Annual General Meeting 2008

Items

Item 5 Ordinary capital increase Rights offering

Profond proposed that UBS AG effect an ordinary capital increase with subscription rights allotted to existing shareholders through a rights offering. This would create around CHF 10 billion in equity capital. The Board of Directors agreed with Profond's proposal, but said that the ordinary capital increase should be structured in such a way that it generates proceeds of around CHF 15 billion. The Board of Directors thus proposed an ordinary capital increase as per the conditions stipulated in the invitation using the wording projected on the screen.

Following a discussion the General Meeting approved an ordinary capital increase, the vote being as follows:

Votes cast

670,036,849

Absolute majority

335,018,425

Votes in favor

650,544,285

Votes against

8,780,090

Abstentions

10,712,474

Proposal from a shareholder Proposal for a special audit

One shareholder proposed carrying out a special audit to establish whether the results of the votes cast at this General Meeting were determined in line with the law and the company's Articles of Association.
The Board of Directors recommended that the proposal to carry out a special audit on the results of the votes be rejected.

Votes cast

666,919,156

Absolute majority

333,459,579

Votes in favor

2,173,750

Votes against

544,414,888

Abstentions

120,330,518

The General Meeting was closed at 5.36 p.m.


Zurich, 23.04.08

On behalf of the Board of Directors:

Marcel Ospel
Chairman

Luzius Cameron
Secretary