A BETTER WAY TO GET COMMODITY MARKET EXPOSURE 12 JUNE 2013 /////////////////////////////////////

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1 A BETTER WAY TO GET COMMODITY MARKET EXPOSURE 12 JUNE 2013 /////////////////////////////////////

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3 COMMODITIES FUTURES & TIME DIVERSIFICATION //////////////////////////////////////////////////////////////////////////////////////////// The commodities futures market offers multiple points of entry. Price Term structure of commodities is dynamic. Should one pick a point in the curve or be time diversified? Time to Maturity 2

4 TIME DIVERSIFICATION IN ACTION //////////////////////////////////////////////////////////////////////////////////////////// Traditional Commodity Indexes CMCI 1. Buy High Price 2. Sell Low At rebalance, index position switches from one maturity to another with associated contango losses or backwardation gains Price Continuous rolling process Invested over the entire futures curve Time to Maturity Time to Maturity 3

5 PUTTING COMMODITY INDEXES IN PERSPECTIVE //////////////////////////////////////////////////////////////////////////////////////////// Commodity Indexes Pick a Point in the Curve Term Structure Diversified Indexes Traditional Commodity Indexes Active Commodity Indexes Diversified Commodity Indexes S&P GSCI DJ-UBS Summerhaven DBLCI CMCI DJ-UBS JPMCCI CSCB 4

6 CMCI LICENSED PRODUCTS //////////////////////////////////////////////////////////////////////////////////////////// Mutual Fund CMCAX Van Eck CM Commodity Index Fund Exchange Traded Notes FUD ETRACS CMCI Food Total Return ETN UCI ETRACS CMCI Total Return ETN UBN ETRACS CMCI Energy Total Return ETN UAG ETRACS CMCI Agriculture Total Return ETN UBC ETRACS CMCI Livestock Total Return ETN UBG ETRACS CMCI Gold Total Return ETN UBM ETRACS CMCI Industrial Metals Total Return ETN USV ETRACS CMCI Silver Total Return ETN PTM ETRACS CMCI Long Platinum Total Return ETN 5

7 BLOOMBERG and the BLOOMBERG INDEXES are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates ("collectively, "Bloomberg") or Bloomberg's licensors own all proprietary right in the BLOOMBERG INDEXES]. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to BLOOMBERG INDEXES]. Bloomberg makes no warranty, express or implied, as to the BLOOMBERG INDEXES or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with BLOOMBERG INDEXES] or any data or values relating thereto - whether arising from their negligence or otherwise. Nothing in the BLOOMBERG INDEXES] shall constitute or be construed as an offering of financial instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to buy, sell, hold, or to enter or not to enter into any other transaction involving any specific interest or interests) by Bloomberg or its affiliates or a recommendation as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the BLOOMBERG INDEXES] should not be considered as information sufficient upon which to base an investment decision. Bloomberg and its affiliates do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind. 6

8 Commodity Webinar Roland Morris June 12, 2013 Financial Professional Use Only: Not For Use with the General Public.

9 This material does not constitute an offer to sell or solicitation to buy any security, including shares of any Fund. An offer or solicitation will be made only through a Fund s prospectus or summary prospectus and will be subject to the terms and conditions contained. This material and the information provided herein are not directed at or intended for distribution to any person (or entity) who is a citizen or resident of (or located or established in) any jurisdiction where the distribution of these materials and/or the purchase or sale of interests of a Fund would be contrary to applicable law or regulation or would subject a Fund to any registration or licensing requirement in such jurisdiction. Persons who wish to review this material are required to inform themselves about and to observe any legal or regulatory restrictions which may affect their eligibility to make an investment in a Fund. Professional advice should be sought in cases of doubt. THIS MATERIAL MAY ONLY BE PROVIDED TO YOU BY VAN ECK GLOBAL AND IS FOR YOUR PERSONAL USE ONLY AND MUST NOT BE PASSED ON TO THIRD PARTIES WITHOUT THE PRIOR EXPRESS WRITTEN CONSENT OF VAN ECK GLOBAL. IF YOU HAVE NOT RECEIVED THIS MATERIAL FROM VAN ECK GLOBAL, YOU ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED IT FROM A NON-AUTHORIZED SOURCE THAT DID NOT ACT ON BEHALF OF VAN ECK GLOBAL AND THAT ANY REVIEW, USE, DISSEMINATION, DISCLOSURE OR COPYING OF THIS MATERIAL IS STRICTLY PROHIBITED. BEFORE MAKING AN INVESTMENT DECISION, PLEASE CONSULT A QUALIFIED INVESTMENT AND TAX ADVISOR. Any projections, market outlooks or estimates in this material are forward-looking statements and are based upon certain assumptions that are solely the opinion of Van Eck Global. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Further, any information regarding portfolio composition, portfolio composition methodology, investment process or limits, or valuation methods of evaluating companies and markets are intended as guidelines which may be modified or changed by Van Eck Global at any time in its sole discretion without notice. Any performance presented herein is for illustrative purposes only. Historical information is not indicative of future results; current data may differ from data quoted. Performance results for the Fund(s) reflects temporary fee waiver and for expense reimbursement; current performance may be lower or higher than the performance quoted. Had the Fund(s) incurred all expenses and fees, investment returns would have been reduced. Each index listed is unmanaged and the returns include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in any fund. An index s performance is not illustrative of a Fund s performance. You cannot invest in an index. Please call for more recent performance information. Forecasts, estimates, and certain information contained herein are based upon proprietary research and the information contained in this material is not intended to be, nor should it be construed or used as investment, tax or legal advice, any recommendation, or an offer to sell, or a solicitation of any offer to buy, an interest in any security. References to specific securities and their issuers or sectors are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities or gain exposure to such sectors. The Fund(s) may or may not own the securities or be exposed to the sectors referenced and, if such securities are owned or exposure maintained, no representation is being made that such securities will continue to be held or exposure maintained. You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to the risks associated with its investments in commodity-linked derivatives, risks of investing in wholly owned subsidiary, risk of tracking error, risks of aggressive investment techniques, leverage risk, derivatives risks, counterparty risks, non-diversification risk, credit risk, concentration risk and market risk. Please see the prospectus and summary prospectus for more information on these and other risk considerations. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global. 2013, Van Eck Global. Van Eck Securities Corporation, Distributor 335 Madison Avenue, New York, NY Financial Professional Use Only: Not For Use with the General Public.

10 Commodities as an Investment Commodities may offer: Participation in global growth trends and rising standards of living The potential to capitalize on global commodities consumption and demand trends The potential to profit from limited quantities of natural resources A possible hedge against inflation A store of value for protecting against loose money policies and currency depreciation Potential diversification benefits through historically low correlations to the broad equity and bond markets Investment risks include: A re-bounding U.S. economy in combination with declining budget deficits and low inflation might cause a decline in the value of certain commodities Positive real interest rates Less simulative monetary policy Source: The Expanding Middle: The Exploding World Middle Class and Falling Global Inequality Goldman Sachs Economic Research, July 2008; Please see important disclosure on previous slide. Financial Professional Use Only: Not For Use with the General Public.

11 UBS Bloomberg Constant Maturity Commodity Fund In contrast with many enhanced commodity funds, offers pure commodity exposure by investing in commodity-linked derivative instruments and more conservative fixed income securities, such as T-bills Fund s benchmark the CMCI employs a methodology that seeks to minimize exposure to the front end of the futures curve and diversify across maturities; the most recent weighted average contract tenor (time to maturity) is 7.2 months By spreading its exposure across multiple maturities, the Fund s benchmark can mitigate the impacts of contango and negative roll yield Monthly rebalancing: limited concentration risk in any one underlying commodity Please refer to slides 2, 32, 33 and 34 for disclaimer containing the risks associated with an investment in the Fund. Financial Professional Use Only: Not For Use with the General Public.

12 UBS Bloomberg Constant Maturity Commodity Index The UBS Bloomberg Constant Maturity Commodity Index (CMCI) seeks to minimize exposure to the front end of the futures curve and diversify across maturities Inception: 2007 Futures contracts held: 28 long The index is a diversified across the four commodity groups; typically, about 35% of its allocation is to energy Sector Weight(%) Energy 35.1 Agriculture* 32.6 Base Metals 26.3 Precious Metals 6.0 * Includes livestock Five constant maturities: Three-month Six-month One-year Two-year Three-year What is the value of constant maturities? For each of the 28 contracts, maturities are spread across the futures term structure. This method aims to reduce the contango-driven negative roll yield associated with holding only long front-month contracts. Source: UBS, Van Eck Global; all data as of February 1, This chart is for illustrative purposes only. You cannot invest in an index. Financial Professional Use Only: Not For Use with the General Public.

13 CMCI versus Traditional Indices Historical Performance Drivers Significantly outperformed due to exposure to longer dated commodity futures Lower volatility by minimizing exposure to the most volatile front-month contracts Minimal exposure to negative effects of roll yield as a result of constant maturity approach Annualized Roll and Collateral Performance January 1, 2007 March 31, % -9.23% -9.19% Growth of $10,000: January 1, 2007 March 31, 2013 CMCI S&P GSCI DJUBS $25,000 $20,000 CMCI DJUBS CI S&P GSCI $15,000 $10,000 $5,000 $12,007 $8,547 $8,517 $0 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Source: UBS. CMCI live track record (inception) begins on January 1, Please refer to slides 2, 32, 33 and 34 for disclaimer containing the risks associated with an investment in the Fund. Financial Professional Use Only: Not For Use with the General Public.

14 Index Weighting Comparison DJ UBS S&P GSCI UBS Bloomberg CMCI Source: UBS, Bloomberg. Data as of year end Please refer to slides 2, 32, 33 and 34 for disclaimer containing the risks associated with an investment in the Fund. Financial Professional Use Only: Not For Use with the General Public.

15 Not for onward distribution C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Strictly confidential For institutional investors only Title UBS Bloomberg Constant Maturity Commodity Index (CMCI) UBS Commodities presentation - Index Universe June

16 UBS Bloomberg CMCI Focus on diversification has produced superior returns C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Diversified across sectors and components Diversified across the price structure of individual commodity components Diversified futures contract roll with daily rolling process 15

17 UBS Bloomberg CMCI Index design leads to several beneficial characteristics C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Minimum exposure to volatile front futures contract exposure More attractive risk/return profile Reduced exposure to negative roll yield of markets in contango Monthly rebalance to target weights Reduces concentration risk Can add to returns in volatile, mean-reverting markets Daily rolling process Reduces the potential effect any one day s market action on index return Reduces risk of index activity leaving a footprint in the market 16

18 CMCI Design

19 CMCI Weighting Engine C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot CMCI engine designed to reflect the economic significance and market liquidity for each commodity Step 1: Sector Weights Economic Weights per sector United States (US) (CPI (2/3) + PPI (1/3)) x GDP weight European Union (EU) (CPI (2/3) + PPI (1/3)) x GDP weight Japan (JPN) (CPI (2/3) + PPI (1/3)) x GDP weight 2/3 1/3 Liquidity Weights per sector Sector Open Interest 50% Sector Market Volume 50% Step 2: Component Weights Consumption Weights per component Liquidity Weights per component Dollar Value of Global Consumption for each Component 1/3 2/3 Component Open Interest 50% Component Market Volume 50% Individual component weight cap (20%) and floor (0.60%) ensure diversification. Weightings are revisited twice a year and occur near the end of January and July. The index re-balances on a monthly basis. 18

20 CMCI Investment Universe C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Each of the below bullets can be treated as a separate investable index. As such, investor has the ability to invest not only into a composite index, but also commodity sectors (i.e. agriculture) and individual commodities (i.e. crude oil) Overall Weight in Average Weights of Constant Maturities per Commodity Sector Weight Avg Tenor Commodity Weight Sector Tenor (M) 3M 6M 1Y 2Y 3Y Energy 36.7% 7.91 Industrial Metals 24.8% 9.28 Precious Metals 6.1% 6.48 Agriculture 28.3% 5.21 Livestock 4.1% 4.12 WTI Crude Oil (Nymex) 8.54% 23.30% % 19.52% 17.73% 11.97% 7.31% WTI Crude Oil (ICE) 3.12% 8.52% % 21.89% 16.61% 11.39% 7.23% Brent Crude Oil 8.33% 22.73% % 21.19% 15.45% 9.62% 6.67% Heating oil 3.66% 9.98% % 26.77% 15.51% - - Gasoil 4.49% 12.25% % 26.47% 18.52% - - RBOB Gasoline 4.55% 12.42% % 31.80% Natural Gas 3.96% 10.81% % 23.36% 15.64% 7.69% 5.65% LME Copper 9.20% 37.13% % 21.47% 22.20% 15.30% 9.23% High Grade Copper 3.35% 13.51% % 26.97% % LME Zinc 2.15% 8.69% % 29.02% 22.61% - - LME Aluminium 6.61% 26.67% % 22.35% 20.13% 14.00% 8.82% LME Nickel 2.15% 8.67% % 26.96% 22.13% - - LME Lead 1.32% 5.32% % 27.80% 20.88% - - Gold 4.89% 79.68% % 17.28% 11.34% 8.94% 0.00% Silver 1.25% 20.32% % 16.53% 12.25% 10.04% 0.00% Platinum SRW Wheat 2.22% 7.85% % 30.28% 17.94% - - KCBOT HRW Wheat 1.11% 3.92% % 39.23% Corn 6.06% 21.38% % 31.68% 19.58% - - Soybeans 5.70% 20.10% % 30.59% 17.86% - - Soybean Meal 1.36% 4.80% % 34.96% Soybean Oil 1.67% 5.89% % 35.12% Sugar # % 16.30% % 33.87% 22.05% - - Sugar #5 2.16% 7.63% % 38.55% Cocoa 0.62% 2.20% % 41.32% Coffee C Arabica 1.28% 4.52% % 28.41% 13.63% - - Cotton 1.54% 5.42% % 41.45% Live Cattle 2.34% 57.20% % 36.76% Lean Hogs 1.75% 42.80% % 38.04% Source: UBS AG; Target Weights H Average Tenor in the chart is reflected in months and refers to the average maturity of the CMCI Benchmark Index that includes all the available maturities from 3 months to 3 years 19

21 CMCI Performance Comparison

22 CMCI Agriculture Best Performing Index C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot CMCI Agriculture index shows strong returns compared to other agriculture indices, delivering the strongest performances among all the commodity beta offerings since its inception in January 2007 Agriculture Sub-Index Returns UBS Bloomberg CM CI JPMorgan Comdty Curve Index CSCB Prompt Index Dow Jones-UBS Comdty Index S&P GSCI Comdty Index Merrill Lynch Comdty extra Index Diapason Comdty Index Rogers Int'l Comdty Index 49.35% 35.62% 29.12% 21.59% 4.40% 3.37% 0.52% -3.15% Source: UBS IB, Bloomberg, 31 May 2013 Important disclaimer: Past performance is not indicative of future performance 21

23 CMCI Energy A Top Performing Index C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot CMCI Energy index shows strong returns compared to other indices giving exposure to energy sector, delivering one of the stronger performances among all the commodity beta offerings since its inception in January 2007 Energy Sub-Index Returns CSCB Prompt Index UBS Bloomberg CM CI Merrill Lynch Comdty extra Index Rogers Int'l Comdty Index JPMorgan Comdty Curve Index S&P GSCI Comdty Index Diapason Comdty Index Dow Jones-UBS Comdty Index -7.81% % % % % % % % Source: UBS IB, Bloomberg, 31 May 2013 Important disclaimer: Past performance is not indicative of future performance 22

24 CMCI Industrial Metals Best Performing Index C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot CMCI Industrial Metals index shows strong returns compared to other industrial metals indices, delivering the strongest performances among all the commodity beta offerings since its inception in January Industrial Metals Sub-Index Returns UBS Bloomberg CM CI Rogers Int'l Comdty Index JPMorgan Comdty Curve Index CSCB Prompt Index Diapason Commodities Index Merrill Lynch Comdty extra Index S&P GSCI Comdty Index Dow Jones-UBS Comdty Index -8.12% % % % % % % % Source: UBS IB, Bloomberg, 31 May 2013 Important disclaimer: Past performance is not indicative of future performance 23

25 CMCI Excess Return Index Best Performing Index C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot CMCI Excess Return Index has had the best performance of all indices shown since its inception in January Excess Return Index Returns UBS Bloomberg CM CI CSCB Prompt Index Rogers Int'l Comdty Index Merrill Lynch Comdty extra Index JPMorgan Comdty Curve Index Diapason Comdty Index S&P GSCI Comdty Index Dow Jones-UBS Comdty Index 12.32% 6.85% 0.85% -3.89% -4.35% -8.17% % % Source: UBS IB, Bloomberg, 31 May 2013 Important disclaimer: Past performance is not indicative of future performance 24

26 UBS Bloomberg CMCI vs. 1 st Generation Indices C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Second generation commodity indices, like the UBS Bloomberg CMCI, can show better performance at lower volatility, compared to traditional commodity indices as a result of Balanced and diversified index composition, not only in terms of commodities represented, but also in terms of expiries Recognising the changing shape of commodity forward curves and the rolling mechanism aimed at avoiding roll risks Recognising potential problems of punctual roll For example, as a result of the methodology that minimizes the impact of roll yield on returns, the UBS Bloomberg CMCI shows close tracking of commodity prices and has outperformed S&P GSCI by more than 35% since CMCI went live in January 2007, while exhibiting much lower volatility levels CMCI S&P GSCI DJ-UBS CI RICI Performance p.a. 9.4% -0.5% 0.8% 4.7% Volatility p.a. 17.5% 24.9% 18.4% 20.4% Sharpe Ratio % -5% Based on daily returns from 31-May-03 to 31-May-13 Annualized Roll & Collateral* Performance vs. Price Return Indices -0.7% 50 0 May-03 CMCI RICI S&P GSCI DJ-UBS CI May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13-10% -7.9% -7.2% CMCI S&P GSCI DJUBS *Collateral refers to 91-day US Treasury Rate earned on the investment Daily closing return data from 31 May 2003 until 31 May 2013; Source Bloomberg. Back-tested CMCI performance data to Jan 2007 and live thereafter Important disclaimer: Past performance is not indicative of future performance. 25

27 UBS Bloomberg CMCI vs. 2 nd Generation Indices C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Even compared to second generation commodity indices, that have exposure to longer dated commodity futures, CMCI shows stronger returns at lower volatility levels Performance drivers Minimum exposure to negative effects of roll yield as a result of Constant Maturity approach -1% Annualized Roll & Collateral* Performance vs. Price Return Indices -0.7% Lower volatility by minimising exposure to the most volatile front-month futures Outperformance thanks to the exposure to longer dated commodity futures CMCI DBLCI JPMCI MLCX CS CI Performance p.a. 9.4% 4.4% 5.8% 5.3% 7.0% Volatility p.a. 17.5% 22.7% 19.4% 23.0% 20.7% Sharpe Ratio % -5.0% -3.4% CMCI MLCX JPM CI *Collateral refers to 91-day US Treasury Rate earned on the investment CMCI DBLCI CS CB JPM CI ML CX Daily closing return data from 31 May 2003 until 31 May 2013; Source Bloomberg. Back-tested CMCI performance data to Jan 2007 and live thereafter Important disclaimer: Past performance is not indicative of future performance 26

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29 Disclaimer - continued C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Any securities mentioned herein that have not been registered under the Securities Act of 1933 may not be offered or sold in the United States except pursuant to an exception from the registration requirements of the Securities Act and applicable state securities laws and in such circumstances as may be permitted by applicable law. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. UBS All rights reserved. This material contains data derived as a result of back-testing of data and is provided by UBS in good faith using our standard methodology for information of this kind. That methodology relies on proprietary models, empirical data, assumptions and such other information that we believe to be accurate and reasonable. The current data that UBS selected for preparation of this material may be substantially different if the date is selected from a different time period and this may have substantial impact on the back-testing results. This information is provided to you for information purpose only and we make no representation as to the accuracy, completeness or appropriateness of such methodology and accept no liability for your use of the information. Specifically, there is no assurance that other banks or brokers would derive the same results for the back-test period or that such results would have been achieved in practice. Potential investors should not rely on this material for the purpose of understanding the probability that they may lose their initial investment in investing in the subject product. Prospective investors should also note that back-testing results may project unrealistic expectation on the performance of the subject product. Past performance is not necessarily indicative of future results. This material does not guarantee the performance of the subject product in all circumstances and UBS and/or its affiliates shall not be responsible for any investment loss suffered by the investors in investing in the subject product in this respect. The back-testing results has not considered the risks involved in investing in the subject product, including but not limited to the credit risk of the issuer of the subject product. These risks may lead to the loss of investors' initial investment in the subject product and investors should read the risks stated in the offering documents of the subject product before investing in the subject product. S&P GSCI Index The Product is not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"). Standard & Poor s does not make any representation or warranty, express or implied, to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Product particularly or the ability of the S&P Indices to track general stock market performance. S&P's only relationship to UBS AG is the licensing of certain trademarks and trade names of S&P and of the S&P Indices, which indices are determined, composed and calculated by S&P without regard to UBS AG or the Product. S&P has no obligation to take the needs of UBS AG or the owners of the Product into consideration in determining, composing or calculating the S&P Indices. S&P is not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product to be issued or in the determination or calculation of the equation by which the Product are to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Product. S&P DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN AND S&P SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY UBS AG, OWNERS OF THE PRODUCT OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P INDICES OR ANY DATA INCLUDED THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE S&P INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. The S&P Marks are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by UBS AG. 28

30 Disclaimer - continued C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot UBS Bloomberg Constant Maturity Commodity Index The Index Sponsors make no representation or warranty, express or implied, regarding the appropriateness of investing in products referenced to the CMCI, or any Index or derivative index thereof, commodity products in general or of the ability of the CMCI or any other sub-index to track commodity market performance. In determining the constituents of the CMCI and any amendment thereto, the Index Sponsors have no obligation to consider the needs of any counterparties that have products referenced to the CMCI. The Index Sponsors have all proprietary rights with respect to the CMCI. Any third party product based on or in relation to the CMCI ( Product ) may only be issued upon the prior written approval of UBS and upon the execution of a license agreement between UBS and the party intending to launch a Product. In no way does UBS, endorse or have any other involvement in the issue and offering of a Product. UBS makes no representation or warranty, express or implied, to the holders of the Products or any member of the public regarding the advisability of investing in the Product or commodities generally or in futures particularly, or as to results to be obtained from the use of the Index or from the Product. Past performance of the CMCI is not necessarily indicative of future results. The Index is UBS The key symbol and UBS are among the registered and unregistered trademarks of UBS. Bloomberg is a trademark of Bloomberg L.P. UBS Bloomberg Constant Maturity Commodity Index, UBS Bloomberg CMCI and CMCI are service marks of UBS and/or Bloomberg. Patent pending in respect of the Index and all rights reserved in respect of the Index. THE INDEX SPONSORS DO NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE CMCI OR ANY DATA INCLUDED THEREIN AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS OR OMISSION OR INTERRUPTIONS IN THE CALCULATION AND/OR DISSEMINATION OF THE CMCI. THE INDEX SPONSORS MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OR FROM THE USE OF THE CMCI OR ANY DATA INCLUDED THEREIN OR FOR ANY OTHER USE (WHETHER DIRECTLY OR VIA ANY PRODUCT REFERENCED THERETO). UBS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND TO THE EXTENT PERMITTED BY LAW HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE CMCI OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE EXTENT PERMITTED BY LAW UBS DISCLAIMS ANY LIABILITY FOR ANY PUNITIVE, INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH. The Dow Jones-UBS Commodity Indexes SM The Dow Jones-UBS Commodity Indexes SM are a joint product of DJI Opco, LLC ( DJI Opco ), a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC ( UBS ), and have been licensed for use by UBS AG. Dow Jones and DJ are trademarks of Dow Jones Trademark Holdings LLC; UBS is a registered trademark of UBS AG. S&P is a registered trademark of Standard & Poor s Financial Services LLC; and these trademarks have been licensed for use by DJI Opco and sublicensed for certain purposes by UBS AG. UBS AG s products based on the DJUBS Commodity Indexes, are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, DJI Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, DJI Opco or any of their respective affiliates, makes any representation regarding the advisability of investing in such product(s). Rogers International Commodity Index RICI Jim Rogers, James Beeland Rogers, Jr., "Rogers", Rogers International Commodity Index, and "RICI" are trademarks, service marks and/or registered trademarks of Beeland Interests, Inc., which is owned and controlled by James Beeland Rogers, Jr., and are used subject to license. The name and likeness of Jim Rogers/James Beeland Rogers, Jr. are trademarks and service marks of James Beeland Rogers, Jr. 29

31 Disclaimer - continued C:\Program Files\UBS\Pres\Templates\PresPrintOnScreen.pot Exchange Disclaimers You should be aware that the New York Mercantile Exchange, Inc. (including the COMEX division), Chicago Board of Trade, ICE Futures, European Energy Exchange, London Metal Exchange, Kansas City Board of Trade, New York Board of Trade, Winnipeg Commodities Exchange, Euronext.Liffe and the Chicago Mercantile Exchange (collectively the "Exchanges" and individually the "Exchange") provide data on commodity futures contracts which, in part, are used to compile and calculate the CMCI. However, the Exchanges provide such data "as is" and without representation or warranty on their part. Further, the Exchanges: (i) do not in any way participate in the offering, sale, administration of, or payments for, the CMCI or any products related thereto, (ii) do not in any way ensure the accuracy of any of the statements made in any product materials or this document, (iii) are not liable for any error or omission in any settlement or other price, index, or valuation used in connection with the CMCI, have not participated in the determination of the timing of, prices at, or quantities of the products to be issued and have no obligation or liability in connection with the administration, marketing, or trading of the CMCI or any products thereon, (iv) are not in any way an issuer, manager, operator, guarantor or offeror of CMCI or any products related thereto, and are not a partner, affiliate or joint venturer of any of the foregoing, and (v) have not approved, sponsored or endorsed the CMCI or its terms and are not responsible for any calculations involving the Index, and (vi) make no representation or warranty, express or implied, to the owners of the CMCI or any member of the public regarding the advisability of investing in securities generally or in the CMCI particularly. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. UBS All rights reserved. 30