Annual General Meeting 2005

Minutes

Item 2: Approriation of retained earnings, Dividend for financial year 2004

The Board of Directors proposed that the Parent Company profit for 2004 be appropriated as follows:

Allocation to General statutory reserves

322 Millionen Franken

Proposed dividend (CHF 3.00 per share) 1

3'261 Millionen Franken

Allocation to Other reserves

2'363 Millionen Franken

In the discussion during which only one shareholder requested to speak, it was proposed that the Board consider to make a contribution in favour of handicapped people when proposing the appropriation of next year's annual profit (at the expense of the allocation to other reserves). He does, however, not submit a formal motion.

The Annual General Meeting approved the proposed appropriation of retained earnings, with the voting being as follows:

Votes cast

264'963'911

Absolute majority

132'481'956

Votes in favour

264'008'685

Votes against

295'150

Abstentions

660'076

The dividend of CHF 1.95 net per share (after deduction of 35% Swiss federal withholding tax) will be paid out on 26 April 2005 to all shareholders holding UBS shares on 21 April.
No dividend is paid for shares held by UBS AG.

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