The Blackstone Group

A special invitation from Private Wealth Management

You are cordially invited to an interactive discussion with The Thursday, July 15 Blackstone Group highlighting the Blackstone Strategic 12:00 p.m. – 2:00 p.m. Alliance Fund II. UBS Private Wealth Management clients will Note: Registration begins have direct access to this private investment fund with a at 11:30 AM callable capital structure that looks to make seed investments with emerging hedge fund managers. The Beverly Hilton The Whittier Room Gregory Hall, Managing Director and Eric Perlyn, Vice 9876 Wilshire Boulevard President from The Blackstone Group will provide first-hand Beverly Hills, CA knowledge about the fund followed by a question and answer session. Kindly respond by July 14 to Kelly Chavira Guest Speakers Branch Office Administrator 310-734-2426 • Gregory Hall, Managing Director, Funds of Hedge Funds kelly.chavira@ubs.com • Eric Perlyn, Vice President, Funds of Hedge Funds Visit The Blackstone Group's Blackstone is the world’s largest independent alternative asset website: manager, serving the investment needs of leading public www.blackstone.com pension funds, academic and charitable institutions and other investors for more than 20 years.

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

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 bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, 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 Financial Services Inc.