This report has been generated out of the regular production cycles and can differ
from the periodic reporting.
Consolidated investment
report
1 September to 30 September 2025
Mikhail Gerchuk
Client number
6.39838.3
Reference date
30.09.2025
Creation date
01.10.2025
Reference currency
USD
Portfolios
6.39838.3 6001
6.39838.3 6002
6.39838.3 6003
6.39838.3 6004
6.39838.3 6005
6.39838.3 6006
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 6001
6.39838.3 6002
6.39838.3 6003
6.39838.3 6004
6.39838.3 6005
6.39838.3 6006 only,

|  Portfolio    |  Asset performance
Performance overview
USD
Assets as of 01.09.20253 713 023,08
-   Net money outflow-2 536,89
+  Net securities inflow+0,00
-   Withholding tax-279,72
Adjusted assets3 710 206,47
+  Interest income (gross)+11 671,26
+  Dividend income (gross)+932,42
+  Other income (gross)+0,00
-   Interest expenses-0,00
+  Price gain+86 523,81
Performance before fees99 127,49
-   Periodical fees-2 875,88
-0,08%
-   Transaction fees-0,00
0,00%
-   Taxes and external fees-393,32
-0,01%
-   External asset manager fee-0,00
0,00%
Performance after fees95 858,29
Assets as of 30.09.20253 806 064,76
Average invested capital3 710 658,70
Money-weighted return2,58%
Time-weighted return2,58%
Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
202020212022202320242025
-2%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Return history
Time-weighted return (YTD): 11,71%
 monthly
 cumulated
Time-weighted return since 2024: 14,66%
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
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 document
Bank J. Safra Sarasin AG2/22

Cash
2,31%
➥ Page 5
Bonds
6,41%
➥ Page 8
Equities
81,40%
➥ Page 11
Other assets
9,88%
➥ Page 18
|  Portfolio    |  Breakdown of assets
USD
CashBondsEquitiesOther assetsTotal
USD%USD%USD%USD%USD%
USD88 043,442,31244 009,476,412 824 693,1374,22376 044,539,883 532 790,5792,82
GBP----136 275,323,58--136 275,323,58
EUR----95 514,172,51--95 514,172,51
CHF----41 484,701,09--41 484,701,09
Total88 043,442,31244 009,476,413 097 967,3281,40376 044,539,883 806 064,76100,00
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG3/22

|  Portfolio    |  Return contribution
Valuation per reference dateAverage invested capitalWeightReturnContribution
USD USD%%%
Cash88 043,4485 889,812,31-3,35-0,08
Bonds244 009,47237 314,576,402,820,18
Equities3 097 967,323 022 224,7981,452,692,19
Other assets376 044,53365 229,539,842,960,29
Total3 806 064,763 710 658,70100,002,58
Contribution by position
Alphabet Inc -A-
CITI-NVDA Bonus Ct. 20.02.26
Alphabet Inc -C-
BIL-TSLA Bonus Ct. 20.02.26
iShs Silver Trust
SLB Reg Shs
EPAM Systems Inc
Estée Lauder Companies Inc -A-
CITI-AMZN Bonus Ct. 20.02.26
CITI-GOOG Bonus Ct. 06.04.26
Worst contributors
Best contributors
-1%0%1%
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG4/22

|  1. Cash    |  1.1 Overview
2,31%
Valuation per reference dateAverage invested capitalWeightReturnContribution
USD USD%%%
AUSD88 043,4485 889,81100,00-3,35-3,35
Total88 043,4485 889,81100,00-3,35
Breakdown by currency
A
AUSD100,00%
Cash weight year to date
Jan 25Feb 25Mar 25Apr 25May 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25
-1
0
1
2
3
4
5
in %
Cash➥ Page
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG5/22

|  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 4001 / CH47 0875 0063 9838 3400 1
 
USD12 762,7012 762,700,34
Current account USD
6.39838.3 4002 / CH20 0875 0063 9838 3400 2
 
USD2 190,352 190,350,06
Current account USD
6.39838.3 4003 / CH90 0875 0063 9838 3400 3
 
USD3 046,773 046,770,08
Current account USD
6.39838.3 4004 / CH63 0875 0063 9838 3400 4
 
USD-56,53-56,530,00
Current account USD
6.39838.3 4005 / CH36 0875 0063 9838 3400 5
 
USD3 491,703 491,700,09
Current account USD
6.39838.3 4006 / CH09 0875 0063 9838 3400 6
 
USD195,95195,950,01
Current account USD - Income
6.39838.3 4009 / CH25 0875 0063 9838 3400 9
 
USD817,25817,250,02
Current account USD - Income
6.39838.3 4010 / CH95 0875 0063 9838 3401 0
 
USD0,000,000,00
Current account USD - Income
6.39838.3 4011 / CH68 0875 0063 9838 3401 1
 
USD8 398,908 398,900,22
Current account USD - Income
6.39838.3 4012 / CH41 0875 0063 9838 3401 2
 
USD19 118,7819 118,780,50
Current account USD - Income
6.39838.3 4013 / CH14 0875 0063 9838 3401 3
 
USD38 029,6438 029,641,00
Current account USD - Income
6.39838.3 4014 / CH84 0875 0063 9838 3401 4
 
USD47,9347,930,00
Total USD
 
88 043,442,31
➥ Continued
 ➥ Seite
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG6/22

|  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 %
GBP
Current account GBP
6.39838.3 4007 / CH79 0875 0063 9838 3400 7
 
GBP0,000,000,00
Total GBP
 
0,000,00
Total Cash
 
88 043,442,31
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG7/22

|  2. Bonds    |  2.1 Overview
6,41%
Valuation per reference dateAverage invested capitalWeightReturnContribution
USD USD%%%
AUSD244 009,47237 314,57100,002,822,82
Total244 009,47237 314,57100,002,82
Breakdown by currency
A
AUSD100,00%
Bonds➥ Page
Mikhail Gerchuk
6.39838.3
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6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG8/22

|  2. Bonds    |  2.2 Positions
Description
ISIN/Sec. no.
Nominal
Ccy
Purchase price
Ccy buying rate
Last purch. date
Price
Ccy rate
Variation in %RedemptionRating
Agency
YTM%
MODD
YTC%
Next call
date
Valuation in USD
Accrued interest
Proportion
in %
USD
5.827% Citigroup Inc
Floating Rate Notes 2024-13.02.2035
Subordinated
US172967PG03 / 132837631
 
160 000,00
USD
99,63
23.05.24
104,014,4013.02.35Baa2
M
5,32
6,56
5,23
13.02.2034
166 413,60
1 243,09
4,40
5.875% Ecopetrol SA
Bonds 2021-02.11.2051
Senior
US279158AQ26 / 114567543
 
100 000,00
USD
71,13
14.05.24
73,943,9502.11.51Ba1
M
8,34
10,90
8,36
02.05.2051
73 937,50
2 415,28
2,01
Total USD
 
244 009,476,41
Total Bonds
 
244 009,476,41
Thereof accrued interest
 
3 658,37
 ➥ Seite
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG9/22

|  2. Bonds    |  2.3 Maturities
Anticipated maturities and expected interest revenue for the next 12 months
MonthUSDTotal in USD
Oct. 25
Nov. 252 9382 938
Dec. 25
Jan. 26
Feb. 264 7654 765
Mar. 26
Apr. 26
May 262 9382 938
June 26
July 26
Aug. 264 6884 688
Sep. 26
Asset ccy15 329
USD15 32915 329
MaturitiesInterest
Oct. 25Nov. 25Dec. 25Jan. 26Feb. 26Mar. 26Apr. 26May 26June 26July 26Aug. 26Sep. 26
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
Anticipated maturities and interest for the next 12 months in USD
Expected interests are projected for a maximum of 10 years.
Anticipated maturities and expected interest revenue by year
YearUSDTotal in USD
20252 9382 938
202615 32815 328
202715 32815 328
202815 35415 354
202915 32815 328
203015 32815 328
203115 32815 328
203215 35415 354
203315 32815 328
203415 32815 328
>2034267 703267 703
Without
maturity
Asset ccy408 645
USD408 645408 645
MaturitiesInterest
2025202620272028202920302031203220332034>2034Without maturity
0
30 000
60 000
90 000
120 000
150 000
180 000
210 000
240 000
270 000
Anticipated maturities and interest by year in USD
 
Redemption analysis
(USD)  ➥ Page
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG10/22

|  3. Equities    |  3.1 Overview
81,40%
Valuation per reference dateAverage invested capitalWeightReturnContribution
USD USD%%%
AEquities North America2 722 922,602 662 266,8088,092,442,15
BEquities Other European136 275,32133 198,584,413,010,13
CEquities World multi-currency101 770,53101 511,673,360,400,01
DEquities Euroland95 514,1783 875,992,7813,880,39
EEquities Switzerland41 484,7041 371,751,370,270,00
Total3 097 967,323 022 224,79100,002,69
Breakdown by region
A
AEquities North America87,89%
BEquities Other European4,40%
CEquities World multi-currency3,29%
DEquities Euroland3,08%
EEquities Switzerland1,34%
Contribution by position
Alphabet Inc -A-
CITI-NVDA Bonus Ct. 20.02.26
Alphabet Inc -C-
BIL-TSLA Bonus Ct. 20.02.26
Kering
SLB Reg Shs
EPAM Systems Inc
Estée Lauder Companies Inc -A-
CITI-AMZN Bonus Ct. 20.02.26
CITI-GOOG Bonus Ct. 06.04.26
Worst contributors
Best contributors
-1%0%1%
Equities➥ Page
Mikhail Gerchuk
6.39838.3
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6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG11/22

|  3. Equities    |  3.2 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
16.13% EFG International Finance (GUE) Ltd
PANW/CRWD
Reverse Conv. 01.12.2025
CH1373752984 / 137375298
 
50 000,00100,00
18.11.24
105,955,95USD52 975,001,39
Banque Internationale a Luxembourg S.A.
JPM
Bonus Cert. 20.02.2026
CH1453384807 / 145338480
 
70 000,00100,00
07.08.25
102,982,98USD72 086,001,89
Banque Internationale a Luxembourg S.A.
TSLA
Bonus Cert. 20.02.2026
CH1453384781 / 145338478
 
90 000,00100,00
07.08.25
118,6418,64USD106 776,002,81
Citigroup Global Markets Funding (LU)
AAPL
Bonus Cert. 20.02.2026
XS3126709685 / 147218843
 
250 000,00100,00
07.08.25
106,516,51USD266 275,007,00
Citigroup Global Markets Funding (LU)
AMZN
Bonus Cert. 20.02.2026
XS3126708877 / 147218775
 
210 000,00100,00
07.08.25
98,36-1,64USD206 556,005,43
Citigroup Global Markets Funding (LU)
MSFT
Bonus Cert. 20.02.2026
XS3126709412 / 147218015
 
120 000,00100,00
07.08.25
95,46-4,54USD114 552,003,01
Citigroup Global Markets Funding (LU)
MSFT
Bonus Cert. 20.02.2026
XS3126709412 / 147218015
 
180 000,00100,00
07.08.25
95,46-4,54USD171 828,004,51
➥ Continued
 ➥ Seite
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG12/22

|  3. Equities    |  3.2 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 %
Citigroup Global Markets Funding (LU)
NVDA
Bonus Cert. 20.02.2026
XS3126716466 / 147218727
 
330 000,00100,00
07.08.25
102,262,26USD337 458,008,87
14.2% Nomura International Funding Pte Ltd
PLTR
Reverse Conv. 31.03.2026
XS2956625490 / 143533725
 
100 000,00100,00
24.03.25
101,10
26.09.25
1,10USD101 100,00
1 104,44
2,69
15.9996% Nomura International Funding Pte Ltd
TSLA/UBER
Reverse Conv. 31.03.2026
XS2956618107 / 143533722
 
100 000,00100,00
24.03.25
101,23
26.09.25
1,23USD101 230,00
1 244,41
2,69
13% Nomura International Funding Pte Ltd
C/BX/WFC
Reverse Conv. 06.04.2026
XS2956643048 / 143533717
 
100 000,00100,00
24.03.25
100,91
26.09.25
0,91USD100 910,00
830,56
2,67
15% Nomura International Funding Pte Ltd
DELL/ORCL
Reverse Conv. 06.04.2026
XS2956648948 / 143539153
 
100 000,00100,00
24.03.25
101,08
26.09.25
1,08USD101 080,00
958,33
2,68
Citigroup Global Markets Funding (LU)
GOOG
Bonus Cert. 06.04.2026
XS3131181003 / 148397744
 
30 000,00100,00
19.09.25
93,91-6,09USD28 173,000,74
Citigroup Global Markets Funding (LU)
GOOG
Bonus Cert. 06.04.2026
XS3131181003 / 148397744
 
120 000,00100,00
19.09.25
93,91-6,09USD112 692,002,96
➥ Continued
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG13/22

|  3. Equities    |  3.2 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 %
Citigroup Global Markets Funding (LU)
GOOG
Bonus Cert. 06.04.2026
XS3131181003 / 148397744
 
60 000,00100,00
19.09.25
93,91-6,09USD56 346,001,48
23.75% Nomura International Funding Pte Ltd
COIN
Reverse Conv. 12.06.2026
XS3026769508 / 145696965
 
135 000,00100,00
30.05.25
102,86
26.09.25
2,86USD138 861,003,65
17.1504% Nomura International Funding Pte Ltd
APO/KKR
Reverse Conv. 16.06.2026
XS3026756604 / 145830490
 
100 000,00100,00
03.06.25
99,54
26.09.25
-0,46USD99 540,002,62
16.5% Nomura International Funding Pte Ltd
INTC/TXN
Reverse Conv. 04.09.2026
XS3118565889 / 148231913
 
135 000,00100,00
21.08.25
99,04
26.09.25
-0,96USD133 704,003,51
Constellation Software Inc
Constellation Software Inc
Call 0
31.03.2040
CA21037X1345 / 129231130
 
26,0043,42
1,3806
09.04.24
0,00
23.08.23
1,3915
-100,00
-0,78
CAD0,000,00
Berkshire Hathaway Inc -B-
US0846707026 / 10926529
BRK/B US
 
174,00165,68
09.04.24
502,74203,44USD87 476,762,30
Beyond Meat Inc
US08862E1091 / 44967515
BYND UQ
 
2 313,007,20
23.05.24
1,89-73,74USD4 371,570,11
EPAM Systems Inc
US29414B1044 / 13194213
EPAM UN
 
101,00244,92
16.12.24
150,79-38,43USD15 229,790,40
➥ Continued
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG14/22

|  3. Equities    |  3.2 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 %
Estée Lauder Companies Inc -A-
US5184391044 / 99350
EL US
 
1 030,0097,00
08.11.24
88,12-9,15USD1,5990 763,602,38
HCA Healthcare Inc
US40412C1018 / 11321027
 
32,00308,62
08.01.25
426,2038,10USD0,6613 638,400,36
Lockheed Martin Corp
US5398301094 / 351011
LMT US
 
113,00523,98
08.01.25
499,21-4,73USD2,6456 410,731,48
Moderna Inc
US60770K1079 / 44811242
MRNA US
 
540,0038,54
15.11.24
25,83-32,98USD13 948,200,37
Moderna Inc
US60770K1079 / 44811242
MRNA US
 
822,00121,44
08.11.24
25,83-78,73USD21 232,260,56
Nike Inc -B-
US6541061031 / 957150
NKE
 
259,0092,06
23.05.24
69,73-24,26USD2,2918 060,070,47
Palo Alto Networks Inc
US6974351057 / 18379378
 
126,00195,28
15.11.24
203,624,27USD25 656,120,67
Palo Alto Networks Inc
US6974351057 / 18379378
 
57,00169,69
08.01.25
203,6219,99USD11 606,340,30
SLB
USD 0.01 nom Registered Share
AN8068571086 / 555100
SLB US / SLB
 
910,0044,02
03.10.24
34,37-21,92USD3,2931 276,700,82
➥ Continued
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG15/22

|  3. Equities    |  3.2 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 %
SOLVENTUM CORP
USD 0.01 nom Registered Share
US83444M1018 / 133635906
 
70,0077,32
12.04.24
73,00-5,59USD5 110,000,13
Skyworks Solutions Inc
US83088M1027 / 1437573
SWKS US
 
284,0091,01
16.12.24
76,98-15,41USD3,6521 862,320,57
Total Equities North America
 
2 722 922,6071,54
Equities Other European
14.7% Nomura International Funding Pte Ltd
GLEN/AAM/RIO
Reverse Conv. 16.06.2026
XS3026774847 / 145830500
 
100 000,00100,00
1,3554
03.06.25
101,23
26.09.25
1,3462
1,23
-0,68
GBP136 275,323,58
Total Equities Other European
 
136 275,323,58
Equities World multi-currency
12.9996% Nomura International Funding Pte Ltd
GEV/ETN
Reverse Conv. 06.04.2026
XS2956636778 / 143533732
 
100 000,00100,00
24.03.25
100,94
26.09.25
0,94USD100 940,00
830,53
2,67
Total Equities World multi-currency
 
101 770,532,67
Equities Euroland
Kering
FR0000121485 / 21591
PP FP / PRTP.PA
 
140,00248,19
1,1274
02.10.24
282,55
1,1750
13,85
4,22
EUR2,1246 477,541,22
➥ Continued
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG16/22

|  3. Equities    |  3.2 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 %
LVMH Moet Hennessy Louis Vuitton SE
FR0000121014 / 507170
MC FP / LVMH.PA
 
50,00561,32
1,0655
09.04.24
520,50
1,1750
-7,27
10,27
EUR2,5030 578,100,80
Zalando SE
DE000ZAL1111 / 25375574
 
244,00107,30
1,0655
09.04.24
26,01
1,1750
-75,76
10,27
EUR7 456,760,20
Zalando SE
DE000ZAL1111 / 25375574
 
360,0074,81
1,0637
09.04.24
26,01
1,1750
-65,23
10,46
EUR11 001,770,29
Total Equities Euroland
 
95 514,172,51
Equities Switzerland
Roche Holding AG -GS-
CH0012032048 / 1203204
 
127,00345,80
0,9121
09.04.24
259,90
0,7957
-24,84
14,64
CHF3,7341 484,701,09
Total Equities Switzerland
 
41 484,701,09
Total Equities
 
3 097 967,3281,40
Thereof accrued interest
 
4 968,27
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG17/22

|  4. Other assets    |  4.1 Overview
9,88%
Valuation per reference dateAverage invested capitalWeightReturnContribution
USD USD%%%
AAlternative investments201 897,03201 897,0355,280,000,00
BCommodities/metals174 147,50163 332,5044,726,622,96
Total376 044,53365 229,53100,002,96
Breakdown by asset class
A
B
AAlternative investments53,69%
BCommodities/metals46,31%
Other assets➥ Page
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG18/22

|  4. Other assets    |  4.2 Positions
Description
ISIN/Sec. no.
QuantityPurchase price
Ccy buying rate
Last purch. date
Price
Ccy rate
Variation in %
YTM%
MODD
YTC%
Next call date
CcyValuation in USD
Accrued interest
Proportion
in %
Alternative investments
BlackOak Investors LP
(USD) -IG-
GB00BMDV0X60 / 113517818
 
15 435,552712,98
07.11.24
13,08
28.02.25
0,80USD201 897,035,30
Total Alternative investments
 
201 897,035,30
Commodities/metals
Barclays Bank PLC
SLV.US
Outperfomance Cert. 29.06.2026
XS3051914854 / 145664564
 
100 000,00100,00
16.06.25
100,00
02.06.25
USD100 000,002,63
iShares Silver Trust
US46428Q1094 / 2546720
SLV UP
 
1 750,0028,05
23.05.24
42,3751,04USD74 147,501,95
Total Commodities/metals
 
174 147,504,58
Total Other assets
 
376 044,539,88
 ➥ Seite
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG19/22

|  Glossary
Accounts
6.39838.3 4001/USD
6.39838.3 4002/USD
6.39838.3 4003/USD
6.39838.3 4004/USD
6.39838.3 4005/USD
6.39838.3 4006/USD
6.39838.3 4007/GBP
6.39838.3 4009/USD
6.39838.3 4010/USD
6.39838.3 4011/USD
6.39838.3 4012/USD
6.39838.3 4013/USD
6.39838.3 4014/USD
Currency (Ccy) rates
1 EUR = 1,174951 USD
1 GBP = 1,346195 USD
1 USD = 1,391462 CAD
1 USD = 0,79565 CHF
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
MODD
Duration modified to maturity (%)
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.
Next call date
Next call date
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
Rating
The rating reflects the issuer's credit standing. The rating shown is awarded by either
Moody's (M) or Standard & Poor's (S&P).
Redemption analysis
The redemption analysis shows the redemption figures in the referred currency according
to calendar year. The conversion is carried out with reference date related exchange rates
and therefore can only be understood as an indication. Possible loss risk is not taken into
account.
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
YTC%
Yield to Call (%)
YTM%
Yield to maturity (%)
Mikhail Gerchuk
6.39838.3
6.39838.3 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG20/22

|  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 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG21/22

|  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 6001
6.39838.3 6002
...
Reference currency: USD
Reference date: 30.09.2025
Creation date: 01.10.2025
Bank J. Safra Sarasin AG22/22