Client Privacy Notice

This notice contains important new information about how your information is shared with our affiliates.

We Take Important Steps to Help Safeguard the Personal Information We Collect About You

At UBS Financial Services Inc., we are committed to safeguarding your personal information. This notice describes the personal information we collect and how we handle and protect it. As part of our normal business practices, we distribute our policy annually or when significant changes are made to it.

This notice contains important information about how we share information and prepare account statements.

This notice is being provided on behalf of UBS Financial Services Inc., UBS Financial Services Incorporated of Puerto Rico, UBS Bank USA, UBS Credit Corp., UBS Trust Company, N.A., their insurance agency affiliates and subsidiaries, and UBS International Inc. This notice applies to personally identifiable information about an individual’s current or former client relationships with these companies.

If your relationship with us is as part of an employee stock benefit plan, please see “Special Note for Clients With Limited-Purpose Employee Stock Benefit Plan Accounts Administered by Us” on page 6 for specific information about these types of accounts.

Why and How We Collect Personal Information
We collect personal information to enable us to provide products and services to you and to improve and conduct our business. For example, we collect personal information to:

We collect information from a variety of sources, including:

Who Has Access to Personal Information
Only those employees who need to have access to personal information to perform their jobs are authorized to use your personal information. They may need access to your personal information to conduct business on your behalf, service your account, help you and your Financial Advisor pursue your financial objectives, and to conduct our business.

How We Protect Personal Information
Employees who have access to your personal information are required to maintain and protect the confidentiality of that information and must follow established procedures. We maintain physical, electronic and procedural safeguards to protect your personal information to comply with applicable laws and regulations.

Why and How We Share Information With Our Affiliates
We may share your personal information (as described on page 1 in “Why and How We Collect Personal Information”) with our affiliates as required or permitted by applicable law. Our affiliates are companies controlled or owned by us, or companies that control us, such as our corporate parent, UBS AG, or are under common control with us.

For example, we may share information with our affiliates in order to:

We may share your name, contact information and information about our transactions and experiences with you with our affiliates so that they or we may offer products or services that may be appropriate for you and to conduct business. As one example, we may share your name, contact information and transactions and information about your experiences with us with our bank or mortgage affiliates to determine whether certain products or services that they offer might meet your specific needs, so that they could offer their products and services directly to you.

We also may share with our affiliates personal information that was collected to determine your eligibility for products and services you previously requested from us (“eligibility information”). An example of this type of information would be information used to determine creditworthiness, such as net worth, income or credit history. (See “How You Can Direct How Your Information Is Shared and Presented” on page 4.)

Why and How We Share Information With Nonaffiliated Third Parties
We do not and will not rent or sell your personal information. However, we may share your personal information (as described on page 1 in “Why and How We Collect Personal Information”) with companies that we hire to perform services for us, such as vendors that provide data processing, computer software maintenance and development, transaction processing and marketing services.

In addition, to help us service your account or to offer products and services that may meet your financial needs, we may share your name, contact information, and information about our transactions and experiences with you with nonaffiliated financial service institutions with which we have agreements to market financial services or products that we jointly offer, endorse or sponsor. Nonaffiliated financial service institutions include mutual fund companies, securities brokers, clearing brokers and banks.

In the two cases above, we require these nonaffiliated companies and nonaffiliated financial service institutions with whom we share your personal information to agree to limit the use of such information to the purposes for which it was provided.

Finally, we may disclose personal information to others, including nonaffiliated companies and regulatory authorities, as either required or permitted by applicable law. For example, we may disclose personal information to:

How You Can Direct How Your Information Is Shared and Presented
To protect the confidentiality of your information and respect your wishes for how it is used, we offer “opt out” alternatives. These permit you to direct how your information is shared with our affiliates and how it is presented in statements and periodic “playback” mailings.

Eligibility Information Sharing With Our Affiliates
If you do not want us to share eligibility information (see “Why and How We Share Information With Our Affiliates” on page 2 for a definition of “eligibility information”) about you with our affiliates, you may opt out of these disclosures. That is, you may instruct us not to share eligibility information with our affiliates.

Please note that, even if you direct us not to share eligibility information with our affiliates, we may still share your personal information—including eligibility information—with our affiliates as permitted by law, for example, to process transactions or to service your account. Moreover, we may also share certain other types of non-eligibility information with our affiliates, such as your name, address, telephone number, e-mail address and account number(s), and information about your transactions and experiences with us.

If you wish to opt out of the disclosure of eligibility information, please call your Financial Advisor at the toll-free number listed on your account statements.

Statement Householding
As a convenience to you, in some instances we may consolidate all related account statements with the same address in the same envelope. Accounts may be related for this purpose because they have owners who also maintain joint account relationships with other clients at the same address. This practice is known as “householding.”

One example of this could be if you and your spouse have your statements sent to the same address and have a joint account in addition to any individual accounts. In this case, all of the account statements may be sent together.

If you do not wish to have all of your statements bundled together—that is, you prefer to receive individual statements mailed in separate envelopes—you may decline householding by calling your Financial Advisor at the toll-free number listed on your account statements.

Periodic ‘Playback’ Mailings
After a new account is opened or whenever your investment objectives or financial information is updated, we confirm your personal information in your next statement to verify that our records are correct. These mailings, known as “playbacks,” confirm certain account information such as date of birth, employment status and annual income.

If you are concerned about other account holders in your statement household (as outlined on page 4 in “Statement Householding”) viewing this information, you may call your Financial Advisor at the toll-free number listed on your account statements and request that your playbacks be mailed in separate envelopes.

Special Note for California and Vermont Accounts
To comply with California and Vermont laws, we do not share information with nonaffiliated third parties for accounts with a primary mailing address in these states, except as required or permitted by applicable state law. Likewise, for these accounts we do not household account statements without written consent. Therefore, accounts with a primary mailing address in California or Vermont are automatically opted out of statement householding. Additionally, Vermont accounts are automatically opted out of the sharing of eligibility information with our affiliates. If this paragraph applies to your accounts and you would like to have your statements householded, please contact your Financial Advisor at the toll-free number listed on your account statements.

Accessing and Revising Your Personal Information
We strive to keep our customer files complete and accurate. Most of the information we collect about you is from applications that you submit to us to obtain our products or services and is reflected in account statements and other documentation you receive from us.

We encourage you to review this information and notify us if you believe any information should be corrected or updated. If you have questions or concerns about your personal information or this privacy notice, please contact your Financial Advisor at the toll-free number listed on your account statements.

Special Note for Clients With Limited-Purpose Employee Stock Benefit Plan Accounts Administered by Us
If your relationship with us is solely through a limited- purpose employee stock benefit plan account, we share personal information only for the purposes of administering and providing stock benefit plan services.

These limited-purpose accounts are excluded from sharing of personal information with our affiliates and nonaffiliated third parties, except in connection with performing those services or completing transactions authorized by you, or for regulatory or legal purposes. For example, we share information with mailing vendors that produce statements and confirms on our behalf, but we do not disclose your personal information to affiliates or nonaffiliated third parties for marketing purposes. Accordingly, these accounts have been opted out automatically from the sharing of eligibility information described in “Eligibility Information Sharing With Our Affiliates” on page 4.

Because your plan sponsor provides us with your personal information, please contact your personnel or human resources department for changes to your personal information.

Last updated: July 1, 2006


<sub>©2005 UBS Financial Services Inc. All Rights Reserved. Member SIPC.

UBS Financial Services Inc.
www.ubs.com/financialservicesinc
060607-1009-X1044

UBS Financial Services Inc. is a subsidiary of UBS AG.</sub>