# EDGAR Filing Document

**Accession Number:** 0001610520
**File Stem:** 0001610520-23-000044
**Filing Date:** 2023-3
**Character Count:** 340314
**Document Hash:** 0efe93b41000d2727234d0fee034bc8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001610520-23-000044.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001610520-23-000044

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36764
- **FILM NUMBER:** 23707605

**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
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS AG
- **CENTRAL INDEX KEY:** 0001114446
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15060
- **FILM NUMBER:** 23707606

**BUSINESS ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH 8001
- **BUSINESS PHONE:** 203-719-5241

**MAIL ADDRESS:**
- **STREET 1:** 600 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

&nbsp;&nbsp;&nbsp;&nbsp;

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

_________________

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16 UNDER**

**THE SECURITIES EXCHANGE ACT OF 1934**

**Date: March 6, 2023**

**UBS Group AG**

**Commission File Number: 1-36764**

**UBS AG**

**Commission File Number: 1-15060**

(Registrants' Name)

Bahnhofstrasse 45, Zurich, Switzerland and<br> Aeschenvorstadt 1, Basel, Switzerland

(Address of principal executive offices)

Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F o

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&nbsp;&nbsp;&nbsp;&nbsp;

This Form 6-K consists of the UBS AG audited standalone financial statements for the year ended 31 December 2022, as well as the consent of Ernst & Young Ltd. with respect thereto, which appear immediately following this page.

------

 <sup>UBS AG</sup>

&nbsp;&nbsp;&nbsp;&nbsp;Standalone financial statements and regulatory

&nbsp;&nbsp;&nbsp;&nbsp;Information for the year ended 31 December 2022

![A couple sitting on a dock Description automatically generated with medium confidence](ar22ubsagstandalonex2x0.jpg)

------

Table of contents

---

| | |
|:---|:---|
| **1** | [**UBS AG standalone financial statements (audited)**](#AG_standalone_FS_EN) |
| **40** | [**UBS AG standalone regulatory information**](#UBS_AG_standalone_regulatory_info) |

---

------

UBS AG standalone financial statements <br> (audited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Income statement** |  |  |  |  |  |
|  |  | USD m | USD m | CHF m | CHF m |
|  |  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | Note | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Interest and discount income<sup>1</sup> |  | **7133** | 4091 | **6821** | 3745 |
| Interest and dividend income from trading portfolio<sup>1</sup> |  | **2199** | 2572 | **2097** | 2360 |
| Interest and dividend income from financial investments |  | **359** | 115 | **344** | 105 |
| Interest expense<sup>2</sup> |  | **(9197)** | (5128) | **(8799)** | (4704) |
| Gross interest income |  | **495** | 1649 | **463** | 1506 |
| Credit loss (expense) / release | 13 | **18** | 78 | **17** | 72 |
| Net interest income |  | **513** | 1727 | **480** | 1578 |
| Fee and commission income from securities and investment business and other fee and commission income |  | **2756** | 3703 | **2618** | 3390 |
| Credit-related fees and commissions |  | **99** | 109 | **95** | 100 |
| Fee and commission expense |  | **(684)** | (810) | **(651)** | (741) |
| Net fee and commission income |  | **2171** | 3002 | **2062** | 2749 |
| Net trading income | 3  | **5796** | 3623 | **5512** | 3301 |
| Net income from disposal of financial investments |  | **(110)** | 56 | **(106)** | 52 |
| Dividend income from investments in subsidiaries and other participations | 4 | **6465** | 6401 | **6183** | 5882 |
| Income from real estate holdings |  | **394** | 480 | **375** | 439 |
| Sundry ordinary income | 5 | **1467** | 1342 | **1397** | 1229 |
| Sundry ordinary expenses | 5 | **(937)** | (338) | **(888)** | (308) |
| Other income from ordinary activities |  | **7279** | 7940 | **6962** | 7295 |
| Total operating income |  | **15759** | 16293 | **15015** | 14923 |
| Personnel expenses | 6 | **3109** | 3221 | **2960** | 2943 |
| General and administrative expenses | 7 | **3543** | 3625 | **3375** | 3317 |
| Subtotal operating expenses |  | **6653** | 6846 | **6334** | 6260 |
| Impairment of investments in subsidiaries and other participations | 4 | **1056** | 1187 | **1014** | 1090 |
| Depreciation, amortization and impairment of property, equipment, software and intangible assets |  | **743** | 816 | **708** | 747 |
| Changes in provisions for litigation, regulatory and similar matters, and other provisions | 8 | **54** | 862 | **50** | 787 |
| Total operating expenses |  | **8505** | 9712 | **8106** | 8885 |
| Operating profit |  | **7253** | 6581 | **6909** | 6037 |
| Extraordinary income | 9 | **201** | 282 | **191** | 262 |
| Extraordinary expenses | 9 | **2** | 1 | **2** | 1 |
| Tax expense / (benefit) | 10 | **295** | 315 | **281** | 286 |
| **Net profit / (loss)**  |  | **7157** | 6548 | **6817** | 6013 |
| 1 Interest income includes negative interest income of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). 2 Includes negative interest expense on financial liabilities of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). | 1 Interest income includes negative interest income of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). 2 Includes negative interest expense on financial liabilities of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). | 1 Interest income includes negative interest income of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). 2 Includes negative interest expense on financial liabilities of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). | 1 Interest income includes negative interest income of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). 2 Includes negative interest expense on financial liabilities of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). | 1 Interest income includes negative interest income of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). 2 Includes negative interest expense on financial liabilities of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). | 1 Interest income includes negative interest income of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). 2 Includes negative interest expense on financial liabilities of approximately USD 0.4bn (CHF 0.4bn) for the year ended 31 December 2022 (approximately USD 0.5bn (CHF 0.4bn) for the year ended 31 December 2021). |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance sheet**  |  |  |  |  |  |
|  |  | USD m | USD m | CHF m | CHF m |
|  | Note | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| **Assets** |  |  |  |  |  |
| Cash and balances at central banks | 13 | **48344** | 53760 | **44684** | 49012 |
| Due from banks | 13, 24 | **31450** | 33330 | **29069** | 30386 |
| Receivables from securities financing transactions  | 11, 13, 24 | **58141** | 56336 | **53739** | 51360 |
| Due from customers | 12, 13, 24 | **105552** | 121812 | **97561** | 111052 |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity<sup>1</sup> | 12, 13, 24 | **27678** | 27530 | **25582** | 25098 |
| Mortgage loans | 12, 13 | **5039** | 5492 | **4657** | 5007 |
| Trading portfolio assets | 14 | **98566** | 119795 | **91104** | 109213 |
| Derivative financial instruments | 15 | **14701** | 11921 | **13588** | 10868 |
| Financial investments | 16 | **43746** | 19482 | **40434** | 17761 |
| Accrued income and prepaid expenses | 13 | **1872** | 1213 | **1730** | 1106 |
| Investments in subsidiaries and other participations | 4 | **51029** | 50671 | **47165** | 46195 |
| Property, equipment and software |  | **5134** | 5580 | **4745** | 5087 |
| Other assets | 12, 13, 17 | **13516** | 2927 | **12491** | 2667 |
| **Total assets** |  | **504767** | 509851 | **466550** | 464814 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: subordinated assets* |  | ***18748*** | *18751* | ***17329*** | *17095* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: subject to mandatory conversion and / or debt waiver*  |  | ***18042*** | *17813* | ***16676*** | *16239* |
| **Liabilities** |  |  |  |  |  |
| Due to banks | 24 | **47329** | 40293 | **43745** | 36734 |
| Payables from securities financing transactions  | 11, 24 | **23497** | 23046 | **21718** | 21010 |
| Due to customers | 24 | **138941** | 141119 | **128421** | 128654 |
| Funding received from UBS Group AG measured at amortized cost | 21, 24 | **61202** | 57078 | **56568** | 52036 |
| Trading portfolio liabilities | 14 | **25058** | 25711 | **23160** | 23440 |
| Derivative financial instruments | 15 | **17429** | 14128 | **16109** | 12880 |
| Financial liabilities designated at fair value | 14, 20 | **70603** | 73081 | **65258** | 66625 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding received from UBS Group AG* | 20, 21, 24 | ***1959*** | *2137* | ***1811*** | *1948* |
| Bonds issued | 21 | **56148** | 73631 | **51897** | 67127 |
| Accrued expenses and deferred income |  | **3592** | 2919 | **3320** | 2661 |
| Other liabilities | 17 | **1582** | 2305 | **1462** | 2100 |
| Provisions | 13 | **2026** | 2136 | **1872** | 1947 |
| **Total liabilities** |  | **447406** | 455446 | **413532** | 415215 |
| **Equity** |  |  |  |  |  |
| Share capital | 22 | **393** | 393 | **386** | 386 |
| General reserve |  | **36326** | 36326 | **35649** | 35649 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: statutory capital reserve* |  | ***36326*** | *36326* | ***35649*** | *35649* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: capital contribution reserve<sup>2</sup>* |  | ***36326*** | *36326* | ***35649*** | *35649* |
| Voluntary earnings reserve |  | **13485** | 11138 | **10167** | 7552 |
| Net profit / (loss) for the period |  | **7157** | 6548 | **6817** | 6013 |
| **Total equity**  |  | **57361** | 54405 | **53018** | 49599 |
| **Total liabilities and equity** |  | **504767** | 509851 | **466550** | 464814 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: subordinated liabilities* |  | ***66872*** | *65219* | ***61809*** | *59459* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: subject to mandatory conversion and / or debt waiver*  |  | ***66314*** | *64654* | ***61293*** | *58943* |
| 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The Swiss Federal Tax Administration's current position is that, of the CHF 35.6bn capital contribution reserve available as of 31 December 2022, an amount limited to CHF 20.5bn is available from which dividends may be paid without a Swiss withholding tax deduction.  | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The Swiss Federal Tax Administration's current position is that, of the CHF 35.6bn capital contribution reserve available as of 31 December 2022, an amount limited to CHF 20.5bn is available from which dividends may be paid without a Swiss withholding tax deduction.  | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The Swiss Federal Tax Administration's current position is that, of the CHF 35.6bn capital contribution reserve available as of 31 December 2022, an amount limited to CHF 20.5bn is available from which dividends may be paid without a Swiss withholding tax deduction.  | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The Swiss Federal Tax Administration's current position is that, of the CHF 35.6bn capital contribution reserve available as of 31 December 2022, an amount limited to CHF 20.5bn is available from which dividends may be paid without a Swiss withholding tax deduction.  | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The Swiss Federal Tax Administration's current position is that, of the CHF 35.6bn capital contribution reserve available as of 31 December 2022, an amount limited to CHF 20.5bn is available from which dividends may be paid without a Swiss withholding tax deduction.  | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The Swiss Federal Tax Administration's current position is that, of the CHF 35.6bn capital contribution reserve available as of 31 December 2022, an amount limited to CHF 20.5bn is available from which dividends may be paid without a Swiss withholding tax deduction.  |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Balance sheet (continued)** |  |  |  |  |
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| **Off-balance sheet items** |  |  |  |  |
| **Contingent liabilities, gross** | **20359** | 19046 | **18818** | 17364 |
| Sub-participations | **(1069)** | (1093) | **(988)** | (997) |
| **Contingent liabilities, net** | **19290** | 17953 | **17830** | 16367 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: guarantees to third parties related to subsidiaries* | ***6156*** | *7825* | ***5690*** | *7133* |
| **Irrevocable loan commitments, gross** | **16272** | 17394 | **15041** | 15858 |
| Sub-participations | **0** | 0 | **0** | 0 |
| **Irrevocable loan commitments, net** | **16272** | 17394 | **15041** | 15858 |
| **Forward starting transactions<sup>1</sup>** | **54321** | 41719 | **50208** | 38034 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: reverse repurchase agreements* | ***27343*** | *24559* | ***25273*** | *22390* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: repurchase agreements* | ***26978*** | *17160* | ***24936*** | *15644* |
| **Liabilities for calls on shares and other equity instruments** | **5** | 5 | **4** | 4 |
| 1 Cash to be paid in the future by either UBS AG or the counterparty. | 1 Cash to be paid in the future by either UBS AG or the counterparty. | 1 Cash to be paid in the future by either UBS AG or the counterparty. | 1 Cash to be paid in the future by either UBS AG or the counterparty. | 1 Cash to be paid in the future by either UBS AG or the counterparty. |

---

**Off-balance sheet items**

Contingent liabilities include indemnities and guarantees issued by UBS AG for the benefit of subsidiaries and creditors of subsidiaries.

Where the indemnity amount issued by UBS AG is not specifically defined, the indemnity relates to the solvency or minimum capitalization of a subsidiary, and therefore no amount is included in the table above.

Joint and several liability – value-added tax

UBS AG is jointly and severally liable for the combined value-added tax (VAT) liability of UBS entities that belong to the VAT group of UBS in Switzerland. This contingent liability is not included in the table above.

Guarantees – UBS Europe SE

Following the combined UK business transfer and cross-border merger of UBS Limited into UBS Europe SE in March 2019, UBS AG issued a guarantee for the benefit of counterparties of UBS Europe SE's investment banking business, covering transactions subject to master netting agreements.

A similar guarantee that UBS AG issued in 2003 for the benefit of each counterparty of UBS Limited also continues to be effective. This guarantee covers transactions in accordance with and contemplated under any agreement entered into by UBS Limited prior to the merger into UBS Europe SE, to the extent that such an agreement has not been amended by UBS Europe SE thereafter.

Under both guarantees, UBS AG promises to pay to the beneficiary counterparties any unpaid liabilities covered under the terms of the guarantees on demand. These guarantees are included as contingent liabilities in the off-balance sheet items table above.

Indemnities – UBS Europe SE

In connection with the establishing of UBS Europe SE in 2016, UBS AG entered into agreements with UBS Europe SE under which UBS AG would provide UBS Europe SE with limited indemnification of payment obligations that may arise from certain litigation, regulatory and similar matters.

As of 31 December 2022, the amount of such potential payment obligations could not be reliably estimated and the likelihood of an outflow is not considered to be probable or the probability of an outflow was assessed to be remote; therefore, the table above does not include any amount related to this limited indemnification.

In addition, in accordance with the bylaws of the Deposit Protection Fund of the Association of German Banks, UBS AG issued an indemnity in favor of this fund on behalf of UBS Europe SE. The probability of an outflow was assessed to be remote, and as a result, the table above does not include any exposure arising under this indemnity.

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement of changes in equity** |  |  |  |  |  |
| *USD m* | Share capital | Statutory capital reserve | Voluntary earnings <br> reserve and<br> profit / (loss)<br> carried forward | Net profit / (loss) <br> for the period | Total equity |
| **Balance as of 1 January 2022** | **393** | **36326** | **11138** | **6548** | **54405** |
| Dividend distribution |  |  | (4200) |  | (4200) |
| Net profit / (loss) appropriation |  |  | 6548 | (6548) | 0 |
| Net profit / (loss) for the period |  |  |  | 7157 | 7157 |
| **Balance as of 31 December 2022** | **393** | **36326** | **13485** | **7157** | **57361** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *CHF m* | Share capital | Statutory capital reserve | Voluntary earnings <br> reserve and<br> profit / (loss)<br> carried forward | Net profit / (loss) <br> for the period | Total equity |
| **Balance as of 1 January 2022** | **386** | **35649** | **7552** | **6013** | **49599** |
| Dividend distribution |  |  | (4087) |  | (4087) |
| Net profit / (loss) appropriation |  |  | 6013 | (6013) | 0 |
| Net profit / (loss) for the period |  |  |  | 6817 | 6817 |
| Currency translation difference |  |  | 690 |  | 690 |
| **Balance as of 31 December 2022** | **386** | **35649** | **10167** | **6817** | **53018** |

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**Statement of proposed appropriation of total profit and dividend distribution**

The Board of Directors (the BoD) proposes that the Annual General Meeting of Shareholders (the AGM) on 4 April 2023 approve the appropriation of total profit and an ordinary dividend distribution of USD 6,000m out of the total profit as follows:

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| | | |
|:---|:---|:---|
| **Appropriation of and distribution out of total profit** | **Appropriation of and distribution out of total profit** | **Appropriation of and distribution out of total profit** |
|  | USD m | CHF m |
|  | For the year ended | For the year ended |
|  | **31.12.22** | **31.12.22** |
| Net profit for the period | **7157** | **6817** |
| Profit / (loss) carried forward | **0** | **0** |
| **Total profit available for appropriation** | **7157** | **6817** |
| Appropriation to voluntary earnings reserve | **(1157)** | **(1271)** |
| Dividend distribution | **(6000)** | **(5546)<sup>1</sup>**  |
| **Profit / (loss) carried forward** | **0** | **0** |
| 1 For illustrative purposes, converted at closing exchange rate as of 31 December 2022 (CHF / USD 1.08). | 1 For illustrative purposes, converted at closing exchange rate as of 31 December 2022 (CHF / USD 1.08). | 1 For illustrative purposes, converted at closing exchange rate as of 31 December 2022 (CHF / USD 1.08). |

---

The ordinary dividend distribution is declared and paid in US dollars. The total amount of the dividend distribution is capped at CHF 12,000m (the Cap). To the extent that the Swiss franc equivalent of the total dividend distribution of USD 6,000m would exceed the Cap on the day of the AGM, based on the exchange rate determined by the BoD in its reasonable opinion, the US dollar per share amount of the dividend will be reduced on a pro rata basis so that the total Swiss franc amount does not exceed the Cap. To the extent the Swiss franc equivalent of the total dividend distribution exceeds CHF 6,817m but does not exceed the Cap, the total dividend distribution in US dollars remains as is and is booked against the total profit in US dollars, while the Swiss franc currency difference of maximum CHF 5,183m is balanced through the Swiss franc translation of the voluntary earnings reserve account.

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4

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**Note 1 Name, legal form and registered office**

UBS AG is incorporated and domiciled in Switzerland. Its registered offices are at Bahnhofstrasse 45, CH-8001 Zurich and Aeschenvorstadt 1, CH-4051 Basel, Switzerland. UBS AG operates under Art. 620 et seq. of the Swiss Code of Obligations and Swiss banking law as an *Aktiengesellschaft*, a corporation limited by shares.

UBS AG is a regulated bank in Switzerland and is 100% owned by UBS Group AG, the ultimate parent of the UBS Group. UBS AG holds investments in and provides funding to subsidiaries, including the other banking subsidiaries of the UBS Group. In addition, UBS AG operates globally, including business activities from all four UBS business divisions and Group Functions. In the ordinary course of business, the main contributors to the net profit / (loss) of UBS AG are the Investment Bank, Global Wealth Management, Group Treasury and Group Services. The balance sheet is mainly composed of financial assets and liabilities from the Investment Bank, Group Treasury and Global Wealth Management businesses booked outside of Switzerland, as well as investments in subsidiaries and other participations in Group Treasury and fixed assets of Group Services.

UBS AG employed 10,333 personnel on a full-time equivalent basis as of 31 December 2022, compared with 10,169 personnel as of 31 December 2021.

**Note 2 Accounting policies**

**a) Significant accounting policies**

UBS AG standalone financial statements are prepared in accordance with Swiss GAAP (the FINMA Accounting Ordinance, FINMA Circular 2020/1 "Accounting – banks" and the Banking Ordinance) and represent "reliable assessment statutory single-entity financial statements." The accounting policies are principally the same as those outlined in Note 1 to the consolidated financial statements of UBS AG included in the UBS Group AG and UBS AG Annual Report 2022. Major differences between the Swiss GAAP requirements and International Financial Reporting Standards (IFRS) are described in Note 33 to the consolidated financial statements of UBS AG. The significant accounting policies applied for the standalone financial statements of UBS AG are discussed below.

› **Refer to the UBS Group AG and UBS AG Annual Report 2022 for more information**

**Risk management**

UBS AG is fully integrated into the Group-wide risk management process described in the audited part of the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022.

Further information about the use of derivative instruments and hedge accounting is provided on the following pages and in Notes 1, 10 and 25 to the consolidated financial statements of UBS AG.

› **Refer to the UBS Group AG and UBS AG Annual Report 2022 for more information**

**Compensation policy**

The compensation structure and processes of UBS AG conform to the compensation principles and framework of UBS Group AG. For detailed information, refer to the Compensation Report of UBS Group AG.

**Deferred compensation**

Expenses for deferred compensation awards granted by UBS Group AG to employees of UBS AG in the form of UBS shares, notional investment funds and notional additional tier 1 (AT1) capital instruments are charged by UBS Group AG to UBS AG.

› **Refer to Note 27 to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information**

**Foreign currency translation**

Non-US dollar-denominated transactions are translated into US dollars at the spot exchange rate on the date of the transaction. At the balance sheet date, all non-US dollar-denominated monetary assets and liabilities, as well as non-US dollar-denominated equity instruments recorded in *Trading portfolio assets* and *Financial investments*, are translated into US dollars using the closing exchange rate. Non-monetary items measured at historic cost are translated at the spot exchange rate on the date of the transaction. Assets and liabilities of branches with functional currencies other than the US dollar are translated into US dollars at the closing exchange rate. Income and expense items of such branches are translated at weighted-average exchange rates for the period. All currency translation effects are recognized in the income statement.

The main currency translation rates used by UBS AG are provided in Note 32 of the consolidated financial statements of UBS AG.

› **Refer to the UBS Group AG and UBS AG Annual Report 2022 for more information**

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5

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**Note 2 Accounting policies (continued)**

**Presentation currencies**

As the primary presentation currency of the financial statements of UBS AG is the US dollar, amounts in Swiss francs are additionally presented for each component of the financial statements. UBS AG applies the modified closing rate method for converting the US dollar presentation currency amounts into Swiss francs: assets and liabilities are converted at the closing rate, equity positions at historic rates, and income and expense items at the weighted-average rate for the period. The resulting currency translation effects are recognized separately in the *Voluntary earnings reserve*, amounting to a negative currency translation effect of CHF 2,929m as of 31 December 2022 (negative CHF 3,619m as of 31 December 2021).

**Structured debt instruments**

Structured debt instruments consist of debt instruments issued and transacted over the counter and include a host contract and one or more embedded derivatives that do not relate to UBS AG's own equity. By applying the fair value option, the vast majority of structured debt instruments are measured at fair value as a whole and recognized in *Financial liabilities designated at fair value.* The fair value option for structured debt instruments can be applied only if the following criteria are cumulatively met:

– the structured debt instrument is measured on a fair value basis and is subject to risk management that is equivalent to risk management for trading activities;

– the application of the fair value option eliminates or significantly reduces an accounting mismatch that would otherwise arise; and

– changes in fair value attributable to changes in unrealized own credit are not recognized.

Fair value changes related to *Financial liabilities designated at fair value,* excluding changes in unrealized own credit, are recognized in *Net trading income.* Interest expense on *Financial liabilities designated at fair value* is recognized in *Interest expense.*

Where the designation criteria for the fair value option are not met, the embedded derivatives are assessed for bifurcation for measurement purposes. Bifurcated embedded derivatives are measured at fair value through profit or loss and presented in the same balance sheet line as the host contract.

› **Refer to Note 20 for more information**

**Group-internal funding**

UBS AG obtains funding from UBS Group AG in the form of loans that are subject to mandatory conversion and / or debt waiver, as explained below, and generally either qualify as loss-absorbing tier 1 capital or as gone concern loss-absorbing capacity, i.e., total funding eligible as total loss-absorbing capacity (TLAC), at the UBS AG consolidated and standalone levels. A portion of Group-internal funding obtained is further on lent by UBS AG to certain subsidiaries in the form of loans.

› **Refer to Note 21 for information about funding eligible as total loss-absorbing capacity at the UBS AG level**

UBS AG obligations arising from Group-internal funding it has received are presented as *Funding received from UBS Group AG measured at amortized cost* and *Funding received from UBS Group AG* within *Financial liabilities designated at fair value.* UBS AG claims arising from Group-internal funding it has provided are presented as *Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity* and are measured at amortized cost less any allowance for expected credit losses.

**Subordinated assets and liabilities**

*Subordinated assets* are composed of claims that, based on an irrevocable written declaration, in the event of liquidation, bankruptcy or composition concerning the debtor, rank after the claims of all other creditors and may not be offset against amounts payable to the debtor nor be secured by its assets. *Subordinated liabilities* are composed of corresponding obligations.

Subordinated assets and liabilities that contain a point-of-non-viability clause in accordance with Swiss capital requirements pursuant to Art. 29 and 30 of the Capital Adequacy Ordinance are disclosed as being *Subject to mandatory conversion and / or debt waiver* and provide for the claim or the obligation to be written off or converted into equity in the event that the issuing bank reaches a point of non-viability.

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6

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**Note 2 Accounting policies (continued)**

**Investments in subsidiaries and other participations**

*Investments in subsidiaries and other participations* are equity interests that are held to carry on the business of UBS AG or for other strategic purposes. They include all subsidiaries directly held by UBS AG through which UBS AG conducts its business on a global basis. The investments are measured individually and carried at cost less impairment. The carrying amount is tested for impairment annually and when indicators of a potential decrease in value exist, which include significant operating losses incurred or a severe depreciation of the currency in which the investment is denominated. If an investment in a subsidiary is impaired, its value is generally written down to the net asset value. Subsequent recoveries in value are recognized up to the original cost value based on either the increased net asset value or a value above the net asset value if, in the opinion of management, forecasts of future profitability provide sufficient evidence that a carrying amount above net asset value is supported. Management may exercise its discretion as to what extent and in which period a recovery in value is recognized.

Impairments of investments are presented *as Impairment of investments in subsidiaries and other participations* and reversals of impairments are presented as *Extraordinary income* in the income statement. Impairments and partial or full reversals of impairments for a subsidiary during the same annual period are determined on a net basis.

› **Refer to Note 4 for more information**

**Hedge accounting for Investments in subsidiaries and other participations** 

UBS AG applies hedge accounting for certain investments in subsidiaries and other participations denominated in currencies other than the US dollar, which are designated as hedged items. For this purpose, foreign exchange (FX) derivatives, mainly FX forwards and FX swaps, are used and designated as hedging instruments.

The hedged risk is determined as the change in the carrying amount of the hedged item arising solely from changes in spot FX rates. Consequently, UBS AG only designates the spot element of the FX derivatives as hedging instruments. Changes in the fair value of the hedging instruments attributable to changes in forward points are not part of a hedge accounting designation. These amounts, therefore, do not form part of the effectiveness assessment and are recognized in *Net trading income*.

The effective portion of gains and losses of these FX derivatives is deferred on the balance sheet as *Other assets* or *Other liabilities* to the extent no change is recognized in the carrying amount of the hedged item arising from changes in spot FX rates. Otherwise, the effective portion of gains and losses of these FX derivatives is matched with the corresponding valuation adjustments of the hedged item recorded in the income statement and recorded either as a reduction of *Impairment of investments in subsidiaries and other participations* or as *Extraordinary income.*

**Revenue and expense transfers with other Group entities**

UBS AG pays to and receives amounts from other Group entities in connection with revenue sharing arrangements, primarily related to the Investment Bank. Revenues transferred to and received from Group entities are settled in cash as hard revenue transfers paid or received. When the nature of the underlying transaction between UBS AG and the Group entity contains a single, clearly identifiable service component, related income and expenses are presented in the respective income statement line item, e.g., *Fee and commission income from securities and investment business and other fee and commission income*, *Fee and commission expense* or *Net trading income*. To the extent the nature of the underlying transaction contains various service components and is not clearly attributable to a particular income statement line item, related income and expenses are presented in *Sundry ordinary income* and *Sundry ordinary expenses*.

UBS AG receives services from UBS Business Solutions AG, the main Group service company, mainly relating to the Chief Digital and Information Office, as well as certain other services from other Group entities.

UBS AG provides services to Group entities, mainly relating to real estate and selected other Group Services functions.

Services received from and provided to Group entities are settled in cash as hard cost transfers paid or received. Hard cost transfers paid are presented within *General and administrative expenses* and hard cost transfers received are presented within *Sundry ordinary income* or *Income from real estate holdings*.

› **Refer to Notes 5 and 7 for more information**

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7

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**Note 2 Accounting policies (continued)** 

**Post-employment benefit plans**

Swiss GAAP permit the use of IFRS or Swiss accounting standards for post-employment benefit plans, with the election made on a plan-by-plan basis.

UBS AG has elected to apply Swiss GAAP (FER 16) for the Swiss pension plan in its standalone financial statements. The requirements of Swiss GAAP (FER 16) are better aligned with the specific nature of Swiss pension plans, which are hybrid in that they combine elements of defined contribution and defined benefit plans but are treated as defined benefit plans under IFRS. Swiss GAAP (FER 16) require that the employer contributions to the pension fund are recognized as *Personnel expenses* in the income statement. The employer contributions to the Swiss pension fund are determined as a percentage of contributory compensation. Furthermore, Swiss GAAP (FER16) require an assessment as to whether, based on the financial statements of the pension fund prepared in accordance with Swiss accounting standards (FER 26), an economic benefit to, or obligation of, UBS AG arises from the pension fund that is recognized in the balance sheet when conditions are met. Conditions for recording a pension asset or liability would be met if, for example, an employer contribution reserve is available or UBS AG is required to contribute to the reduction of a pension deficit (on an FER 26 basis).

Key differences between Swiss GAAP (FER 16) and IFRS include the treatment of dynamic elements, such as future salary increases and future interest credits on retirement savings, which are not considered under the static method used in accordance with Swiss GAAP (FER 16). Also, the discount rate used to determine the defined benefit obligation in accordance with IFRS is based on the yield of high-quality corporate bonds of the market in the respective pension plan country. The discount rate used in accordance with Swiss GAAP (FER 16), i.e., the technical interest rate, is determined by the Pension Foundation Board, based on the expected returns of the Board's investment strategy.

› **Refer to Note 23 for more information**

UBS AG has elected to apply IFRS (IAS 19) for its non-Swiss defined benefit plans. However, remeasurements of the defined benefit obligation and the plan assets are recognized in the income statement rather than directly in equity. For corresponding disclosures in accordance with IAS 19 requirements, refer to Note 26 to the consolidated financial statements of UBS AG.

› **Refer to the UBS Group AG and UBS AG Annual Report 2022 for more information**

**Deferred taxes**

Deferred tax assets are not recognized in UBS AG's standalone financial statements. However, deferred tax liabilities may be recognized for taxable temporary differences. Changes in the deferred tax liability balance are recognized in the income statement.

**Allowances and provisions for expected credit losses**

UBS AG is required to apply expected credit loss (ECL) approaches for credit-impaired and non-credit-impaired financial instruments in its standalone financial statements.

For the substantial majority of non-credit-impaired exposures within the scope of the Swiss GAAP ECL requirements, UBS AG has chosen to apply the IFRS ECL approach that is also applied in its consolidated financial statements. These exposures include all financial assets that are measured at amortized cost under both frameworks, Swiss GAAP and IFRS, fee and lease receivables, claims arising from Group-internal funding presented as *Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity*, guarantees, irrevocable loan commitments, revolving revocable credit lines and forward starting reverse repurchase and securities borrowing agreements. Further information about the ECL approach under IFRS is provided in Note 1 to the consolidated financial statements of UBS AG.

› **Refer to the UBS Group AG and UBS AG Annual Report 2022 for more information**

For the small residual population of exposures within the scope of the Swiss GAAP ECL requirements, which are not subject to ECL under IFRS due to classification differences, alternative approaches are applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For exposures for which Pillar 1 internal ratings-based models are applied for measurement of credit risk RWA, ECL for such exposures is calculated as the regulatory expected loss (EL), with an add-on to scale up to the residual maturity of exposures maturing beyond the next 12 months. This approach is mainly applied for brokerage receivables presented within *Due from customers,* which generally mature within 12 months. For detailed information about regulatory EL, refer to the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For exposures for which the standardized approach is applied for the measurement of credit risk RWA, ECL is determined using a portfolio approach that derives a conservative probability of default ("PD") and a conservative loss given default ("LGD") for the entire portfolio. This approach is mainly applied for a small number of loans to large corporate clients presented within *Due from customers.*

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8

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**Note 2 Accounting policies (continued)** 

UBS applies a single definition of default for credit risk management purposes, regulatory reporting and ECL, with a counterparty classified as defaulted based on quantitative and qualitative criteria.

› **Refer to "Credit policies for distressed assets" in the "Risk management and control" section of the UBS Group AG Annual Report 2022 for more information**

An allowance for credit losses is reported as a decrease in the carrying amount of a financial asset. For an off-balance sheet item, such as a commitment, a provision for credit losses is reported in *Provisions*. Changes to allowances and provisions for credit losses are recognized in *Credit loss (expense) / release*.

› **Refer to Note 13 for more information**

**Dispensations in the standalone financial statements**

As UBS AG prepares consolidated financial statements in accordance with IFRS, UBS AG is exempt from various disclosures in the standalone financial statements. The dispensations include the management report, the statement of cash flows and various note disclosures, as well as the publication of full interim financial statements. As a Swiss issuer of debt, in order to validly issue debt throughout the year, UBS AG discloses interim mid-year financial information as per the requirements of Art. 1156 of the Swiss Code of Obligations in conjunction with Art. 652a thereof, including an income statement, a balance sheet and a note on the basis of accounting.

**b) Changes in accounting policies**

There were no significant changes in accounting policies during 2022.

**Note 3a Net trading income by business**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Investment Bank  | **5271** | 3588 | **5016** | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: Global Markets* | ***5423*** | *3632* | ***5165*** | *3303* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: Global Banking* | ***(152)*** | *(44)* | ***(148)*** | *(40)* |
| Other business divisions and Group Functions | **525** | 35 | **496** | 38 |
| **Total net trading income** | **5796** | 3623 | **5512** | 3301 |

---

2021 included a loss of USD 861m (CHF 811m) incurred in the first half of 2021 in the Investment Bank on a default by a US-based client of UBS AG's prime brokerage business.

**Note 3b Net trading income by underlying risk category**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Equity instruments (including funds) | **3528** | 2283 | **3361** | 2069 |
| Foreign exchange instruments | **1404** | 978 | **1341** | 896 |
| Interest rate and credit instruments (including funds) | **763** | 310 | **714** | 290 |
| Other | **100** | 51 | **97** | 47 |
| **Total net trading income** | **5796** | 3623 | **5512** | 3301 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: net gains / (losses) from financial liabilities designated at fair value <sup>1</sup>* | ***12687*** | *(4318)* | ***12184*** | *(3929)* |
| 1 Excludes fair value changes of hedges related to financial liabilities designated at fair value and foreign currency effects arising from translating foreign currency transactions into the respective functional currency, both of which are reported within Net trading income. | 1 Excludes fair value changes of hedges related to financial liabilities designated at fair value and foreign currency effects arising from translating foreign currency transactions into the respective functional currency, both of which are reported within Net trading income. | 1 Excludes fair value changes of hedges related to financial liabilities designated at fair value and foreign currency effects arising from translating foreign currency transactions into the respective functional currency, both of which are reported within Net trading income. | 1 Excludes fair value changes of hedges related to financial liabilities designated at fair value and foreign currency effects arising from translating foreign currency transactions into the respective functional currency, both of which are reported within Net trading income. | 1 Excludes fair value changes of hedges related to financial liabilities designated at fair value and foreign currency effects arising from translating foreign currency transactions into the respective functional currency, both of which are reported within Net trading income. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9

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**Note 4 Investments in subsidiaries and other participations**

The table below provides the carrying amount, the equity interest and the registered office information regarding the investments in subsidiaries and other participations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Registered office | Equity interest accumulated in % | Carrying amount in USD m | Carrying amount in USD m | Carrying amount in CHF m | Carrying amount in CHF m |
|  |  |  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| UBS Americas Holding LLC | Wilmington, Delaware, USA | 100  | **34233** | 33233 | **31642** | 30297 |
| UBS Switzerland AG | Zurich, Switzerland | 100  | **7984** | 7983 | **7380** | 7278 |
| UBS Europe SE | Frankfurt, Germany | 100  | **3572** | 3946 | **3301** | 3597 |
| UBS Asset Management AG | Zurich, Switzerland | 100  | **1728** | 1726 | **1597** | 1573 |
| Other |  |  | **3511** | 3784 | **3246** | 3449 |
| **Total investments in subsidiaries and other participations** |  |  | **51029** | 50671 | **47165** | 46195 |

---

*Dividend income from investments in subsidiaries and other participations* of USD 6,465m (CHF 6,183m) in 2022 and USD 6,401m (CHF 5,882m) in 2021 was mainly attributable to UBS Americas Holding LLC, UBS Switzerland AG, UBS Asset Management AG and UBS Europe SE.

In 2022 and 2021, UBS AG recognized *Impairments of investments in subsidiaries and other participations* of USD 1,056m (CHF 1,014m) and USD 1,187m (CHF 1,090m), respectively, mainly due to impairments related to UBS Europe SE (2022: USD 628m (CHF 609m), 2021: USD 1,063m (CHF 973m)), which partly offset the dividends received from this subsidiary.

**Note 5 Sundry ordinary income and expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Income from services provided to UBS Group AG or its subsidiaries<sup>1</sup> | **1398** | 1312 | **1332** | 1201 |
| Other | **69** | 30 | **65** | 28 |
| **Total sundry ordinary income** | **1467** | 1342 | **1397** | 1229 |
| Expenses from revenue transfers to UBS Group AG or its subsidiaries | **(629)** | (289) | **(596)** | (262) |
| Net unrealized losses on financial investments<sup>2</sup> | **(288)** | (38) | **(274)** | (35) |
| Other | **(20)** | (11) | **(19)** | (10) |
| **Total sundry ordinary expenses** | **(937)** | (338) | **(888)** | (308) |
| 1 Services provided by UBS AG primarily related to Group Functions. 2 Mainly relates to debt instruments available for sale. Refer to Note 16a for more information.  | 1 Services provided by UBS AG primarily related to Group Functions. 2 Mainly relates to debt instruments available for sale. Refer to Note 16a for more information.  | 1 Services provided by UBS AG primarily related to Group Functions. 2 Mainly relates to debt instruments available for sale. Refer to Note 16a for more information.  | 1 Services provided by UBS AG primarily related to Group Functions. 2 Mainly relates to debt instruments available for sale. Refer to Note 16a for more information.  | 1 Services provided by UBS AG primarily related to Group Functions. 2 Mainly relates to debt instruments available for sale. Refer to Note 16a for more information.  |

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**Note 6 Personnel expenses**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Salaries | **1602** | 1710 | **1527** | 1566 |
| Variable compensation – performance awards | **1141** | 1158 | **1084** | 1060 |
| Variable compensation – other | **76** | 53 | **72** | 48 |
| Contractors | **35** | 51 | **33** | 47 |
| Social security | **205** | 216 | **194** | 198 |
| Post-employment benefit plans | **(55)** | (74) | **(51)** | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: value adjustments for economic benefits or obligations from non-Swiss pension funds <sup>1</sup>* | ***(167)*** | *(208)* | ***(157)*** | *(195)* |
| Other personnel expenses | **106** | 106 | **101** | 97 |
| **Total personnel expenses** | **3109** | 3221 | **2960** | 2943 |
| 1 Reflects the remeasurement of the defined benefit obligation and return on plan assets excluding amounts included in interest income for the non-Swiss defined benefit plans, for which IAS 19 is applied. | 1 Reflects the remeasurement of the defined benefit obligation and return on plan assets excluding amounts included in interest income for the non-Swiss defined benefit plans, for which IAS 19 is applied. | 1 Reflects the remeasurement of the defined benefit obligation and return on plan assets excluding amounts included in interest income for the non-Swiss defined benefit plans, for which IAS 19 is applied. | 1 Reflects the remeasurement of the defined benefit obligation and return on plan assets excluding amounts included in interest income for the non-Swiss defined benefit plans, for which IAS 19 is applied. | 1 Reflects the remeasurement of the defined benefit obligation and return on plan assets excluding amounts included in interest income for the non-Swiss defined benefit plans, for which IAS 19 is applied. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10

------

**Note 7 General and administrative expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Real estate | **415** | 461 | **395** | 422 |
| Market data services | **108** | 108 | **103** | 99 |
| IT expenses | **92** | 90 | **87** | 83 |
| Outsourcing costs | **77** | 83 | **74** | 76 |
| Marketing and communication | **27** | 29 | **26** | 27 |
| Travel and entertainment | **41** | 18 | **39** | 16 |
| Fees to audit firms | **14** | 13 | **13** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: financial and regulatory audits* | ***11*** | *11* | ***10*** | *10* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: audit-related services* | ***3*** | *2* | ***3*** | *2* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: tax and other services* | ***0*** | *0* | ***0*** | *0* |
| Other professional fees | **96** | 108 | **92** | 99 |
| Other  | **2674** | 2715 | **2546** | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: shared services costs charged by UBS Group AG or its subsidiaries* | ***2465*** | *2524* | ***2349*** | *2310* |
| **Total general and administrative expenses** | **3543** | 3625 | **3375** | 3317 |

---

**Note 8 Changes in provisions for litigation, regulatory and similar matters, and other provisions**

Net expenses for provisions for litigation, regulatory and similar matters, and other provisions were USD 54m (CHF 50m) in 2022, compared with USD 862m (CHF 787m) in 2021, mainly as 2021 included a USD 755m (CHF 688m) increase in litigation provisions for the French cross-border matter.

› **Refer to Note 17 to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information**

**Note 9 Extraordinary income and expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Reversal of impairments of and provisions for subsidiaries and other participations<sup>1</sup> | **5** | 161 | **4** | 151 |
| Net gains from disposals of properties | **80** | 114 | **74** | 104 |
| Gains from disposals of subsidiaries and other participations | **116** | 2 | **113** | 2 |
| Other extraordinary income | **1** | 5 | **0** | 5 |
| **Total extraordinary income** | **201** | 282 | **191** | 262 |
| **Total extraordinary expenses** | **2** | 1 | **2** | 1 |
| 1 Refer to Note 4 for more information. | 1 Refer to Note 4 for more information. | 1 Refer to Note 4 for more information. | 1 Refer to Note 4 for more information. | 1 Refer to Note 4 for more information. |

---

*Net gains from disposals of properties* of USD 80m (CHF 74m) in 2022 and of USD 114m (CHF 104m) in 2021 mainly reflected gains on the sale of properties in Basel.

*Gains from disposals of subsidiaries and other participations* of USD 116m (CHF 113m) in 2022 mainly included a gain from the sale of UBS AG's wholly owned subsidiary UBS Swiss Financial Advisers AG to Vontobel.

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11

------

**Note 10 Taxes**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | For the year ended | For the year ended | For the year ended | For the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Income tax expense / (benefit) | **271** | 307 | **258** | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: current* | ***250*** | *282* | ***237*** | *256* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: deferred* | ***21*** | *25* | ***21*** | *23* |
| Capital tax | **24** | 8 | **23** | 7 |
| **Total tax expense / (benefit)** | **295** | 315 | **281** | 286 |

---

Income tax expense of USD 271m (CHF 258m) was recognized for UBS AG in 2022, compared with USD 307m (CHF 279m) for 2021. The income tax expense for 2022 was reduced by a benefit of USD 204m (CHF 195m) in respect of the utilization of tax losses carried forward, primarily in the US and the UK. The income tax expense for 2022 related to UBS AG's taxable profits that were primarily earned in other locations.

The income tax expense for 2021 was reduced by a benefit of USD 163m (CHF 149m) in respect of the utilization of tax losses carried forward, primarily in the US. The income tax expense for 2021 related to UBS AG's taxable profits that were earned in other locations.

For 2022, the average tax rate, defined as income tax expense divided by the sum of operating profit and extraordinary income minus extraordinary expenses and capital tax, was 3.6% (2021: 4.5%).

**Note 11 Securities financing transactions**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD bn | USD bn | CHF bn | CHF bn |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| **On-balance sheet** |  |  |  |  |
| Receivables from securities financing transactions, gross | **131.3** | 139.9 | **121.4** | 127.6 |
| Netting of securities financing transactions | **(73.2)** | (83.6) | **(67.7)** | (76.2) |
| Receivables from securities financing transactions, net | **58.1** | 56.3 | **53.7** | 51.4 |
| Payables from securities financing transactions, gross | **96.7** | 106.6 | **89.4** | 97.2 |
| Netting of securities financing transactions | **(73.2)** | (83.6) | **(67.7)** | (76.2) |
| Payables from securities financing transactions, net | **23.5** | 23.0 | **21.7** | 21.0 |
| Assets pledged as collateral in connection with securities financing transactions | **54.0** | 58.8 | **49.9** | 53.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: trading portfolio assets* | ***50.9*** | *57.0* | ***47.1*** | *52.0* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: assets that may be sold or repledged by counterparties* | ***39.3*** | *47.3* | ***36.4*** | *43.1* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: financial investments* | ***3.1*** | *1.8* | ***2.8*** | *1.6* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: assets that may be sold or repledged by counterparties* | ***2.8*** | *1.8* | ***2.6*** | *1.6* |
| **Off-balance sheet** |  |  |  |  |
| Fair value of assets received as collateral in connection with securities financing transactions | **312.8** | 343.5 | **289.1** | 313.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: repledged* | ***225.6*** | *248.0* | ***208.5*** | *226.1* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: sold in connection with short sale transactions* | ***25.1*** | *25.7* | ***23.2*** | *23.4* |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12

------

**Note 12a Collateral for loans and off-balance sheet transactions**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
|  | **Secured** | **Secured** | **Secured** | **Unsecured** | **Total** | Secured | Secured | Secured | Unsecured | Total |
|  | **Secured by collateral** | **Secured by collateral** | **Secured by** <br> **other credit** <br> **enhancements<sup>2</sup>** |  |  | Secured by collateral | Secured by collateral | Secured by <br> other credit <br> enhancements<sup>2</sup> |  |  |
| *USD m* | **Real estate** | **Other**<br> **collateral<sup>1</sup>** | **Secured by** <br> **other credit** <br> **enhancements<sup>2</sup>** |  |  | Real estate | Other<br> collateral<sup>1</sup> | Secured by <br> other credit <br> enhancements<sup>2</sup> |  |  |
| **On-balance sheet** |  |  |  |  |  |  |  |  |  |  |
| Due from customers, gross<sup>3</sup> | **7** | **64475** | **176** | **41069<sup>4</sup>** | **105726** | 4 | 85928 | 192 | 35901<sup>4</sup> | 122025 |
| Mortgage loans, gross | **5039** |  |  |  | **5039** | 5496 |  |  |  | 5496 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: residential mortgages* | ***3205*** |  |  |  | ***3205*** | *4233* |  |  |  | *4233* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: other mortgages<sup>5</sup>* | ***1834*** |  |  |  | ***1834*** | *1263* |  |  |  | *1263* |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity |  |  |  | **27704** | **27704** |  |  |  | 27561 | 27561 |
| **Total on-balance sheet, gross**  | **5045** | **64475** | **176** | **68772** | **138469** | 5500 | 85928 | 192 | 63463 | 155083 |
| Allowances | **0** | **(54)** | **0** | **(145)** | **(200)** | (4) | (78) | 0 | (167) | (249) |
| **Total on-balance sheet, net**  | **5045** | **64421** | **176** | **68627** | **138269** | 5496 | 85850 | 192 | 63296 | 154834 |
| **Off-balance sheet** |  |  |  |  |  |  |  |  |  |  |
| Contingent liabilities, gross | **0** | **10437** | **1069** | **8853** | **20359** | 0 | 8190 | 1093 | 9762 | 19046 |
| Irrevocable commitments, gross | **237** | **7467** | **129** | **8440** | **16272** | 253 | 8192 | 226 | 8723 | 17394 |
| Forward starting reverse repurchase and securities borrowing transactions |  | **27343** |  | **0** | **27343** |  | 24559 |  | 0 | 24559 |
| Liabilities for calls on shares and other equities |  |  |  | **5** | **5** |  |  |  | 5 | 5 |
| **Total off-balance sheet**  | **237** | **45246** | **1198** | **17298** | **63979** | 253 | 40941 | 1320 | 18490 | 61005 |
| 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
|  | **Secured** | **Secured** | **Secured** | **Unsecured** | **Total** | Secured | Secured | Secured | Unsecured | Total |
|  | **Secured by collateral** | **Secured by collateral** | **Secured by** <br> **other credit** <br> **enhancements<sup>2</sup>** |  |  | Secured by collateral | Secured by collateral | Secured by <br> other credit <br> enhancements<sup>2</sup> |  |  |
| *CHF m* | **Real estate** | **Other**<br> **collateral<sup>1</sup>** | **Secured by** <br> **other credit** <br> **enhancements<sup>2</sup>** |  |  | Real estate | Other<br> collateral<sup>1</sup> | Secured by <br> other credit <br> enhancements<sup>2</sup> |  |  |
| **On-balance sheet** |  |  |  |  |  |  |  |  |  |  |
| Due from customers, gross<sup>3</sup> | **6** | **59594** | **163** | **37959<sup>4</sup>** | **97722** | 4 | 78338 | 175 | 32730<sup>4</sup> | 111247 |
| Mortgage loans, gross | **4657** |  |  |  | **4657** | 5011 |  |  |  | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: residential mortgages* | ***2962*** |  |  |  | ***2962*** | *3859* |  |  |  | *3859* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: other mortgages<sup>5</sup>* | ***1695*** |  |  |  | ***1695*** | *1151* |  |  |  | *1151* |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity |  |  |  | **25606** | **25606** |  |  |  | 25127 | 25127 |
| **Total on-balance sheet, gross**  | **4663** | **59594** | **163** | **63565** | **127985** | 5014 | 78338 | 175 | 57857 | 141384 |
| Allowances | **0** | **(50)** | **0** | **(135)** | **(185)** | (3) | (71) | 0 | (152) | (227) |
| **Total on-balance sheet, net**  | **4663** | **59544** | **163** | **63430** | **127801** | 5011 | 78267 | 175 | 57705 | 141157 |
| **Off-balance sheet** |  |  |  |  |  |  |  |  |  |  |
| Contingent liabilities, gross | **0** | **9646** | **988** | **8183** | **18818** | 0 | 7467 | 997 | 8900 | 17364 |
| Irrevocable commitments, gross | **219** | **6902** | **119** | **7801** | **15041** | 231 | 7468 | 206 | 7953 | 15858 |
| Forward starting reverse repurchase and securities borrowing transactions |  | **25273** |  | **0** | **25273** |  | 22390 |  | 0 | 22390 |
| Liabilities for calls on shares and other equities |  |  |  | **4** | **4** |  |  |  | 4 | 4 |
| **Total off-balance sheet**  | **219** | **41821** | **1107** | **15988** | **59135** | 231 | 37325 | 1203 | 16857 | 55616 |
| 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. | 1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises and other mortgages. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13

------

**Note 12b Credit-impaired financial instruments**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
| *USD m* | **Gross credit- impaired financial instruments** | **Allowances and**<br> **provisions** | **Estimated liquidation**<br> **proceeds of collateral** | **Net credit- impaired financial instruments** | Gross credit- impaired financial instruments | Allowances and<br> provisions | Estimated liquidation<br> proceeds of collateral | Net credit- impaired financial instruments |
| Amounts due from customers | **318** | **105** | **213** | **0** | 395 | 147 | 184 | 63 |
| Mortgage loans | **185** | **0** | **184** | **0** | 118 | 4 | 114 | 0 |
| Other assets | **2** | **2** | **0** | **0** | 1 | 1 | 0 | 0 |
| Guarantees and loan commitments | **73** | **0** | **40** | **33** | 14 | 0 | 14 | 0 |
| **Total credit-impaired financial instruments<sup>1</sup>** | **577** | **107** | **437** | **33** | 528 | 153 | 312 | 63 |
| 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
| *CHF m* | **Gross credit- impaired financial instruments** | **Allowances and**<br> **provisions** | **Estimated liquidation**<br> **proceeds of collateral** | **Net credit- impaired financial instruments** | Gross credit- impaired financial instruments | Allowances and<br> provisions | Estimated liquidation<br> proceeds of collateral | Net credit- impaired financial instruments |
| Amounts due from customers | **294** | **97** | **197** | **0** | 360 | 134 | 168 | 58 |
| Mortgage loans | **171** | **0** | **170** | **0** | 108 | 4 | 104 | 0 |
| Other assets | **2** | **2** | **0** | **0** | 1 | 1 | 0 | 0 |
| Guarantees and loan commitments | **67** | **0** | **37** | **31** | 13 | 0 | 13 | 0 |
| **Total credit-impaired financial instruments<sup>1</sup>** | **534** | **99** | **404** | **31** | 481 | 139 | 285 | 58 |
| 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. | 1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. |

---

**Note 13 Allowances and provisions**

Allowances and provisions of USD 2,237m (CHF 2,068m) as of 31 December 2022 included allowances and provisions for credit losses of USD 286m (CHF 266m). Allowances and provisions of USD 2,395m (CHF 2,184m) as of 31 December 2021 included allowances and provisions for credit losses of USD 336m (CHF 307m).

The 2022 decrease in allowances and provisions for credit losses of USD 49m (CHF 41m) included net credit loss releases of USD 18m (CHF 17m) primarily related to credit-impaired positions, as well as USD 31m (CHF 24m) for write-offs and other movements that did not impact the income statement.

Net credit loss releases in 2022 included a net release of USD 17m (CHF 16m) on credit-impaired positions, including a release for a single airline-related counterparty of USD 28m (CHF 27m) in the Investment Bank, and a net expense of USD 10m (CHF 10m) across a number of defaulted positions.

**Note 13a Allowances for credit losses**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *USD m* | Balance<br> as of<br> 31.12.21 | Increase<br> recognized<br> in the<br> income<br> statement | Release<br> recognized<br> in the<br> income<br> statement | Write-offs | Recoveries<br> and past<br> due interest | Reclassifications / other | Foreign<br> currency<br> translation | **Balance**<br> **as of**<br> **31.12.22** |
| Default risk relating to on-balance sheet exposures | 259 | 0 | (18) | (22) | 0 | 0 | (8) | **211** |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: incurred credit losses* | *153* | *0* | *(17)* | *(22)* | *0* | *0* | *(8)* | ***107*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: expected credit losses <sup>1</sup>* | *106* | *0* | *(1)* | *0* | *0* | *0* | *0* | ***104*** |
| **Total allowances for credit losses** | 259 | 0 | (18) | (22) | 0 | 0 | (8) | **211** |
| 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of USD 0m as of 31 December 2022 (USD 4m as of 31 December 2021). Refer to Note 2 for more information. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *CHF m* | Balance<br> as of<br> 31.12.21 | Increase<br> recognized<br> in the<br> income<br> statement | Release<br> recognized<br> in the<br> income<br> statement | Write-offs | Recoveries<br> and past<br> due interest | Reclassifications / other | Foreign<br> currency<br> translation | **Balance**<br> **as of**<br> **31.12.22** |
| Default risk relating to on-balance sheet exposures | 237 | 0 | (17) | (21) | 0 | 0 | (4) | **196** |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: incurred credit losses* | *139* | *0* | *(16)* | *(21)* | *0* | *0* | *(4)* | ***99*** |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: expected credit losses <sup>1</sup>* | *98* | *0* | *(1)* | *0* | *0* | *0* | *1* | ***97*** |
| **Total allowances for credit losses** | 237 | 0 | (17) | (21) | 0 | 0 | (4) | **196** |
| 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. | 1 Includes ECL allowances where an approach other than IFRS ECL is applied of CHF 0m as of 31 December 2022 (CHF 4m as of 31 December 2021). Refer to Note 2 for more information. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14

------

**Note 13b Provisions**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *USD m* | Balance <br> as of <br> 31.12.21 | Increase<br> recognized<br> in the<br> income<br> statement | Release<br> recognized<br> in the<br> income<br> statement | Provisions<br> used in<br> conformity<br> with<br> designated<br> purpose | Recoveries | Reclassifications  | Foreign<br> currency translation / other<sup>2</sup> | **Balance** <br> **as of**<br> **31.12.22** |
| Default risk related to off-balance sheet items and credit lines | 77 | 0 | 0 | 0 | 0 | 0 | (1) | **76** |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: expected credit losses* | *77* | *0* | *0* | *0* | *0* | *0* | *(1)* | ***76*** |
| Litigation, regulatory and similar matters | 1711 | 59 | (5) | (35) | 0 | 0 | (86) | **1643** |
| Restructuring  | 70 | 53 | (12) | (58) | 0 | 0 | (2) | **51** |
| Real estate<sup>1</sup> | 130 | 1 | (5) | (15) | 0 | 0 | (2) | **109** |
| Employee benefits | 25 | 7 | (4) | 0 | 0 | 0 | (1) | **27** |
| Deferred taxes | 71 | 21 | 0 | 0 | 0 | 0 | 0 | **92** |
| Other | 52 | 6 | (27) | (2) | 0 | 0 | (1) | **28** |
| **Total provisions** | 2136 | 146 | (52) | (111) | 0 | 0 | (93) | **2026** |
| 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of USD 51m as of 31 December 2022 (31 December 2021: USD 67m) and reinstatement cost provisions for leasehold improvements of USD 58m as of 31 December 2022 (31 December 2021: USD 63m). 2 Other mainly includes changes related to unwind of discounting. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *CHF m* | Balance <br> as of <br> 31.12.21 | Increase<br> recognized<br> in the<br> income<br> statement | Release<br> recognized<br> in the<br> income<br> statement | Provisions<br> used in<br> conformity<br> with<br> designated<br> purpose | Recoveries | Reclassifications | Foreign<br> currency translation / other<sup>2</sup> | **Balance** <br> **as of**<br> **31.12.22** |
| Default risk related to off-balance sheet items and credit lines | 70 | 0 | 0 | 0 | 0 | 0 | 0 | **70** |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: expected credit losses* | *70* | *0* | *0* | *0* | *0* | *0* | *0* | ***70*** |
| Litigation, regulatory and similar matters | 1560 | 55 | (4) | (34) | 0 | 0 | (57) | **1518** |
| Restructuring  | 64 | 50 | (12) | (56) | 0 | 0 | 0 | **47** |
| Real estate<sup>1</sup> | 119 | 1 | (5) | (14) | 0 | 0 | 0 | **101** |
| Employee benefits | 23 | 6 | (4) | 0 | 0 | 0 | (1) | **25** |
| Deferred taxes | 65 | 20 | 0 | 0 | 0 | 0 | 1 | **85** |
| Other | 47 | 5 | (26) | (2) | 0 | 0 | 1 | **26** |
| **Total provisions** | 1947 | 137 | (50) | (106) | 0 | 0 | (56) | **1872** |
| 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. | 1 Includes provisions for onerous contracts of CHF 47m as of 31 December 2022 (31 December 2021: CHF 61m) and reinstatement cost provisions for leasehold improvements of CHF 54m as of 31 December 2022 (31 December 2021: CHF 58m). 2 Other mainly includes changes related to unwind of discounting. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15

------

**Note 13c Development of ECL allowances and provisions**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *USD m* | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| **Balance as of 31 December 2021** | **(336)**  | **(148)**  | **(35)**  | **(153)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net movement from new and derecognized transactions<sup>1</sup>** | **13**  | **4**  | **11**  | **(2)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *11*  | *2*  | *11*  | *(2)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements with stage transfers<sup>2</sup>** | **(23)**  | **13**  | **(20)**  | **(16)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *(30)*  | *14*  | *(29)*  | *(15)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements without stage transfers<sup>3</sup>** | **28**  | **(4)**  | **(3)**  | **34**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *24*  | *(5)*  | *(2)*  | *31*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Model changes<sup>4</sup>** | **0**  | **1**  | **(1)**  | **0**  |
| **Total ECL allowance movements with profit or loss impact** | **17**  | **14**  | **(13)**  | **17**  |
| **Movements without profit or loss impact (write-off, FX and other)<sup>5</sup>** | **31**  | **1**  | **0**  | **30**  |
| **Balance as of 31 December 2022** | **(287)**  | **(132)**  | **(47)**  | **(107)**  |
| 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *CHF m* | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| **Balance as of 31 December 2021** | **(307)**  | **(136)**  | **(32)**  | **(139)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net movement from new and derecognized transactions<sup>1</sup>** | **12**  | **4**  | **11**  | **(2)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *10*  | *2*  | *11*  | *(2)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements with stage transfers<sup>2</sup>** | **(21)**  | **13**  | **(19)**  | **(15)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *(28)*  | *13*  | *(28)*  | *(14)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements without stage transfers<sup>3</sup>** | **27**  | **(4)**  | **(3)**  | **33**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *22*  | *(4)*  | *(2)*  | *29*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Model changes<sup>4</sup>** | **0**  | **0**  | **(1)**  | **0**  |
| **Total ECL allowance movements with profit or loss impact** | **17**  | **13**  | **(12)**  | **16**  |
| **Movements without profit or loss impact (write-off, FX and other)<sup>5</sup>** | **24**  | **(1)**  | **0**  | **25**  |
| **Balance as of 31 December 2022** | **(266)**  | **(123)**  | **(44)**  | **(99)**  |
| 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16

------

**Note 13c Development of ECL allowances and provisions (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *USD m* | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| **Balance as of 31 December 2020** | **(556)**  | **(193)**  | **(65)**  | **(298)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net movement from new and derecognized transactions<sup>1</sup>** | **15**  | **6**  | **9**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *1*  | *(8)*  | *9*  | *0*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements with stage transfers<sup>2</sup>** | **(2)**  | **1**  | **7**  | **(10)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *(1)*  | *1*  | *7*  | *(8)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements without stage transfers<sup>3</sup>** | **33**  | **14**  | **4**  | **15**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *9*  | *(5)*  | *3*  | *10*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Model changes<sup>4</sup>** | **32**  | **23**  | **9**  | **0**  |
| **Total ECL allowance movements with profit or loss impact** | **78**  | **44**  | **29**  | **6**  |
| **Movements without profit or loss impact (write-off, FX and other)<sup>5</sup>** | **142**  | **1**  | **0**  | **140**  |
| **Balance as of 31 December 2021** | **(336)**  | **(148)**  | **(35)**  | **(153)**  |
| 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *CHF m* | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| **Balance as of 31 December 2020** | **(492)**  | **(172)**  | **(57)**  | **(264)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net movement from new and derecognized transactions<sup>1</sup>** | **14**  | **5**  | **8**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *0*  | *(8)*  | *8*  | *0*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements with stage transfers<sup>2</sup>** | **(2)**  | **1**  | **7**  | **(9)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *(1)*  | *1*  | *7*  | *(8)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Remeasurements without stage transfers<sup>3</sup>** | **31**  | **13**  | **3**  | **14**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: Large corporate clients* | *8*  | *(4)*  | *3*  | *10*  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Model changes<sup>4</sup>** | **29**  | **21**  | **9**  | **0**  |
| **Total ECL allowance movements with profit or loss impact** | **72**  | **41**  | **27**  | **5**  |
| **Movements without profit or loss impact (write-off, FX and other)<sup>5</sup>** | **113**  | **(6)**  | **(2)**  | **120**  |
| **Balance as of 31 December 2021** | **(307)**  | **(136)**  | **(32)**  | **(139)**  |
| 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. | 1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17

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**Note 13d Balance sheet and off-balance sheet positions subject to ECL**

The tables below provide ECL exposure and allowance and provision information about financial instruments and certain non-financial instruments that are subject to ECL.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *USD m* | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** |
|  | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **ECL allowances** | **ECL allowances** | **ECL allowances** | **ECL allowances** |
| **Financial instruments measured at amortized cost** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Cash and balances at central banks | 48344 | 48344 | 0 | 0 | 0 | 0 | 0 | 0 |
| Due from banks | 31450 | 31450 | 0 | 0 | (5) | (5) | 0 | 0 |
| Receivables from securities financing transactions | 58141 | 58141 | 0 | 0 | (2) | (2) | 0 | 0 |
| Due from customers<sup>2</sup> | 105552 | 103876 | 1463 | 213 | (174) | (59) | (9) | (105) |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity | 27678 | 27678 | 0 | 0 | (26) | (26) | 0 | 0 |
| Mortgage loans | 5039 | 4837 | 17 | 184 | 0 | 0 | 0 | 0 |
| Accrued income and prepaid expenses | 1872 | 1863 | 9 | 0 | 0 | 0 | 0 | 0 |
| Other assets<sup>3</sup> | 939 | 939 | 0 | 0 | (3) | (1) | 0 | (2) |
| **Total on-balance sheet financial assets within the scope of ECL** | **279015** | **277128** | **1490** | **397** | **(211)** | **(94)** | **(9)** | **(107)** |
|  | **Total exposure** | **Total exposure** | **Total exposure** | **Total exposure** | **ECL provisions** | **ECL provisions** | **ECL provisions** | **ECL provisions** |
| **Off-balance sheet (within the scope of ECL)** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Contingent liabilities, gross | 20359 | 19260 | 1091 | 8 | (3) | (2) | (1) | 0 |
| Irrevocable commitments, gross | 16272 | 14474 | 1734 | 64 | (72) | (35) | (37) | 0 |
| Forward starting transactions (securities financing transactions)<sup>4</sup> | 2810 | 2810 | 0 | 0 | 0 | 0 | 0 | 0 |
| Credit lines | 11592 | 11256 | 335 | 0 | (1) | 0 | 0 | 0 |
| Irrevocable committed prolongation of existing loans | 147 | 147 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total off-balance sheet financial instruments and credit lines within the scope of ECL** | **51180** | **47947** | **3160** | **73** | **(76)** | **(38)** | **(38)** | **0** |
| **Total allowances and provisions** |  |  |  |  | **(287)** | **(132)** | **(47)** | **(107)** |
| 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *CHF m* | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** |
|  | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **ECL allowances** | **ECL allowances** | **ECL allowances** | **ECL allowances** |
| **Financial instruments measured at amortized cost** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Cash and balances at central banks | 44684 | 44684 | 0 | 0 | 0 | 0 | 0 | 0 |
| Due from banks | 29069 | 29069 | 0 | 0 | (5) | (5) | 0 | 0 |
| Receivables from securities financing transactions | 53739 | 53739 | 0 | 0 | (2) | (2) | 0 | 0 |
| Due from customers<sup>2</sup> | 97561 | 96011 | 1353 | 197 | (161) | (55) | (9) | (97) |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity | 25582 | 25582 | 0 | 0 | (24) | (24) | 0 | 0 |
| Mortgage loans | 4657 | 4471 | 16 | 170 | 0 | 0 | 0 | 0 |
| Accrued income and prepaid expenses | 1730 | 1722 | 8 | 0 | 0 | 0 | 0 | 0 |
| Other assets<sup>3</sup> | 867 | 867 | 0 | 0 | (3) | (1) | 0 | (2) |
| **Total on-balance sheet financial assets within the scope of ECL** | **257890** | **256146** | **1377** | **367** | **(196)** | **(88)** | **(9)** | **(99)** |
|  | **Total exposure** | **Total exposure** | **Total exposure** | **Total exposure** | **ECL provisions** | **ECL provisions** | **ECL provisions** | **ECL provisions** |
| **Off-balance sheet (within the scope of ECL)** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Contingent liabilities, gross | 18818 | 17802 | 1008 | 8 | (3) | (2) | (1) | 0 |
| Irrevocable commitments, gross | 15041 | 13378 | 1603 | 60 | (66) | (32) | (34) | 0 |
| Forward starting transactions (securities financing transactions)<sup>4</sup> | 2597 | 2597 | 0 | 0 | 0 | 0 | 0 | 0 |
| Credit lines | 10714 | 10404 | 310 | 0 | (1) | (1) | 0 | 0 |
| Irrevocable committed prolongation of existing loans | 135 | 135 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total off-balance sheet financial instruments and credit lines within the scope of ECL** | **47305** | **44317** | **2921** | **67** | **(70)** | **(35)** | **(35)** | **0** |
| **Total allowances and provisions** |  |  |  |  | **(266)** | **(123)** | **(44)** | **(99)** |
| 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 0m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18

------

**Note 13d Balance sheet and off-balance sheet positions subject to ECL (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *USD m* | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** |
|  | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **ECL allowances** | **ECL allowances** | **ECL allowances** | **ECL allowances** |
| **Financial instruments measured at amortized cost** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Cash and balances at central banks | 53760 | 53760 | 0 | 0 | 0 | 0 | 0 | 0 |
| Due from banks | 33330 | 33330 | 0 | 0 | (5) | (5) | 0 | 0 |
| Receivables from securities financing transactions | 56336 | 56336 | 0 | 0 | (2) | (2) | 0 | 0 |
| Due from customers<sup>2</sup> | 121812 | 119892 | 1672 | 247 | (214) | (56) | (10) | (147) |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity | 27530 | 27530 | 0 | 0 | (32) | (32) | 0 | 0 |
| Mortgage loans | 5492 | 5379 | 0 | 114 | (4) | 0 | 0 | (4) |
| Accrued income and prepaid expenses | 1213 | 1212 | 2 | 0 | 0 | 0 | 0 | 0 |
| Other assets<sup>3</sup> | 912 | 912 | 0 | 0 | (2) | (1) | 0 | (1) |
| **Total on-balance sheet financial assets within the scope of ECL** | **300386** | **298351** | **1674** | **361** | **(259)** | **(96)** | **(10)** | **(153)** |
|  | **Total exposure** | **Total exposure** | **Total exposure** | **Total exposure** | **ECL provisions** | **ECL provisions** | **ECL provisions** | **ECL provisions** |
| **Off-balance sheet (within the scope of ECL)** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Contingent liabilities, gross | 19046 | 18860 | 176 | 10 | (4) | (3) | (1) | 0 |
| Irrevocable commitments, gross | 17394 | 15967 | 1423 | 4 | (72) | (49) | (24) | 0 |
| Forward starting transactions (securities financing transactions)<sup>4</sup> | 1097 | 1097 | 0 | 0 | 0 | 0 | 0 | 0 |
| Credit lines | 8388 | 7966 | 422 | 0 | (1) | (1) | (1) | 0 |
| Irrevocable committed prolongation of existing loans | 736 | 736 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total off-balance sheet financial instruments and credit lines within the scope of ECL** | **46662** | **44627** | **2021** | **14** | **(77)** | **(52)** | **(25)** | **0** |
| **Total allowances and provisions** |  |  |  |  | **(336)** | **(148)** | **(35)** | **(153)** |
| 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes USD 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *CHF m* | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** | **31.12.21** |
|  | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **Carrying amount<sup>1</sup>** | **ECL allowances** | **ECL allowances** | **ECL allowances** | **ECL allowances** |
| **Financial instruments measured at amortized cost** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Cash and balances at central banks | 49012 | 49012 | 0 | 0 | 0 | 0 | 0 | 0 |
| Due from banks | 30386 | 30386 | 0 | 0 | (5) | (5) | 0 | 0 |
| Receivables from securities financing transactions | 51360 | 51360 | 0 | 0 | (2) | (2) | 0 | 0 |
| Due from customers<sup>2</sup> | 111052 | 109302 | 1524 | 225 | (195) | (51) | (9) | (134) |
| Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity | 25098 | 25098 | 0 | 0 | (29) | (29) | 0 | 0 |
| Mortgage loans | 5007 | 4904 | 0 | 104 | (4) | 0 | 0 | (4) |
| Accrued income and prepaid expenses | 1106 | 1105 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other assets<sup>3</sup> | 832 | 832 | 0 | 0 | (2) | (1) | 0 | (1) |
| **Total on-balance sheet financial assets within the scope of ECL** | **273853** | **271998** | **1526** | **329** | **(237)** | **(89)** | **(9)** | **(139)** |
|  | **Total exposure** | **Total exposure** | **Total exposure** | **Total exposure** | **ECL provisions** | **ECL provisions** | **ECL provisions** | **ECL provisions** |
| **Off-balance sheet (within the scope of ECL)** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Stage 1** | **Stage 2** | **Stage 3** |
| Contingent liabilities, gross | 17364 | 17194 | 160 | 9 | (3) | (2) | (1) | 0 |
| Irrevocable commitments, gross | 15858 | 14557 | 1298 | 4 | (65) | (44) | (21) | 0 |
| Forward starting transactions (securities financing transactions)<sup>4</sup> | 1000 | 1000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Credit lines | 7647 | 7263 | 384 | 0 | (2) | (1) | (1) | 0 |
| Irrevocable committed prolongation of existing loans | 671 | 671 | 0 | 0 | 0 | 0 | 0 | 0 |
| **Total off-balance sheet financial instruments and credit lines within the scope of ECL** | **42540** | **40685** | **1842** | **13** | **(70)** | **(47)** | **(23)** | **0** |
| **Total allowances and provisions** |  |  |  |  | **(307)** | **(136)** | **(32)** | **(139)** |
| 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  | 1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes CHF 4m ECL allowances where an approach other than "IFRS ECL" is applied. Refer to Note 2 for more information. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward starting reverse repurchase agreements within the scope of ECL.  |

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UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19

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**Note 13e Financial assets subject to credit risk by rating category**

The table below shows the credit quality and the maximum exposure to credit risk based on the Group's internal credit rating system and year-end stage classification.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** |
| *USD m* | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** |
| Rating category | **0–1** | **2–3** | **4–5** | **6–8** | **9–13** | **Credit-impaired (defaulted)** | **Total gross carrying amount** | **ECL allowances** | **Net carrying amount (maximum exposure to credit risk)** |
| **Financial instruments measured at amortized cost** |  |  |  |  |  |  |  |  |  |
| **Cash and balances at central banks** | **48227**  | **117**  | **0**  | **0**  | **0**  | **0**  | **48344**  | **0**  | **48344**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *48227*  | *117*  | *0*  | *0*  | *0*  | *0*  | *48344*  | *0*  | *48344*  |
| **Due from banks** | **867**  | **29915**  | **640**  | **0**  | **33**  | **0**  | **31455**  | **(5)**  | **31450**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *867*  | *29915*  | *640*  | *0*  | *33*  | *0*  | *31455*  | *(5)*  | *31450*  |
| **Receivables from securities financing transactions**  | **14930**  | **8597**  | **7564**  | **26332**  | **721**  | **0**  | **58143**  | **(2)**  | **58141**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *14930*  | *8597*  | *7564*  | *26332*  | *721*  | *0*  | *58143*  | *(2)*  | *58141*  |
| **Due from customers** | **4619**  | **38780**  | **8602**  | **50987**  | **2420**  | **318**  | **105726**  | **(174)**  | **105552**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *4619*  | *38780*  | *8295*  | *50433*  | *1809*  | *0*  | *103936*  | *(59)*  | *103876*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *307*  | *555*  | *611*  | *0*  | *1473*  | *(9)*  | *1463*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *318*  | *318*  | *(105)*  | *213*  |
| **Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity** | **0**  | **27704**  | **0**  | **0**  | **0**  | **0**  | **27704**  | **(26)**  | **27678**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *27704*  | *0*  | *0*  | *0*  | *0*  | *27704*  | *(26)*  | *27678*  |
| **Mortgage loans** | **0**  | **1**  | **302**  | **4063**  | **488**  | **185**  | **5039**  | **0**  | **5039**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *1*  | *302*  | *4045*  | *488*  | *0*  | *4837*  | *0*  | *4837*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *0*  | *17*  | *0*  | *0*  | *17*  | *0*  | *17*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *185*  | *185*  | *0*  | *184*  |
| **Accrued income and prepaid expenses** | **130**  | **671**  | **352**  | **687**  | **33**  | **0**  | **1872**  | **0**  | **1872**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *130*  | *671*  | *351*  | *681*  | *31*  | *0*  | *1863*  | *0*  | *1863*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *0*  | *6*  | *2*  | *0*  | *9*  | *0*  | *9*  |
| **Other assets** | **0**  | **155**  | **4**  | **776**  | **5**  | **2**  | **942**  | **(3)**  | **939**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *155*  | *4*  | *776*  | *5*  | *0*  | *940*  | *(1)*  | *939*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *2*  | *2*  | *(2)*  | *0*  |
| **Total in scope of ECL assets / ECL amounts by stages** | **68772**  | **105939**  | **17464**  | **82845**  | **3701**  | **504**  | **279225**  | **(211)**  | **279015**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** |
| *USD m* | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** |
| Rating category | **0–1** | **2–3** | **4–5** | **6–8** | **9–13** | **Credit-impaired**<br> **(defaulted)** | **Total off-balance sheet exposure** <br> **(maximum exposure to credit risk)** | **ECL provisions** |
| **Off-balance sheet (within the scope of ECL)** |  |  |  |  |  |  |  |  |
| **Contingent liabilities, gross** | **7157**  | **9102**  | **2464**  | **1273**  | **356**  | **8**  | **20359**  | **(3)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *7157*  | *9072*  | *1555*  | *1247*  | *229*  | *0*  | *19260*  | *(2)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *30*  | *909*  | *25*  | *127*  | *0*  | *1091*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *8*  | *8*  | *0*  |
| **Irrevocable commitments, gross** | **1239**  | **5068**  | **3146**  | **1895**  | **4860**  | **64**  | **16272**  | **(72)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *1239*  | *4948*  | *3030*  | *1771*  | *3485*  | *0*  | *14474*  | *(35)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *120*  | *115*  | *124*  | *1375*  | *0*  | *1734*  | *(37)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *64*  | *64*  | *0*  |
| **Forward starting transactions (securities financing transactions)** | **1790**  | **2**  | **11**  | **1007**  | **0**  | **0**  | **2810**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *1790*  | *2*  | *11*  | *1007*  | *0*  | *0*  | *2810*  | *0*  |
| **Credit lines** | **0**  | **3868**  | **687**  | **5851**  | **1186**  | **0**  | **11592**  | **(1)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *3825*  | *616*  | *5700*  | *1115*  | *0*  | *11256*  | *0*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *43*  | *71*  | *150*  | *71*  | *0*  | *335*  | *0*  |
| **Irrevocable committed prolongation of existing loans** | **0**  | **147**  | **0**  | **0**  | **0**  | **0**  | **147**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *147*  | *0*  | *0*  | *0*  | *0*  | *147*  | *0*  |
| **Total off-balance sheet financial instruments and credit lines** | **10186**  | **18186**  | **6307**  | **10026**  | **6402**  | **73**  | **51180**  | **(76)**  |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20

------

**Note 13e Financial assets subject to credit risk by rating category (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** |
| *CHF m* | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** |
| Rating category | **0–1** | **2–3** | **4–5** | **6–8** | **9–13** | **Credit-impaired (defaulted)** | **Total gross carrying amount** | **ECL allowances** | **Net carrying amount (maximum exposure to credit risk)** |
| **Financial instruments measured at amortized cost** |  |  |  |  |  |  |  |  |  |
| **Cash and balances at central banks** | **44576**  | **108**  | **0**  | **0**  | **0**  | **0**  | **44684**  | **0**  | **44684**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *44576*  | *108*  | *0*  | *0*  | *0*  | *0*  | *44684*  | *0*  | *44684*  |
| **Due from banks** | **801**  | **27650**  | **591**  | **0**  | **30**  | **0**  | **29073**  | **(5)**  | **29069**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *801*  | *27650*  | *591*  | *0*  | *30*  | *0*  | *29073*  | *(5)*  | *29069*  |
| **Receivables from securities financing transactions**  | **13799**  | **7946**  | **6991**  | **24338**  | **667**  | **0**  | **53741**  | **(2)**  | **53739**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *13799*  | *7946*  | *6991*  | *24338*  | *667*  | *0*  | *53741*  | *(2)*  | *53739*  |
| **Due from customers** | **4269**  | **35844**  | **7950**  | **47127**  | **2237**  | **294**  | **97722**  | **(161)**  | **97561**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *4269*  | *35844*  | *7667*  | *46614*  | *1672*  | *0*  | *96067*  | *(55)*  | *96011*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *283*  | *513*  | *565*  | *0*  | *1361*  | *(9)*  | *1353*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *294*  | *294*  | *(97)*  | *197*  |
| **Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity** | **0**  | **25607**  | **0**  | **0**  | **0**  | **0**  | **25607**  | **(24)**  | **25582**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *25607*  | *0*  | *0*  | *0*  | *0*  | *25607*  | *(24)*  | *25582*  |
| **Mortgage loans** | **0**  | **1**  | **279**  | **3755**  | **451**  | **171**  | **4657**  | **0**  | **4657**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *1*  | *279*  | *3739*  | *451*  | *0*  | *4471*  | *0*  | *4471*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *0*  | *16*  | *0*  | *0*  | *16*  | *0*  | *16*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *171*  | *171*  | *0*  | *170*  |
| **Accrued income and prepaid expenses** | **120**  | **620**  | **325**  | **635**  | **31**  | **0**  | **1730**  | **0**  | **1730**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *120*  | *620*  | *325*  | *629*  | *29*  | *0*  | *1722*  | *0*  | *1722*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *0*  | *6*  | *2*  | *0*  | *8*  | *0*  | *8*  |
| **Other assets** | **0**  | **143**  | **4**  | **717**  | **4**  | **1**  | **870**  | **(3)**  | **867**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *143*  | *4*  | *717*  | *4*  | *0*  | *869*  | *(1)*  | *867*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *1*  | *2*  | *(2)*  | *0*  |
| **Total in scope of ECL assets / ECL amounts by stages** | **63565**  | **97918**  | **16141**  | **76573**  | **3421**  | **466**  | **258085**  | **(196)**  | **257890**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** |
| *CHF m* | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** | **31.12.22** |
| Rating category | **0–1** | **2–3** | **4–5** | **6–8** | **9–13** | **Credit-impaired**<br> **(defaulted)** | **Total off-balance sheet exposure** <br> **(maximum exposure to credit risk)** | **ECL provisions** |
| **Off-balance sheet (within the scope of ECL)** |  |  |  |  |  |  |  |  |
| **Contingent liabilities, gross** | **6615**  | **8413**  | **2277**  | **1176**  | **329**  | **8**  | **18818**  | **(3)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *6615*  | *8385*  | *1438*  | *1153*  | *211*  | *0*  | *17802*  | *(2)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *27*  | *840*  | *23*  | *118*  | *0*  | *1008*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *8*  | *8*  | *0*  |
| **Irrevocable commitments, gross** | **1145**  | **4684**  | **2907**  | **1752**  | **4492**  | **60**  | **15041**  | **(66)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *1145*  | *4574*  | *2801*  | *1637*  | *3221*  | *0*  | *13378*  | *(32)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *111*  | *107*  | *115*  | *1271*  | *0*  | *1603*  | *(34)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *60*  | *60*  | *0*  |
| **Forward starting transactions (securities financing transactions)** | **1655**  | **2**  | **10**  | **931**  | **0**  | **0**  | **2597**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *1655*  | *2*  | *10*  | *931*  | *0*  | *0*  | *2597*  | *0*  |
| **Credit lines** | **0**  | **3575**  | **635**  | **5408**  | **1096**  | **0**  | **10714**  | **(1)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *3536*  | *569*  | *5269*  | *1030*  | *0*  | *10404*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *40*  | *66*  | *139*  | *66*  | *0*  | *310*  | *0*  |
| **Irrevocable committed prolongation of existing loans** | **0**  | **135**  | **0**  | **0**  | **0**  | **0**  | **135**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *135*  | *0*  | *0*  | *0*  | *0*  | *135*  | *0*  |
| **Total off-balance sheet financial instruments and credit lines** | **9415**  | **16810**  | **5829**  | **9267**  | **5917**  | **67**  | **47305**  | **(70)**  |

---

› **Refer to Note 9 and Note 19 to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information about ECL in accordance with IFRS**

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21

------

**Note 13e Financial assets subject to credit risk by rating category (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** |
| *USD m* | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
| Rating category | 0–1 | 2–3 | 4–5 | 6–8 | 9–13 | Credit-impaired (defaulted) | Total gross carrying amount | ECL allowances | Net carrying amount (maximum exposure to credit risk) |
| **Financial instruments measured at amortized cost** |  |  |  |  |  |  |  |  |  |
| **Cash and balances at central banks** | **53680**  | **80**  | **0**  | **0**  | **0**  | **0**  | **53760**  | **0**  | **53760**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *53680*  | *80*  | *0*  | *0*  | *0*  | *0*  | *53760*  | *0*  | *53760*  |
| **Due from banks** | **466**  | **32410**  | **454**  | **0**  | **4**  | **0**  | **33335**  | **(5)**  | **33330**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *466*  | *32410*  | *454*  | *0*  | *4*  | *0*  | *33335*  | *(5)*  | *33330*  |
| **Receivables from securities financing transactions**  | **13983**  | **8793**  | **8256**  | **23871**  | **1435**  | **0**  | **56338**  | **(2)**  | **56336**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *13983*  | *8793*  | *8256*  | *23871*  | *1435*  | *0*  | *56338*  | *(2)*  | *56336*  |
| **Due from customers** | **3116**  | **34793**  | **14591**  | **66766**  | **2365**  | **395**  | **122025**  | **(214)**  | **121812**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *3116*  | *34790*  | *14236*  | *66007*  | *1800*  | *0*  | *119948*  | *(56)*  | *119892*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *3*  | *355*  | *759*  | *566*  | *0*  | *1682*  | *(10)*  | *1672*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *395*  | *395*  | *(147)*  | *247*  |
| **Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity** | **0**  | **27561**  | **0**  | **0**  | **0**  | **0**  | **27561**  | **(32)**  | **27530**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *27561*  | *0*  | *0*  | *0*  | *0*  | *27561*  | *(32)*  | *27530*  |
| **Mortgage loans** | **0**  | **2**  | **457**  | **4919**  | **1**  | **118**  | **5496**  | **(4)**  | **5492**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *1*  | *457*  | *4919*  | *1*  | *0*  | *5379*  | *0*  | *5379*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *118*  | *118*  | *(4)*  | *114*  |
| **Accrued income and prepaid expenses** | **47**  | **225**  | **327**  | **582**  | **33**  | **0**  | **1213**  | **0**  | **1213**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *47*  | *225*  | *327*  | *581*  | *32*  | *0*  | *1212*  | *0*  | *1212*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *0*  | *1*  | *1*  | *0*  | *2*  | *0*  | *2*  |
| **Other assets** | **0**  | **100**  | **2**  | **810**  | **3**  | **1**  | **915**  | **(2)**  | **912**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *100*  | *2*  | *810*  | *3*  | *0*  | *914*  | *(1)*  | *912*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *1*  | *1*  | *(1)*  | *0*  |
| **Total in scope of ECL assets / ECL amounts by stages** | **71293**  | **103963**  | **24086**  | **96948**  | **3841**  | **514**  | **300644**  | **(259)**  | **300386**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** |
| *USD m* | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
| Rating category | 0–1 | 2–3 | 4–5 | 6–8 | 9–13 | Credit-impaired<br> (defaulted) | Total off- balance sheet exposure<br> (maximum exposure to credit risk) | ECL provisions |
| **Off-balance sheet (within the scope of ECL)** |  |  |  |  |  |  |  |  |
| **Contingent liabilities, gross** | **4385**  | **10960**  | **1782**  | **1498**  | **411**  | **10**  | **19046**  | **(4)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *4385*  | *10937*  | *1729*  | *1495*  | *315*  | *0*  | *18860*  | *(3)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *24*  | *52*  | *3*  | *97*  | *0*  | *176*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *10*  | *10*  | *0*  |
| **Irrevocable commitments, gross** | **1778**  | **5058**  | **3316**  | **2082**  | **5156**  | **4**  | **17394**  | **(72)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *1778*  | *4792*  | *3107*  | *1758*  | *4532*  | *0*  | *15967*  | *(49)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *266*  | *209*  | *324*  | *624*  | *0*  | *1423*  | *(24)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *4*  | *4*  | *0*  |
| **Forward starting transactions (securities financing transactions)** | **0**  | **0**  | **0**  | **1097**  | **0**  | **0**  | **1097**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *0*  | *0*  | *1097*  | *0*  | *0*  | *1097*  | *0*  |
| **Credit lines** | **6**  | **3314**  | **135**  | **3771**  | **1161**  | **0**  | **8388**  | **(1)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *6*  | *3266*  | *8*  | *3567*  | *1119*  | *0*  | *7966*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *48*  | *127*  | *204*  | *42*  | *0*  | *422*  | *(1)*  |
| **Irrevocable committed prolongation of existing loans** | **0**  | **736**  | **0**  | **0**  | **0**  | **0**  | **736**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *736*  | *0*  | *0*  | *0*  | *0*  | *736*  | *0*  |
| **Total off-balance sheet financial instruments and credit lines** | **6168**  | **20069**  | **5233**  | **8448**  | **6729**  | **14**  | **46662**  | **(77)**  |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22

------

**Note 13e Financial assets subject to credit risk by rating category (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** | **Financial assets subject to credit risk by rating category** |
| *CHF m* | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
| Rating category | 0–1 | 2–3 | 4–5 | 6–8 | 9–13 | Credit-impaired (defaulted) | Total gross carrying amount | ECL allowances | Net carrying amount (maximum exposure to credit risk) |
| **Financial instruments measured at amortized cost** |  |  |  |  |  |  |  |  |  |
| **Cash and balances at central banks** | **48939**  | **73**  | **0**  | **0**  | **0**  | **0**  | **49012**  | **0**  | **49012**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *48939*  | *73*  | *0*  | *0*  | *0*  | *0*  | *49012*  | *0*  | *49012*  |
| **Due from banks** | **425**  | **29548**  | **414**  | **0**  | **4**  | **0**  | **30391**  | **(5)**  | **30386**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *425*  | *29548*  | *414*  | *0*  | *4*  | *0*  | *30391*  | *(5)*  | *30386*  |
| **Receivables from securities financing transactions**  | **12748**  | **8016**  | **7527**  | **21763**  | **1308**  | **0**  | **51362**  | **(2)**  | **51360**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *12748*  | *8016*  | *7527*  | *21763*  | *1308*  | *0*  | *51362*  | *(2)*  | *51360*  |
| **Due from customers** | **2841**  | **31719**  | **13302**  | **60868**  | **2156**  | **360**  | **111247**  | **(195)**  | **111052**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *2841*  | *31717*  | *12978*  | *60176*  | *1641*  | *0*  | *109353*  | *(51)*  | *109302*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *2*  | *324*  | *692*  | *516*  | *0*  | *1533*  | *(9)*  | *1524*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *360*  | *360*  | *(134)*  | *225*  |
| **Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity** | **0**  | **25127**  | **0**  | **0**  | **0**  | **0**  | **25127**  | **(29)**  | **25098**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *25127*  | *0*  | *0*  | *0*  | *0*  | *25127*  | *(29)*  | *25098*  |
| **Mortgage loans** | **0**  | **1**  | **416**  | **4485**  | **1**  | **108**  | **5011**  | **(4)**  | **5007**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *1*  | *416*  | *4485*  | *1*  | *0*  | *4903*  | *0*  | *4904*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *108*  | *108*  | *(4)*  | *104*  |
| **Accrued income and prepaid expenses** | **43**  | **205**  | **298**  | **531**  | **30**  | **0**  | **1106**  | **0**  | **1106**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *43*  | *205*  | *298*  | *530*  | *29*  | *0*  | *1105*  | *0*  | *1105*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *0*  | *0*  | *1*  | *1*  | *0*  | *1*  | *0*  | *1*  |
| **Other assets** | **0**  | **91**  | **1**  | **738**  | **3**  | **1**  | **834**  | **(2)**  | **832**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *91*  | *1*  | *738*  | *3*  | *0*  | *834*  | *(1)*  | *832*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *1*  | *1*  | *(1)*  | *0*  |
| **Total in scope of ECL assets / ECL amounts by stages** | **64996**  | **94781**  | **21958**  | **88384**  | **3501**  | **468**  | **274089**  | **(237)**  | **273853**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** | **Off-balance sheet positions and credit lines subject to expected credit loss by rating category** |
| *CHF m* | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 | 31.12.21 |
| Rating category | 0–1 | 2–3 | 4–5 | 6–8 | 9–13 | Credit-impaired<br> (defaulted) | Total off- balance sheet exposure<br> (maximum exposure to credit risk) | ECL provisions |
| **Off-balance sheet (within the scope of ECL)** |  |  |  |  |  |  |  |  |
| **Contingent liabilities, gross** | **3997**  | **9992**  | **1624**  | **1366**  | **375**  | **9**  | **17364**  | **(3)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *3997*  | *9971*  | *1577*  | *1363*  | *287*  | *0*  | *17194*  | *(2)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *22*  | *47*  | *3*  | *88*  | *0*  | *160*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *9*  | *9*  | *0*  |
| **Irrevocable commitments, gross** | **1621**  | **4612**  | **3023**  | **1898**  | **4701**  | **4**  | **15858**  | **(65)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *1621*  | *4369*  | *2833*  | *1602*  | *4132*  | *0*  | *14557*  | *(44)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *243*  | *191*  | *295*  | *569*  | *0*  | *1298*  | *(21)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 3* | *0*  | *0*  | *0*  | *0*  | *0*  | *4*  | *4*  | *0*  |
| **Forward starting transactions (securities financing transactions)** | **0**  | **0**  | **0**  | **1000**  | **0**  | **0**  | **1000**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *0*  | *0*  | *1000*  | *0*  | *0*  | *1000*  | *0*  |
| **Credit lines** | **5**  | **3021**  | **123**  | **3438**  | **1059**  | **0**  | **7647**  | **(2)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *5*  | *2978*  | *7*  | *3252*  | *1020*  | *0*  | *7263*  | *(1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 2* | *0*  | *44*  | *116*  | *186*  | *39*  | *0*  | *384*  | *(1)*  |
| **Irrevocable committed prolongation of existing loans** | **0**  | **671**  | **0**  | **0**  | **0**  | **0**  | **671**  | **0**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: stage 1* | *0*  | *671*  | *0*  | *0*  | *0*  | *0*  | *671*  | *0*  |
| **Total off-balance sheet financial instruments and credit lines** | **5623**  | **18296**  | **4771**  | **7702**  | **6135**  | **13**  | **42540**  | **(70)**  |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23

------

**Note 14 Trading portfolio and other financial instruments measured at fair value**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| **Assets** |  |  |  |  |
| Trading portfolio assets | **98566** | 119795 | **91104** | 109213 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: debt instruments<sup>1</sup>* | ***12088*** | *18045* | ***11173*** | *16451* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: listed* | ***9618*** | *12750* | ***8890*** | *11624* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: equity instruments* | ***83720*** | *98424* | ***77382*** | *89730* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: precious metals and other physical commodities* | ***2757*** | *3326* | ***2549*** | *3032* |
| **Total assets measured at fair value** | **98566** | 119795 | **91104** | 109213 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: fair value derived using a valuation model* | ***9635*** | *15028* | ***8906*** | *13700* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: securities eligible for repurchase transactions in accordance with liquidity regulations <sup>2</sup>* | ***5635*** | *7042* | ***5208*** | *6420* |
| **Liabilities** |  |  |  |  |
| Trading portfolio liabilities | **25058** | 25711 | **23160** | 23440 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: debt instruments<sup>1</sup>* | ***8234*** | *7549* | ***7610*** | *6882* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: listed* | ***7738*** | *7293* | ***7153*** | *6649* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: equity instruments* | ***16824*** | *18162* | ***15550*** | *16557* |
| Financial liabilities designated at fair value<sup>3</sup> | **70603** | 73081 | **65258** | 66625 |
| **Total liabilities measured at fair value** | **95661** | 98791 | **88418** | 90065 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: fair value derived using a valuation model* | ***75024*** | *78092* | ***69344*** | *71194* |
| 1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. 3 Refer to Note 20 for more information. | 1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. 3 Refer to Note 20 for more information. | 1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. 3 Refer to Note 20 for more information. | 1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. 3 Refer to Note 20 for more information. | 1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. 3 Refer to Note 20 for more information. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24

------

**Note 15 Derivative instruments<sup>1</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 | 31.12.21 |
| *USD bn* | **Derivative**<br> **financial**<br> **assets** | **Derivative**<br> **financial**<br> **liabilities** | **Total notional values<sup>2</sup>** | Derivative<br> financial<br> assets | Derivative<br> financial<br> liabilities | Total notional values |
| **Interest rate contracts** |  |  |  |  |  |  |
| Forwards<sup>3</sup> | **0.3** | **0.2** | **821** | 0.1 | 0.3 | 476 |
| Swaps | **28.8** | **22.9** | **10336** | 27.7 | 20.5 | 8266 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: designated in hedge accounting relationships* | ***0.0*** | ***0.0*** | ***112*** | *0.0* | *0.0* | *115* |
| Futures | **0.0** | **0.0** | **603** | 0.0 | 0.0 | 524 |
| Over-the-counter (OTC) options | **14.2** | **17.5** | **1393** | 6.6 | 9.2 | 1100 |
| Exchange-traded options | **0.2** | **0.2** | **136** | 0.1 | 0.1 | 196 |
| **Total**  | **43.6** | **40.8** | **13289<sup>4</sup>**  | 34.6 | 30.1 | 10562 |
| **Foreign exchange contracts** |  |  |  |  |  |  |
| Forwards  | **26.5** | **28.6** | **1765** | 23.8 | 23.8 | 2053 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: designated in hedge accounting relationships* | ***0.0*** | ***0.0*** | ***0*** | *0.0* | *0.0* | *0* |
| Swaps | **50.2** | **51.0** | **3351** | 24.7 | 25.1 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: designated in hedge accounting relationships* | ***0.8*** | ***0.5*** | ***33*** | *0.1* | *0.4* | *40* |
| Futures | **0.0** | **0.0** | **2** | 0.0 | 0.0 | 1 |
| Over-the-counter (OTC) options | **9.3** | **9.3** | **1074** | 5.2 | 5.3 | 823 |
| Exchange-traded options | **0.1** | **0.2** | **10** | 0.0 | 0.1 | 10 |
| **Total**  | **86.1** | **89.1** | **6201** | 53.8 | 54.3 | 6134 |
| **Equity contracts** |  |  |  |  |  |  |
| Forwards  | **0.2** | **0.3** | **33** | 0.3 | 0.3 | 27 |
| Swaps | **5.7** | **6.9** | **223** | 5.0 | 9.7 | 279 |
| Futures | **0.0**  | **0.0** | **50** | 0.0  | 0.0 | 67 |
| Over-the-counter (OTC) options | **2.8** | **4.6** | **144** | 4.8 | 6.5 | 170 |
| Exchange-traded options | **8.7** | **9.6** | **525** | 12.1 | 12.5 | 636 |
| **Total**  | **17.4** | **21.4** | **975** | 22.3 | 29.1 | 1178 |
| **Credit derivative contracts** |  |  |  |  |  |  |
| Credit default swaps | **0.9** | **1.0** | **76** | 1.2 | 1.4 | 88 |
| Total return swaps | **0.1** | **0.2** | **1** | 0.1 | 0.2 | 3 |
| Other | **0.0** | **0.0** | **2** | 0.0 | 0.0 | 5 |
| **Total** | **1.0** | **1.2** | **79** | 1.3 | 1.6 | 95 |
| **Commodity, precious metals and other contracts** |  |  |  |  |  |  |
| Forwards<sup>5</sup> | **0.1** | **0.1** | **64** | 0.1 | 0.1 | 51 |
| Swaps | **0.5** | **0.7** | **39** | 0.5 | 0.8 | 45 |
| Futures | **0.0**  | **0.0** | **16** | 0.0  | 0.0 | 14 |
| Over-the-counter (OTC) options | **0.4** | **0.3** | **29** | 0.4 | 0.2 | 24 |
| Exchange-traded options | **0.3** | **0.3** | **6** | 0.6 | 0.4 | 2 |
| **Total** | **1.3** | **1.4** | **154** | 1.5 | 1.5 | 138 |
| **Total before netting** | **149.5** | **153.8** | **20698** | 113.4 | 116.6 | 18107 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: trading derivatives* | ***148.6*** | ***153.3*** |  | *113.3* | *116.2* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: fair value derived using a valuation model* | ***147.8*** | ***152.4*** |  | *112.7* | *115.6* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: derivatives designated in hedge accounting relationships* | ***0.8*** | ***0.5*** |  | *0.1* | *0.4* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: fair value derived using a valuation model* | ***0.8*** | ***0.5*** |  | *0.1* | *0.4* |  |
| Netting with cash collateral payables / receivables | **(20.9)** | **(22.5)** |  | (13.9) | (14.8) |  |
| Replacement value netting | **(113.8)** | **(113.8)** |  | (87.6) | (87.6) |  |
| **Total after netting** | **14.7** | **17.4** |  | 11.9 | 14.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: with central clearing counterparties* | ***0.9*** | ***0.2*** |  | *0.5* | *0.4* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: with bank and broker-dealer counterparties* | ***4.3*** | ***2.8*** |  | *4.0* | *3.0* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: other client counterparties* | ***9.6*** | ***14.5*** |  | *7.5* | *10.7* |  |
| 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include USD 11trn (31 December 2021: USD 9trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by USD 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of USD 5bn as of 31 December 2022 (31 December 2021: USD 9bn) and negative replacement values of USD 43m (31 December 2021: USD 33m). |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25

------

**Note 15 Derivative instruments (continued)<sup>1</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 | 31.12.21 |
| *CHF bn* | **Derivative**<br> **financial**<br> **assets** | **Derivative**<br> **financial**<br> **liabilities** | **Total notional values<sup>2</sup>** | Derivative<br> financial<br> assets | Derivative<br> financial<br> liabilities | Total notional values |
| **Interest rate contracts** |  |  |  |  |  |  |
| Forwards<sup>3</sup> | **0.3** | **0.1** | **759** | 0.1 | 0.2 | 434 |
| Swaps | **26.7** | **21.1** | **9553** | 25.3 | 18.7 | 7536 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: designated in hedge accounting relationships* | ***0.0*** | ***0.0*** | ***104*** | *0.0* | *0.0* | *105* |
| Futures | **0.0** | **0.0** | **558** | 0.0 | 0.0 | 477 |
| Over-the-counter (OTC) options | **13.1** | **16.2** | **1288** | 6.1 | 8.4 | 1003 |
| Exchange-traded options | **0.2** | **0.2** | **126** | 0.1 | 0.1 | 179 |
| **Total**  | **40.3** | **37.7** | **12283<sup>4</sup>** | 31.5 | 27.4 | 9629 |
| **Foreign exchange contracts** |  |  |  |  |  |  |
| Forwards  | **24.5** | **26.5** | **1631** | 21.7 | 21.7 | 1872 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: designated in hedge accounting relationships* | ***0.0*** | ***0.0*** | ***0*** | *0.0* | *0.0* | *0* |
| Swaps | **46.4** | **47.1** | **3097** | 22.5 | 22.9 | 2960 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: designated in hedge accounting relationships* | ***0.8*** | ***0.5*** | ***31*** | *0.1* | *0.3* | *36* |
| Futures | **0.0** | **0.0** | **2** | 0.0 | 0.0 | 1 |
| Over-the-counter (OTC) options | **8.6** | **8.6** | **993** | 4.7 | 4.8 | 750 |
| Exchange-traded options | **0.1** | **0.2** | **9** | 0.0 | 0.1 | 9 |
| **Total**  | **79.6** | **82.3** | **5732** | 49.0 | 49.5 | 5592 |
| **Equity contracts** |  |  |  |  |  |  |
| Forwards  | **0.2** | **0.3** | **31** | 0.3 | 0.3 | 25 |
| Swaps | **5.2** | **6.3** | **206** | 4.6 | 8.9 | 254 |
| Futures | **0.0**  | **0.0** | **46** | 0.0  | 0.0 | 61 |
| Over-the-counter (OTC) options | **2.6** | **4.2** | **133** | 4.4 | 6.0 | 155 |
| Exchange-traded options | **8.1** | **8.9** | **486** | 11.0 | 11.4 | 580 |
| **Total**  | **16.1** | **19.8** | **901** | 20.3 | 26.5 | 1074 |
| **Credit derivative contracts** |  |  |  |  |  |  |
| Credit default swaps | **0.8** | **0.9** | **70** | 1.1 | 1.3 | 80 |
| Total return swaps | **0.1** | **0.2** | **1** | 0.1 | 0.2 | 3 |
| Other | **0.0** | **0.0** | **2** | 0.0 | 0.0 | 4 |
| **Total** | **1.0** | **1.1** | **73** | 1.2 | 1.4 | 87 |
| **Commodity, precious metals and other contracts** |  |  |  |  |  |  |
| Forwards<sup>5</sup> | **0.1** | **0.1** | **59** | 0.1 | 0.1 | 47 |
| Swaps | **0.5** | **0.6** | **36** | 0.4 | 0.7 | 41 |
| Futures | **0.0**  | **0.0** | **15** | 0.0  | 0.0 | 13 |
| Over-the-counter (OTC) options | **0.4** | **0.3** | **27** | 0.4 | 0.2 | 22 |
| Exchange-traded options | **0.3** | **0.3** | **5** | 0.5 | 0.4 | 2 |
| **Total** | **1.2** | **1.3** | **142** | 1.4 | 1.4 | 125 |
| **Total before netting** | **138.1** | **142.1** | **19131** | 103.4 | 106.3 | 16508 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: trading derivatives* | ***137.4*** | ***141.7*** |  | *103.3* | *106.0* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: fair value derived using a valuation model* | ***136.6*** | ***140.8*** |  | *102.8* | *105.4* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: derivatives designated in hedge accounting relationships* | ***0.8*** | ***0.5*** |  | *0.1* | *0.3* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *of which: fair value derived using a valuation model* | ***0.8*** | ***0.5*** |  | *0.1* | *0.3* |  |
| Netting with cash collateral payables / receivables | **(19.3)** | **(20.8)** |  | (12.7) | (13.5) |  |
| Replacement value netting | **(105.2)** | **(105.2)** |  | (79.9) | (79.9) |  |
| **Total after netting** | **13.6** | **16.1** |  | 10.9 | 12.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: with central clearing counterparties* | ***0.8*** | ***0.2*** |  | *0.5* | *0.4* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: with bank and broker-dealer counterparties* | ***4.0*** | ***2.6*** |  | *3.6* | *2.7* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: other client counterparties* | ***8.8*** | ***13.4*** |  | *6.8* | *9.8* |  |
| 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). | 1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were not material for the periods presented. 2 Total notional values include CHF 10trn (31 December 2021: CHF 8trn) relating to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts increased by CHF 2.7trn compared with 31 December 2021, mainly reflecting higher business volumes driven by elevated interest rate volatility and inflation, partly offset by compression activity. 5 Includes derivative loan commitments with notional values of CHF 4bn as of 31 December 2022 (31 December 2021: CHF 8bn) and negative replacement values of CHF 40m (31 December 2021: CHF 30m). |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26

------

**Note 16a Financial investments by instrument type**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| *USD m* | **Carrying amount** | **Fair value** | Carrying amount | Fair value |
| Debt instruments | **43725** | **43496** | 19423 | 19801 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: held to maturity* | ***21657*** | ***21202*** | *6968* | *7039* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: available for sale* | ***22068*** | ***22293*** | *12455* | *12762* |
| Equity instruments | **20** | **22** | 58 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: qualified participations <sup>1</sup>* | ***4*** | ***4*** | *25* | *31* |
| Other | **1** | **1** | 1 | 1 |
| **Total financial investments** | **43746** | **43518** | 19482 | 19870 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: securities eligible for repurchase transactions in accordance with liquidity regulations <sup>2</sup>* | ***38452*** | ***38020*** | *16253* | *16332* |
| 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| *CHF m* | **Carrying amount** | **Fair value** | Carrying amount | Fair value |
| Debt instruments | **40414** | **40203** | 17707 | 18052 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: held to maturity* | ***20018*** | ***19597*** | *6353* | *6417* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: available for sale* | ***20397*** | ***20606*** | *11354* | *11635* |
| Equity instruments | **18** | **20** | 53 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: qualified participations <sup>1</sup>* | ***4*** | ***4*** | *23* | *28* |
| Other | **1** | **1** | 1 | 1 |
| **Total financial investments** | **40434** | **40224** | 17761 | 18115 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: securities eligible for repurchase transactions in accordance with liquidity regulations <sup>2</sup>* | ***35541*** | ***35142*** | *14817* | *14890* |
| 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. | 1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. |

---

**Note 16b Financial investments by counterparty rating – debt instruments**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| **Internal UBS rating<sup>1</sup>** |  |  |  |  |
| 0–1 | **36214** | 14047 | **33472** | 12806 |
| 2–3 | **7193** | 5365 | **6649** | 4891 |
| 4–5 | **237** | 0 | **219** | 0 |
| 6–8 | **0** | 0 | **0** | 0 |
| 9–13 | **0** | 0 | **0** | 0 |
| Non-rated | **81** | 11 | **75** | 10 |
| **Total financial investments** | **43725** | 19423 | **40414** | 17707 |
| 1 Refer to Note 19 for more information. | 1 Refer to Note 19 for more information. | 1 Refer to Note 19 for more information. |  |  |

---

**Note 17a Other assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Deferral position for hedging instruments | **9029** | 0 | **8346** | 0 |
| Deposits and collateral provided in connection with litigation, regulatory and similar matters<sup>1</sup> | **2197** | 1515 | **2030** | 1381 |
| Fee- and commission-related receivables | **121** | 240 | **112** | 218 |
| Net assets for defined benefit plans | **322** | 232 | **298** | 211 |
| VAT, withholding tax and other tax receivables | **1038** | 157 | **959** | 143 |
| Other | **809** | 784 | **746** | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: other receivables due from UBS Group AG and subsidiaries in the UBS Group* | ***519*** | *477* | ***480*** | *436* |
| **Total other assets<sup>2</sup>** | **13516** | 2927 | **12491** | 2667 |
| 1 Refer to item 1 in Note 17b to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information. 2 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets totaling USD 939m (CHF 867m) as of 31 December 2022 (USD 912m (CHF 832m) as of 31 December 2021), which are within the scope of expected credit loss accounting. Refer to Note 13d for more information. | 1 Refer to item 1 in Note 17b to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information. 2 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets totaling USD 939m (CHF 867m) as of 31 December 2022 (USD 912m (CHF 832m) as of 31 December 2021), which are within the scope of expected credit loss accounting. Refer to Note 13d for more information. | 1 Refer to item 1 in Note 17b to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information. 2 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets totaling USD 939m (CHF 867m) as of 31 December 2022 (USD 912m (CHF 832m) as of 31 December 2021), which are within the scope of expected credit loss accounting. Refer to Note 13d for more information. | 1 Refer to item 1 in Note 17b to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information. 2 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets totaling USD 939m (CHF 867m) as of 31 December 2022 (USD 912m (CHF 832m) as of 31 December 2021), which are within the scope of expected credit loss accounting. Refer to Note 13d for more information. | 1 Refer to item 1 in Note 17b to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information. 2 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets totaling USD 939m (CHF 867m) as of 31 December 2022 (USD 912m (CHF 832m) as of 31 December 2021), which are within the scope of expected credit loss accounting. Refer to Note 13d for more information. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27

------

**Note 17b Other liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Deferral position for hedging instruments  | **0** | 630 | **0** | 575 |
| Settlement and clearing accounts | **102** | 105 | **95** | 96 |
| Net defined benefit liabilities | **65** | 83 | **60** | 75 |
| VAT, withholding tax and other tax payables<sup>1</sup> | **70** | 79 | **65** | 72 |
| Other  | **1345** | 1408 | **1243** | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: other payables due to UBS Group AG and subsidiaries in the UBS Group* | ***814*** | *960* | ***753*** | *876* |
| **Total other liabilities** | **1582** | 2305 | **1462** | 2100 |
| 1 Excludes capital tax payables. | 1 Excludes capital tax payables. | 1 Excludes capital tax payables. |  |  |

---

**Note 18 Pledged assets**

The table below provides information about pledged assets, other than assets placed with central banks related to undrawn credit lines and for payment, clearing and settlement purposes (31 December 2022: USD 5.2bn (CHF 4.8bn), 31 December 2021: USD 4.4bn (CHF 4.0bn)) and those pledged in connection with securities financing transactions (refer to Note 11 for more information).

---

| | | |
|:---|:---|:---|
|  | **31.12.22** | 31.12.21 |
| *USD m* | **Carrying amount of**<br> **pledged assets** | Carrying amount of<br> pledged assets |
| Securities<sup>1</sup> | **4733**  | 4609  |
| Property<sup>2</sup> | **2052**  | 2392  |
| **Total pledged assets** | **6785**  | 7002  |
| 1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the specific collateral pledged and the associated liability. 2 These pledged properties serve as collateral for an existing mortgage loan from UBS Switzerland AG, the carrying amount of which was USD 2,651m as of 31 December 2022 (USD 2,879m as of 31 December 2021). | 1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the specific collateral pledged and the associated liability. 2 These pledged properties serve as collateral for an existing mortgage loan from UBS Switzerland AG, the carrying amount of which was USD 2,651m as of 31 December 2022 (USD 2,879m as of 31 December 2021). | 1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the specific collateral pledged and the associated liability. 2 These pledged properties serve as collateral for an existing mortgage loan from UBS Switzerland AG, the carrying amount of which was USD 2,651m as of 31 December 2022 (USD 2,879m as of 31 December 2021). |

---

---

| | | |
|:---|:---|:---|
|  | **31.12.22** | 31.12.21 |
| *CHF m* | **Carrying amount of**<br> **pledged assets** | Carrying amount of<br> pledged assets |
| Securities<sup>1</sup> | **4374**  | 4202  |
| Property<sup>2</sup> | **1897**  | 2181  |
| **Total pledged assets** | **6271**  | 6383  |
| 1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the specific collateral pledged and the associated liability. 2 These pledged properties serve as collateral for an existing mortgage loan from UBS Switzerland AG, the carrying amount of which was CHF 2,450m as of 31 December 2022 (CHF 2,625m as of 31 December 2021). | 1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the specific collateral pledged and the associated liability. 2 These pledged properties serve as collateral for an existing mortgage loan from UBS Switzerland AG, the carrying amount of which was CHF 2,450m as of 31 December 2022 (CHF 2,625m as of 31 December 2021). | 1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between the specific collateral pledged and the associated liability. 2 These pledged properties serve as collateral for an existing mortgage loan from UBS Switzerland AG, the carrying amount of which was CHF 2,450m as of 31 December 2022 (CHF 2,625m as of 31 December 2021). |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28

------

**Note 19 Country risk of total assets**

The table below provides a breakdown of total non-Swiss assets by credit rating, after netting of assets and liabilities as recognized on the balance sheet, but before other risk mitigants. The credit ratings reflect the sovereign credit rating of the country to which the ultimate risk of the underlying asset is related. The ultimate country of risk for unsecured loan positions is the domicile of the immediate borrower or, in the case of a legal entity, the domicile of the ultimate parent entity. For collateralized or guaranteed positions, the ultimate country of risk is the domicile of the provider of the collateral or guarantor or, if applicable, the domicile of the ultimate parent entity of the provider of the collateral or guarantor. For mortgage loans, the ultimate country of risk is the country where the real estate is located. Similarly, the ultimate country of risk for property and equipment is the country where the property and equipment are located. Assets for which Switzerland is the ultimate country of risk are provided separately at the bottom of the table in order to provide a reconciliation to total balance sheet assets.

› **Refer to the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022 for more information**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| Classification | Internal UBS rating<sup>1</sup> | Description | Moody's Investors<br> Service | S&P | Fitch  | **USD m** | **%** | USD m | % |
| Low risk | 0 and 1 | Investment grade | Aaa | AAA | AAA | **230979** | **46** | 235039 | 46 |
| Low risk | 2 |  | Aa1 to Aa3 | AA+ to AA– | AA+ to AA– | **96069** | **19** | 115906 | 23 |
| Medium risk | 3 |  | A1 to A3 | A+ to A– | A+ to A– | **71856** | **14** | 71763 | 14 |
| Medium risk | 4 |  | Baa1 to Baa2 | BBB+ to BBB | BBB+ to BBB | **8013** | **2** | 11065 | 2 |
| Medium risk | 5 |  | Baa3 | BBB– | BBB– | **6156** | **1** | 6297 | 1 |
| High risk | 6 | Sub-investment grade | Ba1 | BB+ | BB+ | **287** | **0** | 1146 | 0 |
| High risk | 7 |  | Ba2 | BB | BB | **566** | **0** | 599 | 0 |
| High risk | 8 |  | Ba3 | BB– | BB– | **1958** | **0** | 2363 | 0 |
| High risk | 9 |  | B1 | B+ | B+ | **868** | **0** | 1015 | 0 |
| Very high risk | 10 |  | B2 | B | B | **524** | **0** | 914 | 0 |
| Very high risk | 11 |  | B3 | B– | B– | **20** | **0** | 126 | 0 |
| Very high risk | 12 |  | Caa1 to Caa2 | CCC+ to CCC | CCC+ to CCC | **203** | **0** | 254 | 0 |
| Very high risk | 13 |  | Caa3 to C | CCC– to C | CCC– to C | **140** | **0** | 41 | 0 |
| Distressed | Default | Defaulted |  | D | D | **9** | **0** | 34 | 0 |
| **Subtotal** |  |  |  |  |  | **417648** | **83** | 446561 | 88 |
| Switzerland |  |  |  |  |  | **87119** | **17** | 63288 | 12 |
| **Total assets** |  |  |  |  |  | **504767** | **100** | 509851 | 100 |
| 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| Classification | Internal UBS rating<sup>1</sup> | Description | Moody's Investors<br> Service | S&P | Fitch  | **CHF m** | **%** | CHF m | % |
| Low risk | 0 and 1 | Investment grade | Aaa | AAA | AAA | **213488** | **46** | 214277 | 46 |
| Low risk | 2 |  | Aa1 to Aa3 | AA+ to AA– | AA+ to AA– | **88797** | **19** | 105668 | 23 |
| Medium risk | 3 |  | A1 to A3 | A+ to A– | A+ to A– | **66416** | **14** | 65424 | 14 |
| Medium risk | 4 |  | Baa1 to Baa2 | BBB+ to BBB | BBB+ to BBB | **7407** | **2** | 10087 | 2 |
| Medium risk | 5 |  | Baa3 | BBB– | BBB– | **5690** | **1** | 5741 | 1 |
| High risk | 6 | Sub-investment grade | Ba1 | BB+ | BB+ | **265** | **0** | 1044 | 0 |
| High risk | 7 |  | Ba2 | BB | BB | **523** | **0** | 546 | 0 |
| High risk | 8 |  | Ba3 | BB– | BB– | **1810** | **0** | 2154 | 0 |
| High risk | 9 |  | B1 | B+ | B+ | **802** | **0** | 925 | 0 |
| Very high risk | 10 |  | B2 | B | B | **485** | **0** | 834 | 0 |
| Very high risk | 11 |  | B3 | B– | B– | **19** | **0** | 115 | 0 |
| Very high risk | 12 |  | Caa1 to Caa2 | CCC+ to CCC | CCC+ to CCC | **187** | **0** | 232 | 0 |
| Very high risk | 13 |  | Caa3 to C | CCC– to C | CCC– to C | **129** | **0** | 37 | 0 |
| Distressed | Default | Defaulted |  | D | D | **8** | **0** | 31 | 0 |
| **Subtotal** |  |  |  |  |  | **386026** | **83** | 407115 | 88 |
| Switzerland |  |  |  |  |  | **80524** | **17** | 57698 | 12 |
| **Total assets** |  |  |  |  |  | **466550** | **100** | 464814 | 100 |
| 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. | 1 Internal ratings are mapped to the external ratings in line with the table published in the "Risk management and control" section of the UBS Group AG and UBS AG Annual Report 2022. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29

------

**Note 20 Structured debt instruments**

The table below provides a breakdown of financial liabilities designated at fair value that are considered structured debt instruments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Fixed-rate bonds with structured features | **2293** | 1819 | **2120** | 1658 |
| Structured debt instruments issued: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity-linked | **41926** | 46834 | **38752** | 42698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rates-linked | **15925** | 16152 | **14719** | 14725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit-linked | **2281** | 1506 | **2108** | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity-linked<sup>1</sup> | **4304** | 2913 | **3978** | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp; FX-linked | **578** | 412 | **535** | 375 |
| Funding received from UBS Group AG designated at fair value<sup>2</sup> | **1959** | 2137 | **1811** | 1948 |
| Structured over-the-counter (OTC) debt instruments | **1336** | 1308 | **1235** | 1193 |
| **Total financial liabilities designated at fair value** | **70603** | 73081 | **65258** | 66625 |
| 1 Includes precious metals-linked debt instruments issued. 2 Refer to Note 21 for more information. | 1 Includes precious metals-linked debt instruments issued. 2 Refer to Note 21 for more information. | 1 Includes precious metals-linked debt instruments issued. 2 Refer to Note 21 for more information. | 1 Includes precious metals-linked debt instruments issued. 2 Refer to Note 21 for more information. | 1 Includes precious metals-linked debt instruments issued. 2 Refer to Note 21 for more information. |

---

In addition to *Financial liabilities designated at fair value*, certain structured debt instruments were reported within the balance sheet lines *Due to banks*, *Due to customers* and *Bonds issued*. These instruments were bifurcated for measurement purposes. As of 31 December 2022, the total carrying amount of the host instruments was USD 5,379m (CHF 4,972m) (31 December 2021: USD 7,613m (CHF 6,941m)) and the total carrying amount of the bifurcated embedded derivatives was positive USD 59m (CHF 54m) (31 December 2021: positive USD 57m (CHF 52m)).

**Note 21 Funding eligible as total loss-absorbing capacity at the UBS AG level**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Funding eligible as total loss-absorbing capacity at the UBS AG level included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Funding received from UBS Group AG measured at amortized cost | **59202** | 52826 | **54720** | 48159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funding received from UBS Group AG designated at fair value | **1959** | 2137 | **1811** | 1948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bonds issued | **3041** | 3049 | **2811** | 2780 |
| **Total funding eligible as total loss-absorbing capacity at the UBS AG level**<sup>1</sup> | **64202** | 58011 | **59342** | 52887 |
| 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital. In accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRB), total funding eligible as total loss-absorbing capacity at the UBS AG level was USD 58,823m (CHF 54,370m) as of 31 December 2022 (31 December 2021: USD 58,089m (CHF 52,958m)). Refer to the "UBS AG standalone regulatory information" section of this report for more information about Swiss SRB going and gone concern capital. | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital. In accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRB), total funding eligible as total loss-absorbing capacity at the UBS AG level was USD 58,823m (CHF 54,370m) as of 31 December 2022 (31 December 2021: USD 58,089m (CHF 52,958m)). Refer to the "UBS AG standalone regulatory information" section of this report for more information about Swiss SRB going and gone concern capital. | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital. In accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRB), total funding eligible as total loss-absorbing capacity at the UBS AG level was USD 58,823m (CHF 54,370m) as of 31 December 2022 (31 December 2021: USD 58,089m (CHF 52,958m)). Refer to the "UBS AG standalone regulatory information" section of this report for more information about Swiss SRB going and gone concern capital. | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital. In accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRB), total funding eligible as total loss-absorbing capacity at the UBS AG level was USD 58,823m (CHF 54,370m) as of 31 December 2022 (31 December 2021: USD 58,089m (CHF 52,958m)). Refer to the "UBS AG standalone regulatory information" section of this report for more information about Swiss SRB going and gone concern capital. | 1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital. In accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRB), total funding eligible as total loss-absorbing capacity at the UBS AG level was USD 58,823m (CHF 54,370m) as of 31 December 2022 (31 December 2021: USD 58,089m (CHF 52,958m)). Refer to the "UBS AG standalone regulatory information" section of this report for more information about Swiss SRB going and gone concern capital. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30

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**Note 22a Share capital**

**UBS AG shares**

As of 31 December 2022, UBS AG's share capital of CHF 386m (unchanged from 31 December 2021) consisted of fully paid-up registered issued shares with a nominal value each of CHF 0.10, which each entitle the holder to one vote at the meeting of the shareholders of UBS AG, if entered into the share register as having the right to vote, as well as a proportionate share of distributed dividends. UBS AG's shares are not subject to any restrictions or limitations on their transferability.

As of 31 December 2022, shares issued by UBS AG totaled 3,858,408,466 shares (unchanged from 31 December 2021). The shares were all dividend bearing and held by UBS Group AG.

Additionally, as of 31 December 2022, 380,000,000 registered shares with a nominal value of CHF 0.10 each were available to be issued out of conditional capital (unchanged from 31 December 2021) through the voluntary or mandatory exercise of conversion rights and / or warrants granted in connection with the issuance of bonds or similar financial instruments on national or international capital markets.

**Non-distributable reserves**

Non-distributable reserves consist of 50% of the share capital of UBS AG, amounting to USD 197m (CHF 193m) as of 31 December 2022 (unchanged from 31 December 2021).

**Share capital – planned conversion of nominal currency in 2023**

Following revisions to Swiss corporate law that are effective from 1 January 2023, the BoD will propose at the 2023 AGM that the shareholder approves the conversion of the share capital currency of UBS AG from the Swiss franc to the US dollar. As a result, the capital contribution reserve of UBS AG would also be converted to US dollars. This would align the share capital currency with the financial statement presentation currency of UBS AG. If the change is approved, the share capital of UBS AG will be slightly reduced, to a nominal value per share of USD 0.10 (from CHF 0.10 currently), with the amount of the reduction allocated to the capital contribution reserve. If approved, the conversion will be implemented with retroactive effect as of 1 January 2023 for accounting purposes based on the closing exchange rate from 30 December 2022. Total equity reported for UBS AG will not change.

**Note 22b Significant shareholders**

The sole direct shareholder of UBS AG is UBS Group AG, which holds 100% of UBS AG shares. These shares are entitled to voting rights. Indirect shareholders of UBS AG included in the table below are the direct shareholders of UBS Group AG (acting in their own name or in their capacity as nominees for other investors or beneficial owners) that were registered in the UBS Group AG share register with 3% or more of the share capital of UBS Group AG as of 31 December 2022 or as of 31 December 2021. The shares and share capital of UBS AG held by indirect shareholders, as shown in the table below, represent their relative holding of UBS Group AG shares. They do not have voting rights in UBS AG.

› **Refer to Note 24 to the UBS Group AG standalone financial statements in the UBS Group AG Annual Report 2022 for more information about significant shareholders of UBS Group AG**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| *USD m, except where indicated* | **Share capital held** | **Shares held (%)** | Share capital held | Shares held (%) |
| **Significant direct shareholder of UBS AG** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG  | **393** | **100** | 393 | 100 |
| **Significant indirect shareholders of UBS AG** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Nominees Ltd., London | **34** | **9** | 35 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTC (Cede & Co.), New York<sup>1</sup> | **28** | **7** | 23 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nortrust Nominees Ltd., London | **17** | **4** | 19 | 5 |
| 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| *CHF m, except where indicated* | **Share capital held** | **Shares held (%)** | Share capital held | Shares held (%) |
| **Significant direct shareholder of UBS AG** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG  | **386** | **100** | 386 | 100 |
| **Significant indirect shareholders of UBS AG** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Nominees Ltd., London | **33** | **9** | 34 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTC (Cede & Co.), New York<sup>1</sup> | **27** | **7** | 22 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nortrust Nominees Ltd., London | **17** | **4** | 19 | 5 |
| 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. | 1 DTC (Cede & Co.), New York, "The Depository Trust Company," is a US securities clearing organization. |

---

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31

------

**Note 23 Swiss pension plan and non-Swiss defined benefit plans**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **a) Assets related to non-Swiss defined benefit plans** | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Net assets for non-Swiss defined benefit plans<sup>1</sup> | **322**  | 232  | **298**  | 211  |
| **Total assets for non-Swiss defined benefit plans** | **322**  | 232  | **298**  | 211  |
| 1 As of 31 December 2022, USD 321m (CHF 297m) related to the UK defined benefit pension plan and USD 1m (CHF 1m) related to the US defined benefit pension plan. As of 31 December 2021, USD 192m (CHF 175m) related to the UK defined benefit pension plan and USD 39m (CHF 36m) related to the US defined benefit pension plan. | 1 As of 31 December 2022, USD 321m (CHF 297m) related to the UK defined benefit pension plan and USD 1m (CHF 1m) related to the US defined benefit pension plan. As of 31 December 2021, USD 192m (CHF 175m) related to the UK defined benefit pension plan and USD 39m (CHF 36m) related to the US defined benefit pension plan. | 1 As of 31 December 2022, USD 321m (CHF 297m) related to the UK defined benefit pension plan and USD 1m (CHF 1m) related to the US defined benefit pension plan. As of 31 December 2021, USD 192m (CHF 175m) related to the UK defined benefit pension plan and USD 39m (CHF 36m) related to the US defined benefit pension plan. | 1 As of 31 December 2022, USD 321m (CHF 297m) related to the UK defined benefit pension plan and USD 1m (CHF 1m) related to the US defined benefit pension plan. As of 31 December 2021, USD 192m (CHF 175m) related to the UK defined benefit pension plan and USD 39m (CHF 36m) related to the US defined benefit pension plan. | 1 As of 31 December 2022, USD 321m (CHF 297m) related to the UK defined benefit pension plan and USD 1m (CHF 1m) related to the US defined benefit pension plan. As of 31 December 2021, USD 192m (CHF 175m) related to the UK defined benefit pension plan and USD 39m (CHF 36m) related to the US defined benefit pension plan. |
| **b) Liabilities related to Swiss pension plan and non-Swiss defined benefit plans** | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Provision for Swiss pension plan | **0**  | 0  | **0**  | 0  |
| Net defined benefit liabilities for non-Swiss defined benefit plans<sup>1</sup> | **65**  | 83  | **60**  | 75  |
| Total provision for Swiss pension plan and net defined benefit liabilities for non-Swiss defined benefit plans | **65**  | 83  | **60**  | 75  |
| Bank accounts at UBS and UBS debt instruments held by Swiss pension fund | **24**  | 15  | **22**  | 14  |
| UBS derivative financial instruments held by Swiss pension fund | **7**  | 10  | **6**  | 9  |
| **Total liabilities related to Swiss pension plan and non-Swiss defined benefit plans** | **95**  | 108  | **88**  | 98  |
| 1 As of 31 December 2022, USD 37m (CHF 34m) related to the US plans and USD 14m (CHF 13m) related to the UK plan. As of 31 December 2021, USD 44m (CHF 40m) related to the US plans and USD 22m (CHF 20m) related to the UK plan. | 1 As of 31 December 2022, USD 37m (CHF 34m) related to the US plans and USD 14m (CHF 13m) related to the UK plan. As of 31 December 2021, USD 44m (CHF 40m) related to the US plans and USD 22m (CHF 20m) related to the UK plan. | 1 As of 31 December 2022, USD 37m (CHF 34m) related to the US plans and USD 14m (CHF 13m) related to the UK plan. As of 31 December 2021, USD 44m (CHF 40m) related to the US plans and USD 22m (CHF 20m) related to the UK plan. | 1 As of 31 December 2022, USD 37m (CHF 34m) related to the US plans and USD 14m (CHF 13m) related to the UK plan. As of 31 December 2021, USD 44m (CHF 40m) related to the US plans and USD 22m (CHF 20m) related to the UK plan. | 1 As of 31 December 2022, USD 37m (CHF 34m) related to the US plans and USD 14m (CHF 13m) related to the UK plan. As of 31 December 2021, USD 44m (CHF 40m) related to the US plans and USD 22m (CHF 20m) related to the UK plan. |
| **c) Swiss pension plan** |  |  |  |  |
|  | USD m | USD m | CHF m | CHF m |
|  | As of or for the year ended | As of or for the year ended | As of or for the year ended | As of or for the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Pension plan surplus<sup>1</sup> | **297**  | 588  | **275**  | 536  |
| Economic benefit / (obligation) of UBS AG | **0**  | 0  | **0**  | 0  |
| Change in economic benefit / (obligation) recognized in the income statement | **0**  | 0  | **0**  | 0  |
| Employer contributions in the period recognized in the income statement  | **41**  | 52  | **39**  | 47  |
| Performance awards-related employer contributions accrued | **4**  | 5  | **4**  | 5  |
| **Total pension expense recognized in the income statement within Personnel expenses** | **45**  | 58  | **42**  | 52  |
| 1 The pension plan surplus is determined in accordance with FER 26 and consists of the reserve for the fluctuation in asset value. The surplus did not represent an economic benefit for UBS AG in accordance with FER 16 both as of 31 December 2022 and 31 December 2021. | 1 The pension plan surplus is determined in accordance with FER 26 and consists of the reserve for the fluctuation in asset value. The surplus did not represent an economic benefit for UBS AG in accordance with FER 16 both as of 31 December 2022 and 31 December 2021. | 1 The pension plan surplus is determined in accordance with FER 26 and consists of the reserve for the fluctuation in asset value. The surplus did not represent an economic benefit for UBS AG in accordance with FER 16 both as of 31 December 2022 and 31 December 2021. | 1 The pension plan surplus is determined in accordance with FER 26 and consists of the reserve for the fluctuation in asset value. The surplus did not represent an economic benefit for UBS AG in accordance with FER 16 both as of 31 December 2022 and 31 December 2021. | 1 The pension plan surplus is determined in accordance with FER 26 and consists of the reserve for the fluctuation in asset value. The surplus did not represent an economic benefit for UBS AG in accordance with FER 16 both as of 31 December 2022 and 31 December 2021. |

---

UBS AG has elected to apply FER 16 for its Swiss pension plan and IFRS (IAS 19) for its non-Swiss defined benefit plans. However, remeasurements of the defined benefit obligations for non-Swiss defined benefit plans are recognized in the income statement rather than directly in equity.

In 2022, a credit of USD 55m (CHF 51m) was recognized in the income statement, driven by a net gain related to the UK defined benefit plan that reflected an increase in the applicable discount rate, partly offset by a loss due to a negative return on plan assets and an increase in the applicable inflation rate. This net gain was partly offset by expenses related to the Swiss plan and other non-Swiss defined benefit plans.

› **Refer to Note 2 for more information**

› **Refer to Note 26 to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information about non-Swiss defined benefit plans in accordance with IFRS**

The Swiss pension plan had no employer contribution reserve as of both 31 December 2022 and 31 December 2021.

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32

------

**Note 24 Related parties**

Transactions with related parties are conducted at internally agreed transfer prices or at arm's-length terms and neither involve more than the normal risk of collectability nor contain any other unfavorable features for the firm. Loans, fixed advances and mortgages granted to non-independent members of the governing bodies in the ordinary course of business are also on substantially the same terms and conditions that are available to other employees, including interest rates and collateral. Independent members of the governing bodies are granted loans and mortgages in the ordinary course of business at general market conditions.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| *USD m* | **Amounts due from** | **Amounts due to** | Amounts due from | Amounts due to |
| Qualified shareholders<sup>1</sup> | **2609** | **65310** | 725 | 62245 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to customers* | ***2526*** | ***1061*** | *672* | *2030* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding received from UBS Group AG measured at amortized cost* |  | ***61202*** |  | *57078* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding received from UBS Group AG designated at fair value* |  | ***1959*** |  | *2137* |
| Subsidiaries | **100990** | **51093** | 93934 | 49574 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to banks* | ***26500*** | ***39168*** | *28062* | *31602* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to customers* | ***32075*** | ***2801*** | *26596* | *2279* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: receivables / payables from securities financing transactions* | ***13003*** | ***7775*** | *9346* | *13880* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity* | ***27678*** |  | *27530* |  |
| Affiliated entities<sup>2</sup> | **332** | **420** | 345 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to customers* | ***219*** | ***208*** | *316* | *130* |
| Members of governing bodies<sup>3</sup> | **33** |  | 34 |  |
| External auditors |  | **4** |  | 4 |
| Other related parties<sup>4</sup> | **6** | **2** | 1 | 2 |
| 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **31.12.22** | **31.12.22** | 31.12.21 | 31.12.21 |
| *CHF m* | **Amounts due from** | **Amounts due to** | Amounts due from | Amounts due to |
| Qualified shareholders<sup>1</sup> | **2412** | **60366** | 661 | 56747 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to customers* | ***2335*** | ***981*** | *613* | *1851* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding received from UBS Group AG measured at amortized cost* |  | ***56568*** |  | *52036* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding received from UBS Group AG designated at fair value* |  | ***1811*** |  | *1948* |
| Subsidiaries | **93344** | **47225** | 85636 | 45195 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to banks* | ***24494*** | ***36202*** | *25583* | *28810* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to customers* | ***29647*** | ***2589*** | *24246* | *2078* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: receivables / payables from securities financing transactions* | ***12018*** | ***7187*** | *8521* | *12654* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity* | ***25582*** |  | *25098* |  |
| Affiliated entities<sup>2</sup> | **307** | **388** | 314 | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: due from / to customers* | ***202*** | ***193*** | *288* | *118* |
| Members of governing bodies<sup>3</sup> | **31** |  | 31 |  |
| External auditors |  | **4** |  | 3 |
| Other related parties<sup>4</sup> | **5** | **2** | 1 | 2 |
| 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. | 1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board of UBS Group AG and the members of the Board of Directors and Executive Board of UBS AG. 4 Includes amounts due to / from other participations. |

---

As of 31 December 2022, off-balance sheet positions related to subsidiaries amounted to USD 8.0bn (CHF 7.4bn) (31 December 2021: USD 9.2bn (CHF 8.4bn)), of which USD 6.2bn (CHF 5.7bn) was guarantees to third parties (31 December 2021: USD 7.8bn (CHF 7.1bn)) and USD 0.5bn (CHF 0.5bn) was loan commitments (31 December 2021: USD 0.8bn (CHF 0.7bn)).

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33

------

**Note 25 Fiduciary transactions**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD m | USD m | CHF m | CHF m |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Fiduciary deposits | **84** | 63 | **78** | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: placed with third-party banks* | ***84*** | *63* | ***78*** | *57* |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: placed with subsidiaries and affiliated entities* | ***0*** | *0* | ***0*** | *0* |
| **Total fiduciary transactions** | **84** | 63 | **78** | 57 |

---

Fiduciary transactions encompass transactions entered into by UBS AG that result in holding or placing assets on behalf of individuals, trusts, defined benefit plans and other institutions. Unless the recognition criteria for the assets are satisfied, these assets and the related income are excluded from UBS AG's balance sheet and income statement but are disclosed in this Note as off-balance sheet fiduciary transactions. Client deposits that are initially placed as fiduciary transactions with UBS AG may be recognized on UBS AG's balance sheet in situations in which the deposit is subsequently placed within UBS AG. In such cases, these deposits are not reported in the table above.

**Note 26a Invested assets and net new money**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD bn | USD bn | CHF bn | CHF bn |
|  | As of or for the year ended | As of or for the year ended | As of or for the year ended | As of or for the year ended |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Discretionary assets | **53** | 67 | **48** | 61 |
| Other invested assets | **415** | 493 | **384** | 449 |
| **Total invested assets**<sup>1</sup> | **468** | 560 | **432** | 510 |
| **Net new money** | **(1)** | 18 | **(2)** | 16 |
| 1 Includes no double counts. | 1 Includes no double counts. | 1 Includes no double counts. | 1 Includes no double counts. | 1 Includes no double counts. |

---

**Note 26b Development of invested assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | USD bn | USD bn | CHF bn | CHF bn |
|  | **31.12.22** | 31.12.21 | **31.12.22** | 31.12.21 |
| Total invested assets at the beginning of the year<sup>1</sup> | **560** | 598 | **510** | 529 |
| Net new money  | **(1)** | 18 | **(2)** | 16 |
| Market movements<sup>2</sup> | **(81)** | (48) | **(75)** | (43) |
| Foreign currency translation | **(10)** | (5) | **(2)** | 10 |
| Other effects | **1** | (3) | **1** | (2) |
| **Total invested assets at the end of the year<sup>1</sup>** | **468** | 560 | **432** | 510 |
| 1 Includes no double counts. 2 Includes interest and dividend income. | 1 Includes no double counts. 2 Includes interest and dividend income. | 1 Includes no double counts. 2 Includes interest and dividend income. | 1 Includes no double counts. 2 Includes interest and dividend income. | 1 Includes no double counts. 2 Includes interest and dividend income. |

---

› **Refer to Note 31 to the UBS AG consolidated financial statements in the UBS Group AG and UBS AG Annual Report 2022 for more information**

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34

------

![](ar22ubsagstandalonex38x0.jpg)

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35

------

![](ar22ubsagstandalonex39x0.jpg)

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36

------

![](ar22ubsagstandalonex40x0.jpg)

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37

------

![](ar22ubsagstandalonex41x0.jpg)

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38

------

![](ar22ubsagstandalonex42x0.jpg)

UBS AG standalone financial statements (audited)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39

------

UBS AG standalone regulatory information

**UBS AG standalone regulatory information**

**Key metrics of the fourth quarter of 2022**

Quarterly \| The table below is based on Basel Committee on Banking Supervision (BCBS) Basel III rules.

During the fourth quarter of 2022, common equity tier 1 (CET1) capital increased by USD 0.5bn to USD 54.0bn, mainly reflecting operating profit before tax, partly offset by additional accruals for capital returns to UBS Group AG. Tier 1 capital decreased by USD 1.3bn to USD 65.8bn, primarily driven by a USD 1.8bn decrease in additional tier 1 (AT1) capital, partly offset by the aforementioned increase in CET1 capital. The decrease in AT1 capital was mainly driven by our announcement on 5 December 2022 that we intended to redeem an AT1 capital instrument on 31 January 2023, the first call date (ISIN CH0400441280, with a nominal amount of USD 2.0bn, issued on 31 January 2018). This instrument ceased to be eligible as AT1 capital when the call was announced in December 2022. Total capital decreased by USD 1.3bn to USD 66.3bn, mainly reflecting the aforementioned decrease in tier 1 capital.

Phase-in risk-weighted assets (RWA) increased by USD 9.5bn to USD 332.9bn during the fourth quarter of 2022, primarily driven by increased participation RWA and, to a lesser extent, by increases across market risk, as well as credit and counterparty credit risk RWA, partly offset by a decrease in operational risk RWA.

Leverage ratio exposure increased by USD 22.2bn to USD 575.5bn, mainly driven by higher trading portfolio assets and purchases of high-quality liquid asset (HQLA) securities, partly offset by lower derivatives.

Correspondingly, the CET1 capital ratio of UBS AG decreased to 16.2% from 16.5%, reflecting the increase in RWA, partly offset by the increase in the CET1 capital. The firm's Basel III leverage ratio decreased to 11.4% from 12.1%, reflecting the higher leverage ratio exposure and the decrease in tier 1 capital.

The quarterly average liquidity coverage ratio (the LCR) increase was driven by a decrease in the average net cash outflows of USD 2.2bn to USD 53.6bn, mainly due to higher inflows from intercompany funding to other UBS entities. The effect of the reduction in the average net cash outflows was partially offset by a decrease in the average HQLA of USD 4.2bn to USD 101.6bn due to higher funding consumption from the business divisions.

As of 31 December 2022, the net stable funding ratio (the NSFR) decreased by 0.9 percentage points to 90.8%, remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory Authority (FINMA). The movement in the NSFR was driven by an increase in required stable funding of USD 16.9bn to USD 280.2bn, mainly due to higher trading assets and loans to customers, partly offset by decreased derivative balances. Available stable funding increased by USD 12.9bn to USD 254.4bn, largely driven by higher customer deposits and debt securities issued.

UBS AG standalone regulatory information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **KM1: Key metrics** | **KM1: Key metrics** |  |  |  |  |  |
| *USD m, except where indicated* | *USD m, except where indicated* | *USD m, except where indicated* | *USD m, except where indicated* | *USD m, except where indicated* | *USD m, except where indicated* | *USD m, except where indicated* |
|  |  | **31.12.22** | 30.9.22 | 30.6.22 | 31.3.22 | 31.12.21 |
| **Available capital (amounts)** | **Available capital (amounts)** |  |  |  |  |  |
| 1 | Common Equity Tier 1 (CET1)<sup>1</sup> | **53995**  | 53480  | 54146  | 52218  | 52818  |
| 1a | Fully loaded ECL accounting model CET1 | **53995**  | 53480  | 54139  | 52211  | 52803  |
| 2 | Tier 1<sup>1</sup> | **65836**  | 67149  | 68188  | 66597  | 66658  |
| 2a | Fully loaded ECL accounting model Tier 1 | **65836**  | 67149  | 68180  | 66589  | 66643  |
| 3 | Total capital<sup>1</sup> | **66321**  | 67634  | 68682  | 67599  | 68054  |
| 3a | Fully loaded ECL accounting model total capital | **66321**  | 67634  | 68674  | 67592  | 68039  |
| **Risk-weighted assets (amounts)<sup>2</sup>** | **Risk-weighted assets (amounts)<sup>2</sup>** |  |  |  |  |  |
| 4 | Total risk-weighted assets (RWA) | **332864**  | 323364  | 327846  | 330401  | 317913  |
| 4a | Minimum capital requirement<sup>3</sup> | **26629**  | 25869  | 26228  | 26432  | 25433  |
| 4b | Total risk-weighted assets (pre-floor) | **332864**  | 323364  | 327846  | 330401  | 317913  |
| **Risk-based capital ratios as a percentage of RWA<sup>2</sup>** | **Risk-based capital ratios as a percentage of RWA<sup>2</sup>** |  |  |  |  |  |
| 5 | CET1 ratio (%)<sup>1</sup> | **16.22**  | 16.54  | 16.52  | 15.80  | 16.61  |
| 5a | Fully loaded ECL accounting model CET1 ratio (%) | **16.22**  | 16.54  | 16.51  | 15.80  | 16.61  |
| 6 | Tier 1 ratio (%)<sup>1</sup> | **19.78**  | 20.77  | 20.80  | 20.16  | 20.97  |
| 6a | Fully loaded ECL accounting model Tier 1 ratio (%) | **19.78**  | 20.77  | 20.80  | 20.15  | 20.96  |
| 7 | Total capital ratio (%)<sup>1</sup> | **19.92**  | 20.92  | 20.95  | 20.46  | 21.41  |
| 7a | Fully loaded ECL accounting model total capital ratio (%) | **19.92**  | 20.92  | 20.95  | 20.46  | 21.40  |
| **Additional CET1 buffer requirements as a percentage of RWA** | **Additional CET1 buffer requirements as a percentage of RWA** |  |  |  |  |  |
| 8 | Capital conservation buffer requirement (%) | **2.50**  | 2.50  | 2.50  | 2.50  | 2.50  |
| 9 | Countercyclical buffer requirement (%) | **0.06**  | 0.02  | 0.02  | 0.02  | 0.02  |
| 9a | Additional countercyclical buffer for Swiss mortgage loans (%) | **0.00**  | 0.00  |  |  |  |
| 10 | Bank G-SIB and / or D-SIB additional requirements (%)<sup>4</sup> |  |  |  |  |  |
| 11 | Total of bank CET1 specific buffer requirements (%)<sup>5</sup> | **2.56**  | 2.52  | 2.52  | 2.52  | 2.52  |
| 12 | CET1 available after meeting the bank's minimum capital requirements (%) | **11.72**  | 12.04  | 12.02  | 11.30  | 12.11  |
| **Basel III leverage ratio** | **Basel III leverage ratio** |  |  |  |  |  |
| 13 | Total Basel III leverage ratio exposure measure | **575461**  | 553215  | 569794  | 594893  | 593868  |
| 14 | Basel III leverage ratio (%)<sup>1</sup> | **11.44**  | 12.14  | 11.97  | 11.19  | 11.22  |
| 14a | Fully loaded ECL accounting model Basel III leverage ratio (%) | **11.44**  | 12.14  | 11.97  | 11.19  | 11.22  |
| **Liquidity coverage ratio (LCR)<sup>6</sup>** | **Liquidity coverage ratio (LCR)<sup>6</sup>** |  |  |  |  |  |
| 15 | Total high-quality liquid assets (HQLA)  | **101609**  | 105768  | 104628  | 103168  | 89488  |
| 16 | Total net cash outflow | **53616**  | 55770  | 55405  | 55039  | 52229  |
| *16a* | &nbsp;&nbsp;&nbsp;&nbsp; *of which: cash outflows* |  ***156764***  | *155688*  | *159568*  | *162735*  | *163207*  |
| *16b* | &nbsp;&nbsp;&nbsp;&nbsp; *of which: cash inflows* |  ***103148***  | *99919*  | *104163*  | *107696*  | *110978*  |
| 17 | LCR (%) | **191.19** | 190.23  | 189.29  | 188.26  | 173.19  |
| **Net stable funding ratio (NSFR)<sup>7</sup>** | **Net stable funding ratio (NSFR)<sup>7</sup>** |  |  |  |  |  |
| 18 | Total available stable funding | **254433** | 241505 | 244791 | 249760 | 257992 |
| 19 | Total required stable funding | **280166** | 263308 | 265597 | 275424 | 289195 |
| 20 | NSFR (%) | **90.82** | 91.72 | 92.17 | 90.68 | 89.21 |
| 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. | 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. | 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. | 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. | 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. | 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. | 1 As of 1 July 2022, our capital amounts exclude the transitional relief of recognizing ECL allowances and provisions in CET1 capital in accordance with FINMA Circular 2013/1 "Eligible capital – banks." 2 Based on phase-in rules for RWA. Refer to "Swiss SRB going and gone concern requirements and information" below for more information. 3 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 4 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 5 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 63 data points in the fourth quarter of 2022 and 66 data points in the third quarter of 2022. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under "Pillar 3 disclosures" at ubs.com/investors, for more information. 7 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding. |

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UBS AG standalone regulatory information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41

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**Swiss SRB going and gone concern requirements and information** 

UBS AG standalone is considered a systemically relevant bank (an SRB) under Swiss banking law and is subject to capital regulations on a standalone basis.

The capital requirements based on RWA include a minimum CET1 capital requirement of 10.06%, including a countercyclical buffer of 0.06%, and a total going concern capital requirement of 14.36%, including a countercyclical buffer of 0.06%. The capital requirements based on the leverage ratio denominator (the LRD) include a minimum CET1 capital requirement of 3.5% and a total going concern leverage ratio requirement of 5.0%.

CET1 and high-trigger AT1 capital instruments are eligible as going concern capital. As of 31 December 2022, one remaining outstanding low-trigger AT1 capital instrument, amounting to USD 1.2bn, that was on lent from UBS Group AG to UBS AG qualifies as going concern capital, as agreed with FINMA.

Currently, UBS AG standalone is subject to a gone concern capital requirement based on the sum of: (i) the capital requirements resulting from third-party exposure on a standalone basis; (ii) a buffer requirement equal to 30% of the Group's gone concern capital requirement on UBS AG's consolidated exposure; and (iii) the nominal value of the gone concern instruments issued by UBS entities and held by the parent bank. A transitional period until 2024 has been granted for the buffer requirement. The gone concern capital coverage ratio reflects how much gone concern capital is available to meet the gone concern requirement. Outstanding high- and low-trigger loss-absorbing tier 2 capital instruments, non-Basel III-compliant tier 2 capital instruments and total loss-absorbing capacity-eligible senior unsecured debt instruments are eligible to meet gone concern requirements until one year before maturity.

› **Refer to "Significant regulatory developments, disclosure requirements and other changes to be adopted after 2022" in the "Introduction and basis for preparation" section of the 31 December 2022 Pillar 3 Report for more information about Revisions to the Swiss Banking Ordinance**

For direct and indirect investments, including the holding of regulatory capital instruments of UBS AG by subsidiaries that are active in banking and finance, a FINMA decree introduced a risk-weighting approach, with a phase-in period until 1 January 2028. Starting from 1 July 2017, these investments were risk-weighted at 200%. From 1 January 2019 onward, the risk weights are being gradually raised by 5 percentage points per year for Switzerland-domiciled investments and by 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights are 250% and 400%, respectively. As of 31 December 2022, the applicable phase-in risk weights are 220% for Switzerland-domiciled investments and 280% for foreign-domiciled investments.

› **Refer to "Additional information" in the "Capital, liquidity and funding, and balance sheet" section of the UBS Group AG Annual Report 2022 for more information about the joint liability of UBS AG and UBS Switzerland AG**

UBS AG standalone regulatory information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42

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Quarterly \| The tables below provide details of the Swiss SRB RWA- and LRD-based going and gone concern requirements and information as required by FINMA; details regarding eligible gone concern instruments are provided below.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Swiss SRB going and gone concern requirements and information** | **Swiss SRB going and gone concern requirements and information** | **Swiss SRB going and gone concern requirements and information** | **Swiss SRB going and gone concern requirements and information** | **Swiss SRB going and gone concern requirements and information** | **Swiss SRB going and gone concern requirements and information** | **Swiss SRB going and gone concern requirements and information** |
| **As of 31.12.22** | **RWA, phase-in** | **RWA, phase-in** | **RWA, fully applied as of 1.1.28** | **RWA, fully applied as of 1.1.28** | **LRD** | **LRD** |
| *USD m, except where indicated* | **in %** |  | **in %** |  | **in %** |  |
| **Required going concern capital** |  |  |  |  |  |  |
| **Total going concern capital** | **14.36<sup>1</sup>** | **47800**  | **14.36<sup>1</sup>** | **56023**  | **5.00<sup>1</sup>** | **28773**  |
| **Common equity tier 1 capital**  | **10.06**  | **33486**  | **10.06**  | **39247**  | **3.50**  | **20141**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: minimum capital* |  ***4.50***  |  ***14979***  |  ***4.50***  |  ***17556***  |  ***1.50***  |  ***8632***  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: buffer capital* |  ***5.50***  |  ***18307***  |  ***5.50***  |  ***21457***  |  ***2.00***  |  ***11509***  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: countercyclical buffer* |  ***0.06***  |  ***200***  |  ***0.06***  |  ***234***  |  |  |
| **Maximum additional tier 1 capital** | **4.30**  | **14313**  | **4.30**  | **16776**  | **1.50**  | **8632**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: additional tier 1 capital* |  ***3.50***  |  ***11650***  |  ***3.50***  |  ***13654***  |  ***1.50***  |  ***8632***  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: additional tier 1 buffer capital* |  ***0.80***  |  ***2663***  |  ***0.80***  |  ***3121***  |  |  |
| **Eligible going concern capital** |  |  |  |  |  |  |
| **Total going concern capital** | **19.78**  | **65836**  | **16.88**  | **65836**  | **11.44**  | **65836**  |
| Common equity tier 1 capital  | **16.22**  | **53995**  | **13.84**  | **53995**  | **9.38**  | **53995**  |
| **Total loss-absorbing additional tier 1 capital** | **3.56**  | **11841**  | **3.04**  | **11841**  | **2.06**  | **11841**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: high-trigger loss-absorbing additional tier 1 capital*  |  ***3.20***  |  ***10654***  |  ***2.73***  |  ***10654***  |  ***1.85***  |  ***10654***  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: low-trigger loss-absorbing additional tier 1 capital*  |  ***0.36***  |  ***1187***  |  ***0.30***  |  ***1187***  |  ***0.21***  |  ***1187***  |
| **Risk-weighted assets / leverage ratio denominator** |  |  |  |  |  |  |
| Risk-weighted assets |  | **332864**  |  | **390128**  |  |  |
| Leverage ratio denominator |  |  |  |  |  | **575461**  |
| **Required gone concern capital<sup>2</sup>** | **Higher of RWA- or LRD-based** | **Higher of RWA- or LRD-based** |  |  |  |  |
| **Total gone concern loss-absorbing capacity** |  | **40106**  |  |  |  |  |
| **Eligible gone concern capital** |  |  |  |  |  |  |
| **Total gone concern loss-absorbing capacity** |  | **46982**  |  |  |  |  |
| **Gone concern capital coverage ratio** | **117.15**  |  |  |  |  |  |
| 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. | 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. | 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. | 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. | 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. | 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. | 1 Includes applicable add-ons of 1.44% for RWA and 0.50% for LRD. 2 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. |

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UBS AG standalone regulatory information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43

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| | | | |
|:---|:---|:---|:---|
| **Swiss SRB going and gone concern information** | **Swiss SRB going and gone concern information** | **Swiss SRB going and gone concern information** | **Swiss SRB going and gone concern information** |
| *USD m, except where indicated* | **31.12.22** | 30.9.22 | 31.12.21 |
| **Eligible going concern capital** |  |  |  |
| **Total going concern capital** | **65836**  | 67149  | 66658  |
| **Total tier 1 capital** | **65836**  | 67149  | 66658  |
| Common equity tier 1 capital | **53995**  | 53480  | 52818  |
| **Total loss-absorbing additional tier 1 capital** | **11841**  | 13669  | 13840  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: high-trigger loss-absorbing additional tier 1 capital* |  ***10654***  | *12481*  | *11414*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: low-trigger loss-absorbing additional tier 1 capital* |  ***1187***  | *1188*  | *2426*  |
| **Eligible gone concern capital** |  |  |  |
| **Total gone concern loss-absorbing capacity** | **46982**  | 45375  | 44250  |
| **Total tier 2 capital** | **2949**  | 2949  | 3129  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: low-trigger loss-absorbing tier 2 capital* |  ***2421***  | *2426*  | *2594*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: non-Basel III-compliant tier 2 capital* |  ***528***  | *523*  | *535*  |
| **TLAC-eligible senior unsecured debt** | **44033**  | 42426  | 41120  |
| **Total loss-absorbing capacity** |  |  |  |
| **Total loss-absorbing capacity** | **112818**  | 112524  | 110908  |
| **Denominators for going and gone concern ratios** |  |  |  |
| Risk-weighted assets phase-in | **332864**  | 323364  | 317913  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: investments in Switzerland-domiciled subsidiaries<sup>1</sup>* |  ***39589***  | *37427*  | *38935*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: investments in foreign-domiciled subsidiaries<sup>1</sup>* |  ***121021***  | *115512*  | *108982*  |
| Risk-weighted assets fully applied as of 1.1.28 | **390128**  | 377973  | 382934  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: investments in Switzerland-domiciled subsidiaries<sup>1</sup>* |  ***44988***  | *42530*  | *45273*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: investments in foreign-domiciled subsidiaries<sup>1</sup>* |  ***172887***  | *165018*  | *167664*  |
| Leverage ratio denominator | **575461**  | 553215  | 593868  |
| **Capital and loss-absorbing capacity ratios (%)** |  |  |  |
| Going concern capital ratio, phase-in | **19.8**  | 20.8  | 21.0  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: common equity tier 1 capital ratio, phase-in* |  ***16.2***  | *16.5*  | *16.6*  |
| Going concern capital ratio, fully applied as of 1.1.28 | **16.9**  | 17.8  | 17.4  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: common equity tier 1 capital ratio, fully applied as of 1.1.28* |  ***13.8***  | *14.1*  | *13.8*  |
| **Leverage ratios (%)** |  |  |  |
| Going concern leverage ratio | **11.4**  | 12.1  | 11.2  |
| &nbsp;&nbsp;&nbsp;&nbsp; *of which: common equity tier 1 leverage ratio* |  ***9.4***  | *9.7*  | *8.9*  |
| **Capital coverage ratio (%)** |  |  |  |
| Gone concern capital coverage ratio | **117.1**  | 117.8  | 112.0  |
| 1 Net exposures for direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk-weighted at 220% and 280%, respectively, for the current year. Risk weights will gradually increase by 5 percentage points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. | 1 Net exposures for direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk-weighted at 220% and 280%, respectively, for the current year. Risk weights will gradually increase by 5 percentage points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. | 1 Net exposures for direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk-weighted at 220% and 280%, respectively, for the current year. Risk weights will gradually increase by 5 percentage points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. | 1 Net exposures for direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk-weighted at 220% and 280%, respectively, for the current year. Risk weights will gradually increase by 5 percentage points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. |

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**Leverage ratio information**

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| | | | |
|:---|:---|:---|:---|
| **Swiss SRB leverage ratio denominator** | **Swiss SRB leverage ratio denominator** | **Swiss SRB leverage ratio denominator** | **Swiss SRB leverage ratio denominator** |
| *USD bn* | **31.12.22** | 30.9.22 | 31.12.21 |
| **Leverage ratio denominator** |  |  |  |
| Swiss GAAP total assets | **504.8**  | 486.1  | 509.9  |
| Difference between Swiss GAAP and IFRS total assets | **156.1**  | 196.4  | 125.0  |
| Less derivatives and SFTs<sup>1</sup> | **(254.7)**  | (310.8)  | (216.4)  |
| Less funding provided to significant regulated subsidiaries eligible as gone concern capital | **(21.9)**  | (20.8)  | (21.8)  |
| **On-balance sheet exposures (excluding derivatives and SFTs)** | **384.3**  | 350.9  | 396.7  |
| Derivatives | **88.3**  | 101.7  | 89.7  |
| Securities financing transactions | **80.7**  | 79.4  | 85.4  |
| Off-balance sheet items  | **23.7**  | 22.6  | 23.7  |
| Items deducted from Swiss SRB tier 1 capital | **(1.7)**  | (1.4)  | (1.6)  |
| **Total exposures (leverage ratio denominator)** | **575.5**  | 553.2  | 593.9  |
| 1 The exposures consist of derivative financial instruments, cash collateral receivables on derivative instruments, receivables from SFTs, and margin loans, as well as prime brokerage receivables and financial assets at fair value not held for trading, both related to SFTs. These exposures are presented separately under Derivatives and Securities financing transactions in this table. | 1 The exposures consist of derivative financial instruments, cash collateral receivables on derivative instruments, receivables from SFTs, and margin loans, as well as prime brokerage receivables and financial assets at fair value not held for trading, both related to SFTs. These exposures are presented separately under Derivatives and Securities financing transactions in this table. | 1 The exposures consist of derivative financial instruments, cash collateral receivables on derivative instruments, receivables from SFTs, and margin loans, as well as prime brokerage receivables and financial assets at fair value not held for trading, both related to SFTs. These exposures are presented separately under Derivatives and Securities financing transactions in this table. | 1 The exposures consist of derivative financial instruments, cash collateral receivables on derivative instruments, receivables from SFTs, and margin loans, as well as prime brokerage receivables and financial assets at fair value not held for trading, both related to SFTs. These exposures are presented separately under Derivatives and Securities financing transactions in this table. |

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UBS AG standalone regulatory information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44

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**Climate risk**

Annual \| Our climate strategy and governance are determined and overseen at Group level. Similarly, we identify and manage climate risks, including climate-related financial risks, in our own operations, balance sheet, client assets and supply chain on Group level.

In 2022, we made good progress on the execution of our sustainability strategy, and we will continue to advance our own efforts towards the 17 Sustainable Development Goals, recognizing that we, like our clients, have much to learn as we move forward.

Climate-related metrics for the legal entity UBS AG are presented along with respective metrics applicable to UBS Group in the UBS Group AG Annual Report 2022.

› **Refer to "Our focus on sustainability and climate" of the "How we create value for our stakeholders" section and to "Sustainability and climate risk" of the "Risk management and control" section of the UBS Group AG Annual Report 2022 for more information**

› **Refer to "Our sustainability and impact strategy" in the "Strategy" section of the Sustainability Report 2022, available from 10 March 2023 under "Annual reporting" at *ubs.com/investors*, for more information**

**Non-financial report**

UBS Group AG and UBS AG have issued a separate non-financial group report in line with the Global Reporting Initiative (GRI). This report provides disclosures on environmental, social and governance (ESG) matters for UBS as a group. For UBS AG and its consolidated subsidiaries, this report also provides the disclosures on non-financial information required by the German law implementing EU Directive 2014/95 (*CSR-Richtlinie-Umsetzungsgesetz* / *CSR-RUG*), in accordance with Art. 114 of the Securities Trading Act (*Wertpapierhandelsgesetz* / *WpHG*), and for UBS AG on a standalone basis, it provides disclosure under Art. 8 of the EU Taxonomy Regulation. The report is available under "Annual reporting" at *ubs.com/investors.* 

› **Refer to the Sustainability Report 2022 available at *ubs.com/investors*, for more information**

UBS AG standalone regulatory information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45

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**Cautionary Statement \|** This report and the information contained herein are provided solely for information purposes, and are not to be construed as 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 report. Refer to UBS's most recent 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, available at *ubs.com/investors*, for additional information.

**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 that are zero on a rounded basis can be either negative or positive on an actual basis.

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UBS Group AG<br> P.O. Box<br> CH-8098 Zurich<br>

ubs.com

![A picture containing text, clipart Description automatically generated](ar22ubsagstandalonex50x0.jpg)

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Zurich, 06 March 2023

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in each of the following registration statements of UBS Group AG, UBS AG and their affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) on Form F-3 (Registration Number 333-263376), and each related prospectus currently outstanding under such registration statement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641; 333-200665; 333-215254; 333-215255; 333-228653; and 333-230312; 333-249143), and each related prospectus currently outstanding under any of the aforementioned registration statements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the base prospectus of Corporate Asset Backed Corporation (CABCO) dated 23 June 2004 (Registration Number 333-111572),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Form 8-K of CABCO dated 23 June 2004 (SEC File Number 001-13444), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated 10 May 2004 (Registration Number 033-91744) and 17 May 2004 (Registration Number 033-91744-05),

of our report dated 03 March 2023, with respect to the standalone financial statements of UBS AG for the year ended 31 December 2022 included in this Report of Foreign Private Issuer (Form 6-K) dated 06 March 2023, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Ltd

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This Form 6-K is hereby incorporated by reference into (1) each of the registration statements of UBS AG on Form F-3 (Registration Number 333-263376), and of UBS Group AG on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641; 333-200665; 333-215254; 333-215255; 333-228653; 333-230312; and 333-249143), and into each prospectus outstanding under any of the foregoing registration statements, (2) any outstanding offering circular or similar document issued or authorized by UBS AG that incorporates by reference any Forms 6-K of UBS AG that are incorporated into its registration statements filed with the SEC, and (3) the base prospectus of Corporate Asset Backed Corporation ("CABCO") dated June 23, 2004 (Registration Number 333-111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration Number 033-91744 and 033-91744-05).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

UBS Group AG

By: _<u>/s/ Christopher Castello</u>_______

&nbsp;&nbsp;&nbsp;&nbsp; Name: Christopher Castello

&nbsp;&nbsp;&nbsp;&nbsp; Title: Group Controller and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Accounting Officer

By: _<u>/s/ David Kelly</u>_____________

Name: David Kelly

Title: Managing Director

UBS AG

By: _<u>/s/ Christopher Castello</u>_______

&nbsp;&nbsp;&nbsp;&nbsp; Name: Christopher Castello

&nbsp;&nbsp;&nbsp;&nbsp; Title: Controller and Chief

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Accounting Officer

By: _<u>/s/ David Kelly</u>_____________

Name: David Kelly

Title: Managing Director

Date: March 6, 2023

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