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local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in both the Underlying Fund and AlphaKeys Fund, respectively, are Not Separate Legal Entities. Although Investors of the Underlying Fund, including
Investor Application, shall have any legal effect. The Administrator is registered as a "commodity pool operator" with the CFTC and is a member of the National Futures Association ("NFA") in such capacity under the U.S. Commodity Exchange Act, as amended. With respect to the AlphaKeys Fund, the Administrator has claimed an ex
local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in the Underlying Fund are Not Separate Legal Entities. Although Investors of the Underlying Fund, including the AlphaKeys Fund and certain Other A
L CONFIDENTIAL UBSTERRAMAR00002263 EFTA00237819 The Administrator is registered as a "commodity pool operator" with the CFTC and is a member of the National Futures Association ("NFA") in such capacity under the U.S. Commodity Exchange Act, as amended. With respect to the AlphaKeys Fund, the Administrator has claimed an e
local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in the Underlying Fund are Not Separate Legal Entities. Although Investors of the Underlying Fund, including the AlphaKeys Fund and certain Other A
L CONFIDENTIAL UBSTERRAMAR00001210 EFTA00236856 The Administrator is registered as a "commodity pool operator" with the CFTC and is a member of the National Futures Association ("NFA") in such capacity under the U.S. Commodity Exchange Act, as amended. With respect to the AlphaKeys Fund, the Administrator has claimed an e
Entities connected to both Classes of Interests and the National Futures Association

United States
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
New York
LOCATION
UBS AG
ORGANIZATIONthe New York Stock Exchange
ORGANIZATION
Ghislaine Maxwell
PERSON
Paul Volcker
PERSONNo Assurance of Investment Return
ORGANIZATION
the Internal Revenue Service
ORGANIZATION
U.S. Treasury
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATIONthe Investor Application
ORGANIZATIONErnst & Young LLP
ORGANIZATIONCayman
LOCATIONthe District of Columbia
LOCATIONBank Holding Company Act Considerations
ORGANIZATIONThis Confidential Memorandum
ORGANIZATIONCustodian
ORGANIZATION
Millennium
ORGANIZATIONthe Federal Reserve System
ORGANIZATION