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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
which are -55- CONFIDENTIAL UBSTERRAMAR00003917 EFTA00239249 FOR EXISTING INVESTOR USE ONLY invested as part of the Investor's participation in the UBSFS Advisory Program, Fiduciaries of Benefit Plan Investors will be required to represent that the decision to invest in the AlphaKeys Fund was made by them as Fiduciar
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
ct to the assets of any Investor used to purchase the Interests in the AlphaKeys Fund which are invested as part of the Investor's participation in the UBSFS Advisory Program, Fiduciaries of Benefit Plan Investors will be required to represent that the decision to invest in the AlphaKeys Fund was made by them as Fiduciar
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
ct to the assets of any Investor used to purchase the Interests in the AlphaKeys Fund which are invested as part of the Investor's participation in the UBSFS Advisory Program, Fiduciaries of Benefit Plan Investors will be required to represent that the decision to invest in the AlphaKeys Fund was made by them as Fiduciar
Entities connected to both Classes of Interests and the UBSFS Advisory Program

United States
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
New York
LOCATIONthe New York Stock Exchange
ORGANIZATIONCayman
LOCATIONErnst & Young LLP
ORGANIZATION
UBS AG
ORGANIZATION
the Internal Revenue Service
ORGANIZATION
U.S. Treasury
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATIONBank Holding Company Act Considerations
ORGANIZATION
Paul Volcker
PERSONthe Investor Application
ORGANIZATIONthe District of Columbia
LOCATIONNo Assurance of Investment Return
ORGANIZATIONSchulte Roth & Zabel LLP
ORGANIZATIONAnti-Money Laundering
ORGANIZATIONOrganization, Management
ORGANIZATIONOrganization, Management, Structure and Operations
ORGANIZATIONTrigger Event
ORGANIZATION