Annual General Meeting 2007

Minutes

Item 2: Appropriation of Retained Earnings, Dividend for Financial Year 2006

The Board of Directors proposed that the Parent Company profit for 2006 be appropriated as follows:

Appropriation to general statutory reserves

CHF 457 million

Proposed dividend: CHF 2.20 per share*

CHF 4,582 million

Appropriation to other reserves

CHF 1,519 million

In the discussion period, one speaker asked the Board of Directors, in consideration of profits, to reduce the Bank's fees and to invest more in employee training. He did not make any formal motion.

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

Votes cast

543,863,414

Absolute majority

271,931,708

Votes in favor

538,783,173

Votes against

3,078,919

Abstentions

2,001,322

The dividend of CHF 1.43 net per share (after deduction of 35% Swiss federal withholding tax) will be paid out on 23 April 2007 to all shareholders holding UBS shares on 18 April 2006. No dividend is paid for shares held by UBS AG.