Annual General Meeting 2007

Item 4: Elections

4.1. Re-election of Board Members

4.1.1. Re-election of Stephan Haeringer

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

B. Explanations
The term of office of Stephan Haeringer, Vice Chairman of the Board of Directors, expires at the 2007 Annual General Meeting. He is prepared to stand for re-election.

Stephan Haeringer (1946) was elected to the Board of Directors at the Annual General Meeting in April 2004 and thereafter appointed as Executive Vice Chairman. He has chaired the Chairman’s Office meetings relating to Group Internal Audit since 2005 and has been a member of the Corporate Responsibility Committee since 2004. Prior to this, Stephan Haeringer served as Deputy President of the Group Executive Board, a position he held between 2002 and 2004. Between 2000 and 2002, he was Chief Executive Officer of UBS Switzerland and the Private and Corporate Clients business.

A more detailed CV may be found in the “Handbook 2006/2007” as well as on the Internet under www.ubs.com/boards.

4.1.2. Re-election of Helmut Panke

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

B. Explanations
The term of office of Helmut Panke expires at the 2007 Annual General Meeting. He is prepared to stand for re-election.

Helmut Panke (1946) was elected to the Board of Directors at the Annual General Meeting in April 2004. He has chaired the Nominating Committee since 2006. Helmut Panke was Chairman of the Board of Management of BMW AG, Munich, between 2002 and September 2006. He currently holds several board memberships, including as a member of the Board of Directors of Microsoft Corporation.

A more detailed CV may be found in the “Handbook 2006/2007” as well as on the Internet under www.ubs.com/boards.

4.1.3. Re-election of Peter Spuhler

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

B. Explanations
The term of office of Peter Spuhler expires at the 2007 Annual General Meeting. He is prepared to stand for re-election.

Peter Spuhler (1959) was elected to the Board of Directors at the Annual General Meeting in April 2004 and since then he has been a member of the Compensation Committee.
Peter Spuhler is the owner of Stadler Rail AG (Switzerland), which he acquired in 1989 when it was a small firm with 18 employees. Today the Stadler Rail Group has more than 2,500 staff and is an internationally successful light railway vehicle business. He is also a member of the National Council of the Swiss Parliament (lower house).

A more detailed CVmay be found in the “Handbook 2006/2007” as well as on the Internet under www.ubs.com/boards.

4.2. Election of a new Board Member

The term of office of Sir Peter Davis, who has been a member of the Board of Directors since 2001, expires at the 2007 Annual General Meeting. As he has reached the retirement age in 2006, he will not be standing for re-election.

4.2.1. Election of Sergio Marchionne

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

B. Explanations
Sergio Marchionne (1952) serves as Chief Executive Officer (CEO) of Fiat S.p.A., Turin, and Fiat Auto. Sergio Marchionne began his professional career in 1983 as Chartered Accountant and Tax Specialist for Deloitte & Touche in Canada. Two years later, he became Group Controller and then Director of Corporate Development at the Lawson Mardon Group of Toronto. In 1989 and 1990, he served as Executive Vice President of Glenex Industries. In the following two years Sergio Marchionne acted as Vice President of Finance and Chief Financial Officer at Acklands Ltd. Between 1992 and 1994 he was Vice President of Legal and Corporate Development and Chief Financial Officer of the Lawson Group, which was acquired by Alusuisse Lonza (Algroup) in 1994. He held various positions of increasing responsibility within Algroup in the period from 1994 until 2000, finally becoming CEO. In the following two years, he acted as CEO and Chairman of the spin-off Lonza Group Ltd. In 2002, Sergio Marchionne was appointed CEO of the Société Générale de Surveillance (SGS) Group of Geneva and in early 2006 he became Chairman of the same company. He has been a member of the Board of Fiat S.p.A. since 2003 and served as CEO of the company from 2004 onwards. Furthermore, Sergio Marchionne has held the position as CEO of Fiat Auto since 2005. Sergio Marchionne studied business at the University of Windsor, Canada, and is a qualified lawyer, accountant and tax specialist. He is a citizen of both Italy and Canada.

In addition to his professional responsibilities at Fiat, he is a member of the Fondazione Giovanni Agnelli, of Assonime (Association for Italy’s limited liability companies) and is Chairman of the European Automobile Manufacturers Association in Brussels.

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 reelected 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 confirm 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 2006/2007”.