Annual General Meeting 2006

Item 4: Elections

4.1. Re-election of Board members

4.1.1. Re-election of Rolf A. Meyer

A. Motion
The Board of Directors proposes that Rolf A. Meyer be re-elected for an additional three-year term of office.

B. Explanations
The term of office of Rolf A. Meyer expires at the 2006 Annual General Meeting. He is prepared to stand for re-election.

Rolf A. Meyer (1943) was elected to the Board of Directors at the 1998 Annual General Meeting. He has chaired the Compensation Committee since 2001 and has been a member of the Audit Committee since 2002. Rolf A. Meyer was President and CEO of Ciba Specialty Chemicals Holding AG until November 2000. Since then he has been a member of various boards.

A more detailed CV may be found in the “Handbook 2005/2006” as well as on the internet under www.ubs.com/boards.

4.1.2. Re-election of Ernesto Bertarelli

A. Motion
The Board of Directors proposes that Ernesto Bertarelli be reelected for an additional three-year term of office.

B. Explanations
The term of office of Ernesto Bertarelli expires at the 2006 Annual General Meeting. He is prepared to stand for re-election.

Ernesto Bertarelli (1965) was elected to the Board of Directors at the 2002 Annual General Meeting and has been a member of the Nominating Committee since 2005. Since 1996 he has been CEO of Serono International SA, Geneva, where he has worked since 1985.

A more detailed CV may be found in the “Handbook 2005/2006” as well as on the internet under www.ubs.com/boards.

4.2. Election of new Board members

The term of office of Peter Böckli, who has been non-executive Vice-Chairman of the Board of Directors since 2002, expires at the 2006 Annual General Meeting. As he will be reaching retirement age in 2006, he will not be standing for re-election.

4.2.1. Election of Gabrielle Kaufmann-Kohler

A. Motion
The Board of Directors proposes that Gabrielle Kaufmann-Kohler be elected to the Board of Directors as a non-executive member for a three-year term of office.

B. Explanations
Gabrielle Kaufmann-Kohler (1952) has been a partner at the law firm Schellenberg Wittmer and a professor of international private law at the University of Geneva since 1996. From 1985 to 1995 she was a partner at the law firm Baker & McKenzie. She is a member of the Geneva Bar (since 1976) and of the New York State Bar (since 1981) and is known worldwide for her expertise in international arbitration. She has participated in over 120 international arbitrations over the course of her career. In addition to her membership in numerous international committees, she is the honorary president of the Swiss Arbitration Association. Gabrielle Kaufmann-Kohler completed her legal studies at the University of Basel in 1977 and received her doctorate from the same institution in 1979. She is a Swiss citizen.

4.2.2. Election of Joerg Wolle

A. Motion
The Board of Directors proposes that Joerg Wolle be elected to the Board of Directors as a non-executive member for a three-year term of office.

B. Explanations

Joerg Wolle (1957) was appointed Chairman and CEO of DSKH Holding Ltd. in 2002. DSKH is a Swiss-based services group that was established pursuant to the merger of Diethelm Keller Services Asia and SiberHegner. Joerg Wolle worked for SiberHegner in various capacities beginning in 1991. He spent his first four years in Asia as the Director of Marketing and Sales, and came to Switzerland in 1995 as a member of the executive management. From 2000 until the merger with Diethelm Keller in 2002, he was Chairman and CEO of SiberHegner Holding AG. Joerg Wolle completed his studies in engineering in 1983 and received his doctorate in 1987 from the Technical University of Chemnitz in Germany. Joerg Wolle is a German citizen.

In addition to his professional responsibilities, Joerg Wolle serves as President of the Swiss-Chinese Chamber of Commerce.

4.3. Election of the Group and Statutory Auditors

A. Motion
The Board of Directors proposes that Ernst & Young Ltd., Basel, be re-elected for a one-year term of office as Group and Statutory Auditors.

B. Explanations
Upon the recommendation of the Audit Committee, the Board of Directors proposes that Ernst & Young Ltd., Basel, be re-elected for a further one-year term of office as Group and Statutory Auditors. Ernst & Young Ltd. have confirmed to the Audit Committee of the Board of Directors that they possess the level of independence required to take on this role and that their independence will not be affected by additional mandates performed for UBS AG. Any such additional mandates will require pre-approval by the Audit Committee. Ernst & Young Ltd. further confirms that they did not provide any services for UBS prohibited by the US Securities and Exchange Commission (SEC) for a company’s principal auditor.

Ernst & Young Ltd. have been responsible for UBS AG audits since the merger in 1998. Further information concerning the independence of the auditors, the costs of the audit, and the lead auditors is available in the “Handbook 2005 / 2006.”

4.4. Election of the Special Auditors

A. Motion
The Board of Directors proposes that BDO Visura, Zurich, be elected for a three-year term of office as Special Auditors.

B. Explanations
Upon the recommendation of the Audit Committee, the Board of Directors proposes that BDO Visura, Zurich, be elected for a three-year term of office as Special Auditors. In accordance with Article 31 para. 3 of the Articles of Association, Special Auditors are responsible for providing the legally required opinions in cases of capital increases. Pursuant to SEC regulations intended to guarantee independent audits, such opinions may not be provided by the principal auditors test