#1UBS Third quarter 2023 Financial results 7 November 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 the Risk Factors filed on Form 6-K with the 2Q23 UBS Group AG report on 31 August 2023. 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 third quarter of 2023 for a list of all measures UBS uses that may qualify as APMs. Underlying results are non- GAAP financial measures as defined by SEC regulations and as APMs in Switzerland and the EU. "Estimated underlying" combined results for 2Q23 are intended to reflect estimated underlying performance of UBS Group as if Credit Suisse were part of UBS for the entire second quarter. Refer to slide 25 for details on underlying performance for 3Q23, and slide 29 for details on estimated underlying performance for 2Q23. 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 3Q23 report for more information. 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. "PPA" refers to purchase price allocation adjustments made in accordance with IFRS 3, Business Combinations, to bring the assets acquired and liabilities assumed to fair value, from the acquisition of the Credit Suisse Group. 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. 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. O UBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 1#3Agenda Key achievements Sergio P. Ermotti, Group CEO UBS Financial performance Todd Tuckner, Group CFO Q&A 2#43Q23 key achievements Delivered underlying profitability with continued strong flows Stayed close to clients as we helped them navigate challenging markets Executed on our integration at pace while planning for the next milestones Reinforced our balance sheet for all seasons UBS 3#5Strong progress amid challenging market conditions Underlying profit / (loss) before tax USD bn 0.8 1.1 Global Wealth Management 0.7 0.9 Personal & Corporate Banking 0.1 0.2 Asset Management (0.1) (0.1) Investment Bank 2Q23 estimated ¹ (1.4) (1.0) Non-core and Legacy 3Q23 ● ● Underlying revenues +6% QOQ Underlying operating expenses (5%) QoQ (0.7) (0.2) Group Items (0.6) 0.8 Total 3Q23 14.4% CET1 capital ratio 195bn Total loss-absorbing capacity UBS Underlying results exclude items not representative of underlying performance; refer to slide 25 for details 1 Estimated for three months combined, refer to slide 29 for details 844m Underlying PBT 89.3% Underlying cost / income ratio 4#6Delivering on integration priorities 1 Franchise stabilization and client win-back UBS +22bn Net new money, GWM +33bn Net new deposits, GWM & P&C 2 Funding cost efficiencies ~450m Gross funding cost efficiencies delivered in 3Q +7.5bn Combined TLAC and OpCo issuances 3 Balance sheet optimization (52bn) LRD reduced in NCL QOQ (6bn) RWA reduced in NCL QOQ 4 Cost base right-sizing ~3bn Annualized exit rate gross cost saves already delivered in 9M23 2bn Integration-related expenses incurred 5 сл#7Client trust and confidence demonstrated by strong flows in GWM and P&C Wealth management Net new money / net new assets, USD bn¹ 13 (7) 9 28 (51) 16 (30) 18 3 (95) 3Q22 4Q22 1Q23 2Q23 3Q23 UBS GWM net new money Credit Suisse WM net new assets / net new money² Wealth management Net new deposits, USD bn¹ (7) (5) 3 (83) (19) (32) 5 14 3Q22 4Q22 1Q23 2Q23 UBS GWM net new deposits Credit Suisse WM net new deposits 8 17 3Q23 Swiss businesses Net new deposits, CHF bn 2 (3) 5 (27) (2) (29) 3Q22 4Q22 1Q23 (0) 4 2Q23 UBS P&C net new deposits Credit Suisse SB net new deposits UBS 1 UBS and Credit Suisse 3Q23 net new money and net new deposits in Wealth Management adjusted to exclude internal transfers; 2 Credit Suisse includes net new assets from 3Q22 to 2Q23 and net new money per UBS's current definition for 3Q23 34 3Q23 01 6#8Accelerating the rundown of Non-core and Legacy assets Finalized perimeter with further active unwinds Rundown based on natural run-off profile Credit and market risk RWA1 RWA bn bn 66 1Q23 pro forma² >80% driven by active unwind (19bn) 54 2Q23 (6bn) 47 3Q23 Reflects revised allocation methodology 77 30 47 3Q23 actual 51 Natural run-off profile to be accelerated with active unwinds when economically accretive 75 30 45 YE23 41 63 25 38 YE24 34 51 17 34 YE25 Projected operational risk RWA³ Natural run-off profile for credit and market risk RWA as of 30.6.231,4 Natural run-off profile for credit and market risk RWA as of 30.9.231,4 28 39 14 25 YE26 UBS 1 Also including non-counterparty-related risk RWA; 2 Based on US GAAP; 3 Refer to the "Recent Developments" section of our 3Q23 report for details; 4 Reflects contractual maturities and excludes actions to actively hedge the portfolio 7#9Integration planning and execution well underway Select 3Q achievements ✓ Commenced onboarding of CS employees and flows onto UBS systems and platforms ✓ Rolled out operating model for Switzerland ✓ Aligned WM 'House Views' and consolidated IB research ✓ Fully aligned risk and organizational frameworks ✓ Consolidated BD reporting and planning processes UBS 4Q23 key priorities Legal entity consolidation planning Client migration preparation Detailed data migration and technology wind-down roadmap Delivery of combined 3-year strategic plan 2024 milestones 1. Execute legal mergers of significant subsidiaries 2. First waves of client migrations for core businesses Enabling value-creation Decommissioning tech and infrastructure Preparing for legal structure integration Optimizing liquidity, funding and capital Improving client experience 8#10Working towards ~15% ROCET1 Underlying return on CET1 capital Illustrative Franchise stabilization and client win-back UBS Funding cost efficiencies Balance sheet optimization Cost base right-sizing ~15% 2026 exit rate ~15% underlying ROCET1 2026 exit rate >10bn gross cost saves by end-2026 vs. FY22 ~14% CET1 capital ratio over medium-term <70% underlying cost/income ratio, 2026 exit rate Capital returns Committed to existing progressive dividend policy with excess capital returned via share repurchases 9#11Financial performance Todd Tuckner, Group CFO UBS 10#12Update on new group structure and reporting changes Divisional structure as of 3Q23 Global Wealth Management UBS Asset Management Non-core and Legacy Personal & Corporate Banking Investment Bank Group Items Reporting changes 3Q23 Introduction of underlying reporting definition 4Q23 Introduction of GWM NNM plus dividends and interest as well as GWM NNFGA including Credit Suisse WM 1Q24 Allocate all balance sheet and P&L items retained centrally in Group Items, with limited exceptions 11#133Q23 underlying PBT of 0.8bn, higher revenues and lower costs QoQ Profits bn Estimated for three months combined, refer to slide 29 for details (0.6) 0.6 2Q23 Underlying estimated revenues underlying PBT +1.4 0.4 0.5 2Q23 included 548m day-1 ECL recognition on acquired loan book Credit loss expense / release Underlying operating expenses 0.8 3Q23 underlying PBT 1.0 Pull to par and other PPA effects (2.1) Integration- related and other expenses¹ (0.3) (0.5) 3Q23 Tax reported expense² PBT (0.8) 3Q23 net profit 3Q23 (255m) (785m) Net profit PBT (4.0%) 1.1% ROCET1 ROCET1 underlying UBS 1 Also includes acquisition-related costs of 26m and amortization from newly recognized intangibles resulting from the Credit Suisse acquisition of 28m; 2 Also includes net profit attributable to non- controlling interests of 4m 12#143Q23 underlying total revenues 10.7bn, up 6% QoQ Total revenues bn 10.1 2Q23 estimated underlying UBS (0.0) GWM 0.1 P&C 0.0 AM +6% (0.2) IB 0.2 0.6 NCL Group Items 10.7 3Q23 underlying 1.0 Pull to par and other PPA effects 11.7 3Q23 reported ~450m QoQ benefit in Group Items from fully repaying PLB and ELA+ in August, ~100m residual cost in 3Q 958m Pull to par and other PPA effects not reflected in underlying in 3Q ~650m Pull to par and other PPA effects expected in 4Q 13#15PPA pull to par overview and revenue recognition Accretion of PPA adjustments on financial instruments Opening balance as of 12.6.23 (close) ~1.5 USD bn GWM P&C IB Group Items Total¹ Additional PPA related benefits USD bn Elimination of CS's prior cash flow hedge ~4.8 ~2.1² ~0.9 ~9.3³ NII expected to be recognized as of 12.6.23 (close) ~1.2 June (0.1) (0.2) (0.1) 0.0 (0.3) June (0.1) Recognized Recognized 3Q23 (0.2) (0.4) (0.3) 0.1 (0.8) (0.6bn) from standard accretion and (0.2bn) from early unwinds 3Q23 (0.2) Remaining balance to be recognized ~1.2 ~4.3 ~1.8 ~1.0 ~8.2 Remaining NII expected to be recognized ~0.9 ~0.6bn in GWM and ~0.3bn in P&C UBS 1 Excluding Non-core and Legacy, which is not excluded from underlying as the majority of Non-core and Legacy's assets are held at fair value; 2 Opening balance adjusted for Non-core and Legacy perimeter finalization in 3Q23; 3 Excluding ~3.1bn related to assets in Non-core and Legacy, a majority of which have been reclassified to fair value 14#163Q23 underlying operating expenses 9.6bn, down 5% QOQ Operating expenses bn 10.0 2Q23 estimated underlying (0.2) GWM 0.0 P&C (0.0) AM (5%) (0.1) IB (0.1) (0.0) 9.6 2.1 11.6 NCL Group Items 3Q23 Integration- 3Q23 underlying related and reported other expenses¹ 13k Headcount reduction vs. Dec-22 pro forma² >1bn Integration-related expenses expected in 4Q UBS 1 Also includes acquisition-related costs 26m and amortization from newly recognized intangibles resulting from the Credit Suisse acquisition of 28m; 2 Includes contractors, outsourced employees and consultants 15#17Maintaining strong capital and liquidity, and diversifying sources of funding 3Q23 achievements - - Issued 4.5bn of TLAC and 3bn of benchmark OpCo, with strong investor demand Deposit inflows totaling 33bn in GWM and P&C combined Maintained prudent level of liquidity ahead of implementation of revised liquidity ordinance ¹ Increased the Group's overall deposit coverage ratio to 117%² Capital and leverage ratios 3Q23 14.4% CET1 capital ratio Guidance 14% 4.9% CET1 leverage ratio Guidance >4.0% 195bn TLAC Liquidity 3Q23 197% LCR³ 368bn HQLA³ 121% NSFR4 UBS 1 Liquidity requirements arising from the revisions to the Swiss Liquidity Ordinance to become effective on 1.1.24; 2 Customer deposits / Loans and advances to customers; 3 Average 3Q23; 4 As of 30.9.23 16#18Global Wealth Management 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 Deposits, bn Loans, bn 3Q23 underlying 5,492 1,648 2,886 939 19 2 4,370 1,119 80% 3,617 440 283 3Q23 reported 5,810 1,946 2,886 959 19 2 4,801 1,007 83% 3,617 440 283 3Q23 underlying vs 2Q23 estimated underlying USD bn Total revenues CLE Operating expenses Profit before tax 5.5 UBS 1 From 4Q23, net new fee generating assets to be disclosed including Credit Suisse Wealth Management 0.2 4.6 0.8 2Q23 5.5 0.0 4.4 1.1 3Q23 Total revenues 5,492m, broadly stable on higher recurring net fee income, offset by lower NII Credit loss expense 2m Operating expenses 4,370m, down ~0.2bn Net new money +21.5bn, positive across all regions Net new fee generating assets +21.3bn excluding Credit Suisse¹, positive in all regions. Net new deposits +24.9bn driven by inflows into fixed-term and savings products Loans (3%) with deleveraging in all regions 17#19Personal & Corporate Banking (CHF) 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 Deposits, bn Loans, bn UBS 3Q23 underlying 2,159 1,189 431 507 31 154 1,232 773 57% 269 288 3Q23 reported 2,556 1,550 431 543 31 154 1,405 997 55% 269 288 3Q23 underlying vs 2Q23 estimated underlying CHF bn Total revenues CLE Operating expenses Profit before tax 2.1 0.2 1.2 0.7 2Q23 2.2 0.2 1.2 0.8 3Q23 Revenues 2,159m, up slightly as lower NII was offset by higher non-NII revenue CLE 154m, almost exclusively from CS Swiss Bank impaired loan losses and stage 2 losses Operating expenses 1,232m, broadly stable Cost/income 57% Deposits +3% QOQ driven by growth with corporate clients Loans (1%) 18#20Asset Management USD m, except where indicated Total revenues Net management fees Performance fees Credit loss expense / (release) Operating expenses Profit before tax Cost/income ratio Invested assets, bn Net new money, bn UBS 3Q23 underlying 755 737 18 0 599 156 79% 1,559 (1) 3Q23 reported 755 737 18 0 724 31 96% 1,559 (1) 3Q23 underlying vs 2Q23 estimated underlying USD bn Total revenues Operating expenses Profit before tax 0.7 0.6 0.1 2Q23 0.8 0.6 0.2 3Q23 Total revenues 755m, up slightly QoQ driven by higher net management and performance fees Operating expenses 599m, down slightly QoQ driven by lower personnel expenses Invested assets 1,559bn, (3%) QoQ reflecting negative market performance and FX NNM (1.5bn), (8.3bn) excluding money market flows and associates 19#21Investment Bank 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 3Q23 underlying 1,900 447 191 256 1,452 379 605 468 4 2,012 (116) 106% 3Q23 reported 2,151 698 191 507 1,452 379 605 468 4 2,377 (230) 111% 3Q22 reported 2,032 329 136 193 1,702 376 866 460 4 1,581 447 78% 3Q23 underlying vs 3Q22 USD bn Total revenues Operating expenses Profit before tax 2.0 1.6 0.4 3Q22 (6%) +27% n/m 1.9 2.0 (0.1) 3Q23 Global Banking revenues +36% YoY Advisory +40% YoY mainly due to higher M&A revenues Capital Markets +33% YoY, on higher LCM revenues Global Markets revenues (15%) YOY Execution Services +1% YoY Derivatives & Solutions (30%) YoY mostly driven by FX, Rates and Equity Derivatives Financing +2% YOY, on higher client balances Of which: - Equities 1,080m, (3%) YoY FRC 373m, (37%) YoY RWA 23% of Group ex-NCL, includes 12bn retained from Credit Suisse IB¹ UBS 1 Retained RWA based on 2023 balances, quarter of acquisition. Relative to pro forma figures provided in the 2Q23 results presentation, retained positions in core Investment Bank reflect an incremental 2bn of RWA primarily related to corporate lending positions 20#22Non-core and Legacy USD m, except where indicated Total revenues Credit loss expense / (release) Operating expenses Profit before tax RWA (incl. operational risk) (bn) LRD (bn) UBS 3Q23 underlying 350 125 1,238 (1,014) 77 156 3Q23 reported 350 125 2,156 (1,932) 77 156 USD bn RWA LRD Operating expenses 84 209 2Q23 (52) 1.2 77 156 3Q23 3Q23 underlying PBT (1,932m), (1,014m) underlying which excludes integration-related expenses Total revenues 350m, driven by gains from early unwinds, partly offset by funding costs Operating expenses 2,156m, with 918m of integration- related expenses largely related to real estate impairments, onerous contract charges and personnel costs Underlying expenses of 1,238m RWA and LRD (6bn) and (52bn) respectively QoQ 21#23On track to deliver our integration goals | Delivered underlying profitability with continued strong flows I Stayed close to clients as we helped them navigate challenging markets Executed on our integration at pace while planning for the next milestones Reinforced our balance sheet for all seasons UBS 224#24Appendix UBS 23#25UBS Group results USD m, except where indicated Total revenues Negative goodwill Credit loss expense / (release) 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) 3Q23 11,695 306 11,644 (255) 526 643 (785) (0.24) nm¹ (4.0%) (4.0%) 99.6% 26.24 23.94 2Q23 9,540 28,925 623 8,486 29,356 361 368 28,992 9.02 1.2% 185.8% 178.4% 88.9% 26.99 24.64 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 UBS 1 The effective tax rate for the third quarter of 2023 is not a meaningful measure, due to the distortive effect of current unbenefited tax losses at the former Credit Suisse entities 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 24#26UBS Group 3Q23 underlying results USD m, except where indicated Operating profit/ (loss) before tax as reported o/w: Pull to par and other PPA effects o/w: Integration-related expenses o/w: Acquisition-related costs o/w: Amortization from newly recognized intangibles resulting from the Credit Suisse acquisition Operating profit / (loss) before tax (underlying) Underlying RoCET1 ROTE Cost/income ratio UBS UBS Group AG (255) 958 (2,003) (26) (28) 844 1.1% 1.1% 89.3% GWM 1,007 318 (431) 1,119 P&C 1,124 446 (166) (28) 872 AM 31 (125) 156 IB (230) 251 (365) (116) NCL (1,932) (918) (1,014) Group Items (255) (57) 2 (26) (174) 25#27CET1 capital and RWA walk CET1 capital bn 80.3 2Q23 (0.3) PBT (2%) (0.6) Current tax expense (0.8) Other¹ 78.6 3Q23 Risk weighted assets bn 556.6 2Q23 (4.9) (0.1) Expect regulatory-driven updates to credit and counterparty credit risk models will result in an RWA increase of ~2bn in 4Q23 Credit and Non- counterparty counterparty- credit risk related risk (2%) 0.4 0.0 (5.5) Market Operational Currency risk risk effects UBS 1 Includes negative foreign currency translation effects of 0.6bn before tax, negative 0.5bn from dividend accruals for the current year, negative 0.3bn from amortization of transitional CET1 PPA adjustments (net of tax) and movements related to other items 546.5 3Q23 26#28Capital and leverage ratios Total TLAC Total T1 capital 92bn UBS 195bn 103bn HoldCo 13bn AT1 79bn 3Q23 CET1 16.8% 35.7% 18.9% 2.4% CET1 capital ratio guidance: 14.4% ~14% 3Q23 RWA 546bn CET1: 10.6% Going concern: 14.9% TLAC: 25.6% Requirements 5.7% 12.1% 6.4% 0.8% CET1 leverage ratio guidance: 4.9% >4.0% 3Q23 LRD 1,616bn CET1: 3.5% Going concern: 5.0% TLAC: 8.8% Requirements 27#29Finalized Non-core and Legacy perimeter as of 30.9.23 RWA versus 2Q23 pro formal bn 55 2Q23 pro forma 224 (1) 2Q23 pro forma Scope changes¹ 54 LRD versus 2Q23 pro formal bn 2Q23 Operational finalized risk RWA perimeter excl. op risk (15) 30 Scope changes¹ 209 84 30 54 2Q23 finalized perimeter (6bn) 2Q23 total RWA 77 30 47 o/w (12bn) related to change in accounting classification of loan commitments² (52bn) 3Q23 156 3Q23 RWA and LRD by instrument and risk type bn Equities Macro Loans Securitized products Credit Other Operational risk RWA/HQLA 3 77 4 15 14 30 3Q23 RWA 5 156 18 30 17 29 53 4 3Q23 LRD Credit risk Non-counterparty- related risk Market risk Operational risk 77 39 6 30 3Q23 RWA 1 Relative to pro forma provided in the 2Q23 results presentation, the 2Q23 finalized perimeter includes additional assets transferred from Credit Suisse Wealth Management and Swiss Bank, offset by UBS additional assets retained by core UBS Investment Bank (2bn of additional RWA) and other factors, including lower allocation of HQLA; 2 Refer to the "Capital management" section of the 3Q23 report for more information 28#30Reconciliation of estimated underlying combined results for 2Q23 Credit loss expense / (release) USD bn UBS sub-group¹ (IFRS) Credit Suisse sub-group (US GAAP)2,3 UBS sub-group exclusions from underlying results4 Credit Suisse sub-group exclusions3,5 Illustrative underlying combined results as per 2Q23 results presentation June 2023 US GAAP to IFRS conversion as reported Exclusion of June 2023 pull to par and other PPA effects7 Estimated April and May 2023 commission expense reclassification ³,8 2Q23 credit loss expense restatement⁹ 2Q23 estimated underlying combined Revenues 8.4 (0.7) 2.5 10.3 0.4 (0.4) (0.2) 10.1 0.0 0.1 0.2 0.6 (0.1) 0.7 Operating expenses 6.8 9.2 (0.5) (5.2) 10.4 (0.2) (0.2) 10.0 Profit before tax 1.5 (10.0) 0.5 7.7 (0.3) (0.0) (0.4) 0.0 0.1 (0.6) 1 UBS Group AG and consolidated subsidiaries, excluding Credit Suisse sub-group for post-acquisition period; 2 Credit Suisse AG and its consolidated subsidiaries for the full second quarter of 2023, also including Credit Suisse Services AG and other small former Credit Suisse Group entities now directly held by UBS Group AG; 3 CHF converted to USD using 2Q23 average USD/CHF rates of 0.90; 4 Excludes integration-related expenses of USD 350m and acquisition costs of USD 106m recorded in UBS Group, excluding the Credit Suisse subgroup for the post-acquisition period. Refer to Group Performance in the UBS Group AG financial report for the second quarter of 2023 for additional information; 5 Excludes fair value losses of CHF 2,204m, losses on business sales of CHF 4m, loss on equity investment in SIX Group AG of CHF 32m, write-down of intangible assets of CHF 38m, goodwill impairment of CHF 1,051m, restructuring expenses of CHF 123m, litigation provisions of CHF 1,491m, impairments on internally developed software of CHF 1,836m, acquisition-related compensation expenses of CHF 240m, cancellation of contingent capital awards gain of CHF 408m, expenses related to real estate disposals of CHF 35m, expenses related to Archegos of CHF 7m, integration costs of CHF 286m and other acquisition-related adjustments of CHF 13m; 6 Refer to Note 3 of the financial statements in the UBS Group AG financial report for the second quarter of 2023; 7 Refer to Group Performance in the UBS Group AG financial report for the third UBS quarter of 2023 for additional detail. Accretion of PPA adjustments on financial instruments in NCL is not excluded from underlying results as the majority of NCL's assets are held at fair value, reflecting our intention to actively wind down the portfolio; 8 Estimated impact from reclassifying commission expense from operating expenses to negative revenues for the Credit Suisse sub-group for April and May 2023; 9 Related to the reclassification of certain NCL positions to fair value through P&L in 3Q23; refer to Note 2 of the financial statements in the UBS Group AG financial report for the second quarter of 2023. 29#31Cautionary 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. In particular, recent terrorist activity and escalating armed conflict in the middle east, as well as the continuing Russia-Ukraine war, may have significant impacts on global markets, exacerbate global inflationary pressures, and slow global growth. In addition, the ongoing conflicts may continue to cause significant population displacement, and lead to shortages of vital commodities, including energy shortages and food insecurity outside the areas immediately involved in armed conflict. Governmental responses to the armed conflicts, including, with respect to the Russia-Ukraine war, coordinated successive sets of sanctions on Russia and Belarus, and Russian and Belarusian entities and nationals, and the uncertainty as to whether the ongoing conflicts 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 and 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 30