#1UBS Second quarter 2023 Financial results 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. O UBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 1#3Agenda Update on strategy and Credit Suisse integration Sergio P. Ermotti, Group CEO UBS 2Q23 performance and financial overview Todd Tuckner, Group CFO Q&A 2#4Our 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 3#5Enhancing client franchises and increasing scale Global Wealth Management 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 Personal & Corporate Banking 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 4#6Improving our business mix, with unchanged capital allocation discipline RWA % Before 2012 restructuring 3Q121 UBS Pre-acquisition of Credit Suisse 1Q23 IB guidance max 33% O IB WM, AM, P&C and GF Post-acquisition of Credit Suisse 2Q23, pro forma² IB guidance max 25% 1 Excluding Legacy Portfolio; 2 Pro forma excluding Non-core and Legacy (NCL); NCL perimeter subject to finalization; numbers subject to change сл#7Update on integration UBS 01 6#8Diligent approach to identify and assess strategic options for Credit Suisse (Schweiz) Starting point 7 scenarios evaluated ranging from IPO, full or partial spin-offs, dual brand, sale, or full integration UBS Detailed assessment 40+ people task force across UBS and CS 4 factors considered in evaluation of all scenarios: - - From April we have conducted a thorough assessment Clients Workforce Financials and funding Feasibility and risks 20+ deep-dive workshops with internal and external experts Prioritization 2 potential options identified, and assessed in further detail: Full integration Spin-off of focused perimeter excluding segments requiring global capabilities 10+ senior deep-dives involving BoD and GEB 7#9Integration 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 Financials and funding UBS 1 Legal merger between Credit Suisse (Schweiz) AG and UBS Switzerland AG 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 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 Feasibility and risks Substantially lower IT cost and shorter timeline Reduced execution and regulatory risk 8#10Unwavering commitment to our clients, employees and the Swiss economy Client promise Continued premium service with focus on client satisfaction Capital and financial strength enable us to maintain combined existing lending exposures Access to enhanced investment and innovation capabilities across a unique global footprint Leading digital capabilities UBS Employee promise Committed to fair treatment of all employees Redundancies phased to allow the labor market to absorb talent Responsible social plan, including financial and re-skilling support Providing attractive career opportunities Community promise Contributing to the strength and stability of the Swiss financial system Maintaining combined sponsorship of agreed civic, sporting and cultural activities until the end of 2025 Supporting our community partners 9#11Stabilized 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 LO 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 (29) 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 1Q23 (0) 4 2Q23 UBS P&C net new deposits Credit Suisse SB net new deposits (1) 4 3Q23 QTD¹ 10#12Non-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 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 11#13Non-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 1 2Q23 51 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 12#14Executing 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 13#15We aim to substantially complete integration for the Group by year-end 2026 Legal close June 2023 Key milestones and priorities Strategic clarity Franchise value protection Organizational alignment ✓Made decision on Credit Suisse (Schweiz) ✓Largely defined NCL perimeter and started rundown execution End-2023 ✓ Stabilized the businesses and flows Terminated government support and paid down higher cost emergency liquidity facilities ✓ Set baseline for unifying the organization, people and client approach, harmonized risk and control frameworks Operate as one bank with combined BDs¹ Business transformation Client migration Legal entity consolidation Deliver substantial wind-down of Non-core and Legacy End-2026 Vast majority of integration-related costs to be incurred by year-end 2026 Migrate clients on to UBS systems Integrate strategically important Credit Suisse client systems (or solutions) into UBS Merger of UBS AG and Credit Suisse AG planned for 2024 Complete merger of legal entities which account for substantial majority of Credit Suisse assets UBS 1 Exceptions related to any client identifying data or other information barriers, as well as in Switzerland more broadly where UBS and Credit Suisse will continue to operate side by side while preparing for legal merger between Credit Suisse (Schweiz) AG and UBS Switzerland AG (merger planned for 2024) 14#16Working 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 15#172Q23 performance and financial overview Todd Tuckner, Group CFO UBS 16#18UBS 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 17#19Negative 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) Litigation, regulatory and similar matters (0.9) Goodwill and intangibles, net (0.6) Fair value adjustments on non- financial assets and liabilities o/w (16.8bn) is CET1 capital relevant³ (4.1) US GAAP / IFRS conversion4 (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 UBS Credit 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 18#20The acquisition strengthens the foundation of the combined bank Tangible book value per share USD UBS 16.5 1Q23 +49% 24.6 2Q23 CET1 capital ratio 13.9% 1Q23 14.4% 2Q23 Invested assets USD trn 4.2 1Q23 +32% 5.5 2Q23 19#21Our 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 80bn 2Q23 AT1 CET1 35.2% 16.8% 14.4% 18.5% 2.3% CET1 capital ratio guidance: 14.4% ~14% 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 20#22Prudent management of liquidity and funding Liquidity and funding 175% 118% NSFR LCR 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 0₁ 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 21#23Excluding 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 2Q22 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 22#24Excluding Credit Suisse UBS business divisions: Global Wealth Management Total revenues m 4,677 Profit before tax m 1,157 +1% 2Q22 (4%) 4,736 1,110 2Q23 USD m, except where indicated Total revenues Net interest income Recurring net fee income Transaction-based income Other income Credit loss expense / (release) Operating expenses Profit before tax Cost / income ratio Invested assets, bn Fee-generating assets, bn Deposits, bn Loans, bn 2Q23 1Q23 10 4,736 4,792 4,677 (1%) +1% 1,442 1,491 1,268 (3%) +14% 2,535 2,454 2,614 +3% (3%) 749 843 793 (11%) (6%) 5 3,621 1,110 76% 336 220 4 UBS Balances as of quarter-end; 1 Includes ~5bn outflows due to seasonal tax payments in the US 2Q22 QoQ 15 74% 75% +2pp +1pp 3,037 2,962 2,811 +3% 1,380 1,335 1,244 330 (3) 3,561 3,523 +2% +3% 1,215 1,157 (9%) (4%) 2 224 YoY 349 227 +8% +3% +11% +2% (4%) (2%) (3%) PBT 1,110m, (4%) YOY Total revenues +1% as higher NII was partly offset by lower recurring net fee and transaction-based income Cost/income 76% Net new money +16.2bn, the strongest 2Q in >10 years driven by inflows in Switzerland +15.3bn, EMEA +2.5bn and APAC +1.8bn and outflows in Americas (3.4bn)¹ NNFGA +12.6bn, +4% annualized growth, driven by mandates; positive flows in all regions incl. +5.5bn in Americas, +4.0bn in EMEA, +1.7bn in Switzerland and +1.4bn in APAC Deposits +2% QOQ driven by net inflows into fixed-term and savings deposit products, partly offset by shifts into money market funds and government securities Net new loans (4.3bn) with deleveraging in all regions 23#25Excluding Credit Suisse UBS business divisions: Personal & Corporate Banking (CHF) Total revenues, m 1,018 Profit before tax m 398 +24% 2Q22 +54% 1,263 612 2Q23 CHF m, except where indicated Total revenues Net interest income Recurring net fee income Transaction-based income Other income Credit loss expense / (release) Operating expenses Profit before tax Cost/income ratio Investment products¹, bn Deposits, bn Loans, bn UBS Balances as of quarter-end; 1 In Personal Banking 2Q23 1Q23 2Q22 QoQ 1,263 1,180 651 731 213 305 13 9 641 612 51% 24 165 146 210 309 10 14 613 553 52% 23 165 144 +24% 1,018 +7% 502 +12% +45% 202 +2% +5% 300 (1%) +2% 13 33 587 +5% +9% +54% 398 +11% 58% (1pp) (7pp) 21 +4% +10% 160 0% YoY 142 +1% +3% +3% PBT 612m, +54% YoY Total revenues +24% reflecting increases in all income lines, predominantly NII Cost/income 51%, (7pp) Net new investment products in Personal Banking +0.5bn, +10% annualized growth Deposits +3% YoY and stable QoQ with clients further shifting into investments Net new loans +1.4bn driven by growth in corporate and private clients 24#26Excluding Credit Suisse UBS business divisions: Asset Management Total revenues m (5%) excl. gains on sale¹ (64%) r 1,372 848 524 Profit before tax m (19%) excl. gains on sale¹ (91%) r 959 499 848 111 2Q22 90 2Q23 Gains on sale¹ USD m, except where indicated Total revenues Net management fees Performance fees Net gain from disposal of a joint venture¹ Credit loss expense / (release) Operating expenses Profit before tax Cost / income ratio Invested assets, bn Net new money, bn 2Q23 499 492 7 0 409 90 82% 1Q23 2Q22 QoQ 17 502 1,372 (1%) (64%) 479 515 +3% (5%) (69%) (23%) 23 0 408 94 1,188 1,140 9 14 848 0 413 YoY 959 81% 30%² +1pp +52pp 1,047 +4% +13% (9) 0% (1%) (5%) (91%) PBT 90m Total revenues (64%) YoY, (5%) excl. gains on sale - Lower net management fees reflecting negative market performance - Lower performance fees in Hedge Fund. Businesses and Equities Cost/income 82%; operating expenses (1%) reflecting lower personnel costs, partly offset by FX effects and technology Invested assets 1,188bn, +4% QoQ reflecting positive market performance, net new money inflows and positive FX effects Net new money +17.2bn, +6% annualized growth. Excluding money market flows, NNM (excluding associates) was +19.5bn UBS Balances as of quarter-end; 1 848m gain in Asset Management in 2Q22 related to the sale of our shareholding in the Mitsubishi Corp.-UBS Realty Inc. joint venture; 2 79% excl. the sale of our shareholding in the Mitsubishi Corp.-UBS Realty Inc. joint venture 25#27Excluding Credit Suisse UBS business divisions: Investment Bank Total revenues m 2,094 Profit before tax m 410 (10%) 2Q22 (66%) Į 1,892 139 2Q23 UBS 1 Dealogic USD m, except where indicated Total revenues Global Banking Advisory Capital Markets Global Markets Execution Services Derivatives & Solutions Financing Credit loss expense / (release) Operating expenses Profit before tax Cost/ income ratio 2Q23 1Q23 2Q22 1,892 371 160 210 1,521 358 631 533 1 1,753 139 93% 171 2,349 2,094 (19%) (10%) 383 377 (3%) (2%) (6%) (23%) (1%) +25% (23%) (11%) 399 (15%) (10%) (37%) (25%) (1%) +11% 839 479 (28) 1,866 1,712 477 212 422 1,967 1,718 1,007 537 209 7 168 QoQ YoY (6%) +2% 410 (71%) (66%) 79% 82% +13pp +11pp PBT 139m Global Markets revenues (11%) YoY Execution Services (10%) driven by lower Cash Equities volumes Derivatives & Solutions (25%) driven by lower volatility and client activity. Decreases in Equity Derivatives, Rates and FX, partly offset by Credit Financing +11%, best 2Q on record, increases across all products, driven by Equity Financing in EMEA and APAC Of which: Equities 1,134m, (11%) FRC 387m, (13%) Global Banking revenues (2%) Advisory (23%) on lower M&A transactions; global fee pool outperformance¹ Capital Markets +25% from higher LCM Cost/income 93% 26#282Q23 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 UBS 2,204 Acquisition-related effects PPA adjustments 1,836 Fair valuations Impairments on internally developed software 240 51 286 Acquisition- Other PPA Integration related adjustments² costs compensation expenses (4,257) 2Q23 reported excl. acquisition- related effects 1,045 Goodwill impairment in AM 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 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 27#29Credit 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 28#30Expecting 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 C Revenue Lower stabilization funding costs +/- Other factors Quarterly exit rate (YE23) A B C с >3bn annualized (>750m quarterly) saves by year-end from actions to date and identified for 2H234 8bn combined WM NNM/NNA 3Q QTD5 ~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 29#31Closing remarks Sergio P. Ermotti, Group CEO UBS 30#32Key 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 31#33Appendix UBS 32#34UBS Group results USD m, except where indicated Total revenues Negative goodwill Credit loss expenses/ (releases) Total operating expenses Operating profit / (loss) before tax Tax expense / (benefit) of which: current tax expense Net profit/ (loss) attributable to shareholders Diluted EPS (USD) Effective tax rate Return on CET1 capital Return on tangible equity Cost / income ratio Total book value per share (USD) Tangible book value per share (USD) UBS 2Q23 9,540 28,925 740 8,486 29,239 361 368 28,875 8.99 1.2% 185.0% 177.8% 88.9% 26.95 24.61 1Q23 8,744 38 7,210 1,495 459 487 1,029 0.32 30.7% 9.1% 8.1% 82.5% 18.59 16.54 4Q22 8,029 7 6,085 1,937 280 349 1,653 0.50 14.5% 14.7% 13.2% 75.8% 18.30 16.28 3Q22 8,236 (3) 5,916 2,323 580 368 1,733 0.52 25.0% 15.5% 13.9% 71.8% 17.52 15.57 2Q22 8,917 7 6,295 2,615 497 367 2,108 0.61 19.0% 18.9% 16.4% 70.6% 17.45 15.51 33#35UBS Group AG 2Q23 results excluding negative goodwill, integration-related expenses and acquisition costs (IFRS) USD m, except where indicated Operating profit / (loss) before tax o/w: Negative goodwill o/w: Integration-related expenses and acquisition costs Operating profit / (loss) before tax excluding negative goodwill, integration-related expenses and acquisition costs Excluding negative goodwill, integration-related expenses and acquisition costs RoCET1 ROTE Cost/income ratio UBS Group AG 2Q23 29,239 28,925 (830) 1,144 4.5% 4.3% 80% 2Q23 UBS sub-group¹ 1,523 (456) 1,979 June 2023 Credit Suisse sub-group² (1,209)³ (374) (835)³ UBS 12023 UBS business divisions and Group Functions (IFRS); 2 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; 3 Includes +369m pull to par from PPA adjustments and (654m) day-1 ECL recognition on acquired loan book 34#36CET1 capital and RWA walk CET1 capital USD bn 44.6 1Q23 31.1 Acquired CS CET1 5.0 +80% 0.3 acquisition date (0.4) (0.3) Transitional PBT ex. Current tax Other¹ expense CET1 PPA negative adjustments goodwill as of the 80.3 2Q23 Risk weighted assets USD bn 321.7 1Q23 154.1 6.9 Credit and Non- counterparty counterparty- credit risk related risk +73% 8.5 64.0 1.4 Market Operational Currency risk 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 35#37Lower negative goodwill vs. F-4 driven by 5M23 Credit Suisse operating losses and higher PPA marks on loans and loan commitments Pro forma negative goodwill estimated in the SEC registration statement on Form F-4 USD bn Credit Suisse events in early 2023 Credit Suisse equity attributable 66.0 (US GAAP, 31.12.22) 17.1 to shareholders 48.8 Pro forma pre-PPA net assets (US GAAP) (27.7) Net PPA adjustments ● Write down of Credit Suisse AT1s SPG sale to Apollo Credit Suisse compensation adjustments¹ (3.5) Estimated purchase price 34.8 Pro forma negative goodwill Negative goodwill included in 2Q23 results USD bn A 57.6 Credit Suisse pre-PPA net assets at closing (US GAAP, 31.5.23) B (24.8) Net PPA adjustments C (3.8) Purchase price 28.9 Negative goodwill 28.9bn negative goodwill; 5.9bn below F-4 estimate A B Pre-PPA net assets 8.4bn below F-4 estimate, driven by: -3.4bn of operating losses at Credit Suisse in 5M23, not captured in F-4 - ~5bn reversal of historic own credit gain, previously captured in PPA adjustments Net PPA adjustments (24.8bn), a 2.9bn improvement vs. F-4 estimate, mainly driven by: PPA offset from aforementioned ~5bn own credit gain reversal (improvement) 1.7bn higher marks on financial assets and liabilities (deterioration) 0.5bn higher litigation provisions (deterioration) Offsetting: neutral to negative goodwill C Purchase price of 3.8bn vs. 3.5bn in F-4, mainly due to a higher UBS share price at the time of closing and inclusion of settlement of pre-existing relationships with Credit Suisse UBS 1 Estimated balance sheet impact of a write down of contingent capital awards issued by Credit Suisse and specific mandated Credit Suisse compensation cancellations as communicated by the Swiss government to Credit Suisse in 2Q23 36#38Non-core and Legacy composition Non-core and Legacy 2Q23, USD bn Equities Macro UBS Loans Securitized products Credit HQLA and other 55 5 8 12 14 12 5 RWA excl. operational risk¹ 224 22 32 27 38 22 84 LRD - - - Equities includes electronic trading, index and single stock, equity swaps, convertibles, share-backed lending positions Macro includes interest rate swaps, cross currency swaps, options, swaptions Select loan positions from Corporate Bank and Emerging Markets Securitized Products includes asset securitizations and mortgage servicing Credit trading and capital markets positions and select positions in EMEA, LatAm and APAC - - LRD includes HQLA of 74bn and 'Other' includes non trading assets, trust business and allocations related to fixed assets 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 Operational risk RWA to be reported in 3Q after finalization of allocation methodology 37#39Alignment of Credit Suisse AuM to UBS invested assets Credit Suisse AuM to UBS invested assets USD bn, except where indicated AM SB WM Assets managed across businesses¹ 1,357 436 585 530 (194) Credit Suisse 2Q23 AUM 194 UBS policies permit the recognition of invested assets when independent services are provided by more than one business division Assets managed across businesses adjustments to UBS policy UBS Balances as of quarter-end; 1 Assets managed in multiple business divisions 149 WM adjustments to UBS policy (466) SB adjustments to UBS policy (15) AM adjustments to UBS policy 1,220 421 119 680 Credit Suisse 2Q23 invested assets 38#40UBS Group structure (as of 31.8.23) UBS Switzerland AG UBS Bank USA UBS Americas Holding LLC 100% UBS Americas Inc. 100% UBS Business Solutions US LLC 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 5 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 39#41Cautionary 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. OUBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 40