UBS FINANCIAL SERVICES INC.

Permitted to Resign

MR. ALVARE WAS PERMITTED TO RESIGN DUE TO MANAGEMENT'S LOSS OF CONFIDENCE IN HIS ABILITY TO PERFORM SOME OF THE RESPONSIBILITIES OF HIS JOB, INCLUDING HIS FAILURE TO TAKE THE APPROPRIATE STEPS TO ASCERTAIN CLIENT INFORMATION NECESSARY FOR CERTAIN CLIENT ACCOUNTS.

I STRONLY DISAGREE WITH UBS'S ALLEGATIONS AND CHARACTERIZATIONS. AS FAR AS I CAN RECALL, I DILIGENTLY INTERVIEWED NEW CLIENTS WITH THE RELEVANT KNOW YOUR CUSTOMER (KYC) QUESTIONS VIA THE OFFICIAL UBS ACCOUNT OPENING FORM: "WORKSHEET FOR CLIENTS". THEY WERE ALSO APPROVED AS NEW CLIENTS BY BOTH UBS JP BRANCH MANAGEMENT (CENTURY CITY, CA) AND AT THE UBS CORPORATE LEVEL (WEEHAWKEN, NJ). MOREOVER, AS FAR AS I CAN RECALL, EVERY TRADE I PLACED AT UBS WAS DULY REVIEWED AND APPROVED BY MY UBS SUPERVISORS. I HAVE NEVER, AS FAR AS I KNOW, RECEIVED A CUSOTMER COMPLAINT.