Join me for an exclusive event with

Special opportunity to learn about Blackstone's new private fund

We are pleased to announce that UBS clients now have direct access Date: July 22, 2010 to Blackstone Strategic Alliance Fund II, a private investment fund with a callable that looks to make seed investments Time: 5:30 PM with emerging managers. Note: Registration begins At 5:00 PM ET Please join me at 5:30 PM on July 22, 2010 for an opportunity to learn about the Fund first-hand from The Blackstone Group. You will have the chance to ask questions after the presentation. Location: The Waldorf Astoria Guest Speakers Empire Room • Gregory Hall, Managing Director, Funds of Hedge Funds 301 • Brian Schwartz, Vice President, Funds of Hedge Funds , NY

Blackstone is the world’s largest independent alternative asset RSVP: Please reply to this e- manager, serving the investment needs of leading public pension mail. funds, academic and charitable institutions and other investors for more than 20 years. Visit The Blackstone Group's Please note this invitation is for recipient use only and may not be website: distributed further. www.blackstone.com

I hope to see you at the event!

Investments in the Blackstone Strategic Alliance Advisors L.L.C.Funds (BSAA Funds) are not deposits or obligations of, or guaranteed or endorsed by, any or other insured depository institution, and are not federally insured by the Federal Deposit , the Federal Reserve Board, or any other governmental agency

The BSAA Funds may be leveraged and their portfolios may lack diversification, thereby increasing the risk of loss. The BSAA Funds may invest in instruments that are highly illiquid and extremely difficult to value, which may limit an investor's ability to redeem or transfer its investment or delay receipt of redemption proceeds. The BSAA Funds’ are speculative, involve a high degree of risk and their performance may be volatile. An investor may lose some or all of its investment. BSAA has total investment authority over the BSAA Funds, which could result in a lack of diversification and consequently, higher risk. There is no secondary market for investors’ interests in the BSAA Funds. There are restrictions on withdrawal and transfer of interests in the BSAA Funds. The BSAA Funds’ fees and expenses, and those of underlying portfolio funds, are substantial and will negatively impact performance.

Investments in the BSAA Funds are not subject to the same regulatory requirements or governmental oversight as mutual funds. BSAA Funds and their underlying managers may purchase instruments that are traded on exchanges located outside the United States that are "principal markets" and are subject to the risk that the counterparty will not perform with respect to contracts. Furthermore, since there is generally less government supervision and regulation of foreign exchanges, BSAA Funds and their underlying managers are also subject to the risk of the failure of the exchanges and there may be a higher risk of financial irregularities and/or lack of appropriate risk monitoring and controls.

UBS Wealth Management Research is provided by UBS Inc.

©2010 UBS Financial Services Inc. All rights reserved. Member SIPC. UBS Financial Services Inc. is a of UBS AG.