# EDGAR Filing Document

**Accession Number:** 0001610520
**File Stem:** 0001610520-26-000023
**Filing Date:** 2026-3
**Character Count:** 37745
**Document Hash:** 3708a268a15fe7292b3b44234ce3383d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001610520-26-000023.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001610520-26-000023

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 417

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS Group AG
- **CENTRAL INDEX KEY:** 0001610520
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36764
- **FILM NUMBER:** 26733191

**BUSINESS ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001
- **BUSINESS PHONE:** 41-44-234-1111

**MAIL ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001

## Ex-2

#### Exhibit 2(d)

#### UBS GROUP AG

#### DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE

#### SECURITIES EXCHANGE ACT OF 1934

#### Description of the Corporation's Ordinary Shares
The following summary of UBS Group AG's (the "Corporation") ordinary shares (the

"shares") is based on and qualified by the Corporation's Articles of Association and the laws

of Switzerland. For a complete description of the terms and provisions of the shares refer to

the Corporation's Articles of Association, which are filed as an exhibit to this Annual Report

on Form 20-F. Throughout this exhibit, references to "we," "our," and "us" refer to the

Corporation.

#### General
The issued ordinary shares of the Corporation have a nominal value of USD 0.10 each and

are fully paid up, and there is no liability of holders of such shares to further capital calls by

the Corporation.

The shares rank pari passu in all respects with each other, including in respect of voting

rights, entitlement to dividends, share of the liquidation proceeds in case of the liquidation of

the Corporation, preemptive rights in the event of a share issue (*Bezugsrechte*) and advance

subscription rights in the event of the issuance of equity-linked securities

(V

*orwegzeichnungsrechte*).

The shares are registered shares (*Namenaktien*), are issued as uncertificated securities

(*einfache Wertrechte*) (in the sense of the Swiss Code of Obligations) and, in the case of

shares registered in the Corporation's Swiss register, constitute intermediated securities

(*Bucheffekten*) (in the sense of the Swiss Federal Intermediated Securities Act).

The shares are listed on the SIX Swiss Exchange. They are also listed on the NYSE as global

registered shares. As such, the shares can be traded and transferred across applicable borders,

without the need for conversion, with identical shares traded on different stock exchanges in

different currencies. We do not apply any restrictions or limitations on the transferability of

shares.

Shareholders registered in the Corporation's share register may at any time request from the

Corporation a confirmation of the shares that they hold according to the share register.

However, shareholders have no right to request the printing and delivery of certificates for

shares or the conversion of the shares into another form. In contrast, the Corporation may

print and deliver certificates for shares (individual share certificates, certificates representing

multiples of shares or global certificates) at any time. It may also withdraw shares that

constitute intermediated securities from the applicable custody system. With the consent of

the applicable shareholder, the Corporation may cancel issued certificates (if any) that are

returned to it without replacement.

#### Share Register
Swiss law and the Corporation's Articles of Association require the Corporation to keep a

share register in which the name, address and nationality (or registered office in the case of

legal entities) of the owners of the shares are recorded. The main function of the share

register is to register shareholders entitled to vote and participate in shareholders' meetings,

or to assert or exercise other rights related to voting rights.

In order to register shares in the Corporation's share register, a shareholder must file a share

registration form with the share register. Failing such registration, a shareholder may not vote

at or participate in a shareholders' meeting but will still be entitled to receive dividends and

other rights with financial value such as preemptive rights in the event of a share issue

(*Bezugsrechte*) and advance subscription rights in the event of the issuance of equity-linked

securities (*Vorwegzeichnungsrechte*). Shareholders registered in the Corporation's share

register may at any time request from the Corporation a confirmation of the shares that they

hold according to the Corporation's share register.

The Corporation's share register is split into two parts – a Swiss register, which is maintained

by UBS Group AG, acting as Swiss transfer agent, and a U.S. register, which is maintained

by Computershare Trust Company, N.A., c/o Computershare Investor Services, P.O. Box

505000, Louisville, KY 40233-5000, United States, acting as U.S. transfer agent (the "U.S.

transfer agent").

#### Dividend Rights and Dividends
Shareholders are entitled to the dividends or other distributions approved by the shareholders'

meeting in proportion to their shareholdings.

Swiss law requires that at least 5% of the annual net profits of the Corporation must be

retained and booked as statutory retained earnings for so long as these retained earnings,

together with the statutory capital reserve, amount to no less than 20% of the Corporation's

share capital registered in the commercial register of the Canton of Zurich. Any remaining net

profit of the Corporation may be allocated by the shareholders represented at the applicable

shareholders' meeting.

Under Swiss law, dividends may be paid by the Corporation only if, based on its audited

standalone financial statements prepared in accordance with Swiss law, the Corporation has

sufficient distributable profits from the previous financial years or sufficient free reserves to

allow the distribution of a dividend. In either event, dividends may be proposed by the

Corporation's board of directors and will only be paid by the Corporation after approval by

the shareholders' meeting. The Corporation's statutory auditors must confirm that any

dividend proposal of the Corporation's board of directors is in accordance with Swiss law and

the Corporation's Articles of Association.

Dividends are usually due and payable after the shareholders' resolution relating to the

allocation of profits has been passed. Under Swiss law, the statute of limitations in respect of

dividend payments is five years (dividends not paid are allocated to a special reserve of the

Corporation).

The Corporation declares dividends in U.S. dollars. Shareholders holding their shares through

the Depository Trust Company or the U.S. transfer agent will receive dividend payments in

U.S. dollars. Shareholders holding their shares through SIX SIS receive dividends in Swiss

francs, based on an exchange rate published on the day prior to the ex-dividend date.

#### Voting Rights
In principle, each share carries one vote at a shareholders' meeting. Swiss law distinguishes

between registration with and without voting rights. Shareholders must be registered in the

Corporation's share register as shareholders with voting rights in order to vote (and assert or

exercise other rights relating to voting rights) and participate in shareholders' meetings. To so

register, shareholders must confirm that they have acquired the shares in their own name and

for their own account. We place no restrictions on share ownership and voting rights.

However, certain limitations apply to nominees pursuant to general principles formulated by

the Corporation's board of directors. Nominees normally represent a large number of

individual shareholders and may hold an unlimited number of shares. Although a nominee

may be registered in the Corporation's share register as a shareholder with voting rights, such

voting rights are limited to a maximum of 5% of all issued shares and the relevant nominee

must agree to disclose, upon our request, beneficial owners holding 0.3% or more of all

issued shares. In respect of any shares held by a nominee above the 5% limit, or for which no

agreement exists to disclose the beneficial owners meeting the 0.3% threshold, the relevant

nominee will be entered in the Corporation's share register as a shareholder without voting

rights. The above-described 5% limit has been implemented to avoid large shareholders being

entered in the Corporation's share register via nominees so as to exercise influence without

directly registering their shares with the Corporation. An exception to the 5% limit is in place

for securities clearing organizations, such as the Depository Trust Company.

Unless otherwise provided by Swiss law or the Corporation's Articles of Association,

resolutions require the approval of a majority of the votes represented, excluding blank and

invalid ballots, at a shareholders' meeting in order to be passed.

Under Swiss law, a resolution passed at a shareholders' meeting with the approval of at least

two-thirds of the votes, and a majority of the aggregate nominal value of shares, in each case

represented (in person or by proxy) at such meeting is required in order to approve certain

specific issues. Such issues include introducing shares with preferential voting rights, any

restriction on the transferability of registered shares, the creation of conditional capital, the

introduction of capital band or the introduction of reserve capital, restricting or excluding

preemptive rights in the event of a share issue (*Bezugsrechte*), and, in certain circumstances,

restricting or excluding advance subscription rights in the event of the issuance of equity-

linked securities (*Vorwegzeichnungsrechte*).

The Corporation's Articles of Association require a resolution passed at a shareholders'

meeting with the approval of at least two-thirds of the votes represented (in person or by

proxy) at such meeting in order to approve any change to their provisions regarding the

number of members of the board of directors, any decision to remove one-quarter or more of

the members of the board of directors or the deletion or modification of the provision thereof

establishing these supermajority requirements.

#### Shareholder Ownership Disclosure and Mandatory Tender Offer
Under the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in

Securities and Derivatives Trading of June 19, 2015, as amended (the "Swiss Financial

Market Infrastructure Act"), anyone who directly, indirectly or acting in concert with third

parties, acquires or disposes of shares in a company with at least one class of equity securities

listed in Switzerland or holds other purchase or sale positions relating to such shares, and,

thereby reaches, falls below or exceeds one of the following percentage thresholds: 3, 5, 10,

15, 20, 25, 33 1⁄3, 50 or 66 2⁄3% of the voting rights in such company, regardless of whether

or not such rights may be exercised, must notify the company and the Swiss stock exchange

on which such equity securities are listed. Nominees that cannot autonomously decide how

voting rights are exercised are not required to notify the company and such stock exchange if

they reach, exceed or fall below the aforementioned thresholds.

Pursuant to the Swiss Financial Market Infrastructure Act, any person that acquires shares of

a Swiss company with at least one class of securities listed on a Swiss stock exchange or a

non-Swiss company with a primary listing of at least one class of securities on a Swiss stock

exchange, whether directly or indirectly or acting in concert with third parties, which shares,

when taken together with any other shares of such company held by such person (or such

third parties), exceed the threshold of 33 1/3% of the voting rights (whether exercisable or

not) of such company, must submit a takeover offer to acquire all other listed equity securities

of such company. Pursuant to the practice of the Swiss Takeover Board, certain derivatives

also need to be taken into account when calculating whether the 33 ⅓% threshold has been

exceeded. The mandatory takeover offer obligation may be waived by the Swiss Takeover

Board or FINMA. However, if no waiver is granted, the mandatory takeover offer must be

made pursuant to the procedural rules set forth in the Swiss Financial Market Infrastructure

Act and the implementing ordinances.

#### Board of Directors
The term of office for each member of the Corporation's board of directors is until the next

annual general meeting of shareholders. Pursuant to the Corporation's organizational

regulations, board members are generally expected to serve for at least three years and no

board member may serve for more than 10 consecutive terms of office. In exceptional

circumstances the Corporation's board of directors can extend this limit.

Members whose term of office has expired are immediately eligible for re-election.

#### Liquidation Rights
In the event of liquidation of the Corporation's assets, shareholders are entitled to a

proportional share after all debts have been paid.

#### Repurchase of Shares
Swiss law limits the Corporation's ability to hold or repurchase shares. The Corporation and

its subsidiaries may repurchase shares only if and to the extent that (i) the Corporation has

freely distributable reserves in the amount of the purchase price and (ii) the aggregate

nominal value of all shares held by the Corporation and its subsidiaries does not exceed 10%

of the Corporation's nominal share capital (or 20% of its nominal share capital in specific

circumstances). Repurchases for cancellation purposes approved by the shareholders' meeting

are not subject to the 10% threshold for the Corporation's own shares within the meaning of

article 659 paragraph 2 of the Swiss Code of Obligations. The Corporation must create a

special reserve in its standalone financial statements prepared in accordance with Swiss law

in the amount of the purchase price of any repurchased shares. Furthermore, in the

Corporation's consolidated financial statements, own shares must be recorded as a negative

equity item in an amount equal to the repurchase price thereof, resulting in a reduction in

total shareholders' equity. Shares held by the Corporation or any of its subsidiaries do not

carry any rights to vote at shareholders' meetings.

#### Preemptive and Advanced Subscription Rights
Under Swiss law, any share issue, whether for cash or non-cash consideration or for no

consideration, is subject to the prior approval of the shareholders' meeting. Existing

shareholders of a Swiss corporation have certain preemptive rights in the event of a share

issue (*Bezugsrechte*) and advance subscription rights in the event of the issuance of equity-

linked securities (*Vorwegzeichnungsrechte*) to subscribe for the new shares or equity-linked

securities, as the case may be, in proportion to the aggregate nominal value of shares held.

However, the articles of association of the corporation, or a resolution approved at a

shareholders' meeting by at least two-thirds of the votes, and a majority of the aggregate

nominal value of the shares, in each case represented (in person or by proxy) at the meeting,

may limit or exclude such preemptive or advance subscription rights in certain limited

circumstances.

## Ex-12

#### Exhibit 12
CERTIFICATION UNDER SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Sergio Ermotti, certify that:

1. I have reviewed this annual report on Form 20-F of UBS Group AG;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit

to state a material fact necessary to make the statements made, in light of the circumstances under

which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this

report, fairly present in all material respects the financial condition, results of operations and cash

flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining

disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and

internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for

the company and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating

to the company, including its consolidated subsidiaries, is made known to us by others within

those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over

financial reporting to be designed under our supervision, to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for

external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the company's disclosure controls and procedures and

presented in this report our conclusions about the effectiveness of the disclosure controls and

procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the company's internal control over financial reporting

that occurred during the period covered by the annual report that has materially affected, or is

reasonably likely to materially affect, the company's internal control over financial reporting;

and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of

internal control over financial reporting, to the company's auditors and the audit committee of the

company's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal

control over financial reporting which are reasonably likely to adversely affect the company's

ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a

significant role in the company's internal control over financial reporting.

Date: March 9, 2026

_/s/ Sergio Ermotti _______________

Name: Sergio Ermotti

Title: Group Chief Executive Officer

CERTIFICATION UNDER SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Todd Tuckner, certify that:

1. I have reviewed this annual report on Form 20-F of UBS Group AG;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit

to state a material fact necessary to make the statements made, in light of the circumstances under

which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this

report, fairly present in all material respects the financial condition, results of operations and cash

flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining

disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and

internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for

the company and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating

to the company, including its consolidated subsidiaries, is made known to us by others within

those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over

financial reporting to be designed under our supervision, to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for

external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the company's disclosure controls and procedures and

presented in this report our conclusions about the effectiveness of the disclosure controls and

procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the company's internal control over financial reporting

that occurred during the period covered by the annual report that has materially affected, or is

reasonably likely to materially affect, the company's internal control over financial reporting;

and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of

internal control over financial reporting, to the company's auditors and the audit committee of the

company's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal

control over financial reporting which are reasonably likely to adversely affect the company's

ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a

significant role in the company's internal control over financial reporting.

Date: March 9, 2026

/s/ Todd Tuckner ______________

Name: Todd Tuckner

Title: Group Chief Financial Officer

## Ex-13

#### Exhibit 13
CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350,

Chapter 63 of Title 18, United States Code), the undersigned officer of UBS Group AG, a Swiss corporation

(the "Company"), hereby certifies, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Report") of the

Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of

1934 (15 U.S.C. §§ 78m or 78o(d)) and information contained in the Report fairly presents, in all material

respects, the financial condition and results of operations of the Company.

Date: March 9, 2026

_/s/ Sergio Ermotti ______________

Name: Sergio Ermotti

Title: Group Chief Executive Officer

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of

2002 (subsections (a) and (b) of section 1350, Chapter 63 of Title 18, United States Code) and is not being

filed as part of the Report or as a separate disclosure document.

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350,

Chapter 63 of Title 18, United States Code), the undersigned officer of UBS Group AG, a Swiss corporation

(the "Company"), hereby certifies, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Report") of the

Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of

1934 (15 U.S.C. §§ 78m or 78o(d)) and information contained in the Report fairly presents, in all material

respects, the financial condition and results of operations of the Company.

Date: March 9, 2026

_/s/ Todd Tuckner ____ _____________

Name: Todd Tuckner

Title: Group Chief Financial Officer

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of

2002 (subsections (a) and (b) of section 1350, Chapter 63 of Title 18, United States Code) and is not being

filed as part of the Report or as a separate disclosure document.

## Ex-15

#### Exhibit 15

#### Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in each of the following registration statements:

(1) on Form F-3 (Registration Number 333-293403),

(2) on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641; 333-200665; 333-215254; 333-215255;

333-228653; 333-230312; 333-249143; and 333-272975), and

(3) each related prospectus currently outstanding under any of the aforementioned registration statements,

of our reports dated 6 March 2026, with respect to the consolidated financial statements of UBS Group AG and the

effectiveness of internal control over financial reporting of UBS Group AG, included in this Annual Report (Form 20-F) for the

year ended 31 December 2025, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Ltd

Basel, Switzerland

9 March 2026

## Ex-17

#### Exhibit 17

#### UBS Group AG – subsidiary guarantor

#### Securities

#### Guarantor
UBS Americas Inc., a Delaware corporation and an indirect

wholly owned subsidiary of UBS Group AG and UBS AG,

is the issuer of the the 7⅛% Notes due 2032, which are fully

and unconditionally guaranteed by UBS Group AG and

UBS AG on a several basis. The original issuer of the 7⅛%

Notes due 2032 was Credit Suisse (USA) LLC (formerly

known as Credit Suisse (USA), Inc. and Credit Suisse First

Boston (USA), Inc.

UBS AG and UBS Group AG

## Ex-11

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![exhibit111p3i0](exhibit111p3i0.jpg)

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![exhibit111p6i0](exhibit111p6i0.jpg)

![exhibit111p7i0](exhibit111p7i0.jpg)

![exhibit111p8i0](exhibit111p8i0.jpg)

![exhibit111p9i0](exhibit111p9i0.jpg)

![exhibit111p10i0](exhibit111p10i0.jpg)

![exhibit111p11i0](exhibit111p11i0.jpg)

![exhibit111p12i0](exhibit111p12i0.jpg)

![exhibit111p13i0](exhibit111p13i0.jpg)

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![exhibit111p15i0](exhibit111p15i0.jpg)

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![exhibit111p21i0](exhibit111p21i0.jpg)

## Ex-4

![exhibit425p1i0](exhibit425p1i0.gif)

#### Exhibit 4.25

#### High-trigger loss-absorbing additional tier 1 capital instrument

#### Issuer
UBS Group AG, or other employing entities of the UBS group

#### ISIN
-

#### Issue Date
19.02.2026 1

#### Currency
USD / CHF

#### Nominal

(million)

#### Coupon Rate
6.70% / 3.05%

#### Maturity Date
perpetual

#### First Call Date
1 March 2031

Issuance date which corresponds to grant date for employees.

For information on the outstanding amount, refer to the table "Capital and total loss-absorbing capacity

instruments of UBS Group AG (consolidated), UBS AG consolidated and standalone - Key features".

Applicable to USD-denominated and CHF-denominated issues, respectively, and not payable to EU

MRTs and certain AM Regulated Employees, both as defined within this document.

Subject to forfeiture and vesting provisions.

2 \| 4

#### Deferred Contingent Capital Plan 2025/26 (DCCP)
Summary description of the terms and conditions of DCCP as a capital instrument

#### Overview
Issues under the DCCP are made by UBS Group AG or certain other employing

entities to key contributors at UBS Group AG or any of its subsidiaries (together,

the "Group"). Eligibility is determined by the Issuer and issues are granted at its

sole discretion.

#### Issuer
UBS Group AG or certain other employing entities of the UBS group

#### Type of

#### instrument
Non-transferable contingent right against the Issuer to receive (i)

discretionary annual interest equivalent payments on the nominal

value of a hypothetical perpetual Additional Tier 1 ("AT1") security

notionally issued by UBS Group AG at grant (the "Notional Bond"), and (ii)

at redemption, as determined by the Issuer in its sole discretion, either

the value of the Notional Bond in cash or perpetual AT1 securities

issued or guaranteed by UBS Group AG or any other member of the

Group of equivalent value (in each case net of any applicable taxes

and social security contributions to the employee's account).

For DCCP awarded to EU Material Risk Takers (MRT)

and certain AM Regulated

Employees

there will be no contingent right to receive discretionary annual interest

payments; only a non-transferable contingent right against the Issuer to receive the

amount indicated under (ii) above.

#### Conditional

#### Interest

#### Equivalents
Subject to (i) the conditions set out under "Trigger Event or Viability Event" and

"Forfeiture and Vesting Provisions" and (ii) the discretionary and mandatory interest

cancellation provisions as set out below, interest equivalents will be payable

annually in arrears on the nominal value of the Notional Bond at a rate of 3.05% for

CHF-denominated issues and 6.70% for USD-denominated issues.

The Issuer may, at its discretion, elect to cancel any interest equivalent that is

otherwise scheduled to be paid on any interest payment date. In addition, without

limitation to the foregoing, payments of interest equivalents will not be made unless

sufficient distributable items (i.e., net profits carried forward and freely distributable

reserves) of UBS Group AG are available.

#### Maturity date
Issues under the DCCP have no scheduled maturity date.

Notwithstanding the foregoing, but subject to the conditions set out under "Trigger

Event or Viability Event" and "Forfeiture and Vesting Provisions", issues to US

taxpayers will mature and be settled on or about 1 March 2031 (the "First Call

Date"). The Notional Bond underlying such issues will have no scheduled maturity

date.

Based on relevant European Banking Authority's ("EBA") Regulatory Technical Standards (RTS) for EU MRTs

and for AM Regulated Employees identified under any of the following regimes: UK MIFIDPRU Regime, UCITS

Regime and AIFMD Regime.

3 \| 4

#### Trigger Event

#### or Viability

#### Event
All outstanding issuances under the DCCP (or, in case of a Trigger Event (as

defined below), all outstanding awards under the DCCP in relation to which a

Trigger Event has occurred) will be automatically and permanently written down

to zero, no further amounts will be due or paid thereunder and such awards will

be permanently cancelled, if: a)

the reported Common Equity Tier 1 ratio of the Group set forth in UBS

Group AG 's quarterly financial accounts, results, the annual report, or in

any reviewed interim measurement published upon the instruction of the

Swiss Financial Market Supervisory Authority FINMA ("FINMA"), falls

below 7% or, with respect to grants awarded to Group Executive Board

members, 10%, as of the relevant balance sheet date (each, a "Trigger

Event"); b)

FINMA provides UBS Group AG with written notice of its determination

that amounts outstanding under the DCCP are required to be written

down to prevent the insolvency, bankruptcy or failure of UBS Group AG;

or c)

UBS Group AG has received a commitment of direct or indirect

extraordinary support from the public sector that FINMA has determined

and confirmed in writing to UBS Group AG is necessary to prevent the

insolvency, bankruptcy or failure of UBS Group AG (an event described

in clause (b) or (c), a "Viability Event").

#### Conditional

#### Redemption
Subject to the conditions set out under "Trigger Event or Viability Event" and

"Forfeiture and Vesting Provisions" and except as mentioned below, the Issuer

may, at its sole discretion, redeem any issuance by way of either a cash payment

or delivery of AT1 securities on the First Call Date, provided that, where the

Issuer has elected to redeem an issuance by way of a cash payment, a

redemption will not occur until FINMA has approved it.

In case of a redemption by way of delivery of securities, the securities will be

perpetual AT1 securities issued or guaranteed by UBS or any other member of the

Group with substantially the same terms and provisions consistent with the Notional

Bond, including but not limited to, the same Trigger and Viability Events.

Furthermore, the aggregate value of the AT1 securities shall, subject to rounding,

equal the value of the Notional Bond (net of any applicable taxes and social security

contributions).

For issuances granted to US taxpayers, redemption will be on the First Call Date 1

March 2031 as mentioned above, such that if FINMA approval for any cash

settlement has not been given at the applicable point in time, issuances must be

settled by delivery of AT1 securities, on or about that date. Any AT1 securities

delivered at settlement shall be marketable subordinated UBS Group AG debt

instruments in the AT1 category having such terms and provisions consistent with

the Notional Bond terms and provisions as determined by UBS Group AG in its sole

discretion on or prior to the grant date.

#### Forfeiture and

#### Vesting

#### Provisions
Subject to the conditions set out under "Trigger Event or Viability Event",

issuances under the DCCP will vest after a minimum of five years.

An outstanding unvested issuance under the DCCP will generally be forfeited and

cancelled, and no further interest equivalents will generally be due or paid, due to

termination of employment or harmful acts by the employee. In certain

circumstances, vesting of outstanding awards under the DCCP may be subject to

conditions relating to the performance of the Group and/or the employee's

business division and similar conditions. In addition, with respect to any award

4 \| 4

granted to Group Executive Board members, if the Group does not generate an

adjusted pre-tax profit with respect to any financial year ending during or after the

year of grant, but prior to the relevant vesting date, the nominal amount of such

award will be reduced by 20% (for each year the Group does not generate an

adjusted pre-tax profit) of the nominal amount of such award on the relevant

grant date.

In case of death (in or out of service) or disability, an outstanding unvested

issuance under the DCCP will vest on the date that the employee's employment

contract terminates due to death or disability or any other date as determined by

the Issuer.

Vesting may be accelerated, and forfeiture provisions may be relaxed, in case of

early termination of the DCCP by, or change of control in, UBS Group AG.

#### Status
In the event of the liquidation or winding up of the Issuer under circumstances that

do not coincide with the occurrence of a Trigger Event or a Viability Event, the

holder will have a claim ranking junior to all rights and claims of priority creditors of

the Issuer (i.e., claims in respect of obligations of the Issuer (i) that are

unsubordinated or (ii) that are subordinated (including Tier 2 instruments) and do

not, or are expressly not stated to, rank pari passu with, or junior to, the Issuer's

obligations under the DCCP or any of the Issuer's obligations ranking pari passu

with the Issuer's obligations under the DCCP).

#### Governing

#### Law
Swiss law / in certain cases, New York law

## Ex-4

![exhibit427p1i0](exhibit427p1i0.jpg)

![exhibit427p2i0](exhibit427p2i0.jpg)

![exhibit427p3i0](exhibit427p3i0.jpg)

![exhibit427p4i0](exhibit427p4i0.jpg)

![exhibit427p5i0](exhibit427p5i0.jpg)

![exhibit427p6i0](exhibit427p6i0.jpg)

![exhibit427p7i0](exhibit427p7i0.jpg)

![exhibit427p8i0](exhibit427p8i0.jpg)

![exhibit427p9i0](exhibit427p9i0.jpg)

![exhibit427p10i0](exhibit427p10i0.jpg)

![exhibit427p11i0](exhibit427p11i0.jpg)

![exhibit427p12i0](exhibit427p12i0.jpg)

![exhibit427p13i0](exhibit427p13i0.jpg)

![exhibit427p14i0](exhibit427p14i0.jpg)

![exhibit427p15i0](exhibit427p15i0.jpg)

![exhibit427p16i0](exhibit427p16i0.jpg)

![exhibit427p17i0](exhibit427p17i0.jpg)

![exhibit427p18i0](exhibit427p18i0.jpg)

![exhibit427p19i0](exhibit427p19i0.jpg)

![exhibit427p20i0](exhibit427p20i0.jpg)

![exhibit427p21i0](exhibit427p21i0.jpg)

![exhibit427p22i0](exhibit427p22i0.jpg)

![exhibit427p23i0](exhibit427p23i0.jpg)

![exhibit427p24i0](exhibit427p24i0.jpg)

![exhibit427p25i0](exhibit427p25i0.jpg)

![exhibit427p26i0](exhibit427p26i0.jpg)

![exhibit427p27i0](exhibit427p27i0.jpg)

![exhibit427p28i0](exhibit427p28i0.jpg)

## Ex-4

![exhibit428p1i0](exhibit428p1i0.jpg)

![exhibit428p2i0](exhibit428p2i0.jpg)

![exhibit428p3i0](exhibit428p3i0.jpg)

![exhibit428p4i0](exhibit428p4i0.jpg)

![exhibit428p5i0](exhibit428p5i0.jpg)

![exhibit428p6i0](exhibit428p6i0.jpg)

![exhibit428p7i0](exhibit428p7i0.jpg)

![exhibit428p8i0](exhibit428p8i0.jpg)

![exhibit428p9i0](exhibit428p9i0.jpg)

![exhibit428p10i0](exhibit428p10i0.jpg)