TPF. a b. Flash Report 1Q15, Trumbull Property Fund

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1 a b TPF Flash Report 1Q15, Trumbull Property Fund The Trumbull Property Fund (TPF) is an actively managed core portfolio of equity real estate. The Fund seeks to provide attractive returns while limiting downside risk. Objective The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI- ODCE index over any given three-to five-year period. The Fund seeks to achieve a real rate of return of at least a 5% (inflation-adjusted return), before advisory fees, over any given three- to five-year period. Highlights Net investment income was USD million. The first quarter also reflected a net realized and unrealized gain of USD million. TPF acquired 2828 Zuni, a 105-unit Class A apartment community located in Denver, CO. The Fund's gross investment price was USD 32.0 million. The Fund committed to develop 5119 District Boulevard, a 188,000-square-foot industrial distribution facility in Vernon, CA. TPF's share of gross investment price was USD 25.6 million. TPF sold five properties during the quarter, including: the Resort at Laguna Lakes, an 812-unit apartment community located in West Palm Beach, FL for a gross sales price of USD million; the Montrose, a 97-unit apartment investment located in New York, NY for a gross sales price of USD 75.0 million; and The Vinings at Delray Beach, a 228-unit apartment property located in Delray Beach, FL for a gross sales price of USD 40.5 million. returns by property type Periods ending 3/31/2015 Apt Hotel Ind Office Retail Quarter (%) months (%) Key statistics Gross asset value (GAV) Net asset value (NAV) USD 19.5 bn USD 16.6 bn Cash as a % of GAV 3.2% Debt as % of GAV 13.5% Number of investments 198 Number of investors 416 Deposits 2 Redemptions 2 Performance for periods ending March 31, 2015 s (annualized %) Returns (%) Quarterly USD m USD 58.5 m Years 5 Years 10 Years Since Inception One-year rolling Income () () Past performance is not an indication of future results Inception date January 13, s for the three-, five- and ten-year periods ended 3/31/2015 were 9.64%, 11.57% and 6.41% and the net return since inception was 8.04%.

2 Distribution by geographic division 1 Portfolio distribution by property type 1 East 39% 22% 33% West 33% Midwest 14% Apartments Hotel Industrial South 14% 31% 10% 4% Office Retail ¹Percentage of gross market value of real estate investments. ²Deposits and redemptions for the first quarter of 2015 were recorded in April This summary is not a recommendation, an offer, a solicitation, or advertisement to purchase or sell securities or interests in the Fund. The Fund will only be offered pursuant to a confidential offering memorandum and then only to accredited investors on a private placement basis in jurisdictions in which such an offer may be legally made. The Fund may not be available to investors in all jurisdictions investors should consult their legal and tax advisors regarding investment in the Fund. The (US) Trumbull Property Fund LP (TPF) is a Delaware limited partnership and is part of the group of funds known as the Trumbull Funds. The Fund is denominated in USD. Returns include reinvestment of income and are before deduction of management fees. All returns shown are before the deduction of contract charges, which are only applicable through February 29, With property investment, the underlying assets are very illiquid and redemptions may be delayed. Past performance is not indicative of future results and the possibility of loss does exist. In the US, investment in the Fund is offered by UBS Fund Services (USA) LLC member FINRA and SIPC. Canada (CA) Investors UBS Global Asset Management (Canada) Inc. is a subsidiary of UBS AG. UBS Global Asset Management (Canada) Inc. is registered as a portfolio manager and exempt market dealer (in all provinces of Canada). In addition, the firm is registered as an investment fund manager (Ontario, Quebec and Newfoundland), commodity trading manager (Ontario) and adviser - commodity futures (Manitoba) pursuant to Canadian securities law. Investment opportunities presented in this document may not be available to all Canadian investors. The use of forward-looking information or any disclaimers surrounding forward-looking information in this document was not made in accordance with any applicable Canadian legislation relating to such information. This document is distributed by UBS Global Asset Management (Canada) Inc. In Canada, the Fund may be offered through UBS Global Asset Management (Canada) Inc. Approved for CA and US. UBS The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. There is no guarantee the Fund's objectives will be met. Published April 15, UBS Realty Investors LLC 10 State House Square, 15th Floor Hartford, CT Tel Fax

3 UBS Trumbull Property Fund (UBS-TPF) 2.99 % Cal year to date 2.99 % 0.98 % 2.74 % 0.98 % 2.74 % 12 months to date 5.14 % 4.07 % 6.78 % 6.78 % % % 5.14 % 6.40 % % 5.18 % 5.36 % % 5.21 % 5.81 % % 4.07 % 6.40 % % 5.36 % 9.64 % 4.13 % 5.81 % % 5.53 % 6.87 % % 4.48 % 6.87 % % 5.68 % 3.93 % 10 years to date 5.73 % 1.62 % 7.42 % 7.70 % 1.26 % 9.04 % 4.69 % 2.96 % 4.73 % 1.62 % 6.41 % 6.72 % 1.27 % 8.04 % Inception Date 1/13/78 Note: Rates of return are time-weighted and include reinvestment of income. On February 29, 2008 the Real Estate Separate Account (RESA) was converted to a Limited Partnership structure and renamed the UBS Trumbull Property Fund (UBS-TPF). Returns include performance from both UBS-TPF and RESA and are before deduction of client contract charges, which are only applicable through February 29, Past performance is not indicative of future results. information of the clients of the fund that is the subject of this report and/or UBS Realty This material should not be disseminated to third parties without the prior written permission of UBS Realty

4 UBS Trumbull Property Growth and Income Fund (UBS-TPG) 1.07 % 3.75 % Cal year to date 1.07 % 3.75 % 0.83 % 3.28 % 0.83 % 3.28 % 12 months to date 4.89 % 3.91 % % 9.73 % % % 4.88 % % % % % 4.73 % % % 3.87 % % % 3.81 % % % 3.82 % % % 6.08 % % % 4.98 % % % 6.41 % (3.85)% 2.43 % 6.92 % 5.18 % 5.15 % (4.54)% 0.48 % 5.61 % (2.25)% 3.29 % Inception Date 6/6/06 Note: Rates of return are time-weighted and include reinvestment of income. s reflect deduction of the asset management fee, but does not include the Fund's incentive fee or the reduced fee that is in effect until September Past performance is not indicative of future results. information of the clients of the fund that is the subject of this report and/or UBS Realty This material should not be disseminated to third parties without the prior written permission of UBS Realty

5 UBS Trumbull Property Income Fund (UBS-TPI) 0.96 % 2.37 % Cal year to date 0.96 % 2.37 % 0.75 % 2.16 % 0.75 % 2.16 % 12 months to date 4.08 % 3.21 % 6.86 % 6.86 % % % 4.12 % 6.59 % % 4.12 % 6.60 % % 4.26 % 6.62 % % 3.25 % 6.59 % % 3.25 % 6.60 % % 3.40 % 6.62 % % 4.52 % 8.42 % % 3.66 % 8.42 % % 4.75 % 6.03 % 10 years to date 5.07 % 3.30 % 8.50 % 8.02 % 1.47 % 9.57 % 3.90 % 5.16 % 4.26 % 3.30 % 7.66 % 7.23 % 1.47 % 8.78 % Inception Date 3/31/81 Note: Rates of return are time-weighted and include reinvestment of income. On February 29, 2008 the Participating Mortgage Separate Account (PMSA) was converted to a Limited Partnership structure and renamed the UBS Trumbull Property Income Fund (UBS-TPI). Returns include performance from both UBS-TPI and PMSA and are before deduction of client contract charges, which are only applicable through February 29, Past performance is notindicative of future results. information of the clients of the fund that is the subject of this report and/or UBS Realty This material should not bedisseminated to third parties without the prior written permission of UBS Realty