Commentary & Deal Flow

Reoffer: 4NC3: TONA MS+75bp 6NC5: TONA MS+85bp 11NC10: TONA MS+95bp

Spread set at: 4NC3: TONA MS+75bp# 6NC5: TONA MS+85bp# 11NC10: TONA MS+95bp#
Guidance: 4NC3: TONA MS+70/75bp 6NC5: TONA MS+80/85bp 11NC10: TONA MS+95#

• Issuer: UBS Group AG
• LEI: 549300SZJ9VS8SGXAN81
• Expected Issue Ratings: A2 / A- / A+ (Moody's / S&P / Fitch)
• Ranking: Senior Unsecured, Unsubordinated (TLAC)
• Format; Form of Securities: RegS, Category 2; uncertificated securities (einfache Wertrechte)
• Currency: JPY
• Size:
• • 4NC3: JPY 65.6bn
  • 6NC5: JPY 35.6bn
  • 11NC10: JPY 8.8bn
• Tenor:
• • 4NC3: 4NC3 FXD-to FXD
  • 6NC5: 6NC5 FXD-to-FXD
  • 11NC10: 11NC10 FXD-to-FXD
• Expected Pricing Date: 25-Jun-26
• Settlement Date: 02-Jul-26 (T+5)
• Maturity Date:
• • 4NC3: 02-Jul-30
  • 6NC5: 02-Jul-32
  • 11NC10: 02-Jul-37
• Issuer Call Date and Reset Date:
• • 4NC3: 02-Jul-29
  • 6NC5: 02-Jul-31
  • 11NC10: 02-Jul-36
• Re-offer Spread:
• • 4NC3: TONA MS+75bps
  • 6NC5: TONA MS+85bps
  • 11NC10: TONA MS+95bps
• Initial Coupon:
• • 4NC3: Fixed, Semi-Annual, 30/360, 2.362% per annum from (and including) the Settlement Date to (but excluding) the Reset Date, payable semi-annually in arrear on 2 January, and 2 July starting on 2 January 2027
  • 6NC5: Fixed, Semi-Annual, 30/360, 2.759% per annum from (and including) the Settlement Date to (but excluding) the Reset Date, payable semi-annually in arrear on 2 January, and 2 July starting on 2 January 2027
  • 11NC10: Fixed, Semi-Annual, 30/360, 3.427% per annum from (and including) the Settlement Date to (but excluding) the Reset Date, payable semi-annually in arrear on 2 January, and 2 July starting on 2 January 2027
• Reset Coupon:
• • 4NC3: If the Notes are not redeemed on or prior to the Reset Date, the coupon will reset to a fixed rate per annum equal to the 1-year JPY mid swap rate (mid swap floating leg benchmark rate/maturity: TONA/6 months) plus a margin (as further described in the Pricing Supplement relating to the Notes), payable semi-annually in arrear on 2 January 2030 and 2 July 2030
  • 6NC5: If the Notes are not redeemed on or prior to the Reset Date, the coupon will reset to a fixed rate per annum equal to the 1-year JPY mid swap rate (mid swap floating leg benchmark rate/maturity: TONA/6 months) plus a margin (as further described in the Pricing Supplement relating to the Notes), payable semi-annually in arrear on 2 January 2032 and 2 July 2032
  • 11NC10: If the Notes are not redeemed on or prior to the Reset Date, the coupon will reset to a fixed rate per annum equal to the 1-year JPY mid swap rate (mid swap floating leg benchmark rate/maturity: TONA/6 months) plus a margin (as further described in the Pricing Supplement relating to the Notes), payable semi-annually in arrear on 2 January 2037 and 2 July 2037
• Denominations: JPY 100,000,000
• Listing: SIX Swiss Exchange
• Governing Law: Swiss law
• Tax Event: As per the Documentation
• Ineligibility Event: Applicable; as per the Documentation
• Clearing: SIX SIS, with further clearing through Euroclear/Clearstream
• Documentation: In accordance with the Issuer's Senior Debt Programme Base Prospectus dated 27-Apr-26 (the "Base Prospectus"), as supplemented by the supplements dated 29-Apr-26 and 05-May-26 (together, the "Prospectus"). SIX Exchange Regulation AG, in its capacity as a review body pursuant to article 52 of the Swiss Financial Services Act of 15-Jun-18, as amended (the "FinSA") (in such capacity, the "Swiss Review Body"), has approved the Base Prospectus as a base prospectus within the meaning of article 45 of the FinSA as of 27-Apr-26. The Pricing Supplements relating to the Notes, which will each constitute the final terms for the relevant tranche of Notes within the meaning of article 45(3) of the FinSA, will be filed with the Swiss Review Body and published in accordance with the FinSA. Copies of the Prospectus (including the documents incorporated by reference therein) are, and copies of the Pricing Supplements relating to the Notes will be, available from the Issuer at UBS AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich, Switzerland (voicemail: +41 44 239 47 03; fax: +41 44 239 69 14; email: swiss-prospectus@ubs.com). Capitalised terms used and not defined herein have the meanings given to them in the Prospectus and/or the applicable Pricing Supplement
• Target Market: Manufacturer target market is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the United Kingdom (the "UK") Financial Conduct Authority (the "FCA") Product Disclosure Sourcebook ("DISC") has been prepared as not available to retail in the European Economic Area (the "EEA") or in the UK.
• Selling Restrictions: As per the Prospectus, as amended by the applicable Pricing Supplement
• Joint Bookrunners: Mizuho, MUFG, SMBC Nikko, UBS (B&D)
• ISIN:
• • 4NC3: CH1571219364
  • 6NC5: CH1571219372
  • 11NC10: CH1571219380
• ToE:
• • 4NC3: 9:39 TKY
  • 6NC5: 9:43 TKY
  • 11NC10: 9:46 TKY
• Use of Proceeds: General corporate purposes of the Issuer, including providing funds to its subsidiaries from time to time