Annual General Meeting 2005

Item 2: Approriation of retained earnings, Dividend for financial year 2004

The Board of Directors proposed that the Parent Company profit for 2004 be appropriated as follows:

In the discussion during which only one shareholder requested to speak, it was proposed that the Board consider to make a contribution in favour of handicapped people when proposing the appropriation of next year's annual profit (at the expense of the allocation to other reserves). He does, however, not submit a formal motion.

The Annual General Meeting approved the proposed appropriation of retained earnings, with the voting being as follows:

The dividend of CHF 1.95 net per share (after deduction of 35% Swiss federal withholding tax) will be paid out on 26 April 2005 to all shareholders holding UBS shares on 21 April.
No dividend is paid for shares held by UBS AG.

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