Record of resolutions of the Extraordinary General Meeting of UBS AG, held in the St. Jakobshalle, Basel, on Thursday, 2 October 2008, at 10.30 a.m.
Chairman: Peter Kurer, Chairman of the Board of Directors
Minutes: Luzius Cameron, Secretary to the Board of Directors
Notary providing official certification of the resolutions passed in respect of amendments to the Articles of Association: Dr Matthias Staehelin, Münchenstein
Vote count: BDO Visura, Solothurn
Independent proxy pursuant to Art. 689c of the Swiss Code of Obligations: Altorfer Duss & Beilstein AG, Zurich
The invitation to the Extraordinary General Meeting was published in the Swiss Commercial Gazette and various daily newspapers on 9 September 2008. In addition, printed copies of the invitation were sent to all shareholders listed in the Share Register.
As such the General Meeting was quorate.
No requests were received from shareholders to be included on the agenda pursuant to Art. 699 para. 3 of the Swiss Code of Obligations and Article 12 of the Articles of Association of UBS.
Voting on all items on the agenda are carried out electronically.
At 10.30 a.m. 2,372 shareholders are present, representing 942,070,054 votes (51.95% of shares with voting rights).
Votes are represented as follows:
Status Report of the Board of Directors
On behalf of the Board of Directors the Chairman informs which steps have been taken by the Board of Directors and the Management during the last five months to overcome the various challenges. In addition, he comments in an outlook about the future that the Board of Directors and Management will concentrate in the short term on navigating UBS through the difficult market situation. With regard to the long term outlook he mentions that the vision for UBS consists of three principal elements:
The full recovery of UBS's reputation and to be an acknowledged industry leader
A full client orientation in each of UBS's businesses
The achievement of ambitious and sustainable financial targets
The Chairman's speech can be downloaded on the UBS website under http://www.ubs.com/1/e/investors/agm.html.
The Chairman announces that no decision is made over the Status Report. He, however, opens the discussion. In this discussion 18 speakers ask questions and touch on general subjects concerning possible additional write downs, compensation policy, corporate governance, risk positions and possible dividend payments for this and the coming financial year.