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Annual General Meeting of UBS AG

Basel | | Media Releases APAC

At the Annual General Meeting on 23 April 2008, the shareholders of UBS AG approved the capital increase of CHF 15 billion proposed by the Board of Directors. Peter Kurer and David Sidwell were elected to the Board of Directors while board members Peter Voser and Lawrence A. Weinbach were re-elected to the Board. Effective immediately, Peter Kurer is full-time Chairman of the Board of Directors, as was planned in the event of his election. In addition, shareholders reduced the term of office of the members of the Board of Directors from three years to one year. 4,211 shareholders attended the Annual General Meeting, representing 680,142,555 votes.

At the Annual General Meeting on 23 April 2008, the shareholders of UBS AG approved the Annual Report and Group Financial Statements for 2007, agreed to offset the loss for the year against the other reserves and reaffirmed Ernst & Young AG, Basel, as auditors.

Capital increase of CHF 15 billion
UBS shareholders approved the proposal of the Board of Directors to strengthen the shareholders' equity of UBS AG by way of an ordinary capital increase of about CHF 15 billion. The proposal received 97.09% of the votes cast. The capital increase will be affected by issuing subscription rights to the shareholders of UBS AG.

The subscription price for the new shares, the final number of shares to be issued and the final subscription ratio will be determined by the Board of Directors and communicated before the start of rights trading. It is planned for the subscription rights to be traded on SWX Europe and the New York Stock Exchange from the end of May to early June 2008.

Elections to the Board of Directors - Peter Kurer new Chairman
The Annual General Meeting re-elected Peter Voser and Lawrence A. Weinbach to their positions on the Board of Directors and elected Peter Kurer and David Sidwell to their first term on the Board of Directors. Effective immediately, Peter Kurer is full-time Chairman of the Board of Directors, as was planned by the Board in the event of his election. The election results were 94.83% (Peter Voser), 90.58% (Lawrence A. Weinbach), 87.17% (Peter Kurer) and 97.10% (David Sidwell) of the votes cast.

Detailed curricula vitae for Peter Kurer and David Sidwell are available at http://www.ubs.com/1/e/about/executivebodies/boardofdirectors.html

Reduced term of office for members of the Board of Directors
Shareholders reduced the term of office for the members of the Board of Directors from three years to one year. As a result, the new members were elected for one year. For existing members the one-year term starts from the point at which they are re-elected. The proposal received 97.60% of the votes cast.