SMHB 0001114446-21-006458 6-K as filed: Jul 23, 2021

UBS_AG_2Q21

--12-31 0001114446 30/06/2021 FALSE 2021 Q2 <div>Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of three month-end rates, weighted according to the income and expense volumes of all operations of UBS AG with the same functional currency for each month. Weighted average rates for individual business divisions may deviate from the weighted average rates for UBS AG.</div> <div>Amounts do not include reserves against defaulted counterparties.</div> <div>The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.</div> <div>In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis. Notional amounts of exchange-traded agency transactions and OTC-cleared transactions entered into on behalf of clients are not disclosed, as they have a significantly different risk profile</div> <div>Other notional values relate to derivatives that are cleared through either a central counterparty or an exchange. The fair value of these derivatives is presented on the balance sheet net of the corresponding cash margin under Cash collateral receivables on derivative instruments and Cash collateral payables on derivative instruments and was not material for all periods presented.</div> <div>Changes in the fair value of purchased and sold non-derivative financial instruments between trade date and settlement date are recognized as derivative financial instruments.</div> <div>Financial assets and liabilities are presented net on the balance sheet if UBS AG has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of UBS AG or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.</div> <div>Reflects the netting potential in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the Annual Report 2020 for more information.</div> <div>Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are not included in this table. The fair value of these derivatives was not material for the periods presented</div> <div>Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the lower of their net carrying amount or fair value less costs to sell.</div> <div>Excludes lease liabilities.</div> <div>Comprises provisions for losses resulting from legal, liability and compliance risks</div> <div>Includes personnel-related restructuring provisions of USD 104 million as of 30 June 2021 (31 March 2021: USD 9 million; 31 December 2020: USD 13 million) and provisions for onerous contracts of USD 40 million as of 30 June 2021 (31 March 2021: USD 44 million; 31 December 2020: USD 49 million).</div> <div>Mainly includes provisions related to real estate, employee benefits and operational risks.</div> <div>Provisions, if any, for matters described in this Note are recorded in Global Wealth Management (item 3 and item 4) and Group Functions (item 2). Provisions, if any, for the matters described in items 1 and 6 of this Note are allocated between Global Wealth Management and Personal & Corporate Banking, and provisions, if any, for the matters described in this Note in item 5 are allocated between the Investment Bank and Group Functions.</div> <div>Net gains / losses included in comprehensive income are composed of Net interest income, Other net income from financial instruments measured at fair value through profit or loss and Other income</div> <div>Total Level 3 assets as of 30 June 2021 were USD 8.1 billion (31 December 2020: USD 8.3 billion). Total Level 3 liabilities as of 30 June 2021 were USD 18.4 billion (31 December 2020: USD 15.2 billion).</div> <div>The ranges of significant unobservable inputs are represented in points, percentages and basis points. Points are a percentage of par (e.g., 100 points would be 100% of par)</div> <div>Weighted averages are provided for non-derivative financial instruments and were calculated by weighting inputs based on the fair values of the respective instruments. Weighted averages are not provided for inputs related to derivative contracts, as this would not be meaningful.</div> <div>The range of inputs is not disclosed, as there is a dispersion of values given the diverse nature of the investments.</div> <div>Debt issued designated at fair value is composed primarily of UBS structured notes, which include variable maturity notes with various equity and foreign exchange underlying risks, rates-linked and credit-linked notes, all of which have embedded derivative parameters that are considered to be unobservable. The equivalent derivative instrument parameters are presented in the respective derivative financial instruments lines in this table.</div> <div>Consists of interest income from cash and balances at central banks, loans and advances to banks and customers, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks, customer deposits, and cash collateral payables on derivative instruments</div> <div>Includes interest income on receivables from securities financing transactions and negative interest, including fees, on payables from securities financing transactions.</div> <div>Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, customer deposits, and funding from UBS Group AG, as well as negative interest on cash and balances at central banks, loans and advances to banks, and cash collateral receivables on derivative instruments.</div> <div>Includes interest expense on payables from securities financing transactions and negative interest, including fees, on receivables from securities financing transactions.</div> <div>Includes interest expense on securities financing transactions designated at fair value.</div> <div>Reflects third-party fee and commission income for the second quarter of 2021 of USD 3,585 million for Global Wealth Management (first quarter of 2021: USD 3,673 million; second quarter of 2020: USD 2,809 million), USD 400 million for Personal & Corporate Banking (first quarter of 2021: USD 389 million; second quarter of 2020: USD 313 million), USD 805 million for Asset Management (first quarter of 2021: USD 815 million; second quarter of 2020: USD 700 million), USD 1,248 million for the Investment Bank (first quarter of 2021: USD 1,305 million; second quarter of 2020: USD 872 million) and USD 9 million for Group Functions (first quarter of 2021: USD 15 million; second quarter of 2020: USD 36 million).</div> <div>Includes investment fund unit-linked instruments issued</div> <div>Issued by the legal entity UBS AG. Based on original contractual maturity without considering any early redemption features. As of 30 June 2021, more than 99% of the balance was unsecured (31 March 2021: 100%; 31 December 2020: 100%).</div> <div>Contracts have been disclosed without regard to early termination rights. Instead, it is assumed that such contracts will transition away from IBORs without such rights being exercised</div> <div>Includes primarily EUR LIBOR positions.</div> <div>Includes loans related to revolving multi-currency credit lines.</div> <div>Includes cross-currency swaps where either leg or both legs are indexed to an IBOR.</div> <div>Includes loan commitments that can be drawn in different currencies at the client‘s discretion.</div> <div>Excludes Forward starting reverse repurchase and securities borrowing agreements.</div> <div>Includes Loans and advances to customers of USD 382,036 million and Loans to financial advisors of USD 2,677 million which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings.</div> <div>Amounts presented for UBS AG standalone and UBS Switzerland AG standalone represent IFRS standalone information. Refer to the UBS AG standalone and UBS Switzerland AG standalone financial statements, available under “Complementary financial information” at ubs.com/investors, for information prepared in accordance with Swiss GAAP</div> <div>The ”Other subsidiaries“ column includes consolidated information for the UBS Americas Holding LLC, UBS Europe SE and UBS Asset Management AG significant sub-groups, as well as standalone information for other subsidiaries.</div> <div>Cash flows generally represent a third-party view from a UBS AG consolidated perspective, except for Net activity related to group internal capital transactions and dividends</div> <div>Includes funding from UBS Group AG to UBS AG.</div> <div>Comprises balances with an original maturity of three months or less. USD 5,393 million of cash and cash equivalents were restricted.</div> <div>Reflects the net increase in / (release of) provisions for litigation, regulatory and similar matters recognized in the income statement. Refer to Note 16 for more information</div> <div>Includes charitable donations.</div> <div>Financial advisor compensation consists of grid-based compensation based directly on compensable revenues generated by financial advisors and supplemental compensation calculated on the basis of financial advisor productivity, firm tenure, assets and other variables. It also includes expenses related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements</div> <div>Includes curtailment gains of USD 36 million, which represent a reduction in the defined benefit obligation related to the Swiss pension plan resulting from a decrease in headcount following restructuring activities.</div> <div>Includes cash proceeds from the sale of UBS’s minority investment in Clearstream Fund Centre for the period ended 30 June 2021, and dividends received from associates in both periods</div> <div>Includes funding from UBS Group AG measured at amortized cost (recognized in Funding from UBS Group AG in the balance sheet) and measured at fair value (recognized in Other financial liabilities designated at fair value in the balance sheet).</div> <div>USD 3,432 million and USD 5,393 million of cash and cash equivalents (mainly reflected in Loans and advances to banks) were restricted as of 30 June 2021 and 30 June 2020, respectively. Refer to “Note 23 Restricted and transferred financial assets” in the “Consolidated financial statements” section of the Annual Report 2020 for more information.</div> <div>Includes only balances with an original maturity of three months or less.</div> <div>Comprises balances with an original maturity of three months or less. USD 3,432 million of cash and cash equivalents were restricted.</div> <div>Includes Loans and advances to customers of USD 392,357 million and Loans to financial advisors of USD 2,518 million, which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Includes Loans and advances to customers of USD 382,036 million and Loans to financial advisors of USD 2,677 million which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Includes Loans and advances to customers of USD 381,133 million and Loans to financial advisors of USD 2,578 million, which are presented on the balance sheet line Other assets measured at amortized cost</div> <div>Debt with an original contractual maturity of less than one year</div> <div>Issued by the legal entity UBS AG. Based on original contractual maturity without considering any early redemption features. As of 30 June 2021, 100% of the balance was unsecured (31 March 2021: 100%; 31 December 2020: 100%).</div> <div>Debt with an original contractual maturity greater than or equal to one year. The classification of debt issued into short-term and long-term does not consider any early redemption features.</div> <div>Net of bifurcated embedded derivatives, the fair value of which was not material for the periods presented.</div> <div>Includes liabilities for payroll taxes and untaken vacation.</div> 0001114446 2021-04-01 2021-06-30 0001114446 2021-01-01 2021-03-31 0001114446 2020-04-01 2020-06-30 0001114446 2021-01-01 2021-06-30 0001114446 2020-01-01 2020-06-30 0001114446 ubs:CHFCurrencyExchangeRateMember 2021-06-30 0001114446 ubs:CHFCurrencyExchangeRateMember 2021-03-31 0001114446 ubs:CHFCurrencyExchangeRateMember 2020-12-31 0001114446 ubs:CHFCurrencyExchangeRateMember 2020-06-30 0001114446 ubs:EURCurrencyExchangeRateMember 2021-06-30 0001114446 ubs:EURCurrencyExchangeRateMember 2021-03-31 0001114446 ubs:EURCurrencyExchangeRateMember 2020-12-31 0001114446 ubs:EURCurrencyExchangeRateMember 2020-06-30 0001114446 ubs:GBPCurrencyExchangeRateMember 2021-06-30 0001114446 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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: July 23, 2021

UBS AG

Commission File Number: 1-15060

(Registrant’s Name)

Bahnhofstrasse 45, Zurich, Switzerland

Aeschenvorstadt 1, Basel, Switzerland

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual

reports under cover of

Form 20-F or Form 40-F.

Form 20-F

☒

Form 40-F

☐

This Form

6-K consists

of the

Second Quarter

2021 Report

of UBS

AG, which

appears immediately

following this page.

UBS AG

Second

quarter

2021

report

Corporate calendar UBS AG

Publication of the

third

quarter 2021 report:

Friday, 2

October

2021

Publication dates of quarterly and annual reports

and results are made available as

part of the corporate calendar of UBS AG at ubs.com/investors

Contacts

Switchboards

For all general inquiries

ubs.com/contact

Zurich +41-44-234 1111

London +44-207-567 8000

New York +1-212-821 3000

Hong Kong +852-2971 8888

Singapore +65-6495 8000

Investor Relations

Institutional, professional and retail

investors are supported by UBS’s

Investor Relations team.

UBS AG, Investor Relations

P.O.

Box, CH-8098 Zurich, Switzerland

ubs.com/investors

Zurich +41-44-234 4100

New York +1-212-882 5734

Media Relations

Global media and journalists are supported

by UBS’s Media Relations team.

ubs.com/media

Zurich +41-44-234 8500

mediarelations@ubs.com

London +44-20-7567 4714

ubs-media-relations@ubs.com

New York +1-212-882 5858

mediarelations@ubs.com

Hong Kong +852-2971 8200

sh-mediarelations-ap@ubs.com

Imprint

Publisher: UBS AG, Zurich, Switzerland | ubs.com/media

Language: English

the registered and unregistered

Introduction

Risk and capital

management

Risk management and control

Capital management

Consolidated

financial statements

UBS AG interim consolidated financial

statements (unaudited)

UBS AG standalone

financial information

UBS AG interim standalone financial

information (unaudited)

Appendix

Alternative performance measures

Abbreviations frequently used in our

financial reports

Information sources

Cautionary statement

Second quarter 2021 report

UBS AG consolidated key figures

As of or for the quarter ended

As of or year-to-date

USD million, except where indicated

30.6.21

31.3.21

31.12.20

30.6.20

30.6.21

30.6.20

Results

Operating income

9,071

8,836

8,220

7,512

17,906

15,521

Operating expenses

6,589

6,684

6,324

5,987

13,274

12,197

Operating profit / (loss) before tax

2,481

2,151

1,896

1,525

4,632

3,324

Net profit / (loss) attributable to shareholders

1,913

1,710

1,563

1,194

3,623

2,615

Profitability and growth

Return on equity (%)

13.6

11.9

10.9

8.4

12.7

9.3

Return on tangible equity (%)

15.3

13.4

12.2

9.5

14.3

10.5

Return on common equity tier 1 capital (%)

19.4

17.8

16.3

13.0

18.6

14.4

Return on risk-weighted assets, gross (%)

12.5

12.3

11.7

10.9

12.4

11.6

Return on leverage ratio denominator, gross (%)

3.5

3.4

3.3

3.2

3.4

Cost / income ratio (%)

73.3

75.9

76.3

76.9

74.6

75.9

Net profit growth (%)

60.3

20.3

151.3

(8.7)

38.5

10.1

Resources

Total assets

1,085,861

1,109,234

1,125,327

1,063,446

1,085,861

1,063,446

Equity attributable to shareholders

55,361

57,446

57,754

55,384

55,361

55,384

Common equity tier 1 capital

40,190

38,826

38,181

37,403

40,190

37,403

Risk-weighted assets

290,470

285,119

286,743

284,798

290,470

284,798

Common equity tier 1 capital ratio (%)

13.8

13.6

13.3

13.1

13.8

13.1

Going concern capital ratio (%)

19.1

18.7

18.3

17.9

19.1

17.9

Total loss-absorbing capacity ratio (%)

34.6

34.2

31.9

34.6

31.9

Leverage ratio denominator

1,2

1,039,375

1,039,736

1,036,771

974,135

1,039,375

974,135

Common equity tier 1 leverage ratio (%)

1,2

3.87

3.73

3.68

3.84

3.87

3.84

Going concern leverage ratio (%)

1,2

5.3

5.1

5.2

5.3

5.2

Total loss-absorbing capacity leverage ratio (%)

9.7

9.4

9.5

9.3

9.7

9.3

Other

Invested assets (USD billion)

4,485

4,306

4,187

3,588

4,485

3,588

Personnel (full-time equivalents)

47,227

47,592

47,546

47,120

47,227

47,120

1 Leverage ratio denominators and

leverage ratios for

the respective periods in 2020

do not reflect the effects

of the temporary exemption

that applied from 25

March 2020 until 1

January 2021 and was

granted

by FINMA in connection with COVID-19. Refer to the “Regulatory and legal developments”

section of our Annual Report 2020 for more information.

2 Based on the Swiss systemically relevant bank framework as

of 1 January

2020. Refer to

the “Capital management”

section of this

report for more

information.

3 Consists of invested

assets for Global

Wealth Management, Asset

Management and Personal

& Corporate

Banking. Refer to “Note 32 Invested assets and net new money” in the “Consolidated financial statements” section of our Annual Report 2020 for

more information.

Alternative performance measures

An alternative performance

measure (an

APM) is a

financial measure

of historical or

future financial

performance, financial position

cash

flows

other

than

financial

measure

defined

specified

the

applicable

recognized

accounting

standards

other

applicable regulations.

We report

a number

of APMs in

our external reports

(annual, quarterly and

other reports).

We use

APMs to

provide a more

complete picture of our operating

performance and to reflect

management’s view of the fundamental

drivers of our

business

results.

definition

each

APM,

the

method

used

calculate

and

the

information

content

are

presented

under

“Alternative performance measures” in

the appendix to this

report. Our APMs may

qualify as non-GAAP measures

as defined by US

Securities and Exchange Commission (SEC) regulations.

Introduction

Overview

UBS Group AG is the

holding

company

for the UBS Group

and the

parent company of

UBS AG. UBS

Group AG

holds 100%

the

issued

UBS AG.

Financial

information

for

UBS AG

consolidated

does not

differ materially

from that

for UBS Group

consolidated.

This report includes

risk and capital

management information

for

UBS AG

consolidated

and

the interim

consolidated

financial

statements,

as well

UBS AG standalone

financial information

for the

quarter ended

30 June 2021.

Regulatory information

for

UBS

standalone

provided

the

June

2021

Pillar

report,

available

under

“Pillar

disclosures”

ubs.com/investors.

›

Refer to the UBS Group second quarter 2021 report,

available

under “Quarterly reporting” at

ubs.com/investors

, for more

information

Comparison between UBS Group AG consolidated and UBS

AG consolidated

The

table

the

following

page

contains

comparison

selected

financial

and

capital

information

between

UBS Group

AG consolidated and UBS AG consolidated.

The

accounting

policies

applied

under

International

Financial

Reporting

Standards

(IFRS)

both

the

UBS Group

and

the

UBS AG

consolidated

financial

statements

are

identical.

However, there are certain

scope and presentation differences as

noted below.

–

Assets,

liabilities,

operating

income,

operating

expenses

and

operating profit

before tax

relating to

UBS Group

AG and

its

directly

held

subsidiaries,

including

UBS

Business

Solutions

AG, are

reflected

the consolidated

financial

statements of

UBS Group AG but

not in

those of UBS AG.

UBS AG’s assets,

liabilities, operating income and operating expenses related to

transactions

with

UBS

Group

and

its

directly

held

subsidiaries,

including

UBS

Business

Solutions

and

other

shared

services

subsidiaries, are

not

subject to

elimination

the

consolidated

financial

statements

UBS

AG,

but

are

eliminated

the

consolidated

financial

statements

UBS

Group

AG.

UBS

Business

Solutions

and

other

shared

services

subsidiaries

UBS

Group

charge

other

legal

entities

within

the

UBS

consolidation

scope

for

services

provided, including a markup on costs incurred.

–

The

equity

UBS

Group

consolidated

was

USD 3.4

billion

higher

than

the

equity

UBS

consolidated

30 June

2021.

This

difference

was

mainly

driven

higher

dividends

paid by

UBS AG

to UBS Group

AG compared

with

the dividend distributions of UBS

Group AG, as well as

higher

retained earnings

the consolidated

financial statements

UBS Group AG, largely related to the aforementioned markup

charged

shared

services

subsidiaries

UBS Group

other legal

entities in

the UBS

AG scope

of consolidation.

addition, UBS Group

AG is

the grantor

of the

majority of

the

compensation

plans

the

Group

and

recognizes

premium

for

equity-settled

awards

granted.

These

effects

were partly offset by treasury shares acquired

and canceled as

part

our

repurchase

programs

and

those

held

hedge

delivery

obligations

associated

with

Group

compensation

plans,

well

additional

premium

recognized

the

UBS AG

consolidated

level

the

establishment

UBS Group

AG and

UBS

Business Solutions

AG, a wholly owned subsidiary of UBS Group AG.

–

The

going

concern

capital

UBS

Group

consolidated

was USD 3.8

billion higher

than the

going concern

capital of

UBS AG

consolidated

30 June

2021,

reflecting

higher

common

equity

tier 1

(CET1)

capital

USD 2.4

billion

and

going concern loss-absorbing additional

tier 1 (AT1) capital of

USD 1.4 billion.

–

The CET1 capital of UBS Group AG consol

idated was USD 2.4

billion higher than that of

UBS AG consolidated as of

30 June

2021. The higher CET1 capital of UBS Group AG consolidated

was primarily

due to higher

UBS Group AG

consolidated IFRS

equity of

USD 3.4 billion,

as described

above, and

lower UBS

Group AG

accruals for

future capital

returns to

shareholders,

partly

offset

compensation-related

regulatory

capital

accruals and

a capital

reserve for

potential share

repurchases

at the UBS Group AG level.

–

The

going

concern

loss-absorbing

AT1

capital

UBS

Group

consolidated

was

USD 1.4

billion

higher

than

that

UBS AG

consolidated

30 June

2021,

mainly

reflecting

deferred contingent capital plan awards granted at

the Group

level to eligible

employees for the

performance years 2016 to

2020,

partly

offset

two

loss-absorbing

AT1

capital

instruments on-lent by UBS Group AG to UBS AG.

›

Refer to “Holding company and significant

regulated

subsidiaries and sub-groups” under “Complementary

financial

information”

ubs.com/investors

for an illustration of the

consolidation scope differences between UBS AG and

UBS Group

›

Refer to the “Capital management” section

of this report for

more information about differences in the loss-absorbing

capacity between UBS Group AG consolidated

and UBS AG

consolidated

Introduction

Comparison between UBS Group AG consolidated and UBS AG consolidated

As of or for the quarter ended 30.6.21

USD million, except where indicated

UBS Group AG

consolidated

UBS AG

consolidated

Difference

(absolute)

Income statement

Operating income

8,976

9,071

(94)

Operating expenses

6,384

6,589

(206)

Operating profit / (loss) before tax

2,593

2,481

111

of which: Global Wealth Management

1,294

1,273

of which: Personal & Corporate Banking

498

496

of which: Asset Management

255

254

of which: Investment Bank

668

655

of which: Group Functions

(124)

(197)

Net profit / (loss)

2,012

1,919

of which: net profit / (loss) attributable to shareholders

2,006

1,913

of which: net profit / (loss) attributable to non-controlling interests

Statement of comprehensive income

Other comprehensive income

591

592

(1)

of which: attributable to shareholders

576

578

(1)

of which: attributable to non-controlling interests

Total comprehensive income

2,602

2,510

of which: attributable to shareholders

2,582

2,491

of which: attributable to non-controlling interests

Balance sheet

Total assets

1,086,519

1,085,861

658

Total liabilities

1,027,469

1,030,216

(2,746)

Total equity

59,050

55,645

3,405

of which: equity attributable to shareholders

58,765

55,361

3,405

of which: equity attributable to non-controlling interests

284

Capital information

Common equity tier 1 capital

42,583

40,190

2,393

Going concern capital

59,188

55,398

3,790

Risk-weighted assets

293,277

290,470

2,807

Common equity tier 1 capital ratio (%)

14.5

13.8

0.7

Going concern capital ratio (%)

20.2

19.1

1.1

Total loss-absorbing capacity ratio (%)

35.6

34.6

1.0

Leverage ratio denominator

1,039,939

1,039,375

564

Common equity tier 1 leverage ratio (%)

4.09

3.87

0.23

Going concern leverage ratio (%)

5.7

5.3

0.4

Total loss-absorbing capacity leverage ratio (%)

10.0

9.7

0.4

1 Leverage ratio denominators and leverage ratios

for 31 December 2020 do not reflect

the effects of the temporary exemption that applied from

25 March 2020 until 1 January

2021 and was granted by FINMA in

connection with COVID-19. Refer to the “Regulatory and legal developments” section of our Annual Report 2020 for more information.

As of or for the quarter ended 31.3.21

As of or for the quarter ended 31.12.20

UBS Group AG

consolidated

UBS AG

consolidated

Difference

(absolute)

UBS Group AG

consolidated

UBS AG

consolidated

Difference

(absolute)

8,705

8,836

(130)

8,117

8,220

(103)

6,407

6,684

(277)

6,132

6,324

(192)

2,298

2,151

147

1,985

1,896

1,409

1,391

864

855

389

390

353

(1)

227

401

412

394

529

528

(139)

(251)

112

(161)

(241)

1,827

1,713

114

1,645

1,572

1,824

1,710

114

1,636

1,563

(2,166)

(2,032)

(135)

(2,154)

(2,019)

(135)

(12)

(339)

(319)

(21)

1,728

1,626

102

(330)

(309)

(21)

1,701

1,599

102

(9)

1,107,712

1,109,234

(1,522)

1,125,765

1,125,327

438

1,049,379

1,051,481

(2,102)

1,066,000

1,067,254

(1,254)

58,333

57,753

580

59,765

58,073

1,691

58,026

57,446

580

59,445

57,754

1,691

307

319

40,426

38,826

1,600

39,890

38,181

1,709

56,288

53,255

3,033

56,178

52,610

3,567

287,828

285,119

2,710

289,101

286,743

2,358

14.0

13.6

0.4

13.8

13.3

0.5

19.6

18.7

0.9

19.4

18.3

1.1

35.0

34.2

0.7

35.2

34.2

1.0

1,038,225

1,039,736

(1,511)

1,037,150

1,036,771

379

3.89

3.73

0.16

3.85

3.68

0.16

5.4

5.1

0.3

5.4

5.1

0.3

9.7

9.4

0.3

9.8

9.5

0.3

Risk and capital

management

Management report

Risk management and control

UBS AG consolidated risk profile

The

risk

profile

UBS

consolidated

does

not

differ

materially from

that of

UBS Group AG

consolidated and the

risk

information

provided

the

UBS Group

second

quarter

2021

report is equally applicable to UBS AG consolidated.

The

credit

risk

profile

UBS

consolidated

differs

from

that

UBS Group

consolidated

primarily

relation

receivables of UBS AG and

UBS Switzerland AG from UBS Group

AG.

The

total

banking

products

exposure

UBS

consolidated as

of 30 June

2021 was

USD 1.2 billion,

or 0.2%,

higher than the exposure of UBS Group, compared with USD 3.3

billion,

or 0.5%, as of 31 March 2021.

›

Refer to the “Risk management and control”

section of the

UBS Group second quarter 2021 report for more information

Capital management

Going and gone concern requirements and information

UBS

considered

systemically

relevant

bank

(an

SRB)

under

Swiss banking law and, on a consolidated basis, both UBS Group

AG and

UBS AG are

required

to comply

with regulations

based

on the Basel III framework as applicable for Swiss SRBs.

The

Swiss

SRB

framework

and

requirements

applicable

UBS AG

consolidated

are

consistent

with

those

applicable

UBS Group

consolidated

and

are

described

the

“Capital,

liquidity and

funding, and

balance sheet” section

of our Annual

Report 2020.

UBS AG

subject

going

and

gone

concern

requirements

on a

standalone basis.

Capital and

other regulatory

information

for

UBS AG

standalone

provided

under

“Holding

company

and

significant

regulated

subsidiaries

and

sub-groups”

ubs.com/investors

and in the 30 June

2021 Pillar 3 report,

which

will

available

August

2021

under

“Pillar

disclosures” at

ubs.com/investors

The table

on the

provides the

risk-weighted assets

(RWA)

and

leverage

ratio

denominator

(LRD)

based

requirements

and

information

30 June

2021

for

UBS AG

consolidated.

Capital management

Swiss SRB going and gone concern requirements and information

As of 30.6.21

RWA

LRD

USD million, except where indicated

in %

Required going concern capital

Total going concern capital

13.96

40,552

4.88

50,670

Common equity tier 1 capital

9.66

28,062

3.38

35,079

of which: minimum capital

4.50

13,071

1.50

15,591

of which: buffer capital

5.14

14,930

1.88

19,488

of which: countercyclical buffer

0.02

Maximum additional tier 1 capital

4.30

12,490

1.50

15,591

of which: additional tier 1 capital

3.50

10,166

1.50

15,591

of which: additional tier 1 buffer capital

0.80

2,324

Eligible going concern capital

Total going concern capital

19.07

55,398

5.33

55,398

Common equity tier 1 capital

13.84

40,190

3.87

40,190

Total loss-absorbing additional tier 1 capital

5.24

15,208

1.46

15,208

of which: high-trigger loss-absorbing additional tier 1 capital

4.37

12,702

1.22

12,702

of which: low-trigger loss-absorbing additional tier 1 capital

0.86

2,506

0.24

2,506

Required gone concern capital

Total gone concern loss-absorbing capacity

10.60

30,803

3.76

39,071

of which: base requirement

12.86

37,354

4.50

46,772

of which: additional requirement for market share and LRD

1.08

3,137

0.38

3,898

of which: applicable reduction on requirements

(3.34)

(9,688)

(1.12)

(11,598)

of which: rebate granted (equivalent to 47.5% of maximum rebate)

(2.54)

(7,368)

(0.89)

(9,257)

of which: reduction for usage of low-trigger tier 2 capital instruments

(0.80)

(2,320)

(0.23)

(2,342)

Eligible gone concern capital

Total gone concern loss-absorbing capacity

15.53

45,110

4.34

45,110

Total tier 2 capital

1.80

5,232

0.50

5,232

of which: low-trigger loss-absorbing tier 2 capital

1.61

4,686

0.45

4,686

of which: non-Basel III-compliant tier 2 capital

0.19

547

0.05

547

TLAC-eligible senior unsecured debt

13.73

39,878

3.84

39,878

Total loss-absorbing capacity

Required total loss-absorbing capacity

24.57

71,356

8.63

89,741

Eligible total loss-absorbing capacity

34.60

100,508

9.67

100,508

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

290,470

Leverage ratio denominator

1,039,375

1 Includes applicable add-ons of 1.08% for RWA and 0.375% for LRD.

2 Our minimum CET1 leverage ratio requirement of 3.375% consists of a 1.5% base requirement, a 1.5%

base buffer capital requirement, a

0.25% LRD add-on requirement and a 0.125%

market share add-on requirement based

on our Swiss credit business.

3 The relevant capital instruments

were issued after the new Swiss SRB

framework had been

implemented and qualify

as going concern

capital at

the UBS AG

consolidated level, as

agreed with FINMA.

4 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.

5 The gone concern

requirement after the application

of the rebate for

resolvability measures and the reduction for the use

of higher quality capital instruments is floored at

8.6% and 3% for the RWA-

and LRD-based requirements, respectively.

This means that the combined reduction

may not exceed 5.34 percentage points for the

RWA-based requirement of 13.94% and 1.875 percentage points

for the LRD-based requirement of 4.875%.

6 Based on the actions we completed up to December

2020 to improve resolvability, FINMA granted an increase of rebate on the gone

concern requirement from 47.5% to 55.0% of the maximum rebate, effective from 1 July 2021.

Swiss SRB going and gone concern information

USD million, except where indicated

30.6.21

31.3.21

31.12.20

Eligible going concern capital

Total going concern capital

55,398

53,255

52,610

Total tier 1 capital

55,398

53,255

52,610

Common equity tier 1 capital

40,190

38,826

38,181

Total loss-absorbing additional tier 1 capital

15,208

14,429

14,430

of which: high-trigger loss-absorbing additional tier 1 capital

12,702

11,930

11,854

of which: low-trigger loss-absorbing additional tier 1 capital

2,506

2,499

2,575

Eligible gone concern capital

Total gone concern loss-absorbing capacity

45,110

44,381

45,545

Total tier 2 capital

5,232

5,253

7,744

of which: low-trigger loss-absorbing tier 2 capital

4,686

4,709

7,201

of which: non-Basel III-compliant tier 2 capital

547

544

543

TLAC-eligible senior unsecured debt

39,878

39,129

37,801

Total loss-absorbing capacity

100,508

97,636

98,155

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

290,470

285,119

286,743

Leverage ratio denominator

1,039,375

1,039,736

1,036,771

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

19.1

18.7

18.3

of which: common equity tier 1 capital ratio

13.8

13.6

13.3

Gone concern loss-absorbing capacity ratio

15.5

15.6

15.9

Total loss-absorbing capacity ratio

34.6

34.2

Leverage ratios (%)

Going concern leverage ratio

5.3

5.1

of which: common equity tier 1 leverage ratio

3.87

3.73

3.68

Gone concern leverage ratio

4.3

4.4

Total loss-absorbing capacity leverage ratio

9.7

9.4

9.5

1 The

relevant

capital instruments

were issued

after

the new

Swiss SRB

framework

had been

implemented and

qualify as

going concern

capital of

UBS AG

as agreed

with FINMA.

2 The

leverage ratio

denominator (LRD) and leverage ratios for

31 December 2020 do not reflect the effects

of the temporary exemption that applied from

25 March 2020 until 1 January 2021 and

was granted by FINMA in connection

with COVID-19. Refer to

“UBS AG consolidated total

loss-absorbing capacity and leverage

ratio information” in the

“Capital, liquidity and funding,

and balance sheet” section of

the combined UBS Group AG

and

UBS AG Annual Report 2020, available under “Annual

reporting” at ubs.com/investors, for more information.

Capital management

UBS Group AG vs UBS AG consolidated loss-absorbing capacity and leverage ratio information

Swiss SRB going and gone concern information

As of 30.6.21

USD million, except where indicated

UBS Group AG

(consolidated)

UBS AG

(consolidated)

Difference

Eligible going concern capital

Total going concern capital

59,188

55,398

3,790

Total tier 1 capital

59,188

55,398

3,790

Common equity tier 1 capital

42,583

40,190

2,393

Total loss-absorbing additional tier 1 capital

16,605

15,208

1,397

of which: high-trigger loss-absorbing additional tier 1 capital

14,096

12,702

1,395

of which: low-trigger loss-absorbing additional tier 1 capital

2,509

2,506

Eligible gone concern capital

Total gone concern loss-absorbing capacity

45,110

Total tier 2 capital

5,232

of which: low-trigger loss-absorbing tier 2 capital

4,686

of which: non-Basel III-compliant tier 2 capital

547

TLAC-eligible senior unsecured debt

39,878

Total loss-absorbing capacity

104,298

100,508

3,790

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

293,277

290,470

2,807

Leverage ratio denominator

1,039,939

1,039,375

564

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

20.2

19.1

1.1

of which: common equity tier 1 capital ratio

14.5

13.8

0.7

Gone concern loss-absorbing capacity ratio

15.4

15.5

(0.1)

Total loss-absorbing capacity ratio

35.6

34.6

1.0

Leverage ratios (%)

Going concern leverage ratio

5.7

5.3

0.4

of which: common equity tier 1 leverage ratio

4.09

3.87

0.23

Gone concern leverage ratio

4.3

0.0

Total loss-absorbing capacity leverage ratio

10.0

9.7

0.4

Reconciliation of IFRS equity to Swiss SRB common equity tier 1 capital (UBS Group AG vs UBS AG consolidated)

As of 30.6.21

USD million

UBS Group AG

(consolidated)

UBS AG

(consolidated)

Difference

Total IFRS equity

59,050

55,645

3,405

Equity attributable to non-controlling interests

(284)

Defined benefit plans, net of tax

(144)

Deferred tax assets recognized for tax loss carry-forwards

(5,183)

Deferred tax assets on temporary differences, excess over threshold

(92)

Goodwill, net of tax

(5,883)

Intangible assets, net of tax

(200)

Compensation-related components (not recognized in net

profit)

(1,680)

Expected losses on advanced internal ratings-based portfolio less provisions

(463)

Unrealized (gains) / losses from cash flow hedges, net of tax

(1,365)

Own credit related to gains / losses on financial liabilities

measured at fair value that existed at the balance sheet date

279

Own credit related to gains / losses on derivative financial instruments

that existed at the balance sheet date

(50)

Unrealized gains related to debt instruments at fair value through

OCI, net of tax

(89)

Prudential valuation adjustments

(146)

Capital reserve for potential share repurchases

(587)

Other

(670)

(1,834)

1,164

Total common equity tier 1 capital

42,583

40,190

2,393

1 Includes accruals for dividends to shareholders for the current year and other items.

UBS Group AG vs UBS AG consolidated loss-absorbing capacity

and leverage ratio information

The

going

concern

capital

UBS

consolidated

was

USD

billion

lower

than

the

going

concern

capital

UBS

Group

consolidated

June

2021

reflecting

lower

common

equity

tier 1

(CET1)

capital

USD 2.4

billion

and

lower

going

concern

loss-absorbing

additional

tier 1

(AT1)

capital of

USD 1.4 billion

The

aforementioned

difference in

CET1

capital was

primarily

due

higher

UBS Group

consolidated

IFRS

equity

USD 3.4

billion

and

lower

UBS Group

accruals

for

future

capital

returns

shareholders,

partly

offset

compensation-

regulatory

capital

accruals

and

capital

reserve

for

potential share repurchases at the UBS Group AG level.

The

going

concern

loss-absorbing

AT1

capital

UBS AG

consolidated was

USD 1.4 billion

lower than

that of

UBS Group

AG consolidated

as of

30 June 2021,

mainly reflecting

deferred

contingent

capital

plan

awards

granted

the

Group

level

eligible

employees

for

the

performance

years

2016

2020,

partly

offset

two

loss-absorbing

AT1

capital

instruments

on-

lent by UBS Group AG to UBS AG.

Differences

capital

between

UBS Group

consolidated

and

UBS AG

consolidated

employee

compensation

plans will reverse to the extent underlying services are performed

by employees of,

and are consequently

charged to, UBS AG

and

its

subsidiaries.

Such

reversal

generally

occurs

over

the

service

period of the employee compensation plans.

The

leverage

ratio

framework

for

UBS AG

consolidated

consistent

with

that

UBS

Group

consolidated.

June

2021

the

going

concern

leverage

ratio

UBS

consolidat

was

percentage

points

lower

than

that

UBS Group AG

consolidated, mainly

because the

going concern

capital of UBS AG consolidated was USD 3.8 billion lower.

›

Refer to the “Capital management”

section of the UBS Group

second quarter 2021 report, available under “Quarterly

reporting” at

ubs.com/investors,

for information about the

developments of loss-absorbing capacity, RWA and LRD for

UBS Group AG consolidated

›

Refer to the “Introduction” section of this report

for more

information about the differences in equity between

UBS AG

consolidated and UBS Group AG consolidated

Consolidated

financial

statements

Unaudited

Table of contents

UBS AG interim consolidated financial

statements (unaudited)

Income statement

Statement of comprehensive income

Balance sheet

Statement of changes in equity

Statement of cash flows

Basis of accounting

and other financial reporting

effects

Segment reporting

Net interest income

Net fee and commission income

Other income

Personnel expenses

General and administrative expenses

Income taxes

Expected credit loss measurement

Fair value measurement

Derivative instruments

Other assets and liabilities

Debt issued designated at fair value

Debt issued measured at amortized cost

Interest rate benchmark reform

Provisions and contingent liabilities

Currency translation rates

Supplemental guarantor information required under

SEC regulations

UBS AG interim consolidated

financial statements (unaudited)

Income statement

For the quarter ended

Year-to-date

USD million

Note

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Interest income from financial instruments measured at amortized

cost and fair value through

other comprehensive income

2,107

2,098

2,135

4,205

4,591

Interest expense from financial instruments measured at

amortized cost

(860)

(859)

(1,112)

(1,719)

(2,519)

Net interest income from financial instruments measured

at fair value through profit or loss

359

351

354

710

616

Net interest income

1,607

1,589

1,376

3,196

2,689

Other net income from financial instruments measured

at fair value through profit or loss

1,471

1,314

1,944

2,785

3,719

Credit loss (expense) / release

(272)

108

(540)

Fee and commission income

6,047

6,197

4,730

12,244

10,211

Fee and commission expense

(484)

(478)

(419)

(962)

(875)

Net fee and commission income

5,563

5,719

4,311

11,282

9,336

Other income

350

185

153

535

317

Total operating income

9,071

8,836

7,512

17,906

15,521

Personnel expenses

4,072

4,086

3,682

8,158

7,391

General and administrative expenses

2,070

2,141

1,879

4,211

3,960

Depreciation and impairment of property, equipment and software

439

449

409

887

814

Amortization and impairment of goodwill and intangible

assets

Total operating expenses

6,589

6,684

5,987

13,274

12,197

Operating profit / (loss) before tax

2,481

2,151

1,525

4,632

3,324

Tax expense / (benefit)

563

439

328

1,001

703

Net profit / (loss)

1,919

1,713

1,197

3,631

2,621

Net profit / (loss) attributable to non-controlling interests

Net profit / (loss) attributable to shareholders

1,913

1,710

1,194

3,623

2,615

UBS AG interim consolidated financial statements (unaudited)

Statement of comprehensive income

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Comprehensive income attributable to shareholders

Net profit / (loss)

1,913

1,710

1,194

3,623

2,615

Other comprehensive income that may be reclassified to the income

statement

Foreign currency translation

Foreign currency translation movements related to net assets of foreign operations, before tax

447

(1,407)

447

(960)

172

Effective portion of changes in fair value of hedging instruments

designated as net investment hedges, before tax

(203)

705

(196)

502

(61)

Foreign currency translation differences on foreign operations reclassified to the

income statement

(9)

(8)

Effective portion of changes in fair value of hedging instruments

designated as net investment hedges reclassified

to the income

statement

(7)

Income tax relating to foreign currency translations, including the impact of net

investment hedges

(4)

(2)

Subtotal foreign currency translation, net of tax

239

(691)

249

(452)

103

Financial assets measured at fair value through other comprehensive income

Net unrealized gains / (losses), before tax

(131)

(110)

226

Realized gains reclassified to the income statement from

equity

(3)

(8)

(15)

(11)

(24)

Realized losses reclassified to the income statement from

equity

Income tax relating to net unrealized gains / (losses)

(4)

(3)

(54)

Subtotal financial assets measured at fair value through other comprehensive

income, net of tax

(102)

(88)

149

Cash flow hedges of interest rate risk

Effective portion of changes in fair value of derivative instruments designated

as cash flow hedges, before tax

542

(1,172)

291

(630)

2,244

Net (gains) / losses reclassified to the income statement from

equity

(268)

(254)

(171)

(522)

(274)

Income tax relating to cash flow hedges

(51)

266

(25)

215

(370)

Subtotal cash flow hedges, net of tax

222

(1,160)

(937)

1,600

Cost of hedging

Change in fair value of cost of hedging, before tax

(24)

(13)

(18)

(37)

(12)

Amortization of initial cost of hedging to the income statement

Income tax relating to cost of hedging

Subtotal cost of hedging, net of tax

(16)

(6)

(13)

(23)

(4)

Total other comprehensive income that may be reclassified to the income statement, net

of tax

459

(1,958)

333

(1,500)

1,847

Other comprehensive income that will not be reclassified to the income

statement

Defined benefit plans

Gains / (losses) on defined benefit plans, before tax

(35)

(417)

(35)

(314)

Income tax relating to defined benefit plans

(81)

Subtotal defined benefit plans, net of tax

(32)

(498)

(31)

(270)

Own credit on financial liabilities designated at fair value

Gains / (losses) from own credit on financial liabilities designated

at fair value, before tax

118

(29)

(1,095)

Income tax relating to own credit on financial liabilities designated

at fair value

223

Subtotal own credit on financial liabilities designated at

fair value, net of tax

118

(29)

(872)

Total other comprehensive income that will not be reclassified to the income statement,

net of tax

119

(61)

(1,370)

(208)

Total other comprehensive income

578

(2,019)

(1,037)

(1,442)

1,639

Total comprehensive income attributable to shareholders

2,491

(309)

157

2,181

4,254

Statement of comprehensive income (continued)

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Comprehensive income attributable to non-controlling

interests

Net profit / (loss)

Other comprehensive income that will not be reclassified to the income

statement

Foreign currency translation movements, before tax

(12)

(4)

Income tax relating to foreign currency translation movements

Subtotal foreign currency translation, net of tax

(12)

(4)

Total other comprehensive income that will not be reclassified to the income statement,

net of tax

(12)

(4)

Total comprehensive income attributable to non-controlling interests

(9)

Total comprehensive income

Net profit / (loss)

1,919

1,713

1,197

3,631

2,621

Other comprehensive income

592

(2,032)

(1,035)

(1,440)

1,635

of which: other comprehensive income that may be reclassified

to the income statement

459

(1,958)

333

(1,500)

1,847

of which: other comprehensive income that will not be reclassified

to the income statement

133

(73)

(1,369)

(212)

Total comprehensive income

2,510

(319)

161

2,192

4,256

1 Refer to Note 10 for more information.

UBS AG interim consolidated financial statements (unaudited)

Balance sheet

USD million

Note

30.6.21

31.3.21

31.12.20

Assets

Cash and balances at central banks

160,672

158,914

158,231

Loans and advances to banks

16,376

18,348

15,344

Receivables from securities financing transactions

83,494

82,384

74,210

Cash collateral receivables on derivative instruments

29,787

35,050

32,737

Loans and advances to customers

391,406

380,141

380,977

Other financial assets measured at amortized cost

27,201

26,837

27,219

Total financial assets measured at amortized cost

708,937

701,674

688,717

Financial assets at fair value held for trading

122,628

120,717

125,492

of which: assets pledged as collateral that may be sold or repledged

by counterparties

44,333

48,385

47,098

Derivative financial instruments

10, 11

121,622

148,284

159,618

Brokerage receivables

23,010

24,201

24,659

Financial assets at fair value not held for trading

64,952

68,763

80,038

Total financial assets measured at fair value through profit or loss

332,211

361,964

389,808

Financial assets measured at fair value through other comprehensive income

7,775

8,100

8,258

Investments in associates

1,198

1,542

1,557

Property, equipment and software

11,732

11,610

11,958

Goodwill and intangible assets

6,452

6,427

6,480

Deferred tax assets

8,951

9,161

9,174

Other non-financial assets

8,603

8,755

9,374

Total assets

1,085,861

1,109,234

1,125,327

Balance sheet (continued)

USD million

Note

30.6.21

31.3.21

31.12.20

Liabilities

Amounts due to banks

14,615

12,564

11,050

Payables from securities financing transactions

5,972

6,651

6,321

Cash collateral payables on derivative instruments

32,193

36,571

37,313

Customer deposits

517,462

508,903

527,929

Funding from UBS Group AG

55,907

57,699

53,979

Debt issued measured at amortized cost

84,491

87,495

85,351

Other financial liabilities measured at amortized cost

10,671

9,624

10,421

Total financial liabilities measured at amortized cost

721,311

719,508

732,364

Financial liabilities at fair value held for trading

33,348

37,062

33,595

Derivative financial instruments

10, 11

121,688

146,041

161,102

Brokerage payables designated at fair value

39,129

45,600

38,742

Debt issued designated at fair value

10, 13

72,799

64,635

59,868

Other financial liabilities designated at fair value

10, 12

32,908

30,769

31,773

Total financial liabilities measured at fair value through profit or loss

299,871

324,108

325,080

Provisions

2,792

2,693

2,791

Other non-financial liabilities

6,241

5,171

7,018

Total liabilities

1,030,216

1,051,481

1,067,254

Equity

Share capital

338

Share premium

24,542

24,579

24,580

Retained earnings

24,414

26,926

25,251

Other comprehensive income recognized directly in equity, net of tax

6,067

5,603

7,585

Equity attributable to shareholders

55,361

57,446

57,754

Equity attributable to non-controlling interests

284

307

319

Total equity

55,645

57,753

58,073

Total liabilities and equity

1,085,861

1,109,234

1,125,327

UBS AG interim consolidated financial statements (unaudited)

Statement of changes in equity

USD million

capital

premium

Retained

earnings

Balance as of 1 January 2020

338

24,659

23,419

Tax (expense) / benefit

(2)

Dividends

(2,550)

Translation effects recognized directly in retained earnings

(11)

Share of changes in retained earnings of associates and

joint ventures

(40)

New consolidations / (deconsolidations) and other increases

/ (decreases)

Total comprehensive income for the period

2,406

of which: net profit / (loss)

2,615

of which: OCI that may be reclassified to the income statement,

net of tax

of which: OCI that will not be reclassified to the income

statement, net of tax – defined benefit plans

(270)

of which: OCI that will not be reclassified to the income

statement, net of tax – own credit

of which: OCI that will not be reclassified to the income

statement, net of tax – foreign currency translation

Balance as of 30 June 2020

338

24,657

23,225

Balance as of 1 January 2021

338

24,580

25,251

Tax (expense) / benefit

Dividends

(4,539)

Translation effects recognized directly in retained earnings

Share of changes in retained earnings of associates and

joint ventures

New consolidations / (deconsolidations) and other increases

/ (decreases)

(39)

Total comprehensive income for the period

3,681

of which: net profit / (loss)

3,623

of which: OCI that may be reclassified to the income statement,

net of tax

of which: OCI that will not be reclassified to the income

statement, net of tax – defined benefit plans

(31)

of which: OCI that will not be reclassified to the income

statement, net of tax – own credit

of which: OCI that will not be reclassified to the income

statement, net of tax – foreign currency translation

Balance as of 30 June 2021

338

24,542

24,414

1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings.

Other comprehensive

income recognized

directly in equity,

net of tax

of which:

foreign currency

translation

of which:

financial assets

measured at fair value

through OCI

of which:

cash flow hedges

of which:

cost of hedging

Total equity

attributable to

shareholders

Non-controlling

interests

Total

equity

5,306

4,032

1,260

53,722

174

53,896

(2)

(2,550)

(4)

(2,554)

(40)

1,847

103

149

1,600

(4)

4,254

4,256

2,615

2,621

1,847

103

149

1,600

(4)

1,847

(270)

(4)

7,164

4,134

163

2,871

(4)

55,384

173

55,557

7,585

5,126

151

2,321

(13)

57,754

319

58,073

(4,539)

(4)

(4,542)

(19)

(39)

(42)

(81)

(1,500)

(452)

(88)

(937)

(23)

2,181

2,192

3,623

3,631

(1,500)

(452)

(88)

(937)

(23)

(1,500)

(31)

6,067

4,675

1,365

(36)

55,361

284

55,645

UBS AG interim consolidated financial statements (unaudited)

Statement of cash flows

Year-to-date

USD million

30.6.21

30.6.20

Cash flow from / (used in) operating activities

Net profit / (loss)

3,631

2,621

Non-cash items included in net profit and other adjustments:

Depreciation and impairment of property, equipment and software

887

814

Amortization and impairment of goodwill and intangible

assets

Credit loss expense / (release)

(108)

540

Share of net profits of associates / joint ventures and impairment

of associates

(74)

(29)

Deferred tax expense / (benefit)

278

191

Net loss / (gain) from investing activities

(239)

240

Net loss / (gain) from financing activities

2,070

(7,047)

Other net adjustments

4,742

(595)

Net change in operating assets and liabilities:

Loans and advances to banks / amounts due to banks

3,872

5,585

Securities financing transactions

(10,249)

3,167

Cash collateral on derivative instruments

(2,183)

(2,046)

Loans and advances to customers

(19,714)

(14,143)

Customer deposits

573

21,004

Financial assets and liabilities at fair value held for trading and derivative financial

instruments

(1,278)

38,756

Brokerage receivables and payables

2,047

1,140

Financial assets at fair value not held for trading, other financial assets

and liabilities

14,416

(7,484)

Provisions, other non-financial assets and liabilities

261

(1,323)

Income taxes paid, net of refunds

(363)

(364)

Net cash flow from / (used in) operating activities

(1,413)

41,060

Cash flow from / (used in) investing activities

Purchase of subsidiaries, associates and intangible assets

(1)

Disposal of subsidiaries, associates and intangible assets

437

Purchase of property, equipment and software

(757)

(725)

Disposal of property, equipment and software

264

Purchase of financial assets measured at fair value through other

comprehensive income

(1,950)

(4,132)

Disposal and redemption of financial assets measured at

fair value through other comprehensive income

2,324

1,944

Net (purchase) / redemption of debt securities measured

at amortized cost

116

(4,817)

Net cash flow from / (used in) investing activities

434

(7,713)

Statement of cash flows (continued)

Year-to-date

USD million

30.6.21

30.6.20

Cash flow from / (used in) financing activities

Net short-term debt issued / (repaid)

(3,877)

14,912

Distributions paid on UBS shares

(4,539)

(2,550)

Repayment of lease liabilities

(274)

(262)

Issuance of debt designated at fair value and long-term debt measured

at amortized cost

63,845

46,001

Repayment of debt designated at fair value and long-term debt measured

at amortized cost

(45,244)

(46,137)

Net changes in non-controlling interests

(4)

Net cash flow from / (used in) financing activities

9,908

11,960

Total cash flow

Cash and cash equivalents at the beginning of the period

173,430

119,804

Net cash flow from / (used in) operating, investing and financing

activities

8,929

45,308

Effects of exchange rate differences on cash and cash equivalents

(5,389)

1,567

Cash and cash equivalents at the end of the period

176,971

166,679

of which: cash and balances at central banks

160,541

149,430

of which: loans and advances to banks

15,001

14,339

of which: money market paper

1,428

2,911

Additional information

Net cash flow from / (used in) operating activities includes:

Interest received in cash

5,475

6,375

Interest paid in cash

2,703

4,249

Dividends on equity investments, investment funds and associates

received in cash

1,263

1,104

1 Includes cash

proceeds from the

sale of UBS’s

minority investment in

Clearstream Fund Centre

for the period

ended 30 June

2021, and dividends

received from associates

in both periods.

2 Includes funding

from UBS Group AG

measured at amortized cost (recognized

in Funding from UBS Group

AG in the balance sheet)

and measured at fair value

(recognized in Other financial liabilities

designated at fair value

in the

balance sheet).

3 USD

3,432

million and USD

5,393

million of cash

and cash equivalents

(mainly reflected

in Loans and

advances to banks)

were restricted as

of 30 June 2021

and 30 June 2020,

respectively.

Refer to

“Note 23

Restricted and

transferred financial

assets” in

the “Consolidated

financial statements”

section of

the Annual

Report 2020

for more

information.

4 Includes

only balances

with an

original

maturity of three months or less.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Notes to the UBS AG interim

consolidated financial statements (unaudited)

Note 1

Basis of accounting and other financial reporting effects

Basis of preparation

The

consolidated

financial

statements (the

financial

statements)

of UBS

AG and

its subsidiaries

(together,

UBS AG)

are prepared

accordance

with

International

Financial

Reporting

Standards

(IFRS), as issued by the International Accounting Standards Board

(the IASB),

and are

presented in

US dollars

(USD). These

interim

financial

statements

are

prepared

accordance

with

IAS

34,

Interim Financial Reporting

preparing

these

interim

financial

statements,

the

same

accounting

policies

and

methods

computation

have

been

applied

the

UBS

consolidated

annual

financial

statements for

the period

ended 31 December

2020, except

for

the

changes

described

this

Note.

These

interim

financial

statements

are

unaudited

and

should

read

conjunction

with

UBS

AG’s

audited

consolidated

financial

statements

included

the

Annual

Report

the

opinion

management,

all

necessary

adjustments

were

made

for

fair

presentation of UBS AG’s financial

position, results of operations

and cash flows.

Preparation of these interim financial statements requires

management to make estimates and assumptions that affect the

reported amounts of assets, liabilities, income, expenses and

disclosures of contingent assets and liabilities. These estimates

and assumptions are based on the best available information.

Actual results in the future could differ from such estimates and

differences may be material to the financial statements.

Revisions to estimates, based on regular reviews, are recognized

in the period in which they occur. For more information about

areas of estimation uncertainty that are considered to require

critical judgment, refer to “Note 1a Significant accounting

policies” in the “Consolidated financial statements” section of

the Annual Report 2020.

Amendments to IFRS 9, IAS 39 and IFRS 7

(Interest Rate

Benchmark Reform – Phase 2)

1 January

2021,

UBS

adopted

Interest

Rate

Benchmark

Reform – Phase 2,

Amendments to IFRS 9,

IAS 39, IFRS 7,

IFRS 4

and IFRS 16

, addressing a number of issues

in financial reporting

areas

that

arise

when

interbank

offered

rates

(

IBOR

are

reformed or replaced.

The amendments provide

a practical expedient

which permits

certain

changes

the

contractual

cash

flows

debt

instruments

attributable

the

repl

acement

IBOR

with

alternative

reference

rates

(ARRs)

accounted

for

prospectively by

updating the instrument’s

effective interest rate

(EIR)

provided

(

)

the

change

necessary

direct

consequence

IBOR

reform

and

(ii)

the

new

basis

for

determining

the

contractual

cash

flows

economically

equivalent to the previous basis.

UBS AG

adopted the

amendments, which

provide a

practical

expedient with no material effect on the its financial statements.

Note 1

Basis of accounting and other financial reporting effects (continued)

Furthermore,

the

amendments

provide

various

hedge

accounting

reliefs,

with

the

following

expected

benefit

UBS

AG.

–

Risk components

The amendments

permit UBS

AG to

designate an

alternative

benchmark

rate

non-contractually

specified

risk

component, even if it is

not separately identifiable at the

date

when

designated,

provided

UBS

can

reasonably

expect that it will meet the requirements

within 24 months of

the

first

designation

and

the

risk

component

reliably

measurable.

30 June

2021,

the

alternative

benchmark

rates

that UBS

has

designated as

the hedged

risk

fair

value hedges

of interest

rate risk

related to

debt instruments

and

cash

flow

hedges

forecast

transactions

were

the

Secured

Overnight Financing

Rate

(SOFR), the

Swiss Average

Rate

Overnight

(SARON)

and

the

Sterling

Overnight

Index

Average

(SONIA).

The

designated

notionals

were

USD

billion, USD

1.1

billion and USD

0.7

billion, respectively.

–

Hedge designation

Following

amendments

the

hedge

documentation

reflect

the

change

designation

relating

IBOR

reform,

UBS

will

continue

its

hedge

relationships

provided

the

other

hedge

accounting

criteria

and

requirements

the

phase 2

amendment

are

met.

30 June

2021,

such

changes have been made.

–

Amounts accumulated in the cash flow hedge reserve

Upon changing

the hedge

designation as

set out

above, the

accumulated

amounts

the

cash

flow

hedge

reserve

are

assumed to

be based

on the

alternative benchmark

rate. For

discontinued

hedging

relationships,

when

the

interest

rate

benchmark

which

the

hedged

future

cash

flows

were

based

changed

required

IBOR

reform,

the

amount

accumulated in

the cash

flow hedge

reserve is

also assumed

based

the

alternative

benchmark

rate

for

the

purpose

assessing

whether

the

hedged

future

cash

flows

are

still

expected

occur.

June

2021,

such

changes have been made.

–

Retrospective

effectiveness

assessment

applied

hedges

designated under IAS 39

pon

the

end

the

hase

relief

for

effectiveness

assessment UBS AG

may elect to reset

to zero the

cumulative

fair

value

changes

the

hedged

item

and

hedging

instrument

for

the

purpose

assessing

the

retrospective

effectiveness

hedging

relationship.

30 June

2021,

no such election has been made.

›

Refer to “Note 25 Hedge accounting”

in the “Consolidated

financial statements” section of the

Annual Report 2020 for

details about phase 1 accounting reliefs

The

amendments

also

introduced

additional

disclosure

requirements regarding

UBS AG’s management

of the

transition

to alternative benchmark rates, its

progress at the reporting date

and

the

risks

which

exposed

arising

from

financial

instruments because of the transition.

›

Refer to Note 15 for more information

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 2

Segment reporting

UBS

AG’s

businesses

are

organized

globally

into

four

business

divisions:

Global

Wealth

Management,

Personal

Corporate

Banking,

Asset Management

and the

Investment Bank.

All four

business divisions

are supported

by Group

Functions and

qualify

reportable

segments

for

the

purpose

segment

reporting.

Together

with

Group

Functions

they

reflect

the

management

structure of UBS AG.

›

Refer to “Note 2 Segment reporting” in the

“Consolidated

financial statements” section of the

Annual Report 2020 for

more information about UBS AG’s reporting segments

USD million

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Group

Functions

UBS AG

For the six months ended 30 June 2021

Net interest income

2,023

1,039

(7)

244

(103)

3,196

Non-interest income

7,582

1,063

1,310

4,479

167

14,603

Income

9,606

2,103

1,303

4,724

17,798

Credit loss (expense) / release

(1)

108

Total operating income

9,622

2,172

1,303

4,747

17,906

Total operating expenses

6,958

1,286

822

3,698

511

13,274

Operating profit / (loss) before tax

2,664

886

481

1,049

(448)

4,632

Tax expense / (benefit)

1,001

Net profit / (loss)

3,631

As of 30 June 2021

Total assets

375,076

222,013

29,027

344,069

115,675

1,085,861

USD million

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Group

Functions

UBS AG

For the six months ended 30 June 2020

Net interest income

2,054

1,029

(9)

(387)

2,689

Non-interest income

6,553

886

1,048

4,906

(20)

13,372

Income

8,607

1,914

1,038

4,909

(407)

16,061

Credit loss (expense) / release

(117)

(187)

(200)

(35)

(540)

Total operating income

8,489

1,727

1,038

4,709

(443)

15,521

Total operating expenses

6,421

1,155

724

3,419

478

12,197

Operating profit / (loss) before tax

2,068

573

314

1,290

(921)

3,324

Tax expense / (benefit)

703

Net profit / (loss)

2,621

As of 31 December 2020

Total assets

367,714

231,710

28,266

369,778

127,858

1,125,327

Note 3

Net interest income

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Net interest income from financial instruments measured at amortized

cost and fair value through other comprehensive income

Interest income from loans and deposits

1,613

1,586

1,633

3,198

3,504

Interest income from securities financing transactions

126

135

202

261

569

Interest income from other financial instruments measured

at amortized cost

141

176

Interest income from debt instruments measured at fair

value through other comprehensive income

Interest income from derivative instruments designated as cash

flow hedges

284

268

178

553

290

Total interest income from financial instruments measured at amortized cost and fair

value through other comprehensive

income

2,107

2,098

2,135

4,205

4,591

Interest expense on loans and deposits

415

439

606

854

1,499

Interest expense on securities financing transactions

293

258

224

551

443

Interest expense on debt issued

126

137

256

263

523

Interest expense on lease liabilities

Total interest expense from financial instruments measured at amortized cost

860

859

1,112

1,719

2,519

Total net interest income from financial instruments measured at amortized cost and fair

value through other comprehensive

income

1,247

1,239

1,022

2,486

2,073

Net interest income from financial instruments measured at fair value through profit

or loss

Net interest income from financial instruments at fair value held for

trading

195

201

244

397

446

Net interest income from brokerage balances

216

197

182

412

318

Net interest income from securities financing transactions at fair

value not held for trading

Interest income from other financial instruments at fair

value not held for trading

153

170

355

Interest expense on other financial instruments designated

at fair value

(138)

(155)

(244)

(294)

(555)

Total net interest income from financial instruments measured at fair value through profit or loss

359

351

354

710

616

Total net interest income

1,607

1,589

1,376

3,196

2,689

1 Consists of interest income from cash and balances at central

banks, loans and advances to banks and

customers, and cash collateral receivables on

derivative instruments, as well as negative interest

on amounts

due to banks,

customer deposits, and

cash collateral payables

on derivative instruments.

2 Includes interest income

on receivables from

securities financing transactions

and negative interest,

including fees,

payables from securities financing transactions.

3 Consists of interest expense on amounts due to banks,

cash collateral payables on derivative instruments,

customer deposits, and funding from UBS Group AG,

well as negative

interest on cash

and balances at

central banks,

loans and advances

to banks,

and cash collateral

receivables on

derivative instruments.

4 Includes interest expense

on payables from

securities

financing transactions and negative interest, including fees, on receivables from securities financing

transactions.

5 Includes interest expense on securities financing transactions designated at fair value.

Note 4

Net fee and commission income

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Fee and commission income

Underwriting fees

393

420

257

813

460

of which: equity underwriting fees

262

275

123

537

230

of which: debt underwriting fees

131

145

133

276

230

M&A and corporate finance fees

330

238

117

568

335

Brokerage fees

1,037

1,358

959

2,395

2,204

Investment fund fees

1,405

1,437

1,197

2,842

2,492

Portfolio management and related services

2,426

2,284

1,813

4,710

3,872

Other

456

461

387

917

848

Total fee and commission income

6,047

6,197

4,730

12,244

10,211

of which: recurring

3,823

3,621

2,980

7,444

6,321

of which: transaction-based

2,182

2,482

1,675

4,664

3,776

of which: performance-based

136

114

Fee and commission expense

Brokerage fees paid

142

149

Distribution fees paid

153

132

144

285

300

Other

258

277

212

535

426

Total fee and commission expense

484

478

419

962

875

Net fee and commission income

5,563

5,719

4,311

11,282

9,336

of which: net brokerage fees

963

1,290

896

2,253

2,055

1 Reflects third-party fee and commission income

for the second quarter of 2021 of

USD

3,585

million for Global Wealth Management (first

quarter of 2021: USD

3,673

million; second quarter of 2020: USD

2,809

million), USD

400

million for

Personal

& Corporate

Banking (first

quarter of

2021: USD

389

million; second

quarter of

2020: USD

313

million), USD

805

million for

Asset Management

(first quarter

of 2021:

USD

815

million; second quarter

of 2020: USD

700

million), USD

1,248

million for the

Investment Bank (first

quarter of 2021:

USD

1,305

million; second quarter

of 2020: USD

872

million) and USD

million for

Group Functions (first quarter of 2021: USD

million; second quarter of 2020: USD

million).

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 5

Other income

UBS

recognized

USD

350

million

other

income

the

second quarter

of 2021,

compared

with USD

153

million in

the

second quarter

of 2020.

This includes

gains of

USD

101

million

from

properties

held

for

sale,

largely

driven

the

sale

property in Basel,

and other income of

USD

million related to

legacy

bankruptcy

claim

addition,

the

investment

Clearstream Fund

Centre was sold

to Deutsche Börse

AG during

the quarter, resulting

in a USD

million net gain.

Note 6

Personnel expenses

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Salaries and variable compensation

2,432

2,370

2,276

4,802

4,408

Financial advisor compensation

1,183

1,170

941

2,353

2,035

Contractors

Social security

187

211

182

398

347

Post-employment benefit plans

124

194

143

319

321

Other personnel expenses

108

105

104

212

217

Total personnel expenses

4,072

4,086

3,682

8,158

7,391

1 Financial advisor

compensation consists of

grid-based compensation based

directly on compensable

revenues generated by

financial advisors and

supplemental compensation calculated

on the basis

of financial

advisor productivity, firm tenure,

assets and other variables.

It also includes expenses related to

compensation commitments with financial advisors

entered into at the time of

recruitment that are subject to vesting

requirements.

2 Includes curtailment

gains of USD

million, which represent

a reduction

in the defined

benefit obligation related

to the Swiss

pension plan

resulting from a

decrease in headcount

following

restructuring activities.

Note 7

General and administrative expenses

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Outsourcing costs

184

211

IT expenses

122

125

106

247

222

Consulting, legal and audit fees

115

137

199

269

Real estate and logistics costs

126

127

134

253

271

Market data services

182

175

Marketing & communication

Travel and entertainment

Litigation, regulatory & similar matters

Other

1,408

1,578

1,278

2,986

2,695

of which: shared services costs charged by UBS Group AG or its subsidiaries

1,294

1,375

1,127

2,669

2,377

of which: UK and German bank levies

(11)

Total general and administrative expenses

2,070

2,141

1,879

4,211

3,960

1 Reflects the net increase in / (release of) provisions for litigation, regulatory and similar matters recognized in the income statement. Refer to Note 16 for

more information.

2 Includes charitable donations.

Note 8

Income taxes

Income tax expenses of USD

563

million were recognized for the

second

quarter

2021,

representing

effective

tax

rate

22.7

%, compared

with USD

328

million for

the second

quarter

of 2020 and an effective tax rate of

21.5

Current

tax

expenses

were

USD

346

million,

compared

with

USD

329

million,

and

taxable

profits

UBS

Switzerland AG and other entities.

Deferred tax

expenses were

USD

217

million, compared

with

a net deferred tax

benefit of USD

million, and primarily related

to the

amortization of

deferred tax

assets previously

recognized

relation

tax

losses

carried

forward

and

deductible

temporary differences of UBS Americas Inc.

Note 9

Expected credit loss measurement

a) Credit loss expense / release

Total net

credit loss

releases were

USD

million in

the second

quarter

2021,

reflecting

USD

million

net

release

credit losses related to stage 1 and 2 positions and

USD

million

net

credit

loss

expenses

credit-impaired

(stage 3)

positions.

The

USD

million

stage 1

and

net

release

included

the

partial

release

post-model

adjustment

USD

million

(representing

one-third

the

USD

273

million

scenario-driven

model

output

effects

from

the

third

quarter

2020

the

second quarter

of 2021),

due to

the continued

positive trend

macroeconomic scenario input data.

Stage 3 net credit loss expenses were USD

million, including

USD

million

net

expenses

the

Investment

Bank

and

USD

million

net

expenses

Personal

Corporate

Banking,

across

various corporate lending positions.

Credit loss (expense) / release

USD million

Global

Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Group

Functions

Total

For the quarter ended 30.6.21

Stages 1 and 2

(1)

Stage 3

(5)

(3)

(8)

Total credit loss (expense) / release

(1)

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 9

Expected credit loss measurement (continued)

b) Changes to ECL models, scenarios, scenario weights and key inputs

Scenarios

The

expected credit

loss (ECL)

scenarios,

along with

the related

macroeconomic

factors,

were updated

and

reviewed

in light

the

economic

and

political

conditions prevailing

for

the

second

quarter of

2021 through

a series

of governance

meetings, with

input and feedback from

UBS risk and finance experts across

the

business divisions and regions.

Effective from the

second quarter

2021,

management

has

included

upside

scenario

and

mild

downside

scenario

the

ECL

calculation

similar

the

approach applied before the COVID-19 pandemic, as uncertainty

regarding future

economic developments and the

related effects

models

further

ecline

and

post

model

adjustment

levels

decrease.

The

upside

scenario

assumes

that

positive

developments

regarding

COVID-19 enable

economic activity

rebound

quickly than expected,

supported by significant

improvements in

business

and

consumer

activity.

Structural

changes

from

the

lockdown

period

and

accelerated

technology

uptake

increase

productivity and help

to keep growth

buoyant beyond the

initial

rebound

activity.

Underlying

macroeconomic

conditions

improve, and asset values increase substantially.

The

mild

downside

scenario

assumes

shift

sentiment

caused

higher-than-expected

inflation

and

the

Federal

Reserve

’s

intention

begin

tapering

its

quantitative

easing

program.

Long

term

interest

rates

rise

sharply

and

equities

decline

market

volatility

ensues.

Economic

activity

slows

across the globe causing a mild recession.

The

baseline and

severe downside

scenarios included

slightly

more optimistic assumptions compared with those applied

in the

first

quarter

2021,

reflecting

improvements

economic

activity,

greater optimism

regarding the

availability and

effective

distribution

COVID-19

vaccines,

and

continued

government

support.

The

baseline

scenario

assumptions

calendar-year

basis are included in the table below.

Scenario weights and post-model adjustments

Management applied the following scenario weightings effective

from

the

second

quarter

2021:

upside

baseline

%, mild downside

% and severe

downside at

%. This

compared

with

baseline

scenario

weighting

and

severe

downside scenario

weighting of

% applied

in the

first

quarter

2021.

The

incorporation

the

two

new

scenarios

and

the

applied

weightings

did

not

have

material

effect

allowances and provisions.

addition,

than

one

year

after

the

exceptional

circumstances

the

COVID-19 pandemic

began,

management

has

released

one-third

(USD

million)

the

USD

273

million

post-model adjustment

for scenario-driven

model output

effects

into

profit

loss

the

second

quarter

2021,

following

portfolio

level

review,

which

supported

partial

overlay

releases,

particularly

real

estate

and

large

corporate

segments.

This

decision

was

made

following

continued

positive

trend

macroeconomic

scenario

input

data

(from

the

third

quarter

2020

the

second

quarter

2021),

well

positive

vaccination

developments

and

gradual

lifting

lockdowns

many

economies.

Two-thirds

the

post-model

adjustment

for

scenario

driven

model

output

effects

(

USD

183

illion

)

retained,

given the

heightened level

of uncertainty

that remains

with

regard to

the ultimate

effects of

the crisis.

This recognizes

that new

challenges are

frequently arising

in the

context of

the

pandemic, for example, the spread of new variants of COVID-19,

inflationary

pressure

from

supply

chain

disruption

and

surging

demand, and the risk

of potential tail effects as

government and

central bank support winds down.

Baseline

Key parameters

2020

2021

2022

Real GDP growth (annual percentage change)

United States

(3.6)

6.9

5.9

Eurozone

(7.4)

4.3

5.3

Switzerland

(4.5)

3.3

3.0

Unemployment rate (%, annual average)

United States

8.1

5.4

4.4

Eurozone

8.5

8.6

8.1

Switzerland

3.2

3.3

3.1

Real estate (annual percentage change, Q4)

United States

3.4

6.5

2.9

Eurozone

(0.3)

2.9

1.0

Switzerland

4.0

5.0

1.0

Economic scenarios and weights applied

ECL scenario

Assigned weights in %

30.6.21

31.3.21

31.3.20

Upside

5.0

0.0

Baseline

55.0

60.0

70.0

Mild downside

10.0

0.0

Severe downside

30.0

40.0

30.0

Note 9

Expected credit loss measurement (continued)

c) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions

The

tables

below

and

the

following

pages

provide

information

about

financial

instruments

and

certain

non-

financial

instruments

that

are

subject

ECL

requirements.

For

amortized-cost instruments,

the carrying

amount represents

the

maximum

exposure

credit

risk,

taking

into

account

the

allowance

for

credit

losses.

Financial

assets

measured

fair

value

through

other

comprehensive

income

(FVOCI)

are

also

subject to

ECL; however,

unlike amortized-cost

instruments, the

allowance

for

credit

losses

for

FVOCI

instruments

does

not

reduce

the

carrying

amount

these

financial

assets.

Instead,

the

carrying

amount

financial

assets

measured

FVOCI

represents the maximum exposure to credit risk.

addition

on-balance

sheet

financial

assets,

certain

off-

balance sheet

and other

credit lines are

also subject

to ECL. The

maximum exposure

credit risk

for

off-balance

sheet financial

instruments

calculated

based

the

maximum

contractual

amounts.

USD million

30.6.21

Carrying amount¹ / Total exposure

ECL allowances / provisions

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

160,672

Loans and advances to banks

16,376

16,333

(8)

(6)

(1)

Receivables from securities financing transactions

83,494

(3)

Cash collateral receivables on derivative instruments

29,787

Loans and advances to customers

391,406

371,090

18,403

1,913

(950)

(124)

(156)

(670)

of which: Private clients with mortgages

147,827

137,851

9,140

836

(139)

(26)

(76)

(37)

of which: Real estate financing

42,627

37,950

4,663

(49)

(17)

(32)

of which: Large corporate clients

14,294

12,671

1,229

395

(246)

(20)

(19)

(207)

of which: SME clients

14,116

11,753

1,814

549

(291)

(20)

(19)

(253)

of which: Lombard

146,167

146,135

(35)

(6)

(29)

of which: Credit cards

1,611

1,255

327

(34)

(9)

(16)

of which: Commodity trade finance

3,399

3,345

(103)

(5)

(98)

Other financial assets measured at amortized cost

27,201

26,456

436

309

(124)

(30)

(9)

(86)

of which: Loans to financial advisors

2,415

1,924

197

295

(103)

(23)

(6)

(74)

Total financial assets measured at amortized cost

708,937

687,833

18,882

2,222

(1,085)

(163)

(166)

(757)

Financial assets measured at fair value through other comprehensive income

7,775

Total on-balance sheet financial assets in scope of ECL requirements

716,713

695,609

18,882

2,222

(1,085)

(163)

(166)

(757)

Off-balance sheet (in scope of ECL)

Guarantees

17,457

15,719

1,580

158

(52)

(15)

(9)

(27)

of which: Large corporate clients

3,142

1,995

1,035

112

(13)

(3)

(7)

of which: SME clients

1,269

1,002

222

(13)

(1)

(12)

of which: Financial intermediaries and hedge funds

7,465

7,257

208

(16)

(10)

(5)

of which: Lombard

2,166

(1)

of which: Commodity trade finance

2,372

2,342

(2)

(1)

Irrevocable loan commitments

37,751

34,505

3,064

181

(118)

(69)

(49)

of which: Large corporate clients

22,464

19,621

2,718

125

(103)

(61)

(42)

Forward starting reverse repurchase and securities borrowing agreements

8,253

Committed unconditionally revocable credit lines

40,667

37,072

3,526

(36)

(28)

(8)

of which: Real estate financing

6,542

6,135

407

(5)

(4)

(1)

of which: Large corporate clients

4,383

2,924

1,434

(7)

(4)

(3)

of which: SME clients

5,173

4,498

643

(14)

(12)

(2)

of which: Lombard

8,632

of which: Credit cards

9,298

8,825

464

(6)

(5)

(2)

of which: Commodity trade finance

251

Irrevocable committed prolongation of existing loans

5,281

5,260

(3)

(2)

(1)

Total off-balance sheet financial instruments and other credit lines

109,409

100,810

8,191

408

(209)

(114)

(67)

(27)

Total allowances and provisions

(1,294)

(277)

(233)

(784)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL

allowances.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 9

Expected credit loss measurement (continued)

USD million

31.3.21

Carrying amount¹ / Total exposure

ECL allowances / provisions

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

158,914

Loans and advances to banks

18,348

18,287

(12)

(8)

(3)

(1)

Receivables from securities financing transactions

82,384

82,385

(3)

Cash collateral receivables on derivative instruments

35,050

Loans and advances to customers

380,141

359,130

18,995

2,016

(993)

(138)

(184)

(671)

of which: Private clients with mortgages

142,611

132,636

9,118

857

(158)

(37)

(86)

(35)

of which: Real estate financing

41,092

36,099

4,979

(56)

(15)

(41)

of which: Large corporate clients

13,305

11,155

1,673

477

(271)

(28)

(216)

of which: SME clients

14,034

11,620

1,886

527

(283)

(19)

(246)

of which: Lombard

141,139

141,112

(34)

(5)

(30)

of which: Credit cards

1,392

1,063

301

(33)

(9)

(8)

(16)

of which: Commodity trade finance

3,695

3,663

(101)

(5)

(96)

Other financial assets measured at amortized cost

26,837

26,103

314

420

(125)

(32)

(7)

(86)

of which: Loans to financial advisors

2,473

1,961

107

405

(104)

(26)

(4)

(75)

Total financial assets measured at amortized cost

701,674

679,868

19,371

2,436

(1,133)

(180)

(195)

(758)

Financial assets measured at fair value through other comprehensive income

8,100

Total on-balance sheet financial assets in scope of ECL requirements

709,774

687,967

19,371

2,436

(1,133)

(180)

(195)

(758)

Off-balance sheet (in scope of ECL)

Guarantees

17,493

15,377

1,952

164

(59)

(15)

(29)

of which: Large corporate clients

3,425

2,025

1,281

119

(17)

(3)

(5)

(9)

of which: SME clients

1,243

936

262

(12)

(1)

(11)

of which: Financial intermediaries and hedge funds

7,579

7,304

275

(18)

(9)

of which: Lombard

2,136

(2)

(1)

of which: Commodity trade finance

2,057

2,031

(4)

(1)

(3)

Irrevocable loan commitments

38,137

34,312

3,730

(138)

(75)

(63)

of which: Large corporate clients

22,943

19,600

3,278

(121)

(68)

(54)

Forward starting reverse repurchase and securities borrowing agreements

5,988

Committed unconditionally revocable credit lines

39,835

35,722

4,023

(45)

(27)

(18)

of which: Real estate financing

7,227

6,786

432

(11)

(5)

(6)

of which: Large corporate clients

4,429

2,713

1,690

(9)

(3)

(6)

of which: SME clients

5,036

4,120

878

(14)

(11)

(3)

of which: Lombard

8,566

(1)

of which: Credit cards

9,175

8,695

469

(6)

(5)

(1)

of which: Commodity trade finance

322

Irrevocable committed prolongation of existing loans

5,824

5,785

(3)

Total off-balance sheet financial instruments and other credit lines

107,276

97,184

9,738

354

(245)

(121)

(95)

(29)

Total allowances and provisions

(1,378)

(301)

(290)

(787)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL

allowances.

Note 9

Expected credit loss measurement (continued)

USD million

31.12.20

Carrying amount¹ / Total exposure

ECL allowances / provisions

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

158,231

Loans and advances to banks

15,344

15,160

184

(16)

(9)

(5)

(1)

Receivables from securities financing transactions

74,210

(2)

Cash collateral receivables on derivative instruments

32,737

Loans and advances to customers

380,977

358,396

20,341

2,240

(1,060)

(142)

(215)

(703)

of which: Private clients with mortgages

148,175

138,769

8,448

959

(166)

(35)

(93)

(39)

of which: Real estate financing

43,429

37,568

5,838

(63)

(15)

(44)

(4)

of which: Large corporate clients

15,161

12,658

2,029

474

(279)

(27)

(40)

(212)

of which: SME clients

14,872

11,990

2,254

628

(310)

(19)

(23)

(268)

of which: Lombard

133,850

133,795

(36)

(5)

(31)

of which: Credit cards

1,558

1,198

330

(38)

(11)

(16)

of which: Commodity trade finance

3,269

3,214

(106)

(5)

(101)

Other financial assets measured at amortized cost

27,219

26,401

348

469

(133)

(34)

(9)

(90)

of which: Loans to financial advisors

2,569

1,982

137

450

(108)

(27)

(5)

(76)

Total financial assets measured at amortized cost

688,717

665,135

20,873

2,709

(1,211)

(187)

(229)

(795)

Financial assets measured at fair value through other comprehensive income

8,258

Total on-balance sheet financial assets in scope of ECL requirements

696,976

673,394

20,873

2,709

(1,211)

(187)

(229)

(795)

Off-balance sheet (in scope of ECL)

Guarantees

17,081

14,687

2,225

170

(63)

(14)

(15)

(34)

of which: Large corporate clients

3,710

2,048

1,549

113

(20)

(4)

(5)

(12)

of which: SME clients

1,310

936

326

(13)

(1)

(11)

of which: Financial intermediaries and hedge funds

7,637

7,413

224

(17)

(7)

(9)

of which: Lombard

641

633

(2)

of which: Commodity trade finance

1,441

1,416

(2)

(1)

Irrevocable loan commitments

41,372

36,894

4,374

104

(142)

(74)

(68)

of which: Large corporate clients

24,209

20,195

3,950

(121)

(63)

(58)

Forward starting reverse repurchase and securities borrowing agreements

3,247

Committed unconditionally revocable credit lines

42,077

37,176

4,792

108

(50)

(29)

(21)

of which: Real estate financing

6,328

5,811

517

(12)

(5)

(7)

of which: Large corporate clients

4,909

2,783

2,099

(9)

(2)

(7)

of which: SME clients

5,827

4,596

1,169

(16)

(12)

(4)

of which: Lombard

9,671

(1)

of which: Credit cards

8,661

8,220

430

(8)

(6)

(2)

of which: Commodity trade finance

242

Irrevocable committed prolongation of existing loans

3,282

3,277

(2)

Total off-balance sheet financial instruments and other credit lines

107,059

95,281

11,396

382

(257)

(119)

(104)

(34)

Total allowances and provisions

(1,468)

(306)

(333)

(829)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL

allowances.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 9

Expected credit loss measurement (continued)

The

table

below

provides

information

about

the

ECL

gross

exposure and the

ECL coverage ratio for

our core loan

portfolios

(i.e.,

Loans

and

advances

customers

and

Loans

financial

advisors

)

and

relevant

off-balance

sheet

exposures.

Cash

and

balances

central

banks

Loans

and

advances

banks

Receivables from securities financing transactions

Cash collateral

receivables

derivative

instruments

and

Financial

assets

measured at fair

value through other

comprehensive income

are

not included

in the

table below,

due to

their lower

sensitivity to

ECL.

ECL

coverage

ratios are

calculated by

taking ECL

allowances

and

provisions

divided

the

gross

carrying

amount

the

exposures

Coverage ratios for core loan portfolio

30.6.21

Gross carrying amount (USD million)

ECL coverage (bps)

On-balance sheet

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Private clients with mortgages

147,966

137,877

9,216

874

427

Real estate financing

42,677

37,967

4,696

101

Large corporate clients

14,540

12,691

1,247

602

169

151

3,446

SME clients

14,407

11,772

1,833

802

202

102

3,152

Lombard

146,202

146,141

4,698

Credit cards

1,644

1,264

336

205

261

3,608

Commodity trade finance

3,503

3,350

114

295

8,605

Other loans and advances to customers

21,418

20,152

1,193

4,051

Loans to financial advisors

2,518

1,946

202

369

408

116

290

2,016

Total

394,875

373,161

18,762

2,952

2,521

Gross exposure (USD million)

ECL coverage (bps)

Off-balance sheet

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Private clients with mortgages

8,063

7,809

251

349

Real estate financing

8,048

7,596

452

Large corporate clients

29,990

24,540

5,187

262

278

SME clients

8,273

7,099

1,040

134

878

Lombard

14,736

14,735

Credit cards

9,298

8,825

464

Commodity trade finance

2,623

2,593

Financial intermediaries and hedge funds

12,447

11,981

466

120

Other off-balance sheet commitments

7,678

7,377

301

Total

101,155

92,556

8,191

408

671

1 Includes Loans and advances

to customers of USD

392,357

million and Loans to

financial advisors of

USD

2,518

million, which are presented

on the balance sheet

line Other assets measured

at amortized cost.

2 Excludes Forward starting reverse repurchase and securities borrowing agreements.

Note 9

Expected credit loss measurement (continued)

Coverage ratios for core loan portfolio

31.3.21

Gross carrying amount (USD million)

ECL coverage (bps)

On-balance sheet

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Private clients with mortgages

142,770

132,673

9,204

893

396

Real estate financing

41,148

36,113

5,020

Large corporate clients

13,577

11,184

1,701

692

200

162

3,114

SME clients

14,317

11,639

1,905

773

198

3,179

Lombard

141,173

141,117

5,260

Credit cards

1,425

1,073

309

233

266

3,555

Commodity trade finance

3,796

3,668

111

267

8,620

Other loans and advances to customers

22,928

21,801

1,024

103

3,211

Loans to financial advisors

2,578

1,987

111

480

405

131

337

1,558

Total

383,711

361,254

19,290

3,167

2,355

Gross exposure (USD million)

ECL coverage (bps)

Off-balance sheet

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Private clients with mortgages

7,455

7,226

217

111

Real estate financing

8,513

8,049

455

192

Large corporate clients

30,796

24,339

6,249

209

102

422

SME clients

8,101

6,626

1,367

108

973

Lombard

14,603

Credit cards

9,175

8,695

469

Commodity trade finance

2,379

2,352

Financial intermediaries and hedge funds

11,501

10,879

622

169

Other off-balance sheet commitments

8,764

8,428

332

Total

101,288

91,196

9,738

354

831

1 Includes Loans and advances

to customers of USD

381,133

million and Loans to

financial advisors of USD

2,578

million, which are presented

on the balance sheet

line Other assets measured

at amortized cost.

2 Excludes Forward starting reverse repurchase and securities borrowing agreements.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 9

Expected credit loss measurement (continued)

Coverage ratios for core loan portfolio

31.12.20

Gross carrying amount (USD million)

ECL coverage (bps)

On-balance sheet

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Private clients with mortgages

148,341

138,803

8,540

998

108

390

Real estate financing

43,492

37,583

5,883

1,414

Large corporate clients

15,440

12,684

2,069

686

181

192

3,089

SME clients

15,183

12,010

2,277

896

204

101

2,991

Lombard

133,886

133,800

3,592

Credit cards

1,596

1,209

342

240

333

3,488

Commodity trade finance

3,375

3,219

113

315

8,939

Other loans and advances to customers

20,722

19,229

1,402

3,563

Loans to financial advisors

2,677

2,009

142

526

404

135

351

1,446

Total

384,714

360,547

20,697

3,470

106

2,247

Gross exposure (USD million)

ECL coverage (bps)

Off-balance sheet

Total

Stage 1

Stage 2

Stage 3

Total

Stage 1

Stage 2

Stage 3

Private clients with mortgages

6,285

6,083

198

197

Real estate financing

7,056

6,576

481

185

Large corporate clients

32,828

25,026

7,598

205

565

SME clients

9,121

7,239

1,734

148

779

Lombard

14,178

14,170

1,941

Credit cards

8,661

8,220

430

Commodity trade finance

1,683

1,658

Financial intermediaries and hedge funds

7,690

7,270

448

248

166

Other off-balance sheet commitments

16,309

15,792

482

Total

103,812

92,034

11,396

382

894

1 Includes Loans and

advances to customers

of USD

382,036

million and Loans

to financial advisors

of USD

2,677

million which are

presented on the

balance sheet line

Other assets measured

at amortized cost.

2 Excludes Forward starting reverse repurchase and securities borrowing agreements.

Note 10

Fair value measurement

This Note

provides fair

value measurement

information for

both

financial

and

non-financial

instruments

and

should

read

conjunction

with

“Note

Fair

value

measurement”

the

“Consolidated

financial

statements”

section

the

Annual

Report

2020, which

provides more

information about

valuation

principles,

valuation

governance,

fair

value

hierarchy

classification,

valuation

adjustments,

valuation

techniques

and

inputs,

sensitivity

fair

value

measurements,

and

methods

applied

calculate

fair

values

for

financial

instruments

not

measured at fair value.

›

Refer to the “Balance sheet and off-balance sheet”

section of

this report for more information about quarter-on-quarter

balance sheet movements

All

financial and

non-financial assets

and

liabilities measured

disclosed

fair

value

are

categorized

into

one

three

fair

value

hierarchy

levels.

certain

cases,

the

inputs

used

measure

fair

value

may

fall

within

different

levels

the

fair

value hierarchy. For disclosure purposes, the level in the hierarchy

within

which

the

instrument

classified

its

entirety

based

on the

lowest-level input

that is

significant to

the position’s

fair

value measurement:

–

Level 1

–

quoted

prices

(unadjusted)

active

markets

for

identical assets and liabilities;

–

Level 2

–

valuation techniques

for which

all significant

inputs

are, or are based on, observable market data; or

–

Level 3

–

valuation techniques for which

significant inputs are

not based on observable market data.

Note 10

Fair value measurement (continued)

a) Fair value hierarchy

The fair

value hierarchy

classification of

financial and

non-financial assets

and liabilities

measured at

fair value

is summarized in

the

table below.

Determination of fair values from quoted market

prices or valuation techniques

30.6.21

31.3.21

31.12.20

USD million

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value on a recurring basis

Financial assets at fair value held for trading

103,722

16,782

2,123

122,628

101,907

16,630

2,179

120,717

107,526

15,630

2,337

125,492

of which:

Equity instruments

86,760

1,336

128

88,224

85,251

736

137

86,124

90,327

1,101

171

91,599

Government bills / bonds

8,123

1,776

9,910

8,384

1,890

10,284

9,028

2,207

11,245

Investment fund units

8,048

1,707

9,773

7,400

1,602

9,033

7,374

1,794

9,192

Corporate and municipal bonds

784

8,524

821

10,129

865

9,926

783

11,575

789

8,432

817

10,038

Loans

3,115

1,000

4,114

2,234

1,052

3,285

1,860

1,134

2,995

Asset-backed securities

323

147

478

242

166

415

236

181

425

Derivative financial instruments

795

119,348

1,479

121,622

1,142

145,508

1,633

148,284

795

157,069

1,754

159,618

of which:

Foreign exchange contracts

296

49,154

49,456

459

70,221

70,692

319

68,425

68,750

Interest rate contracts

38,104

342

38,446

39,529

391

39,920

50,353

537

50,890

Equity / index contracts

28,383

801

29,185

31,369

820

32,189

33,990

853

34,842

Credit derivative contracts

1,739

303

2,043

1,914

395

2,309

2,008

350

2,358

Commodity contracts

1,832

1,856

2,187

2,201

2,211

2,217

Brokerage receivables

23,010

24,201

24,659

Financial assets at fair value not held for trading

29,125

31,367

4,459

64,952

31,596

32,962

4,206

68,763

40,986

35,110

3,942

80,038

of which:

Financial assets for unit-linked investment

contracts

21,974

21,991

21,162

21,166

20,628

101

20,731

Corporate and municipal bonds

16,009

333

16,430

15,114

334

15,547

290

16,957

372

17,619

Government bills / bonds

6,640

3,331

9,971

9,985

3,970

13,956

19,704

3,593

23,297

Loans

5,626

1,087

6,712

6,900

1,093

7,993

7,699

862

8,561

Securities financing transactions

6,203

201

6,404

6,811

119

6,930

6,629

122

6,751

Auction rate securities

1,563

1,587

1,527

Investment fund units

317

172

120

610

263

165

528

278

121

105

505

Equity instruments

105

594

717

530

616

544

631

Other

554

441

408

418

Financial assets measured at fair value through other comprehensive income on

a recurring basis

Financial assets measured at fair value through

other comprehensive income

2,165

5,611

7,775

2,154

5,946

8,100

1,144

7,114

8,258

of which:

Asset-backed securities

5,200

5,480

6,624

Government bills / bonds

2,121

2,165

2,115

2,159

1,103

1,150

Corporate and municipal bonds

367

411

423

461

444

485

Non-financial assets measured at fair value on a recurring basis

Precious metals and other physical commodities

5,470

5,709

6,264

Non-financial assets measured at fair value on a non-recurring basis

Other non-financial assets

247

248

245

246

Total assets measured at fair value

141,277

196,119

8,129

345,525

142,508

225,248

8,266

376,022

156,716

239,583

8,278

404,576

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 10

Fair value measurement (continued)

Determination of fair values from quoted market

prices or valuation techniques (continued)

30.6.21

31.3.21

31.12.20

USD million

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Financial liabilities measured at fair value on a recurring basis

Financial liabilities at fair value held for trading

27,038

6,216

33,348

30,888

6,114

37,062

26,889

6,652

33,595

of which:

Equity instruments

20,826

387

21,288

26,191

151

26,392

22,519

425

22,985

Corporate and municipal bonds

4,592

4,642

4,718

4,757

4,048

4,089

Government bills / bonds

5,727

620

6,347

4,168

807

4,975

3,642

1,036

4,678

Investment fund units

442

581

1,028

492

397

891

696

1,127

1,828

Derivative financial instruments

754

117,985

2,950

121,688

1,405

141,522

3,114

146,041

746

156,884

3,471

161,102

of which:

Foreign exchange contracts

280

47,050

47,389

541

67,047

67,642

316

70,149

70,527

Interest rate contracts

32,177

526

32,703

33,501

546

34,046

43,389

527

43,916

Equity / index contracts

34,431

1,902

36,342

36,614

2,070

38,684

38,870

2,306

41,176

Credit derivative contracts

2,000

392

2,392

2,139

369

2,508

2,403

528

2,931

Commodity contracts

2,034

2,085

1,907

1,966

2,003

2,027

Financial liabilities designated at fair value on a recurring basis

Brokerage payables designated at fair value

39,129

45,600

38,742

Debt issued designated at fair value

60,321

12,478

72,799

53,900

10,736

64,635

50,273

9,595

59,868

Other financial liabilities designated at fair value

30,032

2,876

32,908

28,317

2,452

30,769

29,682

2,091

31,773

of which:

Financial liabilities related to unit-linked

investment contracts

22,217

21,357

20,975

Securities financing transactions

6,181

6,184

5,651

7,317

Over-the-counter debt instruments

1,550

592

2,142

1,261

526

1,787

1,363

697

2,060

Total liabilities measured at fair value

27,792

253,682

18,398

299,871

32,293

275,453

16,362

324,108

27,635

282,233

15,212

325,080

1 Bifurcated

embedded derivatives

are presented

on the

same balance

sheet lines

as their

host contracts

and are

not included

in this

table. The

fair value

of these

derivatives was

not material

for the

periods

presented.

2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured

at the lower of their net carrying amount or fair value less costs to sell.

b) Valuation adjustments and other items

The

table

below summarizes

the

valuation adjustment

reserves

recognized

the

balance sheet.

Details

about

each

category are

provided further below.

Valuation adjustment reserves on the balance sheet

As of

Life-to-date gain / (loss), USD million

30.6.21

31.3.21

31.12.20

Deferred day-1 profit or loss reserves

405

387

269

Own credit adjustments on financial liabilities designated at fair value

(278)

(400)

(381)

CVAs, FVAs,

DVAs and other valuation adjustments

(956)

(977)

(959)

Deferred day-1 profit or loss reserves

The

table

below

summarizes

the

changes

deferred

day-1

profit or loss reserves during the relevant period.

Deferred

day-1

profit

loss

is generally

released

into

Other

net

income

from

financial

instruments

measured

fair

value

through profit or loss

when pricing of

equivalent products or

the

underlying

parameters

become

observable

when

the

transaction is closed out.

Deferred day-1 profit or loss reserves

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Reserve balance at the beginning of the period

387

269

194

269

146

Profit / (loss) deferred on new transactions

181

121

278

239

(Profit) / loss recognized in the income statement

(79)

(63)

(72)

(142)

(141)

Foreign currency translation

(1)

Reserve balance at the end of the period

405

387

243

405

243

Note 10

Fair value measurement (continued)

Own credit

The

valuation

financial

liabilities

designated

fair

value

requires

consideration

the

own

credit

component

fair

value.

Own credit

risk is

reflected

the valuation

UBS’s fair

value

option

liabilities

where

this

component

considered

relevant

for

valuation

purposes

UBS’s

counterparties

and

other

market

participants.

However,

own

credit

risk

not

reflected

the

valuation

UBS’s

liabilities

that

are

fully

collateralized

or for

other obligations

for

which it

is established

market practice to not include an own credit component.

description

UBS’s

methodology

estimate

own

credit

and the related accounting principles is included in “Note 21 Fair

value measurement”

in the

“Consolidated financial

statements”

section of the Annual Report 2020.

In the

second quarter

of 2021,

other comprehensive

income

own

credit

financial

liabilities

designated

fair

value was

positive USD

118

million, primarily

due to

a widening

of UBS’s credit spreads.

Own credit adjustments on financial liabilities

designated at fair value

Included in Other comprehensive income

For the quarter ended

Year-to-date

USD million

30.6.21

31.3.21

30.6.20

30.6.21

30.6.20

Recognized during the period:

Realized gain / (loss)

(5)

(6)

(11)

Unrealized gain / (loss)

123

(23)

(1,103)

100

Total gain / (loss), before tax

118

(29)

(1,095)

As of

USD million

30.6.21

31.3.21

30.6.20

Recognized on the balance sheet as of the end of the period:

Unrealized life-to-date gain / (loss)

(278)

(400)

(31)

Credit, funding, debit and other valuation adjustments

description

UBS’s

methodology

for

estimat

ing

credit

valuation

adjustment

(CVA

funding

valuation

adjustments

(FVAs),

debit

valuation

adjustments

(DVAs)

and

other

valuation

adjustments is included

in “Note 21

Fair value measurement”

the

“Consolidated

financial

statements”

section

the

Annual

Report 2020.

the

second

quarter

2021,

other

valuation

adjustments

for liquidity

decreased, primarily

due to

lower observed

levels of

risk across portfolios during the quarter.

Valuation adjustments on financial instruments

As of

Life-to-date gain / (loss), USD million

30.6.21

31.3.21

31.12.20

Credit valuation adjustments

(51)

(53)

(66)

Funding valuation adjustments

(58)

(73)

Debit valuation adjustments

Other valuation adjustments

(848)

(867)

(820)

of which: liquidity

(327)

(356)

(340)

of which: model uncertainty

(521)

(511)

(479)

1 Amounts do not include reserves against defaulted counterparties.

c) Transfers between Level 1 and Level 2

During the

first six

months of

2021, assets

and liabilities

transferred from

Level 2

to Level

1, or

from Level

1 to

Level 2,

that were

held for the entire reporting period, were not material.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 10

Fair value measurement (continued)

d) Level 3 instruments: valuation techniques and inputs

The

table

below

presents

material

Level 3

assets

and

liabilities,

together with

the valuation

techniques

used to measure

fair value,

the inputs used in a given valuation

technique that are considered

significant as of 30 June 2021

and unobservable,

and a

range of

values for

those unobservable

inputs.

The

range

values

represents the

highest-

and

lowest-level

inputs

used in the valuation techniques.

Therefore the range does

not reflect the

level of uncertainty regarding a

particular input or

assessment

the

reasonableness

UBS´s

estimates

and

assumptions,

but rather the different underlying characteristics of

the

relevant

assets

and

liabilities

held

UBS.

The

ranges

will

therefore vary from period to period and parameter to parameter

based on

characteristics of the

instruments held at

each balance

sheet date.

Furthermore,

the ranges

of unobservable inputs

may

differ across other

financial institutions,

reflecting the diversity of

the products

in each firm’s

inventory.

The

significant

unobservable

inputs

disclosed

the

table

below are

consistent with

those included

in “Note

21 Fair

value

measurement”

the

“Consolidated

financial

statements”

section

the

Annual

Report

2020.

description

the

potential

effect

that

change

each

unobservable

input

isolation

may

have

fair

value

measurement,

including

information

facilitate

understanding

factors

that

give

rise to the

input ranges shown,

is also provided

in “Note 21

Fair

value measurement”

in the

“Consolidated financial

statements”

section of the Annual Report 2020.

Valuation techniques and inputs used in the fair value measurement

of Level 3 assets and liabilities

Fair value

Significant unobservable

input(s)

Range of inputs

Assets

Liabilities

Valuation

technique(s)

30.6.21

31.12.20

USD billion

30.6.21

31.12.20

30.6.21

31.12.20

low

high

weighted

average

low

high

weighted

average

unit

Financial assets and liabilities at fair value held for trading and Financial assets at fair

value not held for trading

Corporate and municipal

bonds

1.2

0.0

Relative value to

market comparable

Bond price equivalent

143

100

143

100

points

Discounted expected

cash flows

Discount margin

358

268

basis

points

Traded loans, loans

measured at fair value,

loan commitments and

guarantees

2.6

2.4

0.0

Relative value to

market comparable

Loan price equivalent

101

points

Discounted expected

cash flows

Credit spread

180

800

190

800

basis

points

Market comparable

and securitization

model

Credit spread

1,558

228

1,858

333

basis

points

Auction rate securities

1.6

1.5

Discounted expected

cash flows

Credit spread

115

222

162

100

188

140

basis

points

Investment fund units

0.1

0.0

Relative value to

market comparable

Net asset value

Equity instruments

0.7

0.1

0.0

Relative value to

market comparable

Price

Debt issued designated at

fair value

12.5

9.6

Other financial liabilities

designated at fair value

2.9

2.1

Discounted expected

cash flows

Funding spread

175

basis

points

Derivative financial instruments

Interest rate contracts

0.3

0.5

Option model

Volatility of interest rates

basis

points

Credit derivative contracts

0.3

0.4

0.5

Discounted expected

cash flows

Credit spreads

496

489

basis

points

Bond price equivalent

102

100

points

Equity / index contracts

0.8

0.9

1.9

2.3

Option model

Equity dividend yields

Volatility of equity stocks,

equity and other indices

100

Equity-to-FX correlation

(30)

(34)

Equity-to-equity

correlation

(25)

(16)

100

1 The ranges

of significant unobservable inputs

are represented in points,

percentages and basis points.

Points are a percentage

of par (e.g., 100

points would be 100% of

par).

2 Weighted averages are

provided

for non-derivative financial instruments and were calculated by weighting

inputs based on the fair values of the respective instruments.

Weighted averages are not provided for inputs

related to derivative contracts, as

this would not be meaningful.

3 The range of

inputs is not disclosed, as

there is a dispersion of

values given the diverse nature

of the investments.

4 Debt issued designated at

fair value is composed

primarily of

UBS structured notes, which

include variable maturity notes

with various equity and foreign

exchange underlying risks, rates

-linked and credit-linked

notes, all of which

have embedded derivative parameters

that are

considered to be unobservable. The equivalent derivative

instrument parameters are presented in the respective derivative financial instruments lines in this table.

Note 10

Fair value measurement (continued)

e) Level 3 instruments: sensitivity to changes in unobservable input assumptions

The table

below summarizes

those financial

assets and

liabilities

classified

Level 3

for

which

change

one

the

unobservable

inputs

reflect

reasonably

possible

alternative

assumptions

would

change

fair

value

significantly,

and

the

estimated

effect

thereof.

The

table

presents

the

favorable

and

unfavorable

effects

for

each

class

financial

assets

and

liabilities

for

which

the

potential

change

fair

value

considered significant. The

sensitivity of fair value

measurements

for

debt

issued

designated

fair

value

and

over-the-counter

debt

instruments

designated

fair

value

reported

together

with the equivalent derivative or securities financing instrument.

The

sensitivity

data

shown

below

presents

estimation

valuation

uncertainty

based

reasonably

possible

alternative

values for

Level 3 inputs at

the balance sheet

date and does

not

represent the estimated effect

of stress scenarios.

Typically, these

financial

assets

and

liabilities

are

sensitive

combination

inputs

from

Levels 1–3.

Although

well-defined

interdepend-

encies

may

exist

between

Levels 1–2

and

Level 3

parameters

(e.g.,

between

interest

rates,

which

are

generally

Level 1

Level 2,

and

prepayments,

which

are

generally

Level 3),

these

have

not

been

incorporated

the

table.

Furthermore,

direct

interrelationships

between

the

Level 3

parameters

are

not

significant element of the valuation uncertainty.

Sensitivity of fair value measurements to changes

in unobservable input assumptions

30.6.21

31.3.21

31.12.20

USD million

Favorable

changes

Unfavorable

changes

Favorable

changes

Unfavorable

changes

Favorable

changes

Unfavorable

changes

Traded loans, loans designated at fair value, loan commitments and guarantees

(13)

(21)

(28)

Securities financing transactions

(68)

(51)

(52)

Auction rate securities

114

(114)

(88)

105

(105)

Asset-backed securities

(34)

(40)

(41)

Equity instruments

150

(120)

127

(99)

129

(96)

Interest rate derivative contracts, net

(14)

(23)

(16)

Credit derivative contracts, net

(10)

(14)

Foreign exchange derivative contracts, net

(9)

(11)

(15)

Equity / index derivative contracts, net

344

(324)

358

(344)

318

(294)

Other

(77)

(92)

(107)

Total

852

(782)

861

(779)

794

(768)

f) Level 3 instruments: movements during the period

Significant changes in Level 3 instruments

The table on the following pages presents additional information

about

material

Level 3

assets

and

liabilities

measured

fair

value

recurring

basis.

Level 3

assets

and

liabilities

may

hedged

with

instruments

classified

Level 1

Level 2

the

fair value hierarchy and, as a result, realized and unrealized

gains

and

losses

included

the

table

may

not

include

the

effect

hedging

activity.

Furthermore,

the

realized

and

unrealized gains and losses presented in the

table are not limited

solely

those

arising

from

Level 3

inputs,

valuations

are

generally

derived

from

both

observable

and

unobservable

parameters.

Assets

and

liabilities

transferred

into

out

Level 3

are

presented as

if those

assets or

liabilities had

been transferred

the beginning of the year.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 10

Fair value measurement (continued)

Movements of Level 3 instruments

Total gains / losses

included in

comprehensive income

USD billion

Balance

as of

31 December

2019

Net gains /

losses

included in

income

of which:

related to

Level 3

instruments

held at the

end of the

reporting

period

Purchases

Sales

Issuances

Settlements

Transfers

into

Level 3

Transfers

out of

Level 3

Foreign

currency

translation

Balance

as of

30 June

2020

Financial assets at fair value held for

trading

1.8

(0.1)

0.0

0.3

(1.0)

1.4

0.0

0.3

0.0

2.7

of which:

Investment fund units

0.0

Corporate and municipal bonds

0.5

0.0

0.2

(0.2)

0.0

0.2

0.0

0.8

Loans

0.8

0.0

(0.6)

1.4

0.0

1.6

Other

0.4

0.0

(0.2)

0.0

0.1

0.0

0.3

Derivative financial instruments –

assets

1.3

0.3

0.4

0.0

0.5

(0.5)

0.0

(0.1)

0.0

1.5

of which:

Interest rate contracts

0.3

0.2

0.0

(0.2)

0.0

0.3

Equity / index contracts

0.6

0.0

0.1

0.0

0.5

(0.2)

0.0

(0.1)

0.0

0.8

Credit derivative contracts

0.4

0.1

0.0

(0.2)

0.0

0.4

Other

0.0

Financial assets at fair value not held

for trading

4.0

(0.1)

0.5

(0.6)

0.0

0.1

0.0

3.7

of which:

Loans

1.2

0.0

0.4

(0.5)

0.0

1.0

Auction rate securities

1.5

(0.1)

0.0

1.4

Equity instruments

0.5

0.0

0.1

0.0

0.1

0.0

0.5

Other

0.7

0.0

0.1

(0.1)

0.0

0.8

Derivative financial instruments –

liabilities

2.0

1.2

1.1

0.0

0.5

(0.8)

0.6

(0.3)

0.0

3.3

of which:

Interest rate contracts

0.1

0.7

0.0

(0.3)

0.3

0.0

0.8

Equity / index contracts

1.3

0.2

0.0

0.5

(0.4)

0.0

(0.2)

0.0

1.4

Credit derivative contracts

0.5

0.3

0.0

0.1

(0.1)

0.3

(0.1)

0.0

0.9

Other

0.1

0.0

0.1

Debt issued designated at fair value

9.6

0.1

0.2

0.0

2.9

(3.5)

0.4

(1.0)

0.0

8.5

Other financial liabilities designated

at fair value

1.0

0.1

0.0

1.5

(0.3)

0.0

2.4

1 Net gains / losses

included in comprehensive income

are composed of Net interest

income, Other net

income from financial instruments

measured at fair value

through profit or loss

and Other income.

2 Total

Level 3 assets as of 30 June 2021 were USD

8.1

billion (31 December 2020: USD

8.3

billion).

Total Level 3 liabilities as of 30 June 2021 were USD

18.4

billion (31 December 2020: USD

15.2

billion).

Note 10

Fair value measurement (continued)

Total gains / losses

included in

comprehensive income

Balance

as of

31 December

2020

Net gains /

losses

included in

income

of which:

related to

Level 3

instruments

held at the

end of the

reporting

period

Purchases

Sales

Issuances

Settlements

Transfers

into

Level 3

Transfers

out of

Level 3

Foreign

currency

translation

Balance

as of

30 June

2021

2.3

0.0

0.3

(0.8)

0.4

0.0

0.2

(0.2)

0.0

2.1

0.0

0.8

0.0

0.1

(0.1)

0.0

(0.1)

0.0

0.8

1.1

0.0

0.1

(0.5)

0.4

0.0

(0.2)

0.0

1.0

0.4

(0.1)

0.0

(0.2)

0.0

0.1

0.0

0.3

1.8

(0.2)

(0.1)

0.0

0.5

(0.4)

0.0

(0.1)

0.0

1.5

0.5

(0.1)

0.0

(0.1)

0.0

0.3

0.9

0.1

0.0

0.3

(0.4)

0.0

(0.1)

0.0

0.8

0.3

(0.1)

0.0

0.1

0.0

0.3

0.0

3.9

0.1

0.7

(0.3)

0.0

0.1

0.0

4.5

0.9

0.0

0.4

(0.1)

0.0

1.1

1.5

0.0

1.6

0.5

0.1

(0.1)

0.0

0.6

1.0

0.0

0.2

0.0

1.2

3.5

0.2

0.0

0.7

(1.2)

0.0

(0.2)

0.0

2.9

0.5

(0.1)

0.0

0.1

0.0

0.5

2.3

0.4

0.2

0.0

0.5

(1.1)

0.0

(0.2)

0.0

1.9

0.5

(0.2)

0.0

0.1

0.0

0.4

0.1

0.0

(0.1)

0.0

0.1

9.6

0.3

0.2

0.0

6.3

(2.9)

0.1

(0.8)

(0.2)

12.5

2.1

0.0

1.0

(0.2)

0.0

2.9

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 10

Fair value measurement (continued)

g) Financial instruments not measured at fair value

The table below reflects the estimated fair values of financial instruments not measured at fair value.

Financial instruments not measured at fair value

30.6.21

31.3.21

31.12.20

USD billion

Carrying

amount

Fair value

Carrying

amount

Fair value

Carrying

amount

Fair value

Assets

Cash and balances at central banks

160.7

158.9

158.2

Loans and advances to banks

16.4

18.3

15.3

Receivables from securities financing transactions

83.5

82.4

74.2

Cash collateral receivables on derivative instruments

29.8

35.0

32.7

Loans and advances to customers

391.4

391.0

380.1

381.0

382.3

Other financial assets measured at amortized cost

27.2

27.7

26.8

27.3

27.2

28.0

Liabilities

Amounts due to banks

14.6

12.6

11.0

11.1

Payables from securities financing transactions

6.0

6.7

6.3

Cash collateral payables on derivative instruments

32.2

36.6

37.3

Customer deposits

517.5

508.9

509.0

527.9

528.0

Funding from UBS Group AG

55.9

57.5

57.7

59.2

54.0

55.6

Debt issued measured at amortized cost

84.5

85.4

87.5

88.3

85.4

86.3

Other financial liabilities measured at amortized cost

7.0

6.0

6.6

6.7

1 Excludes lease liabilities.

The fair

values included in

the table

above have been

calculated

for

disclosure

purposes

only.

The

valuation

techniques

and

assumptions

relate

only

UBS’s

financial

instruments

not

otherwise

measured

fair

value.

Other

institutions

may

use

different

methods

and

assumptions

for

their

fair

value

estimation,

and

therefore

such

fair

value

disclosures

cannot

necessarily

compared

from

one

financial

institution

another.

Note 11

Derivative instruments

a) Derivative instruments

As of 30.6.21, USD billion

Derivative

financial

assets

Notional values

related to derivative

financial assets

Derivative

financial

liabilities

Notional values

related to derivative

financial liabilities

Other

notional

values

Derivative financial instruments

Interest rate contracts

38.4

995

32.7

912

9,918

Credit derivative contracts

2.0

2.4

Foreign exchange contracts

49.5

3,074

47.4

2,869

Equity / index contracts

29.2

458

36.3

615

Commodity contracts

1.9

2.1

Loan commitments measured at FVTPL

0.0

Unsettled purchases of non-derivative financial instruments

0.3

Unsettled sales of non-derivative financial instruments

0.3

0.4

Total derivative financial instruments, based on IFRS netting

121.6

4,708

121.7

4,569

10,024

Further netting potential not recognized on the balance

sheet

(107.5)

(106.8)

of which: netting of recognized financial liabilities / assets

(86.8)

of which: netting with collateral received / pledged

(20.6)

(20.0)

Total derivative financial instruments, after consideration of further

netting potential

14.2

14.9

As of 31.3.21, USD billion

Derivative financial instruments

Interest rate contracts

39.9

991

34.0

901

11,707

Credit derivative contracts

2.3

2.5

Foreign exchange contracts

70.7

3,283

67.6

3,067

Equity / index contracts

32.2

468

38.7

599

Commodity contracts

2.2

2.0

Loan commitments measured at FVTPL

0.0

Unsettled purchases of non-derivative financial instruments

0.6

0.3

Unsettled sales of non-derivative financial instruments

0.4

0.8

Total derivative financial instruments, based on IFRS netting

148.3

4,938

146.0

4,745

11,817

Further netting potential not recognized on the balance

sheet

(130.1)

(127.5)

of which: netting of recognized financial liabilities / assets

(105.1)

of which: netting with collateral received / pledged

(25.0)

(22.5)

Total derivative financial instruments, after consideration of further

netting potential

18.2

18.5

As of 31.12.20, USD billion

Derivative financial instruments

Interest rate contracts

50.9

928

43.9

880

11,292

Credit derivative contracts

2.4

2.9

Foreign exchange contracts

68.7

2,951

70.5

2,820

Equity / index contracts

34.8

450

41.2

581

Commodity contracts

2.2

2.0

Loan commitments measured at FVTPL

0.0

Unsettled purchases of non-derivative financial instruments

0.3

0.2

Unsettled sales of non-derivative financial instruments

0.2

0.3

Total derivative financial instruments, based on IFRS netting

159.6

4,480

161.1

4,430

11,394

Further netting potential not recognized on the balance

sheet

(144.4)

(141.2)

of which: netting of recognized financial liabilities / assets

(117.2)

of which: netting with collateral received / pledged

(27.2)

(23.9)

Total derivative financial instruments, after consideration of further

netting potential

15.2

19.9

1 In cases where derivative

financial instruments are presented

on a net basis

on the balance sheet,

the respective notional values

of the netted derivative

financial instruments are still

presented on a gross

basis.

Notional amounts of exchange-traded agency transactions and OTC

-cleared transactions entered into on behalf of clients are

not disclosed, as they have a significantly different risk profile.

2 Other notional values

relate to derivatives

that are cleared

through either a

central counterparty

or an exchange.

The fair

value of these

derivatives is

presented on the

balance sheet net

of the corresponding

cash margin under

Cash

collateral receivables

on derivative

instruments and

Cash collateral

payables on

derivative instruments

and was

not material

for all

periods presented.

3 Changes

in the

fair value

of purchased

and sold

non-

derivative financial instruments between

trade date and settlement

date are recognized as

derivative financial instruments.

4 Financial assets and

liabilities are presented net

on the balance sheet

if UBS AG has

the unconditional and

legally enforceable right

to offset the

recognized amounts,

both in the

normal course of

business and in

the event of

default, bankruptcy or

insolvency of UBS

AG or its

counterparties, and

intends either to settle on

a net basis or

to realize the asset

and settle the liability

simultaneously.

5 Reflects the netting potential

in accordance with enforceable

master netting and similar

arrangements where

not all criteria

for a net

presentation on the

balance sheet have

been met.

Refer to “Note

22 Offsetting financial

assets and financial

liabilities” in the

“Consolidated financial statements”

section of

the Annual

Report 2020 for more information.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 11

Derivative instruments (continued)

b) Cash collateral on derivative instruments

USD billion

Receivables

30.6.21

Payables

30.6.21

Receivables

31.3.21

Payables

31.3.21

Receivables

31.12.20

Payables

31.12.20

Cash collateral on derivative instruments, based on IFRS netting

29.8

32.2

35.0

36.6

32.7

37.3

Further netting potential not recognized on the balance

sheet

(18.3)

(16.9)

(21.1)

(20.7)

(21.1)

(21.6)

of which: netting of recognized financial liabilities / assets

(15.9)

(14.4)

(18.2)

(18.3)

(19.6)

of which: netting with collateral received / pledged

(2.4)

(2.5)

(2.9)

(2.3)

(1.5)

(2.1)

Cash collateral on derivative instruments, after consideration of further netting potential

11.5

15.3

14.0

15.9

11.6

15.7

1 Financial assets and liabilities

are presented net on the

balance sheet if UBS AG

has the unconditional and legally

enforceable right to offset the

recognized amounts, both in

the normal course of business

and in

the event of default, bankruptcy or insolvency of UBS AG

or its counterparties, and intends either to

settle on a net basis or to realize the asset

and settle the liability simultaneously.

2 Reflects the netting potential

in accordance with enforceable

master netting and similar

arrangements where not all

criteria for a net

presentation on the balance

sheet have been met.

Refer to “Note 22 Offsetting

financial assets and

financial

liabilities” in the “Consolidated financial statements” section of the Annual Report 2020 for more information.

Note 12

Other assets and liabilities

a) Other financial assets measured at amortized cost

USD million

30.6.21

31.3.21

31.12.20

Debt securities

18,484

18,533

18,801

of which: government bills / bonds

9,531

9,664

9,789

Loans to financial advisors

2,415

2,473

2,569

Fee-

and commission-related receivables

1,980

2,069

2,014

Finance lease receivables

1,363

1,344

1,447

Settlement and clearing accounts

1,225

564

614

Accrued interest income

532

522

592

Other

1,202

1,333

1,182

Total other financial assets measured at amortized cost

27,201

26,837

27,219

b) Other non-financial assets

USD million

30.6.21

31.3.21

31.12.20

Precious metals and other physical commodities

5,470

5,709

6,264

Bail deposit

1,382

1,364

1,418

Prepaid expenses

746

743

731

VAT and other tax receivables

395

317

392

Properties and other non-current assets held for sale

248

246

Other

542

372

323

Total other non-financial assets

8,603

8,755

9,374

1 Refer to item 1 in Note 16b for more information.

Note 12

Other assets and liabilities (continued)

c) Other financial liabilities measured at amortized cost

USD million

30.6.21

31.3.21

31.12.20

Other accrued expenses

1,549

1,544

1,508

Accrued interest expenses

1,050

946

1,382

Settlement and clearing accounts

2,151

1,268

1,181

Lease liabilities

3,634

3,667

3,821

Other

2,288

2,200

2,530

Total other financial liabilities measured at amortized cost

10,671

9,624

10,421

d) Other financial liabilities designated at fair value

USD million

30.6.21

31.3.21

31.12.20

Financial liabilities related to unit-linked investment contracts

22,217

21,357

20,975

Securities financing transactions

6,184

5,651

7,317

Over-the-counter debt instruments

2,142

1,787

2,060

Funding from UBS Group AG

2,266

1,907

1,375

Other

Total other financial liabilities designated at fair value

32,908

30,769

31,773

of which: life-to-date own credit (gain) / loss

115

208

148

e) Other non-financial liabilities

USD million

30.6.21

31.3.21

31.12.20

Compensation-related liabilities

3,771

2,969

4,776

of which: financial advisor compensation plans

1,313

1,200

1,497

of which: other compensation plans

1,287

704

2,034

of which: net defined benefit liability

652

642

711

of which: other compensation-related liabilities

518

422

534

Deferred tax liabilities

382

321

558

Current tax liabilities

1,186

1,058

943

VAT and other tax payables

540

504

470

Deferred income

246

209

212

Other

116

111

Total other non-financial liabilities

6,241

5,171

7,018

1 Includes liabilities for payroll taxes and untaken vacation.

Notes to the UBS AG interim consolidated financial statements (unaudited)

Note 13

Debt issued designated at fair value

USD million

30.6.21

31.3.21

31.12.20

Issued debt instruments

Equity-linked

49,157

44,615

41,069

Rates-linked

16,397

12,668

11,038

Credit-linked

1,826

1,804

1,933

Fixed-rate

2,883

3,343

3,604

Commodity-linked

1,961

1,564

1,497

Other

575

640

726

Total debt issued designated at fair value

72,799

64,635

59,868

of which: issued by UBS AG with original maturity greater than one

year

51,830

47,348

46,427

of which: life-to-date own credit (gain) / loss

164

193

233

1 Includes investment fund unit-linked instruments issued.

2 Issued by the legal entity UBS AG. Based on original

contractual maturity without considering any early redemption features.

As of 30 June 2021, more

than

% of the balance was unsecured (31 March 2021:

100

%; 31 December 2020:

100

%).

Note 14

Debt issued measured at amortized cost

USD million

30.6.21

31.3.21

31.12.20

Certificates of deposit

12,193

14,723

15,680

Commercial paper

25,304

26,591

25,472

Other short-term debt

5,219

6,080

5,515

Short-term debt

42,716

47,394

46,666

Senior unsecured debt

26,130

23,330

18,483

of which: issued by UBS AG with original maturity greater than one

year

26,109

23,309

18,464

Covered bonds

1,449

2,606

2,796

Subordinated debt

5,232

5,253

7,744

of which: low-trigger loss-absorbing tier 2 capital

instruments

4,686

4,709

7,201

of which: non-Basel III-compliant tier 2 capital instruments

547

544

543

Debt issued through the Swiss central mortgage institutions

8,963

8,911

9,660

Other long-term debt

Long-term debt

41,775

40,101

38,685

Total debt issued measured at amortized cost

84,491

87,495

85,351

1 Debt with

an original

contractual

maturity

of less

than one

year.

2 Issued

by the

legal

entity

UBS AG.

Based

on original

contractual

maturity

without considering

any early

redemption features.

As of

30 June 2021,

100

% of the balance was

unsecured (31 March 2021:

100

%; 31 December 2020:

100

%).

3 Debt with an original contractual

maturity greater than or equal to

one year. The

classification of debt

issued into short-term and long-term does not consider any early redemption features.

4 Net of bifurcated embedded derivatives, the fair value of which

was not material for the periods presented.

Note 15

Interest rate benchmark reform

Background

market-wide

reform

major

interest

rate

benchmarks

being undertaken globally,

with the Financial

Conduct Authority

(the

FCA)

announcing

March

2021

that

the

publication

London

Interbank Offered

Rates (LIBORs)

will

cease for

all

non-

US dollar

LIBORs, as

well as

for one-week

and two-month

USD

LIBOR,

after

31 December

2021.

Publication

the

remaining

USD LIBOR tenors will cease immediately after 30 June 2023.

The

majority

UBS

’s

Interbank

Offered

Rate

(

IBOR

)

exposure

CHF

LIBOR

and

USD

LIBOR.

The

alternative

reference

rate

(ARR)

for

CHF

LIBOR

the

Swiss

Average

Rate

Overnight

(SARON).

ARR

for

USD

LIBOR

the

Secured

Overnight

Financing

Rate

(SOFR);

addition,

there

are

recommended

ARRs

for

GBP

LIBOR,

JPY

LIBOR

and EUR

LIBOR.

For certain products

in the US,

UBS AG is

considering the use

credit-sensitive rates as an alternative to SOFR.

30 June

2021,

transition

uncertainty

with

respect

significant interest

rate benchmarks

remains, with

the exception

the

Euro

Interbank

Offered

Rate

(

Euribor

The

reform

Euribor

now

complete

and

consisted

change

the

underlying calculation method.

The transition

to ARRs includes

a number

of active

steps that

will

also

benefit

from

the

support

associated

regulatory

activities. There may be some contracts, known as “tough legacy

contracts,”

that

cannot

practically

transitioned

amended

from

IBORs

ARRs

The

FCA

continues

consult

market

participants

about

requiring

the

ICE

Benchmark

Administration

continue

publishing

certain

LIBOR

settings

(i.e.,

one-,

three-

and

six-month

settings

for

the GBP,

JPY

and

USD

LIBORs)

“synthetic”

basis, which are not representative

of the underlying

financial

markets,

for

certain

duration

after

December

2021.

However, these

synthetic LIBORs

will

not be

available for

use

new

contracts,

given

that

they

are

non-representative,

and

are

instead

intended

help

reduce

disruption

where

resolution

has

not

been

agreed

for

certain

tough

legacy

contracts.

Furthermore,

February

2021,

the

Benchmarks

Regulation

was

amended

enable

the

European

Commission

to designate a statutory replacement rate for tough legacy LIBOR

contracts

that

are

governed

the

laws

Member

States

and remain

outstanding after

LIBOR cessation.

On 6 April

2021,

New York State LIBOR

legislation was enacted with

the intention

minimizing

legal

uncertainty

and

adverse

economic

effects

associated with

USD LIBOR

transition for

tough legacy

contracts

governed

New

York

law.

For

USD

LIBOR

contracts

not

governed

New

York

law,

bill

has

been

introduced

Congress with similar objectives.

October

2020,

the

International

Swaps

and

Derivatives

Association

(ISDA)

released

the

IBOR

Fallbacks

Supplement

and

IBOR Fallbacks

Protocol, amending

ISDA standard

definitions for

interest-rate

derivatives

incorporate

fallbacks

for

derivatives

linked

certain

IBORs.

The

changes

came

into

effect

25 January 2021 and, from that date, all

newly cleared and non-

cleared derivatives between adhering

parties that reference ISDA

standard

definitions

now

include

these

fallbacks.

UBS

adhered to the protocol in November 2020.

UBS

AG is

focused

transitioning existing

contracts

via

bi-

lateral

and

multi

lateral

agreements,

leveraging

industry

solutions (e.g.,

the use of

fallback provisions) and

through third-

party actions

(clearing houses, agents,

etc.). Furthermore,

in line

with regulatory guidance UBS AG has implemented a framework

to limit entry into new contracts referencing IBORs.

Governance over the transition to alternative benchmark rates

UBS AG has established a global cross-divisional, cross-functional

governance structure

and change

program

to address

the scale

and

complexity

the

transition.

This

global

program