UBS Investment Banking

In the event the Firm resubmits its monthly Rule 605 and/or quarterly Rule 606 data, the publicly available statistics will state the date of resubmission. Moreover, the original reports are available on request.

DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY
UBS Securities LLC ("UBS-S") have prepared the respective data and information (the "Reports") contained herein pursuant to Rules 605 and 606 (the "Rules") under the Securities Exchange Act of 1934. The Rules are intended to provide investors with certain information regarding each broker-dealer's order handling practices.

The Reports are not intended to and do not consider all factors relevant to an analysis of a broker-dealer'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 about 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 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 are reliable, UBS does not guarantee the accuracy, completeness and timeliness of the Reports or the validity of their use for any particular purpose. UBS, its affiliates, directors, officers or employees do not warranty, guarantee or make any representations, or assume any liability to UBS 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 or any other third party providing support to UBS.

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

UBS-S, member NYSE/SIPC, is an indirect wholly-owned subsidiary of UBS AG. In the U.S., UBS Investment Bank’s order routing and execution services are performed by UBS-S.




	Rule 606 (formerly Rule 11Ac1-6) of the US Securities and Exchange Commission requires broker-dealers to disclose where their customer orders are routed when the firm acts as agent. The following report for UBS Securities LLC (“UBS-S”) is being furnished in compliance with this rule: UBS-S Rule 606 Report (pdf) Rule 605 (formerly Rule 11Ac1-5) of the US Securities and Exchange Commission requires market centers to disclose certain execution quality statistics. The following reports are being furnished in compliance with this rule for securities in which the firm(s) may be considered a market center: UBS-S Rule 605 Report (external site)
	In the event the Firm resubmits its monthly Rule 605 and/or quarterly Rule 606 data, the publicly available statistics will state the date of resubmission. Moreover, the original reports are available on request. DISCLAIMER OF WARRANTY AND LIMITATION OF LIABILITY UBS Securities LLC ("UBS-S") have prepared the respective data and information (the "Reports") contained herein pursuant to Rules 605 and 606 (the "Rules") under the Securities Exchange Act of 1934. The Rules are intended to provide investors with certain information regarding each broker-dealer's order handling practices. The Reports are not intended to and do not consider all factors relevant to an analysis of a broker-dealer'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 about 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 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 are reliable, UBS does not guarantee the accuracy, completeness and timeliness of the Reports or the validity of their use for any particular purpose. UBS, its affiliates, directors, officers or employees do not warranty, guarantee or make any representations, or assume any liability to UBS 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 or any other third party providing support to UBS. The Reports are the property of UBS and may not be redistributed in any form or manner without the prior written consent of UBS. UBS-S, member NYSE/SIPC, is an indirect wholly-owned subsidiary of UBS AG. In the U.S., UBS Investment Bank’s order routing and execution services are performed by UBS-S. © Copyright UBS 1998-2007. All rights reserved.