens over the next two<div style="display:inline-block;width:2.25px">&#160;</div>to three years. </div><div id="a2238" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">In terms of transaction margins in APAC, yeah, I think we are seeing &#8211; we actually<div style="display:inline-block;width:2.39px">&#160;</div>saw some good </div><div id="a2242" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">performance in the fourth quarter from a TRX perspective,<div style="display:inline-block;width:2.28px">&#160;</div>in particular on the UBS platform, which<div style="display:inline-block;width:2.57px">&#160;</div>is </div><div id="a2243" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">encouraging. So, we're &#8211; and also in APAC. Again, given just our diversification in<div style="display:inline-block;width:2.5px">&#160;</div>the region, we're not just </div><div id="a2248" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">limited to, you know, one location potentially underperforming from an<div style="display:inline-block;width:2.56px">&#160;</div>equity markets perspective, and we </div><div id="a2249" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">actually saw a good performance in the region. In particular, we saw good performance<div style="display:inline-block;width:2.56px">&#160;</div>in transactions in </div><div id="a2251" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">Japan this quarter. And so, you know, we have the good, diversified approach to ensure that even if one &#8211; as </div><div id="a2255" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">I said, one particular part of the region isn't generating<div style="display:inline-block;width:2.37px">&#160;</div>the sorts of margins that are ideal for us that we're </div><div id="a2256" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">able to compensate. </div><div id="a2258" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:925.85px;">Giulia Miotto, Morgan Stanley</div><div id="a2260" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">Thanks. </div></div>
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<div id="a2265" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">25 </div><div id="a2267" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Stefan Stalmann, Autonomous </div><div id="a2269" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Yes. Good morning, everyone. Thanks for the presentation and for taking my questions.<div style="display:inline-block;width:2.35px">&#160;</div>I hope you can hear </div><div id="a2271" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">me well. I wanted to first ask on the share buyback restart<div style="display:inline-block;width:2.48px">&#160;</div>this year. I was a bit surprised that you make this </div><div id="a2272" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">link between the legal entity merger of<div style="display:inline-block;width:2.57px">&#160;</div>the parent banks and the ability to restart the share buyback. Do<div style="display:inline-block;width:2.54px">&#160;</div>you </div><div id="a2274" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">see actually a direct link there between Group payout capacity and<div style="display:inline-block;width:2.47px">&#160;</div>what happens to the parent bank merger </div><div id="a2275" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">or is it just a short form for you to say if the<div style="display:inline-block;width:2.55px">&#160;</div>merger works, that's a good indication<div style="display:inline-block;width:2.51px">&#160;</div>that the integration is </div><div id="a2277" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">online, and that's why I can go back to share buybacks? </div><div id="a2279" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">And the second question is on capital requirements. You have obviously presented the plan very much<div style="display:inline-block;width:2.56px">&#160;</div>on the </div><div id="a2280" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">basis of the rules as they currently stand, but we<div style="display:inline-block;width:2.48px">&#160;</div>also have an upcoming review by the government<div style="display:inline-block;width:2.27px">&#160;</div>and we </div><div id="a2281" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">don't know how that looks like. On a confidence<div style="display:inline-block;width:2.49px">&#160;</div>scale of 1 to 10, where do you think the outcome<div style="display:inline-block;width:2.32px">&#160;</div>will be? </div><div id="a2283" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">Do you think your numbers will still be proven fine<div style="display:inline-block;width:2.57px">&#160;</div>after this review or do you think it could change?<div style="display:inline-block;width:2.44px">&#160;</div>Thank </div><div id="a2284" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">you. </div><div id="a2286" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:336.3px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a2288" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">Thank you, Stefan. I think the link between<div style="display:inline-block;width:2.46px">&#160;</div>share buyback and the parent bank merger and the underlying<div style="display:inline-block;width:2.09px">&#160;</div>US </div><div id="a2289" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">operation and later on, the Swiss one, it's<div style="display:inline-block;width:2.55px">&#160;</div>very relevant because if we have a delay, our ability to start to </div><div id="a2290" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">deliver on the cost synergies will come just later. And therefore, we would lose capital buffers that we<div style="display:inline-block;width:2.5px">&#160;</div>believe </div><div id="a2293" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">is necessary. So, I think it's totally there is no gaming or nothing. It's just prudent<div style="display:inline-block;width:2.52px">&#160;</div>reasonable way to look at </div><div id="a2294" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">the two major risks associated with such an<div style="display:inline-block;width:2.53px">&#160;</div>integration is regulatory approvals to execute legal entity </div><div id="a2296" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">mergers. We are talking about 50-plus countries. Okay?<div style="display:inline-block;width:2.54px">&#160;</div>And the second one is IT migration. This<div style="display:inline-block;width:2.5px">&#160;</div>is probably </div><div id="a2299" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">more the 2024 into 2025 as we start to migrate.<div style="display:inline-block;width:2.48px">&#160;</div>So, if we don't get into a good place with our<div style="display:inline-block;width:2.48px">&#160;</div>parent </div><div id="a2300" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">company merger by the end of the second quarter, we have a delayed effect which has<div style="display:inline-block;width:2.55px">&#160;</div>to be reflected in our </div><div id="a2302" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">prudence in terms of how we accrue capital.<div style="display:inline-block;width:2.37px">&#160;</div>So, I hope this is very clear now. </div><div id="a2304" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">In terms of capital requirements, yeah, well, I mean, I can<div style="display:inline-block;width:2.54px">&#160;</div>only say, you know,<div style="display:inline-block;width:5.38px">&#160;</div>watch and listen to what has </div><div id="a2305" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">been said publicly by different international and domestic<div style="display:inline-block;width:2.24px">&#160;</div>experts around the topic of capital and why Credit </div><div id="a2306" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">Suisse failed. Credit Suisse didn't fail because of lack<div style="display:inline-block;width:2.44px">&#160;</div>of capital or lack of liquidity per se but it failed<div style="display:inline-block;width:2.48px">&#160;</div>because, </div><div id="a2308" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">you know, partially,<div style="display:inline-block;width:5.38px">&#160;</div>I would say the loss of trust and confidence,<div style="display:inline-block;width:2.41px">&#160;</div>the lack of underlying profitability and that </div><div id="a2309" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">created a self-fulfilling problem. I think if you look at regulation, you<div style="display:inline-block;width:2.55px">&#160;</div>know, the regulation was well applied </div><div id="a2313" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">and fully functioning for UBS. So, the same<div style="display:inline-block;width:2.45px">&#160;</div>regulation should have worked for Credit Suisse. </div><div id="a2315" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">I do think that &#8211; I'm pretty convinced that any authorities<div style="display:inline-block;width:2.32px">&#160;</div>and governments, before taking actions<div style="display:inline-block;width:2.5px">&#160;</div>on capital, </div><div id="a2319" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">they will also have to sit down and look at<div style="display:inline-block;width:2.49px">&#160;</div>what happened, like the commission that<div style="display:inline-block;width:2.39px">&#160;</div>is investigating on the </div><div id="a2320" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">matter is doing, and everybody will have to<div style="display:inline-block;width:2.55px">&#160;</div>pose and think about what they could<div style="display:inline-block;width:2.56px">&#160;</div>have done better, being a </div><div id="a2322" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">little bit more self-critical about what happened. So,<div style="display:inline-block;width:2.54px">&#160;</div>I believe the current regime and no experts is saying that </div><div id="a2325" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">more capital is necessary. So, I'm not going to give you an answer on my rating of confidence<div style="display:inline-block;width:2.47px">&#160;</div>because there </div><div id="a2328" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">is only downside on that, but I can only tell you<div style="display:inline-block;width:2.52px">&#160;</div>that facts are telling us a crystal clear story that<div style="display:inline-block;width:2.55px">&#160;</div>capital is not </div><div id="a2329" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">the way to manage such a situation. </div><div id="a2331" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:804.37px;">Stefan Stalmann, Autonomous </div><div id="a2333" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">Very clear.<div style="display:inline-block;width:5.6px">&#160;</div>Thank you very much. </div></div>
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<div id="a2338" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">26 </div><div id="a2340" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Adam Terelak, Mediobanca </div><div id="a2342" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Morning. Thank you for the questions.<div style="display:inline-block;width:2.35px">&#160;</div>I've got three on capital, one of which is a clarification.<div style="display:inline-block;width:2.42px">&#160;</div>I wanted to dig </div><div id="a2343" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">into slide 36, the $15 billion of balance sheet<div style="display:inline-block;width:2.52px">&#160;</div>optimization. Clearly, it's talking about net of gross as well. So, </div><div id="a2344" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">can we get a feeling for what the underlying<div style="display:inline-block;width:2.55px">&#160;</div>moving parts are because it's clearly going<div style="display:inline-block;width:2.48px">&#160;</div>in different directions </div><div id="a2346" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">and whether there's any kind of regulatory securitization type<div style="display:inline-block;width:2.47px">&#160;</div>benefit to think about, say non-revenue costing </div><div id="a2349" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">RWA efficiencies to think about on the forward look. And then linked to<div style="display:inline-block;width:2.53px">&#160;</div>that, clearly the lower RWA outlook </div><div id="a2351" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">has created lots of flexibility in your plan, but how<div style="display:inline-block;width:2.54px">&#160;</div>do you guys think about redeploying your balance<div style="display:inline-block;width:2.51px">&#160;</div>sheet if </div><div id="a2352" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">there are profitable growth opportunities particularly given that your stock<div style="display:inline-block;width:2.47px">&#160;</div>is trading above tangible book or </div><div id="a2354" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">CET1? </div><div id="a2356" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">And then just a clarification. On the AT1 buildout, it says increasing to 18% by<div style="display:inline-block;width:2.38px">&#160;</div>2029 but I think you </div><div id="a2357" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">referenced 2026 as well in terms of that Tier<div style="display:inline-block;width:2.52px">&#160;</div>1 capital requirement. So, if you just give us color on the<div style="display:inline-block;width:2.39px">&#160;</div>AT1 </div><div id="a2358" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">buildout timeline would be very helpful. Thank<div style="display:inline-block;width:2.5px">&#160;</div>you. </div><div id="a2361" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:336.3px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a2363" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">So, let me &#8211; thanks for that, Adam. Let me<div style="display:inline-block;width:2.53px">&#160;</div>just cover. The last one is 2029 because that's, you know, that is </div><div id="a2367" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">how we've modeled and also just given the<div style="display:inline-block;width:2.48px">&#160;</div>way our expectations are on the Too Big To<div style="display:inline-block;width:5.88px">&#160;</div>Fail requirements </div><div id="a2368" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">coming in impacting on going concern<div style="display:inline-block;width:2.54px">&#160;</div>capital out until 2030. So, that is the correct read. In terms<div style="display:inline-block;width:2.44px">&#160;</div>of the first </div><div id="a2370" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">question on slide 36, so the $510 billion effectively<div style="display:inline-block;width:2.43px">&#160;</div>where we think we get to, of course, is net of growth. So, </div><div id="a2371" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">there is a growth that is priced in. So, the fact that we<div style="display:inline-block;width:2.43px">&#160;</div>have, say, balance sheet optimization in the core </div><div id="a2373" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">businesses, we say net of growth. So, these are trade-offs that we're making and<div style="display:inline-block;width:2.23px">&#160;</div>look, we've done this </div><div id="a2376" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">before and it's, you know, taking the balance sheet in areas where there are opportunities to generate </div><div id="a2377" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">greater returns on RWA. That's the work that we're doing, and obviously where<div style="display:inline-block;width:2.51px">&#160;</div>there are opportunities to </div><div id="a2380" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">grow especially to start to begin to harvest the combination<div style="display:inline-block;width:2.26px">&#160;</div>and the scale that we have. Clearly, that will be </div><div id="a2381" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">the case. </div><div id="a2383" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:561.78px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a2385" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">Yeah, I guess a 5% return on risk-weighted assets is not acceptable, right? So, I think<div style="display:inline-block;width:2.48px">&#160;</div>that's the reason I'm </div><div id="a2388" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">saying it makes no sense for us to try<div style="display:inline-block;width:2.45px">&#160;</div>to overly impress anybody with growth on the top line if this is<div style="display:inline-block;width:2.56px">&#160;</div>just </div><div id="a2389" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">destroying value or not sustainable. So, we are willing to take<div style="display:inline-block;width:2.48px">&#160;</div>a step back in terms of growth. But still in some </div><div id="a2391" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">areas, are we going to grow? Now, It's very important to understand the restructuring element<div style="display:inline-block;width:2.49px">&#160;</div>up until the </div><div id="a2392" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">end of 2026. Afterwards, we will grow. Of course, we will grow. So, we are not a restructuring story. We will </div><div id="a2394" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">grow again because our business will grow but from a base that<div style="display:inline-block;width:2.52px">&#160;</div>I believe is going to be much more reliable </div><div id="a2395" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">and sustainable. </div><div id="a2397" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:735.09px;">Adam Terelak, Mediobanca </div><div id="a2399" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">Could I have a follow-up in terms of what<div style="display:inline-block;width:2.47px">&#160;</div>volume of RWA are sitting below kind of your aspiration in terms </div><div id="a2402" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">of RoRWA? Just trying to size the opportunity in terms<div style="display:inline-block;width:2.45px">&#160;</div>of recycling your risk weights into high growth. </div><div id="a2404" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:821.81px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a2406" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">Well, you look at the balance sheet of Credit Suisse that<div style="display:inline-block;width:2.49px">&#160;</div>we onboarded has revenues on risk-weighted assets </div><div id="a2409" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">of 5% on average in 2022. Now, we are already taking actions but this is the volume<div style="display:inline-block;width:2.52px">&#160;</div>you have to think </div><div id="a2410" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">about. So, we were perfectly happy with the return<div style="display:inline-block;width:2.49px">&#160;</div>profiles of our Wealth Management and IB and Swiss </div><div id="a2412" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">bank operation. So, we need to now bring<div style="display:inline-block;width:2.5px">&#160;</div>it back. And I think it is very important<div style="display:inline-block;width:2.49px">&#160;</div>that, you know, it's all </div><div id="a2413" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">about giving clear directions to our people. Our new<div style="display:inline-block;width:2.51px">&#160;</div>colleagues from Credit Suisse fully understand that they </div><div id="a2415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">are now following what they believe also is the best<div style="display:inline-block;width:2.46px">&#160;</div>way to create value for clients &#8211; for shareholders, but </div><div id="a2419" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">also for clients because we want to be predictable.<div style="display:inline-block;width:2.48px">&#160;</div>We want to be a partner that is there and where the </div><div id="a2421" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">relationship allows us to tell what are our expectations<div style="display:inline-block;width:2.43px">&#160;</div>and what is the client expectations, and that<div style="display:inline-block;width:2.5px">&#160;</div>we'll </div><div id="a2422" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.46px;">need to be addressed and we now have a clear, aligned way of looking at how to develop<div style="display:inline-block;width:2.47px">&#160;</div>and grow the </div><div id="a2423" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:1012.74px;">business. </div></div>
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<div id="a2426" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">27 </div><div id="a2428" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Adam Terelak, Mediobanca </div><div id="a2430" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Right. Thank you very much. </div><div id="a2432" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:145.74px;">Benjamin Goy, Deutsche Bank</div><div id="a2434" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Yes. Hi. Good morning. Two<div style="display:inline-block;width:5.37px">&#160;</div>questions, please, one on the Global Wealth Management<div style="display:inline-block;width:2.18px">&#160;</div>and one on </div><div id="a2436" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">Investment Bank. If you can add a bit more color<div style="display:inline-block;width:2.52px">&#160;</div>on the $100 billion net new asset run rate<div style="display:inline-block;width:2.44px">&#160;</div>that should rise to </div><div id="a2437" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">$200 billion per year by 2028. So, just wondering<div style="display:inline-block;width:2.3px">&#160;</div>how much is reduced impact from business exits or kind<div style="display:inline-block;width:2.34px">&#160;</div>of </div><div id="a2438" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">risk appetite, financial advisor leaving, and<div style="display:inline-block;width:2.53px">&#160;</div>then how much is, say, acceleration of the platform of a unified </div><div id="a2439" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">platform? And then secondly, sounds like the Credit Suisse bankers you onboarded, pretty low revenues so </div><div id="a2441" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">far. It's picking up the next one to two years. I was just wondering because you<div style="display:inline-block;width:2.56px">&#160;</div>mentioned for the markets </div><div id="a2442" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">position that it will be transferred end of Q1, but<div style="display:inline-block;width:2.52px">&#160;</div>you also feel that in sales and trading, the<div style="display:inline-block;width:2.53px">&#160;</div>Credit Suisse </div><div id="a2444" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">colleagues you onboarded have been underearning<div style="display:inline-block;width:2.48px">&#160;</div>and whether they could see an acceleration<div style="display:inline-block;width:2.54px">&#160;</div>this year. </div><div id="a2445" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">Thank you. </div><div id="a2447" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:353.74px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a2449" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Hi, Ben. So, in terms of the run rate of net<div style="display:inline-block;width:2.51px">&#160;</div>new assets from $100 billion, I would say as Sergio<div style="display:inline-block;width:2.46px">&#160;</div>just highlighted </div><div id="a2450" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">in response to the last question, you know, we for sure will grow. And once we feel like the balance sheet<div style="display:inline-block;width:2.55px">&#160;</div>is </div><div id="a2451" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">in a better spot, we think that that will build<div style="display:inline-block;width:2.54px">&#160;</div>quickly in terms of, you know, us focusing on growth. So, the </div><div id="a2453" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:440.68px;">bridge to $200 billion, while we're not disclosing specifically<div style="display:inline-block;width:2.26px">&#160;</div>what we think the numbers are, you can expect </div><div id="a2454" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:458.12px;">that, you know, certainly in 2026 we should start to see that<div style="display:inline-block;width:2.55px">&#160;</div>come up pretty significantly and then build to </div><div id="a2456" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">$200 billion by 2028. So, I would say it's<div style="display:inline-block;width:2.52px">&#160;</div>not necessarily just, you know, linear straight line. We should see a </div><div id="a2457" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">bit of an acceleration early on in 2026, but<div style="display:inline-block;width:2.56px">&#160;</div>I think there's some hard yards that we have modeled in to get to </div><div id="a2459" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">the $200 billion in the latter part of<div style="display:inline-block;width:2.53px">&#160;</div>that five-year cycle. </div><div id="a2463" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">In terms of IB productivity on the markets side, I mean,<div style="display:inline-block;width:2.4px">&#160;</div>one of the key points that I highlighted<div style="display:inline-block;width:2.53px">&#160;</div>was, you </div><div id="a2464" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">know, actually onboarding on the markets side, fully onboarding not only the traders<div style="display:inline-block;width:2.18px">&#160;</div>but their positions, </div><div id="a2465" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">which is now &#8211; it's been 4Q but really it's an intense piece<div style="display:inline-block;width:2.44px">&#160;</div>of work in 1Q where we expect the majority of the </div><div id="a2471" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">positions to then be onboarded on UBS infrastructure.<div style="display:inline-block;width:2.49px">&#160;</div>Once that happens, you know, we think that the </div><div id="a2472" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">markets personnel should be able to start<div style="display:inline-block;width:2.38px">&#160;</div>generating, you know, appropriate revenues. Yes, there's a ramp, </div><div id="a2474" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">but it's not the same as in on the banking<div style="display:inline-block;width:2.57px">&#160;</div>side where that productivity is going to take a longer<div style="display:inline-block;width:2.54px">&#160;</div>ramp as you </div><div id="a2475" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:648.7px;">might appreciate it, but we should see and we expect<div style="display:inline-block;width:2.23px">&#160;</div>that we'll see better productivity pretty quickly once the </div><div id="a2476" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">positions are onboarded on to the UBS infrastructure. </div><div id="a2479" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:700.37px;">Benjamin Goy, Deutsche Bank</div><div id="a2481" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">Understood. Thank you. </div><div id="a2484" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:769.81px;">Tom<div style="display:inline-block;width:5.25px">&#160;</div>Hallett, KBW </div><div id="a2486" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">Morning. Yeah. Hi, guys. So, most of my questions have been answered, but just<div style="display:inline-block;width:2.42px">&#160;</div>maybe going back to NII. </div><div id="a2487" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">You say it will grow again in the second half of the planning period. Am I right in just assuming<div style="display:inline-block;width:2.36px">&#160;</div>that's the </div><div id="a2488" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">second half of 2025? So, i.e., kind of NII should<div style="display:inline-block;width:2.42px">&#160;</div>decline three to early 2025? And then secondly, you know, </div><div id="a2490" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">one of your peers in the US said that deposit<div style="display:inline-block;width:2.47px">&#160;</div>mix changes were kind of ending. Is that what<div style="display:inline-block;width:2.51px">&#160;</div>you're seeing as </div><div id="a2491" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">well? And could you maybe just clarify the<div style="display:inline-block;width:2.55px">&#160;</div>wider international business, what's<div style="display:inline-block;width:2.32px">&#160;</div>going on with deposit mix </div><div id="a2493" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">changes there or what you expect going forward? Thanks. </div></div>
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<div id="a2498" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">28 </div><div id="a2500" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner</div><div id="a2502" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Sure. Hey, Tom.<div style="display:inline-block;width:6.55px">&#160;</div>So, in terms of NII, yeah, we see the<div style="display:inline-block;width:2.48px">&#160;</div>recovery coming from more mid 2025. So that's correct, </div><div id="a2503" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">that's the right read. So, you know, again, just given how we're pricing in rate reductions,<div style="display:inline-block;width:2.48px">&#160;</div>you know, </div><div id="a2504" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">whether they come, I think as you know<div style="display:inline-block;width:2.57px">&#160;</div>the different views. But whether they come over 12 months<div style="display:inline-block;width:2.29px">&#160;</div>or 18 </div><div id="a2506" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">months, we're running our models, but we definitely<div style="display:inline-block;width:2.41px">&#160;</div>have rate reductions before we see stability, you know, </div><div id="a2507" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">into 2025 for sure. And then that stability then corresponds as<div style="display:inline-block;width:2.49px">&#160;</div>well with what we think would be a pick-up<div style="display:inline-block;width:2.41px">&#160;</div>in </div><div id="a2511" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">loan volumes and loan revenues overall on top of,<div style="display:inline-block;width:2.49px">&#160;</div>of course, the funding efficiencies that I talked about<div style="display:inline-block;width:2.47px">&#160;</div>at </div><div id="a2512" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">length during my comments that really start to accelerate<div style="display:inline-block;width:2.17px">&#160;</div>the recovery in NII in the latter part of the or the </div><div id="a2513" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">second half effectively of the three-year planning cycle. </div><div id="a2518" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">In terms of deposit mix effects, absolutely. We've seen a tapering in the US. We started seeing even last </div><div id="a2519" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">quarter, even in 3Q, we're seeing that continue to taper. Still seeing a little bit of that, though, where there's </div><div id="a2520" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">spillover and higher rates in some of the non-US<div style="display:inline-block;width:2.4px">&#160;</div>dollar currencies in particular in Switzerland. So,<div style="display:inline-block;width:2.45px">&#160;</div>we're still </div><div id="a2524" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">seeing a bit of deposit mix shifts, but we sort<div style="display:inline-block;width:2.39px">&#160;</div>of price them more or less out of our outlook, you know, once </div><div id="a2525" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">we get beyond 1Q. And in terms of<div style="display:inline-block;width:2.55px">&#160;</div>how that looks across I think the US, we're now &#8211; we've seen stability </div><div id="a2530" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">first time since 4Q 2021 that we've had net<div style="display:inline-block;width:2.54px">&#160;</div>deposit inflows so that's good. In APAC, we've actually seen </div><div id="a2531" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">some good deposit inflows also not least<div style="display:inline-block;width:2.58px">&#160;</div>just given win-back. So, there's that impact as well.<div style="display:inline-block;width:2.58px">&#160;</div>And in </div><div id="a2534" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">Switzerland, we're seeing a bit of a slightly downward move<div style="display:inline-block;width:2.47px">&#160;</div>in terms of deposit inflows. So, just to give<div style="display:inline-block;width:2.55px">&#160;</div>you a </div><div id="a2537" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">sense of sort of the deposit volume as<div style="display:inline-block;width:2.55px">&#160;</div>I see it across the spectrum. </div><div id="a2539" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:440.34px;">Tom<div style="display:inline-block;width:5.25px">&#160;</div>Hallett, KBW </div><div id="a2541" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">That's very clear. Thank you. </div><div id="a2543" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:509.78px;">Andrew Lim, Soci&#233;t&#233; G&#233;nerale </div><div id="a2545" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">Fantastic. Thanks for taking my questions.<div style="display:inline-block;width:2.55px">&#160;</div>So, the first one, on capital. I'm really trying to<div style="display:inline-block;width:2.56px">&#160;</div>square your RWA </div><div id="a2547" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">guidance with how you feel about buybacks.<div style="display:inline-block;width:2.37px">&#160;</div>So, looking at that equation, you know, that $510 billion on </div><div id="a2548" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">RWAs, obviously quite low versus consensus. But if you<div style="display:inline-block;width:2.49px">&#160;</div>take consensus capital of, say, $80 billion, $81 billion, </div><div id="a2550" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">then you are looking at about 15.8% CET1 ratio.<div style="display:inline-block;width:2.53px">&#160;</div>So, we even get to the conclusion that your<div style="display:inline-block;width:2.38px">&#160;</div>buyback </div><div id="a2551" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:614.14px;">potential is quite a lot higher than what you've<div style="display:inline-block;width:2.48px">&#160;</div>indicated or maybe your expectation<div style="display:inline-block;width:2.56px">&#160;</div>for CET1 capital is maybe </div><div id="a2552" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:631.42px;">materially lower than $81 billion. So, I just<div style="display:inline-block;width:2.51px">&#160;</div>wanted to see how you feel about that. </div><div id="a2555" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">And then the second question is on the NII guidance<div style="display:inline-block;width:2.22px">&#160;</div>that you've given. Obviously, we've drill down into the </div><div id="a2556" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">deposit mix shift there. But you&#8217;ve noted that<div style="display:inline-block;width:2.55px">&#160;</div>one of your competitors are also one of the big<div style="display:inline-block;width:2.47px">&#160;</div>drivers there </div><div id="a2557" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">has been deleveraging of Lombard loans and I wanted<div style="display:inline-block;width:2.51px">&#160;</div>to see if that was actually a big driver for<div style="display:inline-block;width:2.52px">&#160;</div>yourselves as </div><div id="a2559" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">well and how this has impacted your thoughts<div style="display:inline-block;width:2.39px">&#160;</div>on NII for this year and going forward? </div><div id="a2561" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:752.37px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner</div><div id="a2563" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">Yeah. Thanks. Thanks for that, Andrew. So, I'll take &#8211; on the second one, no, we're not seeing &#8211; I mean, </div><div id="a2570" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">we've had some deleveraging that we've<div style="display:inline-block;width:2.51px">&#160;</div>highlighted in prior quarters but we're not seeing<div style="display:inline-block;width:2.56px">&#160;</div>that as a major </div><div id="a2571" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:822.14px;">factor in our guidance at this point other than<div style="display:inline-block;width:2.42px">&#160;</div>around the impacts from the resource optimization that I've </div><div id="a2573" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">highlighted. But in particular around Lombard deleveraging,<div style="display:inline-block;width:2.49px">&#160;</div>we're not pricing that to any significant degree </div><div id="a2574" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">into our guidance. And I was just trying to pick<div style="display:inline-block;width:2.47px">&#160;</div>up on your first point where you were, sorry, you were trying </div><div id="a2576" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">to square if &#8211; where the RWA levels are in terms of how that informs the way you<div style="display:inline-block;width:2.54px">&#160;</div>want to think about share </div><div id="a2580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">buybacks? I just want to understand your<div style="display:inline-block;width:2.52px">&#160;</div>point if you can repeat them. </div></div>
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<div id="a2585" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">29 </div><div id="a2587" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Andrew Lim, Soci&#233;t&#233; G&#233;n&#233;rale </div><div id="a2589" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Yes. So, let&#8217;s say we&#8217;re taking that consensus of $81 billion CET1 capital, you&#8217;ve indicated<div style="display:inline-block;width:2.45px">&#160;</div>$510 billion on </div><div id="a2590" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:128.64px;">RWA. So, that would be 15.9% CET1 ratio. So, actually<div style="display:inline-block;width:2.57px">&#160;</div>it is quite a lot of buffer, maybe $5 billion or so above </div><div id="a2591" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:146.08px;">$5.5 billion buybacks that you might be pointing<div style="display:inline-block;width:2.43px">&#160;</div>towards for 2026. So, you know, there&#8217;s either a lot more </div><div id="a2593" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:163.36px;">capacity for you to actually push up your buybacks<div style="display:inline-block;width:2.22px">&#160;</div>there or maybe you&#8217;re thinking that CET1 capital might<div style="display:inline-block;width:2.4px">&#160;</div>be </div><div id="a2594" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">a bit lower than what consensus think. So,<div style="display:inline-block;width:2.53px">&#160;</div>I just want to see what you think about it. </div><div id="a2597" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:215.02px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner</div><div id="a2599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">Yeah, I think &#8211; okay.<div style="display:inline-block;width:5.91px">&#160;</div>Clear. So, yeah, I think in terms of your CET1 capital calculations, I'm not sure that </div><div id="a2603" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">squares with how we model under one baseline scenario.<div style="display:inline-block;width:2.21px">&#160;</div>But I think it's fair to say that, you know, if we </div><div id="a2604" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:284.64px;">generate as we go out to 2026, the extent to<div style="display:inline-block;width:2.49px">&#160;</div>which we're able to generate the returns that<div style="display:inline-block;width:2.44px">&#160;</div>we expect to </div><div id="a2607" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:302.08px;">generate at the end of 2026, that there will be sufficient<div style="display:inline-block;width:2.55px">&#160;</div>capacity, as Sergio said, to be able to undertake as </div><div id="a2608" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:319.36px;">much share buybacks as we had, in fact, more so than pre-acquisition<div style="display:inline-block;width:2.36px">&#160;</div>levels. So, I think, you know, I won't </div><div id="a2612" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">comment specifically on whether your CET1 number<div style="display:inline-block;width:2.15px">&#160;</div>is the same number we consider under<div style="display:inline-block;width:2.51px">&#160;</div>one scenario but </div><div id="a2613" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">I think it's fair to say that there is share buyback capacity naturally<div style="display:inline-block;width:2.29px">&#160;</div>if we hit these targets that we've set<div style="display:inline-block;width:2.58px">&#160;</div>out. </div><div id="a2615" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:388.34px;">Andrew Lim, Soci&#233;t&#233; G&#233;n&#233;rale </div><div id="a2617" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:423.4px;">Great. Thanks. </div><div id="a2620" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:457.78px;">Nicolas Payen, Kepler Chevreux </div><div id="a2622" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">Yes. Morning. I have two questions, please. Two on Wealth Management. The first one would be on your </div><div id="a2623" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">pre-tax profit margin targets in the US. You're targeting mid-teens by 2026 and still significantly below what </div><div id="a2629" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">your US peers are doing. So, I wanted to know what<div style="display:inline-block;width:2.36px">&#160;</div>kind of levers you can pull through to have this </div><div id="a2630" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:544.68px;">convergence towards the profitability levels that we are seeing<div style="display:inline-block;width:2.53px">&#160;</div>of the US peers. And the second one will<div style="display:inline-block;width:2.45px">&#160;</div>be </div><div id="a2631" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">on the net inflow that you are targeting. Is there any geographies<div style="display:inline-block;width:2.34px">&#160;</div>where you see the most potential or where </div><div id="a2633" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:579.4px;">you are the most excited about where you &#8211; where the CS merger is bringing<div style="display:inline-block;width:2.17px">&#160;</div>new capabilities and new </div><div id="a2637" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:596.68px;">outlook? Thank you. </div><div id="a2639" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:631.09px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner</div><div id="a2641" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:666.14px;">Yeah. Thanks, Nicolas. So, on the &#8211; look, on the pre-tax profit, you know, as we've laid out, I think Sergio in </div><div id="a2647" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:683.42px;">his prepared comments and mine in response to a question earlier, you know, we're building back to mid-</div><div id="a2649" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:700.7px;">teens through the work that we've described, which<div style="display:inline-block;width:2.44px">&#160;</div>we think is quite important at that point<div style="display:inline-block;width:2.56px">&#160;</div>in time, getting </div><div id="a2651" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:718.14px;">to what we think is an appropriate level given, you know, where we are now. Then at that stage, we have, </div><div id="a2652" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:735.42px;">you know, options to consider beyond that to narrow the gap further, and that's certainly the plan. So, you </div><div id="a2654" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:752.7px;">know, it's a little bit of walk before we run and we wanted to just be clear that<div style="display:inline-block;width:2.3px">&#160;</div>we, you know, the things that </div><div id="a2655" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:770.14px;">we think that need to happen in the US business<div style="display:inline-block;width:2.2px">&#160;</div>that we&#8217;re going to do over the next three years will set<div style="display:inline-block;width:2.46px">&#160;</div>us </div><div id="a2656" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:787.42px;">up for success and being able to sort of then,<div style="display:inline-block;width:2.44px">&#160;</div>at that stage, drive greater returns and narrow the gap<div style="display:inline-block;width:2.5px">&#160;</div>further </div><div id="a2658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:804.7px;">beyond 2026. </div><div id="a2660" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:839.42px;">In terms of the geographies in GWM that<div style="display:inline-block;width:2.56px">&#160;</div>we're excited about, I mean, just off the top, and I've talked<div style="display:inline-block;width:2.57px">&#160;</div>about </div><div id="a2661" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:856.7px;">this before, but certainly places where we become really meaningful,<div style="display:inline-block;width:2.43px">&#160;</div>we're excited about many places that </div><div id="a2662" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:874.18px;">the CS integration brings to bear on Wealth. But, you<div style="display:inline-block;width:2.25px">&#160;</div>know, when it comes to minor places where, </div><div id="a2664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:891.46px;">meaningfully, change is what we had in the particular region just given maybe a focus<div style="display:inline-block;width:2.47px">&#160;</div>on different client </div><div id="a2665" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:908.74px;">segments, maybe we exited. So, two examples<div style="display:inline-block;width:2.5px">&#160;</div>come to mind would be Brazil, more on<div style="display:inline-block;width:2.58px">&#160;</div>the former in terms of </div><div id="a2667" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:926.18px;">the client segment we focused on. Another<div style="display:inline-block;width:2.49px">&#160;</div>is Australia where we exited, again more of an affluent practice </div><div id="a2668" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:943.46px;">that we had many years ago, and we have<div style="display:inline-block;width:2.55px">&#160;</div>an opportunity now to inherit a business<div style="display:inline-block;width:2.23px">&#160;</div>in Australia aligned, by </div><div id="a2669" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:960.74px;">the way, with the IB in Australia which is quite exciting. And that business is more, you know, the high net </div><div id="a2671" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:978.18px;">worth and the ultra that is our bread and butter. So, two examples where, and for different reasons of what </div><div id="a2672" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:995.46px;">excites us in terms of the acquisition. </div></div>
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<div id="a2677" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">30 </div><div id="a2679" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:76.27px;">Nicolas Payen, Kepler Chevreux </div><div id="a2681" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:111.36px;">Thank you. </div><div id="a2683" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:145.74px;">Piers Brown, HSBC </div><div id="a2685" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:180.64px;">Yeah. Good morning. Most of my questions have been answered, but maybe just<div style="display:inline-block;width:2.49px">&#160;</div>a final one on litigation. </div><div id="a2686" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:198.08px;">Just whether there's anything in the plan for<div style="display:inline-block;width:2.57px">&#160;</div>a sort of a business as usual normalized charge<div style="display:inline-block;width:2.48px">&#160;</div>for litigation. I </div><div id="a2687" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:215.36px;">know you've taken a lot of adjustments on CS acquisition<div style="display:inline-block;width:2.23px">&#160;</div>and you've gotten the $4 billion of balance<div style="display:inline-block;width:2.43px">&#160;</div>sheet </div><div id="a2690" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:232.64px;">reserves at this stage, but having had a good chance<div style="display:inline-block;width:2.53px">&#160;</div>to look at the case book at this point.<div style="display:inline-block;width:2.49px">&#160;</div>Is there anything </div><div id="a2691" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:250.08px;">in there which you think might still burden the P&amp;L over the<div style="display:inline-block;width:2.51px">&#160;</div>course of the targets that you&#8217;ve laid out this </div><div id="a2693" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:267.36px;">morning? Thanks. </div><div id="a2695" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:301.74px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner</div><div id="a2697" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:336.64px;">Hey, Piers. Thanks for the question. Yeah, I mean, just refer you to the litigation note which, you know, gives </div><div id="a2698" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:354.08px;">both the UBS heritage and Credit Suisse heritage<div style="display:inline-block;width:2.51px">&#160;</div>legacies there, say that's the best bet. Otherwise,<div style="display:inline-block;width:2.45px">&#160;</div>I&#8217;ll just tell </div><div id="a2699" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:371.4px;">you that our provision levels are augmented by the PPA that I described in August. We're comfortable with </div><div id="a2701" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:388.68px;">the levels we're at just given the &#8211; where those matters<div style="display:inline-block;width:2.5px">&#160;</div>sit, but that's, you know, all I would comment in </div><div id="a2705" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:406.12px;">terms of litigation at this stage. </div><div id="a2707" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:440.34px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti</div><div id="a2709" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:475.4px;">I won't abuse of your patience. You have been with us, thank you, for 2 hours-plus.<div style="display:inline-block;width:2.42px">&#160;</div>Thanks for the questions. </div><div id="a2712" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:492.68px;">Thanks for attending. I hope you got enough<div style="display:inline-block;width:2.33px">&#160;</div>information. But most importantly, if you have any further </div><div id="a2713" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:510.12px;">needs or any further questions, please reach out to Sarah's<div style="display:inline-block;width:2.32px">&#160;</div>team, IR, or I'm sure between myself and Todd, </div><div id="a2715" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:527.4px;">we'll have a chance to catch-up with many<div style="display:inline-block;width:2.47px">&#160;</div>of you in the next few weeks. </div><div id="a2719" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:562.12px;">Thank you for attending and enjoy the rest of<div style="display:inline-block;width:2.56px">&#160;</div>the day. Thank you. </div></div>
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<div id="a2724" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">31 </div><div id="a2726" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:68px;top:77.45px;">Cautionary statement regarding forward-looking<div style="display:inline-block;width:1.38px">&#160;</div>statements </div><div id="a2730" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:89.22px;">This transcript contains statements that<div style="display:inline-block;width:4.39px">&#160;</div>constitute &#8220;forward-looking statements,&#8221; including but not<div style="display:inline-block;width:4.17px">&#160;</div>limited to management&#8217;s outlook for<div style="display:inline-block;width:4.21px">&#160;</div>UBS&#8217;s financial </div><div id="a2734" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:100.58px;">performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS&#8217;s business and future development and goals or </div><div id="a2736" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:111.97px;">intentions to achieve climate, sustainability and<div style="display:inline-block;width:4.4px">&#160;</div>other social objectives. While these forward-looking statements<div style="display:inline-block;width:4.37px">&#160;</div>represent UBS&#8217;s judgments, expectations </div><div id="a2740" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:123.33px;">and objectives concerning the matters<div style="display:inline-block;width:1.24px">&#160;</div>described, a number of risks, uncertainties<div style="display:inline-block;width:0.93px">&#160;</div>and other important factors could cause<div style="display:inline-block;width:1.34px">&#160;</div>actual developments and results </div><div id="a2742" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:134.52px;">to differ materially from<div style="display:inline-block;width:4.31px">&#160;</div>UBS&#8217;s expectations. In particular,<div style="display:inline-block;width:4.59px">&#160;</div>terrorist activity and conflicts in<div style="display:inline-block;width:4.28px">&#160;</div>the Middle East, as well as<div style="display:inline-block;width:4.71px">&#160;</div>the continuing Russia&#8211;Ukraine war, </div><div id="a2746" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:145.88px;">may have significant impacts on global markets,<div style="display:inline-block;width:4.3px">&#160;</div>exacerbate global inflationary pressures, and slow<div style="display:inline-block;width:4.15px">&#160;</div>global growth. In addition, the ongoing conflicts may </div><div id="a2748" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:157.24px;">continue to cause significant population displacement, and lead to shortages of vital commodities, including<div style="display:inline-block;width:1.39px">&#160;</div>energy shortages and food insecurity outside </div><div id="a2751" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:68px;top:168.6px;">the areas<div style="display:inline-block;width:5.62px">&#160;</div>immediately involved<div style="display:inline-block;width:4.92px">&#160;</div>in armed<div style="display:inline-block;width:5.11px">&#160;</div>conflict. 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<div id="a2941" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">32 </div><div id="a2943" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:322.63px;top:75.69px;">SIGNATURES</div><div id="a2946" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:116.03px;top:109.48px;">Pursuant to the requirements of the Securities Exchange Act of 1934, the<div style="display:inline-block;width:2.3px">&#160;</div>registrants have duly </div><div id="a2947" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:68px;top:126.44px;">caused this report to be signed on their behalf by the undersigned, thereunto<div style="display:inline-block;width:2.17px">&#160;</div>duly authorized. </div><div id="a2951" style="position:absolute;font-family:&apos;Times New 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