Annual General Meeting 2008

Items

Item 2: Appropriation of annual result

The Board of Directors proposed that the loss for the 2007 financial year of CHF 4,251 million as per the Parent Bank's Income Statement be offset against the other reserves and that no cash dividend be paid out for the 2007 financial year. However, the Extraordinary General Meeting of February 27, 2008 authorized the Board of Directors to issue up to 103.7 million new shares to replace the cash dividend for the 2007 financial year with a stock dividend.

UBS's positions in its own shares held as at the cut-off date are not entitled to a stock dividend.

Following a short discussion, the General Meeting approved the proposal of the Board of Directors, the vote being as follows:

Votes cast

677,817,983

Absolute majority

338,908,992

Votes in favor

661,239,506

Votes against

8,859,210

Abstentions

7,719,267