Annual General Meeting 2007

Minutes

Item 1: Annual Report, Group and Parent Company Accounts for 2006, Reports of the Group and Statutory Auditors

The Board of Directors proposed that the Annual Report, Group and Parent Company Accounts 2006 be approved.
The Chairman noted that Ernst & Young Ltd. as Group and Statutory Auditors had recommended - without qualification - that the Group Accounts and Annual Accounts be approved.

In a lengthy discussion period, questions regarding the compensation of the Board of Directors and top management were once again raised, running the gamut from the necessity of being able to compete in the global marketplace to the questionable moral and ethical nature of current compensation levels. In this context there were several requests that Peter Spuhler, member of the Compensation Committee, not be re-elected. Other subjects raised included old demands in connection with Interhandel, an appeal for support for the "Kampagne Euro 08 gegen Frauenhandel (Euro 08 Campaign Against Trafficking in Women)", as well as the importance of human rights to UBS.

The Annual General Meeting approved the Annual Report, Group and Parent Company Accounts for 2006, with the voting being as follows:

Votes cast

548,915,885

Absolute majority

274,457,943

Votes in favor

542,958,915

Votes against

3,694,105

Abstentions

2,262,865