02/07/2008

Ethos presents its detailed proxy analysis of the items on the agenda of the UBS Extraordinary General Meeting to be held on 27 February 2008.

Ethos' voting recommendations are the following:

  1. Special Audit Requested by Ethos: FOR
  2. Stock Dividend: FOR
  3. Capital Increase
    • Proposal of the Board (without priority subscription rights): AGAINST
    • Alternative Proposal by Profond (with pre-emptive rights): FOR
It should be noted that the capital increase proposed by the Board needs a 2/3 majority to be approved, as it requires the suppression of the pre-emptive rights of the shareholders. On the contrary, the proposal of Profond to proceed to an ordinary share capital increase with pre-emptive rights requires only a 50% majority.
Given the importance of the issues at stake, Ethos urges UBS' shareholders to participate or to be represented at this Extraordinary General Meeting. The shareholders that wish to appoint Ethos as their proxy (free of charge) should fill-in the «Enclosure 1» which they received with the invitation to the general meeting as follows:
  1. Tick the box «We would like to order an admission card in the name of our proxy as follows:»
  2. Add the name of the proxy: Ethos Foundation, PO Box, 1211 Geneva 1
  3. Tick the box «Please send this admission card to our proxy»
The Enclosure 1 should be signed and sent to UBS in the enclosed envelope.
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