This report has been generated out of the regular production cycles and can differ from the periodic reporting. Investment report 1 September to 30 September 2025 Mikhail Gerchuk Execution Only- Pre 17/18 Capital Client number 6.39838.3 Reference date 30.09.2025 Creation date 01.10.2025 Reference currency USD Portfolio 6.39838.3 6000 Execution Only- Pre 1... Client Categorisation Private client Bank J. Safra Sarasin AG Bleicherweg 1 / Paradeplatz Postfach 2123 CH-8022 Zürich T: +41 (0)58 317 51 51 F: +41 (0)58 317 51 00 BIC SARACHBB www.jsafrasarasin.ch Your external client advisor UCAP Asset Management (Middle East) Limited This Investment report covers portfolio 6.39838.3 6000 only, other portfolios (if any) held under your client number are not part of this report. | Portfolio | Asset performance Performance overview USD Assets as of 01.09.2025653 228,55 + Net money inflow+2 536,89 + Net securities inflow+0,00 - Withholding tax-39,12 Adjusted assets655 726,32 + Interest income (gross)+0,00 + Dividend income (gross)+130,39 + Other income (gross)+0,00 - Interest expenses-0,00 + Price gain+34 451,85 Performance before fees34 582,24 - Periodical fees-488,08 -0,07% - Transaction fees-346,42 -0,05% - Taxes and external fees-103,85 -0,02% - External asset manager fee-0,00 0,00% Performance after fees33 643,89 Assets as of 30.09.2025689 370,21 Average invested capital655 592,94 Money-weighted return5,13% Time-weighted return5,13% Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25 -6% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 202020212022202320242025 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Return history Time-weighted return (YTD): 13,61% monthly cumulated Time-weighted return since 2024: 46,47% Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Definitions, abbreviations and additional explanations can be found in the glossary at the end of the documentBank J. Safra Sarasin AG2/14 Cash 41,88% ➥ Page 5 Equities 58,12% ➥ Page 7 | Portfolio | Breakdown of assets CashBondsEquitiesOther assetsTotal USD%USD%USD%USD%USD% USD288 705,5841,88--400 664,6358,12--689 370,21100,00 Total288 705,5841,88--400 664,6358,12--689 370,21100,00 Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG3/14 | Portfolio | Return contribution Valuation per reference dateAverage invested capitalWeightReturnContribution USD USD%%% Cash288 705,58286 390,7543,681,820,80 Equities400 664,63369 202,1956,327,704,34 Total689 370,21655 592,94100,005,13 Contribution by position Nebius Group Reg Shs -A- Rigetti Comp Reg Shs IShs Bitcoin Trust USD Shs Benef Int ETF-Dis D-Wave Quantum Reg Shs SFD GUAR (NVDA) 09-SEP-2025 (S129.4801/EU Zillow Group Inc -A- iShares Ethereum Trust USD Shs of Ben Int NVIDIA Corp Airbnb Inc -A- VEON Ltd -Spons.ADR- Reg Shs Worst contributors Best contributors -4%-3%-2%-1%0%1%2%3% Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG4/14 | 1. Cash | 1.1 Overview 41,88% Valuation per reference dateAverage invested capitalWeightReturnContribution USD USD%%% AUSD288 705,58286 390,75100,001,821,82 Total288 705,58286 390,75100,001,82 Breakdown by currency A AUSD100,00% Cash weight year to date Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25 -5 0 5 10 15 20 25 30 35 40 45 in % Cash➥ Page Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG5/14 | 1. Cash | 1.2 Positions Description Account/IBAN CcyNominalPurchase price Ccy buying rate Price Ccy rate Valuation in USD Accrued interest YTM% MODD Proportion in % USD Current account USD 6.39838.3 4000 / CH74 0875 0063 9838 3400 0 USD113 028,32113 028,3216,40 Current account USD - Income 6.39838.3 4008 / CH52 0875 0063 9838 3400 8 USD15 963,1615 963,162,32 IShares Bitcoin Trust USD Shs Benef Int iShares Bitcoin Trust ETF -Distribution- ISIN no.: US46438F1012 Securities no.: 128499088 USD2 016,0055,945965,0000131 040,0019,01 iShares Ethereum Trust USD Shs of Ben Int ISIN no.: US46438R1059 Securities no.: 134078051 Bloomberg no.: ETHA US USD910,0033,131231,510028 674,104,16 Total USD 288 705,5841,88 Total Cash 288 705,5841,88 ➥ Seite Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG6/14 | 2. Equities | 2.1 Overview 58,12% Valuation per reference dateAverage invested capitalWeightReturnContribution USD USD%%% AEquities North America246 041,23231 276,6962,645,073,18 BEquities Emerging Markets96 467,54102 535,7427,77-5,92-1,64 CEquities Euroland58 155,8635 389,769,5964,336,17 Total400 664,63369 202,19100,007,70 Breakdown by region A B C AEquities North America61,41% BEquities Emerging Markets24,08% CEquities Euroland14,51% Contribution by position Nebius Group Reg Shs -A- Rigetti Comp Reg Shs D-Wave Quantum Reg Shs SFD GUAR (NVDA) 09-SEP-2025 (S129.4801/EU Shopify Inc -A- Subord Voting The Trade Desk Inc -A- Zillow Group Inc -A- NVIDIA Corp Airbnb Inc -A- VEON Ltd -Spons.ADR- Reg Shs Worst contributors Best contributors -4%-3%-2%-1%0%1%2%3% Equities➥ Page Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG7/14 | 2. Equities | 2.2 Positions Description ISIN/Sec. no. QuantityPurchase price Ccy buying rate Last purch. date Price Ccy rate Variation in %Ccy Div.Yield % Valuation in USD Accrued interest Proportion in % Equities North America Airbnb Inc -A- US0090661010 / 58382412 480,0095,64 09.04.24 121,4226,96USD58 281,608,45 CrowdStrike Holdings Inc -A- US22788C1053 / 47976949 CRWD US 18,00134,83 09.04.24 490,38263,69USD8 826,841,28 D-Wave Quantum Inc USD 0.0001 nom Registered Share US26740W1099 / 120490456 582,0016,90 04.08.25 24,7146,18USD14 381,222,09 Datadog Inc -A- US23804L1035 / 49718937 DDOG UW 32,0075,84 09.04.24 142,4087,75USD4 556,800,66 DocuSign Inc US2561631068 / 41193881 DOCU UW 115,0042,80 05.04.24 72,0968,43USD8 290,351,20 Etsy Inc US29786A1060 / 27396460 15,00195,60 09.04.24 66,39-66,06USD995,850,14 Fastly Inc -A- US31188V1008 / 47567307 73,0072,95 09.04.24 8,55-88,28USD624,150,09 HubSpot Inc US4435731009 / 25302411 40,00123,10 09.04.24 467,80280,02USD18 712,002,71 Moderna Inc US60770K1079 / 44811242 MRNA US 22,00126,77 09.04.24 25,83-79,62USD568,260,08 ➥ Continued ➥ Seite Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG8/14 | 2. Equities | 2.2 Positions Description ISIN/Sec. no. QuantityPurchase price Ccy buying rate Last purch. date Price Ccy rate Variation in %Ccy Div.Yield % Valuation in USD Accrued interest Proportion in % NVIDIA Corp US67066G1040 / 994529 NVDA UW 48,004,63 09.04.24 186,583 931,26USD0,028 955,841,30 Okta Inc -A- US6792951054 / 36082513 42,00122,40 09.04.24 91,70-25,08USD3 851,400,56 Pfizer Inc US7170811035 / 962004 PFE US / PFE 266,0028,82 09.04.24 25,48-11,59USD6,716 777,680,98 Pinterest Inc -A- US72352L1061 / 47103960 74,0047,46 09.04.24 32,17-32,22USD2 380,580,35 Rigetti Computing Inc USD 0.0001 nom Registered Share US76655K1034 / 117112292 690,0014,75 04.08.25 29,79101,91USD20 555,102,98 Shopify Inc -A- Subord Voting CA82509L1076 / 27926256 SHOP UN 180,0027,89 09.04.24 148,61432,86USD26 749,803,88 Teladoc Health Inc US87918A1051 / 28438140 TDOC UN 163,0035,81 09.04.24 7,73-78,41USD1 259,990,18 The Trade Desk Inc -A- US88339J1051 / 33717137 TTD UQ 120,0036,69 09.04.24 49,0133,57USD5 881,200,85 Unitedhealth Group Inc US91324P1021 / 1078451 UNH 59,00335,89 09.09.25 345,302,80USD2,5020 372,702,96 ➥ Continued Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG9/14 | 2. Equities | 2.2 Positions Description ISIN/Sec. no. QuantityPurchase price Ccy buying rate Last purch. date Price Ccy rate Variation in %Ccy Div.Yield % Valuation in USD Accrued interest Proportion in % Upstart Holdings Inc US91680M1071 / 58052754 UPST US 27,00136,26 09.04.24 50,80-62,72USD1 371,600,20 Upwork Inc US91688F1049 / 43633481 178,0023,58 09.04.24 18,57-21,26USD3 305,460,48 Vertex Pharmaceuticals Inc US92532F1003 / 983327 VRTX US 14,00272,43 09.04.24 391,6443,76USD5 482,960,80 Workday Inc -A- US98138H1014 / 19408073 45,00116,16 09.04.24 240,73107,25USD10 832,851,57 Zillow Group Inc -A- US98954M1018 / 27201263 ZG US 175,0028,99 09.04.24 74,44156,74USD13 027,001,89 Total Equities North America 246 041,2335,69 Equities Emerging Markets VEON Ltd -Sponsored ADR- Registered Share US91822M5022 / 125240129 1 694,00183,25 09.04.24 54,43-70,30USD92 204,4213,38 Wix.com Ltd IL0011301780 / 22510221 24,00231,33 09.04.24 177,63-23,21USD4 263,120,62 Total Equities Emerging Markets 96 467,5413,99 ➥ Continued Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG10/14 | 2. Equities | 2.2 Positions Description ISIN/Sec. no. QuantityPurchase price Ccy buying rate Last purch. date Price Ccy rate Variation in %Ccy Div.Yield % Valuation in USD Accrued interest Proportion in % Equities Euroland Nebius Group N.V. NL0009805522 / 12955842 NBIS US 518,0059,65 13.08.25 112,2788,22USD58 155,868,44 Total Equities Euroland 58 155,868,44 Total Equities 400 664,6358,12 Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG11/14 | Glossary Accounts 6.39838.3 4000/USD 6.39838.3 4008/USD Glossary Accrued interest Interest accrued up to reference date Contribution Contribution of single asset categories to the overall return. The calculation is comprised of the product of weight and return of the respective asset category. The sum of all contributions equals the money-weighted return. Contribution by position Presentation of the five positions with the best and worst contribution respectively Money-weighted return The money-weighted return shows the performance of the portfolio relative to the average invested capital. The timing of flows (cash/securities) can strongly affect the return. Viewed from the clients perspective this would be the proper way of calculating the return. Other assets These include alternative and cross asset investments as well as real estate, commodities/metals and other assets. Performance The performance is calculated before withholding tax (gross) and after fees (net). Price gain/loss Realised and unrealised gains or losses Reference currency Reference currency of this report might not be the currency of client ’s domicile. Total assets and returns may increase or decrease as a result of currency fluctuations. Return Money-weigthed returns of the respective asset category. It is to be noted that fees are attributed to the asset category 'Cash' and this may blur the return contribution. Return history All performance and return figures refer to mentioned period and rely to the past. Past performance is not a reliable indicator of future results. Time-weighted return The time-weighted return is a combination of the monthly returns. Each month is of equal significance to the evaluation of the overall return, irrespective of the amount of the invested capital. Viewed from a comparability perspective the time-weighted return would be the proper way of calculating the return. Variation in % Variation relative to the purchase price since inception of the position in percent Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG12/14 | Important information regarding inducements (See article 27 of the General Terms of Business of Bank J. Safra Sarasin Ltd) 27. Inducements and conflicts of interest The Client acknowledges and agrees that in the course of the Bank ’s business relationship with the Client, e.g. in connection with acquiring or distributing collective investment schemes, structured products or other financial instruments, the Bank may receive and retain financial compensation (e.g. distribution fees, trail commissions, acquisition commissions, rebates), or other discounts and benefits (e.g. free financial or sales material from product providers) (the “Inducements”) from third parties (including related entities of the Bank). The amount and periodicity of these Inducements may vary depending on the financial instrument or its provider and may change over time. The following overview shows the currently applicable ranges for such Inducements. a.The Bank may receive Inducements in connection with the distribution of collective investment schemes (the “Investment Funds”). Such Inducements are paid periodically (e.g. quarterly) throughout the entire holding period, based on the volume of shares/units of the Investment Fund held by the Bank in client safe custody accounts. Generally expressed as a percentage of assets invested by the Client in the respective Investment Fund, the amount of such Inducements is within the following ranges per year: • money market funds (0–1%); • bond funds (0–2%); • equity and investment strategy funds (0–2.5%); • real estate funds (0-3%); • hedge funds (0-3%); • crypto funds (0-3%); • funds for alternative investments (0-3%); and • other funds (0–3%). b.For the distribution of structured products, the Bank may receive Inducements in the form of a one-off discount on the issue price or in the form of a structuring fee. The amounts range between 0 and 5% of the amount invested by the Client in the respective structured product. c.Inducements may also be received in connection with the distribution of other investments (e.g. fiduciary deposits). The amount of these Inducements is usually based on the average volume held by the Bank and ranges between 0 and 2% per year of the assets invested by the Client in the respective product. The amount of Inducements that the Bank may receive can be calculated by multiplying the percentage of the respective financial instrument category (see let. a to c above) and the value of the Client ’s invested assets in that category. – Example: A Client subscribes to a money market fund for an investment amount of CHF 100 ’000. The recurring Inducements could amount to a maximum of 1% per year (see let. a above). For an investment of CHF 100’000 in this asset class, the Bank may therefore receive recurring Inducements of a maximum of 1% per year, i.e. a maximum of CHF 1 ’000 per year. In case of asset management, the maximum amount of Inducements that the Bank may receive can be expressed in relation to the assets in the respective safe custody account. Depending on the agreed investment strategy, these Inducements would range between 0 and 0.5% per year of the assets in the respective safe custody account. – Example: A Client has an asset management mandate totaling CHF 100’000. The maximum amount of recurring Inducements is 0.5% per year of the managed assets, i.e. a maximum of CHF 500 per year. In case of investment advice, i.e. whenever the Bank recommends investments to a Client, the amount of the expected Inducements per Client in relation to the assets in the respective safe custody account can only be quantified in advance if the Client follows all of the Bank ’s investment recommendations. In this case, the Inducements range between 0 and 2% per year of the assets in the respective safe custody account. – Example: A Client has an investment advisory mandate and the investment portfolio amounts to CHF 100 ’000. The maximum amount of recurring Inducements is 2% per year of the investment portfolio, i.e. a maximum of CHF 2’000 per year. To the extent that the Bank receives Inducements which the Bank would be required to pass on to the Client pursuant to article 400 of the Swiss Code of Obligations, article 26 of the Swiss Financial Services Act or any other applicable provisions, the Client expressly waives his right to receive future and past Inducements and agrees that the Bank may receive and retain such Inducements as an additional remuneration. Upon written request, the Bank will provide further information and disclose the amount of Inducements actually relating to the Client. The Bank may grant Inducements to third parties for the provision of certain services (particularly for referring or servicing Clients). The Client acknowledges and agrees that the disclosure of such Inducements to the Client is the sole responsibility of the third party and not the Bank. The receipt and granting of Inducements, including those which by their nature cannot be passed on to the Client (e.g. free financial research), may lead to an incentive on the part of the Bank (or, in the case of the granting of Inducements, on the respective third party) to consider certain financial instruments for which Inducements are paid (as opposed to financial instruments for which no Inducements are paid) or to prefer financial instruments for which higher inducements are paid. The Bank will notify the Client in writing or in another appropriate manner regarding its framework for managing conflicts of interest. Furthermore, the Bank implements adequate measures to prevent such conflicts from arising and ensures that the Client ’s interests remain safeguarded. Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG13/14 | General information The valuations of holdings in this investment report are based on standard information sources. Some valuations are based on approximate prices and values. These are not tax valuations and do not take into account the tax legislation in the country where the client is domiciled. The valuations are not binding for the Bank. Unsettled transactions and pledged assets (if any) are not specially marked. Rating information comes from independent agencies and does not necessarily represent the Bank's opinion. Ratings indicate the credit quality of an issuer and do not constitute a recommendation to buy, hold or sell a financial instrument. Flat fees charged for portfolio management mandates include the fees and costs typically incurred in connection with such services. More detailed information on the fees and costs is available upon request. Please note that a surcharge of 15% may apply on the custody fee for foreign securities. Your personal relationship manager is at your disposal to answer any questions. The client is requested to check this investment report. If the Bank does not receive from the client a complaint in writing within 20 working days from the dispatch date, this investment report shall be deemed to have been accepted by the client. Attention is also drawn to the Bank's General Terms of Contract (consisting of the General Terms of Business, Terms and Conditions for Payment and Securities Transactions and Safe Custody and Metal Account Regulations). An annual report disclosing the total service and financial instrument costs effectively incurred during the previous year can be requested via the client relationship manager. This investment report is not signed. Mikhail Gerchuk 6.39838.3 6.39838.3 6000 Reference currency: USD Reference date: 30.09.2025 Creation date: 01.10.2025 Bank J. Safra Sarasin AG14/14