<SEC-DOCUMENT>0001610520-24-000108.txt : 20240508
<SEC-HEADER>0001610520-24-000108.hdr.sgml : 20240508
<ACCEPTANCE-DATETIME>20240508062534
ACCESSION NUMBER:		0001610520-24-000108
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240508
DATE AS OF CHANGE:		20240508

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:		24924118

	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:		24924119

	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:		24924120

	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>investorpresot20240508.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:339.91px;top:418.16px;">Date: May 8, 2024 </div><div id="a36" 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="a38" 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="a40" 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="a42" 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="a44" 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="a49" 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="a51" 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="a53" 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="a55" 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="a59" 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="a61" 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="a64" 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="a67" 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<div id="a102" 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 1Q24 Earnings call remarks<div style="display:inline-block;width:2.2px">&#160;</div>and Analyst Q&amp;A, which </div><div id="a105" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:130.44px;">appear immediately following this page.</div></div>
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<div id="a108" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">1 </div><div id="a110" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:48px;left:68px;top:58.51px;">First quarter 2024 results<div style="display:inline-block;width:13.85px">&#160;</div></div><div id="a116" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:131.29px;">7 May 2024 </div><div id="a119" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:173.21px;">Speeches by </div><div id="a123" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:171.23px;top:173.21px;">Sergio P.<div style="display:inline-block;width:7.72px">&#160;</div>Ermotti</div><div id="a124" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:302.95px;top:173.21px;">, Group Chief Executive Officer,<div style="display:inline-block;width:7.32px">&#160;</div>and </div><div id="a135" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:596.25px;top:173.21px;">Todd<div style="display:inline-block;width:7.6px">&#160;</div>Tuckner</div><div id="a137" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:705.09px;top:173.21px;">, </div><div id="a138" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:194.33px;">Group Chief Financial<div style="display:inline-block;width:3.21px">&#160;</div>Officer </div><div id="a147" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:232.57px;">Including analyst<div style="display:inline-block;width:3.64px">&#160;</div>Q&amp;A session </div><div id="a150" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:270.9px;">Transcript.</div><div id="a152" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:287.86px;">Numbers for slides refer to the<div style="display:inline-block;width:5.76px">&#160;</div>first quarter 2024 results presentation. Materials and a<div style="display:inline-block;width:5.49px">&#160;</div>webcast </div><div id="a158" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:304.82px;">replay are available at </div><div id="a159" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;color:#0000FF;left:223.87px;top:304.82px;">www.ubs.com/investors</div><div id="a160" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:391.11px;top:304.82px;"><div style="display:inline-block;width:4px">&#160;</div></div></div>
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<div id="a165" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">2 </div><div id="a167" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:60.38px;">Sergio P.<div style="display:inline-block;width:7.24px">&#160;</div>Ermotti </div><div id="a170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:107.2px;">Slide 3 &#8211; Key messages<div style="display:inline-block;width:3.17px">&#160;</div></div><div id="a175" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:141.92px;">Thank you, Sarah and good morning,<div style="display:inline-block;width:2.34px">&#160;</div>everyone.<div style="display:inline-block;width:3.63px">&#160;</div></div><div id="a177" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:176.64px;">A little over a<div style="display:inline-block;width:2.46px">&#160;</div>year ago, we were<div style="display:inline-block;width:2.46px">&#160;</div>asked to play a<div style="display:inline-block;width:2.35px">&#160;</div>critical role in stabilizing<div style="display:inline-block;width:2.55px">&#160;</div>the Swiss and global<div style="display:inline-block;width:2.26px">&#160;</div>financial systems </div><div id="a178" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:193.92px;">through the acquisition of Credit Suisse and we are delivering on our<div style="display:inline-block;width:2.35px">&#160;</div>commitments.<div style="display:inline-block;width:3.34px">&#160;</div></div><div id="a180" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:228.64px;">This quarter marks the return to reported net<div style="display:inline-block;width:2.53px">&#160;</div>profits and capital accretion &#8211; a testament to the strength of<div style="display:inline-block;width:2.49px">&#160;</div>our </div><div id="a184" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:245.92px;">client franchises and significant progress on our integration<div style="display:inline-block;width:2.56px">&#160;</div>plans.<div style="display:inline-block;width:3.59px">&#160;</div></div><div id="a186" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:280.64px;">Reported net profit was 1.8<div style="display:inline-block;width:2.37px">&#160;</div>billion, with underlying PBT<div style="display:inline-block;width:2.37px">&#160;</div>of 2.6 billion and an<div style="display:inline-block;width:2.36px">&#160;</div>underlying return on CET1<div style="display:inline-block;width:2.43px">&#160;</div>capital </div><div id="a187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:297.92px;">of 9.6%.<div style="display:inline-block;width:3.64px">&#160;</div></div><div id="a189" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:332.64px;">Our commitment to<div style="display:inline-block;width:5.61px">&#160;</div>stay close to<div style="display:inline-block;width:5.83px">&#160;</div>clients supported healthy<div style="display:inline-block;width:5.61px">&#160;</div>revenue growth<div style="display:inline-block;width:5.38px">&#160;</div>in our<div style="display:inline-block;width:5.26px">&#160;</div>core businesses<div style="display:inline-block;width:5.36px">&#160;</div>and flows </div><div id="a190" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:349.92px;">across<div style="display:inline-block;width:5.41px">&#160;</div>our<div style="display:inline-block;width:5.25px">&#160;</div>asset gathering<div style="display:inline-block;width:6.37px">&#160;</div>franchises. 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All of this is subject to final regulatory approvals. </div><div id="a207" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:540.68px;">These critical milestones will facilitate<div style="display:inline-block;width:2.37px">&#160;</div>the migration of clients onto<div style="display:inline-block;width:2.41px">&#160;</div>UBS platforms beginning later this<div style="display:inline-block;width:2.35px">&#160;</div>year and </div><div id="a208" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:557.96px;">unlock the next phase<div style="display:inline-block;width:2.33px">&#160;</div>of the cost, capital,<div style="display:inline-block;width:2.45px">&#160;</div>funding and tax benefits<div style="display:inline-block;width:2.17px">&#160;</div>from the second half of<div style="display:inline-block;width:2.32px">&#160;</div>2024, and more so </div><div id="a209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:575.24px;">by the end of 2025 and into 2026.<div style="display:inline-block;width:6.77px">&#160;</div></div><div id="a212" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:609.98px;">Lastly, improvements in our CET1 capital ratio was supported by our optimization<div style="display:inline-block;width:2.32px">&#160;</div>of risk weighted assets. 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<div id="a249" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">3 </div><div id="a251" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Slide 5 &#8211; Continued franchise strength and client<div style="display:inline-block;width:2.57px">&#160;</div>momentum<div style="display:inline-block;width:3.41px">&#160;</div></div><div id="a256" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">While<div style="display:inline-block;width:5.26px">&#160;</div>we continue<div style="display:inline-block;width:6.31px">&#160;</div>to deliver<div style="display:inline-block;width:6.38px">&#160;</div>on<div style="display:inline-block;width:5.3px">&#160;</div>the integration,<div style="display:inline-block;width:6.25px">&#160;</div>helping our<div style="display:inline-block;width:6.32px">&#160;</div>clients manage,<div style="display:inline-block;width:6.12px">&#160;</div>grow<div style="display:inline-block;width:5.43px">&#160;</div>and<div style="display:inline-block;width:5.3px">&#160;</div>protect their<div style="display:inline-block;width:6.59px">&#160;</div>assets </div><div id="a257" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">remains our top priority.<div style="display:inline-block;width:8.54px">&#160;</div></div><div id="a259" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">We<div style="display:inline-block;width:6px">&#160;</div>maintained<div style="display:inline-block;width:5.51px">&#160;</div>our<div style="display:inline-block;width:5.73px">&#160;</div>momentum<div style="display:inline-block;width:5.43px">&#160;</div>with<div style="display:inline-block;width:5.72px">&#160;</div>clients<div style="display:inline-block;width:5.66px">&#160;</div>in<div style="display:inline-block;width:5.84px">&#160;</div>GWM.<div 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<div id="Page6" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a347" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">4 </div><div id="a349" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;letter-spacing:-0.15px;">In addition to having a strong<div style="display:inline-block;width:2.52px">&#160;</div>capital position, it is key to<div style="display:inline-block;width:2.36px">&#160;</div>maintain a sustainable business model centered<div style="display:inline-block;width:2.52px">&#160;</div>around </div><div id="a350" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">risk-adjusted<div style="display:inline-block;width:1.71px">&#160;</div>profitability<div style="display:inline-block;width:1.97px">&#160;</div>and a robust<div style="display:inline-block;width:1.94px">&#160;</div>risk management<div style="display:inline-block;width:1.07px">&#160;</div>framework.<div style="display:inline-block;width:2.07px">&#160;</div>All of these<div style="display:inline-block;width:1.69px">&#160;</div>are core principles<div style="display:inline-block;width:1.21px">&#160;</div>for UBS.<div style="display:inline-block;width:2.49px">&#160;</div></div><div id="a354" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;letter-spacing:-0.16px;">For over<div style="display:inline-block;width:5.37px">&#160;</div>ten years,<div style="display:inline-block;width:5.37px">&#160;</div>this approach<div style="display:inline-block;width:5.37px">&#160;</div>has served<div style="display:inline-block;width:5.37px">&#160;</div>our clients,<div style="display:inline-block;width:5.37px">&#160;</div>employees, investors and<div style="display:inline-block;width:5.94px">&#160;</div>the Swiss<div style="display:inline-block;width:5.37px">&#160;</div>economy well.<div style="display:inline-block;width:5.37px">&#160;</div>It is </div><div id="a355" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;letter-spacing:-0.16px;">what allowed<div style="display:inline-block;width:5.37px">&#160;</div>UBS to<div style="display:inline-block;width:5.37px">&#160;</div>respond to<div style="display:inline-block;width:5.37px">&#160;</div>the Swiss<div style="display:inline-block;width:5.37px">&#160;</div>government&#8217;s request<div style="display:inline-block;width:5.53px">&#160;</div>in March<div style="display:inline-block;width:5.37px">&#160;</div>2023 to<div style="display:inline-block;width:5.37px">&#160;</div>be part<div style="display:inline-block;width:5.37px">&#160;</div>of the<div style="display:inline-block;width:5.37px">&#160;</div>solutions to </div><div id="a356" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;letter-spacing:-0.16px;">stabilize the financial system.<div style="display:inline-block;width:3.17px">&#160;</div></div><div id="a358" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;letter-spacing:-0.16px;">While<div style="display:inline-block;width:6.24px">&#160;</div>some<div style="display:inline-block;width:6.24px">&#160;</div>modifications<div style="display:inline-block;width:6.24px">&#160;</div>to<div style="display:inline-block;width:6.24px">&#160;</div>the<div style="display:inline-block;width:6.24px">&#160;</div>regulatory<div style="display:inline-block;width:6.24px">&#160;</div>regime<div style="display:inline-block;width:6.4px">&#160;</div>may<div style="display:inline-block;width:6.24px">&#160;</div>be<div style="display:inline-block;width:6.24px">&#160;</div>necessary<div style="display:inline-block;width:6.33px">&#160;</div>-<div style="display:inline-block;width:6.24px">&#160;</div>and<div style="display:inline-block;width:6.24px">&#160;</div>we<div style="display:inline-block;width:6.24px">&#160;</div>have<div style="display:inline-block;width:6.24px">&#160;</div>endorsed<div style="display:inline-block;width:6.24px">&#160;</div>many<div style="display:inline-block;width:6.28px">&#160;</div>-<div style="display:inline-block;width:6.4px">&#160;</div>the </div><div id="a365" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">discussion around<div style="display:inline-block;width:2.46px">&#160;</div>capital should be based<div style="display:inline-block;width:2.5px">&#160;</div>on facts. 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style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">Council&#8217;s<div style="display:inline-block;width:2.18px">&#160;</div>report, and<div style="display:inline-block;width:2.08px">&#160;</div>do not have<div style="display:inline-block;width:1.92px">&#160;</div>clarity on<div style="display:inline-block;width:2.05px">&#160;</div>any proposed<div style="display:inline-block;width:2.06px">&#160;</div>changes<div style="display:inline-block;width:2.54px">&#160;</div>and how<div style="display:inline-block;width:2.45px">&#160;</div>they would<div style="display:inline-block;width:2.15px">&#160;</div>be implemented. </div><div id="a390" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:473.96px;">Nonetheless,<div style="display:inline-block;width:2.19px">&#160;</div>one point on which<div style="display:inline-block;width:1.96px">&#160;</div>we may offer some<div style="display:inline-block;width:2.41px">&#160;</div>clarification<div 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style="display:inline-block;width:2.28px">&#160;</div>the<div style="display:inline-block;width:2.52px">&#160;</div>regulatory </div><div id="a404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:595.24px;">filter historically<div style="display:inline-block;width:1.36px">&#160;</div>applied to Credit<div style="display:inline-block;width:2.36px">&#160;</div>Suisse. 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style="display:inline-block;width:6.36px">&#160;</div>a<div style="display:inline-block;width:5.44px">&#160;</div>significant </div><div id="a425" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;letter-spacing:-0.15px;">provider of credit to households and<div style="display:inline-block;width:2.52px">&#160;</div>businesses in Switzerland, we believe it<div style="display:inline-block;width:2.36px">&#160;</div>is also our responsibility to share<div style="display:inline-block;width:2.36px">&#160;</div>our </div><div id="a426" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:855.26px;letter-spacing:-0.16px;">perspectives with the wider public.<div style="display:inline-block;width:2.95px">&#160;</div></div><div id="a429" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:890.02px;">This is<div style="display:inline-block;width:2.56px">&#160;</div>an important<div style="display:inline-block;width:1.6px">&#160;</div>discussion<div style="display:inline-block;width:2.29px">&#160;</div>for the<div style="display:inline-block;width:2.52px">&#160;</div>country<div style="display:inline-block;width:2.47px">&#160;</div>and I remain<div style="display:inline-block;width:2.26px">&#160;</div>hopeful for<div style="display:inline-block;width:1.82px">&#160;</div>a proportionate<div style="display:inline-block;width:1.56px">&#160;</div>outcome. </div><div id="a431" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;letter-spacing:-0.16px;">In the meantime, in addition to executing on our integration plans, we will remain focused on what<div style="display:inline-block;width:5.25px">&#160;</div>we are able </div><div id="a432" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">to control &#8211;<div style="display:inline-block;width:2.53px">&#160;</div>serving our<div style="display:inline-block;width:2.45px">&#160;</div>clients, following<div style="display:inline-block;width:1.32px">&#160;</div>through on<div style="display:inline-block;width:2.55px">&#160;</div>our strategy, investing<div style="display:inline-block;width:1.9px">&#160;</div>in our people<div style="display:inline-block;width:2.25px">&#160;</div>and remaining<div style="display:inline-block;width:2.2px">&#160;</div>a pillar </div><div id="a436" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:959.3px;letter-spacing:-0.16px;">of economic support in the communities where<div style="display:inline-block;width:2.45px">&#160;</div>we live and work.<div style="display:inline-block;width:3.37px">&#160;</div></div><div id="a439" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:994.02px;">With that,<div style="display:inline-block;width:1.69px">&#160;</div>I hand over<div style="display:inline-block;width:1.83px">&#160;</div>to Todd. 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<div id="a444" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">5 </div><div id="a446" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:56.7px;">Todd<div style="display:inline-block;width:6.76px">&#160;</div>Tuckner </div><div id="a449" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:103.49px;">Slide 9 &#8211; Return to reported profitability of 1.8bn with<div style="display:inline-block;width:2.33px">&#160;</div>underlying PBT 2.6bn </div><div id="a454" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:138.24px;">Thank you Sergio, and good morning<div style="display:inline-block;width:2.49px">&#160;</div>everyone. </div><div id="a456" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:172.96px;">Before I<div style="display:inline-block;width:5.62px">&#160;</div>begin, I would<div style="display:inline-block;width:5.74px">&#160;</div>offer a<div style="display:inline-block;width:5.33px">&#160;</div>reminder that<div style="display:inline-block;width:5.32px">&#160;</div>the first quarter<div style="display:inline-block;width:5.82px">&#160;</div>financial report published<div style="display:inline-block;width:5.75px">&#160;</div>today includes select </div><div id="a457" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:190.24px;">inter-divisional changes<div style="display:inline-block;width:2.52px">&#160;</div>we signaled<div style="display:inline-block;width:1.91px">&#160;</div>last year. We shifted<div style="display:inline-block;width:1.61px">&#160;</div>the Swiss<div style="display:inline-block;width:2.05px">&#160;</div>high-net worth<div style="display:inline-block;width:1.93px">&#160;</div>segment from<div style="display:inline-block;width:2.17px">&#160;</div>P&amp;C to<div style="display:inline-block;width:2.07px">&#160;</div>GWM, </div><div id="a462" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:207.52px;">and<div style="display:inline-block;width:7.06px">&#160;</div>pushed-out<div style="display:inline-block;width:6.63px">&#160;</div>residual,<div style="display:inline-block;width:6.82px">&#160;</div>centrally-held<div style="display:inline-block;width:6.68px">&#160;</div>costs<div style="display:inline-block;width:6.91px">&#160;</div>and<div style="display:inline-block;width:6.9px">&#160;</div>financial<div style="display:inline-block;width:6.74px">&#160;</div>resources<div style="display:inline-block;width:7.22px">&#160;</div>to<div style="display:inline-block;width:7px">&#160;</div>our<div style="display:inline-block;width:6.69px">&#160;</div>business<div style="display:inline-block;width:6.86px">&#160;</div>divisions,<div style="display:inline-block;width:6.64px">&#160;</div>ultimately </div><div id="a467" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:224.96px;">increasing the equity we allocate to them. </div><div id="a469" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:259.52px;">These divisional shifts<div style="display:inline-block;width:2.24px">&#160;</div>support continued<div style="display:inline-block;width:2.45px">&#160;</div>resource discipline and<div style="display:inline-block;width:2.44px">&#160;</div>accountability. They also align with<div style="display:inline-block;width:2.19px">&#160;</div>interests of </div><div id="a470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:276.96px;">shareholders by<div style="display:inline-block;width:2.36px">&#160;</div>reflecting Group<div style="display:inline-block;width:2.42px">&#160;</div>performance as<div style="display:inline-block;width:1.95px">&#160;</div>a whole<div style="display:inline-block;width:2.19px">&#160;</div>through the<div style="display:inline-block;width:2.33px">&#160;</div>reporting lens<div style="display:inline-block;width:2.11px">&#160;</div>of the<div style="display:inline-block;width:2.41px">&#160;</div>respective individual </div><div id="a471" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:294.24px;">businesses. </div><div id="a473" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:328.96px;">In my<div 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style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:571.56px;">performance in Non-core and Legacy that reduced the<div style="display:inline-block;width:2.47px">&#160;</div>level of losses in select Credit Suisse legal entities.<div style="display:inline-block;width:6.39px">&#160;</div></div><div id="a499" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:606.28px;">We expect the effective tax rate<div style="display:inline-block;width:2.51px">&#160;</div>in the second quarter to return<div style="display:inline-block;width:2.25px">&#160;</div>to more elevated levels from higher forecasted </div><div id="a500" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:623.58px;">losses in these entities<div style="display:inline-block;width:2.33px">&#160;</div>before the first of the<div style="display:inline-block;width:2.38px">&#160;</div>planned mergers takes<div style="display:inline-block;width:2.42px">&#160;</div>place later 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style="display:inline-block;width:7.38px">&#160;</div>allocation </div><div id="a525" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:883.62px;">adjustments in<div style="display:inline-block;width:6.44px">&#160;</div>our<div style="display:inline-block;width:5.25px">&#160;</div>core<div style="display:inline-block;width:5.49px">&#160;</div>businesses.<div style="display:inline-block;width:10.27px">&#160;</div>Since<div style="display:inline-block;width:5.35px">&#160;</div>the Credit<div style="display:inline-block;width:6.74px">&#160;</div>Suisse<div style="display:inline-block;width:5.28px">&#160;</div>acquisition, these<div style="display:inline-block;width:6.33px">&#160;</div>adjustments total<div style="display:inline-block;width:6.35px">&#160;</div>3.1 billion, </div><div id="a526" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:901.06px;">excluding the effects in<div style="display:inline-block;width:5.49px">&#160;</div>NCL, and mainly relate<div style="display:inline-block;width:5.65px">&#160;</div>to loans that will<div style="display:inline-block;width:5.61px">&#160;</div>pull-to-par if held to<div style="display:inline-block;width:5.47px">&#160;</div>maturity.<div style="display:inline-block;width:9.74px">&#160;</div>We continue </div><div id="a532" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:918.34px;">to expect to report additional revenues of<div style="display:inline-block;width:5.34px">&#160;</div>around 7.4 billion through the end<div style="display:inline-block;width:5.29px">&#160;</div>of 2028 from these acquisition-</div><div id="a534" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:935.62px;">related effects, of which 0.6 billion is expected in the second quarter. </div></div>
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<div id="a539" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">6 </div><div id="a541" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Slide 11 &#8211; Executing on cost ambitions with operating<div style="display:inline-block;width:2.04px">&#160;</div>expenses down 5% QoQ </div><div id="a546" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Moving to slide 11. Operating expenses for the Group decreased by 5% quarter-on-quarter to 9.2 billion with </div><div id="a551" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">the largest reductions in Non-core and Legacy, Global Wealth Management, and the Investment Bank. </div><div id="a555" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">Personnel costs<div style="display:inline-block;width:2.53px">&#160;</div>excluding variable<div style="display:inline-block;width:2.27px">&#160;</div>and Financial<div style="display:inline-block;width:2.4px">&#160;</div>Advisor compensation<div style="display:inline-block;width:2.34px">&#160;</div>decreased by around<div style="display:inline-block;width:2.2px">&#160;</div>120 million,<div style="display:inline-block;width:2.54px">&#160;</div>or 3% </div><div id="a556" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">quarter-on-quarter.<div style="display:inline-block;width:9.21px">&#160;</div>Variable and FA<div style="display:inline-block;width:5.29px">&#160;</div>compensation expenses were up 11% sequentially on the<div style="display:inline-block;width:2.58px">&#160;</div>back of higher </div><div id="a561" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">revenues. Overall, personnel expenses increased by 2%. </div><div id="a564" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:213.92px;">There were<div style="display:inline-block;width:5.4px">&#160;</div>almost 2 thousand<div style="display:inline-block;width:5.37px">&#160;</div>fewer total staff<div style="display:inline-block;width:5.5px">&#160;</div>at the end<div style="display:inline-block;width:5.71px">&#160;</div>of the first<div style="display:inline-block;width:5.42px">&#160;</div>quarter when compared<div style="display:inline-block;width:5.61px">&#160;</div>to the end<div style="display:inline-block;width:5.4px">&#160;</div>of </div><div id="a565" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:231.2px;">the fourth quarter of 2023,<div style="display:inline-block;width:2.55px">&#160;</div>and over 19 thousand fewer<div style="display:inline-block;width:2.53px">&#160;</div>versus the end of 2022, down<div style="display:inline-block;width:2.58px">&#160;</div>12.5% over the past 5 </div><div id="a566" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248.48px;">quarters.<div style="display:inline-block;width:3.63px">&#160;</div></div><div id="a568" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:283.2px;">Non-personnel<div style="display:inline-block;width:6.79px">&#160;</div>expenses<div style="display:inline-block;width:6.81px">&#160;</div>were<div style="display:inline-block;width:7.17px">&#160;</div>down<div style="display:inline-block;width:7px">&#160;</div>0.6<div style="display:inline-block;width:6.99px">&#160;</div>billion<div style="display:inline-block;width:7.04px">&#160;</div>quarter-on-quarter,<div style="display:inline-block;width:7.84px">&#160;</div>driven<div style="display:inline-block;width:6.91px">&#160;</div>by<div style="display:inline-block;width:7.04px">&#160;</div>lower<div style="display:inline-block;width:7px">&#160;</div>real<div style="display:inline-block;width:7.32px">&#160;</div>estate<div style="display:inline-block;width:6.9px">&#160;</div>expenses </div><div id="a575" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:300.48px;">combined with a reduction in third party spend.<div style="display:inline-block;width:5.99px">&#160;</div>Additionally, the fourth quarter contained charges for the<div style="display:inline-block;width:2.51px">&#160;</div>UK </div><div id="a576" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:317.92px;">bank levy and the US FDIC special assessment<div style="display:inline-block;width:2.33px">&#160;</div>that were not present in our first quarter performance.<div style="display:inline-block;width:2.72px">&#160;</div></div><div id="a579" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">Integration-related expenses in<div 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style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:716.54px;">2026, or<div style="display:inline-block;width:2.57px">&#160;</div>a ratio of<div style="display:inline-block;width:2.04px">&#160;</div>about 1-to-1<div style="display:inline-block;width:2.38px">&#160;</div>between costs-to-achieve<div style="display:inline-block;width:2.06px">&#160;</div>and gross saves.<div style="display:inline-block;width:5.3px">&#160;</div>As these<div style="display:inline-block;width:2.42px">&#160;</div>integration charges<div style="display:inline-block;width:2.28px">&#160;</div>enable </div><div id="a632" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">and unlock future cost<div style="display:inline-block;width:5.53px">&#160;</div>reductions, we expect them<div style="display:inline-block;width:5.38px">&#160;</div>to outpace gross saves<div style="display:inline-block;width:5.37px">&#160;</div>through the rest<div 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style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">benchmark,<div style="display:inline-block;width:6.57px">&#160;</div>meaning<div style="display:inline-block;width:6.77px">&#160;</div>a<div style="display:inline-block;width:6.88px">&#160;</div>majority<div style="display:inline-block;width:6.72px">&#160;</div>of<div style="display:inline-block;width:6.84px">&#160;</div>the<div style="display:inline-block;width:6.84px">&#160;</div>gross<div style="display:inline-block;width:7.03px">&#160;</div>cost<div style="display:inline-block;width:7.02px">&#160;</div>saves<div style="display:inline-block;width:6.79px">&#160;</div>we&#8217;ve<div style="display:inline-block;width:6.73px">&#160;</div>realized<div style="display:inline-block;width:7.07px">&#160;</div>to<div style="display:inline-block;width:6.84px">&#160;</div>date<div style="display:inline-block;width:6.84px">&#160;</div>have<div style="display:inline-block;width:6.88px">&#160;</div>translated<div style="display:inline-block;width:6.63px">&#160;</div>into<div style="display:inline-block;width:6.76px">&#160;</div>net </div><div id="a640" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">reductions in our underlying opex.<div style="display:inline-block;width:3.16px">&#160;</div></div><div id="a642" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:872.58px;">Thus far,<div style="display:inline-block;width:5.99px">&#160;</div>most of these life-to-date net<div style="display:inline-block;width:5.45px">&#160;</div>saves benefit Non-core and<div style="display:inline-block;width:5.57px">&#160;</div>Legacy.<div style="display:inline-block;width:9.68px">&#160;</div>I highlighted in February<div style="display:inline-block;width:5.34px">&#160;</div>that we </div><div id="a649" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:890.02px;">expect around<div style="display:inline-block;width:5.87px">&#160;</div>half of<div style="display:inline-block;width:5.84px">&#160;</div>the Group&#8217;s<div style="display:inline-block;width:5.68px">&#160;</div>planned gross<div style="display:inline-block;width:5.78px">&#160;</div>cost saves,<div style="display:inline-block;width:5.6px">&#160;</div>and a<div style="display:inline-block;width:5.87px">&#160;</div>considerable majority<div style="display:inline-block;width:5.29px">&#160;</div>of net<div style="display:inline-block;width:5.77px">&#160;</div>saves, to<div style="display:inline-block;width:5.49px">&#160;</div>be </div><div id="a650" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:907.3px;">achieved from<div style="display:inline-block;width:5.56px">&#160;</div>running down NCL&#8217;s<div style="display:inline-block;width:5.94px">&#160;</div>book as<div style="display:inline-block;width:5.58px">&#160;</div>well as<div style="display:inline-block;width:5.4px">&#160;</div>eliminating expenses associated<div style="display:inline-block;width:5.72px">&#160;</div>with maintaining Credit </div><div id="a653" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;">Suisse&#8217;s many legal entities and branches.<div style="display:inline-block;width:7.69px">&#160;</div>We are seeing this dynamic reflected in our cost performance.<div style="display:inline-block;width:8.41px">&#160;</div>We </div><div id="a654" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">also expect NCL to benefit further from<div style="display:inline-block;width:5.3px">&#160;</div>the upcoming legal entity mergers and from<div style="display:inline-block;width:5.37px">&#160;</div>continued position exits, </div><div id="a656" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:959.3px;">working towards a 2026 opex exit rate of less than<div style="display:inline-block;width:2.48px">&#160;</div>1 billion.<div style="display:inline-block;width:7.47px">&#160;</div></div></div>
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<div id="a661" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">7 </div><div id="a663" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Finally, in our core businesses, we expect to realize a<div style="display:inline-block;width:2.36px">&#160;</div>significant portion of<div style="display:inline-block;width:2.49px">&#160;</div>integration cost synergies<div style="display:inline-block;width:2.48px">&#160;</div>beginning </div><div id="a664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">in 2025<div style="display:inline-block;width:5.65px">&#160;</div>when client<div style="display:inline-block;width:5.41px">&#160;</div>accounts and<div style="display:inline-block;width:5.31px">&#160;</div>positions are<div style="display:inline-block;width:5.63px">&#160;</div>moved to<div style="display:inline-block;width:5.29px">&#160;</div>UBS platforms<div style="display:inline-block;width:5.28px">&#160;</div>and applications, and<div style="display:inline-block;width:5.9px">&#160;</div>Credit Suisse </div><div id="a665" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">infrastructure is shut down.<div style="display:inline-block;width:7.08px">&#160;</div></div><div id="a668" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">Slide 13 &#8211; Global Wealth Management </div><div id="a673" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">Moving on<div style="display:inline-block;width:2.24px">&#160;</div>to the<div style="display:inline-block;width:2.25px">&#160;</div>quarterly performance<div style="display:inline-block;width:1.77px">&#160;</div>of our<div style="display:inline-block;width:2.26px">&#160;</div>business divisions<div style="display:inline-block;width:1.99px">&#160;</div>and starting<div style="display:inline-block;width:2.09px">&#160;</div>with Global<div style="display:inline-block;width:1.88px">&#160;</div>Wealth Management </div><div id="a674" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">on<div style="display:inline-block;width:5.94px">&#160;</div>slide<div style="display:inline-block;width:5.87px">&#160;</div>13.<div style="display:inline-block;width:11.79px">&#160;</div>In<div style="display:inline-block;width:6px">&#160;</div>the<div style="display:inline-block;width:5.88px">&#160;</div>quarter,<div style="display:inline-block;width:6.85px">&#160;</div>GWM&#8217;s<div style="display:inline-block;width:5.67px">&#160;</div>pre-tax<div style="display:inline-block;width:6.03px">&#160;</div>profit<div style="display:inline-block;width:5.96px">&#160;</div>doubled<div style="display:inline-block;width:5.88px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>1.3<div 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<div id="a758" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">8 </div><div id="a760" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Transaction-based<div style="display:inline-block;width:6.13px">&#160;</div>income increased<div style="display:inline-block;width:6.45px">&#160;</div>by<div style="display:inline-block;width:5.28px">&#160;</div>a<div style="display:inline-block;width:5.28px">&#160;</div>third<div style="display:inline-block;width:5.53px">&#160;</div>sequentially to<div style="display:inline-block;width:6.28px">&#160;</div>1.2 billion,<div style="display:inline-block;width:6.52px">&#160;</div>driven by<div style="display:inline-block;width:6.36px">&#160;</div>higher trading<div style="display:inline-block;width:6.38px">&#160;</div>volumes, </div><div id="a763" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">particularly in structured<div style="display:inline-block;width:5.97px">&#160;</div>products, partly<div style="display:inline-block;width:5.26px">&#160;</div>due to<div style="display:inline-block;width:5.35px">&#160;</div>the seasonal increase<div style="display:inline-block;width:5.99px">&#160;</div>in client<div style="display:inline-block;width:5.38px">&#160;</div>activity levels, with<div style="display:inline-block;width:5.78px">&#160;</div>significant </div><div id="a764" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">improvements across all regions.<div style="display:inline-block;width:7.43px">&#160;</div>Combined transaction revenues were also 9% higher year-over-year.<div style="display:inline-block;width:5.1px">&#160;</div></div><div id="a771" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">Our APAC franchise had a particularly impressive transaction<div style="display:inline-block;width:2.48px">&#160;</div>revenue quarter, doubling from 4Q with strength </div><div id="a772" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">demonstrated across all<div style="display:inline-block;width:2.33px">&#160;</div>product classes, despite<div style="display:inline-block;width:2.32px">&#160;</div>the economic uncertainties<div style="display:inline-block;width:1.75px">&#160;</div>weighing on sentiment<div style="display:inline-block;width:1.97px">&#160;</div>for most of </div><div id="a773" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">the first quarter.<div style="display:inline-block;width:8.5px">&#160;</div></div><div id="a775" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">We also<div style="display:inline-block;width:5.33px">&#160;</div>saw positive momentum in<div style="display:inline-block;width:5.57px">&#160;</div>the Americas, where<div style="display:inline-block;width:5.3px">&#160;</div>the introduction 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<div id="a880" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071.44px;">9 </div><div id="a882" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Slide 15 &#8211; Asset Management </div><div id="a887" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">As illustrated<div style="display:inline-block;width:5.43px">&#160;</div>on slide<div style="display:inline-block;width:5.34px">&#160;</div>15, underlying<div style="display:inline-block;width:5.29px">&#160;</div>PBT in<div style="display:inline-block;width:5.3px">&#160;</div>Asset Management<div style="display:inline-block;width:5.27px">&#160;</div>decreased by<div style="display:inline-block;width:5.38px">&#160;</div>2% quarter-on-quarter to<div style="display:inline-block;width:5.78px">&#160;</div>182 </div><div id="a893" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">million, as lower revenues 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<div id="a972" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">10 </div><div id="a974" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Slide 17 &#8211; Non-core and Legacy </div><div id="a981" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Moving to Slide 17. 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<div id="Page13" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1071" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">11 </div><div id="a1073" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">Our LCR at quarter end was 220%, reflecting<div style="display:inline-block;width:2.57px">&#160;</div>ample levels of liquidity to remain compliant<div style="display:inline-block;width:2.42px">&#160;</div>with the new Swiss </div><div id="a1074" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">liquidity ordinance that went live at the start of the year. </div><div id="a1077" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">We<div style="display:inline-block;width:5.85px">&#160;</div>remain<div style="display:inline-block;width:5.68px">&#160;</div>focused on<div style="display:inline-block;width:6.76px">&#160;</div>raising<div style="display:inline-block;width:5.51px">&#160;</div>stable<div style="display:inline-block;width:5.27px">&#160;</div>deposits<div style="display:inline-block;width:5.41px">&#160;</div>with<div style="display:inline-block;width:5.4px">&#160;</div>tenors,<div style="display:inline-block;width:5.25px">&#160;</div>products<div style="display:inline-block;width:5.59px">&#160;</div>and<div style="display:inline-block;width:5.46px">&#160;</div>counterparty selection<div style="display:inline-block;width:6.54px">&#160;</div>resulting<div style="display:inline-block;width:5.41px">&#160;</div>in </div><div id="a1078" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">higher liquidity value.<div style="display:inline-block;width:7.04px">&#160;</div>And, we continue to apply discipline on pricing. </div><div id="a1080" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">Strong<div style="display:inline-block;width:5.63px">&#160;</div>investor demand<div 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style="display:inline-block;width:6.68px">&#160;</div>funding<div style="display:inline-block;width:6.63px">&#160;</div>side<div style="display:inline-block;width:6.76px">&#160;</div>that<div style="display:inline-block;width:6.63px">&#160;</div>I<div style="display:inline-block;width:6.79px">&#160;</div>just </div><div id="a1121" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:508.52px;">described, improved<div style="display:inline-block;width:5.55px">&#160;</div>our loan<div style="display:inline-block;width:5.59px">&#160;</div>to deposit<div style="display:inline-block;width:5.66px">&#160;</div>ratio this<div style="display:inline-block;width:5.67px">&#160;</div>quarter and<div style="display:inline-block;width:5.42px">&#160;</div>narrowed the<div style="display:inline-block;width:5.76px">&#160;</div>funding gap<div style="display:inline-block;width:5.62px">&#160;</div>we inherited<div style="display:inline-block;width:5.53px">&#160;</div>from </div><div id="a1122" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">Credit<div style="display:inline-block;width:6.05px">&#160;</div>Suisse.<div style="display:inline-block;width:5.85px">&#160;</div>Importantly,<div style="display:inline-block;width:6.79px">&#160;</div>our<div style="display:inline-block;width:5.89px">&#160;</div>efforts<div style="display:inline-block;width:6.11px">&#160;</div>are<div style="display:inline-block;width:6.13px">&#160;</div>helping<div style="display:inline-block;width:6.17px">&#160;</div>us<div style="display:inline-block;width:5.73px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>offset<div style="display:inline-block;width:6.16px">&#160;</div>NII<div style="display:inline-block;width:6.11px">&#160;</div>headwinds,<div style="display:inline-block;width:5.53px">&#160;</div>and<div style="display:inline-block;width:5.94px">&#160;</div>are<div style="display:inline-block;width:6.13px">&#160;</div>contributing<div style="display:inline-block;width:5.8px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>the </div><div id="a1124" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">strength of our overall liquidity and funding profile. </div><div id="a1126" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:577.96px;">With that, let&#8217;s open for questions. </div></div>
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<div id="a1129" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">12 </div><div id="a1131" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:68px;top:56.7px;">Analyst Q&amp;A (CEO<div style="display:inline-block;width:3.66px">&#160;</div>and CFO) </div><div id="a1134" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:103.15px;">Alastair Ryan, Bank of America </div><div id="a1136" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:138.24px;">Yeah. Thank you. Good morning. A billion dollar beat in the quarter. I never did quite get the hang of </div><div id="a1137" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:155.52px;">forecasting lark. Just on that then -- so non-core, very strong performance<div style="display:inline-block;width:2.25px">&#160;</div>and appreciate the updated runoff </div><div id="a1143" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:172.96px;">profile you give us on slide 6. Is there any reason that you're just reverting to natural<div style="display:inline-block;width:2.49px">&#160;</div>runoff or can we expect </div><div id="a1145" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:190.24px;">continued sales if markets stay favorable because<div style="display:inline-block;width:2.36px">&#160;</div>clearly there's quite a meaningful driver of the<div style="display:inline-block;width:2.53px">&#160;</div>very </div><div id="a1146" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:207.52px;">favorable capital ratio and the interactions of all<div style="display:inline-block;width:2.5px">&#160;</div>of those. </div><div id="a1148" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:242.24px;">And then secondly, the project to improve the revenue to risk-weighted assets in wealth management, are </div><div id="a1151" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:259.52px;">presumably, you wouldn't represent the Q1 performances kind of the payoff of that project is? It's too early </div><div id="a1152" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:276.96px;">but just what's the profile of that project? How long is<div style="display:inline-block;width:2.48px">&#160;</div>that repricing sitting on the net new asset generation </div><div id="a1154" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:294.24px;">and has it started? Thank you. </div><div id="a1156" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:328.62px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1158" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:363.56px;">Alastair, before I pass to Todd,<div style="display:inline-block;width:5.93px">&#160;</div>I wanted to -- you were the first to ask the question<div style="display:inline-block;width:2.53px">&#160;</div>not by coincidence since I </div><div id="a1162" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:381px;">understand it's your last day at the office, so.<div style="display:inline-block;width:2.58px">&#160;</div></div><div id="a1164" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:415.22px;">Alastair Ryan, Bank of America </div><div id="a1166" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:450.28px;">Yes, yes. Thank you, Sergio. </div><div id="a1168" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:484.66px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:519.56px;">Well, enjoy -- enjoy your time off going forward. So, I'll pass it over to<div style="display:inline-block;width:2.47px">&#160;</div>Todd. Thank you. </div><div id="a1175" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:553.94px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1177" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:589px;">Hey, Alastair.<div style="display:inline-block;width:6.14px">&#160;</div>Thanks for the questions. So on NCL,<div style="display:inline-block;width:2.58px">&#160;</div>I mean first reverting to natural runoff. I mean, we've </div><div id="a1178" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:606.28px;">been consistent in just reflecting the natural runoff profile. What<div style="display:inline-block;width:2.54px">&#160;</div>I think the slide 6 really does indicate is, it </div><div id="a1180" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:623.58px;">really narrows that, that delta between where we started, you know, as you can see where we set<div style="display:inline-block;width:2.46px">&#160;</div>our </div><div id="a1181" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:641.02px;">ambition is to reduce to 5% and, you know, that the natural runoff profile has really come<div style="display:inline-block;width:2.52px">&#160;</div>in. </div><div id="a1184" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:675.58px;">You see that the delta between the natural runoff profile and where we, our ambition is narrowed. So that </div><div id="a1185" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:693.02px;">should, eliminate whatever uncertainty<div style="display:inline-block;width:2.56px">&#160;</div>was considered, but I do think that it's appropriate still to<div style="display:inline-block;width:2.48px">&#160;</div>reflect it </div><div id="a1186" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:710.3px;">that way in terms of, you know, whether we can do more of course we're going<div style="display:inline-block;width:2.41px">&#160;</div>to continue to do what we </div><div id="a1187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:727.58px;">can. </div><div id="a1189" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:762.3px;">We'll try to position -- we'll try to exit positions, at<div style="display:inline-block;width:2.52px">&#160;</div>or above their, their book values wherever possible. But, </div><div id="a1193" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:779.58px;">you know, it's appropriate to continue to stick with our guidance on NCL,<div style="display:inline-block;width:2.5px">&#160;</div>in terms of, you know, our </div><div id="a1194" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:797.02px;">approach, and in terms of our expectations around revenues. </div><div id="a1197" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:831.58px;">On GWM in terms of revenue over the RWA, I mentioned that we're starting<div style="display:inline-block;width:2.5px">&#160;</div>to see progress, which of course </div><div id="a1198" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:849.02px;">does suggest you asked, has it started and it has.<div style="display:inline-block;width:2.42px">&#160;</div>In fact, it started at the end of last year and<div style="display:inline-block;width:2.55px">&#160;</div>the business is </div><div id="a1199" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:866.34px;">quite active in it. </div><div id="a1201" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:901.06px;">And, and so, we would expect that we're going to<div style="display:inline-block;width:2.57px">&#160;</div>continue to make progress on driving up RWA efficiency </div><div id="a1202" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:918.34px;">with respect to revenues in that respect over the course of the<div style="display:inline-block;width:2.49px">&#160;</div>next couple of years. You asked how long that </div><div id="a1203" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:935.62px;">will impact. How long will it go? How long will<div style="display:inline-block;width:2.37px">&#160;</div>it impact net new assets? We said, it's going to<div style="display:inline-block;width:2.48px">&#160;</div>take the better </div><div id="a1206" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:953.06px;">part of two years which is why we guided net<div style="display:inline-block;width:2.51px">&#160;</div>new assets of around 200 billion over that two-year<div style="display:inline-block;width:2.56px">&#160;</div>timeframe. </div><div id="a1209" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:970.34px;">And we think that's the appropriate guidance still. </div></div>
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<div id="a1214" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">13 </div><div id="a1216" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:57.55px;">Alastair Ryan, Bank of America </div><div id="a1218" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Okay. Thank you. And Sergio, thank you. </div><div id="a1220" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:126.86px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1222" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">Sure. Pleasure. </div><div id="a1224" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:196.14px;">Chris Hallam, Goldman Sachs </div><div id="a1226" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:231.2px;">Yeah. So two for me, by the end of the year, I guess, you'll be effectively halfway through the integration </div><div id="a1228" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248.48px;">process in terms of gross savings. So as you get through that process, are you starting<div style="display:inline-block;width:2.43px">&#160;</div>to get a better picture </div><div id="a1229" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.92px;">of what you could expect for the net savings<div style="display:inline-block;width:2.51px">&#160;</div>figure in relation to the 13 billion? Todd, I think you mentioned </div><div id="a1231" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:283.2px;">the majority earlier. And does that change at all the phasing of the multi-year return<div style="display:inline-block;width:2.23px">&#160;</div>on core tier 1 path you </div><div id="a1234" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:300.48px;">laid out the full year? </div><div id="a1236" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:335.2px;">And then second question. Sergio, you referenced earlier that<div style="display:inline-block;width:2.42px">&#160;</div>insufficient capital didn't cause the collapse of </div><div id="a1237" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">CS and I guess, in the final instance, what<div style="display:inline-block;width:2.43px">&#160;</div>we really saw was a crisis in client confidence that<div style="display:inline-block;width:2.58px">&#160;</div>drove that </div><div id="a1238" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:369.96px;">liquidity shortfall. So when we talk about<div style="display:inline-block;width:2.56px">&#160;</div>capital distribution, it's sort of automatic to<div style="display:inline-block;width:2.51px">&#160;</div>assume that higher or </div><div id="a1241" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:387.24px;">earlier capital distribution, results in lower capital<div style="display:inline-block;width:2.57px">&#160;</div>ratios, which in turn, reduces resilience. </div><div id="a1243" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">But when you talk to clients, how important is<div style="display:inline-block;width:2.56px">&#160;</div>that distribution ambition as an indicator<div style="display:inline-block;width:2.46px">&#160;</div>and driver of </div><div id="a1244" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">confidence in the business i.e,. like could you<div style="display:inline-block;width:2.54px">&#160;</div>argue that ultimately aligning your distribution<div style="display:inline-block;width:2.28px">&#160;</div>strategy more </div><div id="a1245" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">closely with the distribution policies we see<div style="display:inline-block;width:2.52px">&#160;</div>elsewhere in European financials, actually increases client </div><div id="a1248" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:473.96px;">confidence in the business and improves resilience. There's a<div style="display:inline-block;width:2.52px">&#160;</div>big perception difference basically between the </div><div id="a1249" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:491.24px;">firm that&#8217;s buying back stock versus a firm<div style="display:inline-block;width:2.55px">&#160;</div>that&#8217;s issuing stock? </div><div id="a1251" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:525.62px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1253" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">Yeah. Hey Chris, I&#8217;ll take the first so on, on whether the opex progress that we saw, sort of informs a better </div><div id="a1254" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:577.96px;">view on the net that we&#8217;ll get to. Look, you<div style="display:inline-block;width:2.51px">&#160;</div>know I think we're quite pleased with that 1Q operating<div style="display:inline-block;width:2.25px">&#160;</div>expense </div><div id="a1255" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:595.24px;">performance. </div><div id="a1257" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">We did highlight that we expect gross saves to be halfway<div style="display:inline-block;width:2.47px">&#160;</div>to our 13 billion ambitions at the end of<div style="display:inline-block;width:2.5px">&#160;</div>the year </div><div id="a1258" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">which is a bit better than we highlighted in February<div style="display:inline-block;width:2.12px">&#160;</div>in large part because of the 1Q performance<div style="display:inline-block;width:2.52px">&#160;</div>that we </div><div id="a1259" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.54px;">saw. But look, we still -- our ambition is a cost-to-income ratio of less than<div style="display:inline-block;width:2.32px">&#160;</div>70% at the end of 2026. That's </div><div id="a1268" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:681.98px;">what we're really focused on to manage to and so how<div style="display:inline-block;width:2.39px">&#160;</div>we pace any investments, which we'll continue<div style="display:inline-block;width:2.54px">&#160;</div>to </div><div id="a1269" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:699.26px;">make in, for example, the resilience of our infrastructure,<div style="display:inline-block;width:2.5px">&#160;</div>the organic growth in our core businesses, how we </div><div id="a1272" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:716.54px;">pace that will be a function of the revenue environment.<div style="display:inline-block;width:2.41px">&#160;</div>So it is still -- it is still way too early to change<div style="display:inline-block;width:2.57px">&#160;</div>that </div><div id="a1276" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">perspective. But of course, we are pleased with the<div style="display:inline-block;width:2.53px">&#160;</div>opex performance we saw in 1Q. </div><div id="a1278" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:768.54px;">As to how that impacts on the return on CET1<div style="display:inline-block;width:2.41px">&#160;</div>path that you mentioned, I would say that<div style="display:inline-block;width:2.49px">&#160;</div>coupled with the </div><div id="a1279" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">updated NCL full-year PBT guidance I gave, would<div style="display:inline-block;width:2.46px">&#160;</div>have roughly 100 to - slightly above basis point<div style="display:inline-block;width:2.5px">&#160;</div>impact on </div><div id="a1285" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:803.26px;">the return on CET1, but I would still say mid single-digits<div style="display:inline-block;width:2.08px">&#160;</div>is the right way to think about the full year<div style="display:inline-block;width:2.45px">&#160;</div>ROCET1, </div><div id="a1289" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">even with the 1Q performance that we produced. </div><div id="a1291" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:854.93px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1293" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:890.02px;">Yes, Chris, first of all, of course, you know, having a strong capital position and a balance sheet for all </div><div id="a1294" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:907.3px;">seasons, as we call it, having a strict risk<div style="display:inline-block;width:2.54px">&#160;</div>management approach and policies and being very<div style="display:inline-block;width:2.5px">&#160;</div>disciplined in a </div><div id="a1295" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;">way we consume and manage all our resources is the pillar number<div style="display:inline-block;width:2.32px">&#160;</div>one of our strategy. And I think it's </div><div id="a1297" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">almost a prerequisite to create the trust that clients need to have<div style="display:inline-block;width:2.53px">&#160;</div>in any bank or any organization. </div></div>
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<div id="a1302" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">14 </div><div id="a1304" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">So in that sense, I would only add that another<div style="display:inline-block;width:2.3px">&#160;</div>very important indicator, which sometimes is in conflict with </div><div id="a1305" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">clients is your funding cost. Of course, our<div style="display:inline-block;width:2.5px">&#160;</div>clients would like to have always a higher<div style="display:inline-block;width:2.57px">&#160;</div>returns on the deposits </div><div id="a1306" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">and the investment they place with us. But on the<div style="display:inline-block;width:2.49px">&#160;</div>other hand, when they see our<div style="display:inline-block;width:2.55px">&#160;</div>funding cost being as </div><div id="a1309" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">competitive as we have now, they have the ultimate confirmation of<div style="display:inline-block;width:2.56px">&#160;</div>the strength and the solidity of our </div><div id="a1310" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">franchise. </div><div id="a1312" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">So ultimately, at the end of the day,<div style="display:inline-block;width:5.39px">&#160;</div>it's always a trade-off between different dynamics by, I would say, </div><div id="a1315" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">emotional and psychological dynamics. But I can<div style="display:inline-block;width:2.37px">&#160;</div>only tell you that, of course, last but<div style="display:inline-block;width:2.49px">&#160;</div>not least, having a full </div><div id="a1316" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">alignment of client trust and satisfaction,<div style="display:inline-block;width:2.58px">&#160;</div>having shareholders being happy, and having your employees being </div><div id="a1318" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:213.92px;">happy is the ultimate way to create sustainable value<div style="display:inline-block;width:2.31px">&#160;</div>and trust in any bank. And this is our philosophy. </div><div id="a1320" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248.48px;">So of course, having an ability to compete in<div style="display:inline-block;width:2.51px">&#160;</div>terms of growth and our global ambitions, but<div style="display:inline-block;width:2.52px">&#160;</div>at the same time, </div><div id="a1321" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.92px;">being able to deliver attractive returns to shareholders,<div style="display:inline-block;width:2.38px">&#160;</div>it's very important to influence the three stakeholders<div style="display:inline-block;width:2.25px">&#160;</div>I </div><div id="a1322" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:283.2px;">mentioned. </div><div id="a1324" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:317.58px;">Chris Hallam, Goldman Sachs </div><div id="a1326" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">Right. Thank you. </div><div id="a1328" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:386.9px;">Kian Abouhossein, JP Morgan </div><div id="a1330" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">Yes. Thank you for taking my question. I have a lot of detailed questions, but<div style="display:inline-block;width:2.55px">&#160;</div>I wanted to ask two questions </div><div id="a1331" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">actually to Sergio, if I may. The first one is Sergio, your first comment on the call today<div style="display:inline-block;width:2.31px">&#160;</div>were, we were asked </div><div id="a1332" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">to do a critical role in Switzerland. And -- the key here<div style="display:inline-block;width:2.58px">&#160;</div>is you were asked to buy a distressed asset, a G-SIB </div><div id="a1339" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:473.96px;">asset and when you buy something, which you<div style="display:inline-block;width:2.47px">&#160;</div>are asked to buy, you clearly are in control of the process. </div><div id="a1340" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:491.24px;">And I would assume just like you do in an<div style="display:inline-block;width:2.54px">&#160;</div>M&amp;A transaction, you know that better<div style="display:inline-block;width:2.56px">&#160;</div>than me, you have a MAC </div><div id="a1342" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:508.52px;">clause and in this instance, I would assume<div style="display:inline-block;width:2.57px">&#160;</div>after all the financial crisis issues that<div style="display:inline-block;width:2.47px">&#160;</div>we had in 2012-2013 with </div><div id="a1345" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">mergers by regulators, there would have been an agreement<div style="display:inline-block;width:2.58px">&#160;</div>that there's not over-regulation for UBS post the </div><div id="a1348" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">NewCo transaction. And I wanted to see if there's<div style="display:inline-block;width:2.56px">&#160;</div>anything like this. </div><div id="a1351" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:577.96px;">The second question I<div style="display:inline-block;width:5.79px">&#160;</div>have is Sergio you<div style="display:inline-block;width:5.63px">&#160;</div>also comment that the<div style="display:inline-block;width:5.64px">&#160;</div>assessment of capital will<div style="display:inline-block;width:5.66px">&#160;</div>be based on<div style="display:inline-block;width:5.3px">&#160;</div>what </div><div id="a1352" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:595.24px;">the final outcome is once we better know the outcome of these regulations. And one option is also to look at </div><div id="a1353" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:612.54px;">your legal entities and maybe<div style="display:inline-block;width:2.21px">&#160;</div>close some of the legal<div style="display:inline-block;width:2.37px">&#160;</div>entities or exit, and clearly<div style="display:inline-block;width:2.29px">&#160;</div>a lot of capital is tied<div style="display:inline-block;width:2.35px">&#160;</div>up in the </div><div id="a1356" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">US. They make lower<div style="display:inline-block;width:2.55px">&#160;</div>returns if I look at<div style="display:inline-block;width:2.24px">&#160;</div>US wealth ex-LatAm as well<div style="display:inline-block;width:2.26px">&#160;</div>as the US IB,<div style="display:inline-block;width:2.48px">&#160;</div>I assume its lower returns.<div style="display:inline-block;width:2.09px">&#160;</div>So </div><div id="a1359" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">one option would be<div style="display:inline-block;width:5.82px">&#160;</div>a restructuring or<div style="display:inline-block;width:5.33px">&#160;</div>exiting of markets to<div style="display:inline-block;width:5.54px">&#160;</div>rather than reducing<div style="display:inline-block;width:5.53px">&#160;</div>capital return. I<div style="display:inline-block;width:5.26px">&#160;</div>wanted to </div><div id="a1361" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.54px;">see if that is also an alternative. Thank<div style="display:inline-block;width:2.37px">&#160;</div>you. </div><div id="a1363" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:698.93px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1365" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">Thank you. Yeah, very good question. Yeah, I think that -- let me put it that way that some of the conditions </div><div id="a1369" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:751.26px;">that were discussed and agreed at over that weekend<div style="display:inline-block;width:2.49px">&#160;</div>that were clearly, defined and communicated for </div><div id="a1370" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:768.54px;">example, the one in respect of the antitrust and the competitive<div style="display:inline-block;width:2.27px">&#160;</div>nature in our local markets that has been </div><div id="a1372" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">very well defined and agreed. Others, I would say, were also discussed and agreed. </div><div id="a1374" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">Let me put it that way. I'm not so sure we can talk about a MAC clause but as I mentioned<div style="display:inline-block;width:2.32px">&#160;</div>in my opening </div><div id="a1375" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">remarks, we are delivering on our commitments. So I<div style="display:inline-block;width:2.58px">&#160;</div>probably stop here. </div><div id="a1377" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:872.58px;">And in respect of the amount of capital and I think<div style="display:inline-block;width:2.47px">&#160;</div>it's clearly too early to speculate or<div style="display:inline-block;width:2.5px">&#160;</div>respond to </div><div id="a1378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:890.02px;">speculations around the capital. I just want to underline<div style="display:inline-block;width:2.3px">&#160;</div>that when we talk about our parent company, you </div><div id="a1379" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:907.3px;">know, UBS had already up for -- one of the best in class capitalization, the quality<div style="display:inline-block;width:2.39px">&#160;</div>of our capital in the parent </div><div id="a1384" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;">company was very strong. What I mentioned that is already<div style="display:inline-block;width:2.51px">&#160;</div>embedded in our plan. We are absorbing USD 9 </div><div id="a1385" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">billion of concession granted to Credit Suisse. We are absorbing the<div style="display:inline-block;width:2.52px">&#160;</div>progressive buffers that will come in as a </div><div id="a1387" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:959.3px;">consequence of market share and size. And we believe<div style="display:inline-block;width:2.23px">&#160;</div>this is feasible and is part of the plan. </div></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:57.89px;">So, before we speculate about what we would<div style="display:inline-block;width:2.56px">&#160;</div>do to respond to any other changes in regulatory </div><div id="a1395" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">requirements, we need to understand what they are, because, believe<div style="display:inline-block;width:2.37px">&#160;</div>me, we have not been consulted.<div style="display:inline-block;width:2.58px">&#160;</div>We </div><div id="a1396" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">don't know what they are. And so, we need to<div style="display:inline-block;width:2.58px">&#160;</div>have the full picture before we respond to this kind of </div><div id="a1398" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">situations. </div><div id="a1400" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">But let me just say<div style="display:inline-block;width:2.48px">&#160;</div>that having a global<div style="display:inline-block;width:2.36px">&#160;</div>franchise, being competitive<div style="display:inline-block;width:2.39px">&#160;</div>globally, is what makes us a very attractive </div><div id="a1401" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">bank to our clients. Shrinking<div style="display:inline-block;width:2.18px">&#160;</div>back to greatness is not<div style="display:inline-block;width:2.49px">&#160;</div>a strategy and is not what<div style="display:inline-block;width:2.25px">&#160;</div>will serve, not only our<div style="display:inline-block;width:2.43px">&#160;</div>clients </div><div id="a1402" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">and our shareholders well,<div style="display:inline-block;width:5.27px">&#160;</div>but I'm also convinced<div style="display:inline-block;width:5.43px">&#160;</div>is not going to<div style="display:inline-block;width:5.46px">&#160;</div>serve well, Switzerland and<div style="display:inline-block;width:5.29px">&#160;</div>its ambitions to </div><div id="a1404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">be one of the leading financial center in the<div style="display:inline-block;width:2.39px">&#160;</div>world. That's pretty clear to me. </div><div id="a1406" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:230.86px;">Kian Abouhossein, JP Morgan </div><div id="a1408" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.92px;">Thank you. </div><div id="a1410" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:300.14px;">Giulia Aurora Miotto, Morgan Stanley </div><div id="a1412" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:335.2px;">Yeah. Hi. Good morning. So two questions from me as well. The first one just going<div style="display:inline-block;width:2.42px">&#160;</div>back on the capital </div><div id="a1414" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">proposal again. And you said, you were not consulted on<div style="display:inline-block;width:2.56px">&#160;</div>this document and you need to see what the<div style="display:inline-block;width:2.53px">&#160;</div>final </div><div id="a1415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:369.96px;">proposal looks like. So looking forward, what are the next steps? Do<div style="display:inline-block;width:2.45px">&#160;</div>we need to wait until June or are you </div><div id="a1416" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:387.24px;">now part of the discussion, do we expect to have<div style="display:inline-block;width:2.56px">&#160;</div>more clarity throughout the year? That's the first question. </div><div id="a1419" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">And then<div style="display:inline-block;width:5.57px">&#160;</div>the second<div style="display:inline-block;width:5.47px">&#160;</div>question more<div style="display:inline-block;width:5.56px">&#160;</div>related to<div style="display:inline-block;width:5.57px">&#160;</div>the quarter,<div style="display:inline-block;width:6.74px">&#160;</div>there was<div style="display:inline-block;width:5.74px">&#160;</div>some performance in<div style="display:inline-block;width:5.92px">&#160;</div>transaction fees </div><div id="a1420" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">better than I expected<div style="display:inline-block;width:2.52px">&#160;</div>in wealth. I'm wondering,<div style="display:inline-block;width:2.35px">&#160;</div>is this just a transitory<div style="display:inline-block;width:2.14px">&#160;</div>Q1 thing or is this<div style="display:inline-block;width:2.55px">&#160;</div>continuing and what </div><div id="a1421" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">should we expect there? Thank you. </div><div id="a1423" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:490.9px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1425" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">I pick up the first one, and then I'll pass it to<div style="display:inline-block;width:2.57px">&#160;</div>Todd<div style="display:inline-block;width:5.27px">&#160;</div>for the second. I mean, the reason - we are not yet clear if </div><div id="a1429" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">we're going to be formally part of any consultation<div style="display:inline-block;width:2.52px">&#160;</div>or any discussions, of course, as I mentioned<div style="display:inline-block;width:2.29px">&#160;</div>in my </div><div id="a1430" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">remarks, we will make sure that our considerations are heard by the regulatory bodies<div style="display:inline-block;width:2.43px">&#160;</div>and policymakers and </div><div id="a1432" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:577.96px;">so that we can contribute to fact-based discussions.<div style="display:inline-block;width:2.09px">&#160;</div></div><div id="a1436" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:612.54px;">And of course, we also<div style="display:inline-block;width:5.64px">&#160;</div>hope that the report<div style="display:inline-block;width:5.25px">&#160;</div>of the investigating commission of the parliaments<div style="display:inline-block;width:5.4px">&#160;</div>will highlight </div><div id="a1437" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">some of the<div style="display:inline-block;width:2.1px">&#160;</div>reasons why Credit<div style="display:inline-block;width:2.46px">&#160;</div>Suisse failed,<div style="display:inline-block;width:2.52px">&#160;</div>and that should<div style="display:inline-block;width:1.94px">&#160;</div>be a crucial<div style="display:inline-block;width:2.19px">&#160;</div>element in<div style="display:inline-block;width:2.55px">&#160;</div>contributing to<div style="display:inline-block;width:2.49px">&#160;</div>fact-based </div><div id="a1440" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">discussions on<div style="display:inline-block;width:5.4px">&#160;</div>future regulations.<div style="display:inline-block;width:5.79px">&#160;</div>So, June,<div style="display:inline-block;width:5.52px">&#160;</div>as you<div style="display:inline-block;width:5.66px">&#160;</div>mentioned, June, June<div style="display:inline-block;width:5.9px">&#160;</div>is not<div style="display:inline-block;width:5.53px">&#160;</div>a credible<div style="display:inline-block;width:5.89px">&#160;</div>date because<div style="display:inline-block;width:5.46px">&#160;</div>the </div><div id="a1442" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.54px;">commission is not expected to report before the end of<div style="display:inline-block;width:2.54px">&#160;</div>the year. I also think that.. </div><div id="a1444" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:698.93px;">Giulia Miotto, Morgan Stanley </div><div id="a1446" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">June 2025 I meant, sorry. </div><div id="a1448" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:768.21px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1450" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:803.26px;">That one is, I don't know about June 2025. I<div style="display:inline-block;width:5.45px">&#160;</div>think that it's very unlikely that we're going to<div style="display:inline-block;width:5.25px">&#160;</div>have more clarity </div><div id="a1451" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">about this matter in terms of what it means before year end or the early -- or even the early part of next year. </div><div id="a1455" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">So in the meantime, we have to accept some<div style="display:inline-block;width:2.36px">&#160;</div>level of uncertainty around this topic. </div><div id="a1459" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:872.25px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1461" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:907.3px;">Yeah, hi Giulia, on the second question about TRX in GWM. So yeah, very strong<div style="display:inline-block;width:2.55px">&#160;</div>1Q. In terms of how we -- </div><div id="a1464" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;">how one should think about it, overall in going<div style="display:inline-block;width:2.44px">&#160;</div>forward, I'd say a few things. I mean, naturally, the </div><div id="a1465" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">environment needs to be conducive to strong transactional flows<div style="display:inline-block;width:2.48px">&#160;</div>&#8211; and 1Q was, but I would really highlight </div><div id="a1470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:959.3px;">that it wasn&#8217;t so much just beta. </div></div>
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<div id="Page18" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a1475" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">16 </div><div id="a1477" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:57.89px;">But actually, it&#8217;s an environment where you started to see risks come on, you saw some uncertainty, and it&#8217;s </div><div id="a1478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:75.17px;">an environment that plays to our strengths, where we were able to advise<div style="display:inline-block;width:2.54px">&#160;</div>in particular, across our regions in </div><div id="a1479" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">more complex, structured products where we saw significant volume up, so<div style="display:inline-block;width:2.54px">&#160;</div>really played to our strengths and </div><div id="a1481" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">then also, I think structurally reflects a couple of things<div style="display:inline-block;width:2.23px">&#160;</div>in addition that I would say it gives us confidence<div style="display:inline-block;width:2.32px">&#160;</div>as </div><div id="a1482" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">we look out forward. </div><div id="a1484" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">One is that the align product shelf, so across Credit Suisse and UBS<div style="display:inline-block;width:2.58px">&#160;</div>coming together, and the way we've </div><div id="a1485" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">approached clients from that sense. And on the US side, as<div style="display:inline-block;width:2.53px">&#160;</div>I highlighted, just really borrowing from the </div><div id="a1486" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">playbook outside the US, inside the US to really approach clients<div style="display:inline-block;width:2.29px">&#160;</div>more jointly with the investment bank is also </div><div id="a1487" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:213.92px;">paying off. </div><div id="a1489" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248.48px;">So we see there<div style="display:inline-block;width:2.41px">&#160;</div>are some structural things<div style="display:inline-block;width:2.33px">&#160;</div>that bode well as<div style="display:inline-block;width:2.32px">&#160;</div>we look out. Of<div style="display:inline-block;width:2.28px">&#160;</div>course, the environment needs<div style="display:inline-block;width:1.86px">&#160;</div>to </div><div id="a1490" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.92px;">be conducive, but also in an environment like the<div style="display:inline-block;width:5.33px">&#160;</div>current one is one that plays to our<div style="display:inline-block;width:5.32px">&#160;</div>strengths as mentioned </div><div id="a1492" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:283.2px;">and really allows us to drive transactional flows higher. </div><div id="a1494" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:317.58px;">Giulia Miotto, Morgan Stanley </div><div id="a1496" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">Thanks. </div><div id="a1498" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:386.9px;">Jeremy Sigee, BNP Paribas Exane </div><div id="a1500" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">Thank you. Good morning. Two questions, please. One is, you talked about the<div style="display:inline-block;width:2.52px">&#160;</div>Investment Bank and the core </div><div id="a1501" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">businesses that you've retained from Credit Suisse and the<div style="display:inline-block;width:2.56px">&#160;</div>people you've brought over. I just wanted to &#8211; are </div><div id="a1505" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">they now fully productive in revenue terms? Or is there some lag still<div style="display:inline-block;width:2.47px">&#160;</div>to come through, as those people ramp </div><div id="a1507" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:473.96px;">up? Are they up to speed already at this point? </div><div id="a1509" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:508.52px;">And then my second question is sort of, again,<div style="display:inline-block;width:2.42px">&#160;</div>on the capital theme. I saw in the report, you<div style="display:inline-block;width:2.53px">&#160;</div>reiterate your </div><div id="a1510" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">intention to do the 1 billion of buybacks in the<div style="display:inline-block;width:2.55px">&#160;</div>second half of this year. I guess, that's a small enough amount </div><div id="a1511" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">that you can do it pretty much regardless of the new capital proposals. But<div style="display:inline-block;width:2.56px">&#160;</div>I just wanted to hear your </div><div id="a1513" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">thoughts on that. </div><div id="a1515" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:594.9px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1517" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">Well, let me take the first question is very &#8211; you know, of course everybody<div style="display:inline-block;width:2.52px">&#160;</div>is now up and running and </div><div id="a1521" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">productive. And &#8211; but when you look at Banking, as<div style="display:inline-block;width:2.51px">&#160;</div>you know, what does it mean being productive?<div style="display:inline-block;width:7.24px">&#160;</div>It does, </div><div id="a1525" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.54px;">you know, there is a phase of going out and pitching and winning mandates<div style="display:inline-block;width:2.56px">&#160;</div>and then it takes time until they </div><div id="a1527" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:681.98px;">get executed. So, in a sense if you are asking me<div style="display:inline-block;width:2.51px">&#160;</div>if they are productive in pitching and being engaged with </div><div id="a1528" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:699.26px;">clients, they are. Everybody is full speed. The momentum<div style="display:inline-block;width:2.21px">&#160;</div>in winning mandates is great. You could see it in the </div><div id="a1531" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:716.54px;">fourth quarter. In the first quarter,<div style="display:inline-block;width:5.48px">&#160;</div>we have executed many of them. And<div style="display:inline-block;width:2.47px">&#160;</div>we are very comfortable that the </div><div id="a1532" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">investments and the trajectory of growth that we<div style="display:inline-block;width:2.47px">&#160;</div>see going forward, if market conditions stay there to allow </div><div id="a1533" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:751.26px;">the execution of those mandates, are very promising. </div><div id="a1537" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">In respect of the billion, so I think that you know, at this stage, the only<div style="display:inline-block;width:2.5px">&#160;</div>constraints we have right now is the </div><div id="a1538" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:803.26px;">waiting until the parent bank merger is executed. We expect<div style="display:inline-block;width:2.51px">&#160;</div>this to be in at the end of May and if<div style="display:inline-block;width:2.57px">&#160;</div>everything </div><div id="a1539" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">goes through successfully, pending the regulatory approvals that we need, we intend to restart the share </div><div id="a1541" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">buybacks with up to a billion dollars for 2024. </div><div id="a1543" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:872.25px;">Jeremy Sigee, BNP Paribas Exane </div><div id="a1545" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:907.3px;">Very helpful, thank you. </div></div>
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<div id="a1550" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">17 </div><div id="a1552" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:57.55px;">Andrew Coombs, Citigroup </div><div id="a1554" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Good morning. Two questions please, basic follow ups. Firstly on the Non-core result, obviously<div style="display:inline-block;width:2.55px">&#160;</div>a tremendous </div><div id="a1558" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">result both in terms of the RWA run-down but also the gains that you've<div style="display:inline-block;width:2.4px">&#160;</div>booked during the quarter. Thank </div><div id="a1561" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">you for the revised guidance for the full year. I just wanted to better understand the source of those<div style="display:inline-block;width:2.51px">&#160;</div>gains in </div><div id="a1563" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">Q1, I think you said conduit and corporate<div style="display:inline-block;width:2.49px">&#160;</div>loan books and longevity portfolio. You then don't expect that to </div><div id="a1564" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">repeat going forward. Is that because the low hanging<div style="display:inline-block;width:2.57px">&#160;</div>fruit has already been achieved or because you're now </div><div id="a1565" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">selling a different type of asset, or anything you can elaborate<div style="display:inline-block;width:2.55px">&#160;</div>there will be helpful. </div><div id="a1569" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:213.92px;">And then the second question, thank you for<div style="display:inline-block;width:2.52px">&#160;</div>the opening remarks, Sergio. On the parent bank capital,<div style="display:inline-block;width:2.29px">&#160;</div>I just </div><div id="a1570" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:231.2px;">wanted to check, the 9 billon you referenced, is that in relation to a<div style="display:inline-block;width:2.55px">&#160;</div>400% risk-weight on foreign subsidiaries, </div><div id="a1573" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248.48px;">or is it the 300% as it currently is phased? And then<div style="display:inline-block;width:2.54px">&#160;</div>more broadly, a question to the both of you, in the event </div><div id="a1575" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.92px;">that the risk weight on foreign subsidiaries does<div style="display:inline-block;width:2.54px">&#160;</div>go up, to what extent do you think you can<div style="display:inline-block;width:2.51px">&#160;</div>mitigate that </div><div id="a1576" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:283.2px;">through the fungibility of capital, dividend, trapped<div style="display:inline-block;width:2.53px">&#160;</div>capital and so forth? Thank you. </div><div id="a1579" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:317.58px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1581" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">Hi, Andrew. I'll address the first question. I mean, in terms of the source of the gains, I think<div style="display:inline-block;width:2.44px">&#160;</div>as, you know, as </div><div id="a1582" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:369.96px;">you mentioned, and as of course I highlighted,<div style="display:inline-block;width:2.41px">&#160;</div>it came from a number of the sort of sectors<div style="display:inline-block;width:2.47px">&#160;</div>within NCL, </div><div id="a1583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:387.24px;">Conduit, and Corporate Loans, Longevity, Securitized Products. We're also seeing, you know, strength in </div><div id="a1585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:404.52px;">Credit and Equities and Macro as well. And, you know, the team has been doing<div style="display:inline-block;width:2.38px">&#160;</div>a great job in unwinding </div><div id="a1586" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">these complex, longer dated transactions.<div style="display:inline-block;width:2.44px">&#160;</div>And that continues to be what they're going to<div style="display:inline-block;width:2.54px">&#160;</div>be focused on </div><div id="a1588" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">doing. So the source of the gains comes from, you know, the ability to add a<div style="display:inline-block;width:2.52px">&#160;</div>lot of value to these complex </div><div id="a1589" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">transactions. And you know, to be able to get the transactions closed<div style="display:inline-block;width:2.45px">&#160;</div>out at levels that are above book value. </div><div id="a1591" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:491.24px;">And as I highlighted, that's not an expectation<div style="display:inline-block;width:2.39px">&#160;</div>that people should continue to have, not<div style="display:inline-block;width:2.44px">&#160;</div>least just given that </div><div id="a1592" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:508.52px;">sometimes we're going to make decisions to get out<div style="display:inline-block;width:2.38px">&#160;</div>of positions where we know there's significant cost </div><div id="a1593" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">takeout or there's suboptimal capital at the moment,<div style="display:inline-block;width:2.39px">&#160;</div>it's very suboptimal from a capital efficiency perspective, </div><div id="a1595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">and so getting out would release that. So they're going<div style="display:inline-block;width:2.5px">&#160;</div>to be a number of factors that &#8211; which is why, you </div><div id="a1599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">know, we don't see 1Q repeating. </div><div id="a1601" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:594.9px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1603" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">So if I can add on that one, before I touch on the<div style="display:inline-block;width:2.54px">&#160;</div>second question. I think that's the &#8211; first of<div style="display:inline-block;width:2.51px">&#160;</div>all, there is </div><div id="a1607" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">definitely no low hanging fruit and if you look<div style="display:inline-block;width:2.5px">&#160;</div>at our natural decay profile change, it shows you<div style="display:inline-block;width:2.38px">&#160;</div>that we are </div><div id="a1608" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.54px;">not really going for easy to sell but rather complex transactions<div style="display:inline-block;width:2.14px">&#160;</div>that also helps in many cases to unwind costs, </div><div id="a1610" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:681.98px;">because priority number one in Non-core is to take<div style="display:inline-block;width:2.55px">&#160;</div>down cost, and not necessarily to take down<div style="display:inline-block;width:2.36px">&#160;</div>risk </div><div id="a1613" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:699.26px;">weighted assets and market or credit risk weighted<div style="display:inline-block;width:2.54px">&#160;</div>assets.<div style="display:inline-block;width:3.67px">&#160;</div></div><div id="a1615" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">So, in that sense, it's very important that in many<div style="display:inline-block;width:2.36px">&#160;</div>cases we are able, thanks to the good work the<div style="display:inline-block;width:2.51px">&#160;</div>team is </div><div id="a1616" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:751.26px;">doing in managing these unwinds, to leverage<div style="display:inline-block;width:2.37px">&#160;</div>the fact that we are not a forced seller. We are only going to </div><div id="a1617" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:768.54px;">dispose assets when they create value to shareholders.<div style="display:inline-block;width:2.5px">&#160;</div>And that's a &#8211; is a completely different position to be </div><div id="a1622" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">in because our capital is strong. We can allow some delays<div style="display:inline-block;width:2.5px">&#160;</div>or some time to elapse between the two. </div><div id="a1624" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">Now on the 9 billion, so there are two factors actually; one<div style="display:inline-block;width:2.39px">&#160;</div>is the 250% risk weightings and 400% for<div style="display:inline-block;width:2.52px">&#160;</div>foreign </div><div id="a1625" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">companies and the elimination of the filter &#8211;<div style="display:inline-block;width:2.57px">&#160;</div>of the regulatory filter that Credit Suisse had. The two combined </div><div id="a1629" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:855.26px;">account for 9 billion. </div><div id="a1631" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:889.69px;">Andrew Coombs, Citigroup </div><div id="a1633" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;">And the ability to mitigate any increase in the foreign subsidiaries<div style="display:inline-block;width:2.3px">&#160;</div>going forward? Assume it&#8217;s something </div><div id="a1634" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">you're already working on given the already base increase, to what extent<div style="display:inline-block;width:2.56px">&#160;</div>you think you could accelerate </div><div id="a1635" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:959.3px;">that. </div></div>
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<div id="a1640" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">18 </div><div id="a1642" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:57.55px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1644" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">No the mitigation &#8211; look the mitigation I go<div style="display:inline-block;width:2.57px">&#160;</div>back to is &#8211; I mean, I have to &#8211; it&#8217;s like<div style="display:inline-block;width:2.56px">&#160;</div>replay,<div style="display:inline-block;width:5.34px">&#160;</div>push the button </div><div id="a1654" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">again and replay what I told you or what I said before, we<div style="display:inline-block;width:2.57px">&#160;</div>cannot speculate or respond to speculation or do </div><div id="a1655" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">analysis on things that we don't know. What we know is that we're<div style="display:inline-block;width:2.57px">&#160;</div>going to hold, as a consequence of the </div><div id="a1657" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">Credit Suisse acquisition, 9 plus 10 billion, so almost<div style="display:inline-block;width:2.44px">&#160;</div>20 billion of additional capital on an already very<div style="display:inline-block;width:2.5px">&#160;</div>strong </div><div id="a1658" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">capital position UBS had. That's the fact.<div style="display:inline-block;width:2.43px">&#160;</div>The rest, I don't know and we will comment when we<div style="display:inline-block;width:2.54px">&#160;</div>know more. </div><div id="a1662" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:196.14px;">Andrew Coombs, Citigroup </div><div id="a1664" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:231.2px;">Brilliant, very clear. Thank you for that. </div><div id="a1666" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:265.58px;">Anke Reingen, RBC </div><div id="a1668" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:300.48px;">Yeah, thank you very much for taking my question. I'm just &#8211; I'm sorry to follow up, just<div style="display:inline-block;width:2.42px">&#160;</div>one thing. I mean, is </div><div id="a1672" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:317.92px;">it fair to say that a result of the uncertainty and not<div style="display:inline-block;width:2.44px">&#160;</div>really changing any step in your strategy and execution<div style="display:inline-block;width:2.26px">&#160;</div>of </div><div id="a1673" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:335.2px;">the merger and specifically, with Q4 results, you mentioned, the potential amortization of<div style="display:inline-block;width:2.58px">&#160;</div>additional DTA, just </div><div id="a1675" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">confirming this &#8211; at the current stage, this is going ahead. </div><div id="a1680" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:387.24px;">And then on the net new assets, the 17 billion<div style="display:inline-block;width:2.36px">&#160;</div>[edit: 27 billion] in Q1, that&#8217;d be running<div style="display:inline-block;width:2.55px">&#160;</div>below, if I were </div><div id="a1681" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:404.52px;">thinking about $100 billion for this year &#8211; should<div style="display:inline-block;width:2.44px">&#160;</div>it be rather than 100 billion this year, is it more like the 200 </div><div id="a1685" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">billion over the years &#8211; or two years &#8211; and more backend<div style="display:inline-block;width:2.48px">&#160;</div>loaded towards the 2025 to reach the 200 billion? </div><div id="a1693" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">And has the decline in relationship managers had<div style="display:inline-block;width:2.56px">&#160;</div>any impact on the net new assets<div style="display:inline-block;width:2.45px">&#160;</div>growth in Q1? In the </div><div id="a1694" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">past, you gave us some numbers about departed<div style="display:inline-block;width:2.41px">&#160;</div>relationship managers and the assets they have<div style="display:inline-block;width:2.56px">&#160;</div>taken with </div><div id="a1696" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:473.96px;">them. Is that the case, as being relatively low? Thank<div style="display:inline-block;width:2.46px">&#160;</div>you very much. </div><div id="a1698" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:508.18px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1700" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">Thank you, I&#8217;ll take the first question. I think<div style="display:inline-block;width:2.43px">&#160;</div>that, Anke, I think &#8211; this is a very complex<div style="display:inline-block;width:2.55px">&#160;</div>integration, and we </div><div id="a1704" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">cannot afford to be distracted in the execution of it. So<div style="display:inline-block;width:2.53px">&#160;</div>we are sticking to our strategy. We are sticking to our </div><div id="a1705" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:577.96px;">plan. We need to do that and at the same time, stay<div style="display:inline-block;width:2.42px">&#160;</div>close to our clients. And so that's<div style="display:inline-block;width:2.55px">&#160;</div>the reason why </div><div id="a1708" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:595.24px;">engaging in hypothetical change of strategy<div style="display:inline-block;width:2.42px">&#160;</div>or methodology we use in assess our &#8211;<div style="display:inline-block;width:2.54px">&#160;</div>anything that goes </div><div id="a1712" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:612.54px;">around capital &#8211; would be absolutely very distracting<div style="display:inline-block;width:2.49px">&#160;</div>and not in the best interest of any stakeholders, because </div><div id="a1717" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">what we want to have is a successful completion<div style="display:inline-block;width:2.3px">&#160;</div>of this integration. And so we stay<div style="display:inline-block;width:2.55px">&#160;</div>focused on the existing </div><div id="a1718" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">strategy and our approach. </div><div id="a1720" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:681.65px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1722" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:716.54px;">Yeah Anke, on the second question, in terms of net new assets in GWM. I would<div style="display:inline-block;width:2.44px">&#160;</div>just reiterate that the </div><div id="a1723" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">trajectory that we highlighted over the next<div style="display:inline-block;width:2.56px">&#160;</div>two years is, among other things, a function<div style="display:inline-block;width:2.29px">&#160;</div>of the financial </div><div id="a1724" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:751.26px;">resource optimization and balance sheet initiatives that the<div style="display:inline-block;width:2.49px">&#160;</div>team is hard at work in undertaking. So 27 billion </div><div id="a1726" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:768.54px;">in the quarter is a strong result, we're on track to deliver on our<div style="display:inline-block;width:2.5px">&#160;</div>ambitions, which we said was 200 billion </div><div id="a1727" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">over the course of two years. So I would continue<div style="display:inline-block;width:2.39px">&#160;</div>to think about that in those terms. </div><div id="a1730" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:820.54px;">In terms of the RMs who have left, you mentioned<div style="display:inline-block;width:2.33px">&#160;</div>that we had given some numbers in the<div style="display:inline-block;width:2.49px">&#160;</div>past. Yeah, I </div><div id="a1731" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">mean, that has continued just to taper. As an impact, just given the number of RMs<div style="display:inline-block;width:2.34px">&#160;</div>who have left, has </div><div id="a1732" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:855.26px;">become sort of a non-topic at this point<div style="display:inline-block;width:2.49px">&#160;</div>in time. In terms of any current period, and in terms<div style="display:inline-block;width:2.57px">&#160;</div>of the assets </div><div id="a1736" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:872.58px;">that they&#8217;ve taken with them, it is a very small<div style="display:inline-block;width:2.46px">&#160;</div>percentage, ultimately, of the given &#8211; especially given the fact </div><div id="a1740" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:890.02px;">that the RM workforce in Credit Suisse is down 40% from the end<div style="display:inline-block;width:2.54px">&#160;</div>of 2022 levels, and we've been able to </div><div id="a1742" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:907.3px;">retain the lion share of the assets. So, we consider that<div style="display:inline-block;width:2.48px">&#160;</div>to be sort of a story not terribly worth following,<div style="display:inline-block;width:2.42px">&#160;</div>and </div><div id="a1743" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:924.58px;">in the end, we stay focused on our plans<div style="display:inline-block;width:2.58px">&#160;</div>and our commitments. </div></div>
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<div id="a1748" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">19 </div><div id="a1750" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:57.55px;">Anke Reingen, RBC </div><div id="a1752" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Thank you. Can I just ask on the DTA please? Are you reiterating that we expect to convert<div style="display:inline-block;width:2.5px">&#160;</div>that 2 billion and </div><div id="a1754" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">the 500 million you talked about with Q4 results? </div><div id="a1756" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:144.14px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1758" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">Yeah. There's no change in terms of our approach to DTAs at the current time, Anke. </div><div id="a1760" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:213.58px;">Anke Reingen, RBC </div><div id="a1762" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:248.48px;">Thank you very much. Thank you. </div><div id="a1764" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:282.86px;">Benjamin Goy, Deutsche Bank </div><div id="a1766" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:317.92px;">Hi. Good morning. Two questions, please. One on your favorite topic, capital. Just<div style="display:inline-block;width:2.27px">&#160;</div>conceptually, trying to </div><div id="a1767" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:335.2px;">understand, because when the press it&#8217;s reported, or the<div style="display:inline-block;width:2.53px">&#160;</div>Minister of Finance speaks, about capital,<div style="display:inline-block;width:2.55px">&#160;</div>and we </div><div id="a1768" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">naturally assume it&#8217;s CET1 capital, but do you<div style="display:inline-block;width:2.53px">&#160;</div>think it could also partially include additional<div style="display:inline-block;width:2.49px">&#160;</div>tier 1 capital, </div><div id="a1771" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:369.96px;">which might make it more manageable for you? </div><div id="a1773" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:404.52px;">And then secondly, on your Global Wealth Management net new loans in the quarter, another decline, it&#8217;s </div><div id="a1774" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">very similar to the Q4 decline. Just trying to<div style="display:inline-block;width:2.54px">&#160;</div>reconcile that with your risk appetite returning statement<div style="display:inline-block;width:2.41px">&#160;</div>&#8211; being </div><div id="a1778" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">conscious of the yield curve&#8217;s still not favorable<div style="display:inline-block;width:2.43px">&#160;</div>but wondering if it's also more of a risk alignment<div style="display:inline-block;width:2.52px">&#160;</div>still going </div><div id="a1780" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">on in the background, which is why your outstanding<div style="display:inline-block;width:2.31px">&#160;</div>remains negative? Thank you very much. </div><div id="a1782" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:490.9px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1784" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">Benjamin, the first one is very short. As<div style="display:inline-block;width:2.56px">&#160;</div>I say, we don&#8217;t speculate or respond to speculation in respect of any </div><div id="a1785" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">numbers that has been flagged out there. So it&#8217;s<div style="display:inline-block;width:2.45px">&#160;</div>not &#8211; we are not in a position to understand where and how </div><div id="a1789" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">those numbers are calculated, therefore we refrain from doing that. </div><div id="a1792" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:594.9px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1794" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">Yeah, and Benjamin hi. On the GWM net new lending side, we are seeing continued deleveraging,<div style="display:inline-block;width:2.19px">&#160;</div>some of </div><div id="a1795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">that is market driven and some of that &#8211; i.e.<div style="display:inline-block;width:2.52px">&#160;</div>rates driven, and some of that is as a<div style="display:inline-block;width:2.57px">&#160;</div>function of the resource </div><div id="a1799" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:664.54px;">optimization work that we're doing. So, that's an outcome<div style="display:inline-block;width:2.2px">&#160;</div>that we're managing, to the extent it is the latter, </div><div id="a1801" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:681.98px;">we are looking to drive higher revenues. And therefore, I&#8217;m looking for the<div style="display:inline-block;width:2.49px">&#160;</div>NIM to sort of hold up in that </div><div id="a1802" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:699.26px;">respect, because we're improving the revenue over RWA consideration. </div><div id="a1804" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:733.98px;">But obviously, in the current rates environment, too, we're seeing either the ends of deleveraging and<div style="display:inline-block;width:2.51px">&#160;</div>still yet </div><div id="a1805" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:751.26px;">some reticence to re-lever in some of our regions. So I expect that<div style="display:inline-block;width:2.51px">&#160;</div>we won't have a lot of momentum on re-</div><div id="a1809" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:768.54px;">levering in the current rates environment until we start to<div style="display:inline-block;width:2.54px">&#160;</div>see rates come down, over &#8211; if, assuming they do<div style="display:inline-block;width:2.49px">&#160;</div>&#8211; </div><div id="a1816" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">over the next, say 12 to 18 months, so that external<div style="display:inline-block;width:2.12px">&#160;</div>factor won't be, to me, a big driver in<div style="display:inline-block;width:2.55px">&#160;</div>terms of </div><div id="a1817" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:803.26px;">releverage. </div><div id="a1819" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:837.65px;">Benjamin Goy, Deutsche Bank </div><div id="a1821" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:872.58px;">Understood. Thank you very much.</div></div>
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<div id="a1827" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">20 </div><div id="a1829" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:57.55px;">Piers Brown, HSBC </div><div id="a1831" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Yeah. Good morning. Thanks for the questions. Just two from me, just coming<div style="display:inline-block;width:2.47px">&#160;</div>back on the cost issue, and </div><div id="a1832" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">the costs take out in the quarter in the NCL unit.<div style="display:inline-block;width:2.32px">&#160;</div>I mean, it's quite impressive, you're down 26% quarter-on-</div><div id="a1837" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">quarter. And the cost takeout seems to be tracking more or less in line with the asset<div style="display:inline-block;width:2.5px">&#160;</div>reduction. Just, I mean, </div><div id="a1838" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">the question is, should we expect that sort<div style="display:inline-block;width:2.52px">&#160;</div>of linear relationship to continue or was it something<div style="display:inline-block;width:2.5px">&#160;</div>particular in </div><div id="a1840" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">terms of frontloading costs takeout in the first quarter<div style="display:inline-block;width:2.3px">&#160;</div>in NCL? </div><div id="a1842" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">And then the second question is back to regulation,<div style="display:inline-block;width:2.56px">&#160;</div>not on capital but just wondering if there's anything<div style="display:inline-block;width:2.48px">&#160;</div>in </div><div id="a1843" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:213.92px;">any of the remarks, comments, reports, published by the Competition<div style="display:inline-block;width:2.11px">&#160;</div>Commission that we need to be </div><div id="a1844" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:231.2px;">mindful of, just in terms of the domestic<div style="display:inline-block;width:2.57px">&#160;</div>market shares of the new group. Thanks. </div><div id="a1847" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:265.58px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1849" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:300.48px;">Hey Piers. In terms of the first question on<div style="display:inline-block;width:2.48px">&#160;</div>the NCL cost takeout. There isn't a linear relationship, I would<div style="display:inline-block;width:2.45px">&#160;</div>say. </div><div id="a1850" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:317.92px;">It's, it could be, the relationship really doesn't have to<div style="display:inline-block;width:2.46px">&#160;</div>flow linearly. And that's because, the cost takeout will </div><div id="a1851" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:335.2px;">often come as a result of taking out a portfolio that<div style="display:inline-block;width:2.46px">&#160;</div>sits on a given system or supported by a<div style="display:inline-block;width:2.51px">&#160;</div>given </div><div id="a1854" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">infrastructure or application that we&#8217;re able to shut down.<div style="display:inline-block;width:2.47px">&#160;</div>But there is of course, a relationship between the </div><div id="a1855" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:369.96px;">asset takeout and the cost takeout. I wouldn't<div style="display:inline-block;width:2.38px">&#160;</div>say it's linear because you can have, you can be<div style="display:inline-block;width:2.54px">&#160;</div>taking out </div><div id="a1857" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:387.24px;">portions of a portfolio that still needs at least<div style="display:inline-block;width:2.39px">&#160;</div>a large share of the headcount supporting that, whether<div style="display:inline-block;width:2.26px">&#160;</div>it's the </div><div id="a1858" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:404.52px;">front office or mid or back, that's still supporting the<div style="display:inline-block;width:2.51px">&#160;</div>broader portfolio. And if you're not really able to </div><div id="a1860" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:421.96px;">decommission the associated technology, you may not get the saves there. So not<div style="display:inline-block;width:2.55px">&#160;</div>linear, but for sure, it's </div><div id="a1861" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:439.24px;">something we watch very carefully and we're pleased to<div style="display:inline-block;width:2.56px">&#160;</div>see that it is moving with a reasonably high-degree </div><div id="a1864" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:456.52px;">of correlation. </div><div id="a1866" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:490.9px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1868" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:525.96px;">Now on the competitive position. Let's<div style="display:inline-block;width:2.5px">&#160;</div>forget for a second that we have a crystal<div style="display:inline-block;width:2.47px">&#160;</div>clear agreement on that </div><div id="a1869" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:543.24px;">topic. Even if you go down to the substance,<div style="display:inline-block;width:2.49px">&#160;</div>which is, I think, is relevant for us, for consumers,<div style="display:inline-block;width:2.48px">&#160;</div>for clients, or </div><div id="a1870" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:560.52px;">everybody to understand. When you look at<div style="display:inline-block;width:2.49px">&#160;</div>facts, it's quite clear that we have no dominant<div style="display:inline-block;width:2.41px">&#160;</div>position in </div><div id="a1872" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:577.96px;">Switzerland, in banking. So I think that no<div style="display:inline-block;width:2.46px">&#160;</div>matter if you look at deposits, at loans<div style="display:inline-block;width:2.48px">&#160;</div>and mortgages, you look at </div><div id="a1873" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:595.24px;">branch &#8211; number of branches; in any dimension,<div style="display:inline-block;width:2.27px">&#160;</div>UBS is not the largest bank in Switzerland in<div style="display:inline-block;width:2.5px">&#160;</div>that sense. I </div><div id="a1878" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:612.54px;">think we are the leading bank in Switzerland because<div style="display:inline-block;width:2.19px">&#160;</div>of our capabilities, but that should not be confused </div><div id="a1879" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:629.98px;">with market share and size. So in that sense, we are fairly comfortable<div style="display:inline-block;width:2.23px">&#160;</div>that both the agreement and the facts </div><div id="a1880" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:647.26px;">support our position that our plan is the right one<div style="display:inline-block;width:2.37px">&#160;</div>to pursue. </div><div id="a1883" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:681.65px;">Piers Brown, HSBC </div><div id="a1885" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:716.54px;">Thank you. </div><div id="a1887" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:750.93px;">Tom<div style="display:inline-block;width:5.25px">&#160;</div>Hallett, KBW </div><div id="a1889" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:785.98px;">Hi. Morning. So just a quick one on Wealth<div style="display:inline-block;width:2.52px">&#160;</div>Management NII, I think you were baking in three US rate<div style="display:inline-block;width:2.57px">&#160;</div>cuts for </div><div id="a1891" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:803.26px;">this year in your guidance. If that was zero, what would<div style="display:inline-block;width:2.36px">&#160;</div>that &#8211; or how would that alter your guidance? </div><div id="a1896" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:837.98px;">And then secondly, on the treatment of software intangibles, I suppose it's fair to say it gets a bit more of<div style="display:inline-block;width:2.58px">&#160;</div>a </div><div id="a1897" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:855.26px;">benefit relative to your European peers. I mean, if you<div style="display:inline-block;width:2.52px">&#160;</div>were to align the rules with Europe, what sort of </div><div id="a1898" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:872.58px;">impact would that have on your capital?<div style="display:inline-block;width:2.69px">&#160;</div>Thank you. </div><div id="a1901" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:906.97px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1903" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:942.02px;">So, on the second question, as I said before, we are not<div style="display:inline-block;width:2.54px">&#160;</div>speculating on any change in our regulatory </div><div id="a1904" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:959.3px;">framework. The only thing I can say is that<div style="display:inline-block;width:2.57px">&#160;</div>both in absolute global terms, but also<div style="display:inline-block;width:2.29px">&#160;</div>vis-&#224;-vis the European </div><div id="a1909" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:976.58px;">peers, we have a pretty strong capital position, not only in<div style="display:inline-block;width:2.51px">&#160;</div>absolute terms, but also the quality of<div style="display:inline-block;width:2.56px">&#160;</div>our capital </div><div id="a1912" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:994.02px;">base. </div></div>
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<div id="a1917" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:712.45px;top:1071.44px;">21 </div><div id="a1919" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:57.55px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1921" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:92.45px;">Hey Tom,<div style="display:inline-block;width:5.26px">&#160;</div>on GWM NII, yes, we modeled in as mentioned<div style="display:inline-block;width:2.22px">&#160;</div>three US dollar rate cuts. If there were fewer than </div><div id="a1922" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:109.92px;">those &#8211; and Sergio even commented earlier that<div style="display:inline-block;width:2.43px">&#160;</div>there is some upside, but of course, in our NII, but of<div style="display:inline-block;width:2.47px">&#160;</div>course </div><div id="a1927" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:127.2px;">that depends on client behavior. It depends on how the balance sheet, you know, behaves. So statically, yes, </div><div id="a1928" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:144.48px;">that would be corrected to be upside. If there were no rate cuts, you<div style="display:inline-block;width:2.54px">&#160;</div>probably have some uptick of a point or </div><div id="a1931" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:161.92px;">two on the NII. But of course, you know, we need to consider the<div style="display:inline-block;width:2.57px">&#160;</div>dynamic relationship between client </div><div id="a1932" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:179.2px;">behavior and our balance sheet. So it's difficult to predict,<div style="display:inline-block;width:2.58px">&#160;</div>but yes, I would just take away that &#8211; likely<div style="display:inline-block;width:2.56px">&#160;</div>to be </div><div id="a1936" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:196.48px;">some degree of upside, all other things equal. </div><div id="a1939" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:230.86px;">Tom<div style="display:inline-block;width:5.25px">&#160;</div>Hallett, KBW </div><div id="a1941" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:265.92px;">Okay. Thank you. </div><div id="a1943" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:68px;top:300.14px;">Sarah Mackey </div><div id="a1945" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:335.2px;">Thank you. I<div style="display:inline-block;width:2.44px">&#160;</div>think there are<div style="display:inline-block;width:2.51px">&#160;</div>no further questions.<div style="display:inline-block;width:2.01px">&#160;</div>So with that<div style="display:inline-block;width:2.3px">&#160;</div>we can close<div style="display:inline-block;width:2.22px">&#160;</div>the call. And<div style="display:inline-block;width:2.35px">&#160;</div>thank you, Sergio<div style="display:inline-block;width:2.05px">&#160;</div>and </div><div id="a1946" style="position:absolute;font-family:&apos;Frutiger&apos;;left:68px;top:352.48px;">Todd<div style="display:inline-block;width:5.43px">&#160;</div>for joining us today. We look forward to speaking to everyone again with our 2Q results. </div></div>
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<div id="a1954" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:68px;top:1071.44px;">22 </div><div id="a1956" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:68px;top:58.57px;">Cautionary<div style="display:inline-block;width:5.83px">&#160;</div>statement<div style="display:inline-block;width:5.74px">&#160;</div>regarding<div style="display:inline-block;width:6.2px">&#160;</div>forward-looking<div style="display:inline-block;width:5.61px">&#160;</div>statements<div style="display:inline-block;width:5.75px">&#160;</div>|<div style="display:inline-block;width:6.24px">&#160;</div>This<div style="display:inline-block;width:5.92px">&#160;</div>document<div style="display:inline-block;width:5.85px">&#160;</div>contains<div style="display:inline-block;width:5.85px">&#160;</div>statements<div style="display:inline-block;width:5.75px">&#160;</div>that<div style="display:inline-block;width:5.99px">&#160;</div>constitute<div style="display:inline-block;width:5.85px">&#160;</div>&#8220;forward-looking </div><div id="a1961" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:68px;top:70.09px;">statements,&#8221; including<div style="display:inline-block;width:4.27px">&#160;</div>but not<div style="display:inline-block;width:4.88px">&#160;</div>limited to<div style="display:inline-block;width:4.95px">&#160;</div>management&#8217;s outlook<div style="display:inline-block;width:4.89px">&#160;</div>for UBS&#8217;s<div style="display:inline-block;width:5.47px">&#160;</div>financial performance,<div style="display:inline-block;width:4.55px">&#160;</div>statements relating<div style="display:inline-block;width:4.39px">&#160;</div>to the<div style="display:inline-block;width:5.03px">&#160;</div>anticipated </div><div id="a1963" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:68px;top:81.77px;">effect<div style="display:inline-block;width:4.89px">&#160;</div>of<div style="display:inline-block;width:4.8px">&#160;</div>transactions<div style="display:inline-block;width:4.57px">&#160;</div>and<div style="display:inline-block;width:4.8px">&#160;</div>strategic<div style="display:inline-block;width:4.39px">&#160;</div>initiatives<div style="display:inline-block;width:4.54px">&#160;</div>on<div style="display:inline-block;width:4.81px">&#160;</div>UBS&#8217;s<div style="display:inline-block;width:5.47px">&#160;</div>business<div style="display:inline-block;width:4.5px">&#160;</div>and<div style="display:inline-block;width:4.8px">&#160;</div>future<div style="display:inline-block;width:4.89px">&#160;</div>development<div style="display:inline-block;width:4.46px">&#160;</div>and<div style="display:inline-block;width:4.64px">&#160;</div>goals<div style="display:inline-block;width:4.72px">&#160;</div>or<div style="display:inline-block;width:4.8px">&#160;</div>intentions<div style="display:inline-block;width:4.48px">&#160;</div>to<div style="display:inline-block;width:4.96px">&#160;</div>achieve<div style="display:inline-block;width:4.76px">&#160;</div>climate, </div><div id="a1965" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:68px;top:93.29px;">sustainability and other social objectives. 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<div id="a2180" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:349.19px;top:113.64px;">SIGNATURES</div><div id="a2183" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:142.59px;top:147.4px;">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="a2184" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:164.2px;">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="a2189" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:214.76px;">UBS Group AG </div><div id="a2194" style="position:absolute;font-family:&apos;Times 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