Annual General Meeting 2007

Minutes

Item 5: Capital Reduction

Item 5.1.
Cancellation of Shares Repurchased under the 2006/2007 Share Buyback Program and respective amendment of Article 4 para. 1 of the Articles of Association


The Board of Directors proposed that the 33,020,000 shares repurchased under the buyback program approved by the 2006 AGM be cancelled and the share capital of the Corporation be accordingly reduced by CHF 3,302,000.00. Ernst & Young Ltd. 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, the voting being as follows:

Votes cast

562,248,256

Absolute majority

281,124,129

Votes in favor

555,990,425

Votes against

3,942,217

Abstentions

2,315,614

Article 4 para. 1 (Share capital) has been amended as follows:

1
The share capital of the Corporation is CHF 210,527,328.60 (two hundred and ten million, five hundred and twenty-seven thousand, three hundred and twenty-eight Swiss francs and sixty centimes), divided into 2,105,273,286 registered shares with a par value of CHF 0.10 each. The share capital is fully paid up.

The notary, Daniel Allemann, will officially certify this amendment to the Articles of Association.

Item 5.2.
Approval of a New Share Buyback Program for 2007-2010


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

"The Board of Directors is hereby authorized to buy back a maximum amount of 10% of the issued share capital in the time period ending on 8 March 2010 via a second trading line on virt-x. These shares are to be cancelled definitively and are thus not subject to the 10% threshold for UBS's "own shares" within the meaning of Article 659 of the Swiss Code of Obligations. The necessary amendments to the Articles of Association (reduction of share capital) shall be submitted to the respective Annual General Meetings of 2008-2010 for approval."

None of those present requested the opportunity to speak. The Annual General Meeting approved the implementation of the proposed 2007-2010 share buyback program, the voting being as follows:

Votes cast

551,383,930

Absolute majority

275,691,966

Votes in favor

542,564,579

Votes against

6,059,099

Abstentions

2,760,252