First quarter 2023

Financial results

25 April 2023
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1
Agenda

Key Financial Q&A

messages performance
Sergio P. Ermotti, Group CEO Sarah Youngwood, Group CFO

2
Key messages 1Q23 - reported 1Q23 - underlying1

Solid underlying results and strong liquidity

and capital in uncertain market conditions 1.0bn 9.1% 16.5%

Net RoCET1 RoCET1

profit capital capital
Continued client momentum with inflows in
all regions

13.9% 82.5% 72.8%

Enhancing client franchises through the
announced acquisition of Credit Suisse CET1 capital Cost / income Cost / income
ratio ratio ratio

1 Excluding items not representative of underlying performance; refer to slide 22 for details 3
Our clients turned to us as they searched for stability

Invested assets Invested assets Deposits Loans Global Markets revenues

GWM AM GWM + P&C GWM + P&C IB

3.1trn 1.2trn 1.1trn 547bn 383bn 381bn 2.4bn

3.0trn 511bn
2.0bn

o/w: 1.4trn 1.3trn

FGA

1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23

+28bn NNM1,2
1Q23

+20bn +14bn +31% (0bn) (17%)

Net new fee- Net new money NII, YoY, GWM + P&C Net new loans, Global Markets
generating assets NNM in MM +18bn Deposits (3%) QoQ GWM + P&C revenues, YoY
NNM excl. MM (4bn)

Balances as of quarter-end; 1 Of which +7bn in the 10 business days following the announcement of the Credit Suisse acquisition; 2 Of which +9bn net deposit inflows into our platform and +19bn in net 4
investment inflows
Continued client momentum with positive net new money in all regions

1Q23

Americas Switzerland EMEA APAC

− GWM NII +27% YoY − GWM + P&C NII +30% YoY − GWM NII +58% YoY − 17% NNFGA growth, LTM3
− 4.5bn NNM in AM from SMA − P&C Personal Banking Net New − Best Equity Bank1 − Best Asia and ANZ equity house2
− Continued advisor recruiting Investment products +0.9bn, − Europe financial bond house − Best M&A bank in APAC1
momentum +16% annualized growth rate of the year2
− Strong P&C net new client growth
of nearly 10k, +28% YoY
1Q23

+4bn +8bn (1bn) +8bn +10bn +2bn +3bn +4bn (0bn) +5bn +6bn (0bn)
NNFGA GWM NN money NN loans NNFGA GWM NN money NN loans NNFGA GWM NN money NN loans NNFGA GWM NN money NN loans

1 Global Finance 2023; 2 International Financing Review, February 2023; 3 Last twelve months 5
Enhancing client franchises through the announced acquisition of Credit Suisse

Global Wealth Asset Personal & Investment

Management Management Corporate Banking Bank
Reinforcing our position as a Increasing scale with improved Enhancing expertise and global Diversifying our capabilities
leading and the only truly global positioning across key asset reach with complementary without compromising our
wealth manager classes and growth markets capabilities for our clients unique model

− #2 Wealth Manager1 globally − #11 global and #3 European − Accelerating growth plans in − Focused business model with
with unrivaled geographic Asset Manager2 the corporate client segment enhanced global competitive
footprint − Complementary positioning − Strengthened digital offering positioning
− Complementary positioning in across Alternatives, Thematics, − Strong operational and risk
SE Asia, Middle East and LatAm and Indexed management controls
− Aligned client focus on UHNW − ~25%3 of Group RWA pro-
and entrepreneurs forma day-1 and beyond

Driving long-term value creation for all our stakeholders

1 Based on UBS, Credit Suisse and peers reported invested assets as of 31.3.23; 2 Based on UBS, Credit Suisse and peers reported invested assets as of 31.12.22; 3 Excluding an initial estimate of assets and 6
liabilities that we define as non-core
Financial performance
Sarah Youngwood, Group CFO

7
1Q23 net profit USD 1.0bn; 9.1% RoCET1

Net profit
m
(52%)
2,136 Underlying1: (21%)

1.5bn 9.1%
PBT, (45%) YoY RoCET1
126 1,693
Underlying1: 2.4bn, Underlying1: 16.5%
89
(22%) YoY
(638) (20)
(7%) (1%)
1,029
82.5% 8.1%
o/w FX: (69m) o/w FX: +84m cost / income ratio RoTE
(665)
Underlying1: 72.8% Underlying1: 14.7%

13.9% 4.40%
CET1 capital ratio CET1 leverage ratio

1Q22 Total Credit loss Operating Tax expense 1Q23 excl. US RMBS 1Q23
revenues expense / expenses and NCI US RMBS litigation
release excl. US litigation
RMBS
litigation
1 Excluding items not representative of underlying performance; refer to slide 22 for details 8
1Q23 total revenues USD 8.7bn

Total revenues
m (7%)
(8%) underlying1 excl. FX

9,382 520

(428) (391)
(100) 8,744
(167)
(71)

• o/w Group Functions (82m) YoY; (177m) in

1Q23 vs. (95m) in 1Q22
− o/w accounting asymmetries +70m YoY;
(68m) in 1Q23 vs. (138m) in 1Q22

1Q22 Asset-based fees2 Transaction- NII4 Global Markets Global Banking Other 1Q23
based fees3

1 Excluding items not representative of underlying performance; refer to slide 22 for details; 2 Includes recurring fee-based income in GWM and P&C, as well as net management fees and performance fees 9
in AM; 3 Includes transaction-based income in GWM and P&C; 4 GWM and P&C combined NII
Net interest income

Net interest income GWM + P&C

GWM + P&C
m

+65m 1Q23
310 +3%
NII of 2,196, +65m QoQ, +3%
and +520m YoY, +31%
− Total customer deposits in P&C and GWM
(183) 2,196
(3%) QoQ as deposit inflows from external
2,131 (55) (8)
sources were more than offset by shifts
into money market funds and T-Bills

2Q23e
Based on current forwards, we expect a mid-
single digit percentage decrease in 2Q23
against 1Q23 NII for GWM and P&C
combined1

FY23e
Based on current forwards, GWM + P&C NII
4Q22 Interest Deposit Deposit Loan volumes 1Q23 expected to be broadly in line with 4Q22
rates mix volumes and mix annualized1

1 UBS standalone 10
Executing our cost strategy

Operating expenses
bn
+9%
(1%) 1Q23
0.1
0.7 0.3 7.2 Operating expenses +9% YoY,
(1%) YoY excluding litigation, FX and
acquisition-related costs
(0.4)
6.6

(0.1)
FY23e
− On track to deliver 1.1bn gross cost
saves by year end vs. 20201
− Costs excl. the impact of the acquisition,
litigation and FX are still expected to
increase by 2-3% YoY on a net basis1

1Q22 FX Litigation Acquisition- Variable Costs excl. FX, 1Q23

related costs compensation litigation,
acquisition-
related costs and
variable comp.

1 UBS standalone 11
Global Wealth Management

Total revenues,
m USDm, except where indicated 1Q23 4Q22 1Q22 QoQ YoY PBT 1,215m, (7%) YoY

(2%) Total revenues 4,792 4,601 4,904 +4% (2%) Total revenues (2%) as higher NII was more than
4,904 4,792 offset by lower recurring net fee and transaction-
Net interest income 1,491 1,499 1,141 (1%) +31%
based income
Recurring net fee income 2,454 2,399 2,806 +2% (13%)

Transaction-based income 843 658 954 +28% (12%) Cost / income 74%

Other income 4 45 3
Net new money +28bn with inflows across
Credit loss expense / (release) 15 3 (7) all regions
Profit before tax, Operating expenses 7
3,561 3,540 3,602 +1% (1%)
m NNFGA +20bn, 6% annualized growth, mainly
Profit before tax 1,215 1,058 1,310 +15% (7%) driven by mandates, with positive flows in all
regions incl. +8bn in Switzerland and +5bn
(7%)
Cost / income ratio 74% 77% 73% (3pp) +1pp in APAC
1,310
1,215
Invested assets, bn 2,962 2,815 3,145 +5% (6%) Deposits (5%) QoQ as shifts into money market
Fee-generating assets, bn 1,335 1,271 1,414 +5% (6%) funds and T-Bills within GWM were partly offset
by external net inflows
Deposits, bn 330 348 372 (5%) (11%)

Loans, bn 224 225 230 (1%) (3%) Net new loans (2bn) driven by deleveraging in the
1Q22 1Q23 Americas, EMEA and APAC

Balances as of quarter-end 12
Asset Management

Total revenues,
m USDm, except where indicated 1Q23 4Q22 1Q22 QoQ YoY PBT 94m

(13%) Total revenues 502 495 578 +1% (13%) Total revenues (13%)
578 − Lower net management fees mainly driven by
502 Net management fees 479 471 561 +2% (15%)
markets and FX as well as a (17m) one-off
Performance fees 23 24 17 (3%) +40% pass-through fee with the corresponding
offset in performance fees
Credit loss expense / (release) 0 0 0
− Higher performance fees mainly driven by the
Operating expenses 408 372 404 +10% +1%
one-off fee pass-through booking
Profit before tax 94 124 174 (24%) (46%)
Profit before tax, Cost / income 81%; operating expenses +1%
m driven by increases in strategic investments and
expenses related to cost actions, partly offset by
(46%) lower variable compensation
174
Invested assets 1,117bn, +5% QoQ reflecting
Cost / income ratio 81% 75% 70% +6pp +11pp positive market performance, net new money
94
inflows and positive FX effects
Invested assets, bn 1,117 1,064 1,154 +5% (3%)

Net new money, bn 14 11 8 NNM +14bn, +5% annualized growth, including

1Q22 1Q23 +18bn in money market

Balances as of quarter-end 13
Investment Bank

Total revenues,
m USDm, except where indicated 1Q23 4Q22 1Q22 QoQ YoY PBT 477m; RoAE 15%

(19%)
Global Markets revenues (17%)
Total revenues 2,349 1,682 2,908 +40% (19%)
₋ Execution Services (15%) driven by lower Cash
2,908 Global Banking 383 331 550 +16% (30%) Equities volumes, partly offset by higher eFX
2,349 ₋ Derivatives & Solutions (29%) vs. the best 1Q
Advisory 171 172 216 (1%) (21%)
in a decade, driven by lower client activity in
Capital Markets 212 159 334 +33% (37%) Equity Derivatives and FX, partly offset by
increases in Credit
Global Markets 1,967 1,351 2,358 +46% (17%)
₋ Financing +21%, best 1Q on record, primarily
Execution Services 422 371 496 +14% (15%) driven by Prime Brokerage in APAC and
Profit before tax, Americas
Derivatives & Solutions 1,007 541 1,418 +86% (29%)
m
Of which:
Financing 537 438 444 +23% +21%
₋ Equities 1,308m, (23%) YoY
(49%)
Credit loss expense / (release) 7 8 4 ₋ FRC 658m, +1% YoY
929
Operating expenses 1,866 1,563 1,976 +19% (6%) Global Banking revenues (30%)
Profit before tax 477 112 929 +327% (49%) ⁻ Advisory (21%). M&A outperformance vs.
477 fee pools across all regions
⁻ Capital Markets (37%) due to muted
Cost / income ratio 79% 93% 68% (13pp) +11pp
issuance and deal flow
Return on attributed equity 15% 4% 28%
1Q22 1Q23 Cost / income 79%

14
Personal & Corporate Banking (CHF)

Total revenues,
m CHFm, except where indicated 1Q23 4Q22 1Q22 QoQ YoY PBT 553m, +40% YoY

+18% Total revenues 1,180 1,079 1,002 +9% +18%

1,180 Total revenues +18% YoY mainly driven by
Net interest income 651 603 493 +8% +32%
1,002 higher NII and record transaction-based income
Recurring net fee income 210 193 210 +8% 0%

Transaction-based income 309 269 300 +15% +3%

Cost / income 52%, (7pp) YoY
Other income 10 13 (1)

Credit loss expense / (release) 14 (3) 21

Net new investment products in Personal
Profit before tax, Operating expenses 7613 578 586 +6% +5% Banking +0.9bn, 16% annualized growth
m
Profit before tax 553 504 395 +10% +40%

Deposits (1%) QoQ as deposit growth in Personal

+40% Cost / income ratio 52% 54% 58% (2pp) (7pp)
Banking was more than offset by deposit declines
553 Return on attributed equity 25% 22% 18% in Corporate and Institutional Clients, mainly
395 driven by investment activities
Investment products1, bn 23 22 23 +5% (2%)

Deposits, bn 165 167 162 (1%) +2%

Net new loans +1.7bn driven by growth in real
Loans, bn 144 143 141 +1% +2% estate loans for corporate and private clients
1Q22 1Q23

Balances as of quarter-end; 1 In Personal Banking 15

We continued to maintain a strong liquidity and capital position

1Q23
Strong capital and
liquidity position
144bn 230bn
Cash and balances at central banks High-quality liquid assets1,2
Balance sheet
for all seasons

Disciplined risk 162% 118%

management Liquidity coverage ratio2 Net stable funding ratio

13.9% 4.40%
CET1 capital ratio CET1 leverage ratio

Balances as of quarter-end; 1 90% of high-quality liquid assets qualifies as Level 1, which is the highest quality of liquid assets; 2 Average 1Q23 16
Common equity tier 1 capital
CET1 capital ratio
CET1, bn

45.5 1.0 (1.3) (0.4) (0.1) (0.2) n/a 0.1 44.6

0.3% 13.9%
13.9%
CET1 capital ratio
14.2%
Guidance: ~13%
(0.4%)
(0.1%) 13.9%
(0.0%)
4.40%
(0.1%) (0.0%) (0.0%)
Share repurchases
paused as of 22.3.23 CET1 leverage ratio
Includes 0.1bn impact on Guidance: >3.7%
CET1 capital offset by
1.0bn impact on RWA

1.3bn
of shares repurchased

4Q22 Net profit1 Share Dividend Compensation Other RWA, Currency 1Q23
repurchase accrual and own share- excl. currency effects
program related capital effects
components

1 Excluding deferred tax effects 17

Sequence of disclosures related to the acquisition of Credit Suisse

Disclosures available upon Disclosures to be provided as Disclosures to be provided Updates to be provided

filing of the pro forma part of quarterly earnings post over the second half of 2023 over time
financial information within closing
the SEC registration statement (e.g., 2Q23 earnings if closing occurs in
Expected in May 2023 May1)

− Pro forma financial information − Consolidated financial − Approach to rundown of non- − Update on rundown of non-core
reflecting initial estimates of statements for the combined core assets assets
purchase price allocation Group − Updated purchase price allocation − Costs to achieve / restructuring
− Pro forma CET1 and LCR − Perimeter of non-core − Details of integration plan − Achieved cost synergies
− Expected RWA and capital − Expected cost synergies − Updating on our performance
treatment − Expected costs to achieve / against financial targets
restructuring − Capital return
− Capital return expectations
− Financial targets and guidance
− Final details of guarantee
structure

1 Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse 18
Key messages 1Q23 - reported 1Q23 - underlying1

Solid underlying results and strong liquidity

and capital in uncertain market conditions 1.0bn 9.1% 16.5%

Net RoCET1 RoCET1

profit capital capital
Continued client momentum with inflows in
all regions

13.9% 82.5% 72.8%

Enhancing client franchises through the
announced acquisition of Credit Suisse CET1 capital Cost / income Cost / income
ratio ratio ratio

1 Excluding items not representative of underlying performance; refer to slide 22 for details 19
Appendix

20
Group results

USDm, except where indicated 1Q23 4Q22 3Q22 2Q22 1Q22

Total revenues 8,744 8,029 8,236 8,917 9,382
Credit loss expenses / (releases) 38 7 (3) 7 18
Total operating expenses 7,210 6,085 5,916 6,295 6,634

Operating profit / (loss) before tax 1,495 1,937 2,323 2,615 2,729
Tax expense / (benefit) 459 280 580 497 585
of which: current tax expense 487 349 368 367 364

Net profit / (loss) attributable to shareholders 1,029 1,653 1,733 2,108 2,136
Diluted EPS (USD) 0.32 0.50 0.52 0.61 0.61
Effective tax rate 30.7% 14.5% 25.0% 19.0% 21.4%
Return on CET1 capital 9.1% 14.7% 15.5% 18.9% 19.0%
Return on tangible equity 8.1% 13.2% 13.9% 16.4% 16.0%
Cost / income ratio 82.5% 75.8% 71.8% 70.6% 70.7%
Total book value per share (USD)1 18.59 18.30 17.52 17.45 17.57
Tangible book value per share (USD)1 16.54 16.28 15.57 15.51 15.67

1 The payment of the FY22 dividend of USD 0.55 per share will reduce book value and tangible book value by 1.7bn in 2Q23 21
Underlying results

USDm, except where indicated 1Q23 4Q22 3Q22 2Q22 1Q22

Operating profit / (loss) before tax 1,495 1,937 2,323 2,615 2,729
o/w: Gain on sales and real estate 109 219 802
o/w: Accounting asymmetries (68)1 129 (153) (214) (138)
o/w: Litigation settlement in Non-core and Legacy (in revenues) 41 62
o/w: Losses from transactions with Russian counterparties (93)
o/w: Litigation (721)2 (50) (21) (221) (57)
o/w: Acquisition-related costs (70)1

Operating profit / (loss) before tax

2,354 1,707 2,215 2,248 3,017
underlying
YoY FX impact on total revenues (69)
YoY FX impact on operating expenses (84)

RoCET1 – underlying 16.5% 12.8% 15.1% 15.5% 21.0%

RoTE – underlying 14.7% 11.5% 13.5% 13.4% 17.7%
Cost / income ratio – underlying 72.8% 77.9% 72.7% 72.9% 68.4%

For the calculation of underlying returns we generally apply a standard tax rate to the call-out items, except for certain gains on sales and litigation provisions for which we apply a specific tax rate.
For Accounting asymmetries, a 0% tax rate has been applied. The pre-tax expense that was recognized in respect of the increase in provisions related to US RMBS litigation did not result in any tax 22
benefit; 1 Group Functions; 2 GWM (11m), IB (45m), Group Functions (665m)
1Q23 Group results by region
Americas Switzerland EMEA Asia Pacific

(10%)
3.8
Total revenues 3.4
bn +9%
(10%)
0%
2.2
2.0 2.0 (8%)
1.8
1.6 1.5

1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23

1Q23

Profit before tax

bn
0.4 1.0 0.5 0.5
Operating expenses
bn
3.0 1.2 1.3 1.0

Cost / income ratio 89% 53% 70% 68%

Excludes (0.2bn) revenues, 0.7bn expenses and (0.9bn) PBT from items managed at the Group level in region Global, such as the Non-core and Legacy Portfolio, certain litigation expenses and other items.
The allocation of P&L to these regions reflects, and is consistent with, the basis on which the business is managed and its performance evaluated. These allocations involve assumptions and judgments that
management considers reasonable and may be refined to reflect changes in estimates or management structure. The main principles of the allocation methodology are that client revenues are attributed to 23

the domicile of the client, and trading and portfolio management revenues are attributed to the country where the risk is managed. Expenses are allocated in line with revenues.
1Q23 Global Wealth Management results by region
Americas Switzerland EMEA Asia Pacific

(17%)
500 +2%
439
364 400 (13%)
Profit before tax +1% 347 354
m 300 288
249 251 251
200

100

0
1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23

1Q23

Cost / income ratio 85% 52% 64% 63%

Invested assets 1,659 276 567 456

bn
Net new fee-
generating assets +3.8 +7.7 +2.8 +5.3
bn
Net new loans
bn (1.3) +0.1 (0.5) (0.4)

Balances as of quarter-end; 1Q23 includes operating loss before tax of 5m, 3bn invested assets, 0.0bn of NNFGA outflows and 0.0bn of net new loan inflows which are not included in the four regions 24
Capital and leverage ratios

Total loss-absorbing
capacity (TLAC) 110bn 34.3% 10.87%
22bn
30bn
buffer
buffer
Gone concern

TLAC: 8.75%
53bn loss-absorbing 16.4% 5.19%
capacity

TLAC: 25.0%
Going concern
capital
58bn 17.9% 5.69% 7bn
13bn AT1 4.1% 11bn 1.29%
CET1

Going concern: 5.00%

45bn 13.9% 4.40%

Going concern: 14.7%

capital
11bn 9bn

CET1: 3.50%
CET1: 10.4%
CET1 capital CET1 leverage
45bn CET1 ratio guidance: 13.9% ratio guidance: 4.40%
~13% >3.7%

1Q23 1Q23 Requirements 1Q23 Requirements

RWA LRD
322bn 1,014bn

Balances as of quarter-end; Refer to the “Capital management” and “Recent developments” sections of the 1Q23 report for more information 25
Risk-weighted assets

Risk-weighted assets
bn
1.0 321.7

1.6
0.0

319.6 • Net currency effect on CET1

ratio of (0.0%)
(0.5) (0.1)

• +1.9bn mainly driven by asset size and

• +1.4bn from model updates / changes other movements

• (1.9bn) from asset size and other • (0.3bn) related to a VaR model update
movements, of which: (1.7bn) in IB, in 1Q23
(1.1bn) in Group Functions, +0.9bn in
P&C, GWM and AM unchanged

4Q22 Credit and counterparty Non-counterparty- Market Operational Currency 1Q23

credit risk related risk risk risk effects

Balances as of quarter-end 26
Cautionary statement regarding forward-looking statements
Cautionary Statement Regarding 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. The Russia–Ukraine war has led to heightened volatility across
global markets, exacerbated global inflation, and slowed global growth. In addition, the war has caused significant population displacement, and if the conflict continues or escalates, the scale of disruption will increase and continue to cause shortages of vital
commodities, including energy shortages and food insecurity, and may lead to recessions 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 have significant adverse effects on the market and macroeconomic conditions, including in ways that cannot be anticipated. This creates significantly greater uncertainty about forward-looking statements. In addition, turmoil in the banking
industry has increased and, at the urging of Swiss authorities, UBS has announced historic plans to merge with another global systemically important bank in Switzerland. The transaction creates considerable integration risk. 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 ongoing 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; (ii) the degree to which UBS is successful
in implementing changes to its businesses to meet changing market, regulatory and other conditions; (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); (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, 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, 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 nation states; (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 (which is expected to become part of UBS), the level of resulting
impairments and write-downs, the effect of the consumption 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 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.

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