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is urged to consult with its own tax advisor regarding the U.S. and non-U.S. tax treatment of an investment in the AlphaKeys Fund. Implications of Non-U.S. Investments Certain non-U.S. investments of the Underlying Fund and the Underlying Master Fund, including investments in "controlled foreign corporations" and
ole discretion, to make such an offer to one or more Investors and not to the other Investors, and may do so without notice to the other Investors. No Assurance of Investment Return. The AlphaKeys Fund is intended for long-term Investors who can accept the significant risks associated with investing in illiquid securities. There
is urged to consult with its own tax advisor regarding the U.S. and non-U.S. tax treatment of an investment in the AlphaKeys Fund. Implications of Non-U.S. Investments Certain non-U.S. investments of the Underlying Fund and the Underlying Master Fund, including investments in "controlled foreign corporations" and
le discretion, to make such an offer to one or more Investors and not to the other Investors, and may do so without notice to the other Investors. No Assurance of Investment Return. The AlphaKeys Fund is intended for long-term Investors who can accept the significant risks associated with investing in illiquid securities. ML2
is urged to consult with its own tax advisor regarding the U.S. and non-U.S. tax treatment of an investment in the AlphaKeys Fund. Implications of Non-U.S. Investments Certain non-U.S. investments of the Underlying Fund and the Underlying Master Fund, including investments in "controlled foreign corporations" and
le discretion, to make such an offer to one or more Investors and not to the other Investors, and may do so without notice to the other Investors. No Assurance of Investment Return. The AlphaKeys Fund is intended for long-term Investors who can accept the significant risks associated with investing in illiquid securities. -MA
Entities connected to both Non-U.S. Investments and No Assurance of Investment Return

United States
LOCATIONCayman
LOCATION
the Internal Revenue Service
ORGANIZATIONthe District of Columbia
LOCATION
Paul Volcker
PERSONErnst & Young LLP
ORGANIZATIONBank Holding Company Act Considerations
ORGANIZATION
UBS AG
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATIONthe U.S. Investment Company Act
ORGANIZATION
U.S. Treasury
ORGANIZATIONthe Investor Application
ORGANIZATIONClasses of Interests
ORGANIZATION
Ghislaine Maxwell
PERSONthe New York Stock Exchange
ORGANIZATIONCustodian
ORGANIZATION
Millennium
ORGANIZATIONthe Federal Reserve System
ORGANIZATION
New York
LOCATIONSchulte Roth & Zabel LLP
ORGANIZATION