Good morning and good afternoon, everyone. Today, I'm taking our third quarter 2024 results call from Saudi Arabia, attending the Future Investment Initiative, and I'm joined by Diego from the London office. We delivered a strong performance in the third quarter with income up 12% and profit before tax up 41%, driven by a record quarter in wealth solutions and double-digit growth in global markets. As a result of this strong performance, we're upgrading our guidance for income growth this year towards 10%. ...

Financial Data and Key Metrics Changes - The company reported a 12% increase in income and a 41% rise in profit before tax for Q3 2024, leading to an upgrade in income growth guidance towards 10% for the year [2][33] - Operating income reached $4.9 billion, with net interest income (NII) at $2.6 billion, up 9%, and non-net interest income increasing by 15% [5][6] - Return on Tangible Equity (RoTE) improved to 10.8%, up 4 percentage points year-on-year [6] Business Line Data and Key Metrics Changes - Wealth Solutions achieved a record quarter with income up 32%, driven by a 40% increase in investment products and a 16% rise in bancassurance income [9][20] - Global Markets income grew by 16%, while Global Banking saw a 7% increase [16][18] - Wealth and Retail Banking income rose by 11% to $2 billion, with significant inflows of affluent net new money totaling $10 billion in Q3 [20] Market Data and Key Metrics Changes - Underlying customer deposits increased by $3 billion, primarily from affluent clients in Wealth and Retail Banking [13] - The company noted a slight decline in total underlying customer loans and advances due to disciplined mortgage origination in Wealth and Retail Banking [12] Company Strategy and Development Direction - The company is doubling its investment in wealth management, targeting a 50% increase in relationship managers over the medium term [3][27] - A focus on cross-border corporate and investment banking capabilities will be sharpened, with plans to exit around 3,000 lower-returning CIB clients [30][31] - The company aims for RoTE to approach 13% by 2026 and has increased its shareholder distribution target from at least $5 billion to at least $8 billion over the next three years [3][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating complexities in the market, particularly in China, where ongoing investment opportunities are anticipated [92][96] - The outlook for NII growth in 2025 is more challenging due to various factors, including interest rate dynamics and the impact of reshaping activities in mass retail [8][64] Other Important Information - The company is undergoing a three-year "Fit for Growth" program, expecting to achieve significant cost savings starting in 2025 [10] - Credit impairment trends remain positive, with a net release in Corporate and Institutional Banking (CIB) [10][11] Q&A Session Summary Question: Income growth expectations for 2025 - Management indicated that income growth in 2025 is expected to be slightly below the medium-term range of 5% to 7%, with consensus around 3% being a possibility [35][41] Question: Impact of mass retail business restructuring - The restructuring is expected to be financially dilutive in the short term, but management believes it will lead to higher returns in the long run [44][46] Question: Wealth management seasonality and capital return targets - Seasonality is expected in Q4, but management remains optimistic about the wealth management business due to strong activity levels [67][71] - The increased capital return target of at least $8 billion does not include hidden costs related to the restructuring [69][73] Question: Retail restructuring and RM hiring - The $1.5 billion investment is primarily in current expenses aimed at generating revenue, with a small portion potentially capitalized [84][87] - Relationship managers are expected to become profitable within 18 to 24 months after hiring [85][86]

CONFIDENTIAL Q3'24 Results presentation 30 October 2024 CONFIDENTIAL Opening remarks 2 Q3'24 performance • Income up 12% YoY with record performance in Wealth Solutions • Continued cost discipline with expenses up 2% YoY; Fit for Growth programme well underway • TNAV per share up 18% YoY to $15.09 Upgraded guidance • Income growth towards 10% in 2024 • Shareholder distributions of at least $8bn for 2024-2026 • RoTE approaching 13% in 2026 ▶ Overview Income Expenses Impairment Balance sheet Capital Business ...

NII was $2.6 billion, up 6%. Wealth Solutions continues to drive the strong growth in non-NII, which was up 9%. Operating expenses were up 4% due to inflation and continued investment into business growth initiatives. Pre-provision operating profit was up 13% in the second quarter and was up 26% in the first-half demonstrating our strong progress towards sustainably higher profitability. Average interest earning assets were down 4% in the quarter primarily due to a reduction in treasury. Looking forward to ...

Forward-looking statements This document may contain 'forward-looking statements' that are based upon current expectations or beliefs, as well as statements formulated with assumptions about future events. These forward-looking statements can be identified by the fact they do not relate only to historical or current facts. Forward-looking statements often use words such as 'may', 'could', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek', 'aim', 'continue' or other words of sim ...

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