In October 2015, we presented our strategy and our plans to reinforce our position as
a leading private bank and wealth manager, with strong investment banking capabilities. In our search for growth,
we said that we would take a balanced approach between our presence in large, established and wealthy mature
markets and faster growing emerging markets, where significant wealth is being created but with higher volatility.
We believe that this strategy will generate significant value for our shareholders over time.
Looking ahead, we are confirming today our medium-term 2018 PTI target for the affluent, mature Swiss market
and are also confirming our Wealth Management targets both in the emerging markets of Asia Pacific (APAC) and
other emerging economies, grouped in our International Wealth Management (IWM) division.
In addition, given the challenging market conditions that we are facing, we are adjusting down our targets related
to our markets and trading activities in APAC and to our Asset Management activities in IWM.
In parallel, we are increasing our Group cost savings target, designed to make our bank more resilient through the
cycle and providing significant potential upside for our shareholders when conditions improve.