Operating profit / 
 (loss) before tax       2,298    1,985     2,008    16       14 
Tax expense / (benefit)  471      341       410      38       15 
Net profit / (loss)      1,827    1,645     1,598    11       14 
Net profit / (loss) 
 attributable to 
 non-controlling 
 interests               3        9         3        (65)     7 
Net profit / (loss) 
 attributable to 
 shareholders            1,824    1,636     1,595    11       14 
 
Comprehensive income 
Total comprehensive 
 income                  (339)    1,728     4,195 
Total comprehensive 
 income attributable to 
 non-controlling 
 interests               (9)      27        (2)               426 
Total comprehensive 
 income attributable to 
 shareholders            (330)    1,701     4,197 
 
 
Comparison between UBS Group AG consolidated and UBS AG 
consolidated 
                                                            As of or for the quarter ended 
                   As of or for the quarter ended 31.3.21   31.12.20 
USD million, 
except where       UBS Group AG  UBS AG        Difference   UBS Group AG  UBS AG        Difference 
indicated          consolidated  consolidated   (absolute)  consolidated  consolidated  (absolute) 
 
Income statement 
Operating income   8,705         8,836         (130)        8,117         8,220         (103) 
Operating 
 expenses          6,407         6,684         (277)        6,132         6,324         (192) 
Operating profit 
 / (loss) before 
 tax               2,298         2,151         147          1,985         1,896         89 
of which: Global 
 Wealth 
 Management        1,409         1,391         18           864           855           9 
of which: 
 Personal & 
 Corporate 
 Banking           389           390           0            353           353           (1) 
of which: Asset 
 Management        227           227           0            401           401           0 
of which: 
 Investment Bank   412           394           17           529           528           1 
of which: Group 
 Functions         (139)         (251)         112          (161)         (241)         79 
Net profit / 
 (loss)            1,827         1,713         114          1,645         1,572         73 
of which: net 
 profit / (loss) 
 attributable to 
 shareholders      1,824         1,710         114          1,636         1,563         73 
of which: net 
 profit / (loss) 
 attributable to 
 non-controlling 
 interests         3             3             0            9             9             0 
 
Statement of 
comprehensive 
income 
Other 
 comprehensive 
 income            (2,166)       (2,032)       (135)        83            54            29 
of which: 
 attributable to 
 shareholders      (2,154)       (2,019)       (135)        65            36            29 
of which: 
 attributable to 
 non-controlling 
 interests         (12)          (12)          0            18            18            0 
Total 
 comprehensive 
 income            (339)         (319)         (21)         1,728         1,626         102 
of which: 
 attributable to 
 shareholders      (330)         (309)         (21)         1,701         1,599         102 
of which: 
 attributable to 
 non-controlling 
 interests         (9)           (9)           0            27            27            0 
 
Balance sheet 
Total assets       1,107,712     1,109,234     (1,522)      1,125,765     1,125,327     438 
Total liabilities  1,049,379     1,051,481     (2,102)      1,066,000     1,067,254     (1,254) 
Total equity       58,333        57,753        580          59,765        58,073        1,691 
of which: equity 
 attributable to 
 shareholders      58,026        57,446        580          59,445        57,754        1,691 
of which: equity 
 attributable to 
 non-controlling 
 interests         307           307           0            319           319           0 
 
Capital 
information 
Common equity 
 tier 1 capital    40,426        38,826        1,600        39,890        38,181        1,709 
Going concern 
 capital           56,288        53,255        3,033        56,178        52,610        3,567 
Risk-weighted 
 assets            287,828       285,119       2,710        289,101       286,743       2,358 
Common equity 
 tier 1 capital 
 ratio (%)         14.0          13.6          0.4          13.8          13.3          0.5 
Going concern 
 capital ratio 
 (%)               19.6          18.7          0.9          19.4          18.3          1.1 
Total 
 loss-absorbing 
 capacity ratio 
 (%)               35.0          34.2          0.7          35.2          34.2          1.0 
Leverage ratio 
 denominator(1)    1,038,225     1,039,736     (1,511)      1,037,150     1,036,771     379 
Common equity 
 tier 1 leverage 
 ratio (%)(1)      3.89          3.73          0.16         3.85          3.68          0.16 
Going concern 
 leverage ratio 
 (%)(1)            5.4           5.1           0.3          5.4           5.1           0.3 
Total 
 loss-absorbing 
 capacity 
 leverage ratio 
 (%)               9.7           9.4           0.3          9.8           9.5           0.3 
 
 
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.

Information about results materials and the earnings call

UBS's first quarter 2021 report, news release and slide presentation are available from 06:45 CEST on Tuesday, 27 April 2021, at ubs.com/quarterlyreporting.

UBS will hold a presentation of its first quarter 2021 results on Tuesday, 27 April 2021. The results will be presented by Ralph Hamers (Group Chief Executive Officer), Kirt Gardner (Group Chief Financial Officer), Martin Osinga (Investor Relations), and Marsha Askins (Head Communications & Branding).

Time

09:00--11:00 CEST

08:00--10:00 BST

03:00--05:00 US EDT

Audio webcast

The presentation for analysts can be followed live on ubs.com/quarterlyreporting with a simultaneous slide show.

Webcast playback

An audio playback of the results presentation will be made available at ubs.com/investors later in the day.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements," including but not limited to management's outlook for UBS's financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS's judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS's expectations. The outbreak of COVID-19 and the measures taken in response to the pandemic have had and may continue to have a significant adverse effect on global economic activity, and an adverse effect on the credit profile of some of our clients and other market participants, which has resulted in and may continue to increase credit loss expense and credit impairments. In addition, we face heightened operational risks due to remote working arrangements, including risks to supervisory and surveillance controls, as well as increased fraud and data security risks. The unprecedented scale of the measures taken to respond to the pandemic as well as the uncertainty surrounding vaccine supply, distribution, and efficacy against mutated virus strains create significantly greater uncertainty about forward-looking statements. Factors that may affect our performance and ability to achieve our plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the ongoing execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions; (iii) the continuing low or negative interest rate environment in Switzerland and other jurisdictions; (iv) developments (including as a result of the COVID-19 pandemic) in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, and currency exchange rates, and the effects of economic conditions, market developments, and geopolitical tensions, and changes to national trade policies on the financial position or creditworthiness of UBS's clients and counterparties as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any changes in UBS's credit spreads and ratings, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the European Union and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS's business activities; (vii) the degree to which UBS

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