Annual General Meeting 2008

Items

Item 1: Annual Report and Group and Parent Company Accounts for the 2007 financial year Reports of the Group and Statutory Auditors

The Board of Directors proposed that the Annual Report and the Group and Parent Company Accounts for the 2007 financial year be approved. The Chair stated that Ernst & Young AG as Group and Statutory Auditors proposed without qualification that the Group and Parent Company accounts be approved.

Prior to the discussion Marcel Rohner commented on UBS's 2007 financial results. Following this Rolf A. Meyer explained the remuneration concept and outlined the most important decisions in 2007. Finally the Chair gave reasons for the decision to postpone granting discharge to the members of the Board of Directors and the Group Executive Board to a later date.

The very lengthy discussion period was dominated by repeated questions regarding the unacceptable nature of the 2007 financial statements and the accountability of the chairman and the members of the Board of Directors for the poor results. Objections were raised with regard to the bank's remuneration and bonus payments, especially for top management. The question was posed whether it was legal to postpone granting discharge to the members of the Board of Directors. Various parties also recommended that support should not be given to Peter Kurer's election as chairman of the Board of Directors. Some comments related to the shareholder report published on April 21, 2008 on the analysis conducted by the Swiss Federal Banking Commission, which examined the positions entered into until December 31, 2007 and the losses these positions incurred on the US subprime mortgage market.

The Annual General Meeting approved the Annual Report and the Group and Parent Company Accounts for the 2007 financial year, with the vote being as follows:

Votes cast

677,967,960

Absolute majority

338,983,981

Votes in favor

643,944,824

Votes against

18,255,076

Abstentions

15,768,060