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UBS Group AG resolves Credit Suisse regulatory matters related to Archegos.

Ad hoc announcement pursuant to Art. 53 LR

UBS Group AG and its subsidiary Credit Suisse announced a resolution with the Board of Governors of the US Federal Reserve System (“Federal Reserve”) and the UK Prudential Regulation Authority (“PRA”), as well as the conclusion of the Swiss Financial Market Supervisory Authority (“FINMA”) proceedings related to Credit Suisse’s relationship with Archegos Capital Management (“Archegos”).

As part of the resolutions announced today, Credit Suisse agreed to pay USD 269m to the Federal Reserve and GBP 87m (USD 119m) to the PRA. Credit Suisse AG will record an additional provision in its second quarter 2023 financial statements to reflect these resolutions. UBS Group AG will reflect the provision in purchase accounting for the acquisition of Credit Suisse, which was completed on 12 June 2023.

The Federal Reserve and FINMA have imposed remedial requirements relating to credit, liquidity and non-financial risk management, as well as oversight of remedial efforts.

UBS will implement its operational and risk management discipline and its culture across the combined organization. It has already begun implementing its risk framework, including actions addressing these regulatory findings, across Credit Suisse. UBS intends to resolve Credit Suisse’s outstanding litigation and regulatory matters in the best interest of its stakeholders, including investors, clients and employees.