Mr Chairman, Ladies and Gentlemen,

My name is Nicolas Goetschmann, and I am representing Actares at this Annual General Meeting. Actares is an association of individual shareholders committed to engaging in dialogue with companies to ensure they operate in a sustainable and responsible manner.

1. Credit Suisse AT1 bondholder scandal

In October 2025, the Swiss federal administrative court ruled that FINMA's write-down of CHF 16.5 billion of Credit Suisse AT1 bonds was unlawful. Bondholders from multiple jurisdictions are now suing, with claims filed at ICSID and in US courts. Yet at this AGM, you're proposing that UBS itself use AT1 instruments to meet new capital requirements.

How can investors trust any UBS AT1 issuance when the bank directly benefited from what a court has declared an illegal wipeout of the previous ones — and UBS is appealing the ruling?"

What does this uncertainty mean for the thousands of retail investors who lost their savings?"

2. Withdraw from key climate alliances

UBS has withdrawn from key climate alliances and adjusted targets over time. UBS withdrew from the Net-Zero Banking Alliance in August 2025, pushed back its net-zero operational target by ten years, and dropped its 20% asset management alignment commitment.

What binding mechanisms exist to ensure that current commitments will not simply be revised again in a few years?

3. Fossil Fuel Financing

UBS financed USD 53.2 billion in fossil fuels between 2021 and 2024 while simultaneously claiming climate leadership. You stated that financed emissions are 78% below your indicative trend line — but this is measured against your own self-defined baseline.

Which independent, third-party body verifies these figures, and why should shareholders trust a metric UBS designed itself?"

4. Legal and financial risks today regarding the Credit Suisse integration

Are the legal issues with Archegos Capital collapse (2021), Mozambique Tuna Bonds scandal and Greensill Capital affair already terminated? You describe them as “substantially resolved.” But resolved at what cost? Why does UBS still avoid clearly quantifying the full economic and reputational impact of these failures for shareholders?

5. $511 million Credit Suisse tax evasion fine

UBS paid $511 million to settle DOJ allegations that Credit Suisse helped US clients hide over $4 billion from tax authorities, with misconduct running from 2014 to 2023. This was not ancient history — it was ongoing right up until UBS acquired the bank.

What exactly did UBS's due diligence uncover before the acquisition, and can you guarantee shareholders that no further legacy Credit Suisse skeletons remain that could result in additional billion-dollar settlements?

Actares thanks you for your attention.

(Speaker: Nicolas Goetschmann, Head of the Financial Markets Working Group)