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UBS will substitute UBS Group AG as issuer of outstanding loss-absorbing AT1 capital instruments with UBS Group Funding (Switzerland) AG

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Zurich, 14 May 2018 – UBS intends to substitute UBS Group AG where it is the issuer of outstanding Additional Tier 1 (AT1) capital instruments with UBS Group Funding (Switzerland) AG as permitted by the terms and conditions of the relevant instruments. Upon completion of the issuer substitution, relevant AT1 capital instruments will be guaranteed by UBS Group AG, and investors' seniority of claim against UBS Group AG will remain unchanged. We expect the substitution of UBS Group Funding (Switzerland) AG as issuer of publicly outstanding AT1 capital instruments to be effected as of 25 May 2018.

The Swiss Federal Council proposed amendments to Swiss tax law that, if enacted, would reduce the additional tax burden on debt issuances by bank top holding companies. If such changes become effective, we expect loss-absorbing AT1 capital instruments and TLAC-eligible senior unsecured debt to be issued directly out of UBS Group AG. At that point, we also expect to substitute UBS Group AG as issuer of outstanding capital and debt instruments issued by UBS Group Funding (Switzerland) AG. Both loss-absorbing AT1 capital instruments and TLAC-eligible senior unsecured debt are exempt from withholding tax under Swiss law.

Supporting documents on UBS Group Funding (Switzerland) AG are available under the "Disclosures for legal entities" section on www.ubs.com/investors

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