Annual General Meeting 2004

Items

Item 2: Appropriation of retained earnings / Dividend for financial year 2003

A. Motion
The Board of Directors proposes that the Parent Company profit be appropriated as follows:

Profit for the financial year 2003
as per the income statement

CHF 4,197 million

Allocation to General statutory reserves
Proposed dividend
Allocation to Other reserves

CHF 288 million
CHF 2,929 million
CHF 980 million

Total allocated

CHF 4,197 million

The Board of Directors proposes to distribute a dividend of CHF 2.60 per share.

B. Explanations
The proposal of the Board of Directors to distribute a dividend of CHF 2.60 per share, 30% more than a year earlier, reflects the excellent financial results achieved in 2003. It is also proof of the Board of Directors' and the Group Executive Board's confidence in UBS's ability to sustainably achieve good results in the future.

Upon approval of the proposal by the AGM, the distribution of CHF 1.69 per share (after deduction of 35% Swiss withholding tax) will be made on 20 April 2004 to shareholders on record as at 15 April 2004. The shares will be traded ex dividend on 16 April.