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Fund may elect to return any amounts previously debited from the Members, plus any interest thereon, and such Member's Interest may be terminated. Classes of Interests in the Underlying Fund are Not Separate Legal Entities Although investors of the Underlying Fund, including the AlphaKeys Fund, may hold separate cl
he Administrator or any of their respective affiliates and (ii) does not necessarily reflect the views or opinions of UBS or any of its affiliates. 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
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
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
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
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
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
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 Classes of Interests and No Assurance of Investment Return

United States
LOCATIONthe New York Stock Exchange
ORGANIZATIONthe U.S. Investment Company Act
ORGANIZATION
Paul Volcker
PERSON
New York
LOCATIONCayman
LOCATIONthe Underlying Fund Management Fee
ORGANIZATION
U.S. Treasury
ORGANIZATION
the Internal Revenue Service
ORGANIZATIONthe Investor Application
ORGANIZATIONthe District of Columbia
LOCATIONErnst & Young LLP
ORGANIZATION
UBS AG
ORGANIZATIONBank Holding Company Act Considerations
ORGANIZATION
the Cayman Islands
LOCATION
Ghislaine Maxwell
PERSONThis Confidential Memorandum
ORGANIZATIONCustodian
ORGANIZATION
Federal Reserve
ORGANIZATION
Millennium
ORGANIZATION