Annual General Meeting 2006

Minutes

Item 2: Appropriation of retained earnings, Dividend for financial year 2005

The Board of Directors proposed that the Parent Company profit for 2005 be appropriated as follows:

Appropriation to general statutory reserves

CHF 334 million

Proposed dividends (CHF 3.20 per share) *

CHF 3,375 million

Appropriation to other reserves

CHF 9,788 million

In the discussion during which only one shareholder requested to speak, it was proposed that the Board consider to contribute 0.5 % of the profit 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

245,004,850

Absolute majority

122,502,426

Votes in favour

243,349,132

Votes against

1,107,156

Abstentions

548,562

The dividend of CHF 2.08 net per share (after deduction of 35% Swiss federal withholding tax) will be paid out on 24 April 2006 to all shareholders holding UBS shares on 19 April 2006. No dividend is paid for shares held by UBS AG.

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