#1UBS Fourth quarter 2021 Strategic update and results 1 February 2022 01 $//#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. 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Please refer to "Alternative Performance Measures" in the appendix of UBS's Quarterly Report for the fourth quarter of 2021 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 4Q21 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. Rounding: Numbers presented throughout this report 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 which are zero on a rounded basis can be either negative or positive on an actual basis. O UBS 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 1#3Agenda 1 Strategic update Our vision Our progress Our future Our ambition Ralph Hamers, Group CEO UBS 2 Financial performance FY and 4Q21 performance Divisional results Capital management Kirt Gardner, Group CFO 3 Q&A 2#4Key messages Focusing on growth UBS Expanding into new client segments Accelerating strategic tech investments la Maintaining risk and cost discipline ध्रु Creating sustainable value 3#51 Strategic update | Our vision Ralph Hamers, Group CEO UBS 2 Financial performance | 3 Q&A 4#6Why Client promise Personalized Relevant On-time Seamless UBS Purpose Reimagining the power of investing. Connecting people for a better world. Vision Convene THE global ecosystem for investing where thought leadership is impactful, people and ideas are connected, and opportunities are brought to life. Strategic imperatives 888 BA Clients, Connections, Contributors Focus Technology Simplification & Efficiency Culture 5 сл#7Our global ecosystem delivers the power of investing to our clients Contributors benefit from: Access to the world's most valuable customers Shared value creation Scale of our global ecosystem ● UBS Technology Platform Gateway Products Contributors Distribution Curation Content and thought leadership Insights Investment, advice, execution, and financing Clients Corporates & Institutions Corporate Advisory UBS as orchestrator Holding trusted client relationships channels Matchmaking & Wealth Planning, custody, and cash transactions Clients benefit from: Holistic and curated one-stop offering Personalized, relevant, on-time and seamless solutions Liquidity and scale in execution ● ● ● Intuitive interface Illustrative value flow through UBS's orchestration individuals Private 01 6#8Sustainability is core to our purpose and ecosystem Our sustainability commitment Be the financial provider of choice for clients who wish to mobilize capital toward the achievement of the 17 Sustainable Development Goals and the orderly transition to a low-carbon economy DEVELOPMENT GALS UBS Planet Net-Zero commitment (scope 1, 2, 3) by 2050 including interim targets 75% reduction achieved in scope 1&2 emissions YoY in FY21 Say on Climate advisory vote on climate roadmap at 2022 AGM CDP Climate A-List ranking UBS was recognized for its actions to cut emissions, mitigate climate risks and develop the low-carbon economy People 650m funds raised for UBS Oncology Impact Fund 2, the world's largest dedicated impact investment fund in biotech UBS Collectives launched innovative philanthropy initiative pooling client assets to achieve impact at scale Progress along all employee diversity metrics Setting standards Founding member of: Partnerships • Net-Zero Banking Alliance • Net-Zero Asset Managers initiative Banking for Impact ● Member of: • Taskforce for Climate-related Financial Disclosures (TCFD) ● Taskforce for Nature-related Financial Disclosures (TNFD) • G7 Impact Taskforce 7#91 Strategic update | Our progress Ralph Hamers, Group CEO UBS 2 Financial performance | 3 Q&A 8#10Our ecosystem grew to 4.6trn in invested assets As of year-end +14% CAGR 2018 2019 2020 2021 4.6trn invested assets, GWM+AM+P&C FY21 107bn net new fee-generating assets, GWM 48bn net new money excl. MM, AM 28bn net new loans, GWM+P&C Personal Banking Private markets Invested assets¹, GWM+AM 122bn 150bn Sustainable investing Sustainability-focus and impact invested assets, GWM+AM+P&C 141bn 251bn 31.12.20 31.12.21 UBS 1 Does not include undrawn commitments; 2 Separately Managed Accounts; 3 CIO-linked discretionary mandate solutions SMAS² Invested assets, AM 127bn 89bn 11 UBS ManageTM 3 Invested assets, GWM 189bn 214bn o/w 6.6bn UBS My Way, +5.1bn YoY 31.12.20 31.12.21 9#11We supported our clients and drove positive operating leverage... Global Banking income IB We supported our clients with investing, liquidity and transactions... ...while managing our cost base to drive positive operating leverage UBS Transaction-based income GWM +9% CAGR 3.6bn 3.0bn 3.1bn 1111 FY18 FY19 FY20 Operating income bn +6% CAGR 30.2 28.9 3.8bn 32.4 FY21 35.5 FY18 FY19 FY20 FY21 2.2bn 2.4bn 1.9bn ITTI FY18 FY19 FY20 FY21 +14% CAGR Operating expenses bn FY18 +2% CAGR 24.2 23.3 24.2 3.2bn FY19 FY20 26.1 [ FY21 Global Markets income IB 5.9bn +2% CAGR 5.4bn 7.1bn 6.3bn FY18 FY19 FY20 FY21 +1% CAGR - Costs excluding variable and FA compensation, litigation, restructuring and FX 10#12...resulting in another year of strong performance Net profit bn I FY18 FY19 +18% CAGR 17.4% 12.8% 6.6 FY20 ROCET1 17.5% 7.5 ROTE 14.1% 8.2 FY21 Excluding provisions in relation to the French cross-border matter UBS 12021 targets; 2 Over the cycle Profit before tax bn FY18 FY19 +17% CAGR 73.3% 8.2 FY20 C/I 73.6% 10.2 9.5 FY21 Exceeding our financial targets1¹ 17.5% return on CET1 capital 73.6% cost/income ratio 19% YOY GWM PBT growth Target 12-15% Target 75-78% Target 10-15%² 11#131 Strategic update | Our future Ralph Hamers, Group CEO UBS 2 Financial performance | 3 Q&A 12#14Our clients' needs are at the center of our strategy... Industry trends WM revenue sources¹ Wealth pools Investment trends UBS 47% revenue pool growth from 1-5m wealth band 5x Millennial wealth growth rate vs. Baby Boomers³ 7% expected CAGR of AuM for Alternatives5 64% revenue pool growth from entrepreneurs² 1.4x Female wealth growth rate vs. male4 >75% of European institutional investors plan to stop buying non-ESG products within the next 2 years6 Shifting priorities and needs P Holistic offering in one-stop platform 8C Seamless digital Personalization and bespoke solutions Responsible everything Differentiation and service excellence 1 McKinsey Global Wealth Pools, 2020. Forecast of 2020-2025 revenue pool; 2 Including self-employed professionals; 3 Deloitte "The future of wealth in the United States" report, 2015. US 2015-2030 wealth pool growth forecast; 4 BCG Global Wealth Market Sizing Database, 2019. 2019-2023 wealth pool forecast; 5 PwC AWM Research Centre "Asset and wealth management revolution", 2020. 2020-2025 forecast; 6 PwC "Asset and wealth management revolution", 2020 13#15a so we are making our wealth coverage more needs-based, digital and effective + Launch and scale 8 Enhance Expand UBS Digitally customized Digital-first wealth management services with remote human advice Personally advised wealth Personal advice with digital support Global Family and Institutional Wealth Custom offerings for institutional needs ● ● ● ● ● ● Advice-centric, intuitive, fast, and always-available services Leveraging digital and technology for better user experience and lower cost-to-serve Scaled access to broader client base Continuing to enhance digital channels to improve client experience Tailored solutions through modular offering Direct-to-client servicing, supported by analytics Institutional solutions to meet complex financial needs Seamless client engagement with front-to-back alignment of coverage, capabilities, risk management and functions Use of strategic lending to deepen client relationships Focus Access new clients and reduce cost-to-serve Expand share of wallet, access new clients and improve profitability Expand share of wallet and access new clients 14#16Americas – Capturing future growth through technology-enabled solutions - North America's Best Bank for WM¹ #1 non-US broker in cash equities² Top-5 SMA manager³ Top-5 US wealth manager4 Top-5 Americas research5 28% of Group PBT6, FY21 Profit before tax 2.2bn +12% CAGR 1.4trn 1.6bn Invested assets, GWM+AM 2.6bn +15% CAGR 1.6trn 1.8trn 3.1bn 2.1trn FY18 FY19 FY20 FY21 IB AM GWM Cost/income ratio 87% 79% |||| 83% Net new fee-generating assets n.a. n.a. FY18 FY19 25bn FY20 79% 64bn FY21 Build on our scale Focus Continue to expand the UBS ecosystem for our clients Expand core banking Enhance banking capabilities on a modernized core platform Deliver scalable advice Launch a digitally scalable advice model to affluent clients UBS 1 Euromoney 2021; 2 Coalition Greenwich 2021; 3 Cerulli, 2021; 4 By invested assets, as of 31.12.21; 5 Institutional Investor 2021; 6 Excluding region "Global" and provisions in relation to the French cross-border matter in EMEA and Switzerland 15#17Leveraging digital to expand our reach in the US UBS 4.6trn global investment ecosystem Best-in-class CIO content and thought leadership Personalized investment and banking solutions 2m participants in Workplace Wealth Solutions Wealthfront >470k clients with >27bn AuM¹ Personalized automated investment offering Award-winning platform and solutions² Strong engineering culture Digitally-customized wealth management OT Personalized digital investment offering and financial planning, powered by best-in-class CIO content and investment capabilities... ...augmented by a digital-first, advisor-assisted model for clients seeking remote human advice Integrated suite of banking products such as cash management, securities-based lending and mortgages Supported by a shared strategic view for the next generation of wealth management technology UBS 1 As of 28.1.22; 2 Wealthfront has been named the best robo-advisor and best cash management account by NerdWallet and Investopedia BA Focus Accessing new clients Expanding share of wallet Lowering cost-to-serve Driving long-term growth 16#18APAC - Accelerating growth in key markets and segments Largest wealth manager in APAC ¹ by AuM UBS #2 #3 Asia's Best Bank for WM² #1 asset manager for China inbound³ #1 equities broker in APAC4 24% of Group PBT5, FY21 Profit before tax 1.4bn +23% CAGR 498bn 1.0bn Invested assets, GWM+AM 2.2bn +13% CAGR 605bn 2.6bn 740bn 711bn FY18 FY19 FY20 FY21 IB AM GWM Cost/income ratio 71% 78% 62% 59% Net new fee-generating assets n.a. 8bn 14bn n.a. FY18 FY19 FY20 FY21 2 Focus Accelerate China growth Expand leadership and accelerate onshore growth Strengthen South-East Asia Be the leading bank for family offices, tech firms and entrepreneurs Expand New Economy business Become the go-to bank for New Economy companies Develop ESG ecosystem Become the #1 Sustainable Finance institution in APAC Enhance advisory platform Deliver best-in-class investment solutions UBS 1 Asian Private Banker, 2020; 2 Euromoney 2021; 3 Z-Ben Advisors (2021 China Rankings), April 2021; 4 Coalition Greenwich 1H21 Competitor Analytics, based on UBS's product taxonomy; 5 Excluding region "Global" and provisions in relation to the French cross-border matter in EMEA and Switzerland 17#19EMEA - Improving profitability and driving focused growth Western Europe's Best Bank for WM¹ Western Europe's Best Investment Bank² #2 European fund manager³ 18% of Group PBT4,5, FY21 Profit before tax4 1.1bn 1.2bn +22% CAGR 689bn Invested assets, GWM+AM FY18 1.4bn +13% CAGR 788bn FY19 905bn FY20 2.0bn 988bn FY21 IB AM GWM Cost/income ratio4 82% 80% 77% n.a. Net new fee-generating assets 6bn n.a. FY18 FY19 FY20 72% 19bn FY21 a Focus Increase efficiency and market focus Streamline domestic footprint and gain efficiency to self-fund growth Mid-Market and growth entrepreneurs Provide holistic coverage for sophisticated business owners and company founders prior to business exit Core Markets Execute growth strategies in selected core markets in Western Europe, Central- Eastern Europe and Middle East UBS 1 Euromoney 2021; 2 Global Finance 2021; 3 Market share in Europe open-end funds and ETF excluding money markets, funds of funds and feeders, in EUR. Morningstar, 31.12.21; 4 Excluding provisions in relation to the French cross-border matter in FY18 and FY21 in EMEA and Switzerland; 5 Excluding region "Global" 18#20Switzerland – Expanding our lead as the #1 universal bank Switzerland's best bank¹ Switzerland's leading digital bank² 2.6m clients served in Personal Banking >100k Corporate and Institutional clients 30% of Group PBT3,4, FY21 Profit before tax³,5 +8% CAGR 2.6bn 2.5bn 2.5bn Invested assets, GWM+AM 459bn +14% CAGR 534bn FY18 FY19 636bn 3.3bn 683bn FY20 FY21 IB AM P&C GWM Cost/income ratio³,5 61% 58% 62% Digital client penetration FY18 62% 62% FY19 58% 66% ||| FY20 70% FY21 2 P&C strategic priorities Growing above the market Focus Digital at the core Achieve superior growth by shifting gears in selected focus areas ~55% C/I aspiration by 2025 Bring the bank to the app with improved user experience and expand the UBS ecosystem through platforms and partnerships Driving transformation Increase speed, become leaner, reduce complexity and focus our offering UBS 1 Euromoney 2021; 2 Survey by Hochschule Luzern, June 2021; 3 Excluding provisions in relation to the French cross-border matter in FY18 and FY21 in EMEA and Switzerland; 4 Excluding region "Global"; 5 Excluding 359m gain related to the sale of SIX Payment Services to Worldline in FY18; 6 Personal Banking active Digital Banking clients 19#21Asset Management is core to our investment engine Custom portfolios Broad offering with exclusive access to premium customized services 27bn NNM from SMA¹ initiative FY21 Alternatives Comprehensive access to private and public markets through direct and multi-manager opportunities 153bn assets invested in alternatives² 31.12.21 UBS 1 Separately Managed Accounts; 2 Hedge Fund Businesses, Real Estate & Private Markets Sustainable investing Provide customized solutions across traditional, alternative, active and passive strategies 172bn assets invested in sustainability-focus and impact, 31.12.21 China and APAC BA Focus Deliver leading investment capabilities and local expertise 90bn assets in APAC/China investment strategies 31.12.21 20#22Our IB capabilities support our growth plans across the client franchise Focus Capital Markets & Advisory Invest Equity & FX trading Expand Private Markets Leverage Research & content Invest in digital Global Markets ● ● UBS 1 Based on UBS's internal hierarchy Spend >1bn on technology in FY22 Transformational projects; e.g., UBS Neo, Tech-Enhanced Sales and ACQA (IB-wide risk management) 12% PBT CAGR in Global Markets¹ FY18-FY21 Focused coverage Global Banking Deepen coverage and offering for entrepreneurs in growth sectors; e.g., TMT, Healthcare, ESG Strengthen coverage in Asian New Economy and the US 57% PBT CAGR in Global Banking¹ FY18-FY21 Market insight Research ● Providing unique insights for investors in complex markets; e.g., Knowledge Network (integrating data-driven analysis with desk commentary) a 6.5m reads across ~45k Research documents FY21 Focus Increased alignment IB & GWM Enhanced coordination across Global Family and Institutional Wealth clients Connect issuers and investors in private and public markets, and advise on M&A transactions 8bn investments facilitated in Private Markets FY21 21#23Accelerating strategic tech investments Technology P&L expense, bn Change the bank cash spend, bn 3.6 FY18 3.9 UBS FY21 FY18 FY21 40% License to operate 60% Strategic IT spend Maintaining our tech expenses at ~10% of revenues while increasing IT strategic investments Making technology a differentiator... ✔ Scalability 8 User experience and client centricity O Agile@UBS OT Access to content and solutions ...by Leveling up technology 20 OS Digital culture QBR and digital roadmaps (88) Automation Technology Data intelligence Modern tech 224#24Maintaining our cost discipline to support our growth plans On track to deliver ~1bn gross cost saves by 2023, funding our growth initiatives Footprint optimization Automation and simplification UBS Agile@UBS Market exits Streamlined organizational setup Disciplined execution Gross cost saves bn 0.2 2021 ~0.4 2022e ~0.4 2023e ~1.0 Simplification & Efficiency 2023 ambition 23#251 Strategic update | Our ambition Ralph Hamers, Group CEO UBS 2 Financial performance | 3 Q&A 24#26Creating sustainable value through the cycle ESG Selected aspirations Net-Zero own operations (scope 1, 2) by 2025 235bn invested assets aligned to net zero by 2030, AM 1bn philanthropy donations to reach 25m beneficiaries raised by 2025 400bn invested assets in sustainability-focus and impact by 2025 UBS 1 Over the cycle Commercial Selected aspirations >6trn invested assets across GWM, AM, P&C >5% growth¹ in GWM net new fee-generating assets Financial Targets 15-18% return on CET1 capital 70-73% cost/income ratio 10-15%¹ GWM PBT growth 25#27Active capital management to enable growth and deliver attractive returns 1 Balance sheet for all seasons Maintain ~13% CET1 ratio and >3.7% CET1 leverage ratio UBS ● 2 Invest for growth Strategic consistency Open to bolt-on acquisitions 3 Dividends USD 0.50 ordinary dividend per share to be proposed for the financial year 2021 • Committed to progressive dividends ● ● 4 Share buybacks Up to 5bn in 2022 Excess capital to be distributed via share buybacks 26#28Key messages Focusing on growth UBS Expanding into new client segments Accelerating strategic tech investments la Maintaining risk and cost discipline ध्रु Creating sustainable value 27#291 Strategic update Financial performance Kirt Gardner, Group CFO 2 Financial performance | 3 Q&A UBS 28#30FY21 net profit USD 7.5bn; 17.5% ROCET1 +25% excl. provision for French cross-border matter +16% 843 Profit before tax m 8,155 FY20 Cost/income ratio¹ 73.3% 2,309 Operating income +10% Income Credit loss expense +0.4 ppts (1,823) Operating expenses +8% Excl. provision for French cross-border matter +4% Operating expenses 9,484 FY21 73.6% FY21 7,457m net profit +14% 17.5% return on CET1 capital 31.12.21 15.0% CET1 capital ratio 2.06 diluted EPS +16% 7.7bn CET1 capital accretion² 4.24% CET1 leverage ratio UBS 1 Defined as operating expenses divided by income, which is operating income excluding credit loss expenses/releases; 2 Includes 5.4bn increase in CET1 capital, 1.7bn accruals for 2021 dividends and 0.6bn in share buybacks 29#31Executing our cost strategy Operating expenses bn 24.2 FY20 (0.0) Costs excl. variable and FA comp., litigation, restructuring and FX 0.7 Variable and FA comp.¹ 0.8 Litigation and restructuring² 0.3 FX 26.1 FY21 ● On track to deliver ~1bn gross cost saves p.a. by 2023, funding our growth initiatives ● Costs excl. variable and FA compensation, litigation, restructuring and FX (0.2%) YoY Current expectations for FY22: Costs excl. variable and FA compensation, litigation and FX to increase ~2% YoY ~200m restructuring costs ~100m³ Group Functions average quarterly loss UBS 1 FY20 includes 359m from the acceleration of expenses in relation to outstanding deferred compensation awards; 2 FY20 includes net restructuring costs of 107m and litigation expenses of 197m; FY21 includes net restructuring costs of 216m, of which 60m in 4Q21, and litigation expenses of 911m, of which 826m in 4Q21; 3 Excluding accounting asymmetries and call-out items 30#324Q21 net profit USD 1.3bn; 11.9% ROCET1 +24% excl. provision for French cross-border matter (13%) 93 Profit before tax m 1,985 4Q20 Cost/income ratio¹ 74.9% 522 Operating income +8% Income Credit loss expense +5.5 ppts (872) Operating expenses +14% Excl. provision for French cross-border matter +2%³ Operating expenses 1,729 4Q21 80.5% 4Q21 1,348m net profit (18%) 11.9% return on CET1 capital 31.12.21 15.0% CET1 capital ratio 0.38 diluted EPS (14%) 1.6bn CET1 capital accretion² 4.24% CET1 leverage ratio UBS 1 Defined as operating expenses divided by income, which is operating income excluding credit loss expenses/releases; 2 Includes 0.3bn increase in CET1 capital, 0.7bn accruals for 2021 dividends and 0.6bn in share buybacks; 3 4Q21 litigation expense of 826m, of which 740m relating to the French cross-border matter (GWM 657m and P&C 83m) 31#33Interest rate sensitivity Loans P&C GWM 367bn 31.12.20 USD CHF Other +5% 387bn 31.12.21 147bn 189bn 51bn Customer deposits P&C GWM 530bn 31.12.20 USD CHF Other +3% 548bn 31.12.21 259bn 189bn 100bn USD CHF Other Annual net interest income sensitivity FY22 YOY NII increase from realization of forward rates¹ 0.7bn GWM 1.5bn GWM 0.1bn 1.2bn 0.1bn 0.3bn P&C Additional year 1 NII increase from +100bps parallel shift in yield curves² 0.3bn 1.8bn P&C 0.8bn 0.1bn 0.2bn 0.1bn Total Total 1.2bn 0.2bn 0.4bn 1 Estimate of incremental NII in 2022 relative to 2021 based on implied forward rates as of 19.1.22 applied to the banking book, assuming balance sheet size and structure as of 31.12.21, constant foreign UBS exchange rates and management action only on deposit pricing; 2 Estimate of incremental NII based on a hypothetical scenario of an immediate change in interest rates, equal across all currencies and relative to implied forward rates as of 31.12.21 applied to the banking book, assuming no change to balance sheet size and structure, constant foreign exchange rates and no specific management action 32#34Global Wealth Management Profit before tax m Excl. provision for French cross-border matter Operating income m Cost/income ratio Invested assets end of period, bn UBS 1 Annualized Transaction-based income Net interest income Recurring net fee income Fee-generating assets 864 4,277 776 1,011 2,468 7 Other 80% 3,016 1,277 4Q20 +41% excl. provision for French cross-border matter (35%) 1,294 1,409 4,848 1,183 997 71% 2,629 3 14 Credit loss (expenses)/releases 3,108 +13% 4,774 953 1,026 1,328 1Q21 2,774 73% +10% 3,230 1,416 2Q21 1,516 5,002 894 1,107 2,872 11 70% 3,198 1,412 3Q21 1,220 563 4,824 807 1,114 2,896 2 88% 3,303 1,482 4Q21 PBT +41% excl. provision for French cross-border matter; FY21 PBT 4,783m, +19%; Americas and APAC with record 4Q and FY PBT Operating income +13%, with growth in all regions; revenue per advisor 2.1m¹, +16% YoY Operating expenses +25%; +6% excl. provision, 75% cost/income Net new loans +3.9bn, driven by the Americas and EMEA; FY21 net new loans +25bn Invested assets 3.3trn, +3% QOQ Fee-generating assets 1.5trn, +5% QOQ NNFGA +27bn, 8% annualized growth, positive in all regions; FY21 NNFGA +107bn, 8% growth rate 33#35Personal & Corporate Banking (CHF) Profit before tax m Excl. provision for French cross-border matter Operating income m Cost/income ratio UBS Transaction-based income Net interest income Recurring net fee income 318 896 230 455 177 20 Other income 66% 4Q20 +29% excl. provision for French cross-border matter +5% 456 358 950 239 470 182 22 +11% 1,037 64% 1Q21 288 480 439 58% 2Q21 1,002 281 187 42 Credit loss (expenses)/releases 494 201 6 57% 3Q21 411 335 995 271 497 205 67% 4Q21 PBT 335m, +5%; +29% excl. provision for French cross-border matter, reflecting continued strong business momentum; FY21 PBT 1,587m, +35% Operating income +11% driven by higher net interest income and transaction-based income as well as record recurring net fee income Credit loss releases 9m vs. 20m in 4Q20 Operating expenses +14%; +1% excl. provision, 59% cost/income Net new investment products in Personal Banking +2.7bn FY21, 14% growth rate Net new loans in Personal Banking +2.2bn FY, 3% growth rate 34#36Asset Management Profit before tax m Operating income m Cost/income ratio Invested assets end of period, bn Performance fees Net management fees 401 Fondcenter¹ sale gains 774 255 227 48% 1,092 637 92 Fondcenter¹ sale gains 545 64% 1,121 (17%) 255 218 (7%) 666 "40" ارای 588 62% +11% 1,174 214 593 33 560 64% 334 1,154 721 94 Credit loss (expenses)/releases 627 54% 1,211 PBT 334m, (17%); FY21 PBT 1,030m; PBT +12% excl. Fondcenter¹ sale gains in 3Q20 and 2Q21 Operating income (7%) Net management fees +21% on higher average invested assets supported by continued strong net new run rate fee generation; includes 35m from fee accrual methodology change² Performance fees (63%) to more normalized levels - Operating expenses +4%; driven by higher personnel expenses Invested assets 1,211bn, +5% QOQ, driven by positive market performance, NNM and FX NNM +16bn excl. money markets; FY21 +48bn, 5% growth rate 4Q20 1Q21 2Q21 3Q21 4Q21 UBS 1 Subsequently renamed Clearstream Fund Centre; 2 One-time effect from a change in the fee accrual methodology for Swiss investment fund fees 35#37Investment Bank Profit before tax m Operating income m Cost/income ratio Global Banking Global Markets 529 2,011 669 1,433 (91) 71% 4Q20 UBS 1 Includes UK bank levy expenses of 31m in 4Q21 412 2,273 788 1,483 2 +35% 668 82% 1Q21 +11% 2,470 881 1,567 Credit loss (expenses)/releases 21 74% 2Q21 837 2,510 792 1,723 (5) 67% 3Q21 713 2,235 696 1,523 16 69% 4Q21 ROAE 22%; PBT 713m, +35% supported by record income; FY21 ROAE 20%, FY21 PBT 2,630m, +6% Global Markets revenues +6% Execution Services +6% driven by higher eFX and cash equities - - Derivatives & Solutions (6%) against a strong 4Q20, despite higher FX revenues Of which: Financing +30% driven by capital market financing and prime brokerage - Equities 1,107m, +4% FRC 415m, +13% Global Banking revenues +4% Advisory +3% driven by higher M&A Capital Markets +5% led by LCM Operating expenses¹ +3% from higher litigation and technology expenses RWA 92bn, (6%) QoQ LRD 319bn, (2%) QoQ 36#38Capital and leverage ratios Total loss-absorbing capacity (TLAC) Going concern capital CET1 capital 105bn 60bn 45bn 44bn Gone concern loss-absorbing capacity 15bn AT1 45bn CET1 31.12.21 34.7% 20.0% 15.0% CET1 capital ratio guidance: ~13% 14.6% 5.0% 15.0% 31.12.21 RWA 302bn 29bn buffer 17bn 15bn CET1: 10.0% Going concern: 14.3% TLAC: 25.1% Requirements¹ 9.80% 5.66% 4.24% CET1 leverage ratio guidance: >3.7% 4.14% 1.42% 4.24% 31.12.21 LRD 1,069bn 8bn 11bn buffer 7bn ← CET1: 3.50% Going concern: 5.00% TLAC: 8.78% Requirements UBS Refer to the "Capital management" and "Recent development" sections of the 4Q21 report for more information; 1 The reactivation of the countercyclical capital buffer for Swiss residential mortgages is expected to increase our minimum CET1 capital requirement by ~30 basis points from 30.9.22 37#39Delivering attractive capital returns Full-year 2021 0.50 ordinary dividend per share to be proposed for the financial year 20211 +35% YoY Committed to progressive dividends 2.6bn of shares bought back² Up to 5bn in 2022 Excess capital to be distributed via share buybacks 58% total payout ratio²,3 UBS 1 Expected key dates for dividend payment: AGM 6.4.22, ex-dividend date 12.4.22, record date 13.4.22, payment date 14.4.22; 2 Including 2.0bn buybacks from the 2.0bn capital reserve established in 2H20; 3 2021 dividend accruals and buybacks, divided by net profit 38#40Appendix I. Strategic update II. Appendix to FY and 4Q21 results III. Full year timeseries UBS 39#41Our global ecosystem delivers the power of investing to our clients Thought leadership and advice Leading customized investment and financing solutions Liquidity and scale in execution A growing curated ecosystem Capacity to fund growth ● ● ● ● ● ● ● ● Best global wealth manager for 7th time in a decade¹ Best Private Bank for Chief Investment Office 20211 #2 Global equity research² From #11 to #5 US SMA manager in only 2 years³ 51bn net new loans in GWM in FY20-FY21 148bn NNFGA in FY20-FY21 Global equity derivatives house of the year4 Rank #4 in cash equities5, #2 in FX6 • >10 new partnerships with leading product providers in FY21 • In 2021, we collaborated with specialist alternatives investment managers; e.g., KKR and Partners Group • 11% of revenue spent on technology in 2021 1bn of gross saves p.a. by 2023 to fund investments Capacity to fund growth ↑ A growing curated ecosystem Thought leadership and advice Personalized Relevant On-time Seamless Leading customized investment and financing solutions Liquidity and scale in execution UBS 1 PWM/The Banker Global Private Banking Awards 2021; 2 Institutional Investor, 2021; 3 Cerulli, 3Q21; 4 GlobalCapital, 2021; 5 Coalition Greenwich 9M21 Competitor Analytics, based on UBS's product taxonomy; 6 Euromoney, 2021 40#42Our strategic imperatives guided our execution in 2021 888 Clients, Connections and Contributors Become a truly client-centric organization Expanded ecosystem with >10 new contributors; e.g., Partners Group, Invesco Expanded ecosystem distribution via Banco do Brazil and Sumi Trust WM JVs Established strategic partnership with iCapital and Envestnet • Piloted UBS Circle One app, which connects investors to ideas on a global ecosystem UBS Focus Play where we are positioned to win ● ● ● Outlined US and APAC growth plans Detailed Switzerland strategy Exiting GWM Austria and Spain domestic businesses Exiting Swiss Financial Advisers business, which is a Switzerland-based SEC- registered investment advisor Technology Make technology a differentiator ● ● Elevated technology to Group Executive Board Good progress with our Leveling up Tech strategy; e.g., +1k applications in cloud and 500 applications decommissioned Launched Group-wide hub and spoke strategy for Al, Data and Analytics (ADA) Simplification and efficiency Increase ease of doing business Achieved >20% of the 2023 ~1bn gross cost savings • Closed 18% of branches in Switzerland • Closed 14% of legal entities Delayering to max 5 levels from CEO ● ● Reduced corporate policies by 23% Culture Mobilize employees for future vision and act as one firm ● ● 10,000 people transitioning to Agile@UBS Introduced new approach to performance management 41#43Leveling up technology to drive digitalization and differentiation for our clients O 8 Agile@UBS QBR and digital roadmaps Uniform agile model to increase speed from idea to outcome Key achievements to date ● ● Agile@UBS: one firmwide model defined and communicated 10,000 people transitioning to Agile@UBS UBS 2009 Digital culture Build high-performing engineering culture • Defined and implemented learning journeys for certified engineering program • Agile stream-led boot camps defined and starting in 1Q22 Regular change-the-bank deliverables aligned to our strategy and purpose ● All technology investments aligned to strategic priorities and reviewed quarterly Started migration from programs to product planning Defined digital-first principles to drive the digital differentiation Data intelligence and automation 8 Leverage data and Al for automation and best-in- class recommendation engines ● ● Ecosystem for client- facing digital channels. implemented for all divisions Various solutions developed within the ADA model; e.g., applying machine learning techniques to provide a customized client experience Modern tech Drive healthy modular technology estate to provide the best, flexible client services ● +1,000 applications on the Cloud with 30% on public Cloud • >500 legacy applications decommissioned • Introduced Agora marketplace for sharing re-usable development components to simplify and accelerate development 42#44Wealthfront - Strategic rationale Accelerate digitally-led offering in the U.S. Providing the next generation of investors with access to planning, investment and banking solutions through an award-winning platform ● ● ● ● Connecting award-winning¹ platform with best- in-class CIO content and solutions Broadening value proposition for US clients seeking digital-only solutions Improving distribution, reach and scale Expanding offering to UBS's 2 million Workplace Wealth Solutions participants Aligned strategic view of technology as a differentiator Strong team of software engineers delivering best-in-class solutions and next generation technology • Increasing speed of affluent digital offering through a proven turn-key solution Delivering fully-automated client experience with digital onboarding capabilities Incorporating scalable and largely proprietary platform to better serve a broader client base Introducing an entrepreneurial mindsight to accelerate Agile@UBS Create opportunities for long-term value creation and growth Accelerate growth in the affluent segment in the Americas with opportunity to capture significant long-term synergies ● ● ● Supports market share growth through acceleration of account conversions with Workplace Wealth Solutions participants Long-term revenue opportunity through offering UBS's full suite of tailored investment and banking solutions to Wealthfront clients Scalable Wealthfront infrastructure and platform synergies UBS Wealthfront 1 Wealthfront has been named the best robo-advisor and best cash management account by NerdWallet and Investopedia 43#45Wealthfront - Transaction overview Overview Valuation and financial impact Governance, leadership and branding Timing UBS Wealthfront • UBS has agreed to acquire Wealthfront, an industry-leading, digital wealth management provider serving the next generation of investors • Based in Palo Alto, California with 238 employees Wealthfront has > 470k clients with >27bn AuM as of 28.1.22 ● • All-cash transaction of USD 1.4 billion, financed by existing capital resources Expected CET1 capital ratio reduction of ~40bps upon closing Marginally EPS accretive ● ● ● ● ● Wealthfront will become a wholly-owned subsidiary of UBS Seamless client transition with no change to the client experience Wealthfront leadership to remain in place, led by current CEO • The transaction is expected to close in the second half of 2022 Subject to closing conditions, including regulatory approvals ● 44#46Global Family and Institutional Wealth - Evolving our One UBS approach UBS Today... ● ● Global Family Office clients have a single coverage point of contact from GWM acting as an entry point across divisions Clients interface with different divisions for provision of capabilities • Access to capabilities may involve multiple handoffs between divisions Unlocking our potential ● Tomorrow... Seamless client engagement with full front-to-back alignment of coverage, capabilities, risk management and functions Clients served by a global team aligning coverage and capabilities across divisions, with a fully aggregated view of client, contribution and risk Opportunity for clients to have higher levels of engagement with full accessibility to active trading, banking solutions, and financing (liquid and illiquid) 45#47Appendix I. Strategic update II. Appendix to FY and 4Q21 results III. Full year timeseries UBS 46#48Group results Total operating income of which: credit loss (expenses) /releases Total operating expenses¹ 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) 4Q20 8,117 (66) 6,132 1,985 341 317 1,636 0.44 17.2% 16.8% 12.4% 74.9% 16.74 14.91 1Q21 8,705 28 6,407 2,298 471 406 1,824 0.49 20.5% 18.2% 14.0% 73.8% 16.47 14.65 UBS 14Q21 includes 826m net litigation expenses, of which GWM 680m, P&C 83m, AM 0m, IB 39m and Group Functions 24m 2Q21 8,976 80 6,384 2,593 581 362 2,006 0.55 22.4% 19.3% 15.4% 71.8% 16.90 15.05 3Q21 9,128 14 6,264 2,865 576 432 2,279 0.63 20.1% 20.8% 17.2% 68.7% 17.48 15.62 4Q21 8,732 27 7,003 1,729 370 365 1,348 0.38 21.4% 11.9% 10.0% 80.5% 17.84 15.97 47#494Q21 Group results by region Profit before tax bn Excl. provision for French cross-border matter Operating income bn Operating expenses bn Americas Cost/income ratio 0.9 +15% ↓ 1.0 4Q20 4Q21 3.9 +13% 2.9 +12% Switzerland +35% excl. provision for French cross-border matter +8% 0.6 4Q20 0.7 0.9 4Q21 2.0 +11% 1.3 +12% EMEA +43% excl. provision for French cross-border matter [(151%) 0.3 4Q20 0.4 (0.2) 4Q21 1.6 +1% 1.7 +37% Asia Pacific 0.4 +34% 4Q20 7 0.5 4Q21 1.4 +11% 0.9 +2% 75.2% +0.3ppts 65.6% +0.3ppts 109.4% +28.4ppts Excludes (0.1bn) revenues, 0.1bn expenses and (0.3bn) PBT from items managed at the Group level, 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 UBS 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 64.7% (2.5ppts) 48#50FY21 Group results by region Profit before tax bn Excl. provision for French cross-border matter Operating income bn Operating expenses bn Cost/income ratio Americas +18% 2.6 1 3.1 FY20 FY21 14.5 +12% 11.5 +10% 79.2% +0.5ppts Switzerland +36% excl. provision for French cross-border matter +29% 2.5 FY20 3.2 FY21 7.9 +15% 4.7 +7% 3.3 60.5% (1.3ppts) EMEA +38% excl. provision for French cross-border matter 1.4 (2%) 2.0 FY20 1.4 FY21 7.0 +8% 5.6 +11% 79.8% +2.9ppts Asia Pacific +21% 1%] 2.2 2.6 FY20 FY21 6.5 +9% 3.8 +2% 59.3% (3.1ppts) Excludes (0.3bn) revenues, 0.5bn expenses and (0.8bn) PBT from items managed at the Group level, 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 UBS 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 49#51Global Wealth Management Recurring net fee income m 2,468 2,629 +17% 2,774 2,872 2,896 4Q20 1Q21 2Q21 3Q21 4Q21 +17% YoY on higher FGA balances +1% QoQ supported by continued strong NNFGA momentum Net interest income m Loans / bn 213 Deposits/bn 348 219 1,011 337 228 344 +10% 997 1,026 231 352 1,107 234 370 UBS 1 Excluding a 75m fee in 4Q19 related to the shift of 5bn in client assets and 1bn of loans from GWM to P&C 1,114 4Q20 1Q21 2Q21 3Q21 4Q21 +10% YoY driven by higher loan and deposit volumes +1% QOQ driven by higher loan volumes Transaction-based income m 776 1,183 +4% 953 894 807 4Q20 1Q21 2Q21 3Q21 4Q21 +4% YOY driven by growth in alternative investments and structured products 11th consecutive quarter of YoY growth¹ 50#52Global Wealth Management Fee-generating assets¹ bn APAC EMEA Switzerland Americas 1,277 103 306 111 757 4Q20 Net new fee-generating assets bn 18 1,328 112 311 112 793 1Q21 36 +16% 1,416 119 329 123 845 2Q21 25 1,412 113 326 123 848 3Q21 19 1,481 116 334 130 900 4Q21 27 UBS 14Q21 includes 1.0bn FGA and (0.3bn) in NNFGA outflows in minor functions which are not included in the four regions +27bn NNFGA¹, 8% annualized growth in 4Q21 Americas +22bn EMEA +1bn Americas +64bn 8% growth +107bn NNFGA1¹, 8% growth in FY21 APAC +14bn 13% growth APAC +3bn EMEA +19bn 6% growth Switzerland +2bn Switzerland +11bn 10% growth FGA generate most of GWM's recurring net fee income (~90% in FY21), and a portion of transaction-based income (~30% in FY21) 51#53FY21 Global Wealth Management results by region Profit before tax m Excl. provision for French cross-border matter Cost/income ratio Invested assets bn Net new fee- generating assets bn Net new loans bn Americas +47% 7 1,360 FY20 2,001 81% (3ppts) 64.3 FY21 1,842 +17% 19.6 Switzerland +30% excl. provision for French cross-border matter -+17% 642 %7 FY20 750 835 61% (1ppts) 10.6 FY21 283 +4% 2.3 EMEA +45% excl. provision for French cross-border matter -(15%) 957 FY20 1,384 812 FY21 80% +7ppts 654 +7% 18.8 3.8 UBS FY21 includes (0.0bn) PBT, 3.0bn invested assets, 0.5bn NNFGA outflows and (0.0bn) net new loans in minor functions which are not included in the four regions Asia Pacific +17% 1,061 FY20 7 1,237 FY21 57% (4ppts) 521 (7%) 13.7 (0.5) 52#54RWA trajectory RWA Excluding French cross-border matter impact, bn 302 31.12.21 ~40 Business growth ~11 Regulatory and accounting changes¹ FY22: ~10bn FY23: ~1bn Markets and FX ~20 Implementation of final BIII rules² ~370 31.12.24 ● ● We are assessing the operational risk RWA impact from the French cross-border matter in consultation with FINMA We currently expect to reflect a potential single-digit billion operational risk RWA impact in 1Q22 We expect more visibility on the timing and impact of the implementation of final Basel III rules² between 2H22 and 1H23 1 The extent and timing of RWA changes may vary as methodology changes and model updates are completed and receive regulatory approval. In addition, changes in the composition of the relevant UBS portfolios and other market factors will affect RWA; 2 Estimate includes FRTB, CVA, credit and operational risk. These estimates are based on our current understanding of the relevant standards and may change as a result of new or changed regulatory rulings and interpretations particularly about the treatment of historical operational losses and the appropriate conservatism in model calibration, the implementation of the Basel III standards into national law, changes in business growth, market conditions and other factors 53#55Appendix I. Strategic update II. Appendix to FY and 4Q21 results III. Full year timeseries UBS 54#56Global Wealth Management Profit before tax m Operating income m Excl. provision for French cross-border matter Operating expenses m Transaction-based income Net interest income Recurring net fee income Excl. provision for French cross-border matter UBS 1 Income per advisor 3,254 3,557 3,397 16,785 2,971 4,101 9,577 +15% excl. provision for French cross-border matter 16,353 3,059 3,947 9,258 Other income FY18 13,531 13,228 12,955 +14% CAGR +5% CAGR FY19 4,019 +2% excl. provision for French cross-border matter 17,045 3,576 4,027 9,372 +3% CAGR Credit loss (expenses)/releases 13,026 4,783 FY20 19,449 3,836 4,244 5,440 11,170 14,665 14,009 FY21 Excl. provision for French cross-border matter Cost/income ratio 80.5% 78.7% Advisor productivity¹ 1.6m 79.1% FY18 1.6m FY19 76.0% 1.7m FY20 75.5% 72.1% 2.0m FY21 55#57Global Wealth Management Invested assets bn Fee-generating assets bn Net new fee- generating assets bn UBS 2,260 956 pro-forma n.a. FY18 2,635 1,136 n.a. FY19 +13% CAGR +16% CAGR 3,016 1,277 41 FY20 3,303 1,482 107 FY21 Loans bn Deposits bn Advisors FTE 175 278 10,677 FY18 179 296 10,077 FY19 +10% CAGR +10% CAGR (4%) CAGR 213 348 9,575 FY20 7 234 370 9,329 FY21 56#58Personal & Corporate Banking (CHF) +5% excl. provision for French cross- border matter and Worldline¹ gain Profit before tax m Operating income m Excl. provision for French cross-border matter and Worldline¹ gain Operating expenses m Transaction-based income Net interest income Recurring net fee income Excl. provision for French cross-border matter 1,760 4,074 1,082 2,003 625 1,442 FY18 1,433 2,313 2,273 3,692 1,041 Other income +2% excl. Worldline¹ gain (1%) CAGR 1,980 634 (3%) CAGR 2,259 FY19 1,175 +1% excl. provision for French cross- border matter UBS 1 Gain related to the sale of SIX Payment Services to Worldline 3,407 985 +1% CAGR 1,916 676 Credit loss (expenses)/releases 2,233 1,587 1,663 FY20 3,984 1,079 1,941 774 2,397 2,321 FY21 Cost/income ratio 60.3% Excl. provision for French cross-border matter and Worldline¹ gain 56.0% Return on attributed equity 22.5% 18.5% 60.8% FY18 17.1% FY19 61.2% 14.1% FY20 61.4% 59.4% 19.9% 19.0% FY21 57#59Personal & Corporate Banking (CHF) Loans bn Personal Banking investment products bn Personal Banking net new investment products bn UBS 131 15 0.8 FY18 132 18 0.5 FY19 +2% CAGR +16% CAGR 136 20 0.9 FY20 139 24 2.7 FY21 Active Digital Banking clients n.a. 58.1% n.a. Mobile Banking log-in share Personal Banking Branches 279 76.4% FY18 62.1% 61.9% 267 FY19 77.9% 66.1% 68.0% 239 FY20 79.3% Corporate & Institutional Clients 70.3% Personal Banking 73.5% 195 FY21 58#60Asset Management Profit before tax m Operating income m Operating expenses m Performance fees Net management fees 426 1,852 -80 Fondcenter¹ sale gains 1,772 1,426 532 FY18 UBS 1 Subsequently renamed Clearstream Fund Centre 1,938 160 1,778 Fondcenter¹ sale gains +34% CAGR 1,406 FY19 +12% CAGR +4% CAGR 1,455 884 2,974 455 1,950 1,519 1,030 FY20 993 2,616 [260] Credit loss (expenses)/releases 2,320 1,586 FY21 Cost/income ratio 77.0% Net new money, excl. money market flows, bn 24.7 72.6% FY18 12.6 FY19 51.0% 87.5 FY20 60.6% 48.0 FY21 59#61Asset Management Invested assets bn, by region APAC EMEA Americas Switzerland UBS 781 141 189 192 259 +16% CAGR 903 155 236 206 306 1,092 181 294 254 363 1,211 190 334 287 399 FY18 FY19 FY20 FY21 Invested assets bn, by business line Hedge Fund Businesses, Real Estate & Private Markets Multi-asset & Solutions Fixed income Equities 781 124 132 253 272 +16% CAGR 903 128 148 253 374 FY18 FY19 1,092 141 172 274 506 1,211 153 193 285 580 FY20 FY21 Invested assets bn, by channel Third-party wholesale UBS's wealth management business Third-party institutional 781 78 219 484 FY18 +16% CAGR 903 98 253 552 1,092 128 316 648 1,211 145 359 707 FY19 FY20 FY21 60#62Investment Bank Profit before tax m Operating income m Operating expenses m UBS Global Banking Global Markets 1,486 8,041 2,159 6,554 784 FY18 7,269 1,937 5,920 (38) Credit loss (expenses)/releases 5,362 (30) 6,485 +21% CAGR FY19 +6% CAGR +2% CAGR 2,482 9,214 2,378 7,141 (305) 6,732 FY20 2,630 9,488 3,158 6,296 34 6,858 FY21 Cost/income ratio 81.1% Return on attributed equity 11.5% 88.9% FY18 6.4% FY19 70.7% 19.7% FY20 72.5% 20.3% FY21 61#63Investment Bank Global Banking income¹ m Global Markets income¹ m Global Markets income¹ m Advisory Capital Markets Execution Services Financing Derivatives & Solutions FX, Rates and Credit Equities 2,159 717 1,442 5,920 1,520 1,684 2,715 5,920 1,604 4,316 1,937 707 1,230 FY18 5,362 1,430 1,557 2,374 5,362 1,563 3,799 +14% CAGR +2% CAGR +2% CAGR 2,378 634 1,744 7,141 1,857 1,674 3,609 7,141 2,638 4,502 3,158 988 2,170 6,296 1,894 [979 3,422 6,296 1,715 4,581 FY19 FY20 FY21 UBS 1 Excludes credit loss (expenses)/releases; 2 1-day, 95% confidence, 5 years of historical data Risk-weighted assets bn Leverage ratio denominator bn Average VaR² m 93 283 11 FY18 81 293 FY19 (0%) CAGR +4% CAGR (1%) CAGR 94 316 12 FY20 92 319 ↓ 11 FY21 62#64Cautionary statement regarding forward-looking statements Cautionary Statement Regarding Forward-Looking Statements I This presentation and video contain 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 COVID-19 pandemic and the measures taken in response to the pandemic have had and may continue to have a significant adverse effect on global economic activity, including disruptions to global supply chains, and an adverse effect on the credit profile of some of our clients and other market participants, which has resulted in and may continue to increase credit loss expense and credit impairments. In addition, we face heightened operational risks due to remote working arrangements, including risks to supervisory and surveillance controls, as well as increased fraud and data security risks. The unprecedented scale of the measures taken to respond to the pandemic, as well as the uncertainty surrounding vaccine supply, distribution, and efficacy against mutated virus strains create significantly greater uncertainty about forward-looking statements. 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) the continuing low or negative interest rate environment in Switzerland and other jurisdictions; (iv) developments (including as a result of the COVID-19 pandemic) 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, and currency exchange rates, and the effects of economic conditions, market developments, and 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; (v) changes in the availability of capital and funding, including any changes in UBS's credit spreads and ratings, 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 Group in response to legal and regulatory requirements, or other external developments; (viii) UBS's ability to maintain and improve its systems and controls for the detection and prevention of money laundering and compliance with sanctions to meet evolving regulatory requirements and expectations, in particular in the US; (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 will 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 cross-border banking business of tax or regulatory developments and of possible changes in UBS's policies and practices relating to this business; (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 while COVID-19 control measures require large portions of the staff of both UBS and its service providers to work remotely; (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 to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and governmental standards; and (xxii) the effect that these or other factors or unanticipated events 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 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 2020 and UBS's First Quarter 2021 Report on Form 6K. 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 2022. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved UBS 63