Competitive Analysis

Hi John- thanks for the generous offer which I have accepted. A couple of outstanding questions-

1. Who am I reporting to? I would welcome the opportunity to report to you or Greg. I think my job was a lot easier in the past because our group had the backing of the Office of the Chair. This gave us credibility, independence, and the chance to contribute to strategic issues as well as the tactical issues of interest to the traders. However, I am obviously open to any reporting relationship you might suggest and I understand that my day-to-day duties will consist largely of interaction with the Fundy teams.

2. Are there any slots that have opened because of offers that were not accepted? I would love to be able to take one of the folks from my group with me, particularly Kristin Walsh or my assistant Sharon Purswell.

Thanks again for the great offer and the chance to join UBS.

Robert
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cell: 713-594-7995