Dear Mr Lavorato,
 
I am writing you to express my dissapointment about how the whole A/A issue with UBS was handled. I have been working for a year as an Analyst in the Gas Risk Management Group. In that period I learned a lot  about risk and  trading, and eventhough sometimes we worked crazy hours, I thought I had this incredible job, and I  worked with the best people in the industry. How few of us get a chance like that?! I was looking forward to my next rotation in the origination group, when the whole Enron scandal started happening. 
 
Even when we filed the bankruptcy, I still knew that the trading group will survive, and I was right. But I never thought that the management will so easily forget about the analysts, and not even try to negotiate analysts salaries with UBS , that all of us knew were the lowest in the market. And I am completely sure, UBS knew that too, but why would they pay us more, when our own management did not stand behind us. I remember the times when I was working till 11:00 p.m  or sometimes even longer, but since I had this incredible group of people to work with, I always thought someone would recognize that. But it looks like that it does not matter anymore how much you work, but who do you know?!
 
Mr. Lavorato, I wanted to share this with you because I know that you can make  a difference and that you always cared about the A/A program. Eventhough it may be late for me, it would be a great loss for the company if all  these smart people start leaving. Many of them are the brightest individuals I ever met, and I think they are the future of UBS Trading Group. I hope that you will at least think about what I said, because I know that you have a lot on your mind. 
 
I wish you a lot of success in this year!
 
Sincerely,
Anna Kulic
Gas Risk Management
713/ 345-4851