Extraordinary General Meeting 2008


Item 1: Request for information and proposal for a special audit

A. Request for information
Prior to the Extraordinary General Meeting UBS received a number of questions in writing from Ethos and Pictet Funds SA. These two shareholders also submitted requests for information regarding the impact of the turbulence in the US mortgage market on UBS. The Chairman stated that a detailed response to these questions had been issued by UBS in an extensive paper that has been available since 14 February 2008 on the UBS homepage. This paper also contains comments by UBS's auditors. Although item 1.A. was an item that did not include a specific proposal and for which no voting was required, the chairman opened the discussion. As 51 participants had registered for this item alone, the Chairman decided to limit speaking time to 5 minutes per participant. In a lengthy discussion period, questions regarding accountability for the large amount of writedowns and the high compensation of UBS employees were once again raised . After over three hours of what at times was a passionate debate, a shareholder proposed that the discussion be terminated as no new statements were being made. On a show of hands this proposal was overwhelmingly accepted.

B. Proposal by Ethos for a special audit
Ethos and Pictet requested that a special audit be performed. The representatives of Ethos and Pictet present at the meeting were asked whether they would withdraw the proposal made for a special audit in light of the aforementioned comprehensive response or whether the proposal for the special audit would stand. Ethos and Pictet did not withdraw the proposal and they were therefore asked to disclose the scope of the proposal for a special audit and to add this to the minutes. Dominique Biedermann retained all ten questions submitted on 18 December 2007.

The Board of Directors proposed that the proposal for the performance of a special audit be rejected.

The General Meeting rejected the proposal by Ethos and Pictet, with the voting being as follows: