Financial Capital Navigator

31 July 2026, 14:59 UTC Chief Investment Office GWM Investment Research For investors outside of the US

Financial Capital Navigator Chief Investment Office GWM Credit

The instruments on this list are only suitable for sophisticated investors with a high tolerance for price volatility, illiquidity and possible losses of coupon and principal payments. Please refer to our research and education reports as well as the appendix section for a detailed explanation. This list is not a template for the construction of your personal portfolio. Some instruments on this list may be subject to withholding taxes. Indicative instrument valuation data reflects closing prices of previous trading day.

Analyst contacts Credit and bond valuation coverage

Elena Guglielmin, Analyst Italian, Spanish banks, Insurance AT1/CoCo bonds, Hybrids, Tier 2 bonds Sebastian Petrich, Analyst Australia, NZ, French, Irish, UK, Nordic banks Senior bank bonds Claudia Sigl, Analyst German, Austrian, US, Japanese banks Senior and covered bonds Lidia Casini, Analyst Benelux banks Senior bonds

This report has been prepared by UBS Switzerland AG. Analyst certification and required disclosures begin on page 74.UBSFS accepts responsibility for the contents of this report. U.S. persons who receive this report and wish to effect any transactions in any security discussed in this report should do so with UBSFS and not UBS AG.

Highlighted research Highlighted education notes Current view on Financial capital Date Title Date Title as of /07/2026 Reinvestment ideas for early August 07/05/2026 A guide to CIO's credit offering Subordinated bond spreads have widened over the past week amid 28/07/2026 Global covered bond update 24/09/2025 Bank senior bonds: Types and characteristics renewed hostilities between the US and Iran. AT1 spreads widened by 9bps and Tier 2 spreads by 3bps. The 2Q26 earnings season is in full 22/07/2026 News, views & trades 25/05/2023 Bank senior bonds swing, with several major European lenders reporting. BBVA delivered 17/07/2026 Bond Theme Focus 16/04/2021 A guide to CIO’s credit offering net income of EUR 3.0bn, ahead of consensus, supported by broad- based revenue strength and lower provisions. Asset quality remained 16/07/2026 Reinvestment ideas for late July 18/08/2017 Discovering US preferred securities stable, with the Group NPL ratio unchanged q/q at 2.6%, while the 1H26 cost of risk improved to 143bps from 154bps in 1Q26. The CET1 16/07/2026 Financial focus: Spotlight on risk-reward 18/04/2017 Understanding banks ratio rose to 12.9% from 12.8% in 1Q26, ahead of the 12.86% 08/07/2026 News, views & trades 16/08/2013 Subordinated bank bonds consensus estimate and comfortably above the 11.5-12.0% target range and 8.98% SREP requirement. The lender’s cost-income ratio was at 07/07/2026 Australian governments and banks 37.8% in 2Q26. Management continues to target a RoTE of around 02/07/2026 Reinvestment ideas for early July 22% and a cost-to-income ratio of approximately 35% for 2025-28. Moving to Germany, Deutsche Bank reported net income of EUR 1.9bn, 01/07/2026 Trade of the week: BAWAG down from EUR 2.1bn in 1Q26 but ahead of expectations, driven largely 29/06/2026 Nordics: A defensive credit sweet spot by stronger Investment Bank revenues. RoTE was 11.0%, versus 12.7% in 1Q26. Cost of credit improved to 38bps from 43bps, while loan-loss 24/06/2026 News, views & trades provisions fell to EUR 460mn from EUR 519mn. The 1H26 cost-to- income ratio was 60.9%, versus the FY28 target of below 60%. The 24/06/2026 Canadian banks: A resilient core holding with selective upside CET1 ratio increased to 13.9% from 13.8% in 1Q26, slightly above 23/06/2026 Opportunities in recent issuance consensus and within the 13.5-14.0% operating range. Management remains confident of delivering 2026 revenue of around EUR 33bn. 22/06/2026 Trade of the week: Belfius Bank

Recent new issues Issue Date Issuing Entity Capital type Maturity Cpn type Coupon Cpn deferrable Equity conv. CoCo/CCN Min piece Credit risk flag Valuation view Indicative market data

ISIN Currency Reg. Call Call date Step-up Cpn after Coupon Principal write- Trigger ratio, Bond rating Segment Accrued Yield to…