SEC Required Report on Routing of Customer Orders

For Quarter Ending September 30, 2007

UBS International Inc. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders” – any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, UBS Financial Services Inc. has selected the execution venue on behalf of customers.

The report is divided into four sections: one for securities listed on the New York Stock Exchange, one for securities listed on The Nasdaq Stock Market, one for securities listed on the American Stock Exchange or regional exchanges, and one for exchange-listed options. For each section, this report identifies the venues most often selected by UBS International, sets forth the percentage of various types of orders routed to the venues, and discusses the material aspects of UBS International’s relationship with the venues.

Securities Listed on New York Stock Exchange

Summary Statistics:

Non-directed orders as percentage of total customer orders	99.97%
Market orders as percentage of total non-directed orders	46.15%
Limit orders as percentage of total non-directed orders	49.89%
Other orders as percentage of total non-directed orders	3.96%
Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. New York Stock Exchange	36.91%
2. UBS Securities LLC	62.94%
3. Bernard L. Madoff Investment Securities, LLC	.14%
Information Concerning Significant Venues:

1. New York Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	34.22%
Limit orders as percentage of total limit orders	34.97%
Other orders as percentage of total other orders	92.46%
Material Aspects of Relationship with Venue:	None

2. UBS Securities LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	65.77%
Limit orders as percentage of total limit orders	64.79%
Other orders as percentage of total other orders	6.83%
Material Aspects of Relationship with Venue:
UBS International Inc. is an affiliate of UBS Financial Services Inc. and UBS Securities LLC. All are wholly owned by UBS AG, a publicly-owned Swiss banking corporation. UBS International may receive sales credits for orders executed by UBS Securities, as principal, on behalf of UBS International clients.

3. Bernard L. Madoff Investment Securities, LLC3. Bernard L. Madoff Investment Securities, LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	.01%
Limit orders as percentage of total limit orders	.22%
Other orders as percentage of total other orders	.71%
Material Aspects of Relationship with Venue:	None

Securities listed on the Nasdaq Stock Market

Summary Statistics:

Non-directed orders as percentage of total customer orders	100.00%
Market orders as percentage of total non-directed orders	40.84%
Limit orders as percentage of total non-directed orders	55.02%
Other orders as percentage of total non-directed orders	4.14%
Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. UBS Securities LLC	97.76%
2. Bernard L. Madoff Investment Securities LLC.	1.16%
3. Knight Securities L.P.	1.08%
Information Concerning Significant Venues:

1. UBS Securities LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	96.22%
Limit orders as percentage of total limit orders	98.79%
Other orders as percentage of total other orders	100.00%
Material Aspects of Relationship with Venue:
UBS International Inc. is an affiliate of UBS Financial Services Inc. and UBS Securities LLC. All are wholly owned by UBS AG, a publicly-owned Swiss banking corporation. Following the merger of Financial Services Group Inc. and UBS AG in 2000, Financial Services (now called UBS Financial Services) transferred its market-making operations in Nasdaq securities to its affiliate, UBS Securities. Accordingly, UBS Financial Services, the clearing agent for UBS International, sends orders in Nasdaq securities and certain fixed-income securities to UBS Securities to execute on a principal or agency basis, subject to principles of best execution. UBS International receives sales credits for orders executed by UBS Securities, as principal, on behalf of UBS International clients.

2. Bernard L. Madoff Investment Securities LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	1.60%
Limit orders as percentage of total limit orders	.93%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:	None

3. Knight Securities L.P.
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	2.19%
Limit orders as percentage of total limit orders	.34%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:	None

Securities Listed on American Stock Exchange or Regional Exchanges

Summary Statistics:

Non-directed orders as percentage of total customer orders	99.92%
Market orders as percentage of total non-directed orders	46.69%
Limit orders as percentage of total non-directed orders	51.23%
Other orders as percentage of total non-directed orders	2.07%
Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. American Stock Exchange	22.78%
2. New York Stock Exchange	3.13%
3. UBS Securities LLC	73.23%
4. Pacific Coast	.86%
Information Concerning Significant Venues:

1. New York Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	3.27%
Limit orders as percentage of total limit orders	2.90%
Other orders as percentage of total other orders	5.66%
Material Aspects of Relationship with Venue:	None

2. UBS Securities LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	79.21%
Limit orders as percentage of total limit orders	70.74%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:
UBS International Inc. is an affiliate of UBS Financial Services Inc. and UBS Securities LLC. All are wholly owned by UBS AG, a publicly-owned Swiss banking corporation. Following the merger of Financial Services Group Inc. and UBS AG in 2000, Financial Services (now called UBS Financial Services) transferred its market-making operations in Nasdaq securities to its affiliate, UBS Securities. Accordingly, UBS Financial Services, the clearing agent for UBS International, sends orders in Nasdaq securities and certain fixed-income securities to UBS Securities to execute on a principal or agency basis, subject to principles of best execution. UBS International receives sales credits for orders executed by UBS Securities, as principal, on behalf of UBS International clients.

3. American Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	17.44%
Limit orders as percentage of total limit orders	24.75%
Other orders as percentage of total other orders	94.34%
Material Aspects of Relationship with Venue:	None

4. Pacific Coast
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	.08%
Limit orders as percentage of total limit orders	1.60%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:	None

Exchange Listed Options

Summary Statistics:

Non-directed orders as percentage of total customer orders	99.80%
Market orders as percentage of total non-directed orders	13.12%
Limit orders as percentage of total non-directed orders	86.62%
Other orders as percentage of total non-directed orders	0.26%
Venues Receiving Significant Percentage of Total Non-Directed Orders:

1. Chicago Board Options Exchange	51.19%
2. UBS Securities LLC	.16%
3. American Stock Exchange	.96%
4. Philadelphia Stock Exchange	21.52%
5. International Stock Exchange	21.20%
6. Pacific Coast Options	4.99%
Information Concerning Significant Venues:

1. Chicago Board Options Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	45.90%
Limit orders as percentage of total limit orders	51.23%
Other orders as percentage of total other orders	69.23%
Material Aspects of Relationship with Venue:	None

2. UBS Securities LLC
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	0%
Limit orders as percentage of total limit orders	.18%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:
UBS International Inc. is an affiliate of UBS Financial Services Inc. and UBS Securities LLC. All are wholly owned by UBS AG, a publicly-owned Swiss banking corporation. Following the merger of Financial Services Group Inc. and UBS AG in 2000, Financial Services (now called UBS Financial Services) transferred its market-making operations in Nasdaq securities to its affiliate, UBS Securities. Accordingly, UBS Financial Services, the clearing agent for UBS International, sends orders in Nasdaq securities and certain fixed-income securities to UBS Securities to execute on a principal or agency basis, subject to principles of best execution. UBS International receives sales credits for orders executed by UBS Securities, as principal, on behalf of UBS International clients.

3. American Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	1.22%
Limit orders as percentage of total limit orders	.92%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:	None

4. Philadelphia Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	26.14%
Limit orders as percentage of total limit orders	20.79%
Other orders as percentage of total other orders	30.77%
Material Aspects of Relationship with Venue:	None

5. International Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	19.60%
Limit orders as percentage of total limit orders	21.50%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:	None

6. Pacific Coast Stock Exchange
Types of Orders Routed to Venue:
Market orders as percentage of total market orders	7.14%
Limit orders as percentage of total limit orders	4.67%
Other orders as percentage of total other orders	0%
Material Aspects of Relationship with Venue:	None

If you have any questions regarding the routing of a specific order, please contact your UBS International Financial Advisor.

DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY

UBS International Inc. has prepared the data and information (the „Reports”) contained herein pursuant to Rules 11Ac1-5 and 11Ac1-6 (the „Rules”) of the Securities Exchange Act of 1934. The Rules are intended to provide investors with certain information regarding order execution and each broker-dealer’s order routing practices.

The Reports are not intended to and do not consider all factors relevant to an analysis of a broker’s best execution and order routing practices. As acknowledged by the Securities and Exchange Commission (the „SEC”), other factors may be relevant to evaluating the quality of order execution, including the (1) size of the order, (2) trading characteristics of the security involved, (3) availability of accurate information affecting choices as to the most favorable market center for execution and the availability of technological aids to process such information, and (4) cost and difficulty associated with achieving an execution in a particular market center. Accordingly, the SEC has stated that „the statistical information [contained in the Reports] does not create a reliable basis to address whether any particular broker-dealer failed to obtain the most favorable terms reasonably available under the circumstances for customer orders.”

Although the information contained in the Reports is obtained or compiled from sources that we believe reliable, UBS International does not guarantee the accuracy, completeness, and timeliness of the Reports or the validity of their use for any particular purpose. UBS International, its parent, UBS AG, its affiliates, directors, officers or employees do not warranty, guarantee or make any representations, or assume any liability to UBS International clients or any third parties, with regard to financial results, including any direct, indirect, consequential, incidental or punitive damages that may arise from (1) the use of the information contained in the Reports, (2) the failure or interruption of this site or (3) any other cause relating to the access, inability to access, or use of the site or these Reports, whether or not the circumstances giving rise to such cause may have been within the control of UBS International or any other third party providing support to UBS International.

The Reports are the property of UBS International and may not be redistributed in any form or manner without the prior to written consent of UBS International.