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. hivate investment waits (ittding deed pankipaten program zed real estate investment suet washes) andstructured proins are gmeralb highly akuid. Celan stnstred proctots have not been registered with the Securities and Exch Cam use er under any state seeunitilasn. We amide estmated values for priv
r advisors of therata funds that me sell. These arnants are based on two &fermi corrpononts (a the amant of ales by UBS of a Palicular mutual fund Pamir to our clients: and d) the asset value of a particular rrutual fund famiVs shares held a the Urn — We and as allAate ako receive flanking rid cum
ate riorflrnal wcueis (ric Laing drcct participation program and realestate investment then washes) and structred pains are general highly .paid. Celan sen_cticred products hate not been registered with the SeCUribef and Exch Commission ce under any fate strait:to. We Provide estrnated values for
ado adieu's of thenatal funds that vie sell. Thee amonts are based on two cMerwe corrponents (k the amoud of ales by UBS of a Palictar mutual fund Pamir to our clients: and VI) the asset value of a particular rrutual fund famifr's shares held a he Inv — We and as allaiete ako receive networking and
to money mantel sweep fund hadings but not beta cepoSits. See important intotinoWn 41100t your stetement co the last two pages of this document for Celan. December 2015 (I) Year to date (S) • Your account cost basis default closing method is AFC), First In, First Out Opening balances Additions $
a ad visas of the natal funds that vie sell. These arnonts are based on two &fermi corrporents fa the amowd of Urn by UBS of a Palicutrmutual fund Pamir to our clients: and Or) the asset value of aparticular mutual fund famibk shares held a the fns — We and as aliAate ako receive networking and co
Entities connected to both Celan and Pamir

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PERSONRussell 3000
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Vicky Ward
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