Research

Independent, third party research on certain companies covered by the firm's research is available to customers of UBS in the United States at no cost. Customers can access this research at http://www.ubs.com/independentresearch or can call 1-877-208-5700 to request that a copy of this research be sent to them.

The Analyst Transparency Report contains a summary of information, including a listing of the ratings, price targets and earnings per share estimates, relating to equity research reports on covered companies issued by UBS during the third and fourth quarter 2007. For purposes of this report, a covered company is generally defined as any US company or non-US company for which the US is the principal equity trading market.

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