unding costs of CHF1.1bn by 2019E (Dec-17 Investor Day). improving by CHF0.5bn vs. Dec-16 Investor Day (ii) NII benefit from forward rate curves of CHF0.45bn over 2018-20; and (iii) Lower Group tax rate of c23%, from c28%, in the event of US tax reform. - Lower tax alone could drive an earnings upgrade o