US Allocation Portfolio

UBS Global Asset Management Growth of $100 Analysis Total Annualized Returns

(Americas) Inc . Invest 7/1/98 through 6/30/08 For the period ending 6/30/08 Chicago, IL $500 1 yr. 3 yrs. 5 yrs. 10 yrs. –– UBS Global Asset Management (Americas) Inc. 1 Adv. 1 Established: 1989 $400 –– UBS Global Asset Management -12.24% 3.22% 6.86% 5.30% US Balanced Index 2 Gross 1 Assets Under Management: $770.4 billion $300 Adv. -13.28% 2.01% 5.60% 3.97% (worldwide as of 3/31/08) Net

Minimum Account Size Outside of $200 Index 2 -6.39% 4.67% 7.11% 4.51% UBS Fiduciary Trust Company: $6 million $100 UBS Fiduciary Trust Company Inception Date: 10/99 $0 Benchmark: UBS Global Asset 1998 2002 2008 Annualized Standard Deviation Management US Balanced Index For the period ending 6/30/08 3 yrs. 5 yrs. 10 yrs.

Key Personnel 1 Annual Rates of Return Adv. 7.37 7.40 9.18 Year Adv. 1 Adv. 1 Index 2 Gross

Gross Net 2 Edwin M. Denson, PhD Index 5.93 6.35 11.13 Executive Director, Senior Asset 1998 9.13% 7.53% 18.36% Allocation Analyst 1999 -5.11% -6.47% 14.80% Ph.D., Northwestern University A.B., Cornell University 2000 11.61% 10.13% -3.98% Risk Return Comparison Years of Experience: 12 2001 7.51% 6.11% -4.14% 2002 -6.68% -7.92% -11.07% Ten years ending 6/30/08 25% 2003 22.49% 21.02% 22.81% L UBS Global Asset Management More return, 2004 12.74% 11.39% 9.64% (Americas) Inc. 1 more risk 2005 7.03% 5.76% 4.94% 20% I UBS Global Asset Management US Balanced Index 2

2006 11.90% 10.58% 12.03% n r u t

2007 2.33% 1.16% 5.66% e 15% R

2nd Qtr. 2008 -1.22% -1.51% -1.21% d e z i l a

u 10% n

Top Account Holdings as of 6/30/08 n A

Wyeth Microsoft 5% Intel Comcast Less return, less risk Halliburton Citigroup Inc General Electric Burlington Northern 0% Wells Fargo & Co Santa Fe 0 10 20 30 40 50 Baker Hughes Annualized Standard Deviation (Risk)

Past performance is no guarantee of future results. Current performance may be lower or higher than the figures shown. Effective March 17, 2008, some changes were made to the daily valuation methodology UBS Fiduciary Trust Company Collective Investment Portfolios that affect the composite returns of the Portfolio Advisers for the first quarter of 2008. As a result, the returns of the Portfolios may differ from the composite returns of the Portfolio Advisers for that period. For additional in formation, please contact UBS Fiduciary Trust Company. For the most recent year-to-date performance numbers, go to: www.ubs.com/fiduciarytrust. See important footnotes on the following page. ab UBS Fiduciary Trust Company UBS Global Asset Management (Americas) Inc.

Portfolio Objective Investment Process 3

To generate a total return in excess of the benchmark Since March 1, 2004, the Portfolio has been invested solely in units of the UBS U.S. Balanced Collective Fund (the over a full market cycle. “Fund”) of the UBS (US) Group Trust. UBS Global Asset Management Trust Company serves as Trustee to the UBS (US) Group Trust and has retained its afflliate, UBS Global Asset Management (Americas) Inc., to act as Portfolio sub-adviser for the Fund. In addition to fundamental, valuation-based analysis, under certain circumstances the Fund may utilize other strategies with different principal investment approaches in order to manage its overall risk/return exposures. The Fund follows an active asset allocation strategy which increases or decreases investments in the U.S. equity and debt Investment Philosophy markets based upon ongoing fundamental, value-based analysis. Its active management process combines judgments about the intrinsic value of the stock and bond markets and the relative value of a wide variety of securities within both

UBS Global Asset Management (UBS), the Portfolio . markets. G Adviser, believes that intrinsic value is the present value A S

The asset class ranges for the Fund are generally expected to be as follows: B

of future cash flows that an investment will generate for U f investors. The Portfolio Adviser employs a disciplined • US equity: 20-90% • High yield bonds: 0%-15% o s e i application of its price- to-intrinsic value approach to • US fixed income: 0%-70% • Cash equivalents: 0%-50% r a i d i

determining valuations and return expectations of asset The Fund’s equity investments are primarily large-cap securities and the fixed income investments generally include s b u

classes, sectors and securities. investment grade securities. High-yield investments may include lower-rated, higher-yielding securities. Cash equivalents s e r

are primarily short-term fixed income or money market securities. In lieu of direct investment in securities, the Fund a . c

typically obtains exposure to investments through a combination of investments in the UBS Global Asset Management n I s

Trust Company Collective Funds under the UBS (US) Group Trust and the UBS Relationship Funds. The Fund may invest in e c i v the UBS U.S. All Cap Equity Collective Fund, UBS U.S. Large Cap Growth Equity Collective Fund, UBS U.S. Cash Prime r e S

Special Considerations Management Collective Fund. l a i c n a n i

Investors in the Portfolio should be able to withstand F S

short-term fluctuations in the equity and fixed income Footnotes B U

markets in return for potentially higher returns over the d 1. All returns shown are time-weighted and include the reinvestment of Index measures the performance of the 3,000 largest US companies n income. Because the investment strategy used for the Portfolio was based on total market capitalization. The Lehman Brothers US Aggregate a long term. The value of the Portfolio changes every day y n

changed on 3/1/04, prior returns shown reflect the performance (less Bond Index is composed of securities from the Lehman Brothers a and can be affected by changes in interest rates, general commissions on securities transactions but not of investment management Government/Credit Index, the Lehman Brothers Mortgage-Backed p m

market conditions and other political, social and economic fees) of a representative account within the composite of accounts Securities Index and the Lehman Brothers Asset-Backed Securities Index. o C

managed by the Portfolio Adviser using an investment style similar to the The Government/Credit Index is composed of bonds that are investment y

developments, as well as specific matters relating to the r a one to be used in the Portfolio. This information has been provided to grade or higher; issues must have at least one year to maturity. The i companies in whose securities the Portfolio invests. The c UBS Fiduciary Trust Company by the Portfolio Adviser. It is believed Mortgage-Backed Securities Index consists of fixed-rate, securitized mort - u d i

Portfolio may also invest in high-yield securities, which accurate, but has not been independently verified by UBS Fiduciary gage pools backed by the Government National Mortgage Association F S

are generally considered to be speculative with respect Trust Company. Because a different strategy was used prior to 3/1/04, (GNMA), the Federal Home Loan Mortgage Corporation (FHLMC), B U

the returns experienced by the Portfolio before 3/1/04 were different than including GNMA Graduated Payment Mortgages. The Asset-Backed .

to the payment of interest and the return of principal d

the returns shown. Please contact UBS Fiduciary Trust Company for further Securities Index is composed of credit card, auto and home equity loans; e v and involve greater risks than higher-grade issues. They r information. Gross returns shown for the period after 3/1/04 reflect included in the index are pass-through, bullet (noncallable), and con - e s

performance without the deduction of UBS Fiduciary Trust Company fees trolled amortization structures; no subordinated trances are included; e

are especially subject to adverse changes in general R

for investment management and trust services. all securities have an average life of at least one year. The Merrill Lynch s t

market conditions and in the industries in which the Master High Yield Cash Pay Only Index tracks the performance of below h g

Net returns shown reflect the quarterly deduction from gross returns i

issuers are engaged, to changes in the financial condition investment grade US dollar-denominated corporate bonds publicly issued R

of fees paid to UBS Fiduciary Trust Company on equity and balanced l l

of the issuers and to price fluctuations in response to Portfolios by all UBS Fiduciary Trust Company clients during the applica - in the US domestic market. Total return comprises price appreciation/ A .

depreciation and income as a percentage of the original investment. y changes in interest rates. It is important to note that an ble period. Fees charged to any particular account may vary and an n Data for blended index is provided by Frank Russell Company. a

account may have paid more or less than the amount used to reduce p

investment in the Portfolio is only one component of a the gross returns, therefore, this representation of performance is not 3. The permissible investments for this Portfolio are set forth in the m o

balanced investment plan. intended to reflect the actual performance an account would experience. Portfolio Disclosure Document (PDD) under the UBS Fiduciary Trust C t The deduction of fees and the compounding effect of such deductions Company Collective Investment Trust for Employee Benefit Plans. The s u r

over time will reduce an account’s performance on a cumulative basis PDD and the Declaration of Trust for the UBS Fiduciary Trust Company T y as will timing and other individual account factors. An account that Collective Investment Trust govern the management of the Portfolio and r a i

paid the highest fee payable for this Portfolio would have experienced should be read in conjunction with this Adviser Profile. For additional c u d

a return of 0.38% for 3 years, 3.94% for 5 years, and 2.42% for information, including the governing documents of the Fund in which i F

10 years. Contact your Financial Advisor for information about the the Portfolio invests, contact your Financial Advisor. The units of the S B UBS Fiduciary Trust Company UBS Fiduciary Trust Company fees. Portfolio are not deposits or obligations of UBS Fiduciary Trust Company U or any bank. The value of the Portfolio is not guaranteed by the Federal 8

2. The UBS Global Asset Management US Balanced Index is the benchmark 0 www.ubs.com/fiduciarytrust Deposit Insurance Corporation or by any other Governmental agency. 0

against which the Portfolio’s performance is measured. The Index blend 2 The units are subject to investment risk, including possible loss of princi - 040625-1015 is currently 65% Russell 3000 Index/30% Lehman US Aggregate Bond © Index/5% Merrill Lynch High Yield Cash Pay Index. The Russell 3000 pal invested.