Ubs Group Ag · SIX:UBSG
Ubs — Investor Day (October 2018)
173 slides from Ubs's investor day presentation, Oct 25, 2018
Slide 1: 2018 Investor Update Agenda
2018 Investor Update Agenda — 25 October 2018 07300800 Registati (08:00 08:05 introduction Sergio P. Ermotti 08:05 08:20 3018 results presentation ‘Sergio P. Eemotti, Kirt Gardner 08:20 08:45 3018 results QBA Sergio P. Ermotti, Kirt Gardner ‘08:45 09:15 Coffee break with tech demo 08:15 09:45 Execut
Slide 2: UBS Investor Update: Executing our strategy
&% UBS UBS Investor Update Executing our strategy Sergio P. Ermotti Group CEO 25 October 2018
Slide 3: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements
Slide 4: Key messages
Key messages + Winning strategy and business model } Driving cost and capital efficient growth (3A } Managing UBS for long-term value creation Executing with discipline to deliver sustainable growth and attractive capital returns UBS
Slide 5: Uniquely positioned with leading franchises
Uniquely positioned with leading franchises Working in partnership to grow and deliver attractive returns a EB Global Wealth Management Personal & Corporate Banking World's leading and only truly global Cornerstone of Swiss universal bank; ‘wealth manager; #1 in global UHNW_ #1 in an attractive mark
Slide 6: Well positioned in the largest and fastest-growing markets
Well positioned in the largest and fastest-growing markets Geographic diversification strengthens the sustainability of our earnings over the cycle Cumulative pre-tax profit contribution’ Pretax profit 19143018 Americas ‘sia Pacific 2 cacR Switzerland Americas 25% r GR Fria 3018 Fvia 3918 um ume ‘um
Slide 7: What we have achieved since 2014
What we have achieved since 2014 UBS is more profitable, stronger and fit for the future More profitable ee 65 Ads a 62 Reported POT 204 ome CET ratio 13.5%, CET1 leverage ratio 3.8%, tier 1 leverage r Stn inerease in TAC Spent 1.5bn to improve resilience and transform legal entity structure Spent 8
Slide 8: Increased returns through cost and capital efficiency
Increased returns through cost and capital efficiency — Reported ROTE excl, OTAS — Adjusted % 98 Cost efficiency Reported Costincome ratio, % (12pp'3) adjusted Capital efficiency « 3 5506p Fa FYIS FIG. FYI. 3018, mM RUBS MeercoF stearate cs ode 16 sannenaatdraman, el una and ein ‘rsenation 2 Ute for
Slide 9: Balancing cost and capital efficiency to drive returns
Balancing cost and capital efficiency to drive returns Focused on sustainable performance som Higher 7 hore Business mix and geographic footprint 0% drive comparatively high capital \ \\ efficiency and structurally higher SN . costincome ratio 10% ~ muss ees 1Hi8 iateence © Ag. European peers 1H18 a
Slide 10: Why we are confident we can deliver stronger growth
Why we are confident we can deliver stronger growth Cost discipline and leveraging technology to drive returns Revenue growth Cost efficiency Capital efficiency > Grow faster than global real GDP > Direct costs excluding variable > Revised equity allocation growth compensation to stay broadly flat f
Slide 11: Global Wealth Management
Global Wealth Management Stronger together, sharing knowledge and leveraging scale New growth opportunities in US GFO and 2 a Tail wily lob weak manger wit nn & Ra parecer steerage mm attracive markets Broadening access to best solutions and services for clients 1,) ea tigh wet Worth market leader R
Slide 12: Working in partnership
Working in partnership Delivering the whole firm to our clients Our Areas of clients collaboration SUBS osname
Slide 13: Even stronger capital generation
Even stronger capital generation Expecting to generate capital at a significantly higher rate ~23bn capital generated over the last 6 years Expect to accelerate capital generation ‘Cumulative tigation 87 provisions and fees or Frigation and investigations ‘Cumulative residual earings pane Sob for sh
Slide 14: Delivering attractive capital returns
Delivering attractive capital returns ‘Committed to our capital returns policy > Target dividend per share growth of to-high single digit percent per annum 025 > Return excess capital after dividend ‘accruals likely in the form of buy-backs, after considering our outlook 025 I Ordinary dividend Spec
Slide 15: CET1 capital is our binding constraint
CET1 capital is our binding constraint Closer alignment of our external return targets with our equity attribution framework ‘Our 2021 ambition" 1 Simpler and more transparent % 6) Consistent with our equity attribution ~17% 2 Framework RoCET1 Aligned with how we manage te) 5 Shareholder retuins > D
Slide 16: UBS — three keys
UBS — three keys UBS Pillars The foundation for everything we do. Capital strength Efficiency and effect Risk management Principles ‘What we stand for as frm, Client focus Excellence Sustainable performance Behaviors ‘What we stand for individually Integrity Collaboration Challenge
Slide 17: Key messages
Key messages 246) winning step an busines mode Driving cost and capital efficient growth (3M } Managing UBS for long-term value creation Executing with discipline to deliver sustainable growth and attractive capital returns UBS
Slide 18: Important information related to this presentation
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Slide 19: Driving accountability and disciplined execution
% UBS UBS Investor Update Driving accountability and disciplined execution Kirt Gardner Group CFO 25 October 2018
Slide 20: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements
Slide 21: Key messages
Key messages Driving disciplined resource management to achieve Group targets Aligning Group and divisional performance to drive front to back optimization 1g and refining target framework to drive accountability and disciplined execution
Slide 22: Improving cost and capital efficiency to drive capital accretion
Improving cost and capital efficiency to drive capital accretion Focused on sustainable performance re OH) 1 SE com gs \ tm! | om bt ~ Efficiency ne 100% Om 2 4 6% B% 10% 12% 14% 16% 18% 20% muss © svg, European peers 1H18 RevenueyRvA, 1H18 Peers! 1H18_ © Avg. US peers 118. Capital efficiency UBS Cu
Slide 23: Driving growth
Driving growth Revenue growth driven by a combination of management initiatives and market beta factors ee AD saver psy nn cnt a Fe SS one tn data ara re 2 | ee gp ia iin etc Passive and China in execution and advisory aM Planning assumptions ee one 7% 1, 9% He er percentage point equi ~50-60M fetui
Slide 24: Changing to USD as functional currency from 4Q18
Changing to USD as functional currency from 4Q18 Reducing FX \duced volatility of earnings and capital ratios 72 Pretax profit, contribution ip Less earnings volatility due to 3018 LTM'2 reporting in the currency with — ‘greatest P&L contribution (09) 20 cr uso eur other Lo FWA other Other EUR 10%|
Slide 25: USD functional currency to benefit NII
USD functional currency to benefit NII Benefits from USD functional currency in addition to potential upside from implied forwards [NI based on 30.9.18 implied forwards vs. 318 LIM 4 > 300m p.a. expected incremental Nil benefit from Incremental benefit fom functional currency change, starting 1019 :
Slide 26: Improving cost efficiency
Improving cost efficiency Cost flexibility through phasing investments and variable compensation 78% - | Linked 2% 3% Castfincome ~0%) -6%) ratio stable fixed cost base ~ 3018 Revenue Performance: Comporate Center Investments rt um ‘growth based ‘and divisional for growth ambition ‘compensation cost
Slide 27: Resource deployment to drive growth and higher returns
Resource deployment to drive growth and higher returns Planning for growth and preparing for Basel Ill requirements 35 285 RWA trajectory IMustrative pals stimate of Basel Il finalization unchan strat on Estimate of Basel Il finalization unchanged > -35bn RWA increase on 1.1.22 before ‘optimization
Slide 28: Aligning divisional equity with the Group
Aligning divisional equity with the Group Reducing equity retained in Corporate Center Corporate Center RWA Corporate Center RO Corporate Center equity % ve » Non-core and om “Tax loss DTAS and Legacy Portfolio 8 ° dividend accruals cm sewers Soups _ frst cers 30818 Pe-foms 30818 Profome 3018 rooms
Slide 29: Allocating and optimizing Corporate Center retained P&L
Allocating and optimizing Corporate Center retained P&L Increasing front to back cost ownership Profit before tax I Corporate Center, (1522) excl, litigation | ~(100)—~(950m) — A... Business division allocations 2.865) Fria 3018 Costs Balancesheet- Lower IS Ongoing FZ uM ‘and funding valuation expec
Slide 30: Pro-forma impact on business division cost/income ratios
Pro-forma impact on business division cost/income ratios Ambitions for FY21 are within previously communicated target ranges Previous targets SORE Aribtions erie FYI FY21 5.75% 19% 755% Global Wealth ‘ ask, sh9% Management 50-60% 422% i Personal & Corporate 572% 2. 59.4% Banking Asset 60-70% BI% 15%
Slide 31: Pro-forma impact on business division RoAE
Pro-forma impact on business division RoAE Investment Bank moving from a minimum return target to a higher like-for-like performance target Global Wealth “4 —_ 202% ‘Management 1%) Personal & Corporate im _ 19.7% Banking (6.1%) Asset aes: — 25.4% Management 62%) lvestment 15% ped — 13.6% ~15% Bank 6
Slide 32: Reported return on CET1 vs. adjusted RoTE excl. DTAs
Reported return on CET1 vs. adjusted RoTE excl. DTAs CETI capital drives our regulatory ratios and subsequent ability to invest or return capital to shareholders Adj. ROTE excl, OTAs! Reported RoTE' Reported RoCET1" 14.7% 10.3% 13.7% CET1 capital 56 > Drives our regulatory Numerator As bd 3Q181T™ cr
Slide 33: Clarifying and refining our target framework
Clarifying and refining our target framework Ambitions for FY21 are broadly comparable to our previous targets ectomance Annual argets Ambitions 2a19UTM Fore we rai mai Trea Feponedetmen CET apa a7 “se “7% Aaja conincae ito 75% a 2% Cer capital rato ore ite CET erage ratio 3a08? 3% Copal Adit pretax
Slide 34: Key messages
Key messages } Driving disciplined resource management to achieve Group targets Aligning Group and divisional performance to drive front to back optimization 1g and refining target framework to drive accountability and disciplined execution UBS
Slide 35: Appendix
Appendix
Slide 36: Strongly capitalized
Strongly capitalized Built >50bn of total loss-absorbing capacity since 2014 Loss-absorbing capacity Capital ratio bn % Total loss absor ‘capacity (LAC) 2 Gone-concern loss Beh absorbing capacity m a, pe Going capital | cer 309.18 311214 30.918, 3112.14 318 139 Leverage ratio % 893 391 25 3124 30.91
Slide 37: Strongly capitalized
Strongly capitalized Operating at ~13% CET1 capital ratio and ~3.7% CET! leverage ratio Loss-absorbing capacity Capital ratio Leverage ratio 30.9.18, bn 309.18, % 309.18, % Total loss-absorbing : 802 4.201.120 ‘capacity (LAC) 318 capitatratio. Leverage ratio requirements requirements Gone concernlos
Slide 38: 31.9.18 shareholders' equity vs. CET1 capital
31.9.18 shareholders’ equity vs. CET1 capital su on 6 n 2 @: a ~(1.9) ~(0.5) equity Goodwill Tangible —-—Deferred_—<Compensation- Dividend Other egulatory—_cETI atwributableto andother equity, © taxassets related ‘crusts. deductions.” capital shareholders intangibles components SBUBS Brenan wes cto
Slide 39: Pro-forma impact on Investment Bank RoAE
Pro-forma impact on Investment Bank RoAE Repositioning from a minimum return to a performance target 193% Performance target em) tea 13.6% like-for-like: >9% 3018.7 ‘Net impact from Net impact Pro-forma RoE higher Corporate —_from higher 301817M ‘Center cost attributed equity RoAe allocations! UBS.
Slide 40: Interest rates as of 30.9.18
Interest rates as of 30.9.18 LIBOR and EURIBOR implied forwards ‘As of 30.9.18, % 35 Bh] th me 20 ee Le {f-+ emer 10 6m EUR os 6m CHE as! | 6.0, Spot 3m UBS S-year implied forwards Swap rate, as of 30.9.18, % 35 \ 30 off vss 25 20 15 10 os 00 os) G9, Spot 3m 6m 9m ty ayy
Slide 41: Important information related to this presentation
Important information related to this presentation se fated aber ahaa tour sro GAN rant rane etre y SCout Rte pas 1 he 18 cope hich saben teseon “ure eprint lene ae Acted on he tol Su S68 en af 1.20 ue hee ated ur A ade BS ae 2ureort orm fomaton. rao cao the a of at SR re 1.128, ther elt he “ial mar
Slide 42: Improving efficiency and enabling business growth
&% UBS UBS Investor Update Improving efficiency and enabling business growth Sabine Keller-Busse Group COO 25 October 2018
Slide 43: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements
Slide 44: Key messages
Key messages “$2, Significant cost reductions in Corporate Center ~ Services were reinvested in technology % } and regulatory initiatives } Corporate Center ~ Services reported costs expected to decline by ~800m by 2021 Technology spend will be maintained at current levels with a focus on advanced t
Slide 45: Corporate Center — Services in context of the Group
Corporate Center — Services in context of the Group CC Services function Cost spit by function CC-~ Services allocations to business divisions © Technotosy 20) Real estate and services ® Finance and risk Operations > Services provided to all business divisions making up ~173 of Group costs Central s
Slide 46: Corporate Center — Services operating model evolution
Corporate Center — Services operating model evolution From stand-alone... sto a centralized model... Up to 2009, 2010-2017 Business Divisions Business Divisions UBS Business Solutions AG 10 a business-divsion aligned model Starting 2018, GWM Pec AM UBS Business Solutions AG Cost efficiency and servi
Slide 47: Corporate Center — Services costs and outlook
Corporate Center — Services costs and outlook Reported costs! _— > Cost reductions achieved 2013-18 were reinvested in ‘technology and regulatory initiatives Non-technology | ga (11%) | “54 -(169%)) 4g > Cost to reduce by ~800m by 2021, driven by ~16% decline in rnon-technology spend and lower restr
Slide 48: Reduction of non-technology costs
Reduction of non-technology costs Reported costs! 6 Risk and regulatory i) 67% 54 Real estate AS nd series > Neary all Corporate Center ~ Services functions contributed (29%) to non-technology cost reductions from 2013-2018 Operations en > Cost savings were partly offset by a substantial increase in
Slide 49: Further key levers to deliver cost savings
Further key levers to deliver cost savings Ambition 8 Solution Centers > Continued shift from high-cost to low-cost locations reeterition > Reaktime occupancy measurement optimizing space utilization & > Consolidation of third party vendor locations from 35 to 9 by 2020 * Headcount > Smart insourcin
Slide 50: Front-to-back digitization snapshots: visit our booths
Front-to-back digitization snapshots: visit our booths Technology priorities GwM 18 cc Cy Hy ED Minate cent experience ‘ eviscovery dightsperence PisitalBusiness UBS Partner Evidence tab yf DECOVENY. > Wola engaging > Combined dignal- «> Matern or and «Big tadiven ———?Endtovend Clem apprsento ofersv
Slide 51: Accelerate cloud and IT core enhancements
Accelerate cloud and IT core enhancements Benet cae doud Alain decommisionng Shit rom 28 dota center to 18 Reduce number of appeationsby is data center, ~1/3 private cloud and >15% by 2021 Bihar S37 pc co by 20 cater » orve 3 sooth x A > improve a naagerent Seopa eaioks Prsrerreany — Reduce by>90% s
Slide 52: Automation from robotics to cognitive
Automation from robotics to cognitive D> robots 5G). cognitive A120 __Todyy end 2018 gt 2019 Improvectitiency, " Acotlerateeficiangy acelin in efficiency 1,008 through automation of r Robots! nore comple tei #2 (500 FTE 3 ai ‘opacty) gs Robots! se (-380 FTE a 350 capacity) <6 50 robots! =| ( neboss
Slide 53: Utilities partnerships to mutualize infrastructure spend
Utilities partnerships to mutualize infrastructure spend Benefits of utilities i i > Efficiency gains through scale and standardization > Leverage best of breed technology that enhances the client experience > Mutualize mandatory and regulatory investments UBS Partnerships PL 4 UBS + Third parties >
Slide 54: Key messages
Key messages “2%, Significant cost reductions in Corporate Center ~ Services were reinvested in technology % } and regulatory initiatives } Corporate Center ~ Services reported costs expected to decline by ~800m by 2021 Technology spend will be maintained at current levels with a focus on advanced t
Slide 55: Important information related to this presentation
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Slide 56: Personal & Corporate Banking
2% UBS UBS Investor Update Personal & Corporate Banking Axel P. Lehmann, President Personal & Corporate Banking President UBS Switzerland 25 October 2018
Slide 57: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements
Slide 58: Key messages
Key messages Personal & Corporate Banking delivers strong and steady profits, and contributes } significantly to UBS's status as the #1 bank in Switzerland
Slide 59: UBS is the #1 bank in Switzerland
UBS is the #1 bank in Switzerland Recognized leader in a very attractive market #1 personal & Corporate Banking ~ 6 per capita Personal Corporate & feos — so — Banking Institutional Clients . <WShouseholds 50% mid to lage firms? 390% large corporates? bie debt _ _ Gres finan ass Asse westment percap
Slide 60: Leading returns through cost and capital efficiency
Leading returns through cost and capital efficiency Most profitable among systemically-relevant banks in Switzerland on] Se. peotaby Personal & Corporate Banking is bestn-las pal Pe among systemicaly-relevant banks in Switzerland 2% : Sc iste: Personal & Corporate Banking's profitability is PE ox |
Slide 61: Personal & Corporate Banking — Strong and steady profits
Personal & Corporate Banking — Strong and steady profits Strong returns on balanced revenue mix and cost discipline Profit before tax ise Consistent profits despite significant interest rate headwinds ‘and additional regulatory funding costs Income 3839 Recurring, transactional and other income incr
Slide 62: Personal & Corporate Banking — A balanced mix
Personal & Corporate Banking — A balanced mix Highly successful franchises ~ uss oigtal J) nstitutional deat \ im ee 0 Gee Se | oy atk 58% PBT! Corporate & Internation’! corporate insttatonal heats | Corporate Commodity | hubs clients cy Banks trode finance J | Personal clients Joint branch network
Slide 63: Corporate & Institutional Clients
Corporate & Institutional Clients Attractive and diversified client and product segments client segments Product segments Corporate Cents 8s Digital Business cash 46.7 mid to large corporate 618k small business and eee Gems and mltoationals pew founded componies Tedeand coor eon real Estate Banks! 8
Slide 64: Working in partnership
Working in partnership Delivering the whole firm to our clients Our Areas of clients Entrepreneurs collaboration wisanavinshiaaee Siig J Research and diferentes content cttatoniyoreecins //" __ Bestia enecutonin econ mikes Corporate finance advisory and execution Instixational cents @\ _Undernrng an
Slide 65: Driving efficient growth
Driving efficient growth We can further grow our client base and increase profits ness, enhance new client Increase efficiency, while ‘acquisition and client retention sustaining strong net Pert. applying advanced analytics new client growth and [ UI pensernsiertnaes [ces Stchomicra | Sammut cowie P
Slide 66: Growing revenues
Growing revenues Further improving the quality of our revenues by growing recurring and transaction income Balanced mix ‘Our ambition Income split Income, bn Sew 39 47% > Grow non-net interest income at 3-5% 18 per annum? > Expect some decrease from current levels reflecting continued pressure on ne
Slide 67: Loan portfolio
Loan portfolio Prudently managed; majority of loans secured by residential property Set cccopied eal 60% state, residential Loans, gros Income producing et 131bn 19% estate, residential and 6% Other secured loans 8% Unsecured UBS vunverinor ss 2 ) >) > D Single tamil homes 9 Sumeyonnsne214 99.7% oan
Slide 68: Interest rate sensitivity
Interest rate sensitivity Well positioned to benefit from an increase in CHF interest rates Net interest income (Ni, illustrative example Historical CHF interest rates! tn auuming sate balance sheet, constant FX and no management action vy Year Year2 Year3 ves0ibLm wssoitra ws 30t6irM ‘0 os 30/24 03
Slide 69: Expanding our digital lead
Expanding our digital lead Investing in the franchise to sustain market leadership T awactive & 70% 25 424 economics | © ne saten epee: soe. Soren, [strong momentum cao a #1 >100% +150% igs iin scene ela corporate cent __‘[ Fate ime to-marhet through pee eae gaa ey creme eee? ae ‘Munters in CHF ane
Slide 70: Increasing efficiency
Increasing efficiency Driving further efficiency gains front-to-back Cost/income ratio to decrease ~3-4ppts 2021 vs, 3018 LTM pro-forma [Soar saan | supe: i TT al [continued branch network Since 2014 ——— Advisor productivity 7 lil eaters to eva pret =e Optimization of = branch network } ~(3-4ppts) [
Slide 71: Personal Banking — Strong growth momentum
Personal Banking — Strong growth momentum Digital transformation ongoing ~ increasing efficiency while sustaining strong growth and collaboration attract and retain clients ‘42k net new clients in 2017 LP Bestinsass experience to Growing clients up to Global Wealth Management > We aim to shift >Sbn
Slide 72: Corporate & Institutional Clients — Driving further growth
Corporate & Institutional Clients — Driving further growth Extending offering and improving sales processes to drive future growth Corporate clients UBS Digital Business Realestate oe International hubs Comprehensive solution UBS Atrium platform and and biockchain for small businesses new investor g
Slide 73: Greater focus on small businesses
Greater focus on small businesses Launched UBS Digital Business in 4Q18: comprehensive and state-of-the-art solutions for small businesses Fully digital eee re “a, Modular and personalized offering Firms with <10 employees : 7 Estimeted UBS market penetration’ | 2.) Userdtiendly tools for dally bank
Slide 74: Financial targets
Financial targets eran pertain Anal gets Ambitions "uisine ee rrigat fa fvi9at epoedetsmen 7 pa BF 3 ae Adhtes concee rato 715% om a8 “ CET! capital ratio: 135) 13 CET erage ato 30% 3% ‘aobal Atha pretax po rowan Es wos West Adhd eontncome rato se 5% 70% Management _Netnew money sroath E 28 { ‘aja p
Slide 75: Key messages
Key messages Personal & Corporate Banking delivers strong and steady profits, and contributes } significantly to UBS's status as the #1 bank in Switzerland
Slide 76: Important information related to this presentation
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Slide 77: Asset Management
&% UBS UBS Investor Update Asset Management Ulrich K6rner President UBS Asset Management President UBS Europe, Middle East and Africa 25 October 2018
Slide 78: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements
Slide 79: Key messages
Key messages Fundamental transformation completed, back on the competitive landscape and well positioned for profitable growth AuM growth rate of 2x industry after years of asset loss; performing well against significant industry headwinds Strategy focused on areas of high industry growth, supportin
Slide 80: Who we are
Who we are A leading Europe-based asset manager with a highly differentiated global offering tives sets rss egrets negere sles linent wsetionet Tiga vine a saab earpe ein / Caanieeee “4 vod an ell | su Bi cere | aia rey Mona retire festa ist Significant thie ary buses Aeaionaly-versiied, rong presen
Slide 81: An integral part of UBS's value proposition
Slide 82: Working in partnership
Slide 83: Years of stagnation turned into strong asset growth
Slide 84: Transformed business across entire value chain
Slide 85: Delivering strong and improving investment performance
Slide 86: Profit before tax development yet to meet our ambitions
Slide 87: Differentiated client proposition – foundation for growth
Slide 88: Strategic priorities geared to above industry growth areas
Slide 89: Exploit sizeable opportunity in Wholesale
Slide 90: Substantial growth in Indexed and Alternative Beta
Slide 91: Driving operating leverage to support growth
Slide 92: Further strategic priorities in full implementation mode
Slide 93: Clear path to our profit growth target
Slide 94: Financial targets
Slide 95: Key messages
Slide 96: Important information related to this presentation
Slide 97: UBS Investor Update: Global Wealth Management
Slide 98: Cautionary statement regarding forward-looking statements
Slide 99: Key messages
Slide 100: We intend to deliver at the upper end of our growth targets
Slide 101: We are the only truly global wealth manager with scale
Slide 102: Market trends favor UBS
Slide 103: A profitable, growing business
Slide 104: Solid progress – headwinds largely behind us
Slide 105: A clear path to accelerate PBT growth to 10-15% per annum
Slide 106: Fueled by the power of an integrated GWM
Slide 107: Working in partnership
Slide 108: Delivering further operating leverage and investments
Slide 109: Cumulative >600m cost saves by 2021
Slide 110: Substantial growth continues in USA, APAC and UHNW
Slide 111: USA – Deliver 25% PBT margin
Slide 112: Record PBT with good growth momentum
Slide 113: Our ambition is a PBT margin of 25%
Slide 114: Reach ~45% mandate penetration
Slide 115: Increase lending penetration by ~40%
Slide 116: Strengthen UHNW segment
Slide 117: Further drive operating leverage
Slide 118: LatAm – Deliver 10-15% PBT growth per annum
Slide 119: LatAm is a sizeable opportunity for GWM
Slide 120: Grow LatAm by gaining market share
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Slide 173: Signatures
SIGNATURES 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. UBS Group AG By: _/s/ David Kelly________________ Name: David Kelly Title: Managing Director By: _/