FINANCIAL INSTITUTIONS

CREDIT OPINION LGT Bank AG 8 July 2021 Update to credit analysis

Update Summary We assign Aa2 (stable)/P-1 deposit ratings and a Aa3 (stable) senior unsecured debt rating to LGT Bank AG (LGT Bank). We further assign Aa1/P-1 Counterparty Risk Ratings (CRRs), an a2 Baseline Credit Assessment (BCA) and Adjusted BCA, and A3 junior senior unsecured debt ratings. RATINGS LGT Bank's Aa2 deposit ratings reflect its a2 BCA and the application of our Advanced LGT Bank AG Domicile , Loss Given Failure (LGF) analysis to its liabilities. The ratings incorporate one notch of Long Term CRR Aa1 uplift for government support because we view LGT Bank to be of systemic importance in Type LT Counterparty Risk Liechtenstein, being the country's largest bank by assets. Rating - Dom Curr Outlook Not Assigned LGT Bank's a2 BCA reflects its high and stable capitalisation and defensive liquidity, with Long Term Debt Aa3 funding predominantly stemming from customer deposits and liquid resources that represent Type Senior Unsecured - Dom Curr close to half of its assets. The BCA also takes into consideration the fact that LGT Bank's Outlook Stable credit risks from its asset portfolio are fairly limited and that the bank's private banking Long Term Deposit Aa2 business model exposes it foremost to market and operational risks. Furthermore, LGT Bank's Type LT Bank Deposits - Fgn Curr standalone creditworthiness captures the corporate governance risks arising from potential Outlook Stable conflicts of interest because of the bank's ownership by the Princely , which is also responsible for the state business. Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Exhibit 1 Rating Scorecard - Key financial ratios LGT Bank AG

LGT Bank AG Median a2-rated banks Contacts 30% 60%

Bernhard Held, CFA +49.69.70730.973 25% 53.6% 50% VP-Sr Credit Officer 20% 40% 21.6% [email protected] 40.3% 15% 30%

Michael Rohr +49.69.70730.901 10% 20% Senior Vice President 5% 10% [email protected] 0.3% 0.3% 0% 0% Alexander Hendricks, +49.69.70730.779 Asset Risk: Capital: Profitability: Funding Structure: Liquid Resources: Liquid CFA Problem Loans/ Tangible Common Net Income/ Market Funds/ Banking Associate Managing Director Gross Loans Equity/Risk-Weighted Tangible Assets Tangible Banking Assets Assets/Tangible Assets Banking Assets [email protected] Solvency Factors (LHS) Liquidity Factors (RHS) Carola Schuler +49.69.70730.766 Source: Moody's Investors Service MD-Banking [email protected] » Contacts continued on last page MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths » Global private banking franchise with a unique selling proposition and sound asset quality

» Recurring acquisitions are well covered by LGT Bank's ample capital buffer

» Sizeable liquid resources

Credit challenges » LGT Bank is exposed to typical risks applicable to private banks, such as reputational, legal and operational risks.

» LGT Bank's business model is sensitive to market risks, mainly because it is embedded into LGT Group Ltd.'s (LGT Group) wealth and business.

» There are potential conflicting business interests between LGT Bank and the Princely House of Liechtenstein, its sole owner.

Outlook » The stable rating outlook reflects our expectation of continued stable development in LGT Bank's key financial metrics and the bank's largely unchanged liability structure.

Factors that could lead to an upgrade » LGT Bank's ratings could be upgraded if its BCA is upgraded or the bank announces and executes future issuance plans driven by regulatory requirements, which would significantly increase the volume of subordinated and equal-ranking liabilities above our current expectations.

» LGT Bank's BCA could be upgraded if the bank benefits from a combination of sustained and significant growth in the group's assets under management (AUM) through net new money inflow, such that it results in overall improved solvency; a significant and sustained increase in the bank's profitability; significantly lower reputational and litigation risks; and significantly higher capitalisation.

» An upgrade of LGT Bank's BCA could also be triggered by a strengthening of its corporate governance, thereby significantly decreasing the direct influence of the bank's family owners over risk-taking and business strategies.

Factors that could lead to a downgrade » A downgrade of LGT Bank's ratings could be triggered following a downgrade of the bank's BCA or an increase in the expected loss severity, for example, because of a reduction in loss-absorbing instruments, resulting in fewer notches of rating uplift from our Advanced LGF analysis.

» A downgrade of LGT Bank's BCA could result from reduced capitalisation, possibly because of additional acquisitions; increasing asset risks from unexpected litigation charges in connection with typical private banking and wealth management risks; or weaker profitability.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

2 8 July 2021 LGT Bank AG: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Key indicators

Exhibit 2 LGT Bank AG (Unconsolidated Financials) [1] 12-202 12-192 12-182 12-172 12-162 CAGR/Avg.3 Total Assets (CHF Billion) 39.5 38.5 34.6 32.8 30.0 7.24 Total Assets (USD Billion) 44.7 39.8 35.1 33.6 29.5 11.04 Tangible Common Equity (CHF Billion) 3.1 3.2 3.0 2.8 2.9 2.54 Tangible Common Equity (USD Billion) 3.6 3.3 3.0 2.9 2.8 6.14 Problem Loans / Gross Loans (%) 0.3 0.3 0.3 0.2 0.3 0.35 Tangible Common Equity / Risk Weighted Assets (%) 21.6 21.3 20.3 19.3 22.6 21.06 Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 1.3 1.6 1.7 1.1 1.3 1.45 Net Interest Margin (%) 0.6 0.7 0.7 0.7 0.6 0.65 PPI / Average RWA (%) 1.0 1.0 0.9 0.9 1.2 1.06 Net Income / Tangible Assets (%) 0.3 0.3 0.3 0.3 0.4 0.35 Cost / Income Ratio (%) 80.9 80.0 80.6 80.6 75.0 79.45 Market Funds / Tangible Banking Assets (%) 40.3 36.3 34.8 34.1 35.8 36.25 Liquid Banking Assets / Tangible Banking Assets (%) 53.6 50.7 49.3 43.6 50.8 49.65 Gross Loans / Due to Customers (%) 77.8 82.3 84.1 93.6 82.6 84.15 [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] III - fully loaded or transitional phase-in; LOCAL GAAP. [3] May include rounding differences because of the scale of reported amounts. [4] Compound annual growth rate (%) based on the periods for the latest accounting regime. [5] Simple average of periods for the latest accounting regime. [6] Simple average of Basel III periods. Sources: Moody's Investors Service and company filings

Profile LGT Bank AG (LGT Bank) is a privately owned universal bank in Liechtenstein that operates as a subsidiary of LGT Group Ltd. (LGT Group), which is ultimately fully owned by the Prince of Liechtenstein Foundation, whose beneficiary is the reigning Prince of Liechtenstein, H.S.H. Prince Hans-Adam II von und zu Liechtenstein.

LGT Bank was established in 1920 as Bank in Liechtenstein AG. In 1930, the Princely House of Liechtenstein acquired a majority stake. Following various structural changes, the entity was renamed LGT Bank in January 2013. As of year-end 2020, LGT Group reported consolidated assets of CHF49.9 billion (2019: CHF49.4 billion) and AUM of CHF240.7 billion (2019: CHF227.9 billion), compared with CHF39.5 billion of total assets and CHF100.4 billion of AUM at LGT Bank as of year-end 2020. Recent developments All G-20 countries sustained severe output losses in 2020, but the contraction in some economies was sharper than in others. We expect the pace of improvement to be asymmetric across countries. The recovery path is beset with uncertainty and will remain highly dependent on the development and distribution of vaccines, effective management of the coronavirus pandemic and government policy support.

Liechtenstein offered adequate support to the local economy, mainly through guaranteed liquidity support. Firms particularly hit by the local shutdown benefit from direct grants to cover expenses and subsequent reopening costs. The stimulus will support Liechtenstein's economic recovery as the contraction resulting from the pandemic containment measures abates. The measures also included a short- term work scheme, which has helped keep the local unemployment rate low and has been extended until the end of September 2021.

Detailed credit considerations Global private banking franchise with a unique selling proposition and sound asset quality The aa3 Asset Risk score assigned to LGT Bank captures its very limited on-balance-sheet risks, marked by the near absence of problem loans, and moderate business risks. However, we apply a downward adjustment to LGT Bank's initial1 aa1 score to reflect the bank's susceptibility to reputational and legal (litigation) risks, as applicable to any .

LGT Bank's well-established global private banking franchise is complemented by its asset management activities and builds on the bank's and LGT Group's proven strength in traditional and alternative asset management.

3 8 July 2021 LGT Bank AG: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

LGT Group's flagship product, the Princely Portfolio, allows clients to replicate the investment strategies of the Princely House of Liechtenstein, a unique offering among private banks in and Liechtenstein. During the last six years, LGT Group added more than CHF100 billion to its AUM (see Exhibit 3), mainly through net money inflow (which accounted for around 60% of this growth) and acquisitions. Acquisitions included the successful integration of ABN AMRO Bank N.V.'s (A1/A1 stable, baa12) private banking business in and the , wealth managers such as LGT Vestra LLP (a UK-based wealth manager) and European Capital Fund Management (a private debt manager), which helped improve LGT Bank's franchise significantly.

As of December 2020, LGT Group's invested asset base increased by 6% to CHF240.7 billion, supported by a steady inflow of net new money (CHF11.6 billion in 2020). Despite the pandemic, this inflow of funds was broadly in line with average net new money amounts of the previous five years, as Exhibit 3 shows. A recovery of market values in the second half of 2020 helped neutralise negative foreign-exchange movements during 2020.

Exhibit 3 LGT Group's AUM growth is driven by net new money and recent acquisitions Development of AUM (including double counting) in CHF billion, 2014-2020

300 227.9 240.7 250 16.8 11.6 1.2 26.3 200 58.9

150

100 125.8 50

0 Dec 2014 Net New Net Acquisitions Market Dec 2019 Net New Market Dec 2020 Money Performance Money Performance & FX Impact & FX Impact Source: Company reports

LGT Bank's asset-quality metrics continue to display very low risk and high loan quality, comparing favourably with those of banks globally. LGT Bank's loan book decreased to CHF15.7 billion during 2020 (from CHF17.3 billion in December 2019), driven by client deleveraging. As of year-end 2020, LGT Bank's loan book had CHF3.0 billion of loans related to residential, office or commercial properties, while the remainder consisted principally of Lombard lending. The bulk of mortgage loans was concentrated in Liechtenstein and Switzerland and displayed conservative lending and valuation criteria with a robust track record. LGT Bank's mortgage portfolio has not recorded any significant deterioration in performance and its Lombard loans have maintained sound collateralisation levels, with no significant shortfalls even at times of peak market volatility.

Recurring acquisitions are well covered by LGT Bank's ample capital buffer The aa2 Capital score assigned to LGT Bank reflects its strong and high-quality capital, and its sound leverage ratio.

As of year-end 2020, LGT Bank's tangible common equity (TCE) ratio, our key metric for assessing capitalisation, improved to 21.6% from 21.4% as of year-end 2019. The December 2020 TCE leverage ratio of 8.0% (December 2019: 8.2%) underscores the high quality of LGT Bank's capital. For the purpose of regulatory reporting, the bank calculates its risk-weighted assets (RWA) using the conservative standardised approach.

As of the end of December 2020, LGT Bank also recorded an improved Common Equity Tier 1 (CET1) capital ratio of 20.7% (year-end 2019: 20.4%), supported by a decrease in market RWA.

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Exhibit 4 LGT Bank's capitalisation is strong

TCE ratio CET1 ratio TCE leverage 25.0% 21.3% 21.6% 20.3% 20.4% 20.7% 19.1% 20.0%

15.0% 12.5%

8.7% 10.0% 8.2% 8.0%

5.0%

0.0% 2018 2019 2020 Total capital requirement Source: Moody's Investors Service

As of the end of December 2020, LGT Group's regulatory total capital ratio increased to 21.9% from 19.9% as of year-end 2019. The group will maintain total capital ratios significantly above the regulatory minimum requirement of 13.6% (the total capital ratio) even in case of future acquisitive growth. More than one third of LGT Group's capital is derived from the value of the Princely Portfolio and, therefore, is subject to capital market volatility.

Sizeable liquidity is a credit strength LGT Bank's assigned Liquid Resources score is aa3, one notch below the initial score. LGT Bank benefits from significant unencumbered liquidity buffers even after the adjustment for intragroup assets.

In 2020, LGT Bank decreased the amount of outstanding net customer loans by more than CHF1 billion to CHF15.7 billion. At the same time, LGT Bank significantly grew its cash position (see Exhibit 5).

Exhibit 5 LGT Bank benefits from its strong liquidity Asset breakdown as a percentage of total assets (LHS) and liquid resources as a percentage of tangible banking assets (RHS)

Other assets Goodwill and other intangible assets Securities and investments Derivative assets Loans Due from banks Cash and balances with central banks Liquid Resources Ratio (RHS)

100% 60% 13% 14% 24% 20% 16% 15%

17% 75% 18% 21% 45% 29% 19% 16%

50% 30% 52% 46% 45% 40% 42% 44%

25% 15%

0% 0% 2015 2016 2017 2018 2019 2020 Source: Moody's Investors Service

As a result of its strong liquidity buffer, LGT Bank has maintained its liquidity coverage ratio (LCR) comfortably above the 100% regulatory requirement, with high-quality liquid assets of CHF13.8 billion as of year-end 2020 (2019: CHF12.6 billion) and an LCR of around 295% on a sustained basis at the end of each quarter last year.

Low dependence on market funds reflects the strong influence of client deposits on the balance-sheet structure We have positively adjusted LGT Bank's assigned Funding Structure score to a2 from b1, reflecting pass-through intragroup liabilities at bank level, which we do not consider market funding. As of year-end 2020, CHF9.6 billion of LGT Bank's CHF12.0 billion liabilities

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to banks consisted of intragroup funding obtained from LGT Group companies, which we expect to be available independent from external market funding sources.

LGT Bank, therefore, benefits from a low market funding reliance, which mainly arises from liabilities to banks and CHF2.4 billion of securitised liabilities, including CHF310 million of junior senior unsecured bond instruments issued in 2019. The bank's balance-sheet size is — to a large extent — driven by its sizeable deposit balances, which do not show large single-investor concentrations and mainly consist of uninvested client funds that investors typically shift between deposit and investment accounts held with LGT Bank.

Exhibit 6 LGT Bank has a low dependence on market funds Liability breakdown as a percentage of total assets (LHS) and market funds as a percentage of tangible banking assets (RHS)

Equity Other liabilities Provisions Debt issued Derivative liabs Due to customers Due to banks Funding Structure Ratio (RHS)

100% 50%

25% 30% 27% 26% 28% 30% 80% 40%

60% 30%

53% 56% 50% 55% 54% 51% 40% 20%

20% 10%

0% 0% 2015 2016 2017 2018 2019 2020 Source: Moody's Investors Service

Stable profitability as the bank offsets lower margins through cost savings LGT Bank's assigned Profitability score is ba2, which is in line with its initial score. We expect LGT Bank to realise sufficient cost savings to offset the combined impact of rising regulatory costs as well as net interest margin and average fee declines.

LGT Bank will be able to reduce variable cost components rather flexibly in case of an unexpected downturn in capital markets that would reduce AUM. This would allow the bank to limit any potential decline in net income in an adverse market environment.

In 2020, LGT Bank achieved a net income of CHF121.7 million (2019: CHF130.6 million), contributing 41.7% to the group's profit. LGT Bank's net interest income declined to CHF214 million in 2020 (-10.6%) from CHF240 million in 2019, mainly as a result of customer deleveraging. The bank's net commission income increased to CHF351 million (11.7%), from CHF314 million during the same period a year earlier. Overall, operating revenue improvements did not fully match the 2020 increase in operating expenses to CHF595 million from CHF573 million, resulting in a moderate increase in the cost-to-income ratio to 81% from 80% in 2019.

For 2020, LGT Group reported a decrease in its net interest income by 14% to CHF248 million, reflecting the lower customer loan amounts outstanding. This decline was more than compensated for by higher client trading activity in volatile financial markets, which supported a higher income from services (CHF1,185 million, up 2%) and from trading (CHF336 million, up 7%), but in particular by a higher dividend from equity investments, which include LGT Group's Princely Portfolio holdings, of CHF81 million, up from CHF27 million in 2019. LGT Group's reported cost-to-income ratio remained stable at 81%, with operating expenses up by 4% to CHF1,521 million. This increase was driven by higher personnel expenses, which included a one-off expense of CHF59 million related to the completion of the acquisition of LGT Vestra. LGT Group's expenses in 2020 benefitted from a CHF21 million decline in travel and entertainment expenses, which fell to CHF9 million because of the pandemic. Despite the global recession triggered by the pandemic, LGT Group's loan loss provisions of CHF17 million in 2020 (CHF2 million in 2019) were to a large extent related to the funding of LGT Group's Indian operations.

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Exhibit 7 LGT Bank has maintained its stable profitability amid business growth and IT platform investment

Net interest income Net fees and commissions income Trading and other income Operating expenses Risk provisions Extraordinary income and expenses Pre-tax profit 1,000

800 78 166 164 600 139 133 156 114 400 314 297 323 351 270 266 200 223 240 123 168 200 214 0 CHF million -200 -381 -442 -512 -546 -573 -594 -400 -5 -11 -4 -600 -15 -2 -1

-800 2015 2016 2017 2018 2019 2020 Sources: Company reports and Moody's Investors Service

ESG considerations Environmental considerations LGT Bank's exposure to environmental risks is low, consistent with our general assessment for the global banking sector3. See our environmental risks heat map for further information. LGT Group is committing to reducing its net operational emissions to zero by 2030. It also aims to reduce net emissions from its own investments to zero by 2030.

Social considerations LGT Bank's exposure to social risks is moderate, consistent with our general assessment for banks and wealth managers4. See our social risks heat map for further information. However, we consider a higher degree of reputational, legal (litigation) and operational risks for LGT Bank, which is reflected in our assigned Asset Risk score.

We take into consideration LGT Group's commitment as an investor and investment adviser striving to ensure that capital is invested sustainably from both environmental and social perspectives. We also acknowledge LGT Capital Partner's, the group's asset management subsidiary, representation on the United Nations-sponsored Principles of Responsible Investment (PRI) board.

Corporate governance considerations lead to a qualitative adjustment For LGT Bank and wealth managers in general, we consider a high degree of reputational, legal (litigation) and operational risks, which is reflected in our Asset Risk score. Corporate governance remains a key credit consideration and requires ongoing monitoring5.

In addition, corporate governance considerations, arising from LGT Bank's family ownership and family involvement in key management positions, are important qualitative factors that constrain the bank's ratings.

LGT Bank is indirectly but fully owned by the Princely House of Liechtenstein. Although this setup provides stability to the bank and the group, and so far we have not identified or expect cases of significant divergence, conflicting business interests between LGT Bank and the Princely House of Liechtenstein may weaken the bank's credit profile, most notably in terms of profitability and capital. Our assessment of these risks results in an assigned a2 BCA, which is positioned one notch below LGT Bank's a1 Financial Profile score.

A comprehensive reorganisation of LGT Group's leadership structure took effect in January 2021. It reduced organisational but not business ties between LGT Bank and its sister companies LGT Capital Partners and LGT Lightstone LLP, and it has not significantly changed the bank's credit profile. The reorganisation was embedded within the context of family succession at LGT Group Foundation. Although it reduced the Princely House of Liechtenstein's direct involvement in the bank's operating business, it did not reduce the family's strong control over the bank.

7 8 July 2021 LGT Bank AG: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Support and structural considerations Affiliate support Based on our assessment of LGT Group's (LGT Bank's parent institution and 100% owner) credit profile, the group's activities do not provide significant business diversification in addition to LGT Bank's private banking franchise; and the group's ability to provide additional support, in case of need, is limited. As a result, LGT Bank does not receive any affiliate support uplift from its parent institution.

Advanced Loss Given Failure (LGF) analysis With the transposition of the European Bank Recovery and Resolution Directive into national law, Liechtenstein has introduced an operational resolution regime. Therefore, we apply our Advanced LGF analysis to LGT Bank, taking into consideration the risks faced by the different debt and deposit classes across the liability structure at failure. We assume a residual TCE of 3% and post-failure losses of 8% of tangible banking assets, a 25% run-off in junior wholesale deposits and a 5% run-off in preferred deposits, and we assign a 25% probability to deposits being preferred to senior unsecured debt. These ratios are in line with our standard assumptions for European Union banks.

For deposits, our Advanced LGF analysis indicates a very low loss given failure, leading to two notches of rating uplift from the bank’s a2 Adjusted BCA, before government support.

For issuer and senior unsecured debt ratings, our Advanced LGF analysis indicates a low loss given failure, leading to one notch of rating uplift from LGT Bank’s a2 Adjusted BCA, before government support.

For junior senior unsecured debt, our LGF analysis indicates a high loss given failure, leading to an A3 rating for LGT Bank's junior senior unsecured debt, one notch below the a2 Adjusted BCA.

Government support considerations We assign one notch of uplift to LGT Bank's long-term deposit and senior unsecured debt ratings, taking into consideration the support of the Principality of Liechtenstein. This reflects our assumption of such support being forthcoming in a stress scenario, taking into account LGT Bank's importance to the domestic deposit-taking market and sizeable national market shares.

We consider LGT Bank a domestic systemically important financial institution. Our assessment takes into account the bank's strong franchise in private wealth management and resulting key role in the country's important financial service industry, the full (yet indirect) ownership by the family and the sovereign's financial capacity to provide support to LGT Bank.

We further recognise the importance of wealth management activities for Liechtenstein's economy, and the detrimental impact that major financial problems (which we do not expect) at one of the countries' larger banks and asset managers could have on the overall perception of the country and, subsequently, on similar businesses, their employees and fiscal revenue.

Aa1/P-1 Counterparty Risk Ratings (CRRs) The bank's CRRs are positioned four notches above the a2 Adjusted BCA, reflecting the extremely low loss given failure from the high volume of instruments that are subordinated to CRR liabilities and one additional notch of government support uplift assuming a 'Moderate' level of support.

Aa1(cr)/P-1(cr) Counterparty Risk (CR) Assessment The bank's CR Assessment is positioned four notches above the a2 Adjusted BCA, based on the buffer against default provided by more subordinated instruments, including junior deposits and senior unsecured debt, to the senior obligations represented by the CR Assessment and one additional notch of government support uplift assuming a 'Moderate' level of support.

Because the CR Assessment captures the probability of default on certain senior operational obligations, rather than expected loss, we focus purely on subordination and take no account of the volume of the instrument class. Methodology and scorecard Methodology The principal methodology used in rating LGT Bank is our Banks Methodology, published in March 2021.

8 8 July 2021 LGT Bank AG: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

About Moody's Bank Scorecard Our scorecard is designed to capture, express and explain in summary form our Rating Committee's judgement. When read in conjunction with our research, a fulsome presentation of our judgement is expressed. As a result, the output of our scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity. Rating methodology and scorecard factors

Exhibit 8 LGT Bank AG MACRO FACTORS WEIGHTED MACRO PROFILE STRONG + 100%

FACTOR HISTORIC INITIAL EXPECTED ASSIGNED SCORE KEY DRIVER #1 KEY DRIVER #2 RATIO SCORE TREND Solvency Asset Risk Problem Loans / Gross Loans 0.3% aa1 ↔ aa3 Operational risk Market risk Capital Tangible Common Equity / Risk Weighted Assets 21.6% aa1 ↔ aa2 Risk-weighted Expected trend (Basel III - transitional phase-in) capitalisation Profitability Net Income / Tangible Assets 0.3% ba2 ↔ ba2 Return on assets Expected trend Combined Solvency Score aa3 a1 Liquidity Funding Structure Market Funds / Tangible Banking Assets 40.3% b1 ↔ a2 Extent of market Market funding quality funding reliance Liquid Resources Liquid Banking Assets / Tangible Banking Assets 53.6% aa2 ↔ aa3 Asset encumbrance Stock of liquid assets Combined Liquidity Score baa2 a1 Financial Profile a1 Qualitative Adjustments Adjustment Business Diversification 0 Opacity and Complexity 0 Corporate Behavior -1 Total Qualitative Adjustments -1 Sovereign or Affiliate constraint - BCA Scorecard-indicated Outcome - Range a1 - a3 Assigned BCA a2 Affiliate Support notching 0 Adjusted BCA a2

BALANCE SHEET IN-SCOPE % IN-SCOPE AT-FAILURE % AT-FAILURE (CHF MILLION) (CHF MILLION) Other liabilities 15,883 40.1% 17,738 44.8% Deposits 20,144 50.9% 18,089 45.7% Preferred deposits 14,906 37.6% 14,161 35.8% Junior deposits 5,237 13.2% 3,928 9.9% Senior unsecured bank debt 2,084 5.3% 2,084 5.3% Junior senior unsecured bank debt 310 0.8% 510 1.3% Equity 1,188 3.0% 1,188 3.0% Total Tangible Banking Assets 39,610 100.0% 39,610 100.0%

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DEBT CLASS DE JURE WATERFALL DE FACTO WATERFALL NOTCHING LGF ASSIGNEDADDITIONALPRELIMINARY INSTRUMENT SUB- INSTRUMENT SUB- DE JURE DE FACTO NOTCHING LGF NOTCHING RATING VOLUME +ORDINATIONVOLUME +ORDINATION GUIDANCENOTCHING ASSESSMENT SUBORDINATION SUBORDINATION VS. ADJUSTED BCA Counterparty Risk Rating 19.5% 19.5% 19.5% 19.5% 3 3 3 3 0 aa2 Counterparty Risk Assessment 19.5% 19.5% 19.5% 19.5% 3 3 3 3 0 aa2 (cr) Deposits 19.5% 4.3% 19.5% 9.6% 2 3 2 2 0 aa3 Senior unsecured bank debt 19.5% 4.3% 9.6% 4.3% 2 0 1 1 0 a1 Junior senior unsecured bank debt 4.3% 3.0% 4.3% 3.0% -1 -1 -1 -1 0 a3

INSTRUMENT CLASS LOSS GIVEN ADDITIONAL PRELIMINARY GOVERNMENT LOCAL CURRENCY FOREIGN FAILURE NOTCHING NOTCHING RATING ASSESSMENT SUPPORT NOTCHING RATING CURRENCY RATING Counterparty Risk Rating 3 0 aa2 1 Aa1 Counterparty Risk Assessment 3 0 aa2 (cr) 1 Aa1(cr) Deposits 2 0 aa3 1 Aa2 Aa2 Senior unsecured bank debt 1 0 a1 1 Aa3 (P)Aa3 Junior senior unsecured bank debt -1 0 a3 0 A3 (P)A3 [1] Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information. Source: Moody’s Investors Service

Ratings

Exhibit 9 Category Moody's Rating LGT BANK AG Outlook Stable Counterparty Risk Rating -Dom Curr Aa1/P-1 Bank Deposits Aa2/P-1 Baseline Credit Assessment a2 Adjusted Baseline Credit Assessment a2 Counterparty Risk Assessment Aa1(cr)/P-1(cr) Issuer Rating Aa3 Senior Unsecured -Dom Curr Aa3 Junior Senior Unsecured -Dom Curr A3 Junior Senior Unsecured MTN (P)A3 Source: Moody's Investors Service

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Endnotes 1 This is referred to as the Macro-Adjusted score in our Bank Scorecard. 2 The ratings shown are the bank's deposit rating, senior unsecured debt rating and BCA. 3 Environmental risks can be defined as environmental hazards encompassing the impacts of air pollution, soil or water pollution, water shortages and natural and human-made hazards (physical risks). Additionally, regulatory or policy risks, such as the impact of carbon regulation or other regulatory restrictions, including the related transition risks such as policy, legal, technology and market shifts, which could impair the evaluation of assets, are important factors. In our environmental risks heat map, we scored 84 sectors according to their overall exposure to environmental risks. 4 The most relevant social risks for banks arise from the way they interact with their customers. Social risks are particularly high in the area of data security and customer privacy, mitigated by the sizeable technology investments and banks’ long track record of handling sensitive client data. Fines and reputational damage because of product mis-selling or other types of misconduct are further social risks. Societal trends are also relevant in a number of areas, such as shifting customer preferences toward digital banking services increasing information technology cost, ageing population concerns in several countries hurting the demand for or socially driven policy agendas that may translate into regulations that affect banks’ revenue base. 5 Corporate governance is a well-established key driver for banks and the related risks are typically included in our evaluation of the banks' financial profile. Other factors, such as specific corporate behaviour, key-person risk, insider and related-party risk, strategy and management risk factors, and dividend policy, may be captured in individual adjustments to the BCA. Governance is highly relevant for LGT, as it is to all entities in the banking and wealth management industry. Corporate governance weaknesses can lead to a deterioration in a bank’s credit quality, while governance strengths can benefit its credit profile. Governance risks are largely internal rather than externally driven.

11 8 July 2021 LGT Bank AG: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

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REPORT NUMBER 1286253

12 8 July 2021 LGT Bank AG: Update to credit analysis MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Contacts

Bernhard Held, CFA Katja Engetschwiler VP-Sr Credit Officer Associate Analyst

13 8 July 2021 LGT Bank AG: Update to credit analysis