Credit ratings

UBS's solicited credit ratings are set out in the table below, together with the most recent statement by the rating agency of the status or outlook. Each of these ratings reflects only the view of the applicable rating agency at the time the rating was issued, and any explanation of the significance of a rating may be obtained only from the rating agency. Generally, rating agencies base their ratings on such material and information, and such of their own investigations, studies and assumptions, as they deem appropriate. A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated independently from similar ratings of other entities, and from the rating, if any, of UBS's securities. There is no assurance that any credit rating will remain in effect for any given period of time or that a rating will not be reviewed, revised, lowered, suspended or withdrawn entirely by the rating agency if, in the rating agency's judgment, circumstances so warrant.

UBS Group AG

UBS Group AG

UBS Group AG

Moody's

Moody's

S&P

S&P

Fitch

Fitch

UBS Group AG

Long term

Moody's

A3

S&P

A-

Fitch

A

UBS Group AG

Outlook

Moody's

Developing

S&P

Stable

Fitch

Stable

UBS AG

UBS AG

UBS AG

Moody's

Moody's

S&P

S&P

Fitch

Fitch

UBS AG

Short term

Moody's

P-1

S&P

A-1

Fitch

F1

UBS AG

Long term

Moody's

Aa2

S&P

A+

Fitch

A+

UBS AG

Outlook

Moody's

Negative

S&P

Stable

Fitch

Stable

UBS Switzerland AG

UBS Switzerland AG

UBS Switzerland AG

Moody's

Moody's

S&P

S&P

Fitch

Fitch

UBS Switzerland AG

Short term

Moody's

S&P

A-1

Fitch

F1

UBS Switzerland AG

Long term

Moody's

S&P

A+

Fitch

A+

UBS Switzerland AG

Outlook

Moody's

S&P

Stable

Fitch

Stable

UBS Europe SE

UBS Europe SE

UBS Europe SE

Moody's

Moody's

S&P

S&P

Fitch

Fitch

UBS Europe SE

Short term

Moody's

P-1

S&P

A-1

Fitch

F1

UBS Europe SE

Long term

Moody's

Aa3

S&P

A+

Fitch

A+

UBS Europe SE

Outlook

Moody's

Negative

S&P

Stable

Fitch

Stable

Credit Suisse International

Credit Suisse International

Credit Suisse International

Moody's

Moody's

S&P

S&P

Fitch

Fitch

Credit Suisse International

Short term

Moody's

P-1

S&P

A-1

Fitch

F1

Credit Suisse International

Long term

Moody's

Aa2

S&P

A+

Fitch

A+

Credit Suisse International

Outlook

Moody's

Negative

S&P

Stable

Fitch

Stable

Credit Suisse (USA), Inc

Credit Suisse (USA), Inc

Credit Suisse (USA), Inc

Moody's

Moody's

S&P

S&P

Fitch

Fitch

Credit Suisse (USA), Inc

Short term

Moody's

S&P

A-1

Fitch

F1

Credit Suisse (USA), Inc

Long term

Moody's

Aa2

S&P

A+

Fitch

A+

Credit Suisse (USA), Inc

Outlook

Moody's

Negative

S&P

Stable

Fitch

Stable

Credit Suisse Bank (Europe) S.A.

Credit Suisse Bank (Europe) S.A.

Credit Suisse Bank (Europe) S.A.

Moody's

Moody's

S&P

S&P

Fitch

Fitch

Credit Suisse Bank (Europe) S.A.

Short term

Moody's

S&P

A-1

Fitch

F1

Credit Suisse Bank (Europe) S.A.

Long term

Moody's

S&P

A+

Fitch

A+

Credit Suisse Bank (Europe) S.A.

Outlook

Moody's

S&P

Stable

Fitch

Stable

Credit Suisse (Deutschland) AG

Credit Suisse (Deutschland) AG

Credit Suisse (Deutschland) AG

Moody's

Moody's

S&P

S&P

Fitch

Fitch

Credit Suisse (Deutschland) AG

Short term

Moody's

S&P

A-1

Fitch

F1

Credit Suisse (Deutschland) AG

Long term

Moody's

S&P

A+

Fitch

A+

Credit Suisse (Deutschland) AG

Outlook

Moody's

S&P

Stable

Fitch

Stable