Annual General Meeting 2005

Minutes

Item 5: Capital reduction

Item 5.1.: Cancellation of shares repurchased under the 2004/2005 share buyback program and respective amendment of Article 4 of the Articles of Association

The Board of Directors proposed that the 39,935,094 shares repurchased under the buyback program approved by the 2004 AGM be cancelled and the share capital of the Corporation be accordingly reduced by CHF 31,948,075.20. Ernst & Young as Statutory Auditors confirmed to the AGM that in their assessment, the claims of creditors will be fully covered even after the reduction in share capital and that the Bank has adequate liquidity.

The Annual General Meeting approved the cancellation of the shares and the respective amendment to the Articles of Association, the voting being as follows:

Votes cast

264'507'733

Absolute majority

132'253'867

Votes in favour

262'691'499

Votes against

853'557

Abstentions

962'677

Following this resolution, Article 4 (Share capital) of the Articles of Association reads as follows:
1
The share capital of the Corporation is CHF 869'538'466.40 (eight hundred and sixty-nine million, five hundred and thirty-eight thousand, four hundred and sixty-six Swiss francs and fourty centimes), divided into 1,086,923,083 registered shares with a par value of CHF 0.80 each. The share capital is fully paid up.

Paragraph 2 is unchanged.

The notary, Pascal Hensch, would officially certify this amendment to the Articles of Association.

Item 5.2.: Approval of a new 2005/2006 share buyback program

The Board of Directors proposed that the following resolution be passed:

"The Board of Directors shall be authorized to buy back a maximum amount of CHF 5 billion in UBS shares via a second trading line on the virt-x exchange. These shares are to be cancelled definitively and are not therefore regarded as own shares within the meaning of Article 659 of the Swiss Code of Obligations. The required amendment to the Articles of Association (reduction of share capital) will be submitted to the AGM in 2006 for approval."

One shareholder taking the opportunity to speak on the issue questioned the positive impact of the share buy-backs and asked that alternative ways of returning excess capital to shareholders be considered.

The Annual General Meeting approved the implementation of the proposed 2005/2006 share buyback program, the voting being as follows:

Votes cast

264'530'361

Absolute majority

132'265'181

Votes in favour

262'140'322

Votes against

1'364'309

Abstentions

1'025'730

The meeting closed at 6.40 p.m.

Zurich, 25 April 2005

On behalf of the Board of Directors:

Marcel Ospel
Chairman

Gertrud Erismann-Peyer
Secretary

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