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Join me for an exclusive conference call with

A special opportunity to learn about Blackstone's new private fund

We are pleased to announce that UBS clients now have direct access Date: to Blackstone Strategic Alliance Fund II, a private investment fund Wednesday, August 11th with a callable that looks to make seed investments with emerging managers. Time: 6:15 PM ET Please join me at 6:15 PM ET on Wednesday, August 11th, 2010 for an opportunity to learn about the Fund first-hand from The Dial-in: (888) 855-4724 Blackstone Group. You will have the chance to ask questions after Passcode: 1868344 the presentation. In expectation of a high Guest Speakers: volume of call participants, Gregory Hall is a Managing Director in the Funds of Hedge Funds please be sure to dial in to Group. Since joining Blackstone in 2004, Mr. Hall has been involved the call 15 minutes prior to in portfolio management, primarily focused on global hedged equity start time. strategies. In addition, he has been involved in hedge fund manager evaluation, selection and monitoring. He serves on BAAM’s Investment Committee and also serves as a portfolio manager for the Blackstone Strategic Alliance Fund.

Brett Condron is a Vice President in the Funds of Hedge Funds Group. Since joining Blackstone, Mr. Condron has been involved in new business development and product management, as well as servicing existing client relationships.

Eric Perlyn is a Vice President in the Funds of Hedge Funds Group. Since joining Blackstone, Mr. Perlyn has been involved in new business and product development, as well as servicing existing client relationships.

Please note this invitation is for recipient use only and may not be distributed further.

I hope you can join me on the call.

FA Name

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.

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