This is the content of an email: I just heard from Chris Lue, UBS HR, regarding the UBS New Hire paperwork. All New Hire paperwork must be completed before 3:00 PM TODAY, Friday, 1/25/02 or UBS will be unable to process your payroll. These forms were distributed during the HR Benefit meetings held yesterday. If you were unable to attend these meetings and are unsure about what forms need to be completed, please see either Grace or I ASAP. Thanks!

Subject: UBS Paperwork - ACTION REQ'D

This is the content of an email: <<MF June 8th 2001.pdf>> Good Friday Morning - Comments From The Local Guys! The following are highlights from Lehman Brothers economists Stephen D. Slifer and Ethan S. Harris's weekly comments: "The dichotomy between the near-term and medium-term economic outlook continues to build. Recent data for capital goods spending and the job market point to a further deepening of the growth recession. At the same time, the forces for eventual recovery continue to gather: major tax rebates are now a done deal, the Fed continues to ease aggressively, the stock market has begun to recover, and consumer confidence has begun to turn upward. We remain confident that the economy will recover sharply during the second half and return to solid trend growth in 2002. However, given the considerable downward momentum in the economy, the recovery may not be soon enough to deliver the solid 3% GDP growth we are forecasting in 3Q. Our current forecast has just one more 25 bp rate cut from the Fed. However, the odds are growing that the Fed will need to implement a 50 bp cut or two 25 bp cuts." The 30-year US T-Bond yield is 5.72%. The 10-year note yield is 5.33%. The 5-year is trading at 4.87%. Spot crude oil is trading at $28.04 p/b. Natural Gas - Henry Hub - is trading at $3.87 p/mcf. AD Time: New Federal Insider-Trading Rule (Rule 10b5-1) have been adopted by the SEC under the Securities Exchange Act of 1934. This rule greatly enhances an insider's/employee's ability to trade his/her corporate shares during blackout periods. Previously, without the protection of this new SEC rule, employees and insiders could safely trade only outside of designated blackout windows. Under this new rule, insiders/employees may have the ability to purchase and sell their corporate shares even during blackout periods if a written plan was established and in force when the insider/employee was not in possession of material, non-public information. The new rule contains other restrictions and should be reviewed carefully. Lehman Brothers has established a turn-key plan that take into account the regulatory procedures for establishing such a plan. Please email us or call us for more information. Lehman Brothers' Research.

Subject: The Morning Market Call - Friday June 8th, 2001.

This is the content of an email: It is too late in the day in London for me to catch you by phone today. I will call you tomorrow and would like to throw out an idea regarding an on-going resource for operations in London. If you are comfortable with my idea, then I can discuss it in person with Fernley while he is here this week. We have time on the calendar plus dinner this week.

Subject: London Resources

This is the content of an email: Please review and verify the attached spreadsheet. Make any corrections to employee info in RED on the spreadsheet As we will not hold a pre-ranking meeting, please provide a pre-rank of 1-5 (see attached rating descriptors) for each employee. COMMERCIAL: Commercial employees are identified by a C in the Peer Group column You should be prepared to represent these employees at the July 9 Commercial PRC meeting COMMERCIAL SUPPORT: Commercial Support employees are identified by a CS in the Peer Group column Non-exempt employees (Clerks/Administrative Assistants/Coordinators) will not participate in a PRC meeting. Your ranking on the spreadsheet 1-3 (see attached rating descriptors under Job Group Participation) will be the final ranking for these employees Note: If your employees used the PEP system to do a self-evaluation, it is important that you review the accomplishments section of the self-eval prior to attending a PRC meeting. This information will be available to display on the screen during the meeting. If you have any questions, call me at 5-3847. Please send the completed spreadsheet to me no later than MONDAY, JUNE 11.
Subject: Important PRC info-Read and Respond by Monday, June 11