This is the content of an email: Mark, as discussed this morning. When does Cedric get back? I can go=20 through them in more detail but I thought these would help. mike

Subject: Analyst presentation comments

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: Mark and Jeff: There is an impression circulating among some of the commercial teams that their compensation may be directly linked to asset dispositions, ie. success fees. Apparently, this may have started due to "rumors" that the London Receiver is allowing for such payments--for example, the pending Arcos turbine sale. This is unsubstantiated, but may be worthy of inquiry. Accordingly, in at least one domestic example, it is my understanding that the deal team was fairly unmotivated until they heard about the London "arrangement" and are now pursuing with great exuberance. Maybe this is a good thing, but clearly an arrangement that needs to be vetted and then communicated so people understand what the "rules" may be.

Subject: Asset Dispositions--"Success Fees"

This is the content of an email: Attached is the summary of this Accounting and Reporting NOPR proposing additional reporting requirements for financial instruments. The NOPR is hyperlinked to the word document. Comments are due on March 11, 2002. Please review and designate whom you would like to participate in developing comments, if any. This may not have any material impact on us. Please advise Tony Pryor or myself of your designee by next Tuesday, January 22.
Subject: NOPR - Accounting and Reporting of Financial Instruments - RM02-3