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UBS have organized an important meeting will be held tomorrow for all employees who : 1) have accepted offers or 2) intend to accept offers ( to the best of their knowledge) but who have issues that are being resolved All employees in these categories should attend Buses will be provided for those who do not have their own transport and will pick up from the south side of the north building - please assemble in the Java plaza area from 8.30am to 9.30am ( last bus leaves @ 9.30 am ) The meeting will last until approximately 1pm and will be presented by senior managers from UBS on the firm and it's strategy. There will be breakfast available at the Hotel from 9am to 10am and there will be sandwiches afterwards. If traveling independently please make sure you leave sufficient time to park (it will be very busy) and get to the Grand ballroom Employees need to bring their id's or drivers license with them to gain access to the meeting I'm sorry for the short notice on this - please call out to anyone who should be attending who will not get this message in time Tammie Schoppe on behalf of UBS HR

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OUT: URGENT REQUIRES IMMEDIATE ACTION : Welcome to UBS meeting tomorrow 10.15 am @ the Houstonian

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In February, 539,594 Mmbtu were allocated to the our index purchase from HPLR Liquids at King Ranch. This allocation resulted in a large physical unaccounted for loss. Effectively, the gas was being purchased twice in our systems. In addition, a sale to the Liquids group, which should have been zero, was brokered with a purchase from Swift (2500 Mmbtu/day), resluting in additional gas being allocated to the HPLR Liquids purchase contract. I have attached a schedule detailing the volumes that were double booked in February. This schedule also reports the daily volumes for March which will need to be adjusted. I have calculated (based on estimates) that we should have only purchased about 88,000 from the Liquids group at King Ranch for February. See the following: Booked to HPLR Liquids: 539,574 18,606/day Purch by HPLC @ WH: 379,108 13,073/day Incorrect Liquids Sale: 72,500 2,500/day Adjusted purch from Liquids: 87,986 3,034/day We usually input a purchase of 2,500 Mmbtu/day from HPLR Liquids at the tailgate. We can increase this to 3,000/day for March. The majority of gas in the 3-Rivers system is transported to the King Ranch plant through HGPL. Some of this gas is purchased at the wellhead by HPLC, some of the gas is purchased at the wellhead by HPLR Liquids, and three producers have the option to either sell their gas to HPLC at the wellhead or to process their gas and sell the residue to HPLC at the tailgate of the plant. It is very important to keep the meters and volumes allocated correctly among parties related to these transactions. The attached schedule should assist in doing this. I have reported the meters at which HPLC buys wellhead gas. The movement of this gas through HGPL and King Ranch should be kept seperate from the gas purchased by the Liquids group. A transport usage ticket can be used to show the transfer of HPLC's gas from King Ranch to HPL. Let's plan on discussing this either Friday or Monday afternoon. Let me know what works best for you. D

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OUT: 3-rivers / King Ranch / HPLR Liquids

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OUT:
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