Annual General Meeting 2004

Minutes

Item 2: Approriation of retained earnings, Dividend for financial year 2003

The Board of Directors proposed that the Parent Company profit for 2003 be appropriated as follows:

Allocation to General statutory reserves

CHF 288 million

Proposed dividend (CHF 2.60 per share)

CHF 2,929 million

Allocation to Other reserves

CHF 980 million

None of the shareholders requested the opportunity to speak. The Annual General Meeting approved the proposed appropriation of retained earnings, with the voting being as follows:

Votes cast

314,692,343

Absolute majority

157,346,172

Votes in favour

313,846,320

Votes against

272,580

Abstentions

573,443

The dividend of CHF 1.69 net per share (after deduction of 35% Swiss federal withholding tax) would be paid out on 20 April 2004 to all shareholders holding UBS shares on 15 April.

Items