#1UBS First quarter 2023 Financial results 25 April 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 first 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 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 1Q23 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 Key messages Sergio P. Ermotti, Group CEO UBS Financial performance Sarah Youngwood, Group CFO Q&A 2#4Key messages Solid underlying results and strong liquidity and capital in uncertain market conditions. Continued client momentum with inflows in all regions Enhancing client franchises through the announced acquisition of Credit Suisse UBS 1 Excluding items not representative of underlying performance; refer to slide 22 for details 1Q23 - reported 1.0bn Net profit 13.9% CET1 capital ratio 9.1% RoCET1 capital 82.5% Cost / income ratio 1Q23 - underlying¹ 16.5% ROCET1 capital 72.8% Cost/ income ratio 3#5Our clients turned to us as they searched for stability Deposits GWM + P&C Invested assets GWM 3.1trn o/w: 1.4trn FGA 1Q23 3.0trn 1.3trn 1Q22 1Q23 +28bn NNM1,2 +20bn Net new fee- generating assets Invested assets AM 1.2trn 1Q22 1.1trn 1Q23 +14bn Net new money NNM in MM +18bn NNM excl. MM (4bn) 547bn 1Q22 511bn 1Q23 +31% NII, YOY, GWM + P&C Deposits (3%) QoQ Loans GWM + P&C 383bn 1Q22 381bn 1Q23 (Obn) Net new loans, GWM + P&C Global Markets revenues IB 2.4bn 1Q22 2.0bn 1Q23 (17%) Global Markets revenues, YoY UBS 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 investment inflows 4#6Continued client momentum with positive net new money in all regions 1Q23 Americas GWM NII +27% YoY 4.5bn NNM in AM from SMA Continued advisor recruiting momentum 1Q23 +4bn +8bn (1bn) NNFGA GWM NN money NN loans - Switzerland GWM + P&C NII +30% YoY P&C Personal Banking Net New Investment products +0.9bn, +16% annualized growth rate Strong P&C net new client growth of nearly 10k, +28% YoY +8bn +10bn +2bn NNFGA GWM NN money NN loans UBS 1 Global Finance 2023; 2 International Financing Review, February 2023; 3 Last twelve months - EMEA GWM NII +58% YoY Best Equity Bank¹ Europe financial bond house of the year² +4bn (0bn) te houd +3bn +4bn NNFGA GWM NN money NN loans APAC 17% NNFGA growth, LTM³ Best Asia and ANZ equity house² Best M&A bank in APAC¹ +5bn +6bn (Obn) NNFGA GWM NN money NN loans сл#7Enhancing client franchises through the announced acquisition of Credit Suisse Global Wealth Management Reinforcing our position as a leading and the only truly global wealth manager #2 Wealth Manager¹ globally with unrivaled geographic footprint Complementary positioning in SE Asia, Middle East and LatAm Aligned client focus on UHNW and entrepreneurs Asset Management Increasing scale with improved positioning across key asset classes and growth markets #11 global and #3 European Asset Manager² Complementary positioning across Alternatives, Thematics, and Indexed Personal & Corporate Banking Enhancing expertise and global reach with complementary capabilities for our clients Accelerating growth plans in the corporate client segment Strengthened digital offering Investment Bank Diversifying our capabilities without compromising our unique model Focused business model with enhanced global competitive positioning Strong operational and risk management controls -25%³ of Group RWA pro- forma day-1 and beyond Driving long-term value creation for all our stakeholders UBS 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 liabilities that we define as non-core 6#8Financial performance Sarah Youngwood, Group CFO UBS 7#91Q23 net profit USD 1.0bn; 9.1% ROCET1 Net profit m 2,136 (638) (7%) o/w FX: (69m) 1Q22 Total revenues (20) Credit loss expense / release (52%) Underlying¹: (21%) 89 (1%) o/w FX: +84m 126 Tax expense and NCI 1,693 Operating expenses excl. US RMBS litigation UBS 1 Excluding items not representative of underlying performance; refer to slide 22 for details 1Q23 excl. US RMBS litigation (665) US RMBS litigation 1,029 1Q23 1.5bn PBT, (45%) YOY Underlying¹: 2.4bn, (22%) YOY 82.5% cost / income ratio Underlying¹: 72.8% 13.9% CET1 capital ratio 9.1% RoCET1 Underlying¹: 16.5% 8.1% ROTE Underlying¹: 14.7% 4.40% CET1 leverage ratio 8#101Q23 total revenues USD 8.7bn Total revenues m 9,382 1Q22 (428) Asset-based fees² (100) Transaction- based fees³ (7%) (8%) underlying¹ excl. FX 520 NI14 (391) ● (167) o/w Group Functions (82m) YoY; (177m) in 1Q23 vs. (95m) in 1Q22 Global Markets (71) o/w accounting asymmetries +70m YoY; (68m) in 1Q23 vs. (138m) in 1Q22 Global Banking Other 8,744 1Q23 UBS 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 in AM; 3 Includes transaction-based income in GWM and P&C; 4 GWM and P&C combined NII 9#11Net interest income Net interest income GWM + P&C m 2,131 4Q22 310 Interest rates UBS 1 UBS standalone (183) Deposit mix +65m +3% (55) Deposit volumes (8) Loan volumes and mix 2,196 1Q23 GWM + P&C 1Q23 NII of 2,196, +65m QoQ, +3% and +520m YoY, +31% - Total customer deposits in P&C and GWM (3%) QoQ as deposit inflows from external 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 expected to be broadly in line with 4Q22 annualized¹ 10#12Executing our cost strategy Operating expenses bn 6.6 1Q22 (0.1) FX UBS 1 UBS standalone 0.7 Litigation +9% 0.1 Acquisition- related costs (0.4) (1%) ble compensation 0.3 Costs excl. FX, litigation, acquisition- related costs and variable comp. 7.2 1Q23 1Q23 Operating expenses +9% YOY, (1%) YoY excluding litigation, FX and acquisition-related costs 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 11#13Global Wealth Management Total revenues, m 4,904 1,310 (2%) Profit before tax, m 1Q22 4,792 (7%) 1,215 1Q23 UBS Balances as of quarter-end USDm, 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 1Q23 4Q22 1Q22 QoQ 4,601 4,904 +4% (2%) 4,792 1,491 1,499 1,141 (1%) +31% 2,454 2,399 2,806 +2% (13%) 843 658 954 +28% (12%) 3 (7) 15 3,561 1,215 74% 45 3 224 YoY 77% 73% (3pp) +1pp 2,962 2,815 3,145 +5% (6%) 1,335 1,271 1,414 +5% (6%) 330 348 372 (5%) (11%) 230 (1%) (3%) 3,540 3,602 +1% (1%) 1,058 1,310 +15% (7%) 225 PBT 1,215m, (7%) YoY Total revenues (2%) as higher NII was more than offset by lower recurring net fee and transaction- based income Cost/income 74% Net new money +28bn with inflows across all regions NNFGA +20bn, 6% annualized growth, mainly driven by mandates, with positive flows in all regions incl. +8bn in Switzerland and +5bn in APAC Deposits (5%) QoQ as shifts into money market funds and T-Bills within GWM were partly offset by external net inflows Net new loans (2bn) driven by deleveraging in the Americas, EMEA and APAC 12#14Asset Management Total revenues, m [ 578 (13%) Profit before tax, m r 174 (46%) 1Q22 502 94 1Q23 UBS Balances as of quarter-end USDm, 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 1Q23 502 479 23 0 408 94 81% 1,117 14 4Q22 1Q22 QoQ 495 471 24 0 372 124 578 561 11 17 (3%) 0 404 174 75% 70% 1,064 1,154 8 YoY +1% (13%) +2% (15%) +40% +10% +1% (24%) (46%) +6pp +11pp +5% (3%) PBT 94m Total revenues (13%) - Lower net management fees mainly driven by markets and FX as well as a (17m) one-off pass-through fee with the corresponding offset in performance fees - Higher performance fees mainly driven by the one-off fee pass-through booking Cost/income 81%; operating expenses +1% driven by increases in strategic investments and expenses related to cost actions, partly offset by lower variable compensation Invested assets 1,117bn, +5% QoQ reflecting positive market performance, net new money inflows and positive FX effects NNM +14bn, +5% annualized growth, including +18bn in money market 13#15Investment Bank Total revenues, m 2,908 929 Profit before tax, m 1Q22 (19%) UBS 2,349 (49%) 477 1Q23 USDm, 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 Return on attributed equity 1Q23 4Q22 1Q22 QoQ 2,349 383 171 212 1,967 422 1,007 537 7 1,866 477 79% 15% 172 331 550 1,682 2,908 +40% (19%) +16% (30%) 216 (1%) (21%) +33% (37%) +46% (17%) 371 496 +14% (15%) 541 1,418 +86% (29%) 438 444 +23% +21% 1,351 2,358 159 8 334 93% 4 YoY 1,563 1,976 +19% (6%) 112 929 +327% (49%) 68% (13pp) +11pp 4% 28% PBT 477m; ROAE 15% Global Markets revenues (17%) Execution Services (15%) driven by lower Cash Equities volumes, partly offset by higher eFX Derivatives & Solutions (29%) vs. the best 1Q in a decade, driven by lower client activity in Equity Derivatives and FX, partly offset by increases in Credit Financing +21%, best 1Q on record, primarily driven by Prime Brokerage in APAC and Americas Of which: Equities 1,308m, (23%) YoY FRC 658m, +1% YoY Global Banking revenues (30%) Advisory (21%). M&A outperformance vs. fee pools across all regions Capital Markets (37%) due to muted issuance and deal flow Cost/income 79% 14#16Personal & Corporate Banking (CHF) Total revenues, m 1,002 Profit before tax, m 395 +18% 7 1Q22 +40% 1,180 553 1Q23 CHFm, 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 Return on attributed equity Investment products¹, bn Deposits, bn Loans, bn UBS Balances as of quarter-end; 1 In Personal Banking 1Q23 4Q22 1Q22 QoQ 1,180 651 210 309 10 14 613 553 52% 25% 23 165 144 1,079 1,002 +9% +18% 493 +8% +32% 603 193 210 +8% 300 +15% (1) 269 13 (3) 578 504 54% 22% 22 167 143 58% (2pp) 18% YoY 21 586 +6% +5% 395 +10% +40% 23 +5% 162 (1%) 141 +1% 0% +3% (7pp) (2%) +2% +2% PBT 553m, +40% YoY Total revenues +18% YoY mainly driven by higher NII and record transaction-based income Cost / income 52%, (7pp) YoY Net new investment products in Personal Banking +0.9bn, 16% annualized growth Deposits (1%) QoQ as deposit growth in Personal Banking was more than offset by deposit declines in Corporate and Institutional Clients, mainly driven by investment activities Net new loans +1.7bn driven by growth in real estate loans for corporate and private clients 15#17We continued to maintain a strong liquidity and capital position Strong capital and liquidity position Balance sheet for all seasons Disciplined risk management 1Q23 144bn Cash and balances at central banks 162% Liquidity coverage ratio² 13.9% CET1 capital ratio 230bn High-quality liquid assets ¹.2. 118% Net stable funding ratio 4.40% CET1 leverage ratio UBS 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#18Common equity tier 1 capital CET1 capital ratio CET1, bn 45.5 14.2% 4Q22 1.0 0.3% (1.3) Net profit¹ (0.4%) Share repurchases paused as of 22.3.23 Share repurchase program UBS 1 Excluding deferred tax effects (0.4) (0.1%) Dividend accrual (0.1) (0.0%) Compensation and own share- related capital components (0.2) (0.1%) Other n/a (0.0%) 0.1 RWA, excl. currency effects (0.0%) Includes 0.1bn impact on CET1 capital offset by 1.0bn impact on RWA Currency effects 44.6 13.9% 1Q23 13.9% CET1 capital ratio Guidance: 13% 4.40% CET1 leverage ratio Guidance: >3.7% 1.3bn of shares repurchased 17#19Sequence of disclosures related to the acquisition of Credit Suisse Disclosures available upon filing of the pro formal financial information within the SEC registration statement Expected in May 2023 Pro forma financial information reflecting initial estimates of purchase price allocation. Pro forma CET1 and LCR Disclosures to be provided as part of quarterly earnings post closing (e.g., 2Q23 earnings if closing occurs in May¹) Consolidated financial statements for the combined Group Perimeter of non-core - Expected RWA and capital treatment Disclosures to be provided over the second half of 2023 Approach to rundown of non- core assets Updated purchase price allocation - Details of integration plan - - Expected cost synergies Expected costs to achieve / restructuring - Capital return expectations - Financial targets and guidance - Final details of guarantee structure UBS 1 Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse Updates to be provided over time Update on rundown of non-core assets Costs to achieve / restructuring Achieved cost synergies Updating on our performance against financial targets Capital return 18#20Key messages Solid underlying results and strong liquidity and capital in uncertain market conditions. Continued client momentum with inflows in all regions Enhancing client franchises through the announced acquisition of Credit Suisse UBS 1 Excluding items not representative of underlying performance; refer to slide 22 for details 1Q23 - reported 1.0bn Net profit 13.9% CET1 capital ratio 9.1% RoCET1 capital 82.5% Cost / income ratio 1Q23 - underlying¹ 16.5% ROCET1 capital 72.8% Cost/ income ratio 19#21Appendix UBS 20#22Group results USDm, except where indicated Total revenues 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)¹ Tangible book value per share (USD)¹ 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 payment of the FY22 dividend of USD 0.55 per share will reduce book value and tangible book value by 1.7bn in 2Q23 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 1Q22 9,382 18 6,634 2,729 585 364 2,136 0.61 21.4% 19.0% 16.0% 70.7% 17.57 15.67 21#23Underlying results USDm, except where indicated Operating profit/ (loss) before tax o/w: Gain on sales and real estate o/w: Accounting asymmetries o/w: Litigation settlement in Non-core and Legacy (in revenues) o/w: Losses from transactions with Russian counterparties o/w: Litigation o/w: Acquisition-related costs Operating profit/ (loss) before tax underlying YOY FX impact on total revenues YOY FX impact on operating expenses ROCET1 underlying ROTE underlying Cost/ income ratio- underlying 1Q23 1,495 (68)1 (721)² (70)¹ 2,354 (69) (84) 16.5% 14.7% 72.8% 4Q22 1,937 109 129 41 (50) 1,707 12.8% 11.5% 77.9% 3Q22 2,323 219 (153) 62 (21) 2,215 15.1% 13.5% 72.7% 2Q22 2,615 802 (214) (221) 2,248 15.5% 13.4% 72.9% 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. UBS 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 benefit; 1 Group Functions; 2 GWM (11m), IB (45m), Group Functions (665m) 1Q22 2,729 (138) (93) (57) 3,017 21.0% 17.7% 68.4% 22#241Q23 Group results by region Total revenues bn 1Q23 Profit before tax bn Operating expenses bn Cost / income ratio Americas r 3.8 (10%) 1Q22 1Q23 0.4 3.0 1 3.4 89% Switzerland 2.0 1Q22 +9% 1.0 7 1Q23 1.2 2.2 53% EMEA [ 2.0 (10%) 1Q22 1Q23 0.5 1 1.8 1.3 70% Asia Pacific 1.6 (8%) 0.5 7 1Q22 1Q23 1.0 1.5 68% UBS 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 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. 23#251Q23 Global Wealth Management results by region Profit before tax m 1Q23 Cost / income ratio Invested assets bn Net new fee- generating assets bn Net new loans bn Americas r 439 (17%) 1Q22 1Q23 85% 364 1,659 +3.8 (1.3) Switzerland 249 1Q22 +1% 1Q23 52% 276 +7.7 251 +0.1 EMEA 347 1Q22 +2% 64% 567 1Q23 +2.8 7 354 (0.5) Asia Pacific r 288 (13%) 1Q22 1Q23 63% 456 +5.3 Į 251 (0.4) UBS 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#26Capital and leverage ratios Total loss-absorbing capacity (TLAC) Going concern capital CET1 capital 110bn 58bn 45bn Gone concern 53bn loss-absorbing capacity 13bn AT1 45bn 1Q23 CET1 34.3% 17.9% 13.9% CET1 capital ratio guidance: ~13% 16.4% 4.1% 13.9% 1Q23 RWA 322bn 30bn buffer 11bn 11bn CET1: 10.4% Going concern: 14.7% TLAC: 25.0% < Requirements UBS Balances as of quarter-end; Refer to the "Capital management" and "Recent developments" sections of the 1Q23 report for more information 10.87% 5.69% 4.40% CET1 leverage ratio guidance: >3.7% 5.19% 1.29% 4.40% 1Q23 LRD 1,014bn 9bn 22bn buffer 7bn CET1: 3.50% Going concern: 5.00% TLAC: 8.75% Requirements 25#27Risk-weighted assets Risk-weighted assets bn 319.6 4Q22 (0.5) +1.4bn from model updates / changes (1.9bn) from asset size and other movements, of which: (1.7bn) in IB, (1.1bn) in Group Functions, +0.9bn in P&C, GWM and AM unchanged Credit and counterparty credit risk UBS Balances as of quarter-end (0.1) Non-counterparty- related risk 1.6 0.0 +1.9bn mainly driven by asset size and other movements (0.3bn) related to a VaR model update in 1Q23 Market risk Operational risk 1.0 Net currency effect on CET1 ratio of (0.0%) Currency effects 321.7 1Q23 26#28Cautionary 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 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. O UBS 2023. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 27