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UBS Pathfinders Trust Treasury and Growth UIT Pathfinders: Offering the Return Potential of Equities with Protection of Your Initial Principal Investment The Pathfinders Unit (UIT) may help protect your investments against market fluctuations by investing in a combination of large, well-known companies as well as U.S. Treasury zero coupon bonds to help protect your principal investment.

One of the most important investment decisions an investor faces may be determining how to best allocate investments to capture growth opportunities without exposing his or her portfolio to undue risk. We understand the importance of long-term investments to help clients pursue their financial goals, such as retirement, education or other objectives.

For long-term capital growth, many investment experts recommend . As with all investments, the higher return potential of equities is typically associated with higher risk. However, this investment risk may be reduced through diversification.

An investment in the UBS Pathfinders Trust Treasury and Growth Stock UIT offers you the opportunity to participate in a diversified portfolio of 40 stocks while, at the same time, keeping your initial principal protected by the safety of U.S. Treasury zero coupon securities if you hold your investment to maturity. Of course, the values of both the stocks and the U.S. Treasury obligations may appreciate or depreciate depending on a full range of economic and market influences.

How Pathfinders Works For example, if you invest $10,000 in the UBS Pathfinders Trust Treasury and Growth Stock UIT, approximately half your money will be invested in a portfolio of stocks, while the other half will be invested in U.S. Treasury zero coupon bonds.

1 Backed by the full faith and credit of the U.S. government, these bonds are purchased at a deep discount from their maturity value so that at redemption they will return the principal amount initially invested in the Trust. At termination, you will then receive $10,000 from the maturing U.S. Treasury bonds plus your share of the market value of the stock portfolio. This example applies if you purchase your units at or below $1.00 per unit and hold them to termination. The mandatory termination date of the Trust is set to coincide with the maturity of the U.S. Treasury zero coupon . Investors should keep in mind that if the investment is sold before maturity, the proceeds may be more or less than the original investment due to market fluctuation.

About the Stocks in the Portfolio The 40 stocks selected by our Firm in the UBS Pathfinders Trust Treasury and Growth Stock UIT portfolio represent a combination of large, well-known companies, many of which may be familiar to you. With this broad-based approach, the portfolio has been constructed with a goal to closely track, over the long term, the performance of the market as measured by the S&P 500. The S&P 500 is an unmanaged index of 500 stocks that is a broadly diversified, representative segment of the market of all publicly traded stocks in the U.S.

The UBS Pathfinders Trust Treasury and Growth Stock UIT is designed to help investors whose goal is to build wealth prudently over the long term. Its benefits include:

• Investing to Meet a Variety of Objectives— The combination of safety and growth potential afforded by an investment in the UBS Pathfinders Trust Treasury and Growth

2 Stock UIT may make it suitable for different long-term objectives, such as saving for retirement, paying for children’s college education or launching your own investment program.

• Equity Investing with Minimized Risk—By investing in the Trust, you receive both the capital appreciation potential of stocks and the of U.S. Treasury zero coupon bonds. When you purchase units for $1.00 or less, your initial principal, less applicable commissions, fees or expenses, is protected provided you hold your units until the mandatory termination date of the Trust. If you sell your units before maturity, the price you receive could be more or less than the price you paid because of market risks in the securities underlying the portfolio.

• Stock Market Return Potential—The stocks in the Trust’s portfolio have been carefully selected with a goal to closely track, over the long term, the performance of the market as measured by the S&P 500.

• Diversification—When you invest in a single stock, your returns depend entirely on the performance of that one asset. When you invest in a portfolio of different stocks with varying characteristics, possible declines in some stocks could be offset by gains in others. Because each unit of the Trust represents a proportional share in 40 companies, plus the U.S. Treasury zero coupon securities, the investment in the Trust automatically gives you a higher level of diversification than you probably would be able to achieve on your own without committing large amounts of capital to purchase the individual stocks.

3 Diversification may reduce, but will not eliminate, an investor’s risk of earnings or market-price volatility.

• Low Minimum Investment—The initial offering price for the Trust is approximately $1.00 per unit, with a minimum purchase of $250.

• Quarterly Dividends—You will receive your share of any dividends paid, if any, on the stocks held in the portfolio, on a quarterly basis.

• Liquidity—You may redeem your Trust units at any time through our secondary market or through the trustee bank without paying a fee. If you sell your units before maturity, the price you receive may be more or less than the price paid, depending on market conditions at the time of sale.

• Volume Purchase Discounts—For larger purchases, the overall sales charges are reduced.

Amount Purchased Total Sales Charge as a % of Public Offering Price Less than $50,000 4.75% $50,000 to $99,999 4.50% $100,000 to $199,999 4.00% $200,000 to $399,999 3.50% $400,000 to $499,999 3.00% $500,000 to $999,999 2.50% $1,000,000 or more 2.00%

Is This Investment Suitable for You? Yes, if you are a long-term investor seeking capital protection combined with potential capital appreciation over the life of the Trust. You will benefit from a professionally selected portfolio whose risk is reduced by investing in stocks of several different issuers.

4 No, if you want a speculative investment that changes to take advantage of market movements, if you are unable or unwilling to assume the risks involved with equity investing, or if you need current income.

Investment Considerations The price of your units depends upon the full range of economic and market influences, including the prices of bonds and equity securities, current interest rates, the condition of the bond and stock markets, and other economic influences that affect the global or United States economy.

The value of the zero coupon Treasury securities in the Trust may increase or decrease depending upon the market and economic conditions. Also, the Trust’s zero coupon Treasury securities are purchased at a deep discount and do not make any periodic payments of interest. Instead, the entire payment of proceeds will be made upon maturity of those securities. Owners of deep discount bonds that make no current interest payments earn a fixed yield not only on the original investment, but also on all earned discount during the life of the security. This implicit reinvestment of earnings at the same fixed rate eliminates the owner’s ability to reinvest at higher rates in the future. For this reason, sale of units prior to the termination date of the Trust will involve substantially greater price fluctuations during periods of changing market interest rates than would be the case with coupon-bearing Treasury securities.

UITs are not actively managed. Therefore, stocks in the Trust will not be sold to take advantage of various market conditions to improve the Trust’s . There can be no assurance that any of the stocks included in the Trust will appreciate, or not depreciate, in price during the

5 life of the Trust. There can be no assurance that the Trust will meet its objectives.

Generally, dividends, if any, will be subject to tax each year. Additionally, unit holders should note that their taxable income from an investment in units will exceed cash distributions because taxable income will include accretions of original issue discount on the zero coupon bonds. UBS Financial Services Inc. does not give tax advice; please consult your tax advisor.

Approximately 50% of your investment in the Trust will be invested in stocks. This means that only approximately 50% of your total investment will benefit from any appreciation in the value of the Trust’s portfolio of Stocks over the life of the Trust.

How to Get Started If you’d like more information to help you determine if an investment in the UBS Pathfinders Trust Treasury and Growth Stock UIT is right for you, contact your Financial Advisor. Ask for a free prospectus containing more complete information, including risks, sales charges and expenses. Please read the prospectus carefully before investing.

Investors should consider the investment objectives, risks, charges and expenses associated with this investment and should carefully review the prospectus containing this and other information before investing. Please contact your Financial Advisor for a prospectus or download one at www..com/uit. Please read it carefully before you invest or send money.

UBS Financial Services Inc. www.ubs.com 060106-0027

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