<SEC-DOCUMENT>0001610520-22-000069.txt : 20220727
<SEC-HEADER>0001610520-22-000069.hdr.sgml : 20220727
<ACCEPTANCE-DATETIME>20220727080036
ACCESSION NUMBER:		0001610520-22-000069
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220727
DATE AS OF CHANGE:		20220727

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36764
		FILM NUMBER:		221108881

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15060
		FILM NUMBER:		221108882

	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>investorpresonotes202.htm
<TEXT>
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<p style="margin:0mm;tab-stops:center 234.0pt right 468.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><a name="RG_MARKER_192680"></a><a name="RG_MARKER_192677"></a><a name="RG_MARKER_192677_bclEnd"></a><a name="RG_MARKER_192680_bclEnd"></a><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.0pt;layout-grid-mode:line;">UNITED STATES</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.0pt;layout-grid-mode:line;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Washington, D.C.
 20549</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">_________________</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:22.0pt;layout-grid-mode:line;">FORM 6-K</font></b></p>

<p style="margin:0mm;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:13.0pt;layout-grid-mode:line;">REPORT OF FOREIGN PRIVATE ISSUER</font></b></p>

<p style="margin:0mm;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:13.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:13.0pt;layout-grid-mode:line;">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:13.0pt;layout-grid-mode:line;">THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Date: July 27, 2022</font></b></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.5pt;layout-grid-mode:line;">UBS Group AG</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Commission File Number: 1-36764</font></b></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:16.5pt;layout-grid-mode:line;">UBS AG</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Commission File Number: 1-15060</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&#160;</font><font face="Times New Roman,serif" lang=DE-CH style="font-size:10.0pt;layout-grid-mode:line;">(Registrants'
Names)</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:11.0pt;layout-grid-mode:line;">Bahnhofstrasse 45, Zurich, Switzerland</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=DE-CH style="font-size:11.0pt;layout-grid-mode:line;">Aeschenvorstadt 1, Basel, Switzerland</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">(Address of principal executive offices)</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Indicate by check mark whether the registrants file or
will file annual reports under cover of Form 20&#8209;F or Form 40-F.</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0mm;text-align:center;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Form 20-F&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:22.0pt;layout-grid-mode:line;">x&nbsp;</font><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form
40-F&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:22.0pt;layout-grid-mode:line;">o&nbsp;</font></p>

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<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">This
Form 6-K consists of the transcripts of the presentation of the Second Quarter
2022 Results of UBS Group AG and UBS AG and related Q&amp;A session, which
appear immediately following this page.</font></p>








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<p style="margin:0mm;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


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<p style="margin:0mm;margin-top:1.3pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:36.0pt;layout-grid-mode:line;">Second
<a name="RG_MARKER_192679_bclEnd"></a><a name="RG_MARKER_192684_bclEnd"></a></font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:36.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">quarter </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:36.0pt;layout-grid-mode:line;">2022&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:36.0pt;layout-grid-mode:line;letter-spacing:-.05pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:36.0pt;layout-grid-mode:line;">results &nbsp;</font></p>

<p style="margin:0mm;margin-top:14.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">26 July 2022</font></p>

<p style="margin:0mm;margin-top:.35pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:12.5pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;margin-right:11.6pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">Speeches</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.05pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;">by&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.1pt;"> </font><font color=#E60000 face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">Ralph Hamers</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">, </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">Group&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.1pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">Chief&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.05pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Executive&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Officer,&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;"> and</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.15pt;"> </font><font color=#E60000 face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Sarah Youngwood</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">, </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">Group&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.1pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">Chief&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:.05pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Financial&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.15pt;"> </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Officer&nbsp;</font></p>

<p style="margin:0mm;margin-top:.5pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;margin-right:11.6pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Including analyst Q&amp;A session</font></p>

<p style="margin:0mm;margin-top:.5pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-align:justify;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Transcript.</font></b></p>

<p style="margin:0mm;text-align:justify;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Numbers for
slides </font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.1pt;">refer&nbsp;</font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:.05pt;"> </font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">to&nbsp;</font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.1pt;"> </font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">the&nbsp;</font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.1pt;"> </font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">second quarter 2022 results presentation.&#160; Materials and
a webcast replay are available at </font></b><b><font color=blue face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">www.ubs.com/investors&nbsp;</font></b><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;letter-spacing:-.05pt;"> &nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:2.5pt;text-align:justify;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>





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<p style="margin:0mm;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


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<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;margin-top:2.75pt;text-align:justify;"><font color=#E60000 face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">Ralph Hamers</font></p>

<p style="margin:0mm;margin-top:2.75pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide
3 &#8211; Key messages</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank
you, Sarah.&#160; Good morning, everyone.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">I
think going through, you will see that the second quarter has been one of the
most challenging periods for investors in the last 10 years, and there has not
been an asset class that has been immune to the effects of the challenging
global macroeconomic environment. In these uncertain times, our clients rely on
our powerful ecosystem to navigate markets and invest for the long-term. Our
headline numbers for the quarter were strong and our return on CET1 capital was
19%.&#160; And those numbers included the gain from the sale of our stake in a joint
venture in Japan.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">This
gain aside, our underlying performance reflected a good result in a more
challenging environment with lower asset levels, higher volatility and
increasing rates.&#160; We&#8217;re navigating this environment staying close to our
clients, keeping strong risk and credit discipline and continued focus on
costs.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide
4 &#8211; Helping our clients navigate challenging market conditions</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Going
to the next slide, basically you see that the market sell-off accelerated in
the second quarter.&#160; And that was the case in both equities as well as fixed
income.&#160; Inflation continues to be high, the war in Ukraine is ongoing, strict
Covid policies are still part of the lives in Asia and all of these have led to
further declines in the economic growth outlook.&#160; And with significant drops in
markets, our clients&#8217; portfolios lost value resulting in lower client assets
across our franchise.&#160; Just to put a couple of numbers to that &#8211; the MSCI world
index was down 17%, investment grade bonds were down 5% on average, high yield
bonds were down 12%.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So,
it&#8217;s no wonder that our private clients stayed on the sidelines this quarter.&#160;
And net new fee generating assets were flat for the group but positive for Asia
Pacific and also positive for Switzerland.&#160; Transaction-based revenues with
these clients declined by 17%.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We
also saw 12 billion of net outflows in Asset Management, mostly out of
equities.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In
times of turmoil, liquidity is important.&#160; We continued to support our clients
through lending, with growth particularly in the Americas.&#160; We also focused on
deposit offering and optimized our net interest income, where we saw 15% growth
across our deposit-taking businesses.&#160; And deposits were flat against last
year.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Client
activity was robust on the Institutional side, so that&#8217;s a completely different
picture, they remained very active on the back of high volatility. Global
Markets revenues were up 10% year on year, as our markets business had another
good quarter, traded well on increased activity.&#160; We benefited from prudent
risk management here, and from the resiliency of our technology platform to
basically handle the very high equity volumes coming through the system.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And
it&#8217;s clear that it was a challenging quarter.&#160; For our clients, and for our businesses.&#160;
But in times like these it&#8217;s where our clients need us most and need our advice
most as well.&#160; And that&#8217;s what we&#8217;re focused on.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide
5 &#8211; Delivering on the core elements of the ecosystem for investing</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Then
looking at some of the particular performances that we show, our investment
ecosystem continue to allow our clients with unique insights, opportunities to
get through this volatility.&#160; This slide, slide 5 I am right now, highlights
some areas of growth in our ecosystem from the last quarter.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We&#8217;re
working with our partners to offer our clients unique investment
opportunities.&#160; For example, private markets where we saw net new commitments
at 3.9 billion for the quarter or 5 billion on a gross basis.&#160; And we see more
also potential for this category, the private markets category.&#160; Our CIO
recommends that clients with a balanced risk profile to allocate up to 10% of
their portfolios to private markets.&#160; At this moment, the average allocation is
3% so real upside there.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Our
offering for Separately Managed Accounts in the US continues to attract inflows
as well.&#160; 4 billion this quarter, with overall assets under management in SMAs
currently at 115 billion dollars. So that&#8217;s quite remarkable in terms of
performance since we started that in 2020.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sustainable
investing is embedded in our purpose and our strategy, as you know, and that&#8217;s
why we report on it as well.&#160; We already managed 239 billion of sustainable
investments on behalf of our clients, so more than halfway to our 400 billion
aspiration for 2025.&#160; But we need common standards here to maximize the
impact.&#160; And that&#8217;s why we&#8217;re partnering to create these, and many different
platforms, subscribing to many different methodologies but also by contributing
to the newly developed Swiss Climate Scores.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">My
Way, as you know, is our module where we actually deliver digital mandates, we
saw inflows of half a billion here.&#160; We expanded our product offerings in line
with our CIO views, including an actively managed commodities module here as well
now. So, that offering to really have your mandate digitally is increasing
every quarter as well </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And
lastly, momentum stayed positive for investment product inflows in
Switzerland.&#160; These contributed to the 8% year-on-year growth in recurring
fees.&#160; Last quarter, we saw half a billion of positive inflows in investment
products, and that&#8217;s also representing an 8% annualized growth.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So as you
can see, we're delivering on our promise to offer our clients the right
opportunities at the right time. Clearly, when times change, the opportunity
has to be changed as well, and we are literally staying very close to our
clients to get a sense for what works for them in their investment portfolios,
and also the way we deliver to them in a more digital way.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide
6 &#8211; Leveraging technology as a differentiator while improving efficiency</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On
that note, let me turn to the next slide where we basically give you an update
as to how we are leveraging technology as a differentiator while improving our
efficiency.&#160; So, technology we use in order to improve our user experience, but
we also use it for efficiency. And I think this slide shows you that we are
accelerating the use of technology to our clients so that they can interact
with us through their preferred channels in a seamless way.&#160; </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We launched
in Switzerland key4 Banking, which is a-digital only banking offering. It's
fast, intuitive, it's competitively priced. We target the mobile-only retail
segment here, which grows at 30% year-on-year. So, it's a very fast-growing segment
that we want to be a player in.&#160; Of course, key4 clients also have access to
the classic UBS offering for more specific services, and the platform will be a
feeder to those.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In Asia
Pacific, our Circle One ecosystem is now live. The app connects clients to
experts, thought leaders, actionable trade ideas through engaging content and
video. So, basically, an app with very snackable content, people can watch
videos, get educated on specific trends, investment opportunities and as a next
step also execute on those.&#160; So far, also in Circle One, the user base is
growing fast, and with time, we will add new features, and thanks to the agile
development that we actually apply here, and we will have continuous feedback
from our clients to ensure that we stay ahead in our developments, both in
terms of the offering as well as the user experience.&#160; As an example, in the
next phase, clients will be able to connect with each other, and to experts in
interest groups that focus on very specific topics and that could be investing,
could be wealth planning, family advisory, sustainability, art, philanthropy,
and much more.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Our
strategy to transform how we manage, change and develop technology is also on
track. And you can see that also in this slide, where we are executing our
cloud strategy to gain further flexibility, to gain further efficiency as well.
And we now have around 60% of our computing power fully delivered on cloud,
half on the public cloud, half on the private cloud.&#160; We're transforming our
agile workforce &#8211; our workforce to agile as your way of working. We're
currently having 13,000 employees working that way.&#160; So, it's the second wave
we are in. Within these teams now, we see that technology teams are consisting
of 65% of engineers. So basically, we're changing the composition in terms of
non-engineers to engineers and that has changed by 10 percentage points. So, a
real productivity increase coming through if you compare it to the pre-agile
composition of our technology teams.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We
developed AI technology to help identify and remediate service interruptions in
over 500 applications as well. And we've decommissioned around 300 applications
this year to simplify our tech estate. These are just a couple of proof points
how we're making technology a differentiator, both in user experience, as well
as in how we manage technology flexibly and efficiently.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide
7 &#8211; We are executing our plans across the regions</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Turning to
slide seven, I'd like to give you a couple of examples of how we are executing
our strategy and capabilities in the regions, because that's where our strategy
comes together. And we're organized in divisions, but where the rubber hits the
road is truly with the clients and the clients are in the regions.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So let's
talk about the Americas here. The recent dollar interest rate hikes are our
primary focus of how we manage our deposit offering. We expanded our deposit
offering for that reason, we saw also a continued demand for loans. And as a
result of the combination, our net interest income was up 37% versus last year.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In
Switzerland, we're building a strong foundation on the technology side, which
contributes to being named best bank in Switzerland for the eighth time since
2012. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In EMEA, as
you know, our strategy was &#8211; is very much to improve profitability with a very
selective investments in our areas of focus, more towards the entrepreneurial
wealth creation, families with large companies, and the &#8211; and the build out of
our banking proposition to that segment. This strategy we see is delivering results
already, specifically on the cost side, where costs were down 9% against last
year.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Lastly,
Asia Pacific, and that's also as a result of our continued focus and discussion
with clients to show them our mandate offerings. We saw 3.3 billion of net new
fee generating assets in the quarter alone. And overall, you see basically
given the fact that we're talking about four regions with selective, with a
selective update here, you see that region diversification is really a
competitive advantage for us. It's a source for stability. It's a source for
resilience. And I think this quarter proved it once again.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide
8 &#8211; We delivered strong reported results and good underlying performance</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Now then to
a summary on the numbers, and then Sarah will take you through more specific
numbers as well, and thereafter we'll have the Q&amp;A, but just ending on the
diversification both regionally and by business. You see the resilience in our
financials here on this slide. Our revenues have started to benefit from higher
interest rates, and that helped offset the lower recurring fees and the lower
client activity levels on the private side.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Again on
the institutional side, we saw quite the opposite with good results in Global
Markets. Meanwhile, we remained very disciplined on cost as we execute our
efficiency plans. Operating expenses were down a percent compared to last year,
and together with the gain on the sale of the joint venture in Japan, which we
already updated you on, this resulted in 2.1 billion in net profit, 18.9%
return on CET1 and a 70.6% of cost/income ratio, all within target levels.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In the
second quarter, we bought back another 1.6 billion of shares while maintaining
capital ratios well above the requirement. So, we are well on our track to buy
back around 5 billion of shares by the end of the year. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Now heading
into the second half of the year, we're well positioned for an operating
environment which remains uncertain. Certainly, in the next couple of months, I
see that's so. But we're very well positioned to work through
that, that&#8217;s thanks to our strategy, thanks to our business model that values
global diversification, operation, and financial resilience, strict risk
management, capital efficiency, and a strong capital base. So, strong reported
results.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And I think
this is also the moment for me to hand over to Sarah Youngwood, our CFO, and
she will take you through the underlying performance. Sarah, the floor is
yours.</font></p>





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</DIV>
<p style="margin:0mm;margin-bottom:13.0pt;"><font color=#E60000 face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;line-height:13.0pt;">Sarah Youngwood</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 10 &#8211;
2Q22 net profit USD 2.1bn; 18.9% RoCET1</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you,
Ralph.&#160; Good morning, everyone.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">It is a
great pleasure to be here today.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">As you
heard from Ralph, we reported a strong set of results during this period of
uncertainty.&#160; We partnered with our clients when they needed us most and
delivered a good underlying performance.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On slide
10, our net profit in the quarter was 2.1 billion dollars, up 5% year-on-year,
with a return on CET1 capital of 19%, a return on tangible equity of 16% and a
cost/income ratio of 71%.&#160; We have a balance sheet for all seasons and are on
track to meet our return on CET1 capital and cost/income ratio targets for the
full year 2022.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The
year-on-year comparison on the slide highlights a number of items that are not
representative of our underlying performance.&#160; First of all, in revenues in the
first bar, 810 million dollars from net gains on sales.&#160; This included the 848
million sale of our real estate JV in Japan, and the sale of our minority stake
in Fondcenter a year ago.&#160; This was partially offset by 147 million real
estate-related revenue impacts, including a loss of 46 million this quarter.&#160;
And moving to expense, we had 158 million higher litigation including 221
million this quarter, net.&#160; FX movements were over 200 million each for revenue
and expense, and netted to a headwind of around 50 million.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Now let me
go through the underlying performance. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The revenue
story reflected the impact of market levels on recurring and transaction fees,
as well as lower Global Banking revenues, mostly offset by higher combined net
interest income in GWM and P&amp;C, and continued strength in Global Markets.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The net
credit loss expense was 7 million dollars compared to an 80 million release
last year.&#160; This is a reflection of our existing level of reserves and the
quality of our balance sheet.&#160; For example, 94% of our loans are collateralized
and for those the average LTV is less than 55%.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Operating
expense was down 1%, as variable compensation was down around 130 million
dollars offset by increases in T&amp;E and IT.&#160; We remain focused on our cost
discipline, while absorbing increasing inflationary pressures and investing for
the long-term.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 11 &#8211;
Group results by region</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Now
let&#8217;s turn to our regions on page 11.&#160; Ralph walked you through the strength of
our regions, and I&#8217;ll show you the diversification in our numbers.&#160; On the
revenue side, Americas represented 40% of our business, followed by Switzerland
at 23%, EMEA at 20% and APAC at 17%.&#160; On the right, given the strong
efficiencies of Switzerland and APAC, and the level of investments in the US,
on a pre-tax basis ex-litigation Switzerland represented a third of our
business, followed by Americas at 23%, APAC at 22%, and EMEA at 21%.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 12 &#8211;
Global Wealth Management </font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Let&#8217;s move
to our businesses, on page 12 - starting with GWM. GWM profit before tax in the
quarter was 1.2 billion dollars, down 2% year-on-year excluding litigation.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Revenues
were 2% lower, with top line increases in Americas and Switzerland driven by
NII, and decreases in APAC and EMEA due to lower market levels and muted client
activity.&#160; NII overall was up 24% year-on-year, and 11% sequentially &#8211; with
deposit volumes up 1% year-on-year, including 19% up in Americas, and down 6%
QoQ.&#160; I would also note that the firm&#8217;s deposits were flat year-on-year and
down 5% QoQ.&#160; We were able to increase our deposit margins in GWM by over 60%
versus one year ago, while providing our clients with very competitive and
stable pricing in savings rates, which they appreciated.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">While we&#8217;ve
stayed close to our clients, macro and geopolitical uncertainty, and lower
asset pricing have kept them on the sidelines.&#160; As we enter the third quarter,
the sentiment remains subdued.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The
operating expense ex-litigation and FX was flat versus last year.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Net new fee-generating
assets were 0.4 billion in the quarter with positive flows into SMAs,
alternatives, self-directed mandates and UBS My Way, which more than offset
pressure in discretionary mandates and investment funds.&#160; We also continued to
see high demand in the private market space, where, as Ralph already mentioned,
we saw 3.9 billion of net new commitments.&#160; Despite the environment, we also
continued to see strong flows in APAC, where net new fee-generating assets were
over 3 billion in the second quarter.&#160; These inflows, together with 1 billion
inflows in Switzerland, more than offset outflows in the Americas and EMEA.&#160;
For the past 12 months we generated 65 billion net new fee-generating assets,
which represents around a 5% growth.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">For the
first three weeks of July, we saw positive flows in the Americas and across
GWM.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Net
new lending in 2Q was 0.9 billion, with continued strong growth in Americas,
especially from assets-based lending and mortgages.&#160; This was partially offset
by continued deleveraging in APAC and, to a lesser extent, in EMEA.&#8195;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 13 &#8211;
Asset Management</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Moving
on to Asset Management, on page 13.&#160; We had a profit before tax of 959 million
dollars, which includes the 848 million net gain I referred to. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">This
quarter&#8217;s JV sale represents the closing chapter of a successful 20-year
partnership, during which we were able to build and grow our joint-venture to
become one of the largest real estate management companies in Japan.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">However,
given the level of equity and bond markets the underlying performance of the
business was affected. We saw 12 billion of net outflows, mostly in equities,
and both our management and performance fees were down. Operating expense was
up 1%.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 14 &#8211;
Investment Bank</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The IB, on
page 14, had a profit before tax of 410 million dollars, delivering a return on
attributed equity of 15% excluding litigation.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Global
Markets revenues increased by 10%, or 4% underlying.&#160; The increase was
primarily driven by our Rates and FX businesses, as well as a record 2Q in
Financing, which was driven by increases in Equity Financing and Clearing.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Global
Banking revenues were down 57% to 377 million, with the global fee pool down by
51%, as both Advisory and Capital Markets were down.&#160; We managed our risk well
and, included in the numbers, we had net mark-to-market losses of around 70
million dollars across LCM, corporate loans and CRE.&#160; There is no development
in July that has meaningfully affected our marks, but we haven&#8217;t seen a change
in market conditions.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Operating
expense was down 1% ex-litigation and FX, on lower variable compensation,
offsetting higher technology expenses and inflationary pressure on salaries.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 15 &#8211;
Personal &amp; Corporate Banking (CHF)</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On page
15.&#160; Moving to P&amp;C, the leading bank in Switzerland.&#160; P&amp;C profit before
tax was 398 million Swiss francs, with strong business momentum and good cost
control.&#160; The year-on-year comparison was impacted by credit loss releases and
non-recurring real estate gains in the second quarter of 2021.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Total
revenues were up 2% year-on-year, with increases across the board in NII,
recurring and transaction-based income.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Net
interest income rose by 5%, mainly driven by deposit revenues due to higher
deposit margins as a result of rising interest rates, as well as deposit
management actions.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Transaction-based
income increased 4% on higher revenues from credit card and FX transactions,
reflecting an increase in travel spending by our clients.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Recurring
net fee income was up 8%, including higher revenues from 2.4 billion of net new
investment product inflows over the past 12 months.&#160; For the quarter, Personal
Banking net new investment product flows were 0.5 billion, an annualized growth
rate of 8%.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The credit
loss expense was 33 million compared with 42 million credit loss release a year
ago.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Costs
ex-litigation were down 1% on a lower personnel expense.&#160; This was largely
offset by increased investments in technology as we continue to execute our
digital strategy.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 16 &#8211;
Common equity tier 1 capital</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On the last
slide, page 16, we maintained a strong capital position this quarter, well
above our guidance, while continuing to distribute capital according to our
plans.&#160; As of the end of June, our CET1 capital ratio was 14.2% and our CET1
leverage ratio was 4.37%.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The
sequential CET1 capital increase includes a 0.3 billion post-tax benefit in
connection with the reclassification of an HQLA portfolio from &#8220;fair value
through OCI&#8221; to &#8220;amortized cost&#8221;.&#160; As you recall, we announced in our February
strategic update our growth plans in banking and investment management in the
US, including the Wealthfront transaction and organic growth initiatives. This
transformative change in strategy requires the reclassification of this
portfolio.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Turning to
the CET1 capital ratio walk and starting at 14.3% at the end of last quarter.&#160;
Net profit contributed 70 basis points, offset by capital returns to our
shareholders of 60 basis points, and 20 basis points from the increase in RWA
from 312 billion dollars to 316. In addition to that, we had a 10 basis point
impact of FX offset by the reclassification I just mentioned.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Our capital
return story remains strong. In the first half of the year, we have repurchased
3.3 billion dollars, and as of last Friday the number was 3.7 billion, of which
1.6 billion took place in the second quarter. With a payout ratio of 97% for
the first half of the year, including dividend accruals and buybacks, we expect
to buy back around 5 billion dollars of shares during 2022, as planned.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><u><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Slide 17 &#8211;
Purpose slide</font></u></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">To
conclude, our capital-light and diversified business model, proactive risk
management and exposure to rising interest rates, contributed to the quarter&#8217;s
good performance.&#160; We continue to stay close to our clients and execute our
long-term strategy, while remaining disciplined on costs to deliver sustainable
growth.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">With that,
let&#8217;s open up for questions.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font color=#E60000 face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;line-height:13.0pt;">Analyst Q&amp;A (CEO and CFO)</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;text-align:justify;"><font color=#E60000 face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:14.0pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;page-break-after:avoid;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Magdalena
Stoklosa, Morgan Stanley </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you
very much, and good morning. I've got two questions: one, regarding the NII
trajectory and sensitivity, and another one on the net new fee generation
inflows into the kind of &#8211; into wealth, and what you're thinking about this
going forward. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, on the
NII, your sensitivity kind of changed slightly versus the last time you've
published this. We had a kind of slightly less US dollar sensitivity. And &#8211; but
of course, the biggest change is actually coming from Swiss franc, and of
course, you know kind of unsurprisingly so, given the rate hike and, of course,
a kind of very different rate trajectory in Switzerland from here. But could
you kind of run us through how this is going to pan out on a more of a
quarterly basis? Because, of course, your initial sensitivity to Swiss franc
interest rates is slightly negative given the central bank liquidity and also
the &#8211; your deposit charging practice. How &#8211; and of course, then it kind of &#8211; it
goes up as the rates move above zero. Could you give us a sense how you think
that's going to pan out? And also, on US dollar, is it really a kind of
question of effectively having spent some of that &#8211; your NII has already
increased by the 24% in GWM in particular. So that's on NII.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And on the
inflows, of course, you've got &#8211; I was kind of very pleased to see those
inflows in APAC. Could you give us a sense where do they go kind of
product-wise? And, again, your view on flows maybe a little bit going forward.
I know you've mentioned Americas in July, but just slightly, slightly further
out. What's the pipeline looking like? Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;page-break-after:avoid;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Thank
you, Magdalena. So on the flows and NII, Sarah will take the one on NII because
you're asking for quite some details there. So let her work on that a bit
before we give the answer. So on net new fee-generating assets, yeah, we're
very happy to see that we &#8211; after, you know, working with our clients, looking
at the opportunities they had, and given the fact that, you know, in Asia
Pacific you saw already a kind of a muted, a muted behavior around our &#8211; with
our clients in terms of the transactions over the last three quarters,
actually, almost for a full year now that, you know, we have been able to
secure them to look at managed business. And that's what you see coming through
in the net new fee-generating assets of 3.3 billion in Asia Pacific. So that's
&#8211; that is something that we're very happy about.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We also saw
a 1.1 billion of inflows, net new fee-generating assets, for example, here in
Switzerland as well. And we saw some higher outflows in the US. Specifically,
as to what we expect going forward, who knows the future certainly in these
uncertain times. Having said that, we are very focused on supporting our
customers through this mandate and, therefore, net new fee-generating assets is
a very good alternative with our CIO strategies there. They are attracted. We
are continuing to hire, for example, also financial advisors in the US. It
should also give further rise of increases in new &#8211; net new fee-generating
assets, and the first week of &#8211; the first weeks of the third quarter basically
looked broadly positive across the whole franchise. So, that's what I can tell
you. I can't go further &#8211; much further as to where it will go, but, you know,
we're really working hard on this. Managed businesses is what we do, staying
close to the clients, you know, recruiting financial advisors also in the US,
making sure that the managed business continues to grow out there as well. And
at least in the first three weeks of this quarter &#8211; of this new quarter, we saw
broadly positive flows. Sarah?</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yes. So, on
NII, I think what you're noticing, and it's not surprising, is that in the US,
because we have already seen some of the changes, the sensitivity decreases,
and that is, I would say, mathematically always to happen. And then, of course,
we had the events in Switzerland, which were not expected as of last quarter,
and that come in. So, in terms of like how that translates for us, the first
thing that I would say is that the guidance that we gave last quarter stands on
a static balance sheet basis as we gave it last quarter.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And if you
want to dig a little bit into what has happened, you heard the excellent
numbers that I mentioned, the 24% year-on-year up in GWM, sequentially 11%, the
increase in margin by 60%, the performance was strong. And our actual betas
were lower than our modeled betas. So, that was on the US.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In
Switzerland, what we did is what we should have done, which is we of course,
translated to the clients as needed the changes in the rates that we
experienced. We have always said that being close to zero or at zero is not the
best place for us on the right curve in Switzerland. And the good news though
is that at least the expectation today is that we would stay probably a very
little time in that zone, and would be able to benefit from the tailwind once
we are into the positive territories.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Magdalena
Stoklosa, Morgan Stanley </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, we're
likely to see kind of a probably a couple of quarters of more of a stable or
alternatively even kind of some headwinds to the NII before probably let's just
say mid next year, that kind of sensitivity coming through, maybe even to
beginning depending on where SNB actually ends up.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Well,
very &#8211; well, I would say I don't think like major headwind honestly, so I'm not
sure where that comes from. But if that has to do with the fact that, you know,
the SNB is still at minus 25 basis points and that is a situation where on one
side, on the loan side, you know, their forward resident deposit side were at
minus 25 basis points so we can&#8217;t charge more. Clearly, you know, the pricing
that the way we have done our pricing there, it was not at a full minus 75
basis points anyway, right? So, because we very much look at the client side
there, so from that perspective, if the SNB does not further hike, yeah, it may
be a bit of a downtick, but I wouldn't talk about headwinds there honestly.&#160;
So, yeah.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Magdalena
Stoklosa, Morgan Stanley </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Yes.
Thank you very much for that. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Chris
Hallam, Goldman Sachs</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Good
morning, everybody. So, just two questions. Firstly, just to follow up on this
NII point. I guess to sort of put it into numbers, the net interest margin in
global wealth management was around 220 bps in Q2. It's up around 40 bps versus
this time last year. So, do you have a sense about how much more that margin
could expand by about sort of over the next couple of years? That would be my
first question.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then
second, you mentioned client sentiment remain subdued in Q3 so far. And I just
wondered if there's any regional nuances within that overall picture, or
whether that's a fairly consistent global backdrop?</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. So,
as always, so if you look at how clients have currently allocated their
investments, we have not seen a massive change away from cash, also not into
cash. So, last year it was like 22% in cash and now it&#8217;s like 23% in cash. So,
that's not where we see it really. If you look at investor sentiment, we do see
a decrease of the sentiment with Asia being more pessimist &#8211; more optimistic
across the different regions. So, that's a little bit the sentiment around it.
In terms of the flows, I just indicated that in the first three weeks of the
third quarter, we saw broadly positive flows coming through.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, in
terms of the NII on the dip, we are not going to go further on the position of
what the deposit margin is going to be, but there's certainly could be
additional upside.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Chris
Hallam, Goldman Sachs</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay.
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thanks
very much.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Kian
Abouhossein, JPMorgan</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Good
morning, Ralph. Good to have you at UBS, Sarah. Two questions. First of all, if
I look at the numbers, the thing that strikes me today is that the
underperforming US peers in all IB areas and you're underperforming in US
Wealth Management Morgan Stanley, which is comparable. So, clearly, I don't
want to make stuff about the second quarter in terms of future market share
movements, but just trying to understand from your perspective, because I'm
sure in the executive board you discuss it, why you think you underperformed in
equities, fixed income, IBD, US wealth, and I would even say Europe wealth
against Julius Baer yesterday.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Second
question is regarding &#8211; again, coming back to wealth management, Asia
deleveraging, is that stopping or is the second derivative changing? And can
you talk a little bit more about, again, advisors in that area as well,
considering your advisors are still declining? </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And if I
may take it slightly further, clearly, the new change in the structural wealth
management in terms of management itself with Iqbal taking a bigger role, just
wondering how that is changing things within wealth.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Thank
you, Kian. I'll answer and then Sarah can fill in on it. So, I'll start with
the second one. So, the deleveraging in Asia Pacific, last quarter, we saw a
continued deleveraging of minus 3.3 billion in Asia Pacific in net new loans. I
mean, who knows honestly? It really depends on how things develop, but I do
expect that towards the end of the third quarter and certainly into fourth
quarter that there will be much more optimistic news coming from China and with
that Asia. So, I do expect that on the back of a confirmation of the political
leadership in China and with that the confirmation of the economic policies in
China, and with that also further lifting of restrictions around COVID, that,
you know, the whole Asia area will &#8211; or the whole Asia area will basically get
a bit of an uplift, and we'll pick things up. And with that, I do expect also
then the deleveraging to stop at a certain moment in time. </font></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Now, will it continue at this
moment in time? We don't have numbers, so I can't update you as to what is
happening right now. But you saw the minus 3.3 for the quarter. So, with the
decreasing market levels, you can expect them through, you know, the margins
also to have to repay some of our loans. So, I think that's kind of the direct
relationship that you can expect and that is in Asia. It's a lot of Lombard
loans business that we have there. So that's the overall picture there. </font></p>





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<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Specifically,
as to the change in leadership, there is not really a kind of a big change
here, honestly, from that perspective. So, Tom has done a remarkable job
turning the US into profitability, very much focused on further decreasing the
cost income ratio, improving the scale that we have in the US, co-developing
the strategy as to what are the next steps in the US, so a remarkable
performance there. And, you know, after almost 40 years with UBS, it's only
natural for him to look at, &#8220;okay, what's next?&#8221;. So, the way we are now
looking at organizing there is that we are appointing Naureen Hassan as an
executive team member reporting to me for the region, and very much responsible
for the regional execution of the plans also for wealth management, but also
for IB, also for asset management. And then Iqbal Khan taking the global
strategic role for wealth management. That's the way you can read it, and then
basically all of the divisions have a sole-lead structure. IB with Rob
Karofsky, Asset Management with Suni, and Wealth Management with Iqbal, and
then Sabine on the on the P&amp;C side, but that's local. And then complemented
with strong regional leadership. That's the way we go about it, because we have
an ambitious plan for the US. We believe in those plans and the execution of
those plans. Certainly, also from a digital perspective, not only for the
digital proposition, but also to support financial advisors is crucial. And
Naureen brings that experience and together with Iqbal I think there will be a
good team to focus on the US market.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">With that,
Sarah, maybe some more color to the US performance, the relative performance.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yes. So,
maybe I'll start with a general comment on the IB performance, and how the mix
has affected it. I think that basically when you're looking at our performance
in the second quarter, we were a reflection of our mix in the same way we were
in the first quarter.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, in the
first quarter, we had tremendous outperformance in the market that was very
much towards the solutions and towards equities. And here, we're still on the
reverse. So, we have our strengths in APAC, was not particularly accretive in
terms of the contributions. The US houses were very strong in the US for flow
business. As you know, Kian, we have a very capital-efficient model where we
are focused on solutions that are additive to the ecosystem and less so on the
flow business, which we view as less capital efficient. So, we did not
participate in that fee pool. We participated to a degree, but less so on a
mix-adjusted basis.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We did see
FX and rates being strong for us, and financing was a good story in the US and across
the world as well as clearing. And then, if you do deal all the adjustments,
and we do that based on the public information that our peers, as they reported
in markets, we actually end up if you adjust for mix, if you adjust for the
products as well as the regions, and then you end up within the range of the
performance. And then if you account for the fact that we are less on the flow
side, that really explains the whole story.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">In terms of
US overall, I think that when you look at the situation, you've got a
contribution actually that ended up being 40% of the revenue of the firm. So, I
would certainly not say that that is not noticeable with, of course, the strong
contribution from NII and from the banking business banking business that is
being filled and that is already contributing strongly in the US. We got
outflows that were very much tax-related. And so, 10 billion dollar because UBS
is positioned as the high-end of the wealth spectrum, 10 billion versus 7
billion dollar last year. So, I would say, it's not surprising but it certainly
contributes then you have to catch back from that to get into the net basis. We
did see the SMAs and the private are being offset. And as I mentioned in my
prepared remarks, we're seeing positive flows in the US in particular, but
we're seeing positive all around in the three weeks of July. In June, we also
had seen positive outflows in the US. So, that's another proof point of the
fact that, April and May we're very much tax affected.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Kian
Abouhossein, JPMorgan</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Benjamin
Goy, Deutsche Bank</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yes.
Hi. </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sorry.
Hi. Good morning. One question actually on cost and cost control in GWM. And I
think from a revenue perspective, it's actually improving meaning NII is going
up, which I think is limited compensation linked to that. And then the revenues
went down. It was just I was wondering how you see that playing out. Can you
really push it through or is there investment need from the business that keep
costs rather high? </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then
secondly, I was wondering, I mean, you sold Austria and you're in the process
of selling Spain. Maybe you can comment on in particular European consideration
and your own business in light of the, I would say the new market outlook from
here. Thank you very much.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sure. Thank
you, Benjamin. Could you repeat your first question because at the beginning,
we lost a bit of the connection there. So, I just want to be sure I got it
right.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Benjamin
Goy, Deutsche Bank</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah.
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sure.
No, I'm saying net interest income is going up, and there's typically very
limited compensation linked to that. On the other hand, fees are falling
whereas more an impact on the advisor compensation. So, I was wondering how
that plays out going forward. Also, when you think about investment needs, and
sort of the competitive pressure. Thank you very much.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Yeah.
Thank you. So, on the first one so it is a bit of what it is, Benjamin. So ,the
financial advisors are clearly, I mean, they've &#8211; they are so close to our
clients that they really act in their interest. And we're &#8211; there was no
investments coming through. That's what it is. They would certainly advise also
on cash management deposits money markets as well. And, you know, they have had
very good years and now in this quarter, you know, in the fact that the
interest income is basically produced at a lower cost income ratio. That is for
us looked upon from a corporate perspective, but they are really advising in
the best interest of our &#8211; of their clients. So, not necessarily then per se
looking at for the quarter what their revenues would be. So, the financial
advisor distribution model is very important to us. As you know, we have been
working on the productivity improvement over the last three years, and have
done really well on that under Tom's leadership, and that is what is important.
And the count of financial advisers, which you mentioned, is one that we
shouldn't look at. But since three years, the count has gone around 6%, whereas
the profitability of the franchise has increased by 60%.</font></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, moving the financial advisers
to the higher wealth band and supporting them in their productivity and
specifically, and now I get to your point, ensuring that we invest so that they
can be very efficient and advise their clients that they can actually have the
products on screen, that they can actually &#8211; well, they have that, but in an
even better fashion, that is important.&#160; So, the whole wealth management, the
WMAP project where we invest in a digital tooling for the financial advisers is
one that is very important that we are committed to because the distribution
channel is core to our offering in the US. And basically, we had two new
releases just in the last couple of months and the pickup of those new releases
of our digital support is at 94% with our financial advisers. So, it shows that
we're doing the right thing for them to be more effective with their clients.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On Europe,
so, the way I look at Europe, and I don't think that has really changed, if
anything, is probably worsened. So, Europe is not necessarily an area where we
expect a major wealth creation in comparison to Asia and the US. And that's why
we have looked at Europe strategically, and we have basically looked at the
plan where we can actually support our European businesses from the investment
banking side with the right coverage to support the coverage of the basically
the family business where the wealth creation will be, the entrepreneurs where
the wealth creation will be. And that is basically a model that we can &#8211; that
we don't necessarily need a local activity for in every country. And then
basically the discussion around where do you want to be than active locally on
top of that offering, really depends on whether you can actually generate the
scale than locally. And that's how we came to the decisions to sell Austria and
Spain. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The other
countries we actually feel are large enough with sufficient scale and growth
opportunities for us to continue our activities. But I think that I'm not the
only one disappointed in the progress of creating a real banking union where in
fact, you still need to build so much locally in order to be a local player.
That scale is an important factor. And therefore, you know, it really depends
on the size of the market for us, whether we continue to also do our local
offering there.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Benjamin
Goy, Deutsche Bank</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thanks for
the comprehensive answer.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thomas
Hallett, KBW</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Hi, guys. I
have a couple of questions, please. So firstly, on the Investment Bank, I just
want to know if there's any LBO hits booked in there or is that something we
should expect in 3Q instead. And then secondly, you know, I think broadly
you've demonstrated some good cost flexibility in the quarter, but I guess the
concern now, it's how much flex there is from here should obviously conditions
fail to normalize. So, what additional levers can you pull and what are you
currently in terms of cost pressure points. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Tom,
so, on the first, well Sarah will do it and the second one I will answer you
right now. So, for us it is important to look at the cost/income ratio. That's
what we have kind of targeted with you and we are fairly confident to stay
within the range of the cost/income ratio given our current model and our
current plans. Having said that, we do expect that we do see further flex if
there is if it is necessary. So, we do focus on costs. We're looking at costs
as we speak. But we will not sacrifice the investments in the growth plans that
we have unless those growth plans really are delayed in terms of the
opportunity that they show. So, there is some flex there. If we truly feel that
some of the growth may not come and clearly we will &#8211; we could work on that
side. We have a savings plan in place, as you know, which is the 1 billion plan
that we announced when we announced the strategy. And we are fully on track to
deliver the 400 million out of that savings plan this year. So, that's an
important factor as well to keep our costs under control. And then in the end,
there is also such a thing that if the revenues are down, that, you know, the
bonus accrual will also be down. And that's another factor that is important to
manage our cost.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, with
that, Sarah, the first question.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. In
terms of, I put on my prepared remark that we had 70 million net mark-to-market
in LCM, corporate loans, and corporate real estate. So, I think that what you
asked for was included in that number. I've also added that there was no
development in July that has meaningfully affected our marks. And so, when you
think about that in the context of our market share in B2/B3, this is actually
an outcome that is less than what you would have expected based on our market
share of B2/B3, and we believe that we have managed our risks well.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thomas Hallett,
KBW</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Thank
you. And, Ralph, just a quick follow-up. So, one of the main cost pressure
points you're seeing at the moment, maybe regionally, you know, in a back
office, what are the kind of key points there, pressure points?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Well, I
mean, so, you know that the largest part of our cost base is personnel costs.
So &#8211; and that's a combination of inflation, as well as still in some areas a
real tension in the labor markets and the geographies in which we're active. So
that's where you see upward pressure on salaries still.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And
depending on how things unfold, where if the inflation becomes stubborn, so to
say, now that in the end will come through also in general salaries as well,
also in the areas where there will be less of a labor market tension. So that's
where you see most of the upward pressure coming through.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">There's not
a lot we can do about that other than further digital &#8211; further digitalizing
our processes, so that we can basically manage the count. What we are really
working hard on and indicated in my presentation as well is the engineer
account as a percentage of the total of technology spend. With that, we create
a lot of productivity which currently we use to continue to invest, but we
could also translate that into a different way. So those are a couple of areas
where we see pressure and productivity gains. So that's how we managed the mix
a bit.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thomas
Hallett, KBW</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay.
Perfect. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Flora
Bocahut, Jeffries</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yes. Good
morning. The first question I'd like to ask you is on the buyback plan. You
know, you confirmed today that you stick to the 5 billion dollar buyback for
this year. But at this pace, you will probably be finished with this buyback by
the time you publish Q3 results. So just for understanding here what we should
expect. Is it possible that you could decide reloading the buyback as early as
Q3 results or this is something you rule out from today's standpoint already
and not to be considered before full-year results are published in February
next year?</font></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And the second question is going
back to the NII, I heard, you know, all the comments you made earlier on this
call in the US, on the Swiss exposure. You used to provide a guidance, at
least, you did in the previous quarter on the additional NII we should expect
for this year. Does that guidance, you know, the billion additional
year-on-year NII for this year, does that guidance still hold? Thank you.</font></p>





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<p style="margin:0mm;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. So as
you already had in your question, we confirmed a &#8211; to buy back around 5 billion
of shares, and we're well on our way there and that's what we will do to
further capital distribution to our shareholders beyond 2022. We will basically
update the market all of the year with our fourth quarter result. It will be a
mix of progressive dividend and share buybacks. But we will see at that moment
in time. For now, we are focusing on the share buyback program that we have
which is around 5 billion repurchase of shares. NII, Sarah?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. I
already &#8211; in answer to a previous question reconfirmed that we're standing by
the guidance as it was given in the last quarter on the static balance sheet.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Flora
Bocahut, Jeffries</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Stefan
Stalmann, Autonomous</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yes. Good
morning. I have two questions, please. So, the first one on deposits. Your
deposit balance and global wealth management has come down quite a bit 6%
during the quarter, quite similar to what we have seen at US peers. Do you have
any visibility on where these deposits have actually gone, and do you expect
more deposit outflows going forward? And can you actually say whether clients
have moved out of deposits into, let's say, money market funds or other
disintermediate forms of savings? And if that's the case, why have you not gone
into asset management products which I guess if you look at the flows, has
probably not happened.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The second
question on liquidity, please. You're facing now changing and probably higher
liquidity requirements under Swiss rules. And I've seen that you say that the
impact on these requirements is still quite uncertain, but could you maybe give
us an early guidance on whether you see any impact of these new rules on
balance sheet or P&amp;L for you? Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah,
Stefan, on the second one, I can be short. Basically, the ordinance is
finalized just three weeks ago, four weeks ago. And we are waiting for further
guidance from FINMA on that one. And before we have that, we can't, you know,
update anyone. So, we really want to wait for that guidance before we give
further updates.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah, on
the first one on the deposits, yeah?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On the deposit, as you noted a
little bit in your question, yes, there was some flows into money market. There
were some flows into T-bill treasuries as people basically took a little bit of
duration and usually are very, very high quality especially government assets.
And we would say that given the strength of our savings products, we were able
to retain a good amount because when you &#8211; you mentioned a similar performance
to the US peers, but we actually don't have the banking, checking products to
the extent that they have it. It's definitely something that is important in
our plans to grow. So having accomplished a similar percentage given we didn't
have that I think is a good performance. </font></p>





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</DIV>
<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And in
terms of like where specifically we saw the outflows going, it's not that easy
to track because some of it went directly to tax. And so, you can't actually
then see where it comes back.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Stefan
Stalmann, Autonomous</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Right.
Thank you very much.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Piers
Brown, HSBC Bank </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Good
morning. Just a few questions. One is on the EMEA net new money flows and the
outflows of half a billion. I'm just looking at that number, and I'm linking it
to the disclosure you give for asset sale by Russian residents, which I think
is higher than the quarter and just if there's any linkage between those two
movements.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And the
second question is just on the CET1 movement whether there's been any
significant OCI impact this quarter. Thanks.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">OCI? Sarah?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, what you
would see in the OCI is simply some of the currency impact that</font><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;"> </font></b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">is
running through the CET1 and then that 600 million and then it is offset by the
RWA 5 billion down. And so, the net of all of that is the</font><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;"> </font></b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">10 basis
points headwind that I mentioned but not much. And then, you have the
reclassification that I mentioned, which is actually going</font><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;"> </font></b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">the opposite
direction and offsets it.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah.
Piers, on your question in terms of the decrease in net new fee generating
assets for EMEA, well, we don't go into further detail about this, but, yeah,
part of that is certainly also to do with &#8211; can also have to do with Russian
clients.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Piers
Brown, HSBC</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay.
Thanks. Could I just come back on the OCI question? I think last quarter, you
gave a figure of 9 billion for the &#8211; I think that was the liquidity book with
the US banking subsidiary, which is mainly treasuries and NBFs. I think that
was the primary driver of the OCI move you had last quarter. Is that book
changed in composition or size in any way and is that the area that the
reclassification is coming from?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah.
That's exactly right. It was 9 billion dollars of that, 7 billion is the
reclassification that I talked about. And what is left is much shorter duration
and yeah, it's shown only high quality being AA and above.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Piers
Brown, HSBC Bank </font></b></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Okay. Perfect. Thanks very
much.</font></p>





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</DIV>
<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Well
spotted.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Andrew
Coombs, Citi</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Good
morning. One question on the targets and then a follow-up on cost flex, please.
If you look at the numbers you published today, 18.9% return on Core Tier 1 and
then a 70.6% cost income. But obviously benefits from the 810 million one-off
gain on the Mitsubishi JV. So, if you're trying to adjust for that, I think
you're looking at about an 11.5% return on Core Tier 1 for the quarter and
about a 75% cost income ratio. So, what gives you the confidence that you can
certainly beyond this year, still achieve the 15% to 18% and the target cost
income of 70 to 73 as well? Anything that you can do from an output
perspective, assuming that markets don't recover. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then
the broader questions come back to the point on cost flex. We've obviously seen
a big step down in market levels. And yet when we look at your costs
ex.-litigation and FX that's down 1% flat or rough 1% in every division. And
that doesn't seem to be a big step change in the costs to accommodate the move
down in market levels and accordingly what it means for your revenues. So,
anything you can add on cost flex above and beyond what you've already said,
please. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Sure,
Andrew, on the second one, I can be clearer. I mean, as you know, we are &#8211; we
continue to invest, right. So, we have plans. We have a strategy. We're
investing in our strategy. And where you see some of the cost categories
actually being related to revenues, there is also categories that basically, as
we have also updated you on, our areas of investment, and we are not
sacrificing the investments in those growth areas. So &#8211; but, you know, if
things get worse, we have different levers to pull and then we will pull those
levers. So, I do think there is sufficient flex. Having said that, we are
comfortable with the guidance around staying within the cost/income range, as
well as the return range, and Sarah will update you there.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. So, I
really didn't follow totally your math because when I do my math, this is what
I do. JV sale 848 million. Real estate gains is 46. The litigation, you would
say, is 221 net. Accounting asymmetries is 214. And so, you certainly are
sticking out a little bit, but you get to a number that is in the mid-teens,
not at all the low-teens.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">I think I
will follow up with you.</font><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;"> &nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Andrew
Coombs, Citigroup</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">No. I think
you individually accounting asymmetries as well, which I hadn't, which explains
the doubts. So I guess the follow-on question would be how long did it take for
those to reverse?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Well, by definition of them being
asymmetries, we don't have, like, a great way to project them. We do have
scenarios. They are sensitive to the shape of the curve, the basis between
different currencies, and the basis between swaps and LIBOR. So, you'll have to
know what's going to happen to all of those to give you an estimate. But in
general, over a long period of time, this should revert back to zero, which is
why I suggested that you could consider them.</font></p>





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<p style="margin:0mm;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Andrew
Coombs, Citigroup</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Thank
you both.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Anke
Reingen, RBC </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. Thank
you very much. I just have two follow-up questions. The first is on the cost. I
just wanted to confirm that your previous guidance about the 2% ex-available
comp and FX and litigation still stands or you think the inflation pressure is
too high? And I guess &#8211; I mean, I guess you supposed you said if that was were
for levers, I guess, I'll go first to that one as well.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then
just on the leveraged finance and the mark-to-markets. The 70 million you took
in the quarter, I guess that's also relative to the 700 million you disclosed
in your report about commitments that have not yet been distributed. And can
you just confirm your comment about no further marks in July would refer to the
700 million as well? Thank you very much.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. So,
Anke, on cost, so as I was indicating, there was certainly upward pressure
coming from tense labor markets, coming from inflation as well, and that seems
to stay longer than expected. So, from that perspective, we're really looking
at all categories at this moment in time. If you look at our cost increases,
then we would be running pre-FX, pre-everything around 2.8%. We are working
hard to, you know, moving that down so it will be in the twos. But whether it's
exactly the two, you know, that's what we're working on. So, for us, the most
important element is the cost/income ratio, which is the basically the way you
measure the efficiency of your total. And we're confident staying in that as
said, you know, managing cost have different components.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">We also
have on one side the inflation that pushes up the cost pre-FX. But the other
side, we can all recognize that at this moment FX also has to do with the rate
environment. And therefore, FX is not just an FX change, a bit of an FX
exchange. But we do look at FX as well as what helps us managing cost. Sarah on
the MTM so I didn't know where the 700 was coming from. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah. So,
basically we did look carefully at our balance sheet commitment and &#8211; both on
and off balance sheet, but effectively we have come down actually significantly
from a year ago in terms of our commitments in the States. And of course, yes,
we are considering everything that is committed in the comments that we
provide, and in the market that we have done, so yes.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Anke
Reingen, RBC </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=DE-CH style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay.
Yeah. </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">I
just &#8211; I guess you say on the quarterly report, there's 700 million of commitment
not yet been distributed, but I guess that captures it. Okay. Thank you very
much.</font><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;"> &nbsp;</font></b></p>





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<p style="margin:0mm;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">That will
always be in that business, right? So, I mean you underwrite and at a certain
moment in time, also at the quarter-end, you always have a position not fully
distributed, but as per the end of the quarter, across the different &#8211; the
three different books that we have indicated, leverage, corporate lending, as
well as real estate, the 72 million markdown is what we and also the
accountants feel is the right representation of the value. And that's where we
are. It kind of shows that we have been able to manage the book down, and that
is a pretty conservative book. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Anke
Reingen, RBC </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Thank
you very much.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Nicolas
Payen, Kepler Cheuvreux</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yes. Good
morning. Two questions, please, two follow-ups. The first one would be on net
inflows in GWM. Just net new flows and leverage tend to evolve in the same way,
actually. And for Americas and Asia, we see them going in different directions.
So, I wanted to know if there is any particular reason for that.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And the
second question, a bit more perspective. And I know that Wealthfront is not yet
integrated within UBS, but maybe just a quick qualitative comment on how
Wealthfront is doing in such a volatile environment regarding inflows or
trading on the more retail side. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah.
Nicolas. I really want to kind of refrain from making comments as to how
Wealthfront is doing because, you know, it's &#8211; the transaction has not been consumed.
So, it's not for us to update you on how they are doing, so &#8211; but I can tell
you that, you know, we have prepared everything for this acquisition to be
executed, and we're waiting for regulatory support and &#8211; which is the normal
course of business how you go through regulatory support. So, that's one.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On the
leverage versus the net flows, I honestly think in terms of the US, this is
just very much driven by the tax flows. So, on one side, we see a real lending
growth, a lot in mortgages, that has nothing to do with flows. And therefore,
we're very &#8211; our mortgage book grows quite well in the US for ultra-high and
high net worth individuals. That's a business that we &#8211; that has been growing
over the last quarters. So that is not necessarily related to your flows. And
as Sarah already explained, the negative flows in the US are largely explained
by a higher-than-expected outflow related to tax. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Amit Goel,
Barclays</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Hi. Thank
you. So I've got some follow-up questions on the NII. The first question is I think
you said that you stand by the previous guidance NII for GWM for the remainder
of this year. So I think Q2 relative to previous guidance was a little bit
below so just to check, so that would suggest a bit more for Q3 and Q4 than
what you previously thought?</font></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And secondly, I just wanted to
understand a bit more in terms of &#8211; I think, previously, the guide was about a
15% sequential growth in NII for GWM. What the difference was in terms of why
it ended up being up 11%, which is still a strong improvement? But what the
drivers or difference was there, especially given the comment that model
deposit betas were less than anticipated? Thank you.</font></p>





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<p style="margin:0mm;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0mm;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The
guidance was specifically a static balance sheet guidance.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So basically,
static balance sheet as per the balance sheet at the end of the first quarter.
That's the way the guidance was given.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Amit Goel,
Barclays</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. So
the decline in deposit balances was the difference.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">That's
right. And so, that's just the way we had given the guidance. And so, after
that you can build in your assumptions on a known static balance sheet which is
reality of life.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Amit Goel,
Barclays</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Got
you. And so, is the implied for Q3 for now a bit higher than previously thought
or is it still based on the balance sheet as of Q1?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah.
Again, we chose because at some point you get into and there is only two
quarter and there is only one quarter. So we just decided to stand by the
guidance as it was done.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Amit Goel,
Barclays</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. Thank
you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Adam
Terelak, Mediobanca</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Morning. So
just a couple of follow-ups for me. On the US tax outflows, you've mentioned it
in terms of the net new fee-generating assets in the US, but also attached to
some of the decrease in deposits. So I just wanted to get more color how that
10 billion is split across the two. And why is that coming out of
fee-generating assets? Why is it not just deposits being used to pay off tax
bills? So, a little bit of color there would be great.</font></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then on the buyback, I hear
your message on the 5 billion. You're committing to that. Clearly, you need to
go back into the market for the employee share schemes. So could you just give
us a color of kind of what sort of volume might be attached to that on top of
the 5 billion? And then how we should think about this heading into year-end?
Clearly, at some point you're going to go from buying 20% ABB every single day
to being very much out of the market when you complete that program, which is
how to think about managing those volumes through year-end. Thank you.</font></p>





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<p style="margin:0mm;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


</DIV>
<p style="margin:0mm;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And so, as
you can tell we are ahead of plan being at 3.7 million as of last Friday. And
it's part early because we know exactly what we have to do and we also are
conscious of not leaving things for the last minute. And so, we &#8211; I don't have
for you this specific number regarding the employee base. But what I can tell
you is that we consider all of that and that we again reiterate our ability to
complete the 5 billion for the full year. So, I'll ask IR to follow-up on that
specific number.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Adam
Terelak, Mediobanca</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Great.
Thank you. Just on the buyback, can I confirm is the limiting factor here still
just discussing ABB or we still kind of 5 billion and we're going to move on to
next year before talking again.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">As we say
it's not about limiting factors. We guided to 5 billion and we will execute 5
billion.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Exactly. We
left that at the market, you know, as for the end of the fourth quarter. So,
that's where we are.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Adam
Terelak, Mediobanca</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Great. Very
clear. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then
the other question was in the flow of deposits versus new fee generating assets
and taxes.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, most of
our clients have several accounts. So, we have seen the 10 million </font><font color=gray face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">[</font><i><font color=gray face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">edit: billion</font></i><font color=gray face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">]&nbsp;</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;"> dollars of flows. They have
come a lot actually from some short-duration mandates. And not to say that they
have come only from that. But we have seen that the clients were not just able
to do that out of deposits.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Adam
Terelak, Mediobanca</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay. So,
selling the product to pay tax bills .</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Some. Yes.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">It is also about tax optimization
as to when you sell your portfolio as well in the US, so they measure that very
specifically, and they basically make the calculations between whether to pay
it out of deposits or whether to pay it out of invested assets. That's well
optimized.</font></p>





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</DIV>
<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Adam
Terelak, Mediobanca</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Right.
Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Jeremy
Sigee, Exane BNP Paribas</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Hi there.
Thank you. Two follow-ups, please. I take your point on the NII guidance and
the forward curve. You're standing by the existing comment you don't want to
get into two quarter, one quarter. But I just wonder if you could give us a
sense of what that looks like going into 2023, what you expect the uplift from
the forward curve as it currently stands to be in 2023 compared to 2022? That's
my first question.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And the
second one is a little bit nitty-gritty. The &#8211; amidst in global wealth
management, the fee-generating asset margin is down 2 basis points
quarter-on-quarter, whereas for the overall business, the gross margin is up a
couple of basis points quarter-on-quarter. Is that just a mix thing to do with
the loans and not in there or what &#8211; is there anything to comment on in terms
of that decline in the fee-generating asset margin Q-on-Q?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Well, we'll
probably have to come back to you on that one. So, why don't you follow-up with
the investor relations team on the margin itself, Jeremy. </font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">On the
other one, we don't guide beyond 2022 on the rate environment, honestly. So, I
think what we can indicate is to how we manage our book, our deposit book, let
me put it that way, also in the US, and this is also to do with our strategy is
that there's also again to do the requirement to reclassify to fair value OCI
which is that, you know, the strategy in the US calls for building a bank next
to a wealth manager.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And if you
build the bank, you build the loan book, you build also a deposit book, not
just for funding, but also in our &#8211; in building deposits as a business. And
therefore, the way we go about our deposit pricing is always one where you look
at the commercial opportunity, but also in terms of maximizing the margin, and
the profitability around it.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, it is
not pure a funding vehicle for us as it may have been in the past, and
therefore and hence also the qualification of the HQLA book against it. It is
more and more a strategic book for us, hence the way we price deposits going
forward with impact on NII really looking at the optimal pricing for that but
also the reclassification of the bonds that we hold against it, so it's all
related.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Jeremy
Sigee, Exane BNP Paribas</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=FR style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Andrew
Lim, Soci&#233;t&#233; G&#233;n&#233;rale </font></b></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=FR style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Hi. Morning. </font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thanks for
taking my questions. So, I just wanted to revisit the IB performance, and it is
notably weaker than US peers. And I know you say, you know, flow business was
strong, but really it was a strong macro quarter. Wouldn't anything else rates
and FX? So, I'm just a bit surprised by the performance in your FICC business
there. And I just wanted to know from what you could see, if there was some
kind of like macro, sorry, geographical explanation for that? So, weakness may
be in Europe and APAC versus the US that could explain that. </font></p>





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<p style="margin:0mm;mso-line-height-rule:exactly;mso-pagination:no-line-numbers;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:.7pt;">&nbsp;</font></p>


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<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And then
secondly, and I'm just wondering about your thoughts on sizing up your treasury
portfolio and investing more in bonds. I mean we've talked a bit more about the
size of the balance sheet here having a bearing this past quarter and
especially on the deposit size. Is that the main limiting factor for increasing
your bond investments there or are there great &#8211; is there a greater flexibility
to upsize and increase your net interest income.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, Andrew
on the first one. Again, I think that the way we look at our markets results
versus peers is as follows. And that's why we outperformed them in the first
quarter. And we may &#8211; we lack a bit in the second quarter. And there was
basically two components to it. The first one is geographical bias, where the
US peers are much more biased towards the US and we have a global footprint,
that is one. And the second one is the exposure to the rates business versus
us, the exposure to more equities and structured products business. That
generally I mean, those are the two main factors that if you correct for that
we feel that we are more or less in-line with how peers have produced. But
headline shows a different factor. Having said that, you know, the 10% revenue
increase for Global Markets year-on-year, we feel is a good number. But indeed,
we have a different setup in our Markets business. As you know, we are aligning
our investment bank towards what we want to build over time. And therefore, the
in the Markets business specifically equities is very strategic for us and we
don't build an investment bank for being an investment bank. We &#8211; we are
building an ecosystem for investing in which, you know, wealth management,
asset management, and investment banking capabilities are very important in
order to grow that. But we don't build an investment bank for being an
investment bank. I think that will then also explain some of the activities
that we don't have and some of our peers do have. And in one quarter that makes
us outperform them, and in the other quarter it makes them outperform us if you
just look at the investment bank.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The second
question, honestly, Andrew, I didn't quite understand what you were trying to
ask. Could you repeat that?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Andrew Lim,
Soci&#233;t&#233; G&#233;n&#233;rale </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Yeah, sure.
In the rising rates environment, I guess, it makes sense to see whether you can
upsize bond investments and then increase in net interest income, especially
given your move to reclassify some of those bond investments at amortized cost.
This quarter, we've seen maybe, you know, the balance sheet shrinkage and loss
of deposits as a limiting factor there. But, I mean, how do you see that going
forward actually? Your opportunity to increase bond investment, is that purely
limited by deposits or do you have more flex there to increase that?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">The way you can think about it is
we have the deposits that we have coming from our customers. We all have on the
offset some of the loans that we have coming from our customers. And then the
net of the two would be securities portfolio. And we do everything with a view
to managing the assets and liabilities to our replication and making sure that
we get to the appropriate duration to manage the risks. And so, there is no
particular limit in terms of, like, how big the investment portfolio can be.
And I would say theoretically, but for us, what's important is that we wouldn't
take a &#8211; an unexposed duration risk. And so, what we want to have is a match
funding that reflects the quality of the deposits that we have and the duration
of the loan books that we have.</font></p>





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<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=FR style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">&nbsp;</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=FR style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Andrew
Lim, Soci&#233;t&#233; G&#233;n&#233;rale </font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=FR style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay.
</font><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">That&#8217;s
great. Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Alastair
Ryan, Bank of America</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you,
and good morning. And so, fee-generating assets coming to Q3, down 12% on where
they came into Q2, invested assets, down 11%. Is there anything that would
offset that as a headwind to your fees, which were obviously double your net
interest income in wealth management?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And second,
please, the cost/income in Q2 was well over 70% to 73% excluding the various
one-offs in revenues and costs. Will you putting some money aside for future
quarters or to get back into the 70% to 73%, you know, the revenues to snap
back up or a step up in the cost program? Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">So, again,
when we did the underlying for the first half, we were actually quite close to
the reported because they are items that go in both directions. And so, we'd
want to make sure that we review the math that you're doing, review on that
one, too, and because we're not seeing the issues that you're describing.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And, Ryan,
so, basically, we report as we report and the cost income is on reported
numbers, right? So, it's good that you also look at the underlying because that
is also important for us. I mean we make that analysis as well as to &#8211; well as
so how can we further improve our cost income ratio in the underlying. But you
know that the targets are on a reported basis. Okay.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Alastair
Ryan, Bank of America</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you.
On the invested assets?</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Sarah
Youngwood</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Well, they
reflect the market that has gone down. And then we, of course, have done better
than the market because we have added other cumulative flows into that.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Alastair
Ryan, Bank of America</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Thank you.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><b><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Ralph
Hamers</font></b></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">Okay.
There's no more questions. Then, I'll close this call. Thank you for calling in
this morning. I think, to sum it all up, as you can see from our numbers, this
was for our clients a challenging quarter where our private clients were
sidelining their investments, waiting for guidance and also for advice, whereas
our institutional clients have really been very active and that's what you see
through the numbers. We have progressed in our strategy if it comes to putting
the company closer together, launching digital initiatives, working on
technology in order to further improve efficiencies as well, keeping costs
under control, and that leading to, in our view, a very strong or a good
underlying performance, let me put it that way, in the Swiss business, in the
markets business and in the wealth business.</font></p>

<p style="margin:0mm;margin-bottom:13.0pt;"><font face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:10.5pt;layout-grid-mode:line;line-height:13.0pt;">And so with
that, thank you again for calling in and I wish you a great day. Thank you.
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<p style="border:none;margin:0mm;margin-bottom:8.0pt;padding:0mm;text-align:justify;"><b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:7.5pt;layout-grid-mode:line;line-height:8.5pt;">Cautionary
Statement Regarding Forward-Looking Statements |</font></b><font color=black face="Frutiger 45 Light,sans-serif" lang=EN-US style="font-size:7.5pt;layout-grid-mode:line;line-height:8.5pt;">
Cautionary Statement Regarding Forward-Looking Statements | This presentation
contains statements that constitute &#8220;forward-looking statements,&#8221; including but
not limited to management&#8217;s outlook for UBS&#8217;s financial performance, statements
relating to the anticipated effect of transactions and strategic initiatives on
UBS&#8217;s business and future development and goals or intentions to achieve
climate, sustainability and other social objectives. While these
forward-looking statements represent UBS&#8217;s judgments, expectations and
objectives concerning the matters described, a number of risks, uncertainties
and other important factors could cause actual developments and results to
differ materially from UBS&#8217;s expectations. Russia&#8217;s invasion of Ukraine has led
to heightened volatility across global markets, to the coordinated
implementation of sanctions on Russia and Belarus, Russian and Belarusian
entities and nationals, and to heightened political tensions across the globe.
In addition, the war has caused significant population displacement, and if the
conflict continues, the scale of disruption will increase and may come to
include wide-scale shortages of vital commodities, including causing food
insecurity. The speed of implementation and extent of sanctions, as well as the
uncertainty as to how the situation will develop, may have significant adverse
effects on the market and macroeconomic conditions, including in ways that
cannot be anticipated. This creates significantly greater uncertainty about
forward-looking statements. Other factors that may affect our performance and
ability to achieve our plans, outlook and other objectives also include, but
are not limited to: (i) the degree to which UBS is successful in the ongoing
execution of its strategic plans, including its cost reduction and efficiency
initiatives and its ability to manage its levels of risk-weighted assets (RWA)
and leverage ratio denominator (LRD), liquidity coverage ratio and other
financial resources, including changes in RWA assets and liabilities arising
from higher market volatility; (ii) the degree to which UBS is successful in
implementing changes to its businesses to meet changing market, regulatory and
other conditions; (iii) increased interest rate volatility in major markets;
(iv) developments in the macroeconomic climate and in the markets in which UBS
operates or to which it is exposed, including movements in securities prices or
liquidity, credit spreads, and currency exchange rates, and the effects of
economic conditions, including increasing inflationary pressures, market
developments, and increasing geopolitical tensions, and changes to national
trade policies on the financial position or creditworthiness of UBS&#8217;s clients
and counterparties, as well as on client sentiment and levels of activity,
including the COVID-19 pandemic and the measures taken to manage it, which have
had and may also continue to have a significant adverse effect on global and
regional economic activity, including disruptions to global supply chains and
labor market displacements; (v) changes in the availability of capital and
funding, including any changes in UBS&#8217;s credit spreads and ratings, as well as
availability and cost of funding to meet requirements for debt eligible for
total loss-absorbing capacity (TLAC); (vi) changes in central bank policies or
the implementation of financial legislation and regulation in Switzerland, the
US, the UK, the European Union and other financial centers that have imposed,
or resulted in, or may do so in the future, more stringent or entity-specific
capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding
requirements, heightened operational resilience requirements, incremental tax
requirements, additional levies, limitations on permitted activities, constraints
on remuneration, constraints on transfers of capital and liquidity and sharing
of operational costs across the Group or other measures, and the effect these
will or would have on UBS&#8217;s business activities; (vii) UBS&#8217;s ability to
successfully implement resolvability and related regulatory requirements and
the potential need to make further changes to the legal structure or booking
model of UBS Group in response to legal and regulatory requirements, or other
external developments; (viii) UBS&#8217;s ability to maintain and improve its systems
and controls for complying with sanctions in a timely manner and for the
detection and prevention of money laundering to meet evolving regulatory
requirements and expectations, in particular in current geopolitical turmoil;
(ix) the uncertainty arising from domestic stresses in certain major economies;
(x) changes in UBS&#8217;s competitive position, including whether differences in
regulatory capital and other requirements among the major financial centers
adversely affect UBS&#8217;s ability to compete in certain lines of business; (xi)
changes in the standards of conduct applicable to our businesses that may
result from new regulations or new enforcement of existing standards, including
measures to impose new and enhanced duties when interacting with customers and
in the execution and handling of customer transactions; (xii) the liability to
which UBS may be exposed, or possible constraints or sanctions that regulatory
authorities might impose on UBS, due to litigation, contractual claims and
regulatory investigations, including the potential for disqualification from
certain businesses, potentially large fines or monetary penalties, or the loss
of licenses or privileges as a result of regulatory or other governmental
sanctions, as well as the effect that litigation, regulatory and similar
matters have on the operational risk component of our RWA, as well as the
amount of capital available for return to shareholders; (xiii) the effects on
UBS&#8217;s cross-border banking business of sanctions, tax or regulatory
developments and of possible changes in UBS&#8217;s policies and practices relating
to this business; (xiv) UBS&#8217;s ability to retain and attract the employees
necessary to generate revenues and to manage, support and control its
businesses, which may be affected by competitive factors; (xv) changes in
accounting or tax standards or policies, and determinations or interpretations
affecting the recognition of gain or loss, the valuation of goodwill, the
recognition of deferred tax assets and other matters; (xvi) UBS&#8217;s ability to
implement new technologies and business methods, including digital services and
technologies, and ability to successfully compete with both existing and new
financial service providers, some of which may not be regulated to the same
extent; (xvii) limitations on the effectiveness of UBS&#8217;s internal processes for
risk management, risk control, measurement and modeling, and of financial
models generally; (xviii) the occurrence of operational failures, such as
fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data
leakage and systems failures, the risk of which is increased with cyberattack
threats from nation states and while COVID-19 control measures require large
portions of the staff of both UBS and its service providers to work remotely;
(xix) restrictions on the ability of UBS Group AG to make payments or
distributions, including due to restrictions on the ability of its subsidiaries
to make loans or distributions, directly or indirectly, or, in the case of
financial difficulties, due to the exercise by FINMA or the regulators of UBS&#8217;s
operations in other countries of their broad statutory powers in relation to
protective measures, restructuring and liquidation proceedings; (xx) the degree
to which changes in regulation, capital or legal structure, financial results
or other factors may affect UBS&#8217;s ability to maintain its stated capital return
objective; (xxi) uncertainty over the scope of actions that may be required by
UBS, governments and others to achieve goals relating to climate, environmental
and social matters, as well as the evolving nature of underlying science and
industry and governmental standards and regulations; and (xxii) the effect that
these or other factors or unanticipated events may have on our reputation and
the additional consequences that this may have on our business and performance.
The sequence in which the factors above are presented is not indicative of
their likelihood of occurrence or the potential magnitude of their consequences.
Our business and financial performance could be affected by other factors
identified in our past and future filings and reports, including those filed
with the US Securities and Exchange Commission (the SEC). More detailed
information about those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including UBS&#8217;s Annual Report on Form 20-F
for the year ended 31 December 2021. UBS is not under any obligation to (and
expressly disclaims any obligation to) update or alter its forward-looking
statements, whether as a result of new information, future events, or
otherwise. </font></p>

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<p align=center style="margin:0mm;text-align:center;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:both;">SIGNATURES<a name="RG_MARKER_192678_bclEnd"></a><a name="RG_MARKER_192686_bclEnd"></a></font></b></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:36.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrants
have duly caused this report to be signed on their behalf by the undersigned,
thereunto duly authorized.</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">UBS
Group AG</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">By: </font><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">_/s/ David Kelly_______________</font></u></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">Name:&#160; David Kelly</font></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">Title:&#160;&#160;&#160; Managing Director </font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;layout-grid-mode:line;">By: </font><u><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;layout-grid-mode:line;">_/s/ Ella Campi________________</font></u></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;layout-grid-mode:line;">Name:&#160; Ella Campi</font></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">Title:&#160;&#160;&#160; Executive Director</font></p>

<p style="margin:0mm;margin-left:234.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">UBS
AG</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">By: </font><u><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">_/s/ David Kelly_______________</font></u></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">Name:&#160; David Kelly</font></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">Title:&#160;&#160;&#160; Managing Director </font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;text-indent:216.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;layout-grid-mode:line;">By: </font><u><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;layout-grid-mode:line;">_/s/ Ella Campi________________</font></u></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=ES style="font-size:11.0pt;layout-grid-mode:line;">Name:&#160; Ella Campi</font></p>

<p style="margin:0mm;text-indent:234.0pt;"><font face="Times New Roman,serif" lang=EN-GB style="font-size:11.0pt;layout-grid-mode:line;">Title:&#160;&#160;&#160; Executive Director</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0mm;"><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">Date:&#160; July 27, 2022</font></p>

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