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The 2001 Daftas Longest Email Disclaimer

UBS Warburg and its incredible 1081 words

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There was absolutely no competition in the Dafta Longest Email Disclaimer category. UBS Warburg runs hurtling through the tape with this:

This report has been prepared by the division, group, subsidiary or affiliate of UBS AG ("UBS") identified herein. In certain countries UBS AG is referred to as UBS SA, which is a translation of UBS AG, its registered legal name. UBS Warburg is a business group of UBS AG. This report is for distribution only under such circumstances as may be permitted by applicable law, including the following: This report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The report is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. The report is based on information obtained from sources believed to be reliable but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, marketsor developments referred to in the report. The report should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this report are subject to change without notice and UBS is not under any obligation to update or keep current the information contained herein. UBS and/or its directors, officers and employees may have or have had interests or long or short positions in, and may at any time make purchases and/or sales as principal or agent, or UBS may act or have acted as market-maker in the relevant securities or related financial instruments discussed in this report. Furthermore, UBS may have or have had a relationship with or may provide or has provided corporate finance, capital markets and/or other financial services to the relevant companies. Employees of UBS may serve or have served as officers or directors of the relevant companies. UBS may rely on information barriers, such as "Chinese Walls," to control the flow of information contained in one or more areas within UBS, into other areas, units, divisions, groups, or affiliates of UBS.

Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. Clients wishing to effect transactions should contact their local sales representative. UBS accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this report. Additional information will be made available upon request.

EEA: This report has been issued by UBS Warburg Ltd., regulated in the UK by the Securities and Futures Authority. In the UK this report is for distribution to persons who are not UK private customers. Customers should approach the analyst(s) named on the cover regarding the contents of this report. For investment advice, trade execution or any other queries, customers should contact their London representative. Switzerland: This report is being distributed in Switzerland by UBS AG. Italy: Should persons receiving this research in Italy require additional information or wish to effect transactions in the relevant securities, they should contact either Giubergia UBS Warburg SIM SpA, an associate of UBS SA, in Milan or UBS Warburg (Italia) SIM SpA, a subsidiary of UBS SA, in Milan or its London or Lugano Branch. South Africa: UBS Warburg Securities (South Africa) (Pty) Ltd. (incorporating J.D. Anderson & Co.) is a member of the JSE Securities Exchange SA. United States: This report is being distributed to US persons by either UBS Warburg LLC or by UBS PaineWebber Inc., subsidiaries of UBS AG; or (ii) by a division, group, subsidiary or affiliate of UBS AG, that is not registered as a US broker-dealer (a "non-US affiliate"), to major US institutional investors only. UBS Warburg LLC or UBS PaineWebber Inc. accepts responsibility for the content of a report prepared by another non-US affiliate when distributed to US persons by UBS Warburg LLC or UBS PaineWebber Inc. All transactions by a US person in the securities mentioned in this report must be effected through UBS Warburg LLC or UBS PaineWebber Inc., and not through a non-US affiliate. Canada: This report is being distributed by UBS Bunting Warburg Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. A statement of its financial condition and a list of its directors and senior officers will be provided upon request. Singapore: This report is being distributed in Singapore by UBS Warburg Pte. Ltd. Hong Kong: This report is being distributed in Hong Kong to investors who fall within section 3(1) of the Securities Ordinance (Cap 333) by UBS Warburg Asia Limited. Japan: This report is
being distributed in Japan by UBS Warburg (Japan) Limited to institutional investors only. Australia: This report is being distributed in Australia by UBS Warburg Australia Limited in relation to fixed income securities, and UBS Warburg Australia Equities Limited in relation to equity securities. New Zealand: This report is being distributed in New Zealand by UBS Warburg New Zealand Ltd in relation to fixed income securities and UBS Warburg New Zealand Equities Ltd in relation to equity securities.

+ 2001. All rights reserved. No part of this report may be reproduced or distributed in any manner without the written permission of UBS. UBS specifically prohibits the re-distribution of this report, via the Internet or otherwise, and accepts no liability whatsoever for the actions of third parties in this respect.

Visit our website at http://www.ubswarburg.com

This message contains confidential information and is intended only for the individual named. If you are not the named addressee you should not disseminate, distribute or copy this e-mail. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.

E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this message which arise as a result of e-mail transmission. If verification is required please request a hard-copy version. This message is provided for informational purposes and should not be construed as a solicitation or offer to buy or sell any securities or related financial instruments.

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