Corporate Center serves Swiss individuals and corporations, offering a range of retail banking and securities products and services. UBS has filed a registration statement (including a prospectus, as supplemented by a prospectus supplement for each offering of UBS E-TRACS) with the Securities and Exchange Commission (the “SEC”) for the offerings to which this communication relates. The assets transferred into the new fund included $31 billion related to the United States sub-prime and other markets that included mortgage-based securities and securities backed by student loans. One of the top 10 investment banking and securities firms in the world, UBS is a world leader in financial services and wealth management. The PDS contains a more detailed description of the limited relationship MSCI has with UBS AG, Australia Branch and Valuestream Investment Management Limited any related financial securities. Roger Duronio, 63, faces one count each of securities fraud and computer sabotage, and two counts of mail fraud in U. Late last month, the state of Massachusettscharged UBS with screwing over well-heeled customers who had purchased auction-rate securities. Since last October, UBS has announced 7,000 job cuts, mainly at its securities division.

The mechanics of auction-rate securities—instruments that pay a slightly higher rate of interest than municipal bonds or cash deposits and were thought by many purchasers and brokers to be as safe as cash—are complicated. Southern District of New York Judge Denise Cote granted the motion to dismiss madeby lawyers for UBS AG, saying the bank’s accurate statements about thehistorical stock price could not support a claim under the securitieslaws. UBS was accused of violating 11 of the Securities Act of 1933 forciting the stock prices for WorldCom beginning in 1998 in a prospectussupplement filed in January 2002. Although UBS said the fourth quarter had started with “good” results from all divisions, it added that rating downgrades for some asset-backed securities and further deterioration in the beleaguered American housing market made for a potentially bleak future. UBS has also reached an agreement with the Swiss National Bank to transfer up $60 billion of currently illiquid securities and other assets from its balance sheet to a separate fund entity. To the extent that material on UBS’ online services is issued in the UK, it is issued by UBS Investment Bank which is regulated by the Securities Futures Authority.

The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.