Economic shift creates promising dynamic

A1 Credit Suisse has a long-term commitment to China. The bank has been serving entrepreneurs for more than 160 years globally and has a long history of over six decades in China, and we will continue to expand our presence in this important market. For instance, in 2019 alone Credit Suisse has executed nearly 70 transactions in both the high yield bond and equity capital markets for Chinese clients, raising nearly $30 billion in financing to support our Chinese clients' business ambitions.

The 20 measures that were rolled out in 2019 are an additional stimulus for the Chinese economy, and we will leverage this tail wind to support Chinese entrepreneurs in the expansion of their businesses.

Our entrepreneur clients appreciate that while we have in-depth local knowledge, we can also provide them with world-class advisory capabilities, global connectivity and an integrated wealth management and investment banking platform.

For example, through our collaboration across the bank we are able to work with them not only on their business affairs, but also on their personal wealth requirements, including managing investment portfolios and wealth planning as well as offering exclusive investment opportunities from within our client franchise. This is our key differentiator and is appreciated by our entrepreneur clients as a true added value.

A4 The entrepreneurs of China play a critical role in the transformational changes taking place in the country today. China has made great strides in the field of technological innovation over the past two decades and is now leading the way in the development of many cutting-edge technologies, thanks to the achievements of the entrepreneurial community in China.

With currently 96 unicorns, China is now the second-largest source of unicorn companies in the world, close on the heels of the United States. As the bank for entrepreneurs in the Asia-Pacific region, we will continue to contribute to this unique success story and will remain a close partner to our clients to drive growth and prosperity in China.

A6 We are encouraged by the series of policies announced by the Chinese government to further open up the economy and the financial markets. Credit Suisse is one of the first global banks to operate an onshore brokerage business, through its securities joint venture Credit Suisse Founder Securities. Our presence in China is further strengthened by our successful asset management joint venture with Industrial and Commercial Bank of China - ICBC Credit Suisse Asset Management - which is one of the largest asset managers in China.

Continuous investment in talent and resources in China will remain of utmost importance to Credit Suisse as we seek to expand our onshore presence by providing a broader range of products and services to make our entrepreneurial clients as well as China's economy and society thrive. The transformation of the economy that China has achieved over the past decades is unprecedented, and we are confident the momentum will continue over the coming decades.

A7 Credit Suisse recognizes technology as a key pillar of long-term global growth and productivity. Technological transformation is also one of the five super trends, the long-term investment themes that Credit Suisse identified two years ago to capture the major societal shifts under way.

That said, we connect institutions and individuals to capital, markets, investment ideas and technologies that help them make progress for themselves, for their business, and for society.

Also, through our investment conferences and forums, Credit Suisse connects the dots between clients and investors. For example, in May we hosted our inaugural Emerging Companies Conference in Beijing, as part of the bank's continued focus on embracing and supporting the entrepreneurial spirit. The two-day conference connected 25 innovative emerging companies to top institutional investors from the region. Among the emerging companies that were presented at the conference, 11 were innovative unicorns with a combined valuation of over $30 billion.

Going forward, we will continue to invest in such platforms, as we believe they are ideal for our entrepreneur clients as they offer both, access to investors as well as to investment opportunities.