Form ADV (full filing)

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FORM ADV
UNIFORM APPLICATION FOR INVESTMENT ADVISER REGISTRATION AND REPORT BY EXEMPT REPORTING ADVISERS

Primary Business Name: UBS FARMLAND INVESTORS LLC CRD Number: 107754
Other-Than-Annual Amendment - All Sections Rev. 10/2021
7/12/2026 10:32:42 AM

WARNING: Complete this form truthfully. False statements or omissions may result in denial of your application, revocation of your registration, or criminal prosecution. You must keep this form updated by filing
periodic amendments. See Form ADV General Instruction 4.
Item 1 Identifying Information

Responses to this Item tell us who you are, where you are doing business, and how we can contact you. If you are filing an umbrella registration, the information in Item 1 should be provided for the filing adviser
only. General Instruction 5 provides information to assist you with filing an umbrella registration.

A. Your full legal name (if you are a sole proprietor, your last, first, and middle names):
UBS FARMLAND INVESTORS LLC

B. (1) Name under which you primarily conduct your advisory business, if different from Item 1.A.
UBS FARMLAND INVESTORS LLC

List on Section 1.B. of Schedule D any additional names under which you conduct your advisory business.

(2) If you are using this Form ADV to register more than one investment adviser under an umbrella registration, check this box

If you check this box, complete a Schedule R for each relying adviser.

C. If this filing is reporting a change in your legal name (Item 1.A.) or primary business name (Item 1.B.(1)), enter the new name and specify whether the name change is of
your legal name or your primary business name:

D. (1) If you are registered with the SEC as an investment adviser, your SEC file number: 801-53770
(2) If you report to the SEC as an exempt reporting adviser, your SEC file number:
(3) If you have one or more Central Index Key numbers assigned by the SEC ("CIK Numbers"), all of your CIK numbers:
CIK Number
1031535

E. (1) If you have a number ("CRD Number") assigned by the FINRA's CRD system or by the IARD system, your CRD number: 107754

If your firm does not have a CRD number, skip this Item 1.E. Do not provide the CRD number of one of your officers, employees, or affiliates.

(2) If you have additional CRD Numbers, your additional CRD numbers:
No Information Filed

F. Principal Office and Place of Business
(1) Address (do not use a P.O. Box):
Number and Street 1: Number and Street 2:
10 STATE HOUSE SQUARE 12TH FLOOR
City: State: Country: ZIP+4/Postal Code:
HARTFORD Connecticut United States 06103-3604

If this address is a private residence, check this box:

List on Section 1.F. of Schedule D any office, other than your principal office and place of business, at which you conduct investment advisory business. If you are applying for registration, or are registered, with
one or more state securities authorities, you must list all of your offices in the state or states to which you are applying for registration or with whom you are registered. If you are applying for SEC registration, if
you are registered only with the SEC, or if you are reporting to the SEC as an exempt reporting adviser, list the largest twenty-five offices in terms of numbers of employees as of the end of your most recently
completed fiscal year.

(2) Days of week that you normally conduct business at your principal office and place of business:
Monday - Friday Other:

Normal business hours at this location:
9:00 A.M. - 5:00 P.M.
(3) Telephone number at this location:
860-616-9200
(4) Facsimile number at this location, if any:
(5) What is the total number of offices, other than your principal office and place of business, at which you conduct investment advisory business as of the end of your most recently completed fiscal year?
0
G. Mailing address, if different from your principal office and place of business address:

Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

H. If you are a sole proprietor, state your full residence address, if different from your principal office and place of business address in Item 1.F.:

Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

Yes No
I. Do you have one or more websites or accounts on publicly available social media platforms (including, but not limited to, Twitter, Facebook and LinkedIn)?

If "yes," list all firm website addresses and the address for each of the firm's accounts on publicly available social media platforms on Section 1.I. of Schedule D. If a website address serves as a portal through which
to access other information you have published on the web, you may list the portal without listing addresses for all of the other information. You may need to list more than one portal address. Do not provide the
addresses of websites or accounts on publicly available social media platforms where you do not control the content. Do not provide the individual electronic mail (e-mail) addresses of employees or the addresses of
employee accounts on publicly available social media platforms.

J. Chief Compliance Officer
(1) Provide the name and contact information of your Chief Compliance Officer. If you are an exempt reporting adviser, you must provide the contact information for your Chief Compliance Officer, if you have
one. If not, you must complete Item 1.K. below.

Name: Other titles, if any:
Telephone number: Facsimile number, if any:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

Electronic mail (e-mail) address, if Chief Compliance Officer has one:

(2) If your Chief Compliance Officer is compensated or employed by any person other than you, a related person or an investment company registered under the Investment Company Act of 1940 that you
advise for providing chief compliance officer services to you, provide the person's name and IRS Employer Identification Number (if any):
Name:
IRS Employer Identification Number:

K. Additional Regulatory Contact Person: If a person other than the Chief Compliance Officer is authorized to receive information and respond to questions about this Form ADV, you may provide that
information here.

Name: Titles:
Telephone number: Facsimile number, if any:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:

Electronic mail (e-mail) address, if contact person has one:

Yes No
L. Do you maintain some or all of the books and records you are required to keep under Section 204 of the Advisers Act, or similar state law, somewhere other than your principal office and place of
business?

If "yes," complete Section 1.L. of Schedule D.
Yes No
M. Are you registered with a foreign financial regulatory authority?

Answer "no" if you are not registered with a foreign financial regulatory authority, even if you have an affiliate that is registered with a foreign financial regulatory authority. If "yes," complete Section 1.M. of Schedule
D.
Yes No
N. Are you a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934?

Yes No
O. Did you have $1 billion or more in assets on the last day of your most recent fiscal year?
If yes, what is the approximate amount of your assets:
$1 billion to less than $10 billion

$10 billion to less than $50 billion

$50 billion or more

For purposes of Item 1.O. only, "assets" refers to your total assets, rather than the assets you manage on behalf of clients. Determine your total assets using the total assets shown on the balance sheet for your
most recent fiscal year end.
P. Provide your Legal Entity Identifier if you have one:

A legal entity identifier is a unique number that companies use to identify each other in the financial marketplace. You may not have a legal entity identifier.

SECTION 1.B. Other Business Names

List your other business names and the jurisdictions in which you use them. You must complete a separate Schedule D Section 1.B. for each business name.

Name: UBS ASSET MANAGEMENT, REAL ESTATE - US, FARMLAND; GLOBAL REAL ASSETS (GRA); FOOD & AGRICULTURE (FOOD & AGG)

Jurisdictions

AL IL NE SC
AK IN NV SD
AZ IA NH TN
AR KS NJ TX
CA KY NM UT
CO LA NY VT
CT ME NC VI
DE MD ND VA
DC MA OH WA
FL MI OK WV
GA MN OR WI
GU MS PA WY
HI MO PR Other:
ID MT RI

SECTION 1.F. Other Offices

No Information Filed

SECTION 1.I. Website Addresses

List your website addresses, including addresses for accounts on publicly available social media platforms where you control the content (including, but not limited to, Twitter, Facebook and/or LinkedIn). You
must complete a separate Schedule D Section 1.I. for each website or account on a publicly available social media platform.

Address of Website/Account on Publicly Available Social Media Platform: HTTPS://WWW.UBS.COM/US/EN/REAL-ESTATE.HTML

Address of Website/Account on Publicly Available Social Media Platform: HTTPS://WWW.UBS.COM/US/EN/ASSETMANAGEMENT/INSIGHTS/ASSET-CLASS-PERSPECTIVES/REAL-ESTATE/REAL-ASSETS-INSIGHTS.HTML

SECTION 1.L. Location of Books and Records

Complete the following information for each location at which you keep your books and records, other than your principal office and place of business. You must complete a separate Schedule D, Section 1.L. for
each location.

Name of entity where books and records are kept:
UBS FARMLAND INVESTORS LLC

Number and Street 1: Number and Street 2:
108 A. W. FREMONT AVE.
City: State: Country: ZIP+4/Postal Code:
SELAH Washington United States 98942

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
509-691-3398

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
PROPERTY APPRAISALS, INVESTMENT BRIEFS; PROPERTY BUDGETS, AND LEASES.

Name of entity where books and records are kept:
CBRE INC.

Number and Street 1: Number and Street 2:
185 ASYLUM STREET, 31ST FLOOR
City: State: Country: ZIP+4/Postal Code:
HARTFORD Connecticut United States 06103

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
860-525-9171

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
OUTSOURCED FUND ACCOUNTING TEAM - FUND AND PROPERTY LEVEL RECORDS ARE STORED ELECTRONICALLY.

Name of entity where books and records are kept:
APEX GROUP

Number and Street 1: Number and Street 2:
150 EAST 52ND STREET SUITE 6000
City: State: Country: ZIP+4/Postal Code:
NEW YORK New York United States 10022

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
646-893-6550

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
MAINTAIN INVESTOR REPORTING CALCULATIONS AND BALANCES RELATED TO FUND VEHICLES. HAVE OUTSOURCED CERTAIN FUND ADMINISTRATIONSERVICES IN ADDITION TO FUND ACCOUNTING (SEE SEPERATE
FILING FOR THIS LOCATION)

Name of entity where books and records are kept:
MICROSOFT CORPORATION

Number and Street 1: Number and Street 2:
ONE MICROSOFT WAY
City: State: Country: ZIP+4/Postal Code:
REDMOND Washington United States 98052-6399

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
425-882-8080

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
MICROSOFT 365 AND AZURE SERVICES INCLUDING CLOUD BASED SOLUTIONS.

Name of entity where books and records are kept:
GLOBAL RELAY

Number and Street 1: Number and Street 2:
220 CAMBIE STREET, 2ND FLOOR
City: State: Country: ZIP+4/Postal Code:
VANCOUVER Canada V6B 2M9

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
866-484-6630

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
GLOBAL RELAY ARCHIVE SERVICE. OUTSOURCED ELECTRONIC BUSINESS COMMUNICATION RECORD KEEPING SYSTEM.

Name of entity where books and records are kept:
SMARCH INC

Number and Street 1: Number and Street 2:
110 WILLIAMS ST 1804
City: State: Country: ZIP+4/Postal Code:
NEW YORK New York United States 10038

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
866-762-7741

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
THIRD PARTY STORING EMPLOYEE EMAILS

Name of entity where books and records are kept:
UBS BUSINESS SOLUTION POLAND
Number and Street 1: Number and Street 2:
UI. SZCZYTNICKA 9 DOLNOSLASKIE
City: State: Country: ZIP+4/Postal Code:
WROCLAW Poland 50-382

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
48-718-260138

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
CERTAIN RECORDS REQUIRED BY SECTION 204 OF THE INVESTMENT ADVISORS ACT OF 1940 AND THE RULES THEREUNDER

Name of entity where books and records are kept:
KLDISCOVERY

Number and Street 1: Number and Street 2:
9023 COLUMBINE ROAD
City: State: Country: ZIP+4/Postal Code:
EDEN PRAIRIE Minnesota United States 55347

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
952-937-5161

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
THIS UNAFFILIATED THIRD PARTY STORES ELECTRONIC COPIES OF E-MAIL COMMUNICATIONS.

Name of entity where books and records are kept:
YARDI SYSTEMS INC

Number and Street 1: Number and Street 2:
430 S FAIRVIEW AVENUE
City: State: Country: ZIP+4/Postal Code:
SANTA BARBARA California United States 93117

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
805-699-2040 805-699-2044

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
THE FINANCIAL RECORDS ARE KEPT ON A SEPERATE CLOUD SERVER JUST FOR THE REGISTRANT BY YARDI. THIS IS BACKED UP REGULARLY.
Name of entity where books and records are kept:
LDISCOVERY TX LLC (DBA KLDISCOVERY)

Number and Street 1: Number and Street 2:
9500 ARBORETUM BLVD SUITE L2-120
City: State: Country: ZIP+4/Postal Code:
AUSTIN Texas United States 78759

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
512-276-5500

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
THIS UNAFFILIATED THIRD PARTY STORES ELECTRONIC COPIES OF E-MAIL COMMUNICATIONS.

Name of entity where books and records are kept:
IRON MOUNTAIN (MAIN CONTACT FOR REGIONAL LOCATIONS)

Number and Street 1: Number and Street 2:
6 LANDMARK SQUARE
City: State: Country: ZIP+4/Postal Code:
STAMFORD Connecticut United States 06901

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
203-803-1160

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
BOOKS AND RECORDS OFFSITE EMPLOYMENT RECORDS

Name of entity where books and records are kept:
UBS ASSET MANAGEMENT

Number and Street 1: Number and Street 2:
ONE NORTH WACKER DRIVE
City: State: Country: ZIP+4/Postal Code:
CHICAGO Illinois United States 60606

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
312-525-7100

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.
FINANCIAL RECORDS

Name of entity where books and records are kept:
IRON MOUNTAIN (MAIN CONTACT FOR REGIONAL LOCATIONS)

Number and Street 1: Number and Street 2:
2211 PERSHING RD
City: State: Country: ZIP+4/Postal Code:
CHICAGO Illinois United States 60609

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
800-934-3453

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
VARIOUS FINANCIAL RECORDS REQUIRED TO BE MAINTAINED.

Name of entity where books and records are kept:
IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT INC.

Number and Street 1: Number and Street 2:
2100 NORCROSS PARKWAY SUITE 150
City: State: Country: ZIP+4/Postal Code:
NORCROSS Georgia United States 30071

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
770-225-8163

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
VENDOR STORES VARIOUS BOOKS AND RECORDS (GENERAL LEDGER (MERIVAL)) WORM MEDIA TO BE STORED AT TWO IRON MOUNTAIN LOCATIONS (PENNSYLVANIA & KANSAS)

Name of entity where books and records are kept:
UBS FARMLAND INVESTORS LLC

Number and Street 1: Number and Street 2:
2515 MCKINNEY AVENUE SUITE 800
City: State: Country: ZIP+4/Postal Code:
DALLAS Texas United States 75201

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
972-458-3300 972-458-3305
This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
PROPERTY APPRAISALS, INVESTMENT BRIEFS, PROPERTY BUDGETS, AND LEASES.

Name of entity where books and records are kept:
VITAL RECORDS

Number and Street 1: Number and Street 2:
563 NEW CENTER ROAD
City: State: Country: ZIP+4/Postal Code:
FLAGTOWN New Jersey United States 08821-0688

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
908-369-6900

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
BACK-UP TAPES.

Name of entity where books and records are kept:
UBS FARMLAND INVESTORS LLC

Number and Street 1: Number and Street 2:
4415 WEST HARRISON STREET SUITE 238
City: State: Country: ZIP+4/Postal Code:
HILLSIDE Illinois United States 60162

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
708-632-4510 708-632-4509

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
PROPERTY APPRAISALS, INVESTMENT BRIEFS, PROPERTY BUDGETS, AND LEASES.

Name of entity where books and records are kept:
UBS FARMLAND INVESTORS LLC

Number and Street 1: Number and Street 2:
1920 TIENDA DR. SUITE 204
City: State: Country: ZIP+4/Postal Code:
LODI California United States 95242-3932
If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
209-368-8874 209-368-8879

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
PROPERTY APPRAISALS, INVESTMENT BRIEFS, PROPERTY BUDGETS, AND LEASES.

Name of entity where books and records are kept:
IRON MOUNTAIN, INC. (MAIN CONTACT FOR REGIONAL LOCATIONS)

Number and Street 1: Number and Street 2:
1100 KENNEDY ROAD
City: State: Country: ZIP+4/Postal Code:
WINDSOR Connecticut United States 06095

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
1-800-327-3453

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
CERTAIN RECORDS AS REQUIRED BY RULE 204 OF THE INVESTMENT ADVISERS ACT OF 1940. WE HAVE LISTED THOSE IRON MOUNTAIN LOCATIONS MOST RELEVANT. THERE MAY BE OTHER IRON MOUNTAIN
LOCATIONS USED BY UBS AM.

Name of entity where books and records are kept:
UBS AG EMPLOYEE COMPLIANCE

Number and Street 1: Number and Street 2:
6933 LOUIS STEPHENS DRIVE
City: State: Country: ZIP+4/Postal Code:
RALEIGH North Carolina United States 27560

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
919-994-1025

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
EMPLOYEE PERSONAL SECURITIES RECORDS. CONTACT INTERNALLY VIA GOTO/EIA/.

Name of entity where books and records are kept:
UBS AG - HUMAN RESOURCES
Number and Street 1: Number and Street 2:
600 WASHINGTON BLVD
City: State: Country: ZIP+4/Postal Code:
STAMFORD Connecticut United States 06901

If this address is a private residence, check this box:

Telephone Number: Facsimile number, if any:
9999999999

This is (check one):
one of your branch offices or affiliates.

a third-party unaffiliated recordkeeper.

other.

Briefly describe the books and records kept at this location.
EMPLOYMENT RECORDS. ALSO CONTACT HR VIA HR PORTAL AVAILABLE TO ALL INTERNAL STAFF. ALL CONTACT NOW VIA ASKHR CHAT.

SECTION 1.M. Registration with Foreign Financial Regulatory Authorities

No Information Filed

Item 2 SEC Registration/Reporting

Responses to this Item help us (and you) determine whether you are eligible to register with the SEC. Complete this Item 2.A. only if you are applying for SEC registration or submitting an annual updating
amendment to your SEC registration. If you are filing an umbrella registration, the information in Item 2 should be provided for the filing adviser only.

A. To register (or remain registered) with the SEC, you must check at least one of the Items 2.A.(1) through 2.A.(12), below. If you are submitting an annual updating amendment to your SEC registration and
you are no longer eligible to register with the SEC, check Item 2.A.(13). Part 1A Instruction 2 provides information to help you determine whether you may affirmatively respond to each of these items.
You (the adviser):

(1) are a large advisory firm that either:

(a) has regulatory assets under management of $100 million (in U.S. dollars) or more; or

(b) has regulatory assets under management of $90 million (in U.S. dollars) or more at the time of filing its most recent annual updating amendment and is registered with the SEC;

(2) are a mid-sized advisory firm that has regulatory assets under management of $25 million (in U.S. dollars) or more but less than $100 million (in U.S. dollars) and you are either:

(a) not required to be registered as an adviser with the state securities authority of the state where you maintain your principal office and place of business; or

(b) not subject to examination by the state securities authority of the state where you maintain your principal office and place of business;

Click HERE for a list of states in which an investment adviser, if registered, would not be subject to examination by the state securities authority.

(3) Reserved

(4) have your principal office and place of business outside the United States;

(5) are an investment adviser (or subadviser) to an investment company registered under the Investment Company Act of 1940;

(6) are an investment adviser to a company which has elected to be a business development company pursuant to section 54 of the Investment Company Act of 1940 and has not withdrawn the
election, and you have at least $25 million of regulatory assets under management;

(7) are a pension consultant with respect to assets of plans having an aggregate value of at least $200,000,000 that qualifies for the exemption in rule 203A-2(a);

(8) are a related adviser under rule 203A-2(b) that controls, is controlled by, or is under common control with, an investment adviser that is registered with the SEC, and your principal office and place of
business is the same as the registered adviser;

If you check this box, complete Section 2.A.(8) of Schedule D.

(9) are an adviser relying on rule 203A-2(c) because you expect to be eligible for SEC registration within 120 days;

If you check this box, complete Section 2.A.(9) of Schedule D.

(10) are a multi-state adviser that is required to register in 15 or more states and is relying on rule 203A-2(d);

If you check this box, complete Section 2.A.(10) of Schedule D.

(11) are an Internet adviser relying on rule 203A-2(e);

If you check this box, complete Section 2.A.(11) of Schedule D.

(12) have received an SEC order exempting you from the prohibition against registration with the SEC;

If you check this box, complete Section 2.A.(12) of Schedule D.

(13) are no longer eligible to remain registered with the SEC.
State Securities Authority Notice Filings and State Reporting by Exempt Reporting Advisers
C. Under state laws, SEC-registered advisers may be required to provide to state securities authorities a copy of the Form ADV and any amendments they file with the SEC. These are called notice filings. In
addition, exempt reporting advisers may be required to provide state securities authorities with a copy of reports and any amendments they file with the SEC. If this is an initial application or report, check the
box(es) next to the state(s) that you would like to receive notice of this and all subsequent filings or reports you submit to the SEC. If this is an amendment to direct your notice filings or reports to
additional state(s), check the box(es) next to the state(s) that you would like to receive notice of this and all subsequent filings or reports you submit to the SEC. If this is an amendment to your registration
to stop your notice filings or reports from going to state(s) that currently receive them, uncheck the box(es) next to those state(s).

Jurisdictions

AL IL NE SC
AK IN NV SD
AZ IA NH TN
AR KS NJ TX
CA KY NM UT
CO LA NY VT
CT ME NC VI
DE MD ND VA
DC MA OH WA
FL MI OK WV
GA MN OR WI
GU MS PA WY
HI MO PR
ID MT RI

If you are amending your registration to stop your notice filings or reports from going to a state that currently receives them and you do not want to pay that state's notice filing or report filing fee for the coming year,
your amendment must be filed before the end of the year (December 31).

SECTION 2.A.(8) Related Adviser
If you are relying on the exemption in rule 203A-2(b) from the prohibition on registration because you control, are controlled by, or are under common control with an investment adviser that is registered with the
SEC and your principal office and place of business is the same as that of the registered adviser, provide the following information:

Name of Registered Investment Adviser
UBS REALTY INVESTORS LLC

CRD Number of Registered Investment Adviser
107758

SEC Number of Registered Investment Adviser
801 - 45426

SECTION 2.A.(9) Investment Adviser Expecting to be Eligible for Commission Registration within 120 Days
If you are relying on rule 203A-2(c), the exemption from the prohibition on registration available to an adviser that expects to be eligible for SEC registration within 120 days, you are required to make certain
representations about your eligibility for SEC registration. By checking the appropriate boxes, you will be deemed to have made the required representations. You must make both of these representations:
I am not registered or required to be registered with the SEC or a state securities authority and I have a reasonable expectation that I will be eligible to register with the SEC within 120 days after the date
my registration with the SEC becomes effective.
I undertake to withdraw from SEC registration if, on the 120th day after my registration with the SEC becomes effective, I would be prohibited by Section 203A(a) of the Advisers Act from registering with the
SEC.

SECTION 2.A.(10) Multi-State Adviser
If you are relying on rule 203A-2(d), the multi-state adviser exemption from the prohibition on registration, you are required to make certain representations about your eligibility for SEC registration. By checking
the appropriate boxes, you will be deemed to have made the required representations.

If you are applying for registration as an investment adviser with the SEC, you must make both of these representations:
I have reviewed the applicable state and federal laws and have concluded that I am required by the laws of 15 or more states to register as an investment adviser with the state securities authorities in those
states.
I undertake to withdraw from SEC registration if I file an amendment to this registration indicating that I would be required by the laws of fewer than 15 states to register as an investment adviser with the
state securities authorities of those states.

If you are submitting your annual updating amendment, you must make this representation:
Within 90 days prior to the date of filing this amendment, I have reviewed the applicable state and federal laws and have concluded that I am required by the laws of at least 15 states to register as an
investment adviser with the state securities authorities in those states.
SECTION 2.A.(11) Internet Adviser
If you are relying on rule 203A-2(e), the Internet adviser exemption from the prohibition on registration, you are required to make a representation about your eligibility for SEC registration. By checking the
appropriate box, you will be deemed to have made the required representation.

If you are applying for registration as an investment adviser with the SEC or changing your existing Item 2 response regarding your eligibility for SEC registration, you must make this representation:
I will provide investment advice on an ongoing basis to more than one client exclusively through an operational interactive website.
If you are filing an annual updating amendment to your existing registration and are continuing to rely on the Internet adviser exemption for SEC registration, you must make this representation:
I have provided and will continue to provide investment advice on an ongoing basis to more than one client exclusively through an operational interactive website.

SECTION 2.A.(12) SEC Exemptive Order
If you are relying upon an SEC order exempting you from the prohibition on registration, provide the following information:

Application Number:
803-

Date of order:

Item 3 Form of Organization
If you are filing an umbrella registration, the information in Item 3 should be provided for the filing adviser only.
A. How are you organized?
Corporation

Sole Proprietorship

Limited Liability Partnership (LLP)

Partnership

Limited Liability Company (LLC)

Limited Partnership (LP)

Other (specify):

If you are changing your response to this Item, see Part 1A Instruction 4.

B. In what month does your fiscal year end each year?
DECEMBER

C. Under the laws of what state or country are you organized?
State Country
Massachusetts United States

If you are a partnership, provide the name of the state or country under whose laws your partnership was formed. If you are a sole proprietor, provide the name of the state or country where you reside.

If you are changing your response to this Item, see Part 1A Instruction 4.

Item 4 Successions
Yes No
A. Are you, at the time of this filing, succeeding to the business of a registered investment adviser, including, for example, a change of your structure or legal status (e.g., form of organization or state
of incorporation)?

If "yes", complete Item 4.B. and Section 4 of Schedule D.

B. Date of Succession: (MM/DD/YYYY)

If you have already reported this succession on a previous Form ADV filing, do not report the succession again. Instead, check "No." See Part 1A Instruction 4.

SECTION 4 Successions

No Information Filed
Item 5 Information About Your Advisory Business - Employees, Clients, and Compensation

Responses to this Item help us understand your business, assist us in preparing for on-site examinations, and provide us with data we use when making regulatory policy. Part 1A Instruction 5.a. provides
additional guidance to newly formed advisers for completing this Item 5.

Employees

If you are organized as a sole proprietorship, include yourself as an employee in your responses to Item 5.A. and Items 5.B.(1), (2), (3), (4), and (5). If an employee performs more than one function, you should count
that employee in each of your responses to Items 5.B.(1), (2), (3), (4), and (5).

A. Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers.
10

B. (1) Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)?
6
(2) Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer?
0
(3) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives?
0
(4) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives for an investment adviser other than you?
0
(5) Approximately how many of the employees reported in 5.A. are licensed agents of an insurance company or agency?
0
(6) Approximately how many firms or other persons solicit advisory clients on your behalf?
2

In your response to Item 5.B.(6), do not count any of your employees and count a firm only once – do not count each of the firm's employees that solicit on your behalf.

Clients

In your responses to Items 5.C. and 5.D. do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship with those investors.

C. (1) To approximately how many clients for whom you do not have regulatory assets under management did you provide investment advisory services during your most recently completed fiscal year?
0
(2) Approximately what percentage of your clients are non-United States persons?
0%

D. For purposes of this Item 5.D., the category "individuals" includes trusts, estates, and 401(k) plans and IRAs of individuals and their family members, but does not include businesses organized as sole
proprietorships.
The category "business development companies" consists of companies that have made an election pursuant to section 54 of the Investment Company Act of 1940. Unless you provide advisory services pursuant to
an investment advisory contract to an investment company registered under the Investment Company Act of 1940, do not answer (1)(d) or (3)(d) below.

Indicate the approximate number of your clients and amount of your total regulatory assets under management (reported in Item 5.F. below) attributable to each of the following type of client. If you have
fewer than 5 clients in a particular category (other than (d), (e), and (f)) you may check Item 5.D.(2) rather than respond to Item 5.D.(1).

The aggregate amount of regulatory assets under management reported in Item 5.D.(3) should equal the total amount of regulatory assets under management reported in Item 5.F.(2)(c) below.

If a client fits into more than one category, select one category that most accurately represents the client to avoid double counting clients and assets. If you advise a registered investment company,
business development company, or pooled investment vehicle, report those assets in categories (d), (e), and (f) as applicable.

(1) Number of (2) Fewer than 5 (3) Amount of Regulatory Assets under
Type of Client Client(s) Clients Management
(a) Individuals (other than high net worth individuals) $
(b) High net worth individuals $
(c) Banking or thrift institutions $
(d) Investment companies $
(e) Business development companies $
(f) Pooled investment vehicles (other than investment companies and business development $
companies)
(g) Pension and profit sharing plans (but not the plan participants or government pension plans) $
(h) Charitable organizations $
(i) State or municipal government entities (including government pension plans) $
(j) Other investment advisers $
(k) Insurance companies $
(l) Sovereign wealth funds and foreign official institutions $
(m) Corporations or other businesses not listed above $
(n) Other: $

Compensation Arrangements
E. You are compensated for your investment advisory services by (check all that apply):
(1) A percentage of assets under your management
(2) Hourly charges
(3) Subscription fees (for a newsletter or periodical)
(4) Fixed fees (other than subscription fees)
(5) Commissions
(6) Performance-based fees
(7) Other (specify):

Item 5 Information About Your Advisory Business - Regulatory Assets Under Management
Regulatory Assets Under Management
Yes No
F. (1) Do you provide continuous and regular supervisory or management services to securities portfolios?

(2) If yes, what is the amount of your regulatory assets under management and total number of accounts?
U.S. Dollar Amount Total Number of Accounts
Discretionary: (a) $ (d)
Non-Discretionary: (b) $ (e)
Total: (c) $ (f)

Part 1A Instruction 5.b. explains how to calculate your regulatory assets under management. You must follow these instructions carefully when completing this Item.

(3) What is the approximate amount of your total regulatory assets under management (reported in Item 5.F.(2)(c) above) attributable to clients who are non-United States persons?
$

Item 5 Information About Your Advisory Business - Advisory Activities
Advisory Activities
G. What type(s) of advisory services do you provide? Check all that apply.
(1) Financial planning services
(2) Portfolio management for individuals and/or small businesses
(3) Portfolio management for investment companies (as well as "business development companies" that have made an election pursuant to section 54 of the Investment Company Act of 1940)
(4) Portfolio management for pooled investment vehicles (other than investment companies)
(5) Portfolio management for businesses (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles)
(6) Pension consulting services
(7) Selection of other advisers (including private fund managers)
(8) Publication of periodicals or newsletters
(9) Security ratings or pricing services
(10) Market timing services
(11) Educational seminars/workshops
(12) Other(specify):

Do not check Item 5.G.(3) unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the Investment Company Act of 1940, including as a
subadviser. If you check Item 5.G.(3), report the 811 or 814 number of the investment company or investment companies to which you provide advice in Section 5.G.(3) of Schedule D.

H. If you provide financial planning services, to how many clients did you provide these services during your last fiscal year?
0

1 - 10
11 - 25
26 - 50
51 - 100
101 - 250
251 - 500
More than 500
If more than 500, how many?
(round to the nearest 500)

In your responses to this Item 5.H., do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship with those investors.

Yes No
I. (1) Do you participate in a wrap fee program?

(2) If you participate in a wrap fee program, what is the amount of your regulatory assets under management attributable to acting as:
(a) sponsor to a wrap fee program
$
(b) portfolio manager for a wrap fee program?
$
(c) sponsor to and portfolio manager for the same wrap fee program?
$

If you report an amount in Item 5.I.(2)(c), do not report that amount in Item 5.I.(2)(a) or Item 5.I.(2)(b).

If you are a portfolio manager for a wrap fee program, list the names of the programs, their sponsors and related information in Section 5.I.(2) of Schedule D.

If your involvement in a wrap fee program is limited to recommending wrap fee programs to your clients, or you advise a mutual fund that is offered through a wrap fee program, do not check Item 5.I.(1) or enter
any amounts in response to Item 5.I.(2).
Yes No
J. (1) In response to Item 4.B. of Part 2A of Form ADV, do you indicate that you provide investment advice only with respect to limited types of investments?

(2) Do you report client assets in Item 4.E. of Part 2A that are computed using a different method than the method used to compute your regulatory assets under management?

K. Separately Managed Account Clients
Yes No
(1) Do you have regulatory assets under management attributable to clients other than those listed in Item 5.D.(3)(d)-(f) (separately managed account clients)?

If yes, complete Section 5.K.(1) of Schedule D.

(2) Do you engage in borrowing transactions on behalf of any of the separately managed account clients that you advise?

If yes, complete Section 5.K.(2) of Schedule D.

(3) Do you engage in derivative transactions on behalf of any of the separately managed account clients that you advise?

If yes, complete Section 5.K.(2) of Schedule D.

(4) After subtracting the amounts in Item 5.D.(3)(d)-(f) above from your total regulatory assets under management, does any custodian hold ten percent or more of this remaining amount of
regulatory assets under management?

If yes, complete Section 5.K.(3) of Schedule D for each custodian.

L. Marketing Activities
Yes No
(1) Do any of your advertisements include:

(a) Performance results?

(b) A reference to specific investment advice provided by you (as that phrase is used in rule 206(4)-1(a)(5))?

(d) Endorsements (other than those that satisfy rule 206(4)-1(b)(4)(ii))?

(e) Third-party ratings?

(2) If you answer "yes" to L(1)(c), (d), or (e) above, do you pay or otherwise provide cash or non-cash compensation, directly or indirectly, in connection with the use of testimonials, endorsements,
or third-party ratings?

(3) Do any of your advertisements include hypothetical performance ?

(4) Do any of your advertisements include predecessor performance ?

SECTION 5.G.(3) Advisers to Registered Investment Companies and Business Development Companies

No Information Filed
SECTION 5.I.(2) Wrap Fee Programs

No Information Filed

SECTION 5.K.(1) Separately Managed Accounts
After subtracting the amounts reported in Item 5.D.(3)(d)-(f) from your total regulatory assets under management, indicate the approximate percentage of this remaining amount attributable to each of the
following categories of assets. If the remaining amount is at least $10 billion in regulatory assets under management, complete Question (a). If the remaining amount is less than $10 billion in regulatory assets
under management, complete Question (b).

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

If you are a subadviser to a separately managed account, you should only provide information with respect to the portion of the account that you subadvise.

End of year refers to the date used to calculate your regulatory assets under management for purposes of your annual updating amendment . Mid-year is the date six months before the end of year date. Each
column should add up to 100% and numbers should be rounded to the nearest percent.

Investments in derivatives, registered investment companies, business development companies, and pooled investment vehicles should be reported in those categories. Do not report those investments based
on related or underlying portfolio assets. Cash equivalents include bank deposits, certificates of deposit, bankers' acceptances and similar bank instruments.

Some assets could be classified into more than one category or require discretion about which category applies. You may use your own internal methodologies and the conventions of your service providers in
determining how to categorize assets, so long as the methodologies or conventions are consistently applied and consistent with information you report internally and to current and prospective clients. However,
you should not double count assets, and your responses must be consistent with any instructions or other guidance relating to this Section.

(a) Asset Type Mid-year End of year
(i) Exchange-Traded Equity Securities % %
(ii) Non Exchange-Traded Equity Securities % %
(iii) U.S. Government/Agency Bonds % %
(iv) U.S. State and Local Bonds % %
(v) Sovereign Bonds % %
(vi) Investment Grade Corporate Bonds % %
(vii) Non-Investment Grade Corporate Bonds % %
(viii) Derivatives % %
(ix) Securities Issued by Registered Investment Companies or Business Development Companies % %
(x) Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business Development Companies) % %
(xi) Cash and Cash Equivalents % %
(xii) Other % %
Generally describe any assets included in "Other"

(b) Asset Type End of year
(i) Exchange-Traded Equity Securities %
(ii) Non Exchange-Traded Equity Securities %
(iii) U.S. Government/Agency Bonds %
(iv) U.S. State and Local Bonds %
(v) Sovereign Bonds %
(vi) Investment Grade Corporate Bonds %
(vii) Non-Investment Grade Corporate Bonds %
(viii) Derivatives %
(ix) Securities Issued by Registered Investment Companies or Business Development Companies %
(x) Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business Development Companies) %
(xi) Cash and Cash Equivalents %
(xii) Other %
Generally describe any assets included in "Other"

SECTION 5.K.(2) Separately Managed Accounts - Use of Borrowingsand Derivatives

No information is required to be reported in this Section 5.K.(2) per the instructions of this Section 5.K.(2)
If your regulatory assets under management attributable to separately managed accounts are at least $10 billion, you should complete Question (a). If your regulatory assets under management attributable to
separately managed accounts are at least $500 million but less than $10 billion, you should complete Question (b).

(a) In the table below, provide the following information regarding the separately managed accounts you advise. If you are a subadviser to a separately managed account, you should only provide information
with respect to the portion of the account that you subadvise. End of year refers to the date used to calculate your regulatory assets under management for purposes of your annual updating amendment.
Mid-year is the date six months before the end of year date.

In column 1, indicate the regulatory assets under management attributable to separately managed accounts associated with each level of gross notional exposure. For purposes of this table, the gross
notional exposure of an account is the percentage obtained by dividing (i) the sum of (a) the dollar amount of any borrowings and (b) the gross notional value of all derivatives, by (ii) the regulatory assets
under management of the account.

In column 2, provide the dollar amount of borrowings for the accounts included in column 1.

In column 3, provide aggregate gross notional value of derivatives divided by the aggregate regulatory assets under management of the accounts included in column 1 with respect to each category of
derivatives specified in 3(a) through (f).

You may, but are not required to, complete the table with respect to any separately managed account with regulatory assets under management of less than $10,000,000.

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

(i) Mid-Year

Gross Notional (1) Regulatory Assets Under (2)
Exposure Management Borrowings (3) Derivative Exposures
(a) Interest Rate (b) Foreign Exchange (c) Credit (d) Equity (e) Commodity (f) Other
Derivative Derivative Derivative Derivative Derivative Derivative
Less than 10% $ $ % % % % % %

10-149% $ $ % % % % % %

150% or more $ $ % % % % % %

Optional: Use the space below to provide a narrative description of the strategies and/or manner in which borrowings and derivatives are used in the management of the separately managed accounts that
you advise.

(ii) End of Year

10-149% $ $ % % % % % %

150% or more $ $ % % % % % %

(b) In the table below, provide the following information regarding the separately managed accounts you advise as of the date used to calculate your regulatory assets under management for purposes of your
annual updating amendment. If you are a subadviser to a separately managed account, you should only provide information with respect to the portion of the account that you subadvise.

In column 2, provide the dollar amount of borrowings for the accounts included in column 1.

You may, but are not required to, complete the table with respect to any separately managed accounts with regulatory assets under management of less than $10,000,000.

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

Gross Notional Exposure (1) Regulatory Assets Under Management (2) Borrowings
Less than 10% $ $

10-149% $ $

150% or more $ $

SECTION 5.K.(3) Custodians for Separately Managed Accounts

No Information Filed

Item 6 Other Business Activities

In this Item, we request information about your firm's other business activities.

A. You are actively engaged in business as a (check all that apply):
(1) broker-dealer (registered or unregistered)
(2) registered representative of a broker-dealer
(3) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(4) futures commission merchant
(5) real estate broker, dealer, or agent
(6) insurance broker or agent
(7) bank (including a separately identifiable department or division of a bank)
(8) trust company
(9) registered municipal advisor
(10) registered security-based swap dealer
(11) major security-based swap participant
(12) accountant or accounting firm
(13) lawyer or law firm
(14) other financial product salesperson (specify):

If you engage in other business using a name that is different from the names reported in Items 1.A. or 1.B.(1), complete Section 6.A. of Schedule D.
Yes No
B. (1) Are you actively engaged in any other business not listed in Item 6.A. (other than giving investment advice)?

(2) If yes, is this other business your primary business?

If "yes," describe this other business on Section 6.B.(2) of Schedule D, and if you engage in this business under a different name, provide that name.
Yes No
(3) Do you sell products or provide services other than investment advice to your advisory clients?

If "yes," describe this other business on Section 6.B.(3) of Schedule D, and if you engage in this business under a different name, provide that name.

SECTION 6.A. Names of Your Other Businesses

No Information Filed

SECTION 6.B.(2) Description of Primary Business
Describe your primary business (not your investment advisory business):

If you engage in that business under a different name, provide that name:

SECTION 6.B.(3) Description of Other Products and Services
Describe other products or services you sell to your client. You may omit products and services that you listed in Section 6.B.(2) above.

If you engage in that business under a different name, provide that name:

Item 7 Financial Industry Affiliations

In this Item, we request information about your financial industry affiliations and activities. This information identifies areas in which conflicts of interest may occur between you and your clients.

A. This part of Item 7 requires you to provide information about you and your related persons, including foreign affiliates. Your related persons are all of your advisory affiliates and any person that is under
common control with you.
You have a related person that is a (check all that apply):
(1) broker-dealer, municipal securities dealer, or government securities broker or dealer (registered or unregistered)
(2) other investment adviser (including financial planners)
(3) registered municipal advisor
(4) registered security-based swap dealer
(5) major security-based swap participant
(6) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(7) futures commission merchant
(8) banking or thrift institution
(9) trust company
(10) accountant or accounting firm
(11) lawyer or law firm
(12) insurance company or agency
(13) pension consultant
(14) real estate broker or dealer
(15) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles
(16) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles

Note that Item 7.A. should not be used to disclose that some of your employees perform investment advisory functions or are registered representatives of a broker-dealer. The number of your firm's employees who
perform investment advisory functions should be disclosed under Item 5.B.(1). The number of your firm's employees who are registered representatives of a broker-dealer should be disclosed under Item 5.B.(2).

Note that if you are filing an umbrella registration, you should not check Item 7.A.(2) with respect to your relying advisers, and you do not have to complete Section 7.A. in Schedule D for your relying advisers. You
should complete a Schedule R for each relying adviser.

For each related person, including foreign affiliates that may not be registered or required to be registered in the United States, complete Section 7.A. of Schedule D.

You do not need to complete Section 7.A. of Schedule D for any related person if: (1) you have no business dealings with the related person in connection with advisory services you provide to your clients; (2) you do
not conduct shared operations with the related person; (3) you do not refer clients or business to the related person, and the related person does not refer prospective clients or business to you; (4) you do not share
supervised persons or premises with the related person; and (5) you have no reason to believe that your relationship with the related person otherwise creates a conflict of interest with your clients.

You must complete Section 7.A. of Schedule D for each related person acting as qualified custodian in connection with advisory services you provide to your clients (other than any mutual fund transfer agent
pursuant to rule 206(4)-2(b)(1)), regardless of whether you have determined the related person to be operationally independent under rule 206(4)-2 of the Advisers Act.

SECTION 7.A. Financial Industry Affiliations

Complete a separate Schedule D Section 7.A. for each related person listed in Item 7.A.

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (AMERICAS) LLC

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (AMERICAS) LLC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
801 - 34910
or
Other

4. Related Person's
(a) CRD Number (if any):
106838
(b) CIK Number(s) (if any):
CIK Number
861177

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer
(b) other investment adviser (including financial planners)
(c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles
(p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles
Yes No
6. Do you control or are you controlled by the related person?
7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients?
(b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent
(pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person?
(c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:
If this address is a private residence, check this box:
Yes No
9. (a) If the related person is an investment adviser, is it exempt from registration?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS AG

2. Primary Business Name of Related Person:
UBS AG

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other
0001114446

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
CIK Number
1114446

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS REALTY INVESTORS LLC

2. Primary Business Name of Related Person:
UBS REALTY INVESTORS LLC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
801 - 45426
or
Other

4. Related Person's
(a) CRD Number (if any):
107758
(b) CIK Number(s) (if any):
CIK Number
916051

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT SWITZERLAND AG

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT SWITZERLAND AG

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS FUND MANAGEMENT (SWITZERLAND) AG

2. Primary Business Name of Related Person:
UBS FUND MANAGEMENT (SWITZERLAND) AG

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS GROUP AG

2. Primary Business Name of Related Person:
UBS GROUP AG

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
CIK Number
1610520

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?
12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (US) INC.

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (US) INC.

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
8 - 21901
or
Other

4. Related Person's
(a) CRD Number (if any):
583
(b) CIK Number(s) (if any):
CIK Number
67037

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS SECURITIES LLC
2. Primary Business Name of Related Person:
UBS SECURITIES LLC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
8 - 22651
or
Other

4. Related Person's
(a) CRD Number (if any):
7654
(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (JAPAN) LTD

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (JAPAN) LTD

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
FOREIGN FUND ADVISER-NO US CLIENTS OR LOCATIONS

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (CANADA) INC

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (CANADA) INC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):
(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ?
(b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.
Name of Country/English Name of Foreign Financial Regulatory Authority
Canada - Alberta Securities Commission
Canada - British Columbia Securities Commission
Canada - Manitoba Securities Commission
Canada - New Brunswick Securities Commission
Canada - Newfoundland and Labrador, Financial Services Regulation Division
Canada - Northwest Territories, Office of the Registrar of Securities
Canada - Nova Scotia Securities Commission
Canada - Nunavut, Registrar of Securities
Canada - Ontario Securities Commission
Canada - Prince Edward Island, Securities Office
Canada - Quebec, Financial Markets Authority
Canada - Saskatchewan Financial Services Commission
Canada - Yukon Territories, Registrar of Securities

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS FUND MANAGEMENT (IRELAND) LTD

2. Primary Business Name of Related Person:
UBS FUND MANAGEMENT (IRELAND) LTD
3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
FOREIGN PRIVATE ADVISOR EXEMPTION

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (SINGAPORE) LTD.

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (SINGAPORE) LTD.

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other
4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (HONG KONG) LIMITED

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (HONG KONG) LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (AUSTRALIA) LTD

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (AUSTRALIA) LTD

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS FINANCIAL SERVICES INC.

2. Primary Business Name of Related Person:
UBS FINANCIAL SERVICES INC.

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
801 - 7163
or
Other

4. Related Person's
(a) CRD Number (if any):
8174
(b) CIK Number(s) (if any):
CIK Number
200565

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. SUCCURSALE DE FRANCE

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. SUCCURSALE DE FRANCE

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. SWEDEN FILIAL

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. SWEDEN FILIAL

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A.

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A.

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?
8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients?
(b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent
(pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person?
(c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:
Number and Street 1: Number and Street 2:
City: State: Country: ZIP+4/Postal Code:
If this address is a private residence, check this box:
Yes No
9. (a) If the related person is an investment adviser, is it exempt from registration?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. AUSTRIA BRANCH

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. AUSTRIA BRANCH

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. SUCURSAL DE ESPANA

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. SUCURSAL DE ESPANA

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
10. (a) Is the related person registered with a foreign financial regulatory authority ?
(b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.
Name of Country/English Name of Foreign Financial Regulatory Authority
Luxembourg, Grand Duchy of - Commission to Surveillance of the Finance Sector
Spain - National Commission of Securities Markets

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. GERMANY BRANCH (OTHER)

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. GERMANY BRANCH (OTHER)

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. ITALY BRANCH (OTHER)

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. ITALY BRANCH (OTHER)

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?
12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. POLAND BRANCH

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. POLAND BRANCH

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?
1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. IRELAND BRANCH

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. IRELAND BRANCH

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. NETHERLANDS BRANCH

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (EUROPE) S.A. NETHERLANDS BRANCH
3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT TRUST COMPANY

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT TRUST COMPANY

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other
4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS FUND SERVICES (USA) LLC

2. Primary Business Name of Related Person:
UBS FUND SERVICES (USA) LLC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
8 - 49596
or
Other

4. Related Person's
(a) CRD Number (if any):
41848
(b) CIK Number(s) (if any):
CIK Number
1022465
5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer
(b) other investment adviser (including financial planners)
(c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration)
(g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles
(p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles
Yes No
6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS REAL ESTATE GMBH

2. Primary Business Name of Related Person:
UBS REAL ESTATE GMBH

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
No Information Filed

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?
FOREIGN FUND ADVISER-NO US CLIENTS OR LOCATIONS

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:
UBS ASSET MANAGEMENT (UK) LTD

2. Primary Business Name of Related Person:
UBS ASSET MANAGEMENT (UK) LTD

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-)
-
or
Other

4. Related Person's
(a) CRD Number (if any):

(b) CIK Number(s) (if any):
CIK Number
1105246

7. Are you and the related person under common control?

(b) If the answer is yes, under what exemption?

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

Item 7 Private Fund Reporting

Yes No

B. Are you an adviser to any private fund?

If "yes," then for each private fund that you advise, you must complete a Section 7.B.(1) of Schedule D, except in certain circumstances described in the next sentence and in Instruction 6 of the Instructions to Part
1A. If you are registered or applying for registration with the SEC or reporting as an SEC exempt reporting adviser, and another SEC-registered adviser or SEC exempt reporting adviser reports this information with
respect to any such private fund in Section 7.B.(1) of Schedule D of its Form ADV (e.g., if you are a subadviser), do not complete Section 7.B.(1) of Schedule D with respect to that private fund. You must, instead,
complete Section 7.B.(2) of Schedule D.

In either case, if you seek to preserve the anonymity of a private fund client by maintaining its identity in your books and records in numerical or alphabetical code, or similar designation, pursuant to rule 204-2(d), you
may identify the private fund in Section 7.B.(1) or 7.B.(2) of Schedule D using the same code or designation in place of the fund's name.

SECTION 7.B.(1) Private Fund Reporting

No Information Filed

SECTION 7.B.(2) Private Fund Reporting

No Information Filed

Item 8 Participation or Interest in Client Transactions

In this Item, we request information about your participation and interest in your clients' transactions. This information identifies additional areas in which conflicts of interest may occur between you and your
clients. Newly-formed advisers should base responses to these questions on the types of participation and interest that you expect to engage in during the next year.

Like Item 7, Item 8 requires you to provide information about you and your related persons, including foreign affiliates.
Proprietary Interest in Client Transactions
A. Do you or any related person: Yes No
(1) buy securities for yourself from advisory clients, or sell securities you own to advisory clients (principal transactions)?

(2) buy or sell for yourself securities (other than shares of mutual funds) that you also recommend to advisory clients?

(3) recommend securities (or other investment products) to advisory clients in which you or any related person has some other proprietary (ownership) interest (other than those mentioned in
Items 8.A.(1) or (2))?

Sales Interest in Client Transactions
B. Do you or any related person: Yes No
(1) as a broker-dealer or registered representative of a broker-dealer, execute securities trades for brokerage customers in which advisory client securities are sold to or bought from the
brokerage customer (agency cross transactions)?
(2) recommend to advisory clients, or act as a purchaser representative for advisory clients with respect to, the purchase of securities for which you or any related person serves as underwriter or
general or managing partner?
(3) recommend purchase or sale of securities to advisory clients for which you or any related person has any other sales interest (other than the receipt of sales commissions as a broker or
registered representative of a broker-dealer)?

Investment or Brokerage Discretion
C. Do you or any related person have discretionary authority to determine the: Yes No
(1) securities to be bought or sold for a client's account?

(2) amount of securities to be bought or sold for a client's account?

(3) broker or dealer to be used for a purchase or sale of securities for a client's account?

(4) commission rates to be paid to a broker or dealer for a client's securities transactions?

D. If you answer "yes" to C.(3) above, are any of the brokers or dealers related persons?

E. Do you or any related person recommend brokers or dealers to clients?

F. If you answer "yes" to E. above, are any of the brokers or dealers related persons?

G. (1) Do you or any related person receive research or other products or services other than execution from a broker-dealer or a third party ("soft dollar benefits") in connection with client securities
transactions?
(2) If "yes" to G.(1) above, are all the "soft dollar benefits" you or any related persons receive eligible "research or brokerage services" under section 28(e) of the Securities Exchange Act of 1934?

H. (1) Do you or any related person, directly or indirectly, compensate any person that is not an employee for client referrals?

(2) Do you or any related person, directly or indirectly, provide any employee compensation that is specifically related to obtaining clients for the firm (cash or non-cash compensation in addition to
the employee's regular salary)?

I. Do you or any related person, including any employee, directly or indirectly, receive compensation from any person (other than you or any related person) for client referrals?

In your response to Item 8.I., do not include the regular salary you pay to an employee.

In responding to Items 8.H. and 8.I., consider all cash and non-cash compensation that you or a related person gave to (in answering Item 8.H.) or received from (in answering Item 8.I.) any person in exchange for
client referrals, including any bonus that is based, at least in part, on the number or amount of client referrals.

Item 9 Custody

In this Item, we ask you whether you or a related person has custody of client (other than clients that are investment companies registered under the Investment Company Act of 1940) assets and about your
custodial practices.

A. (1) Do you have custody of any advisory clients': Yes No
(a) cash or bank accounts?

(b) securities?

If you are registering or registered with the SEC, answer "No" to Item 9.A.(1)(a) and (b) if you have custody solely because (i) you deduct your advisory fees directly from your clients' accounts, or (ii) a related person
has custody of client assets in connection with advisory services you provide to clients, but you have overcome the presumption that you are not operationally independent (pursuant to Advisers Act rule 206(4)-2(d)
(5)) from the related person.

(2) If you checked "yes" to Item 9.A.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which you have custody:

U.S. Dollar Amount Total Number of Clients
(a) $ (b)

If you are registering or registered with the SEC and you have custody solely because you deduct your advisory fees directly from your clients' accounts, do not include the amount of those assets and the number of
those clients in your response to Item 9.A.(2). If your related person has custody of client assets in connection with advisory services you provide to clients, do not include the amount of those assets and number of
those clients in your response to 9.A.(2). Instead, include that information in your response to Item 9.B.(2).
B. (1) In connection with advisory services you provide to clients, do any of your related persons have custody of any of your advisory clients': Yes No
(a) cash or bank accounts?

(b) securities?

You are required to answer this item regardless of how you answered Item 9.A.(1)(a) or (b).

(2) If you checked "yes" to Item 9.B.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which your related persons have custody:

U.S. Dollar Amount Total Number of Clients
(a) $ (b)

C. If you or your related persons have custody of client funds or securities in connection with advisory services you provide to clients, check all the following that apply:
(1) A qualified custodian(s) sends account statements at least quarterly to the investors in the pooled investment vehicle(s) you manage.
(2) An independent public accountant audits annually the pooled investment vehicle(s) that you manage and the audited financial statements are distributed to the investors in the pools.
(3) An independent public accountant conducts an annual surprise examination of client funds and securities.
(4) An independent public accountant prepares an internal control report with respect to custodial services when you or your related persons are qualified custodians for client funds and securities.

If you checked Item 9.C.(2), C.(3) or C.(4), list in Section 9.C. of Schedule D the accountants that are engaged to perform the audit or examination or prepare an internal control report. (If you checked Item 9.C.(2),
you do not have to list auditor information in Section 9.C. of Schedule D if you already provided this information with respect to the private funds you advise in Section 7.B.(1) of Schedule D).

D. Do you or your related person(s) act as qualified custodians for your clients in connection with advisory services you provide to clients? Yes No
(1) you act as a qualified custodian

(2) your related person(s) act as qualified custodian(s)

If you checked "yes" to Item 9.D.(2), all related persons that act as qualified custodians (other than any mutual fund transfer agent pursuant to rule 206(4)-2(b)(1)) must be identified in Section 7.A. of Schedule D,
regardless of whether you have determined the related person to be operationally independent under rule 206(4)-2 of the Advisers Act.

E. If you are filing your annual updating amendment and you were subject to a surprise examination by an independent public accountant during your last fiscal year, provide the date (MM/YYYY) the examination
commenced:

F. If you or your related persons have custody of client funds or securities, how many persons, including, but not limited to, you and your related persons, act as qualified custodians for your clients in connection
with advisory services you provide to clients?
0

SECTION 9.C. Independent Public Accountant

No Information Filed

Item 10 Control Persons

In this Item, we ask you to identify every person that, directly or indirectly, controls you. If you are filing an umbrella registration, the information in Item 10 should be provided for the filing adviser only.

If you are submitting an initial application or report, you must complete Schedule A and Schedule B. Schedule A asks for information about your direct owners and executive officers. Schedule B asks for
information about your indirect owners. If this is an amendment and you are updating information you reported on either Schedule A or Schedule B (or both) that you filed with your initial application or report,
you must complete Schedule C.
Yes No
A. Does any person not named in Item 1.A. or Schedules A, B, or C, directly or indirectly, control your management or policies?

If yes, complete Section 10.A. of Schedule D.

B. If any person named in Schedules A, B, or C or in Section 10.A. of Schedule D is a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934, please complete Section 10.B. of
Schedule D.

SECTION 10.A. Control Persons

You must complete a separate Schedule D Section 10.A. for each control person not named in Item 1.A. or Schedules A, B, or C that directly or indirectly controls your management or policies.

Individual Name (if applicable) (Last, First, Middle)
Belova, Larissa

CRD Number (if any)
8021885

Effective Date Termination Date
06/12/2026

Business Address:
Number and Street 1 Number and Street 2
1285 AVENUE OF THE AMERICAS
City State Country ZIP+4/Postal Code
NEW YORK New York United States 10019

If this address is a private residence, check this box:

Briefly describe the nature of the control:
LARISSA BELOVA IS THE PRESIDENT OF UBS REALTY INVESTORS LLC, THE MANAGING MEMBER OF THE REGISTRANT.

You must complete a separate Schedule D Section 10.A. for each control person not named in Item 1.A. or Schedules A, B, or C that directly or indirectly controls your management or policies.

Individual Name (if applicable) (Last, First, Middle)
Hollick, Jonathan

CRD Number (if any)
8242868

Effective Date Termination Date
07/01/2025

Business Address:
Number and Street 1 Number and Street 2
5 BROADGATE
City State Country ZIP+4/Postal Code
LONDON United Kingdom EC2M 2QS

If this address is a private residence, check this box:

Briefly describe the nature of the control:
DAN MURRAY REPORTS INTO JON HOLLICK AS HEAD OF GRA (EX DACH).

You must complete a separate Schedule D Section 10.A. for each control person not named in Item 1.A. or Schedules A, B, or C that directly or indirectly controls your management or policies.

Individual Name (if applicable) (Last, First, Middle)
Johnson, Matthew, Gerard

CRD Number (if any)
3273404

Effective Date Termination Date
01/31/2020 06/12/2026

Business Address:
Number and Street 1 Number and Street 2
10 STATE HOUSE SQUARE 12TH FLOOR
City State Country ZIP+4/Postal Code
HARTFORD Connecticut United States 06103

If this address is a private residence, check this box:

Briefly describe the nature of the control:
MATTHEW JOHNSON IS THE PRESIDENT OF UBS REALTY INVESTORS LLC, THE MANAGING MEMBER OF THE REGISTRANT.

SECTION 10.B. Control Person Public Reporting Companies

B. If any person named in Schedules A, B, or C, or in Section 10.A. of Schedule D is a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934, please provide the following
information (you must complete a separate Schedule D Section 10.B. for each public reporting company):
(1) Full legal name of the public reporting company: UBS GROUP AG
(2) The public reporting company's CIK number (Central Index Key number that the SEC assigns to each reporting company): 1610520

Item 11 Disclosure Information

In this Item, we ask for information about your disciplinary history and the disciplinary history of all your advisory affiliates. We use this information to determine whether to grant your application for registration,
to decide whether to revoke your registration or to place limitations on your activities as an investment adviser, and to identify potential problem areas to focus on during our on-site examinations. One event
may result in "yes" answers to more than one of the questions below. In accordance with General Instruction 5 to Form ADV, "you" and "your" include the filing adviser and all relying advisers under an umbrella
registration.

Your advisory affiliates are: (1) all of your current employees (other than employees performing only clerical, administrative, support or similar functions); (2) all of your officers, partners, or directors (or any person
performing similar functions); and (3) all persons directly or indirectly controlling you or controlled by you. If you are a "separately identifiable department or division" (SID) of a bank, see the Glossary of Terms to
determine who your advisory affiliates are.

If you are registered or registering with the SEC or if you are an exempt reporting adviser, you may limit your disclosure of any event listed in Item 11 to ten years following the date of the event. If you are registered or
registering with a state, you must respond to the questions as posed; you may, therefore, limit your disclosure to ten years following the date of an event only in responding to Items 11.A.(1), 11.A.(2), 11.B.(1), 11.B.(2),
11.D.(4), and 11.H.(1)(a). For purposes of calculating this ten-year period, the date of an event is the date the final order, judgment, or decree was entered, or the date any rights of appeal from preliminary orders,
judgments, or decrees lapsed.

You must complete the appropriate Disclosure Reporting Page ("DRP") for "yes" answers to the questions in this Item 11.

Yes No
Do any of the events below involve you or any of your supervised persons?

For "yes" answers to the following questions, complete a Criminal Action DRP:
A. In the past ten years, have you or any advisory affiliate: Yes No
(1) been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to any felony?

(2) been charged with any felony?

If you are registered or registering with the SEC, or if you are reporting as an exempt reporting adviser, you may limit your response to Item 11.A.(2) to charges that are currently pending.

B. In the past ten years, have you or any advisory affiliate:
(1) been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to a misdemeanor involving: investments or an investment-related business, or any
fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?
(2) been charged with a misdemeanor listed in Item 11.B.(1)?

If you are registered or registering with the SEC, or if you are reporting as an exempt reporting adviser, you may limit your response to Item 11.B.(2) to charges that are currently pending.

For "yes" answers to the following questions, complete a Regulatory Action DRP:
C. Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: Yes No
(1) found you or any advisory affiliate to have made a false statement or omission?

(2) found you or any advisory affiliate to have been involved in a violation of SEC or CFTC regulations or statutes?

(3) found you or any advisory affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?

(4) entered an order against you or any advisory affiliate in connection with investment-related activity?

(5) imposed a civil money penalty on you or any advisory affiliate, or ordered you or any advisory affiliate to cease and desist from any activity?

D. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:
(1) ever found you or any advisory affiliate to have made a false statement or omission, or been dishonest, unfair, or unethical?

(2) ever found you or any advisory affiliate to have been involved in a violation of investment-related regulations or statutes?

(3) ever found you or any advisory affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?

(4) in the past ten years, entered an order against you or any advisory affiliate in connection with an investment-related activity?

(5) ever denied, suspended, or revoked your or any advisory affiliate's registration or license, or otherwise prevented you or any advisory affiliate, by order, from associating with an investment-
related business or restricted your or any advisory affiliate's activity?

E. Has any self-regulatory organization or commodities exchange ever:
(1) found you or any advisory affiliate to have made a false statement or omission?

(2) found you or any advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)?

(3) found you or any advisory affiliate to have been the cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?

(4) disciplined you or any advisory affiliate by expelling or suspending you or the advisory affiliate from membership, barring or suspending you or the advisory affiliate from association with other
members, or otherwise restricting your or the advisory affiliate's activities?

F. Has an authorization to act as an attorney, accountant, or federal contractor granted to you or any advisory affiliate ever been revoked or suspended?
G. Are you or any advisory affiliate now the subject of any regulatory proceeding that could result in a "yes" answer to any part of Item 11.C., 11.D., or 11.E.?

For "yes" answers to the following questions, complete a Civil Judicial Action DRP:
H. (1) Has any domestic or foreign court: Yes No
(a) in the past ten years, enjoined you or any advisory affiliate in connection with any investment-related activity?

(b) ever found that you or any advisory affiliate were involved in a violation of investment-related statutes or regulations?

(c) ever dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or any advisory affiliate by a state or foreign financial regulatory authority?

(2) Are you or any advisory affiliate now the subject of any civil proceeding that could result in a "yes" answer to any part of Item 11.H.(1)?

Item 12 Small Businesses

The SEC is required by the Regulatory Flexibility Act to consider the effect of its regulations on small entities. In order to do this, we need to determine whether you meet the definition of "small business" or
"small organization" under rule 0-7.

Answer this Item 12 only if you are registered or registering with the SEC and you indicated in response to Item 5.F.(2)(c) that you have regulatory assets under management of less than $25 million. You are not
required to answer this Item 12 if you are filing for initial registration as a state adviser, amending a current state registration, or switching from SEC to state registration.

For purposes of this Item 12 only:

Total Assets refers to the total assets of a firm, rather than the assets managed on behalf of clients. In determining your or another person's total assets, you may use the total assets shown on a current
balance sheet (but use total assets reported on a consolidated balance sheet with subsidiaries included, if that amount is larger).
Control means the power to direct or cause the direction of the management or policies of a person, whether through ownership of securities, by contract, or otherwise. Any person that directly or indirectly
has the right to vote 25 percent or more of the voting securities, or is entitled to 25 percent or more of the profits, of another person is presumed to control the other person.

Yes No
A. Did you have total assets of $5 million or more on the last day of your most recent fiscal year?

If "yes," you do not need to answer Items 12.B. and 12.C.

B. Do you:
(1) control another investment adviser that had regulatory assets under management (calculated in response to Item 5.F.(2)(c) of Form ADV) of $25 million or more on the last day of its most
recent fiscal year?
(2) control another person (other than a natural person) that had total assets of $5 million or more on the last day of its most recent fiscal year?

C. Are you:
(1) controlled by or under common control with another investment adviser that had regulatory assets under management (calculated in response to Item 5.F.(2)(c) of Form ADV) of $25 million or
more on the last day of its most recent fiscal year?
(2) controlled by or under common control with another person (other than a natural person) that had total assets of $5 million or more on the last day of its most recent fiscal year?

Schedule A
Direct Owners and Executive Officers
1. Complete Schedule A only if you are submitting an initial application or report. Schedule A asks for information about your direct owners and executive officers. Use Schedule C to amend this information.
2. Direct Owners and Executive Officers. List below the names of:
(a) each Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Chief Legal Officer, Chief Compliance Officer(Chief Compliance Officer is required if you are registered or applying for registration
and cannot be more than one individual), director, and any other individuals with similar status or functions;
(b) if you are organized as a corporation, each shareholder that is a direct owner of 5% or more of a class of your voting securities, unless you are a public reporting company (a company subject to Section 12
or 15(d) of the Exchange Act);
Direct owners include any person that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 5% or more of a class of your voting securities. For purposes of this
Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-
law, brother-in-law, or sister-in-law, sharing the same residence; or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right to purchase the security.
(c) if you are organized as a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 5% or more of your capital;
(d) in the case of a trust that directly owns 5% or more of a class of your voting securities, or that has the right to receive upon dissolution, or has contributed, 5% or more of your capital, the trust and each
trustee; and
(e) if you are organized as a limited liability company ("LLC"), (i) those members that have the right to receive upon dissolution, or have contributed, 5% or more of your capital, and (ii) if managed by elected
managers, all elected managers.
3. Do you have any indirect owners to be reported on Schedule B? Yes No

4. In the DE/FE/I column below, enter "DE" if the owner is a domestic entity, "FE" if the owner is an entity incorporated or domiciled in a foreign country, or "I" if the owner or executive officer is an individual.
5. Complete the Title or Status column by entering board/management titles; status as partner, trustee, sole proprietor, elected manager, shareholder, or member; and for shareholders or members, the class of
securities owned (if more than one is issued).
6. Ownership codes are: NA - less than 5% B - 10% but less than 25% D - 50% but less than 75%
A - 5% but less than 10% C - 25% but less than 50% E - 75% or more
7. (a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form ADV, and enter "No" if the person does not have control. Note that under this definition, most
executive officers and all 25% owners, general partners, elected managers, and trustees are control persons.
(b) In the PR column, enter "PR" if the owner is a public reporting company under Sections 12 or 15(d) of the Exchange Act.
(c) Complete each column.
FULL LEGAL NAME (Individuals: Last Name, First DE/FE/I Title or Status Date Title or Status Acquired Ownership Control PR CRD No. If None: S.S. No. and Date of Birth, IRS Tax No.
Name, Middle Name) MM/YYYY Code Person or Employer ID No.
UBS REALTY INVESTORS LLC DE MANAGING MEMBER 12/1996 E Y N 107758
PILE, NICHOLAS, SIMON I CHIEF COMPLIANCE 09/2014 NA Y N 2727759
OFFICER
MURRAY, DANIEL, EUGENE I PRESIDENT, CEO 04/2025 NA N N 5934819
Stacey, Philip I CHIEF LEGAL 03/2026 NA Y N 6434626
OFFICER

Schedule B
Indirect Owners
1. Complete Schedule B only if you are submitting an initial application or report. Schedule B asks for information about your indirect owners; you must first complete Schedule A, which asks for information about
your direct owners. Use Schedule C to amend this information.
2. Indirect Owners. With respect to each owner listed on Schedule A (except individual owners), list below:
(a) in the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25% or more of a class of a voting security
of that corporation;

For purposes of this Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, sharing the same residence; or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right
to purchase the security.
(b) in the case of an owner that is a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25% or more of the
partnership's capital;
(c) in the case of an owner that is a trust, the trust and each trustee; and
(d) in the case of an owner that is a limited liability company ("LLC"), (i) those members that have the right to receive upon dissolution, or have contributed, 25% or more of the LLC's capital, and (ii) if
managed by elected managers, all elected managers.
3. Continue up the chain of ownership listing all 25% owners at each level. Once a public reporting company (a company subject to Sections 12 or 15(d) of the Exchange Act) is reached, no further ownership
information need be given.
4. In the DE/FE/I column below, enter "DE" if the owner is a domestic entity, "FE" if the owner is an entity incorporated or domiciled in a foreign country, or "I" if the owner is an individual.
5. Complete the Status column by entering the owner's status as partner, trustee, elected manager, shareholder, or member; and for shareholders or members, the class of securities owned (if more than one
is issued).
6. Ownership codes are: C - 25% but less than 50% E - 75% or more
D - 50% but less than 75% F - Other (general partner, trustee, or elected manager)
7. (a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form ADV, and enter "No" if the person does not have control. Note that under this definition, most
executive officers and all 25% owners, general partners, elected managers, and trustees are control persons.
(b) In the PR column, enter "PR" if the owner is a public reporting company under Sections 12 or 15(d) of the Exchange Act.
(c) Complete each column.
FULL LEGAL NAME (Individuals: Last Name, First DE/FE/I Entity in Which Interest Status Date Status Acquired Ownership Control PR CRD No. If None: S.S. No. and Date of Birth, IRS Tax
Name, Middle Name) is Owned MM/YYYY Code Person No. or Employer ID No.
UBS AG, ZURICH, SWITZERLAND FE UBS AMERICAS HOLDING MEMBER 07/2000 E Y N
LLC
UBS AMERICAS INC. DE UBS REALTY INVESTORS SHAREHOLDER 10/2003 E Y N
LLC
UBS GROUP AG FE UBS AG, ZURICH, SHAREHOLDER 11/2014 E Y Y
SWITZERLAND
UBS AMERICAS HOLDING LLC DE UBS REALTY INVESTORS SHAREHOLDER 08/2015 E Y N
LLC

Schedule D - Miscellaneous
You may use the space below to explain a response to an Item or to provide any other information.
ITEM 5. CLIENTS. WE MANAGE AGRICULTURAL REAL ESTATE ACCOUNTS THAT DO NOT FALL WITHIN THE DEFINITION OF SECURITIES PORTFOLIOS AND THE ACCOUNTS DO NOT HOLD SECURITIES. WHEN COUNTING
AND CLASSIFYING CLIENTS AND REGULATORY ASSETS UNDER MANAGEMENT WE WILL ONLY INCLUDED THOSE ACCOUNTS AND ASSETS WHERE WE PROVIDE SECURITIES RELATED ADVICE OR MEET THE DEFINITION
OF PRIVATE FUNDS. FOR L(2) WE ARE ONLY REFERRING TO PAYMENT FOR THIRD PARTY RATINGS. ITEM 7. FINANCIAL INDUSTRY AFFILIATIONS. UBS FARMLAND INVESTORS LLC HAS A SUPPLEMENTAL LIST OF
RELATED INVESTMENT ADVISERS WHO ARE NOT LISTED ON SECTION 7.A OF SCHEDULE IN ACCORDANCE WITH THE INSTRUCTIONS. FOR ITEM 8. PARTICIPATION OR INTEREST IN CLIENT TRANSACTIONS AND ITEM
9. CUSTODY WE HAVE RESPONDED TO QUESTIONS IN RESPECT OF CUSTODY OF CASH AND SECURITIES OF ADVISORY CLIENTS, BUT CUSTODY OF OTHER INVESTMENTS SUCH AS AGRICULTURAL REAL ESTATE IS
NOT ADDRESSED.

Schedule R

No Information Filed

DRP Pages
CRIMINAL DISCLOSURE REPORTING PAGE (ADV)

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV.
OR

Criminal
Check item(s) being responded to:
11.A(1) 11.A(2) 11.B(1) 11.B(2)

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

Multiple counts of the same charge arising out of the same event(s) should be reported on the same DRP. Unrelated criminal actions, including separate cases arising out of the same event, must be reported
on separate DRPs. Use this DRP to report all charges arising out of the same event. One event may result in more than one affirmative answer to the items listed above.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or
reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes,"
no other information on this DRP must be provided.

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. If charge(s) were brought against an organization over which you or an advisory affiliate exercise(d) control: Enter organization name, whether or not the organization was an investment-related business
and your or the advisory affiliate's position, title, or relationship.
UBS AG

2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number).
UNITED STATES DISTRICT COURT, DISTRICT OF CONNECTICUT,DOCKET/CASE 3:15CR76(RNC)

3. Event Disclosure Detail (Use this for both organizational and individual charges.)

A. Date First Charged (MM/DD/YYYY):

05/20/2015 Exact Explanation
If not exact, provide explanation:
B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if
charge is investment-related).
ONE COUNT, FELONY, GUILTY, WIRE FRAUD
C. Did any of the Charge(s) within the Event involve a ?
felony Yes No

D. Current status of the Event? Pending On Appeal Final
E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY):

Exact Explanation
If not exact, provide explanation:

5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response
must fit within the space provided.)
ON MAY 20, 2015, THE DEPARTMENT OF JUSTICE CRIMINAL DIVISION TERMINATED A DECEMBER 19, 2012 NON-PROSECUTION AGREEMENT (THE NPA) WITH UBS AG. AS A RESULT, ON MAY 20, 2015, UBS AG
ENTERED INTO A PLEA AGREEMENT WITH THE DEPARTMENT OF JUSTICE CRIMINAL DIVISION PURSUANT TO WHICH UBS AG AGREED TO AND DID PLEAD GUILTY TO A ONE-COUNT CRIMINAL INFORMATION
FILED IN THE DISTRICT OF CONNECTICUT CHARGING UBS AG WITH ONE COUNT OF WIRE FRAUD IN VIOLATION OF 18 USC SECTIONS 1343 AND 1342. AS PART OF THE PLEA AGREEMENT, UBS AG AGREED TO
PAY A $203 MILLION PENALTY. THE CRIMINAL INFORMATION CHARGES THAT BETWEEN APPROXIMATELY 2001 AND 2010, UBS AG ENGAGED IN SCHEME TO DEFRAUD COUNTERPARTIES TO INTEREST RATE
DERIVATIVES TRANSACTIONS BY MANIPULATING BENCHMARK INTEREST RATES, INCLUDING YEN LIBOR. THE CRIMINAL DIVISION TERMINATED THE NPA BASED ON ITS DETERMINATION, IN ITS SOLE
DISCRETION, THAT CERTAIN OF ITS EMPLOYEES COMMITTED CRIMINAL CONDUCT THAT VIOLATED THE NPA, INCLUDING FRAUDULENT AND DECEPTIVE CURRENCY TRADING AND SALES PRACTICES IN
CONDUCTING CERTAIN FOREIGN EXCHANGE MARKET TRANSACTIONS WITH CUSTOMERS AND COLLUSION WITH OTHER PARTICIPANTS IN CERTAIN FX MARKETS.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL AMENDED response used to report details for affirmative responses to Items 11.A. or 11.B. of Form ADV.
OR

Criminal
Check item(s) being responded to:
11.A(1) 11.A(2) 11.B(1) 11.B(2)

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Formal Charge(s) were brought in: (include name of Federal, Military, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case number).
32 CHAMBER OF THE FIRST INSTANCE CRIMINAL COURT IN PARIS, FRANCE. DOCKET/CASE NUMBER: NO DE PARQUET: 1105592033; NO D'INSTRUCTION: JIRSIF/12/7

3. Event Disclosure Detail (Use this for both organizational and individual charges.)

A. Date First Charged (MM/DD/YYYY):
02/20/2019 Exact Explanation
If not exact, provide explanation:
B. Event Disclosure Detail (include Charge(s)/Charge Description(s), and for each charge provide: (1) number of counts, (2) felony or misdemeanor, (3) plea for each charge, and (4) product type if
charge is investment-related).
DECISION RENDERED ON THAT DATE, FINDING UBS AG GUILTY OF ILLICIT SOLICITATION AND LAUNDERING OF THE PROCEEDS OF TAX FRAUD AND UBS (FRANCE) SA GUILTY OF AIDING AND ABETTING
THE SAME OFFENSES. DECISION HAD BEEN APPEALED.
C. Did any of the Charge(s) within the Event involve a ?
felony Yes No

D. Current status of the Event? Pending On Appeal Final
E. Event Status Date (complete unless status is Pending) (MM/DD/YYYY):

09/23/2025 Exact Explanation
If not exact, provide explanation:

4. Disposition Disclosure Detail:
Include for each charge (a) Disposition Type (e.g., convicted, acquitted, dismissed, pretrial, etc.), (b) Date, (c) Sentence/Penalty, (d) Duration (if sentence - suspension, probation, etc.), (e) Start Date of
Penalty, (f) Penalty/Fine Amount, and (g) Date Paid.
ON FEBRUARY 20, 2019, THE COURT OF FIRST INSTANCE RETURNED A VERDICT FINDING UBS AG GUILTY OF UNLAWFUL SOLICITATION OF CLIENTS ON FRENCH TERRITORY AND AGGRAVATED LAUNDERING OF
THE PROCEEDS OF TAX FRAUD, AND UBS (FRANCE) S.A. GUILTY OF AIDING AND ABETTING UNLAWFUL SOLICITATION AND OF LAUNDERING THE PROCEEDS OF TAX FRAUD. THE DECISION WAS APPEALED, BUT
UPHELD ON NOVEMBER 15, 2023, WHILE THE CASE WAS REMANDED FOR A RETRIAL REGARDING THE OVERTURNED FINE, CONFISCATION, AND CIVIL DAMAGES. ON SEPTEMBER 23, 2025, UBS AG RESOLVED
THE CASE AND AGREED TO PAY A FINE OF EUR 730M AND EUR 105M IN CIVIL DAMAGES TO THE FRENCH STATE.

5. Provide a brief summary of circumstances leading to the charge(s) as well as the disposition. Include the relevant dates when the conduct which was the subject of the charge(s) occurred. (Your response
must fit within the space provided.)
ALLEGED ILLICIT CROSS-BORDER BUSINESS CONDUCT OF UBS AG INTO FRANCE AND COMPLICITY OF ITS FRENCH SUBSIDIARY IN THE PERIOD 2004-2012.

REGULATORY ACTION DISCLOSURE REPORTING PAGE (ADV)

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than
one regulator, provide details for each action on a separate DRP.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD 106838
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: UBS GLOBAL ASSET MANAGEMENT (AMERICAS)
INC.
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or
reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten
years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
US SECURITIES AND EXCHANGE COMMISSION

2. Principal Sanction:
Cease and Desist
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

01/17/2012 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
SECURITIES AND EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING FILE NO 3-14699

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Mutual Fund(s)
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
UBS GLOBAL ASSET MANAGEMENT (AMERICAS) INC. ("UBS GLOBAL AM") MANAGED CERTAIN REGISTERED INVESTMENT COMPANIES ("FUNDS"). UBS GLOBAL AM WAS ALLEGED TO HAVE WILLFULLY AIDED AND
ABETTED AND CAUSED THE FUNDS' VIOLATION, FOR SEVERAL DAYS IN 2008, OF RULE 22C-1 OF THE INVESTMENT COMPANY ACT. UBS GLOBAL AM WAS ALSO ALLEGED TO HAVE WILLFULLY AIDED AND
ABETTED AND CAUSED THE FUNDS' VIOLATION OF RULE 38A-1 OF THE INVESTMENT COMPANY ACT.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

01/17/2012 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 300,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
UBS GLOBAL AM WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF RULES 22C-1 AND 38A-1 UNDER THE INVESTMENT
COMPANY ACT. UBS GLOBAL AM WAS ALSO CENSURED AND ORDERED TO PAY A CIVIL MONEY PENALTY OF $300,000.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS GLOBAL AM MANAGED CERTAIN FUNDS AND WAS ALLEGED TO HAVE WILLFULLY AIDED AND ABETTED AND CAUSED THE FUNDS' VIOLATION OF RULE 22C-1 OF THE INVESTMENT COMPANY ACT. UBS
GLOBAL AM WAS ALSO ALLEGED TO HAVE WILLFULLY AIDED AND ABETTED AND CAUSED THE FUNDS' VIOLATION OF RULE 38A-1 OF THE INVESTMENT COMPANY ACT. UBS GLOBAL AM SETTLED THE MATTER
WITHOUT ADMITTING OR DENYING THE FINDINGS EXCEPT AS TO THE SEC'S JURISDICTION OVER IT AND THE SUBJECT MATTER OF THE PROCEEDINGS.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten
years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SECURITIES AND EXCHANGE COMMISSION

2. Principal Sanction:
Other
Other Sanctions:
DISGORGEMENT,CEASE AND DESIST

3. Date Initiated (MM/DD/YYYY):

10/13/2015 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
3-16891

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Other
Other Product Types:
FOREIGN EXCHANGE STRUCTURED PRODUCTS

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ALLEGED THAT UBS NEGLIGENTLY MADE MISLEADING STATEMENTS AND OMISSIONS IN THE OFFER OR SALE OF SECURITIES, WHICH VIOLATED SECTION 17(A)
(2)OF THE SECURITIES ACT. UBS HAS NEITHER ADMITTED OR DENIED THESE FINDINGS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

10/13/2015 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 19,500,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
CEASE AND DESIST ORDER, (1) $10,000,000 IN DISGORGEMENT, (2) $1.5 MILLION IN PREJUDGMENT INTEREST; AND (3) $8,000,000 CIVIL MONETARY PENALTY.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
COMMODITY FUTURES TRADING COMISSION

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST/INJUNCTION UNDERTAKINGS

3. Date Initiated (MM/DD/YYYY):

01/01/2008 Exact Explanation
If not exact, provide explanation:
THE DATE THE CFTC ORDER ALLEGES THE CONDUCT TO HAVE BEGUN.

4. Docket/Case Number:
CFTC 18-07

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Futures - Commodity
Other Product Types:
PRECIOUS METALS
7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CFTC ALLEGED THAT UBS AG, BY AND THROUGH THE ACTS OF CERTAIN PRECIOUS METALS SPOT TRADERS, ATTEMPTED TO MANIPULATE THE PRICE OF PRECIOUS METALS FUTURE CONTRACTS THROUGH
SPOOFING AND ATTEMPTING TO MANIPULATE THE PRICE OF PRECIOUS METALS FUTURES CONTRACTS IN ORDER TO TRIGGER CUSTOMER STOP LOSS ORDERS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

01/29/2018 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 15,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
THE CFTC CONDUCTED AN INVESTIGATION OF UBS'S PRECIOUS METALS TRADING. AS FAR AS UBS IS AWARE, THE CFTC'S INVESTIGATION BEGAN IN 2014. IT WAS RESOLVED ON JANUARY 29,2018.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
OFFICE OF THE COMPTROLLER OF THE CURRENCY

2. Principal Sanction:
Cease and Desist
Other Sanctions:
N/A

3. Date Initiated (MM/DD/YYYY):

05/31/2018 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
AA-EC-2018-30

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
N/A

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE OFFICE OF THE COMPTROLLER OF THE CURRENCY FOUND THAT UBS AG, NEW YORK BRANCH, UBS AG, STAMFORD BRANCH, UBS AG, MIAMI BRANCH, (COLLECTIVELY, THE "UBS BRANCHES") HAD
DEFICIENCIES IN THEIR BANK SECRECY ACT AND ANTIMONEY LAUNDERING COMPLIANCE PROGRAM THAT RESULTED IN VIOLATIONS OF 12 C.F.R. § 21.21 AND 12 C.F.R. § 21.11 AND OTHER VIOLATIONS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
N/A

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

05/31/2018 Exact Explanation
If not exact, provide explanation:
12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
N/A
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
ON MAY 31, 2018, THE UBS BRANCHES ENTERED INTO A CONSENT ORDER WITH THE OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC"), WHICH FOUND DEFICIENCIES IN THE BRANCHES' BANK
SECRECY ACT AND ANTIMONEY LAUNDERING COMPLIANCE PROGRAM THAT RESULTED IN VIOLATIONS OF 12 C.F.R. § 21.21 AND 12 C.F.R. § 21.11 AND OTHER VIOLATIONS. WITHOUT ADMITTING OR
DENYING THE OCC'S FINDINGS, THE UBS BRANCHES CONSENTED TO THE ENTRY OF THE CONSENT ORDER PURSUANT TO WHICH THE UBS BRANCHES SHALL COMPLY WITH THE UNDERTAKINGS SET
FORTH IN THE CONSENT ORDER.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
PURSUANT TO THE MAY 31, 2018 CONSENT ORDER, THE UBS BRANCHES SHALL COMPLY WITH THE UNDERTAKINGS SET FORTH THEREIN, INCLUDING SUBMITTING WRITTEN PROPOSALS FOR APPROVAL BY THE
OCC, COVERING THE UBS BRANCHES' BANK SECRECY ACT AND ANTI-MONEY LAUNDERING COMPLIANCE PROGRAM.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
AL,AK,AZ,AR,CA,CO,CT,DE,DC,FL,GA,ID,IL,IN,IA,KS,LA,ME,MD,MA,MN,MO,MT,NV,NH,NJ,NM,NY,NC,ND,OH,OK,OR,PA,RI,SC,TN,VA,WA,WV,WI AGS

2. Principal Sanction:
Disgorgement
Other Sanctions:
PAYMENT OF RESTITUTION AND ADDITIONAL PAYMENTS

3. Date Initiated (MM/DD/YYYY):

12/21/2018 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
NONE

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Other
Other Product Types:
LIBOR SUBMISSIONS AND LIBOR-RELATED CONDUCT

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
STATE AGS ALLEGED THAT UBS AG'S USD LIBOR SUBMISSIONS ON OCCASION IN 2006-09 WERE INFLUENCED BY DIRECTIVES TO AVOID REPUTATIONAL HARM AND/OR ITS YEN LIBOR SUBMISSIONS AT TIMES
WERE FALSE AND THAT UBS AG DID NOT DISCLOSE THIS ALLEGED CONDUCT TO GOVERNMENT AND NON-PROFIT SWAP COUNTERPARTIES.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Other

11. Resolution Date (MM/DD/YYYY):

12/21/2018 Exact Explanation
If not exact, provide explanation:
SETTLEMENT AGREEMENT SIGNED 12/21/2018

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
NONE
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
SETTLEMENT AGREEMENT PROVIDES FOR PAYMENT OF $68 MILLION BY UBS AG BY JUNE 20, 2019. $64.6 MILLION IS RESTITUTION; NONE IS A FINE OR PENALTY.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Reprimand
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

11/14/2019 Exact Explanation
If not exact, provide explanation:
4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Other
Other Product Types:
OTC BONDS/STRUCTURED PRODUCTS

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE MAS HAS IMPOSED A CIVIL PENALTY ON UBS AG (UBS), FOR ACTS OF ITS CLIENT ADVISORS THAT CONTRAVENED SECTION 201(B) OF THE SECURITIES AND FUTURES ACT (SFA). UBS CLIENT ADVISORS
HAD ENGAGED IN ACTS THAT DECEIVED OR WERE LIKELY TO DECEIVE CLIENTS ABOUT THE SPREADS AND/OR INTERBANK PRICES FOR TRANSACTIONS IN OVER-THE-COUNTER (OTC) BONDS AND
STRUCTURED PRODUCTS. THE ENFORCEMENT ACTION FOLLOWED UBS'S REPORTING OF THE MISCONDUCT TO MAS, AND MAS'S SUBSEQUENT INVESTIGATIONS. THE ENFORCEMENT ACTION AND PENALTY
TOOK INTO ACCOUNT THE FACT THAT UBS HAS UNDERTAKEN TO COMPENSATE AFFECTED CLIENTS AND THE FACT THAT THE BANK RENDERED FULL COOPERATION TO MAS DURING THE INVESTIGATION.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

11/14/2019 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 11,200,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
THE MAS HAS IMPOSED A CIVIL PENALTY ON UBS AG (UBS), FOR ACTS OF ITS CLIENT ADVISORS THAT CONTRAVENED SECTION 201(B) OF THE SECURITIES AND FUTURES ACT (SFA). UBS CLIENT ADVISORS
HAD ENGAGED IN ACTS THAT DECEIVED OR WERE LIKELY TO DECEIVE CLIENTS ABOUT THE SPREADS AND/OR INTERBANK PRICES FOR TRANSACTIONS IN OVER-THE-COUNTER (OTC) BONDS AND
STRUCTURED PRODUCTS. THE ENFORCEMENT ACTION FOLLOWED UBS'S REPORTING OF THE MISCONDUCT TO MAS, AND MAS'S SUBSEQUENT INVESTIGATIONS. THE ENFORCEMENT ACTION AND PENALTY
TOOK INTO ACCOUNT THE FACT THAT UBS HAS UNDERTAKEN TO COMPENSATE AFFECTED CLIENTS AND THE FACT THAT THE BANK RENDERED FULL COOPERATION TO MAS DURING THE INVESTIGATION.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
HONG KONG SECURITIES AND FUTURES COMMISSION (SFC)

2. Principal Sanction:
Reprimand
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

11/11/2019 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Other
Other Product Types:
BONDS/STRUCTURED NOTES

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SFC FINED AND REPRIMANDED UBS AG (UBS) FOR OVERCHARGING SOME CLIENTS OVER A TEN-YEAR PERIOD AND FOR RELATED SERIOUS SYSTEMIC INTERNAL CONTROL FAILURES. THE SFC'S
INVESTIGATIONS REVEALED THAT BETWEEN 2008 AND 2015, THE CLIENT ADVISORS AND CLIENT ADVISORS' ASSISTANTS IN UBS'S WEALTH MANAGEMENT DIVISION HAD OVERCHARGED CLIENTS WHEN
CONDUCTING BOND AND STRUCTURED NOTE TRADES BY INCREASING THE SPREAD CHARGED AFTER THE EXECUTION OF TRADES WITHOUT CLIENTS' KNOWLEDGE; BETWEEN 2008 AND 2017, UBS HAD ALSO
CHARGED ITS CLIENTS FEES IN EXCESS OF ITS STANDARD DISCLOSURES OR RATES. THE ENFORCEMENT ACTIONS FOLLOWED UBS'S REPORTING TO THE RELEVANT REGULATORS IN HONG KONG IN 2016 AND
SFC'S SUBSEQUENT INVESTIGATIONS. UBS HAS AGREED TO REPAY THE AFFECTED CLIENTS BY REPAYING THEM THE FULL VALUE OF THE OVERCHARGED AMOUNT TOGETHER WITH INTEREST. UBS HAS
ALREADY COMMENCED THE REPAYMENT PROCESS TO AFFECTED CLIENTS ON 29 NOVEMBER 2019.
8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

11/11/2019 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 51,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
THE SFC FINED AND REPRIMANDED UBS AG (UBS) FOR OVERCHARGING SOME CLIENTS OVER A TEN-YEAR PERIOD AND FOR RELATED SERIOUS SYSTEMIC INTERNAL CONTROL FAILURES. THE SFC'S
INVESTIGATIONS REVEALED THAT BETWEEN 2008 AND 2015, THE CLIENT ADVISORS AND CLIENT ADVISORS' ASSISTANTS IN UBS'S WEALTH MANAGEMENT DIVISION HAD OVERCHARGED CLIENTS WHEN
CONDUCTING BOND AND STRUCTURED NOTE TRADES BY INCREASING THE SPREAD CHARGED AFTER THE EXECUTION OF TRADES WITHOUT CLIENTS' KNOWLEDGE; BETWEEN 2008 AND 2017, UBS HAD ALSO
CHARGED ITS CLIENTS FEES IN EXCESS OF ITS STANDARD DISCLOSURES OR RATES. THE ENFORCEMENT ACTIONS FOLLOWED UBS'S REPORTING TO THE RELEVANT REGULATORS IN HONG KONG IN 2016 AND
SFC'S SUBSEQUENT INVESTIGATIONS. UBS HAS AGREED TO REPAY THE AFFECTED CLIENTS BY REPAYING THEM THE FULL VALUE OF THE OVERCHARGED AMOUNT TOGETHER WITH INTEREST. UBS HAS
ALREADY COMMENCED THE REPAYMENT PROCESS TO AFFECTED CLIENTS ON 29 NOVEMBER 2019.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
ICE FUTURES EUROPE

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

01/11/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
REF: 14264 AND 14710

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG LONDON BRANCH

6. Principal Product Type:
Futures - Commodity
Other Product Types:
FUTURES - INDIVIDUAL

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ICE FUTURES EUROPE EXCHANGE ALLEGES THAT UBS AG WERE IN BREACH OF THE FOLLOWINGEXCHANGERULES: G.17.1 - A MEMBER'S OPEN INTEREST IN ANY EXCHANGE FUTURES CONTRACT OR
SERIESOF ANOPTION CONTRACT, IS THE NUMBER OF LOTS, LONG OR SHORT, WHICH THE MEMBER HOLDS EITHERFOR ITSOWN ACCOUNT OR ON BEHALF OF CLIENTS (INCLUDING GROUP AND ASSOCIATED
COMPANIES)WHICH WILLEITHER BE: (A) OFFSET BY TRADING OUT IN THE MARKET; OR (B) IN THE CASE OF OPTIONSCONTRACTS,EXERCISED OR HELD TO EXPIRY; OR (C) IN THE CASE OF FUTURES
CONTRACTS, OFFSET BY THEEXERCISE OF ARELEVANT OPTION CONTRACT; OR (D) IN THE CASE OF FUTURES CONTRACTS, TAKEN TODELIVERY OR CASHSETTLEMENT. G.17.4 - (A) OPEN INTEREST AT THE
CLOSE OF BUSINESS ON A TRADINGDAY FOR EACH SUB-ACCOUNT WILL BE CALCULATED USING THE METHOD SET OUT ABOVE AFTER A CUT-OFFTIME ON THESUBSEQUENT TRADING DAY, AND WILL INCLUDE
ANY SETTLEMENTS AND POSITIONADJUSTMENTS CARRIEDOUT BEFORE THE CUT-OFF TIME. THE CUT-OFF TIME WILL BE NOTIFIED BY THEEXCHANGE TO MEMBERS FROMTIME TO TIME. G.17.5 - IN CASES
WHERE CLIENTS, INCLUDING CERTAIN IN-HOUSE DEPARTMENTS, HOLDBOTH LONG AND SHORT POSITIONS MEMBERS WILL NEED TO DETERMINE, INACCORDANCE WITH REGULATORYREQUIREMENTS OR
OTHERWISE, WHETHER THESE SHOULD BE MAINTAINEDGROSS OR WHETHER, OR TO WHATEXTENT, THEY SHOULD BE SETTLED OUT

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):

01/11/2021 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 50,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
UBS WILL PAY A TOTAL SETTLEMENT AMOUNT OF £36,666,67 (APPROX. $50,000) THIS COMPRISES: (I)AFINE OF £55,000 FOR THE BREACHES OF THE RULES DESCRIBED AT SECTION 7 ABOVE;
(II)ADISCRETIONARY 1/3 DISCOUNT FROM £55,000 FOR EARLY SETTLEMENT

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS AND THE SRO HAVE AGREED THE CONTENT OF A DRAFT CIRCULAR CAPTURING THE SETTLEMENT,WHICHWILL BE PUBLISHED BY THE SRO IN DUE COURSE. THIS PROVIDES FOR THE ABOVE
SETTLEMENTAMOUNT ANDCONFIRMS THAT UBS DID BREACH RULES G.17.1, G17.4, AND G.17.5. THE DATE OF PAYMENTHAS NOT YET BEEN AGREED

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:
B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes,"
no other information on this DRP must be provided.

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
COMISSÃO DE VALORES MOBILIÁRIOS ("CVM") AKA BRAZIL SECURITIES COMMISSION.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

04/23/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
NR. 19957.009486/2017-27 ("PAS"),

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Other
Other Product Types:
SHARES FROM THE BRAZILIAN COMPANY "OI S.A." (OIBR3 AND OIBR4)

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
IN 2017, THE COMISSAO DE VALORES MOBILIARIOS (CVM), OR THE BRAZIL SECURITIES COMMISSION,REVIEWED CERTAIN TRADESOCCURRING IN APRIL 2014 BY A NUMBER OF FINANCIAL
INSTITUTIONS,ALLEGING THAT SUCH TRADING WAS IN VIOLATION OF CVMINSTRUCTION 530/2012, WHICH GENERALLYPROHIBITS INVESTORS FROM SHORT SELLING SHARES IN A COMPANY DURING
CERTAINDATES JUST PRIOR TOTHE COMPANY'S ANNOUNCEMENT OF A PUBLIC OFFERING OF CERTAIN SHARES AT CERTAIN PRICES. THESHARESAT ISSUE WERE OIBR3 AND OIBR4 IN BRAZILIAN COMPANY OI
S.A.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

04/23/2021 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 53,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
NONE
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
ADMINISTRATIVE FINE OF 300,00 BRAZILIAN REALS (BR) (APPROXIMATELY $ 53,000) WAS PAID BY UBS AGLONDON BRANCH ONMARCH 4, 2021, WITH RECEIPT OF PAYMENT ACKNOWLEDGED BY THE
CVM ONMARCH 16, 2021, AND PROOF OF SOURCE OF FUNDSUSED FOR PAYMENT OF THE FINE ESTABLISHED ONAPRIL 23, 2021. NO PORTION WAS WAIVED.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS AG LONDON BRANCH MAINTAINED ITS POSITION THAT ITS APRIL 2014 TRADES IN OIBR3 AND OIBR4WERE TO BE DISTINGUISHEDFROM THOSE OF OTHER FINANCIAL INSTITUTIONS ACTING AS
INVESTOR, ASUBS AG LONDON BRANCH ACTED EXCLUSIVELY IN THECAPACITY OF BROKER PROVIDING GLOBAL SYNTHETICPRIME BROKERAGE SERVICES. THE MATTER WITH UBS AG LONDON BRANCHSETTLED
WITH ANADMINISTRATIVE FINE LEVIED IN THE AMOUNT OF 300,000 BRAZILIAN REALS (APPROXIMATELY $53,000),WITHOUTUBS AG LONDON BRANCH ADMITTING OR DENYING ANY FACTUAL FINDINGS OR ANY
LIABILITY, ANDWITHOUT FURTHER PROCEEDINGS ORHEARING. UPON RECEIPT OF PROOF OF SOURCE OF FUNDS USED FORPAYMENT OF THE FINE, AS REQUIRED UNDER BRAZIL REGULATION,CVM CONFIRMED
THE MATTER SATISFIED,FINAL AND CLOSED AS TO UBS AG LONDON BRANCH, ON APRIL 23, 2021, WHILE THE LARGERMATTERREMAINS OPEN AS TO ONE OR MORE OF THE OTHER FINANCIAL INSTITUTIONS.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
KOREA EXCHANGE ("KRX")

2. Principal Sanction:
Suspension
Other Sanctions:
ON 28 JULY 2021, KRX IMPOSED RESTRICTION ON UBS AG WHEN ENGAGING IN NEW SHORT SELLINGACTIVITY IN KOREA FOR A PERIOD OF 80 DAYS WITH AN EFFECTIVE START DATE OF 29 JULY 2021. IF
THERE ISCOVERED SHORT SELL ORDER BY UBS AG, THERE IS REQUIREMENT OF PRE-DELIVERY OF BORROWED SHARESTO THE BROKER BEFORE ORDER (PRE-MARGINING REQUIREMENT).

3. Date Initiated (MM/DD/YYYY):

07/28/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
KRX'S UNIQUE CASE NUMBER IN ENGLISH IS GAMSIGONGGAM-111

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Other
Other Product Types:
SYNTHETIC SHORT ACCESS PRODUCT RELATED TO KOREA MARKET

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON 25 MAY 2021, UBS AG INADVERTENTLY CONDUCTED PARTIALLY UNCOVERED SHORT SELLING IN KOREA.THIS IS A ONE-OFF INCIDENT INVOLVING MIS-BOOKING BY HUMAN ERROR WHICH OCCURRED AS
RESULT OFA STANDARD MANUAL PROCESS REQUIRED WHEN GLOBALONE (THE GLOBAL BOOKS AND RECORDS FORSTOCK, BORROW & LENDING) WAS OFFLINE FOR ITS DAILY BATCH RUNS. THIS LED TO AN
INCORRECT LEVELOF AVAILABLE INVENTORY RECORDED, RESULTING IN THE UNCOVERED TRADES. REMEDIATION ACTIONS HAVEBEEN PUT IN PLACE TO ENHANCE SYSTEMS CONFIGURATIONS TO AVOID THE
MANUAL PROCESS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Other

11. Resolution Date (MM/DD/YYYY):

07/28/2021 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
KRX IMPOSED RESTRICTION ON UBS AG WHEN ENGAGING IN NEW SHORT SELLING ACTIVITY IN KOREAFOR A PERIOD OF 80 DAYS. IF THERE IS COVERED SHORT SELL ORDER BY UBS AG, THERE
ISREQUIREMENT OF PRE-DELIVERY OF BORROWED SHARES TO THE BROKER BEFORE ORDER (PRE-MARGINING REQUIREMENT).
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
THE RESTRICTION AND PRE-MARGINING REQUIREMENT IMPOSED ON UBS AG (AS DETAILED IN THERESPONSE TO ITEM 12B ABOVE) WAS COMMUNICATED BY KRX ON 28 JULY 2021, WITH THE
EFFECTIVESTART DATE OF THE 80-DAY RESTRICTION OF 29 JULY 2021.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS AG HAS REQUESTED CLIENTS THAT UTILIZE SYNTHETIC SHORT ACCESS PRODUCT RELATED TO KOREAMARKET OFFERED BY UBS AG TO TRADE THROUGH ALTERNATIVE PROVIDERS DURING THIS PERIOD.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
CAPITAL MARKETS BOARD

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

05/03/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
REF: 14264 AND 14710

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Other
Other Product Types:
CASH ORDERS AND SWAP TRADES ON EQUITY SHARES RELATING TO FACILITATION OF CLIENT BUSINESS

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE TURKISH CAPITAL MARKETS BOARD ALLEGED THAT UBS ENTERED INTO CERTAIN TRANSACTIONS ON1JULY 2020 THAT CONSTITUTED SHORT SELLING AND WERE NOT DISCLOSED AS SHORT SALES
ASREQUIREDUNDER TURKISH REQUIREMENTS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Other

11. Resolution Date (MM/DD/YYYY):

05/03/2021 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 39,924.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS AG LONDON BRANCH HAS WRITTEN TOTHE CMB TO NOTE THAT PAYMENT OF THE FINE IS NOT TO BEINTERPRETED AS: (I) ACCEPTANCE OF THEALLEGED BREACHES; OR (II) SUBMISSION TO THE
JURISDICTIONOF THE CMB. SUBJECT TO FURTHERCORRESPONDENCE FROM THE CMB, UBS CONSIDERS THIS MATTER TO BECLOSED.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS SECURITIES ASIA LIMITED
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
THE SECURITIES AND FUTURES COMMISSION (SFC), HONG KONG

2. Principal Sanction:
Reprimand
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

08/03/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
500/EN/6003, 500/EN/6012, 515/EN/6006 & 535/EN/6527

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG AND UBS SECURITIES ASIA LIMITED

6. Principal Product Type:
Other
Other Product Types:
HONG KONG LISTED COMPANIES; SECURITIES POOLED LENDING TRANSACTIONS; STRUCTURED NOTE

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SFC FINED AND REPRIMANDED UBS AG AND UBS SECURITIES ASIA LIMITED (COLLECTIVELY"UBS")HK$9.8M AND HK$1.75M RESPECTIVELY OVER VARIOUS REGULATORY BREACHES WHICH
CONCERNEDUBS'SSYSTEMS AND CONTROLS. THE SFC FOUND THAT UBS FAILED TO: - MAKE PROPER DISCLOSURE OFITSFINANCIAL INTERESTS IN SOME HONG KONG LISTED COMPANIES COVERED IN ITS
RESEARCH REPORTSDUETO MULTIPLE DATA FEED LOGIC ERROS IN A LEGACY DATA SOURCE USED BY UBS FOR TRACKINGITSSHAREHOLDING POSITIONS. - OBTAIN VALID STATNDING AUTHORITIES FROM 91
CLIENTS WHO WERENOTQUALIFIED AS PROFESSIONAL INVESTORS AND ISSUE CONTRACT NOTES TO THEM IN RESPECT OF913SECURITIES POOLED LENDING TRANSACTIONS ENTERED INTO WITH THESE
CLIENTS. - RECORDCLIENTORDER INSTRUCTIONS RECEIVED THROUGH 35 TELEPHONE LINES. - FOLLOW APPLICABLE REGULATORYGUIDELINES RELATING TO ASSESSMENT OF CLIENTS' DERIVATIVES
KNOWLEDGE. - DISCLOSE TO 15 CLIENTSAKEY FEATURE OF A STRUCTURED NOTE BEFORE SELLING THEM THE NOTE.

8. Current Status? Pending On Appeal Final
9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Settled

11. Resolution Date (MM/DD/YYYY):

08/03/2021 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 1,480,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
REPRIMAND
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
AS PART OF THE SETTLEMENT, UBS HAS AGREED TO PAY A FINE TO THE SFC IN THE AMOUNTOFHKD11.55M (~USD 1.48M).

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
THE SFC FINED AND REPRIMANDED UBS AG AND UBS SECURITIES ASIA LIMITED (COLLECTIVELY"UBS")HK$9.8M AND HK$1.75M RESPECTIVELY OVER VARIOUS REGULATORY BREACHES WHICH
CONCERNEDUBS'SSYSTEMS AND CONTROLS. THE SFC FOUND THAT UBS FAILED TO: -MAKE PROPER DISCLOSURE OFITSFINANCIAL INTERESTS IN SOME HONG KONG LISTED COMPANIES COVERED IN ITS
RESEARCH REPORTSDUETO MULTIPLE DATA FEED LOGIC ERROS IN A LEGACY DATA SOURCE USED BY UBS FOR TRACKINGITSSHAREHOLDING POSITIONS. -OBTAIN VALID STATNDING AUTHORITIES FROM 91
CLIENTS WHO WERENOTQUALIFIED AS PROFESSIONAL INVESTORS AND ISSUE CONTRACT NOTES TO THEM IN RESPECT OF913SECURITIES POOLED LENDING TRANSACTIONS ENTERED INTO WITH THESE
CLIENTS. -RECORD CLIENTORDERINSTRUCTIONS RECEIVED THROUGH 35 TELEPHONE LINES. -FOLLOW APPLICABLE REGULATORYGUIDELINESRELATING TO ASSESSMENT OF CLIENTS' DERIVATIVES
KNOWLEDGE. -DISCLOSE TO 15 CLIENTS AKEYFEATURE OF A STRUCTURED NOTE BEFORE SELLING THEM THE NOTE.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
CFTC

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST ORDER

3. Date Initiated (MM/DD/YYYY):

10/14/2021 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
CFTC DOCKET NO 22.03

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CFTC ALLEGED THAT DURING THE RELEVANT PERIOD (JULY 8, 2019 TO DECEMBER 23, 2019) UBSAGFAILED TO KEEP REQUIRED VOICE RECORDING FILES CONTAINING ORAL COMMUNICATIONS
RELATEDTOREGULATED SWAP ACTIVITY AND PREEXECUTION TRADE INFORMATION FROM, DESPITE THE ONEYEARRETENTION PERIOD REQUIRED UNDER REGULATION 23.203(B)(2), 17 C.F.R. § 23.203(B)(2)
(2020) ANDTHATTHESE FAILURES VIOLATED SECTION 4S(G)(1) OF THE ACT AND REGULATIONS 23.201(A)(1), 23.202(A)(1)AND 23.203(B)(1).

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Decision & Order of Offer of Settlement

11. Resolution Date (MM/DD/YYYY):

10/14/2021 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 500,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
THE ORDER FINDS THAT PRIOR TO JUNE 2019, UBS, TO COMPLY WITH ITS RECORDKEEPINGOBLIGATIONS AS ASWAP DEALER, IMPLEMENTED MULTIPLE SOFTWARE SYSTEMS TO: (1) OPERATE ITSTRADER
TURRETCOMMUNICATION DEVICES; (2) RECORD CALLS OCCURRING ON THESE TRADER TURRETS;AND (3) STORE THEVOICE RECORDING FILES THAT WERE GENERATED FROM THE RECORDED CALLS.
THERECORDING SYSTEM HADA KNOWN FAILURE IN WHICH, AT TIMES, THE MULTIPLE SYSTEMS FAILED TOSYNCHRONIZE CERTAIN CALLDATA, INCLUDING THE UBS TRADER'S IDENTITY, WHICH WOULD NOT
TRANSFERTO UBS'S VOICE RECORDINGSYSTEM ALONG WITH THE CORRESPONDING VOICE RECORDING. THISSYNCHRONIZATION FAILURE CREATED APOPULATION OF VOICE RECORDING FILES THAT WERE
NOT ASSIGNEDTO A PARTICULAR TRADER. THESEUNASSIGNED VOICE RECORDING FILES, CATEGORIZED AS "TRADER 0"RECORDINGS, WERE TRANSFERRED TOUBS AG'S LONG-TERM STORAGE SYSTEMS
WHERE THEY WERE TO BERETAINED FOR FIVE YEARS. AS OF JULY 8,2019, UBS BEGAN PREMATURELY DELETING, AFTER ONLY ONE DAYOF RETENTION, VOICE RECORDING FILESWHICH INCLUDED VOICE
RECORDINGS CONTAINING PRE-EXECUTION SWAPS TRADE INFORMATION THATWERE REQUIRED TO BE RETAINED FOR ONE YEAR. THIS WAS ARESULT OF A TECHNOLOGY ANALYST BELIEVINGTHAT THE VOICE
RECORDINGS WERE TEST FILES THAT DIDNOT NEED TO BE RETAINED AND RE-DESIGNATINGTHOSE FILES WHICH RESET THE RETENTION PERIOD FORTHESE FILES FROM FIVE YEARS TO ONE DAY.
INDECEMBER 2019, UBS INADVERTENTLY LEARNED ABOUT THEPREMATURE DELETION OF THESE AUDIO FILESFROM ITS SYSTEMS WHILE IT WAS SEARCHING FOR, BUT NOTFINDING, SPECIFIC VOICE
RECORDING FILESTHAT IT KNEW SHOULD HAVE BEEN IN ITS RETENTION SYSTEMS.UPON DISCOVERY OF THE ERRONEOUSDELETIONS OF RECORDINGS, UBS DID AN INTERNAL REVIEW TODETERMINE THE
UNIVERSE OF IMPACTEDVOICE RECORDING FILES. THE ANALYST'S ERROR RESULTED IN THEDELETION OF OVER 1,000 HOURS, ORROUGHLY 2.76 PERCENT OF TOTAL U.S. RECORDED VOLUME, DURINGJULY 8,
2019 THROUGH DECEMBER 23,2019. THE DELETED FILES INCLUDED VOICE RECORDINGS CONTAININGPRE-EXECUTION SWAPS INFORMATIONSUCH AS QUOTES, SOLICITATIONS, BIDS, OFFERS,
INSTRUCTIONS,TRADING, AND PRICES THAT LEAD TO THEEXECUTION OF SWAPS, ALL OF WHICH ARE REQUIRED BYCOMMISSION REGULATIONS TO BE RETAINED. UPONDISCOVERING ITS POTENTIAL
VIOLATION OF CFTCREGULATIONS, UBS PROMPTLY SELF-REPORTED THISVIOLATION TO CFTC STAFF VIA TELEPHONE, FOLLOWEDBY FORMALLY SUBMITTING A COMPREHENSIVEWRITTEN SELF-REPORT. UBS
COOPERATED WITH CFTC STAFF INITS INVESTIGATION AND PROACTIVELYENGAGED IN REMEDIAL PROCEDURES TO ENSURE NO "TRADER 0"RECORDINGS ARE PREMATURELY DELETED IN THE FUTURE.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

CRD Number: 8174
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS FINANCIAL SERVICES INC.
(For individuals, Last, First, Middle)
CRD Number: 7654
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS SECURITIES LLC
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
U.S. COMMODITY FUTURES TRADING COMMISSION

2. Principal Sanction:
Cease and Desist
Other Sanctions:
TOTAL CIVIL MONETARY FINE OF $75,000,000 ASSESSED AGAINST ALL RESPONDENTS JOINTLY, AND JOINTUNDERTAKINGS.

3. Date Initiated (MM/DD/YYYY):

09/27/2022 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
22-42

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE COMMODITY FUTURES TRADING COMMISSION ("COMMISSION") FOUND THAT FROM 2018 TO SEPTEMBER2022 ("RELEVANT PERIOD") UBS FINANCIAL SERVICES INC., UBS SECURITIES LLC, AND UBS
AG(COLLECTIVELY "UBS" OR "RESPONDENTS") VIOLATED SECTIONS 4G,4S(F)(1)(C), 4S(G)(1) AND (3), AND4S(H)(1)(B) OF THE COMMODITY EXCHANGE ACT ("ACT"), 7 U.S.C. §§ 6G,6S(F)(1)(C), 6S(G)(1), (3),
6S(H)(1)(B), AND COMMISSION REGULATIONS ("REGULATIONS") 1.31, 1.35,23.201(A), 23.202(A)(1) AND (B)(1),23.602(A), AND 166.3, 17 C.F.R. §§ 1.31, 1.35, 23.201(A), 23.202(A)(1),(B)(1), 23.602(A),
166.3 (2021). THECOMMISSION FOUND THAT DURING THE RELEVANT PERIOD, UBS EMPLOYEES, INCLUDING THOSE AT SENIORLEVELS, COMMUNICATED BOTH INTERNALLY AND EXTERNALLY USING
UNAPPROVED METHODS, INCLUDING VIAPERSONAL TEXT MESSAGES AND WHATSAPP MESSAGES. THE COMMISSION FOUND THAT THESE WRITTENCOMMUNICATIONS WERE BOTH SENT TO AND RECEIVED BY
UBS EMPLOYEES, INCLUDING MESSAGES RELATEDTO RESPONDENTS' BUSINESS AS COMMISSION REGISTRANTS, THAT WERE REQUIRED TO BE MAINTAINEDUNDER COMMISSION-MANDATED RECORDKEEPING
REQUIREMENTS, BUT THAT GENERALLY WERE NOTMAINTAINED AND PRESERVED BY UBS, AND THAT UBS GENERALLY WOULD NOT HAVE BEEN ABLE TO FURNISHPROMPTLY TO THE COMMISSION IF AND WHEN
REQUESTED. THE COMMISSION ALSO FOUND THAT, AS ARESULT OF THE WIDESPREAD USE OF UNAPPROVED METHODS OF COMMUNICATION BY UBS EMPLOYEES, ANDUBS'S FAILURE TO MAINTAIN AND
PRESERVE THOSE COMMUNICATIONS, UBS ALSO FAILED TO KEEP FULL,COMPLETE AND SYSTEMATIC RECORDS OF ALL TRANSACTIONS RELATING TO ITS BUSINESS OF DEALING INCOMMODITY INTERESTS, IN
VIOLATION OF SECTION 4G OF THE ACT, AND REGULATION 1.35. BY FAILING TOKEEP ALL COMMISSION-REQUIRED RECORDS IN SUCH A MANNER AS TO MAKE THEM "READILY ACCESSIBLE,"UBS VIOLATED
REGULATION 1.31. IN ADDITION, THE COMMISSION FOUND THAT THE CONDUCT DESCRIBEDABOVE VIOLATED UBS'S OWN POLICIES AND PROCEDURES, WHICH PROHIBITED SUCH COMMUNICATIONS,AND
THAT UBS DID NOT MAINTAIN ADEQUATE INTERNAL CONTROLS OVER THE USE OF UNAPPROVEDCOMMUNICATION METHODS FOR BUSINESS-RELATED WRITTEN ELECTRONIC COMMUNICATIONS AND
FAILEDTO IMPLEMENT A DILIGENT SUPERVISORY SYSTEM TO ENSURE COMPLIANCE WITH BOTH COMMISSIONRECORDKEEPING REQUIREMENTS AND THE FIRM'S OWN POLICIES AND PROCEDURES.
ACCORDINGLY, THE COMMISSION FOUND THAT UBS FAILED TO DILIGENTLY SUPERVISE MATTERS RELATED TO ITS BUSINESS AS A COMMISSION REGISTRANT AND FAILED TO SUPERVISE DILIGENTLY ITS
OFFICERS, EMPLOYEES, AND AGENTS,IN VIOLATION OF REGULATION 166.3.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

09/27/2022 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 75,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
THE FIRM SHALL CEASE AND DESIST FROM VIOLATING SECTION 4G OF THE ACT, 7 U.S.C. § 6G, ANDREGULATIONS 1.31, 1.35, AND 166.3, 17 C.F.R. §§ 1.31, 1.35, 166.3 (2021); SHALL PAY,
JOINTLYANDSEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF $75,000,000 ("CMP OBLIGATION"),WITHIN FOURTEEN DAYS OF THE DATE OF THE ENTRY OF THIS ORDER; AND SHALL COMPLY
WITH THECONDITIONS AND UNDERTAKINGS SET FORTH IN THE OFFER. RESPONDENTS TIMELY PAID, IN FULL, THECIVIL MONETARY PENALTY ON OCTOBER 7, 2022.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
RESPONDENTS SUBMITTED AN OFFER OF SETTLEMENT, WHICH THE COMMISSION ACCEPTED. THE FIRM FAILEDTO SUPERVISE DILIGENTLY ITS OFFICERS, EMPLOYEES, AND AGENTS IN VIOLATION OF
REGULATION 166.3.ACCORDINGLY THE COMMISSION ORDERED THAT RESPONDENTS (I) CEASE AND DESIST FROM VIOLATINGSECTION 4G OF THE ACT, 7 U.S.C. § 6G, AND REGULATIONS 1.31, 1.35, AND
166.3, 17 C.F.R. §§ 1.31, 1.35,166.3 (2021); (II) PAY, JOINTLY AND SEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF$75,000,000, WITHIN 14 DAYS OF THE DATE OF ENTRY OF THE ORDER.
RESPONDENTS TIMELY PAID, IN FULL,THE CIVIL MONETARY PENALTY ON OCTOBER 7, 2022. RESPONDENTS ARE ALSO ORDERED TO COMPLY WITHTHE UNDERTAKINGS SET FORTH IN THE OFFER.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or
reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
EUROPEAN COMMISSION

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

10/27/2016 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
CASE AT.40135 FOREX

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG

6. Principal Product Type:
Other
Other Product Types:
FOREIGN EXCHANGE SPOT

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE EUROPEAN COMMISSION ("EC") FOUND THAT UBS AG INFRINGED ARTICLE 101 OF THE TREATY ANDARTICLE 53 OF THE EUROPEAN ECONOMIC AREA AGREEMENT. THE EC FOUND THAT UBS AG ENGAGED
INRESTRICTION AND/OR DISTORTION OF COMPETITION IN THE SECTOR OF FOREIGN EXCHANGE SPOT TRADINGOF G10 CURRENCIES. UBS RECEIVED FULL IMMUNITY FROM FINES FOR REPORTING THE
CONDUCT TO THE EC.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Decision

11. Resolution Date (MM/DD/YYYY):

07/05/2022 Exact Explanation
If not exact, provide explanation:
THE EUROPEAN COMMISSION ADOPTED TWO DECISIONS IN THIS PROCEEDING ON MAY 16, 2019 AND A THIRDDECISION ON DECEMBER 2, 2021, BUT ONLY RECENTLY PUBLISHED FULL NON-CONFIDENTIAL
VERSIONS OFALL THREE DECISIONS IN THIS PROCEEDING ON JULY 5, 2022.

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?
Monetary/Fine Amount: $ 0.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS GROUP AG
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: CREDIT SUISSE AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY

2. Principal Sanction:
Undertaking
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

07/24/2023 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
G01334644

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON OR ABOUT JULY 24, 2023, THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (FINMA) CONCLUDED PROCEEDINGS AGAINSTCREDITSUISSE, FINDING THAT CREDIT SUISSE HAS SERIOUSLY AND
SYSTEMATICALLY VIOLATED FINANCIAL MARKET LAW IN ITS RELATIONSHIP WITH THE ARCHEGOS FAMILY OFFICE DUE TO VARIOUS ORGANIZATIONAL DEFICIENCIES AND INSUFFICIENT RISK MANAGEMENT.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

07/24/2023 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 268,494,109.20
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
FINMA IS ORDERING CORRECTIVE MEASURES DIRECTED AT CREDIT SUISSE AG AND UBS GROUP AG, AS THE LEGAL SUCCESSOR OFCREDITSUISSE GROUP AG, UPON COMPLETION OF THE MERGER
BETWEEN THE TWO BANKS. FINMA REQUIRES UBS TO APPLY ITSRESTRICTIONS/LIMITSON PROPRIETARY POSITIONS RELATING TO INDIVIDUAL CLIENTS THROUGHOUT THE ENTIRE FINANCIAL
GROUP.ADDITIONALY, THE COMPENSATION SYSTEM OF THE ENTIRE FINANCIAL GROUP MUST PROVIDE FOR BONUS ALLOCATION CRITERIA THATTAKE INTO ACCOUNT RISK APPETITE. UBS HAS
CORRESPONDING RULES IN PLACE, WHICH FINMA ORDERS TO BE LEGALLY BINDING FORTHE ENTIRE FINANCIAL GROUP.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
FINMA IS ORDERING CORRECTIVE MEASURES DIRECTED AT CREDIT SUISSE AG AND UBS GROUP AG, AS THE LEGAL SUCCESSOR OFCREDITSUISSE GROUP AG, UPON COMPLETION OF THE MERGER BETWEEN
THE TWO BANKS. FINMA REQUIRES UBS TO APPLY ITSRESTRICTIONS/LIMITSON PROPRIETARY POSITIONS RELATING TO INDIVIDUAL CLIENTS THROUGHOUT THE ENTIRE FINANCIAL GROUP.ADDITIONALY, THE
COMPENSATION SYSTEM OF THE ENTIRE FINANCIAL GROUP MUST PROVIDE FOR BONUS ALLOCATION CRITERIA THATTAKE INTO ACCOUNT RISK APPETITE. UBS HAS CORRESPONDING RULES IN PLACE,
WHICH FINMA ORDERS TO BE LEGALLY BINDING FORTHE ENTIRE FINANCIAL GROUP.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: CREDIT SUISSE HOLDINGS (USA), INC.
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS GROUP AG
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: CREDIT SUISSE AG
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2. Principal Sanction:
Cease and Desist
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

07/21/2023 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
23-014-B-FB; 23-014-B-HC; 23-014-B-FBR; 23-014-CMP-FB; 23-014-CMP-HC; 23-014-CMP-FBR

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FRB CONSENT ORDER, ARISING FROM RISK MANAGEMENT FAILINGS ASSOCIATED WITH THE MARCH 2021 DEFAULT OF ARCHEGOSCAPITALMANAGEMENT LP, ALLEGES VIOLATIONS UNDER SECTION 8(I)(2)
OF THE FEDERAL DEPOSIT INSURANCE ACT, AS WELL AS SECTIONS252.155-157 OFREGULATION YY OF THE BOARD OF GOVERNORS; THE ALLEGATIONS ARE BASED ON FINDINGS THAT CREDIT SUISSE HAD
DEFICIENCIES IN RISK MANAGEMENT, LACKING ADEQUATE GOVERNANCE; EXPERIENCED STAFF WITH SUFFICIENT STATURE, AND SUFFICIENTDATA QUALITY AND MODEL RISK MANAGEMENT TO ENSURE THAT
ACTIVITIES CONDUCTED BY ARCHEGOS WERE PROPERLY RISK-MANAGED.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Order

11. Resolution Date (MM/DD/YYYY):

07/21/2023 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 268,494,109.20
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
CS ORDERED TO SUBMIT PLANS TO THE FED TO IMPROVE SPECIFIC ASPECTS OF ITS COUNTERPARTY CREDIT RISK MANAGEMENT,LIQUIDITY RISKMANAGEMENT, NON-FINANCIAL RISK MANAGEMENT,
AND BOARD OVERSIGHT AND GOVERNANCE, AND ESTABLISH AREMEDIATION OFFICE TOSUPERVISE AND TRACK CS'S REMEDIATION EFFORTS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
THE BOARD OF GOVERNORS JOINTLY ASSESSED CS AND UBS A CIVIL MONETARY IN THE AMOUNT OF $268,494,109.20, WHICH WAS PAIDON JULY24, 2023.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
ON JULY 21, 2023, CREDIT SUISSE AND UBS AGREED TO THE ISSUANCE OF A CEASE AND DESIST ORDER AND CIVIL MONEY PENALTYASSESSMENTISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL
RESERVE SYSTEM, AGREEING TO PAYMENT OF A CIVIL MONEY PENALTY INTHE AMOUNT OF$268,494,109.20; ACCOUNTABILITY FOR EMPLOYEES INVOLVED IN MISCONDUCT; AND ADOPTION OF A WRITTEN
MANAGEMENTOVERSIGHT PLAN. THE AGREEMENT RESOLVED CLAIMS THAT CS FAILED TO ADDRESS IDENTIFIED RISKS ASSOCIATED WITH ARCHEGOS'PORTFOLIO.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV.
OR
Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG LONDON BRANCH
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
CAPITAL MARKETS BOARD OF TURKEY

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
UBS AG LB HAD ITS DIRECT MARKET ACCESS SUPSENDED BETWEEN SEPTEMBER 2020 TO FEBRUARY 2021.

3. Date Initiated (MM/DD/YYYY):

01/14/2025 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6. Principal Product Type:
Other
Other Product Types:
CASH EQUITIES

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CMB ALLEGED THAT CERTAIN CLIENT TRADES SUBMITTED BY UBS ON 15 SEPTEMBER 2020 CONSTITUTED AS MARKET ABUSE UNDER TURKISH LAE (SUBPARAGRAPHS (A) AND (F) OF THE FIRST PARAGRAPH
OF ARTICLE 5 OF THE COMMUNIQUE ON MARKET ABUSE NO VI-104.1) AND SUBJECT TO ADMINISTRATIVE FINES.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Decision

11. Resolution Date (MM/DD/YYYY):

01/15/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 32,703.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS AG LONDON BRANCH HAS WRITTEN TO THE CMB TO NOTE THAT PAYMENT OF THE FINE IS NOT TO BE INTERPRETED AS ACCEPTANCE OF THE ALLEGED BREACHES OR SUBMISSION TO TH JURISDICTION
OF THE CMB.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

ADV DRP - ADVISORY AFFILIATE

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: CREDIT SUISSE AG, SINGAPORE BRANCH
("CSSB")
(For individuals, Last, First, Middle)

CRD
This advisory affiliate is a Firm an Individual
Number:
Registered:
Yes No
Name: CREDIT SUISSE (SINGAPORE) LIMITED
("CSSL")
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG SINGAPORE BRANCH
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
FINANCIAL SERVICES COMMISSION (FSC) OF SOUTH KOREA

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

07/03/2024 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ALLEGATIONS WERE THAT CSSB AND CSSL ENGAGED IN NAKED SHORT SALES AMOUNTING TO APPROXIMATELY KRW 60.33 BILLION AND KRW 35.28 BILLION, RESPECTIVELY, WITHOUT POSSESSING THE
STOCKS AT THE TIME OF PLACING THE SHORT SALE ORDERS.
8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
ON 10 OCTOBER 2024, EACH F CSSL AND UBS HAS FILED A COMPLAINT TO THE KOREA ADMINISTRATIVE COURT APPEALING AGAINST THE FSC'S PENALTY DECISION.

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Decision

11. Resolution Date (MM/DD/YYYY):

07/03/2024 Exact Explanation
If not exact, provide explanation:
CURRENTLY ON APPEAL

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 20,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
ON 3 JULY 2024, THE FINCANCIAL SERVICES COMMISSION (FSC) OF SOUTH KOREA IMPOSED A TOTAL OF KRW 27.173 BILLION (USD 20M) IN ADMIINSTRATIVE PENALTY ON CSSL AND CSSB (WITH UBS
AG SINGAPORE BRANCH BEING ITS SUCCESSOR-IN-INTEREST AFTER THE PARENT BANK MERGER ON 31 MAY 2024)

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
ON 10 OCTOBER 2024, BOTH CSSL AND UBS FILED A COMPLAINT WITH THE KOREA ADMINISTRATIVE COURT APPEALING AGAINST THE FSC'S PENALTY DECISIONS. ON 9 DECEMBER 2024, THE FSC FILED A
BREIF RESPONSE SEEKING TO DISMISS THE APPEAL. THE NEXT STEP IS FOR THE FSC TO FILE A SUBSTANTIVE RESPONSE.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE
CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

CRD Number: 7654
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS SECURITIES LLC
(For individuals, Last, First, Middle)

CRD Number: 8174
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS FINANCIAL SERVICES INC.
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:
CEASE AND DESIST; UNDERTAKINGS

3. Date Initiated (MM/DD/YYYY):

09/04/2025 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:
25-05

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS OR CONCLUSIONS THEREIN, UBS AG, UBS FINANCIAL SERVICES, INC., AND UBS SECURITIES LLC (COLLECTIVELY, "UBS") CONSENTED TO THE ENTRY OF A
CFTC ORDER MAKING FINDINGS THAT, AT CERTAIN TIMES FROM AT LEAST 2015 UNTIL 2024, UBS FAILED TO DILIGENTLY SUPERVISE MATTERS RELATED TO ITS BUSINESS AS A COMMISSION REGISTRANT IN
VIOLATION OF SECTION 4S(H)(L)(B) OF THE COMMODITY EXCHANGE ACT, 7 U.S.C. § 6S(H)(L)(B), AND COMMISSION REGULATIONS 23.602(A) AND 166.3, 17 C.F.R. §§ 23.602(A), 166.3 (2024). THE
COMMISSION FOUND THAT UBS DID NOT IMPLEMENT A FULLY EFFECTIVE SURVEILLANCE PROGRAM FOR TRADING ACTIVITY IN CERTAIN CFTC-REGULATED PRODUCTS, IN LARGE PART BECAUSE OF
DEFICIENCIES IN UBS'S CONFIGURATION AND OPERATION OF A THIRD-PARTY SURVEILLANCE TOOL. GAPS IN SURVEILLANCE MONITORING OF EXCHANGE-TRADED DERIVATIVES ALSO EXISTED AT UBS FOR
CERTAIN TYPES OF CLIENTS ON SPECIFIC ICE TRADING VENUES BECAUSE, FOR CERTAIN CLIENTS, TRADE DATA DID NOT FLOW FROM THE ICE TRADING VENUES INTO UBS'S THIRD-PARTY SURVEILLANCE
TOOLS.

8. Current Status? Pending On Appeal Final
9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Decision & Order of Offer of Settlement

11. Resolution Date (MM/DD/YYYY):

09/04/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 5,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
RESPONDENTS SHALL PAY, JOINTLY AND SEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF FIVE MILLION DOLLARS ($5,000,000) ("CMP OBLIGATION") WITHIN FOURTEEN (14) DAYS OF THE
DATE OF THE ENTRY OF THIS ORDER.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
RESPONDENTS SHALL PAY, JOINTLY AND SEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF FIVE MILLION DOLLARS ($5,000,000) ("CMP OBLIGATION") WITHIN FOURTEEN (14) DAYS OF THE DATE
OF THE ENTRY OF THIS ORDER.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG, LONDON BRANCH
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or
reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
KOREA FINANCIAL SUPERVISORY SERVICE (FSS)

2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

02/18/2025 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
Other
Other Product Types:
SHORT SALE ACTIVITIES

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE KOREA FINANCIAL SUPERVISORY SERVICE (FSS) UNDERTOOK AN INDUSTRY-WIDE REVIEW OF SHORTSALE ACTIVITIES OF GLOBAL INVESTMENT BANKS STARTING FROM 2023 FOR A PERIOD OF 14
MONTHS. UBSWAS ONE OF THE 14 GLOBAL INVESTMENT BANKS INVOLVED. THE SCOPE OF THE REVIEW WASRETROSPECTIVE IN NATURE PRIMARILY COVERING TRANSACTIONS FROM MAY 2021 TO
NOVEMBER 2023.DURING THE REVIEW, FSS INDICATED CHALLENGES ACROSS FOUR AREAS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Decision

11. Resolution Date (MM/DD/YYYY):

02/18/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 2,500,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
FOLLOWING CONCLUSION OF THE REVIEW, ON 18 FEBRUARY 2025, UBS RECEIVED AN ADMINISTRATIVEPENALTY NOTICE OF KRW 3.7BN (~USD 2.5M). THE FINE WAS SETTLED IN MID-APRIL 2025.

Regulatory Action
Check item(s) being responded to:
11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)
11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)
11.E(1) 11.E(2) 11.E(3) 11.E(4)
11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG SINGAPORE BRANCH
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Regulatory Action initiated by:
SEC Other Federal State Foreign
SRO
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)
MONETARY AUTHORITY OF SINGAPORE ("MAS")
2. Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):

08/01/2023 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:
No Product
Other Product Types:

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):
MAS FOUND SHORTCOMINGS IN THE AREAS OF: (A) CUSTOMER RISK ASSESSMENT. FIVE OF THE FIS (BJBS, BOIPL, CITI, CSSB, UOBKH) FAILED TO IMPLEMENT ADEQUATE POLICIES OR PROCESSES FOR THE
RATING OF ML RISKS PRESENTED BY SOME OF THEIR CUSTOMERS. THIS LED TO MIS-RATING OF ML RISKS AND AFFECTED THEIR ABILITY TO APPLY APPROPRIATE CONTROLS TO AND ADDRESS HIGHER ML
RISKS PRESENTED BY SEVERAL POIS. (B) ESTABLISHING AND CORROBORATING SOURCE OF WEALTH (SOW) OF CUSTOMERS WHO POSED A HIGHER RISK OF ML. ALL NINE FIS DID NOT DETECT OR
ADEQUATELY FOLLOW UP ON SIGNIFICANT DISCREPANCIES OR RED FLAGS NOTED IN INFORMATION AND DOCUMENTS THAT SHOULD HAVE CAST DOUBT ON SOME CUSTOMERS' PURPORTED SOW AND
WHICH INDICATED INCREASED RISK OF ML. IN SOME CASES, THERE WAS NO CORROBORATION OF SIGNIFICANT ASPECTS OF SOW. (C) TRANSACTION MONITORING. EIGHT FIS (BJBS, CITI, CSSB, LGTS, UOB,
UOBKH, TTCSPL, UBSS) FAILED TO ADEQUATELY REVIEW RELEVANT TRANSACTIONS FLAGGED AS SUSPICIOUS BY THEIR OWN SYSTEMS. THE RELEVANT TRANSACTIONS WERE UNUSUALLY LARGE,
INCONSISTENT WITH THE CUSTOMERS' PROFILES, OR SHOWED UNUSUAL PATTERNS. (D) POST-SUSPICIOUS TRANSACTION REPORT (STR) FOLLOW-UP. IN RELATION TO CUSTOMERS THE FIS HAD FILED STRS
ON, TWO FIS (UOB AND UOBKH) FAILED TO TAKE ADEQUATE AND TIMELY RISK MITIGATION MEASURES, SUCH AS ENHANCED MONITORING AND REVIEWING THEIR RISK CLASSIFICATION.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Other

11. Resolution Date (MM/DD/YYYY):

07/04/2025 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)?

Monetary/Fine Amount: $ 6,800,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension

B. Other Sanctions Ordered:
UBS SINGAPORE AND CS SINGAPORE WERE REQUIRED TO PAY A PENALTY OF SGD 3M ( ~USD2.3M) AND SGD 5.8M ( ~USD4.SM) RESPECTIVELY.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
UBS SINGAPORE AND CS SINGAPORE WERE REQUIRED TO PAY A PENALTY OF SGD 3M ( ~USD2.3M) AND SGD 5.8M ( ~USD4.SM) RESPECTIVELY. THE PENALTY IMPOSED ON CS SINGAPORE ALSO
INCLUDES AML CONTRAVENTIONS FOR U.S. ACCOUNTS BOOKED IN SINGAPORE.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).
UBS SINGAPORE AND CS SINGAPORE WERE REQUIRED TO PAY A PENALTY OF SGD 3M ( ~USD2.3M) AND SGD 5.8M ( ~USD4.SM) RESPECTIVELY. THE PENALTY IMPOSED ON CS SINGAPORE ALSO INCLUDES
AML CONTRAVENTIONS FOR U.S. ACCOUNTS BOOKED IN SINGAPORE.

CIVIL JUDICIAL ACTION DISCLOSURE REPORTING PAGE (ADV)

Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2)

Check Part 1B item(s) being responded to:
2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5)

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be
reported on separate DRPs.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

CRD Number: 7654
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS SECURITIES LLC
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AMERICAS INC.
(For individuals, Last, First, Middle)

CRD Number: 8174
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS FINANCIAL SERVICES INC.
(For individuals, Last, First, Middle)

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.(1)(a), and only if that event occurred more than ten
years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.)
IPERS; LACERA; OCERS; SCERA; AND TORUS CAPITAL, LLC, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED

2. Principal Relief Sought:
Money Damages (Private/Civil Complaint)
Other Relief Sought:
AWARD RESTITUTION TO PLAINTIFFS AND PERMANENTLY ENJOIN DEFENDANTS FROM CONTINUING THEIR UNLAWFUL CONDUCT

3. Filing Date of Court Action (MM/DD/YYYY):

11/17/2017 Exact Explanation
If not exact, provide explanation:

4. Principal Product Type:
Other
Other Product Types:
STOCK LENDING

5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number):
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK

6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable):

7. Describe the allegations related to this civil action (your response must fit within the space provided):
PLAINTIFF HAD ALLEGED THAT DEFENDANTS CONSPIRED TO BLOCK THE EVOLUTION OF THE STOCK LENDING MARKET FROM AN OVER-THE-COUNTER ENVIRONMENT, IN WHICH STOCK LOANS ARE
INTERMEDIATED BY PRIME BROKERS, TO A MORE EXCHANGE-LIKE ENVIRONMENT.

8. Current Status? Pending On Appeal Final

9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY):

10. If pending, date notice/process was served (MM/DD/YYYY):

Exact Explanation
If not exact, provide explanation:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.

11. How was matter resolved:
Settled

12. Resolution Date (MM/DD/YYYY):

09/01/2023 Exact Explanation
If not exact, provide explanation:

13. Resolution Detail:

A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 0.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension
B. Other Sanctions:

C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
WHILE UBS IS LIKELY RESPONSIBLE FOR AN AMOUNT GREATER THAN ZERO, THE AMOUNT THAT EACH DEFENDANT, INCLUDING UBS, ISRESPONSIBLE FOR IS CONFIDENTIAL.

14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).
THE PARTIES REACHED A SETTLEMENT WHICH HAS RECEIVED PRELIMINARY APPROVAL OF THE COURT. THERE WERE NO FINDINGS ORADMISSIONS, AND DEFENDANTS AFFIRMATIVELY DENIED THE
ALLEGATIONS IN THE SETTLEMENT.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV.
OR
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2)

Check Part 1B item(s) being responded to:
2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5)

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)

You and one or more of your
advisory affiliates
One or more of your
advisory affiliates

ADV DRP - ADVISORY AFFILIATE

CRD Number: 7654
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS SECURITIES LLC
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS AG
(For individuals, Last, First, Middle)

CRD Number:
This advisory affiliate is a Firm an Individual
Registered:
Yes No
Name: UBS REAL ESTATE SECURITIES INC
(For individuals, Last, First, Middle)

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

Yes No

NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.)
UNITED STATES OF AMERICA

2. Principal Relief Sought:
Civil Penalty(ies)/Fine(s)
Other Relief Sought:

3. Filing Date of Court Action (MM/DD/YYYY):
11/08/2018 Exact Explanation
If not exact, provide explanation:

4. Principal Product Type:
Other
Other Product Types:
RESIDENTIAL MORTGAGE-BACKED SECURITIES

6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable):

7. Describe the allegations related to this civil action (your response must fit within the space provided):
IN 2018, THE DOJ FILED A CIVIL COMPLAINT IN THE DISTRICT COURT FOR THE EASTERN DISTRICT OF NEW YORK. THE COMPLAINT SEEKS SPECIFIC CIVIL MONETARY PENALTIES UNDER THE FINANCIAL
INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT OF 1989RELATEDTOUBS'S ISSUANCE, UNDERWRITING AND SALE OF 40 RMBS TRANSACTIONS IN 2006 AND 2007.

8. Current Status? Pending On Appeal Final

9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY):

10. If pending, date notice/process was served (MM/DD/YYYY):

Exact Explanation
If not exact, provide explanation:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.

11. How was matter resolved:
Settled

12. Resolution Date (MM/DD/YYYY):

08/18/2023 Exact Explanation
If not exact, provide explanation:

13. Resolution Detail:

A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 1,435,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension
B. Other Sanctions:

C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by
exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine,
penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:
THE PARTIES MUTUALLY AGREED TO SETTLE THE MATTER PER THE EXECUTED "AGREEMENT FOR SETTLEMENT AND RELEASE."

14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).
THE PARTIES MUTUALLY AGREED TO SETTLE THE MATTER PER THE EXECUTED "AGREEMENT FOR SETTLEMENT AND RELEASE."

Part 2
Exemption from brochure delivery requirements for SEC-registered advisers

SEC rules exempt SEC-registered advisers from delivering a firm brochure to some kinds of clients. If these exemptions excuse you from delivering a brochure to all of your advisory clients, you do not have to
prepare a brochure.
Yes No
Are you exempt from delivering a brochure to all of your clients under these rules?

If no, complete the ADV Part 2 filing below.

Amend, retire or file new brochures:
Part 3

CRS Type(s) Affiliate Info Retire

There are no CRS filings to display.

Execution Pages
DOMESTIC INVESTMENT ADVISER EXECUTION PAGE
You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial submission of Form ADV to the SEC and all amendments.

Appointment of Agent for Service of Process

By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint the Secretary of State or other legally designated officer, of the state in which you maintain your principal office and
place of business and any other state in which you are submitting a notice filing, as your agents to receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena,
summons, order instituting proceedings, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action,
administrative proceeding or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding, or arbitration (a) arises out of any activity in connection with
your investment advisory business that is subject to the jurisdiction of the United States, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange
Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of the state in which
you maintain your principal office and place of business or of any state in which you are submitting a notice filing.

Signature

I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of
America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and
voluntary act.

I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having custody or possession of these books and records to make
them available to federal and state regulatory representatives.

Signature: Date: MM/DD/YYYY
NICHOLAS S PILE 07/12/2026
Printed Name: Title:
NICHOLAS S PILE CHIEF COMPLIANCE OFFICER
Adviser CRD Number:
107754

NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial submission of Form ADV to the SEC and all amendments.

1. Appointment of Agent for Service of Process

By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or other legally designated officer, of any other state in
which you are submitting a notice filing, as your agents to receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings,
demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative proceeding or arbitration
brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with your investment advisory business that is
subject to the jurisdiction of the United States, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939,
the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a notice filing.

2. Appointment and Consent: Effect on Partnerships

If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws from or is admitted to the partnership, provided that
the admission or withdrawal does not create a new partnership. If the partnership dissolves, this irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your
former partners.

3. Non-Resident Investment Adviser Undertaking Regarding Books and Records

By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in Washington D.C., at any Regional or District Office of the
Commission, or at any one of its offices in the United States, as specified by the Commission, correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under
the Investment Advisers Act of 1940. This undertaking shall be binding upon you, your heirs, successors and assigns, and any person subject to your written irrevocable consents or powers of attorney or any
of your general partners and managing agents.

Signature

I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the non-resident investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the
United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page
as a free and voluntary act.
I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having custody or possession of these books and records to make
them available to federal and state regulatory representatives.

Signature: Date: MM/DD/YYYY
Printed Name: Title:
Adviser CRD Number:
107754