#1UBS Second quarter 2023 Fixed Income investor presentation This document should be read in conjunction with our 2Q23 report and earnings presentation, available on ubs.com/investors 31 August 2023#2Important information Forward Looking Statements: This presentation contains statements that constitute "forward-looking statements," including but not limited to management's outlook for UBS's financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS's judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS's expectations. UBS's business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including UBS's Annual Report on Form 20-F for the year ended 31 December 2022. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. Alternative Performance Measures: In addition to reporting results in accordance with International Financial Reporting Standards (IFRS), UBS reports certain measures that may qualify as Alternative Performance Measures as defined in the SIX Exchange Directive on Alternative Performance Measures, under the guidelines published by the European Securities Market Authority (ESMA), or defined as Non-GAAP financial measures in regulations promulgated by the US Securities and Exchange Commission (SEC). Please refer to "Alternative Performance Measures" in the appendix of UBS's Quarterly Report for the second quarter of 2023 for a list of all measures UBS uses that may qualify as APMs. Disclaimer: This presentation and the information contained herein are provided solely for information purposes, and are not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating to securities of or relating to UBS Group AG, UBS AG, Credit Suisse AG, Credit Suisse (Schweiz) AG or their affiliates should be made on the basis of this document. No representation or warranty is made or implied concerning, and UBS assumes no responsibility for, the accuracy, completeness, reliability or comparability of the information contained herein relating to third parties, which is based solely on publicly available information. UBS undertakes no obligation to update the information contained herein. Available Information: UBS's Annual Report, Quarterly Reports, SEC filings on Form 20-F and Form 6-K, as well as investor presentations and other financial information are available at ubs.com/investors. UBS's Annual Report on Form 20-F, quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission on Form 6-K are also available at the SEC's website: www.sec.gov Basel III RWA, LRD and capital: Basel III numbers are based on the BIS Basel III framework, as applicable for Swiss systemically relevant banks (SRB). Numbers in the presentation are based on the revised Swiss SRB rules as of 1.1.20 that became effective on 1.7.16, unless otherwise stated. Basel III risk-weighted assets in this presentation are calculated on the basis of Swiss SRB rules as of 1.1.20 unless otherwise stated. Our RWA under BIS Basel III are the same as under Swiss SRB Basel III. Leverage ratio and leverage ratio denominator in this presentation are calculated on the basis of Swiss SRB rules as of 1.1.20, unless otherwise stated. Refer to the "Capital management" section in the 2Q23 report for more information. Numbers presented in US dollars unless otherwise indicated. Currency translation of monthly income statement items of operations with a functional currency other than the US dollar are translated with month-end rates into US dollar. Definitions: "Earnings per share" refers to diluted earnings per share. "Litigation" refers to net additions/releases to provisions for litigation regulatory and similar matters reflected in the income statement for the relevant period. "Net profit" refers to net profit attributable to shareholders. "Sustainability-focus and impact" refers to sustainability-focus and impact investing; sustainability focus refers to strategies that have sustainability as an explicit part of the investment guidelines, universe, selection, and/or investment process that drive the strategy; impact investing refers to strategies that have an explicit intention to generate measurable, verifiable, positive sustainability outcomes. "Net new fee-generating assets" exclude the effects on fee-generating assets of strategic decisions by UBS to exit markets or services. Rounding: Numbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis. Tables: Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values that are zero on a rounded basis can be either negative or positive on an actual basis. OUBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS#3Table of content Update on strategy and Credit Suisse acquisition Highlights Slides 3-11 UBS 2Q23 performance and financial overview Highlights Slides 12-20 Group balance sheet Slides 21-33 2#4Key messages Our strategy is unchanged and is accelerated by the acquisition of Credit Suisse We remain focused on serving our clients with an enhanced client proposition, and we see positive momentum in our core businesses We are driving value creation through the integration and taking action to bring underlying PBT into positive territory in 2H23 We are well positioned for long term growth and have started on our path back towards ~15% ROCET1 We continue to maintain a balance sheet for all seasons which is the foundation of our success Committed to progressive dividend, with excess capital to be returned to shareholders via share buybacks Further updates with 3Q23 earnings and strategic update to be provided with 4Q23 earnings, and to include updates on financial targets, guidance and capital returns UBS 3#5Our strategy is unchanged and is accelerated by the acquisition of Credit Suisse Outstanding client franchises Execution discipline Balance sheet for all seasons UBS - Reinforced position as the only truly global wealth manager and leading universal bank in Switzerland Portfolio of leading franchises in Asset Management and the Investment Bank Acquisition adds scale, complementary capabilities and regional footprint Proven ability to manage down assets and exit non-strategic businesses Focused on maintaining and embedding UBS's conservative risk culture across enlarged group Generating efficiencies through scale and optimization Continued commitment to a balance sheet for all seasons and strong capital ratios Disciplined resource usage with focus on sustainable growth in asset gathering businesses Capital efficient business model with attractive long-term returns 4#6Enhancing client franchises and increasing scale Global Wealth Management Personal & Corporate Banking Reinforcing our position as a leading and the only truly global wealth manager - 3.7trn invested assets¹ #2 Wealth Manager² globally; unrivaled geographic footprint #1 in Asia, Latin America, EMEA and Switzerland³ Aligned client focus on UHNW and entrepreneurs Enhancing expertise and global reach with complementary capabilities for our clients. - Leading bank in Switzerland. Accelerating growth plans in the corporate client segment Strengthened digital offering Enhanced investment and innovation capabilities Asset Management Increasing scale with improved positioning across key asset classes and growth markets - - 1.6trn invested assets¹ Expanding North America and Asia capabilities #3 European Asset Manager with global reach (#11 globally)² Accelerating growth in alternatives and scale in indexing Investment Bank Strengthening our Investment Bank without compromising our model Strengthening equities, research and global banking in North America Aligned focus on UHNW, GFIW and corporate clients 9bn4 of Credit Suisse IB RWA to be retained Strong operational and risk management controls Driving value creation through the integration, while positioning for long-term growth UBS 1 As of 30.6.23; 2 Peer disclosure, by invested assets or closest disclosed proxy, as of 30.6.23; 3 Coalition Greenwich, FY22 Wealth Management Competitor Analytics and peer disclosure; 4 Excluding operational risk RWA сл#7Integration of Credit Suisse (Schweiz) is the best path forward Credit Suisse (Schweiz) would struggle as a standalone entity even in a focused spin-off scenario 1 2 3 Sub-scale, low profitability Substantial funding gap Lower value creation for our shareholders on a standalone basis Full integration offers most benefits Clients Best-in-class, complementary offering Even stronger partner domestically and globally UBS 1 Legal merger between Credit Suisse (Schweiz) AG and UBS Switzerland AG Financials and funding Greater value for shareholders Stronger balance sheet and even more diversified business model Workforce Highly attractive employee proposition reinforced Small difference in redundancies between both scenarios Feasibility and risks Substantially lower IT cost and shorter timeline Our plan UBS and Credit Suisse to continue to operate separately in Switzerland while preparing for legal merger¹ (planned in 2024) Credit Suisse brand in Switzerland to remain for the time being Client migration expected to be completed in 2025 Reduced execution and regulatory risk 6#8Stabilized flows, with 8bn of combined wealth management NNM/NNA with positive contribution from Credit Suisse quarter-to-date Wealth management Net new money / net new assets, USD bn 9 (95) 4Q22 28 16 (30) (51) June: +1 1Q23 2Q23 UBS GWM net new money Credit Suisse WM net new assets² 7 1 3Q23 QTD¹ Wealth management Net new deposits, USD bn 3 (83) 4Q22 (19) (32) 1Q23 5 14 2Q23 UBS GWM net new deposits Credit Suisse WM net new deposits² (0) 10 3Q23 QTD¹ Swiss businesses Net new deposits, CHF bn 5 (27) 4Q22 (2) UBS 1 Up to and including 28.8.23; 2 Monthly Credit Suisse WM net new assets and net new deposits in CHF converted to USD using month end USD/CHF rates (29) 1Q23 (0) 4 2Q23 UBS P&C net new deposits Credit Suisse SB net new deposits (1) 4 3Q23 QTD¹ 7#9Non-strategic assets and businesses to be exited through Non-core and Legacy Non-core and Legacy composition by instrument type 2Q23, USD bn Equities Macro Loans Securitized products Credit HQLA and other 55 5 8 12 14 12 5 RWA excl. operational risk 224 22 32 27 38 22 84 LRD Non-core and Legacy composition by source 2Q23, USD bn UBS NCL Assets from Wealth and Asset Management Assets from Credit Suisse Investment Bank Credit Suisse Capital Release Unit 55 3 7 17 29 RWA excl. operational risk 224 10 114 94 LRD Positions and businesses not aligned with our strategy and policies, including a large portion of Credit Suisse IB Robust risk management and governance structure in place Active wind-down supported by PPA fair value adjustments 9bn of RWA and 14bn of LRD reduced during 2Q23¹ 9bn² RWA from Credit Suisse Investment Bank to be retained in the core Investment Bank Operational risk RWA to be reported in 3Q after finalization of group allocation methodology UBS Balances as of quarter-end. NCL perimeter subject to finalization; numbers subject to change; figures for assets transferred from CS business divisions derived from US GAAP; 1 From both natural run-off and active run-down; 2 Excluding operational risk RWA 8#10Non-core and Legacy rundown to drive lower costs and efficient capital release Natural run-off profile¹ RWA excluding operational risk, pro forma, USD bn 55 51 || 2Q23 YE23 41 YE24 ~50% decrease in RWA from natural run-off profile excluding op-risk 34 YE25 UBS 1 Reflects contractual maturities and excludes actions to actively hedge the portfolio 28 YE26 Rundown approach Natural run-off profile to be accelerated with active unwinds when economically accretive Reduce operating costs Efficient release of capital Protect our customer franchise 9#11Executing on plans to achieve greater than 10bn gross cost reductions by year-end 2026 Non-core and Legacy and Credit Suisse Investment Bank restructuring Costs to decline substantially as businesses, assets and positions are exited Synergies across core businesses Organizational right-sizing Reduce duplication Real estate rationalization Large majority of Credit Suisse IB costs and all costs within existing Credit Suisse CRU to be run down One platform Legal entity consolidation Application decommissioning >10bn gross cost reductions by end-2026 vs. FY22¹ <70% underlying2 cost/income ratio 2026 exit rate Cumulative integration-related expenses expected to be broadly offset by pull to par effects UBS 1 FY22 baseline is pro forma combined, Credit Suisse based on adjusted view with further adjustment to reclassify CHF 1.0bn of commission costs from expenses to contra-revenue to align further with IFRS accounting treatment. UBS figures adjusted to exclude restructuring and litigation expenses; 2 Excluding items not representative of underlying performance such as integration-related expenses and pull to par effects 10#12Working towards ~15% ROCET1 Underlying¹ return on CET1 capital Illustrative Franchise stabilization and client win-back Funding cost efficiencies Balance sheet optimization Cost base right-sizing ~15% 2026 exit rate ~15% underlying¹ ROCET1 2026 exit rate >10bn gross cost saves by end-2026 vs. FY22 ~14% CET1 capital ratio over medium-term² <70% underlying¹ cost/income ratio, 2026 exit rate Capital returns Committed to existing progressive dividend policy with excess capital returned via share repurchases³ UBS 1 Excluding items not representative of underlying performance such as integration-related expenses and pull to par effects; 2 Reflects current Swiss too-big-to-fail framework and known changes to Basel 3 framework; 3 We have temporarily suspended repurchases under the share repurchase programs due to the acquisition of Credit Suisse; update to be provided with 2023 year-end results 11#132Q23 performance and financial overview Highlights UBS 12#14UBS Group 2Q23 results Results include one month of results from Credit Suisse business divisions and Corporate Center 2Q23 profits m 28,875 Net profit 29,239 Profit before tax (28,925) Negative goodwill Required for 238bn of acquired RWA and restructuring 830 Integration-related expenses and acquisition costs ● o/w: UBS sub-group 2.0bn¹ o/w: Credit Suisse sub-group (0.8bn)² 1,144 Profit before tax excl. negative goodwill, integration-related expenses and acquisition costs UBS 12023 UBS business divisions and Group Functions (IFRS); refer to slides 22 and 34 for details; 2 June 2023 (IFRS); Credit Suisse AG and its consolidated subsidiaries, Credit Suisse Services AG and other small former Credit Suisse Group entities now directly held by UBS Group AG; refer to slide 34 for details 13#15Negative goodwill and overview of purchase price allocation adjustments Negative goodwill bn 57.6 Credit Suisse net assets at closing (US GAAP, 31.5.23) (24.8) Net PPA adjustments See chart on the right for PPA adjustments (3.8) Purchase price¹ Required for 238bn of acquired RWA and restructuring 28.9 Negative goodwill Purchase price allocation (PPA) adjustments bn (14.7) Fair value adjustments on financial assets and liabilities (12.4bn) accrual accounted, expected to pull to par if held to maturity² (2.3bn) fair value accounted, mainly relating to NCL (4.5) (0.9) Litigation, Goodwill and regulatory and intangibles, net similar matters (0.6) Fair value adjustments on non- financial assets and liabilities o/w (16.8bn) is CET1 capital relevant³ (4.1) US GAAP / IFRS conversion 4 (24.8) Total 1 Includes 135m related to settlement of pre-existing relationships with Credit Suisse; 2 Reflects the accretion from post-PPA fair value back to the pre-PPA US GAAP book value as recorded on Credit UBS Suisse's balance sheet. Expected to include ~4.8bn in P&C, ~1.5bn in GWM, ~1.4bn in IB, ~0.9bn in Group Items and ~3.8bn in NCL; NCL positions expected to be accounted for at fair value going forward; 3 Includes 5.0bn positive offset from transitional adjustments related to the impacts of interest rate and own credit driven fair value adjustments on certain held-to-maturity portfolios which will linearly amortize to nil by 30.6.27; 4 Removal of pension surplus 14#16Our balance sheet for all seasons remains the foundation of our success Total loss- absorbing capacity (TLAC) Going concern capital CET1 capital UBS 196bn 93bn 80bn Gone concern 103bn loss-absorbing capacity 13bn AT1 80bn 2Q23 CET1 35.2% 16.8% 14.4% CET1 capital ratio guidance: -14% 18.5% 2.3% 14.4% 2Q23 RWA 557bn CET1: 10.6% Going concern: 14.9% TLAC: 25.6% Requirements 11.68% 5.56% 4.78% 6.12% 0.78% CET1 leverage ratio guidance: 4.78% >4.0% 2Q23 LRD 1,678bn CET1: 3.56% Going concern: 5.06% TLAC: 8.81% Requirements 15#17Prudent management of liquidity and funding Liquidity and funding 175% 118% LCR NSFR Strong deposit base and flows enabled full repayment of PLB and ELA+ in 3Q ~550m funding costs in 2Q from PLB and ELA+, ~100m in 3Q We will continue to execute on our issuance plan in the coming weeks Fully repaid higher cost SNB facilities Drawn SNB liquidity facilities¹ CHF bn PLB² 100bn available ELA+³ 100bn available4 120 70 50 20.3.23 70 20 50 31.3.23 25 0 25 30.6.23 0 31.8.23 UBS 1 Chart excludes Emergency Liquidity Assistance (ELA) facility with CHF 38bn drawn by Credit Suisse (Schweiz) AG as of 31.8.23; 2 Public Liquidity Backstop. Pricing: SNB policy rate (1.75% as of 31.8.23) + 3.00% + commitment premium of 0.25% of the available CHF 100bn, regardless of how much is drawn; 3 Emergency Liquidity Assistance+. Pricing: SNB policy rate + 3.00%; 4 50bn for Credit Suisse and 50bn for UBS 16#18Excluding Credit Suisse 2Q23 UBS business divisions and Group Functions (IFRS) - excl. Credit Suisse Profit/ (loss) before tax m A% YoY (4%) 1,110 GWM +65% 681 P&C (91%) (19%) excl. gains on sale¹ 90 AM (66%) 139 IB +53% (495) GF (42%) (14%) excl. gains on sale¹ UBS 1848m gain in Asset Management in 2022 related to the sale of our shareholding in the Mitsubishi Corp.-UBS Realty Inc. joint venture 1,523 Total n/a 456 Integration-related expenses and acquisition costs (24%) +12% excl. gains on sale¹ 1,979 Total excl. integration-related expenses and acquisition costs 17#192Q23 Credit Suisse AG reported pre-tax loss of (8.9bn), (4.3bn) excluding acquisition-related effects; (2.1bn) adjusted loss (CHF, US GAAP) Credit Suisse AG 2Q23 reported to adjusted pre-tax income / (loss) reconciliation CHF m CHF (9.0bn) for full Credit Suisse sub- group¹ (8,874) 2Q23 reported 2,204 Acquisition-related effects PPA adjustments 1,836 240 Fair valuations Impairments Acquisition- on internally developed software related compensation expenses 51 286 Other PPA Integration adjustments² costs (4,257) 1,045 2Q23 Goodwill reported excl. impairment acquisition- in AM related effects 1,345 Litigation provisions 112 Restructuring expenses (330) Other³ (2,085) CHF (2.0bn) for full Credit Suisse sub- group¹ 2Q23 adjusted Refer to Credit Suisse AG 2Q23 release for reconciliation from adjusted to reported results; 1 Including Credit Suisse Services AG and other small former Credit Suisse Group entities now directly held by UBS UBS Group AG; 2 38m write-down of intangible assets and 13m costs from other acquisition-related adjustments; 3 408m gain from cancellation of contingent capital awards, 35m expenses related to real estate disposals, 32m loss on equity investment revaluation in SIX Group AG, 7m Archegos-related expenses and 4m losses on business sales 18#20Credit Suisse adjusted 2Q23 results (CHF, US GAAP) Corporate Center Adjusted net revenues CHF m A% QOQ WM 802 (10%) Adjusted operating expenses CHF m A% QOQ 948 (4%) Adjusted pre-tax income / (loss) CHF m (167) SB 925 (5%) 620 0% 224 AM 251 +34% 222 +4% 28 IB 220 (78%) 1,116 (15%) (907) CRU (55) (86%) 515 (19%) (589) (453) n/m 157 (23%) (611) Driven by ELA+ and PLB funding costs (in net revenues) 2Q23 Credit Suisse sub-group¹ 1,690 (38%) 3,578 (10%) (2,022) Credit Suisse AG adjusted: (2,085m)² Significant revenue attrition QoQ, mostly in the Investment Bank with core divisions more resilient Elevated funding costs from ELA+ and PLB reflected in Corporate Center Costs decreased QoQ, but not fast enough to offset IB revenue declines Refer to Credit Suisse AG 2Q23 release for reconciliation from adjusted to reported results; 1 Credit Suisse AG and its consolidated subsidiaries, Credit Suisse Services AG and other small former Credit UBS Suisse Group entities now directly held by UBS Group AG; 2 Credit Suisse AG and its consolidated subsidiaries 19#21Expecting underlying PBT to be positive in 2H23, around break-even in 3Q23 2Q23 underlying PBT Pro forma, USD bn 2.0 UBS sub- group² (2.2) ~(0.3) Outlook Taking immediate action to drive underlying¹ profitability Not to scale A CHF (2.0bn) (refer to prior slide) Credit Illustrative Cost Suisse combined saves sub- group³ B с Revenue Lower stabilization funding costs +/- Other factors Quarterly exit rate (YE23) A B >3bn annualized (>750m quarterly) saves by year-end from actions to date and identified for 2H234 8bn combined WM NNM/NNA 3Q QTD5 C~550m funding costs in 2Q from PLB and ELA+, now fully repaid. Other considerations ~3bn integration-related expenses, 2H23 >1.5bn6 2H23 pull to par impacts, largely in NII 1 Excluding items not representative of underlying performance such as integration-related expenses and pull to par effects; 2 2Q23 UBS business divisions and Group Functions (IFRS) excluding integration and acquisition costs; refer to slide 22 and 34 for details; 3 Adjusted US GAAP figures in CHF converted to USD using average 2Q23 USD/CHF rates of 0.90; Credit Suisse sub-group includes Credit Suisse UBS AG and its consolidated subsidiaries, Credit Suisse Services AG and other small former Credit Suisse Group entities now directly held by UBS Group AG, refer to slide 27 and 28 for details; 4>3bn annualized exit rate saves vs 2022; 5 UBS GWM net new money + Credit Suisse WM net new assets, up to and including 28.8.23; 6 Including NCL; CET1 impact of the accretion partly offset by ~0.7bn amortization of the transitional relief in 2H23 20#22Group balance sheet UBS 21#23Capital and leverage ratios. 35.2% 16.8% 14.4% CET1 capital ratio guidance: ~14% 18.5% 2.3% 14.4% 2Q23 RWA 557bn CET1: 10.6% Going concern: 14.9% TLAC: 25.6% Requirements 11.68% 5.56% 4.78% 6.12% 0.78% CET1 leverage ratio guidance: 4.78% >4.0% 2Q23 LRD 1,678bn CET1: 3.56% Going concern: 5.06% TLAC: 8.81% Requirements Recent FINMA rulings Increases to LRD and Swiss market share add-ons to be phased in starting beginning-2026; phase in path to be determined - 5bn net of tax PPA interest-rate related and own credit adjustments subject to transitional CET1 capital treatment until 30.6.27¹ Ability to temporarily continue to apply certain capital and liquidity rulings previously provided to Credit Suisse Guidance We expect our CET1 ratio to remain ~14% for the remainder of 2023 and over the medium term I We expect that regulatory-driven updates to models will result in an RWA increase of ~5bn in the second half We also expect an RWA decrease of ~3bn from the natural decay of our Non-core and Legacy portfolio Balances as of quarter-end; Refer to the "Capital management" and "Recent developments" sections of the 2Q23 report for more information; 1 As agreed with FINMA, a transitional CET1 capital UBS treatment has been applied for certain fair value adjustments, given the substantially temporary nature of the IFRS 3 accounting driven effects. As such, IFRS equity reductions of USD 5.9bn (pre-tax) and USD 5bn (net of tax) as of the acquisition date have been neutralized for CET1 capital calculation purposes, of which USD 1.0bn (net of tax) relates to own-credit-related fair value adjustments. The transitional treatment is subject to linear amortization and will reduce to nil by 30.6.27 22#24Legal structure and capital position Legal entity structure as of 31 August 2023 UBS Group AG consolidated Credit Suisse AG UBS Group AG 100% OpCos 2Q23 capital position vs. requirement UBS Group consolidated UBS UBS AG standalone² Credit Suisse AG standalone2, 3 UBS AG Total OpCos Going concern capital Gone concern capital Going concern capital Gone concern capital Going concern capital Gone concern capital Going concern capital Gone concern capital We are finalizing our plans towards our target legal entity structure, with a single parent bank and Credit Suisse's significant legal entities merged or integrated into their UBS equivalent We expected to merge Credit Suisse AG into UBS AG in 2024 Required ¹ 84.9 62.9 49.4 46.2 29.2 29.2 78.6 75.4 Eligible 93.3 102.8 65.6 51.6 28.9 39.3 94.5 90.9 Buffer 8.4 39.8 16.2 5.4 (0.3) 10.1 15.9 15.5 Target structure UBS Group AG consolidated UBS Group AG 100% UBS AG 100% Other subsidiaries and holding companies Refer to the 30 June 2023 Pillar 3 report for more information; 1 Maximum of RWA- and LRD-based required capital; 2 Phase-in requirements; 3 Credit Suisse AG standalone requirements include the FINMA Pillar 2 capital add-on related to the supply chain finance funds matter at Credit Suisse. Credit Suisse AG standalone is allowed to temporarily use capital buffers until the end of 2025, in line with the CAO and regulatory guidance by FINMA. This allows the bank to have effective and efficient capital management during the strategic transformation 23#25CET1 capital and RWA walk CET1 capital USD bn 44.6 1Q23 31.1 Acquired CS CET1 5.0 +80% 0.3 acquisition date Transitional CET1 PPA negative adjustments goodwill as of the (0.4) (0.3) PBT ex. Current tax Other¹ expense 80.3 2Q23 Risk weighted assets USD bn 321.7 1Q23 154.1 6.9 +73% 8.5 64.0 Credit and Non- counterparty counterparty- risk credit risk related risk 1.4 Market Operational Currency risk² effects UBS 1 Includes foreign currency translation effects of +0.4bn, before tax, negative 0.5bn dividend accruals for the current year, negative 0.1bn amortization of transitional CET1 PPA adjustments and movements related to other items; 2 The aggregation of the advanced measurement approach models considering diversification effects resulted in 10bn operational risk RWA reduction in 2Q23 556.6 Credit Suisse 237.7 2Q23 24#26Funding overview Group funding bn 695 1% 65% 4% 22% 8% 2019 Shareholders equity UBS 802 -1% - 65% 7% 19% 7% 2020 835 - 1% 65% 7% 20% 7% 2021 Fair value and long-term debt¹ 786 1% ←— 100% 67% 5% 20% 7% 2022 Short-term Customer borrowings deposits 1,277 2% 1 Debt issued designated at fair value and long-term debt issued at amortized cost 56% 11% 25% 7% 2Q23 Securities financing transactions 2Q23 87bn shareholder equity 455bn debt 712bn customer deposits +30bn QoQ, largely reflecting 29bn negative goodwill in connection with Credit Suisse acquisition Of which short-term 140bn, including 71bn SNB funding Of which long-term: 315bn Of which UBS sub-group: 515bn, Coverage +9bn QoQ, driven by GWM ratio 105% Of which CS sub-group: 198bn 25#27Capital markets issuances and redemptions Issuances and redemptions USD bn 19 2 15 2022 19 1 2 10 5 2 Issuances Redemptions Including UBS's first digital bond3 9 0 8 1H23¹ 2 Issuances AT1 12 2 4 Redemptions Upcoming maturities and first calls² USD bn 3 11 3 5 1 2H23 T2 Senior bonds (HoldCo) 32 4 3 12 14 2024 33 0 21 Senior bonds (OpCo) 9 3 2025 0 31 2 19 10 2026 68 3 57 8 2027+ We are committed to managing our funding resources prudently We expect to continue the execution of our funding plans in the coming weeks We expect to initiate a new covered bond program out of UBS Switzerland AG in the second half of 2023 UBS 1 Includes Credit Suisse AG's issuance and redemptions as of the convenience date of consolidation 31.5.23; 2 Based on outstanding issuances of UBS Group AG, UBS AG and Credit Suisse AG. Redemptions reflect instruments maturing on their next call date for illustrative purposes only. UBS makes no representation on its intention to call the instruments; 3 See Digital bonds for details 26#28Wholesale funding diversification Group funding 2Q23, bn Covered Bonds 7% OpCo 26% AT1 6% By source UBS As of quarter-end HoldCo 61% >5 years 24% 3-5 years 20% <1 year 14% By maturity 1-3 years 42% EUR 28% Other 9% CHF 9% By currency USD 54% 27#29Liquidity Liquidity coverage ratio¹ quarterly averages Average high-quality liquid assets¹, bn 228 156% 4Q21 UBS 253 11 161% 160% 249 1Q22 2Q22 240 163% 3Q22 239 164% 4Q22 230 162% 1Q23 257 175%1 2Q23 Well diversified liquidity pool, and diligent liquidity management including daily stress testing Average high-quality liquid assets¹, 2Q23 Securities 37% Pre-haircut as and as of end-2Q23 39bn 257bn of which >90% level 1 government, municipal and corporate bonds Cash 63% Pre-haircut as and as of end-2Q23 262bn cash and balances with central banks Refer to the "Liquidity and funding management" sections of the 2Q23 report and 2Q23 pillar III report for more information. 1 This average was calculated based on a simple average of 64 data points in 2Q23, which includes Credit Suisse's business activity from the acquisition date to 30.6.23, i.e., 15 business days from 12 June 2023. The post-acquisition, 15-day average LCR of the UBS Group was 199.5% I 1 28#30Deposits Stabilization trend to continue into 3Q23 2Q23 total net new deposits of 23bn of which 18bn from Credit Suisse Wealth Management Deposit flow stabilization supported the repayment of ELA+ and the cancellation of PLB¹ A well diversified deposit base Time deposits 32% UBS Sweeps 6% By type Demand 35% Quarter to date, 28.8.23 8bn UBS+CS wealth management net new money / net new assets, USD EUR 10% CHF 42% Other 9% By currency USD 39% Retail savings 27% 1 Public Liquidity Backstop; 2 Sum of UBS sub-group segment deposits (IFRS) and Credit Suisse's sub-group (US GAAP) deposits 10bn UBS+CS wealth management net new deposits, USD UBS P&C 25% CS SB 15% Further details on flows on slide 7 Other 1% By client segment Pro forma² 4bn net new deposits in CS Swiss Bank, CHF CS WM 12% UBS GWM 46% 29#31High-quality loan portfolio Loans and advances to customers On-balance sheet, 2023 Corporates: 9% Lombard / securities-based: 26% Other: 11% 652bn >90% collateralized UBS Data reflects UBS Group AG consolidated figures, thus including acquired Credit Suisse positions Mortgages: 53% Mortgages: 348bn, average LTV ~52% Lombard: 169bn, average LTV ~47% > Fully collateralized, with daily monitoring. of margin requirements Corporates: 62bn > 26bn large corporates > 36bn Swiss SMEs Other: 73bn > 9.6bn ship/aircraft financing > 5.0bn commodity trade finance 30#32Credit loss expense/ (release) and credit impaired exposures Credit loss expense / (release) m GWM P&C IB Credit Suisse Other¹ Total GWM P&C IB Credit Suisse Other¹ Total 2Q22 (3) 35 (28) UBS 2 7 Total credit impaired exposure, gross (stage 3/PCI) bn 2Q22 869 1,473 257 3Q22 7 (15) 4 6 2,605 0 (3) 3Q22 721 1,379 252 4Q22 3 (4) 8 6 2,357 0 7 4Q22 757 1,380 312 6 2,455 1Q23 15 16 7 0 38 1Q23 763 1,409 319 6 2,497 2Q23 5 10 1 724 0 740 2Q23 781 1,549 324 3,373 6 6,033 ECL coverage ratio for core loan portfolio (stage 3)² On balance sheet 24% 2Q22 25% 3Q22 24% 4Q22 1 Other includes UBS Asset Management and Group Functions; 2 Refer to Note 8 "Expected credit loss measurement" section of the 2Q23 report for more information 23% 1Q23 23% 2Q23 31#33Credit ratings peer comparison Long-term senior unsecured debt - operating company, as of 24.8.23 Barclays BNP BOA Citi CS DB GS HSBC JPM MS SocGen UBS Baa2 Baa1 MOODY'S A3 A2 A1 Aa3 Aa2 Aa1 Review for downgrade Outlook negative BBB- BBB BBB+ S&P A- A [No arrow] Outlook stable A+ AA- AA Outlook: developing Outlook positive FITCH BBB- BBB BBB+ A- A A+ Review for upgrade AA- AA UBS Source: Moody's, S&P and Fitch's websites; Operating companies: JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Citibank, N.A.; Goldman Sachs Bank USA; Morgan Stanley Bank, N.A.; UBS AG; Credit Suisse AG; HSBC Bank PLC; Barclays Bank PLC; BNP Paribas; Societe Generale; Deutsche Bank AG 32#34Credit ratings peer comparison Long-term senior unsecured debt – holding company, as of 24.8.23 Barclays BNP1 BOA Citi DB1 GS HSBC JPM MS SocGen¹ UBS² MOODY'S Ba1 Baa3 Baa2 Baa1 A3 A2 A1 Aa3 Review for downgrade S&P BB+ BBB- BBB BBB+ A- [No arrow] Outlook stable A A+ AA- FITCH Outlook positive BB+ BBB- BBB BBB+ A- A A+ Review for upgrade Outlook negative Source: Moody's, S&P and Fitch's websites; Holding companies: JPMorgan Chase & Co.; Bank of America Corporation; Citigroup Inc.; The Goldman Sachs Group, Inc.; Morgan Stanley; UBS Group AG; Credit UBS Suisse Group AG; HSBC Holdings PLC; Barclays Plc; 1 BNP (BNP Paribas), SocGen (Société Générale) and Deutsche Bank (Deutsche Bank AG) have no holding company, but Moody's classifies certain parent company issuances as "junior senior unsecured", S&P classifies certain parent company issuances as "senior subordinated" and Fitch classifies certain parent company issuances as "senior non-preferred"; 2 Moody's rates UBS Group AG issuance on an unsolicited basis AA- 33#35Appendix UBS 34#36Balance sheet For the quarter-end 2Q23 1. Cash and balances at central banks 2. Lending¹ Securities financing transactions at amortized cost 4. Trading assets 5. Derivatives and cash collateral 6. 7. receivables on derivative instruments Brokerage receivables Other financial assets measured at amortized cost 8. Other financial assets measured at fair value² 9. Non-financial assets 1 2 3 4 6 7 8 O/w Credit Suisse assets: 598bn 1,679 262 676 87 151 240 65 22 Coverage ratio: 105% 121 56 Assets O/w Credit Suisse liabilities: 503bn 1,679 140 22 713 316 40 235 44 27, a с d e f a) Short-term borrowings3,4 b) Securities financing transactions at amortized cost Customer deposits d) Debt issued designated at fair value and long-term debt issued measured. at amortized cost4 e) f) Trading liabilities Derivatives and cash collateral payables on derivative instruments Brokerage payables g) h) Other financial liabilities i) Non-financial liabilities j) Equity 56 88 Liabilities As per quarter end; Refer to the "Balance sheet and off-balance sheet" section of the 2Q23 report for more information. Refer to "Note 2 Accounting for the acquisition of Credit Suisse Group" in the "Consolidated financial statements" section of this report for more information.; 1 Consists of loans and advances to customers and banks; 2 Consists of financial assets at fair value not held for trading and UBS financial assets measured at fair value through other comprehensive income; 3 Consists of short-term debt issued measured at amortized cost and amounts due to banks, which includes amounts due to central banks; 4 The classification of debt issued measured at amortized cost into short-term and long-term is based on original contractual maturity and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early redemption features 35#37Capital requirements and eligibility criteria Group consolidated requirements Going concern Minimum capital Buffer capital Countercyclical buffer Pillar 2 add on Minimum CET1 capital Maximum Additional Tier 1 capital RWA LRD 4.50% 1.50% 5.50% 2.00% 0.42% 0.18% 0.06% 10.60% 3.56% 4.30% 1.50% 14.90% 5.06% *Includes LRD and Swiss credit market share add-ons of 1.44% for RWA and 0.50% for LRD Gone concern Base requirement equal to 75% of the total going concern requirement excluding the countercyclical buffer RWA 9.65% Additional requirement for market share and LRD 1.08% Minimum gone-concern 10.73% UBS Refer to the "Capital management" and "Recent developments" sections of the 2Q23 report for more information LRD 3.38% 0.38% 3.75% Grandfathering rules Any going concern-eligible capital above the minimum requirement can be counted towards the gone concern, subject to re-classification. Low-trigger AT1s are available to meet the going concern requirement until their first call date. As of their first call date, they are eligible to meet the gone concern requirements A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years No MDA restrictions apply in Switzerland 36#38UBS Group structure We expected to merge Credit Suisse AG into UBS AG in 2024 As of 31 August 2023 UBS Switzerland AG UBS Bank USA UBS Americas Holding LLC 100% UBS Americas Inc. 100% UBS Business Solutions US LLC Issuing entities UBS AG (sub-)consolidated UBS AG 100% UBS Europe SE UBS Financial Services Inc. UBS Asset Management AG UBS Securities LLC 3 UBS Group AG consolidated UBS Group AG 100% Other non-US subsidiaries ¹ Other US subsidiaries 4 Credit Suisse AG (sub-)consolidated Credit Suisse AG Credit Suisse (Schweiz) AG Other subsidiaries 100% Credit Suisse Holdings (USA), Inc. 98% Credit Suisse International ² Other Participations UBS Business Solutions AG Credit Suisse Services AG UBS 1 Other non-US subsidiaries are generally held either directly by UBS AG or indirectly through UBS Switzerland AG or UBS Asset Management AG; 2 Of which 98% held by Credit Suisse AG and 2% held by UBS Group AG; 3 Of which 99% directly held by UBS Americas Inc. and 1% held by UBS Americas Holding LLC; 4 Other US subsidiaries are generally held either directly by UBS Americas Inc. or indirectly through UBS Financial Services Inc; 5 And other small former Credit Suisse Group entities now directly held by UBS Group AG 37#39Year-to-date issuances UBS 9 AT1 T2 8 2 Issuances 12 2 4 6 Redemptions Senior bonds (HoldCo) Senior bonds (OpCo) 1H23 issuances ISIN CH1236363391 US902613AU26 US902613AV09 CH1255915006¹ CH1255915014¹ CH1264823480 CH1264823498 AU3FN0077962 AU3CB0299378 AU3FN0077970 Instrument Currency EUR USD USD EUR EUR CHF CHF AUD AUD AUD TLAC TLAC TLAC TLAC TLAC OpCo OpCo OpCo OpCo OpCo Coupon Issuance Notional (bn) 1.000 rate (%) 4.375 4.1.23 1.750 5.711 12.1.23 2.250 5.959 12.1.23 1.500 4.625 17.3.23 1.250 4.750 17.3.23 0.310 2.385 9.5.23 0.150 2.550 9.5.23 0.600 3mBBSW+130bps 12.5.23 0.175 5.00 12.5.23 0.650 3mBBSW+155bps 12.5.23 Call/ date Maturity 11.1.30 12.1.26 12.1.33 17.3.27 17.3.31 9.5.25 9.5.29 12.5.26 12.5.28 12.5.28 Includes Credit Suisse AG's issuance following the convenience date of consolidation 31.5.23; 1 The nominal amount outstanding has been reduced compared to the nominal amount at issue date as a result of a tender offer launched by UBS Group AG on 22.3.23 38#40Year-to-date redemptions UBS 9 0 AT1 T2 8 2 12 2 4 6 Issuances Redemptions Senior bonds (HoldCo) Senior bonds (OpCo) 1H23 redemptions ISIN CH0400441280 AU3FN0041034 AU3CB0251197 XS2149270477 CH0365501516 US902674YG97 US902674YF15 XS1428769738 US225433AS08 US225401AG34 US225401AH17 Includes Credit Suisse AG's redemptions following the convenience date of consolidation 31.5.23 Instrument AT1 OpCo OpCo OpCo TLAC OpCo OpCo OpCo TLAC TLAC TLAC Currency USD AUD AUD EUR CHF USD USD EUR USD USD USD Notional (bn) 2.000 0.525 0.275 2.000 0.400 1.000 1.000 0.787 2.000 1.250 0.750 Coupon rate (bps) 5.000 3mBBSW+90bps 3.250 0.750 0.625 SOFR+32bps 0.375 1.000 3.800 4.207 3m$L+124bps Call/ Maturity 31.1.23 8.3.23 8.3.23 21.3.23 18.5.23 1.6.23 1.6.23 7.6.23 9.6.23 12.6.23 12.6.23 39#41UBS liquidity framework Regulatory minimums Stress testing UBS Liquidity coverage ratio 100% BCBS REQUIREMENT Net stable funding ratio In June 2022, the Swiss Federal Council adopted the revisions to the Swiss Liquidity Ordinance. UBS's increased liquidity requirements remain uncertain pending supervisory guidance from FINMA. The final rule became effective on 1.7.22, with a transition period of 18 months Combined (market and idiosyncratic) scenario Severely deteriorated macroeconomic and financial market environment and a UBS- specific event. 100% BCBS REQUIREMENT We aim to ensure that the firm has sufficient liquidity and funding to survive a severe stress event without government support The objective of this stress test is to ensure that UBS keeps a cumulative liquidity surplus on each day in the three-month stress horizon. Structural market-wide scenario Significant deterioration of macro and financial market conditions globally, requiring for long-term funding to survive. The objective of this stress test is to ensure that UBS maintains a positive cumulative behavioral liquidity gap across the 3, 6, 9 and 12-month tenors Group Treasury proposes the liquidity and funding strategy Group Asset and Liability Committee (ALCO) approves the liquidity and funding strategy on behalf of the Group Executive Board Board of Directors - Risk Committee oversees Group ALCO To complement our business-as-usual management, Group Treasury maintains a Contingency Funding Plan and contributes to plans for recovery and resolution to define procedures throughout the crisis continuum In July 2022, the revision of the Swiss Liquidity Ordinance became effective. Further supervisory guidance from FINMA is expected to be communicated in the autumn of 2023 Governance Contingency planning 40#42Main UBS rated entities UBS Group AG UBS AG UBS Switzerland AG UBS Europe SE UBS Americas Holding LLC UBS Bank USA UBS Securities LLC Credit Suisse AG Credit Suisse International Credit Suisse (Schweiz) AG Credit Suisse (USA), Inc Credit Suisse Bank (Europe) S.A. Credit Suisse (Deutschland) AG MOODY'S Aa3/Negative Aa3/Negative A3/Possible upgrade A3/Possible upgrade A3/Possible upgrade UBS A list of solicited ratings for UBS's main legal entities can be accessed via www.ubs.com/ratings S&P A-/Negative A+/Stable A+/Stable A+/Stable A-/Negative A+/Stable A+/Stable A/developing A/developing A/developing A/developing A/developing A/developing FITCH A/Stable A+/ Stable A+/ Stable A+/ Stable A+/ Stable A+/ Stable A+/ Stable A/ Stable A+/ Stable A+/ Stable A+/ Stable 41#43Our reporting ubs.com/investors Annual Report 2022 US GAS Annual Reports Link UBS UBS UBS Group AG and UBS AG UBS Sustainability Report 2022 *UBS 9 Sustainability Report Link Diversity, Equity & Inclusion Report 2022 UBS DE&I Report Link UBS AG Stadion facial assessed guimary information for the year ended 21 Decer 3022 *UBS Link UBS Switzerland AG AUBS Standalone reports of significant regulated entities Pillar 3 Report LES Group and significa gubd pidas and sub-groups *UBS Pillar 3 Report Link Other quick links Quarterly reporting > Bondholder information > Capital instruments > Benchmark bonds > Green bonds > Digital bonds > Ratings > 42#44Cautionary statement regarding forward-looking statements Cautionary Statement Regarding Forward-Looking Statements I This presentation contains statements that constitute "forward-looking statements," including but not limited to management's outlook for UBS's financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS's judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS's expectations. The Russia-Ukraine war continues to affect global markets, exacerbate global inflation, and slow global growth. In addition, the war has caused significant population displacement, and shortages of vital commodities, including energy shortages and food insecurity, and has increased the risk of recession in OECD economies. The coordinated sanctions on Russia and Belarus, and Russian and Belarusian entities and nationals, and the uncertainty as to whether the war will widen and intensify, may continue to have significant adverse effects on the market and macroeconomic conditions, including in ways that cannot be anticipated. UBS's acquisition of Credit Suisse has materially changed our outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to take between three to five years and presents significant risks, including the risks that UBS Group AG may be unable to achieve the cost reductions and other benefits contemplated by the transaction. This creates significantly greater uncertainty about forward-looking statements. Other factors that may affect our performance and ability to achieve our plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined bank; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions, including as a result of the acquisition of Credit Suisse; (iii) increased inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, deterioration or slow recovery in residential and commercial real estate markets, the effects of economic conditions, including increasing inflationary pressures, market developments, increasing geopolitical tensions, and changes to national trade policies on the financial position or creditworthiness of UBS's clients and counterparties, as well as on client sentiment and levels of activity, including the COVID-19 pandemic and the measures taken to manage it, which have had and may also continue to have a significant adverse effect on global and regional economic activity, including disruptions to global supply chains and labor market displacements; (v) changes in the availability of capital and funding, including any adverse changes in UBS's credit spreads and credit ratings of UBS, Credit Suisse, sovereign issuers, structured credit products or credit-related exposures, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC), in particular in light of the acquisition of Credit Suisse; (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the European Union and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity- specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS's business activities; (vii) UBS's ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements and any additional requirements due to its acquisition of Credit Suisse, or other developments; (viii) UBS's ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS's competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS's ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to our businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of our RWA, including as a result of its acquisition of Credit Suisse, as well as the amount of capital available for return to shareholders; (xiii) the effects on UBS's business, in particular cross- border banking, of sanctions, tax or regulatory developments and of possible changes in UBS's policies and practices; (xiv) UBS's ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xvi) UBS's ability to implement new technologies and business methods, including digital services and technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvii) limitations on the effectiveness of UBS's internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xviii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with cyberattack threats from both nation states and non-nation-state actors targeting financial institutions; (xix) restrictions on the ability of UBS Group AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS's operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xx) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS's ability to maintain its stated capital return objective; (xxi) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the possibility of conflict between different governmental standards and regulatory regimes; (xxii) the ability of UBS to access capital markets; (xxiii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict (e.g., the Russia-Ukraine war), pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during long-term disruptions such as the COVID-19 (coronavirus) pandemic; (xxiv) the level of success in the absorption of Credit Suisse, in the integration of the two groups and their businesses, and in the execution of the planned strategy regarding cost reduction and divestment of any non-core assets, the existing assets and liabilities currently existing in the Credit Suisse group, the level of resulting impairments and write-downs, the effect of the consummation of the integration on the operational results, share price and credit rating of UBS - delays, difficulties, or failure in closing the transaction may cause market disruption and challenges for UBS to maintain business, contractual and operational relationships; and (xxv) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on our reputation and the additional consequences that this may have on our business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. Our business and financial performance could be affected by other factors identified in our past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the Annual Report on Form 20-F for the year ended 31 December 2022. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise. ⒸUBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 43