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Account Ownership

This section refers to the Trust or Estate.

Annual Income: $

Liquid Assets: $

Net Worth: $

Other financial firms where accounts are held (optional)

Does the trust/estate own at least 10% of the shares ofany publicly traded company?

No Yes – If yes, please specify company and %:

%

©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. 1

UBS Financial Services Inc.ab

CL-AC-TRUST-ESTATE (Rev. 4/07)

Trust designation is: UBS-FinSvcs Designated TTEE

Self-TTEE/UBS Des. Suc.

Self-TTEE/Outside Successor

Is there more than one Trustee for this account? Yes No

If yes, specify how many Trustees: then complete the Trustee/Executor/Administrator section (page 3) for each Trustee. If there are additional Trustees please complete page 4 and submit it with the application.

Trust Information

Complete this section onlyif a Trust account is beingopened. Estate accountsshould skip to the AccountOwner Information sectionbelow.

Financial Information

Account Number

SS#/TIN

Any changes or correc-tions to the informationon this application mustbe initialed by you.

Select the type of ownership: Trust College Fund 529 (Trust) Estate

Please read carefully the Joint Agreement section of the attached Master Account Agreement. Joint Ownership of Trust Accounts is subject to UBSFinancial Services Inc. approval.

Trust/Estate Name:

Trust Setup is: Will, Irrevocable (Testamentary) Agreement, Irrevocable (Intervivos) Agreement, Revocable (Intervivos)

Note: A testamentary trust becomes effective upon thedeath of the grantor and an intervivos trust is createdand effective during the lifetime of the grantor.

Date Trust Established:

Jurisdiction of Trust/Estate:

USA Other: (specify)

SS#/TIN

Basic Information

Complete this section using the Trust or Estateinformation. Please do notcomplete this section forthe Trustee, Grantor,Executor, or Administra-tor. The Grantor informa-tion must be completed onpage 2. Trustee andExecutor/ Administratorinformation must be com-pleted on page 3.

If address is a P.O. Box, orthere are additionaladdresses, complete theadditional address informa-tion on page 9.

Account Owner Information

Location of Address:

Home-Legal Residence Business

Other (specify):

Address Line 1

Address Line 2

City State Zip

Residence phone (optional)

Fax (optional)

Mobile (optional)

Tax Bracket: (optional)

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CONTINUE��

UBS Financial Services Inc.

Account Number

SS#/TIN

2

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CONTINUE��

Basic/Personal/Financial Information

Complete this section onlyfor a grantor of a trustaccount.

If address is a P.O. Box, orthere are additionaladdresses, complete theAdditional Address informa-tion on page 10.

Grantor/Settlor Information (Trusts only)

Name:

Country of Citizenship (individuals) /Place of Formation (trusts and estates):

USA Other: (specify):

Date of Birth (individuals only):


Home-Legal Residence

Business-Primary

Address

City State Zip

Do you derive a substantial amount of your income/wealth (over 50%) from a country outside of the UnitedStates? No Yes If yes specify:

Country(ies)

Employment Information

©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. CL-AC-TRUST-ESTATE (Rev. 4/07)

Status (select one):

Employed Self-Employed StudentRetired Self-Supported VolunteerUnemployed* Work in the Home

Occupation

Industry (i.e., Construction, Service, etc.)

Employer Name

Employer’s Street Address

City State Zip

Business Phone (optional)

Business Fax (optional)

Occupation, Industry,Employer Name andAddress are only requiredif your employment statusis “employed” or “self-employed.”

*Please select Unemployed if the grantor is deceased.

Annual Income: $(optional)

Liquid Assets: $(optional)

Net Worth: $(exclusive of residence) optional

Investment Experience (in years):

Equities Bonds Futures

Options-Buy Options-Sell


Are you or any of your relatives who share the samehome, acting as an individual, a fiduciary, or corporateofficer, a control person of any publicly traded corpora-tion (i.e., policy-making officers, directors or 10% share-holders? No Yes, specify:

Firm Percentage


Account Number

SS#/TIN

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Basic Information

Complete this section forthe Trustee of a trustaccount, or an Executor orAdministrator of an estateaccount. Additional namescan be added on page 4.


Trustee/Executor/Administrator

Corporate Trustee Name (if applicable)

Individual First Name Middle Name

Last Name

Country of Citizenship:


SS#/TIN:

Passport/CEDULA and Green Card Number(If non-U.S. and no Social Security Number specified)

Tax Bracket (optional)



Other: (specify)

Address

City State Zip

Home phone

Fax (optional)

Mobile (optional)

E-mail (optional)

The information below is for a: Trustee Executor/Administrator

Personal Information



Employed Self-Employed StudentRetired Self-Supported VolunteerUnemployed Work in the Home

Occupation

Industry (i.e., Construction, Service, etc.) (optional)

Employer Name


City State Zip




If you share assets withanother person, please provide financial information(e.g. annual income, liquidassets, net worth) per individual. For example, a total net worth of$50,000 should be split asyou deem appropriate.

CONTINUE��

If you answer “yes” to theNYSE Rule 407 question, aletter of authorization fromthe firm specified must beobtained before theaccount can be opened.

Date of Birth:

Gender: Male Female

Marital Status:

Single Married Divorced Widowed

Number of dependents (optional):

Dependent Name Social Security # Date of Birth(optional)

1.

2.

3.

Emergency Contact Name and Phone Number (optional)

Are you, your spouse, any beneficial owners, or anytrustees/executors affiliated with any securities firm, bro-ker/dealer subsidiary of a financial institution, securitiesor commodities exchange, self-regulatory organizationor the UBS auditor (currently Ernst & Young)? (NYSERule 407)

No Yes, specify:

Firm

Are you an employee or related to an employee of UBSAG, its subsidiaries or affiliates (e.g., UBS FinancialServices, UBS Securities LLC)?

No Yes, specify:

Affiliate/Subsidiary

Employee Name/SS#

Occupation, EmployerName and Address areonly required if youremployment status is“employed” or “self-employed.”



Account Number

SS#/TIN

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CONTINUE��

Annual Income: $(optional)

Liquid Assets: $(optional)

Net Worth: $(exclusive of residence) optional

Investment Experience (in years):

Equities Bonds Futures

Options-Buy Options-Sell


Are you or any of your relatives who share the samehome, acting as an individual, a fiduciary, or corporateofficer, a control person of any publicly traded corpora-tion (i.e., policy-making officers, directors or 10% share-holders? No Yes, specify:

Firm Percentage

Account Number

SS#/TIN

Basic Information

Complete this section for anadditional Trustee of a trustaccount, or an Executor orAdministrator of an estateaccount. To include addi-tional trustees or executorsplease photocopy this pageand submit it with theapplication.


Additional Trustee/Executor/Administrator

Corporate Trustee Name (if applicable)

Individual First Name Middle Name

Last Name

Country of Citizenship:


SS#/TIN:

Passport/CEDULA and Green Card Number(If non-U.S. and no Social Security Number specified)

Tax Bracket (optional)



Other: (specify)

Address

City State Zip

Home phone

Fax (optional)

Mobile (optional)

E-mail (optional)

The information below is for a: Trustee Executor/Administrator

Date of Birth:

Gender: Male Female

Marital Status:

Single Married Divorced Widowed

Number of dependents (optional):

Dependent Name Social Security # Date of Birth(optional)

1.

2.

3.

Emergency Contact Name and Phone Number (optional)

Are you, your spouse, any beneficial owners, or anytrustees/executors affiliated with any securities firm, bro-ker/dealer subsidiary of a financial institution, securitiesor commodities exchange, self-regulatory organizationor the UBS auditor (currently Ernst & Young)? (NYSERule 407)

No Yes, specify:

Firm

Are you an employee or related to an employee of UBSAG, its subsidiaries or affiliates (e.g., UBS FinancialServices, UBS Securities LLC)?

No Yes, specify:

Affiliate/Subsidiary

Employee Name/SS#

Personal Information


If you share assets withanother person, please provide financial information(e.g. annual income, liquidassets, net worth) per individual. For example, a total net worth of$50,000 should be split asyou deem appropriate.

If you answer “yes” to theNYSE Rule 407 question, aletter of authorization fromthe firm specified must beobtained before theaccount can be opened.



Employed Self-Employed StudentRetired Self-Supported VolunteerUnemployed Work in the Home

Occupation

Industry (i.e., Construction, Service, etc.) (optional)

Employer Name


City State Zip



Occupation, EmployerName and Address areonly required if youremployment status is“employed” or “self-employed.”


5


Return Objective: (select one)

Capital Appreciation: Investments seeking growth of principal rather than the generation of income.

Current Income and Capital Appreciation: Investments seeking both the generation of income and the growth ofprincipal.

Current Income: Investments seeking the generation of income.

Primary Risk Profile: (select one)

Aggressive/Speculative Moderate Conservative

Secondary Risk Profile: (Optional, this may be applicable if you intend to engage in options trading)

Aggressive/Speculative Moderate Conservative

Aggressive/Speculative: Seeks the potential forsignificant appreciation;willing to accept a highdegree of loss of principal.

Moderate: Seeks potentialreturns with a lower risk of loss of principal.

Conservative: Seekssecurities that are mostlikely to preserve principalwith low risk.

Account Investment Objectives

Senior Political Affiliation

A. Please indicate who is funding the account if this is a trust. If this is an estate, skip to section B below.

Individual Organization Individual/Organization Name:

B. Please indicate the source of funds in the account: (Check all that apply.)

Income from current/previous employment or business. If you are not currently employed, provide the following information from your last employment.

Occupation Employer Name City State

Inheritance – from whom: Gifts – from whom:

Sale of Real Estate – location: Legal Settlement

Sale of Business – name: Other – specify:

Source of FundsIf funds are frominvestments transferredfrom another firm, pleaseindicate the source offunds to purchase theinitial investments.

Account Information

Account Number

SS#/TIN

CONTINUE��©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. CL-AC-TRUST-ESTATE (Rev. 4/07)

Are you, any authorized signatories, beneficial owners, trustees, power of attorneys or other individuals with authori-ty to effect transactions, or any of their immediate family members or close associates a:

I) Current U.S. political official (as defined in section B below)? No Yes; complete:

A) Political Official’s Name:

B) Current Position: President Vice President US Cabinet MemberSpeaker of the House of Representatives Supreme Court JusticeChairman of the Joint Chiefs of Staff Ambassador

C) Relationship to Client(s): Self Immediate family member Close associateAssociated with business or trust

II) Current or former Senior non-U.S. political official, non-U.S. Religious Group/Organization, or Senior/Influentialrepresentative of a non-U.S. Religious Group/Organization? No Yes; complete:

Political Official’s Name:

Current or Former Position:

Relationship to Client(s): Self Immediate family member Close associateAssociated with business or trust


6

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General Account Features

MARGIN1

Accounts automatically come with margin unless they are Retirement, UGMA/UTMA, Estate, 529 Plan, or certainother accounts. Most Managed Programs cannot have margin.

Check here if you do not want margin. If this account will have margin, answer the following questions: 1 Do you intend to engage in “pattern day trading” as defined by NYSE Rule 431?2 Yes No

2 Do you have any other margin accounts with UBS Financial Services Inc.? No Yes, complete:

Account Number Account Number Account Number Account Number

DIRECT DEPOSITIf you would like to have payroll or other recurring payments automatically deposited into their account, completethe Direct Deposit Application on page 15.

DUPLICATE PARTIESIf you would like duplicate trade confirmations and statements sent to additional individuals, complete the duplicateparty information on page 10.

1Margin is not suitable for all clients. Please review UBS Financial Services’ Loan Disclosure Statement carefully for information on the risks involved with using margin. 2Day tradingmeans purchasing and selling or selling and purchasing the same security in the same day in a margin account. “Pattern day trading” means executing four or more day trades withinfive business days if the number of day trades exceeds six percent of the total trades during that period.

Account Number

SS#/TIN

CONTINUE��

Sweep of Uninvested Cash BalancesAre all beneficiaries of this trust individuals (natural persons) or not-for-profit organizations? Yes No

If yes, this account is eligible to participate in the UBS Bank USA Deposit Account Sweep Program. If no, select asweep option from Section III.

Uninvested cash balances in Resource Management Accounts® (RMA®) of Eligible Participants (as defined in the MasterAccount Agreement) will be automatically deposited into UBS Bank USA Deposit Accounts.

• Eligible Participants have the option to limit the amount of cash deposited into the UBS Bank USA Deposit Accountsby electing to cap their deposits and select a secondary sweep option in Section I. Eligible Participants can also electto have all uninvested cash balances sweep into a tax-free money market fund in Section II.

• If you are not an Eligible Participant or you are part of an Advisory Program, please choose a taxable or tax-free sweepoption in Section III.

I – Cap ElectionCheck here to cap the amount of uninvested cash that will sweep into the UBS Bank USA Deposit Accounts($100,000 per account, on a per account basis), and select a secondary sweep option below for amounts inexcess of the cap.1

II – Tax-Free Sweep Options2,3

III - Non-Eligible Participants and Advisory Programs2,3

1If you have multiple accounts at UBS Financial Services Inc. held in the same recognized legal capacity that will sweep into the UBS Bank USA Deposit Account Sweep Option, oncecash in your accounts exceeds in the aggregate the applicable $100,000 or $200,000 threshold, the aggregate funds on deposit with UBS Bank USA will exceed FDIC insurancecoverage limits. UBS Financial Services Inc. will not be responsible for any insured or uninsured portion of the Deposit Accounts. (Refer to the UBS Financial Services Deposit AccountSweep Program Disclosure Statement for more details.) 2Money market funds are sold by prospectus only, are NOT FDIC-INSURED, NOT BANK GUARANTEED, AND MAY LOSE VALUE.3State municipal funds are designed for residents of those states, respectively. 4Puerto Rico Short Term Investment Fund, Inc. is offered exclusively to Puerto Rico residents as defined inthe Fund’s prospectus. The Fund is not a money market fund registered under the U.S. Investment Company Act of 1940, does not comply with rules applicable to U.S. registered funds andpresents a higher degree of risk than those funds. The Fund is sold by prospectus only, is NOT FDIC-INSURED, NOT BANK GUARANTEED, AND MAY LOSE VALUE.

RMA Money Market Portfolio New York Municipal Fund New Jersey Municipal Fund

California Municipal Fund Tax-Free Fund U.S. Government Portfolio

Puerto Rico Short Term Investment Fund, Inc. (For Puerto Rico residents only)4

RMA Money Market Portfolio New York Municipal Fund New Jersey Municipal Fund

California Municipal Fund Tax-Free Fund U.S. Government Portfolio

Puerto Rico Short Term Investment Fund, Inc. (For Puerto Rico residents only)4

New York Municipal Fund New Jersey Municipal Fund California Municipal Fund

Tax-Free Fund Puerto Rico Short Term Investment Fund, Inc. (For Puerto Rico residents only)4



7

abAccount Number

SS#/TIN

CONTINUE��

Resource Management Account Features

BILL PAYMENT SERVICEOnline access (Web).

ResourceLineSM (Voice). Complete the Bill PaymentService Form on page 12.

ELECTRONIC FUNDS TRANSFER SERVICE (EFT) Online access (Web).

ResourceLineSM (Voice).

Complete and sign the EFT Form on page 13.

CHECK WRITING Select a check style (select one): Wallet (free) (default) 3-page desk 3-page business Other

Delivery: Standard (default) Overnight (Fees may apply)

Check here for dual signatures checks and complete the Authorized Agent/Dual Signor Addendum on page 14.

Wallet checks are free. To order a different check style, contact your Financial Advisor.

If NAME/ADDRESS TOAPPEAR ON CHECKS is notcompleted, checks cannotbe ordered.

Print the mailing address for the initial delivery ofcards and checks if differentfrom the address on thisaccount.

NAME/ADDRESS TO APPEAR ON CHECKS

City State Zip

ALTERNATE MAILING ADDRESS FOR CARDS & CHECKS

Address Line 1 – P.O. Box not permitted for cards

Line 2

City State Zip

ONLINE SERVICESCheck here for online access to account information.

This is a Resource Management Account® (RMA®) that is subject to the $150 annual fee. To add RMA fea-tures to this account, please complete the information in this section.

Living Trust accounts are eligilble to apply for the UBS Visa Signature®

credit card. The trustee or grantor must com-plete the UBS Visa Signature credit card section to apply for that card. Non-Living Trust accounts are not eligible toapply for the credit card. All trust accounts are eligible to receive the UBS American Express

®Card.



Account Number

SS#/TIN

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Resource Management Account Features continued

Indicate the card level forthe account:

Select Level (default) -Includes a UBS AmericanExpress Card and, ifapplicable, UBS VisaSignature credit card.

Premier Level - Includesa UBS American ExpressCard and, if applicable,UBS Visa Signature credit card and providesadditional rewards andbenefits. $350 additionalannual upgrade feeapplies. See AccountInformation booklet forfurther details.

Delivery:

Standard (default)

Overnight (Fees may apply)

Mother’s Maiden Name:

______________________________

1Only account owners can be issued cards in this section. Other individuals must be designated on the Authorized Agent/Dual Signor Addendum on page 14.2Account will be automatically enrolled in the UBS Rewards program at no additional cost. The program allows you to earn points toward merchandise, travel and gift certificates.

UBS VISA SIGNATURE® CREDIT CARD ACKNOWLEDGEMENTI certify and acknowledge that: I am applying to open a UBS VISASignature credit card issued by Juniper Bank, located in Wilmington,Delaware and I request that a credit card be issued to me. A. Account Agreement—My account will be managed according to theJuniper Bank Cardmember Agreement that will be sent to me with mycredit card(s). My account is not subject to the UBS Master AccountAgreement or Client Agreement.B. The Juniper Bank Cardmember Agreement will be governed byDelaware Law. C. I understand and agree that the terms of my account are subject tochange as stated in the Juniper Bank Cardmember Agreement. D. Credit Reports—I agree that Juniper Bank has a right to obtain a creditreport in connection with its review of my application and, after Juniperestablishes an account, to administer the account. E. I agree that Juniper may report to others its credit experience with me.At my request Juniper will provide the name and address of each con-sumer-reporting agency from which it obtained a report about me. F. Dispute Resolution—I agree that any dispute between Juniper and Iwill be resolved by binding Arbitration. For more information regardingArbitration please consult the Juniper Bank Cardmember Agreement.

G. Information Sharing— I request that UBS Financial Services Inc. pro-vide to Juniper Bank the information requested by Juniper Bank toprocess my application and I further request that UBS Financial ServicesInc. use the information which it has provided to Juniper Bank on mybehalf to update its own records. I agree that UBS Financial Services Inc.and Juniper Bank may share information including application data,approval status and transaction information. I have the opportunity toselect the manner in which Juniper uses and/or shares information formarketing of products and services once my account is open. H. I understand that Juniper Bank will not be provided any informationin the Personal Information (other than Date of Birth), EmploymentInformation or Source of Funds sections of this application.I. I am at least 18 years old and a permanent resident of the UnitedStates.J. I have reviewed and accept the UBS Visa Signature credit card Termsand Conditions that were provided before I applied for the UBS VisaSignature credit card; and K. I have truthfully and completely provided the information on this appli-cation.

, . 0 0

Please check here to confirm your application for the UBS Visa Signature credit card.

UBS RESOURCE CARD PROGRAM

UBS American Express® Card1 (including UBS Rewards2)Transactions with the UBS American Express Card are deducted automatically from the RMA account. See AccountInformation booklet for details.

Indicate the name(s) that should appear on the Card(s):

Name 1 (not exceeding 26 characters)

Name 2 (not exceeding 26 characters)

UBS Visa Signature® Credit Card1

To apply for a UBS Visa Signature credit card (including UBS Rewards2) fill in this section. Transactions with the UBSVisa Signature credit card are billed separately from the RMA account unless an automatic payment plan is requested.Please see the UBS Visa Signature credit card Terms and Conditions for rate, fee and other cost information.

Indicate the name(s) that should appear on the Card(s):

Applicant Name (not exceeding 26 characters)

Co-Applicant Name (if applicable) (not exceeding 26 characters)

Do you own or rent your home? Own Rent

Requested Revolving Credit Line


BY SIGNING BELOW, I UNDERSTAND, ACKNOWLEDGE AND AGREE: A. that I have reviewed the section entitled Conducting Business with UBS:Guide to Investment Advisory and Broker Dealer Services. I understand thematerial distinctions between advisory and broker-dealer services andacknowledge that, the Master Account Agreement establishes a brokerageaccount, and UBS’ obligations as it pertains to that account will be that ofa “broker-dealer” as described in the disclosure section and in the broker-age agreement;B. that UBS Financial Services does not provide legal or tax advice; C. that in accordance with the last paragraph of the Master AccountAgreement entitled “Arbitration” I am agreeing in advance to arbi-trate any controversies which may arise with, among others, UBSFinancial Services in accordance with the terms outlined therein; D. if my account is established with margin, that pursuant to theMaster Account Agreement, certain of the securities in my accountmay be loaned to UBS Financial Services or to others; E. that an annual service fee will be charged as described in the RMA,Business Services Account BSA, ERISA Plan, Individual Retirement Account,Coverdell Education Savings Account Fees section of the Master AccountAgreement; F. that, if I select the RMA Premier Level program, an annual upgrade feewill be charged as described in the Account Information booklet; G. that I understand UBS Financial Services will not supply my name toissuers of any securities held in my account so I will not receive informationregarding those securities directly from the issuer, but rather will receiveinformation from UBS Financial Services instead, unless I notify UBSFinancial Services in writing otherwise; H. that I have received and read a copy of this Client Agreement and theattached Master Account Agreement (which contains a copy of thisParagraph for my reference) and agree to be bound by the terms and con-ditions contained therein (which terms and conditions are hereby incorpo-rated by reference) as of this date; I. that, if eligible, I have received and read a copy of the UBS FinancialServices Deposit Sweep Program Disclosure Statement;J. that, upon execution of this Account Application and Client Agreement,I will have supplied all of the information requested in the AccountApplication and declare it as true and accurate and further agree topromptly notify UBS Financial Services in writing of any material changes toany or all of the information contained in the Account Application includ-ing, but not limited to, information relating to my financial situation orinvestment objectives; K. that I have received a copy of, read and understand the “Account

Information” booklet which contains, among other things, UBS FinancialServices’ Privacy Statement, Statement of Credit Practices describing inter-est charges, the Bill Payment and Electronic Funds Transfer ServicesAgreement, Instructions for W-9 Preparation, Selected Fee & Charges andother important information regarding my account and relationship withUBS Financial Services, which booklet and terms and conditions (other thanthe Privacy Statement) are incorporated herein by reference; L. that, if I have elected the Electronic Funds Transfer Service as containedherein, I authorize (a) UBS Financial Services and its processing institution(the “Processing Bank”) to initiate the types of transactions indicated in theDescription of the Electronic Funds Transfer Service section of the AccountInformation booklet, and adjustments for any entries made in error, to orfrom my account(s) as contained herein, and authorize the depository(ies)named on my bank account(s) or UBS Financial Services to debit and/orcredit the same to my bank accounts); (b) the Processing Bank and my bankto comply with any instructions regarding electronic fund transfersbetween this RMA, my bank account, and/or other accounts with UBSFinancial Services provided that such instructions are given to UBS FinancialServices with my PIN/Password and (c) UBS Financial Services, theProcessing Bank and my bank to make changes and/or cancellationsrequested by me.M. If I have applied for the UBS Visa Signature credit card I agree to bebound by the terms and conditions stated in the UBS Visa Signature CreditCard Acknowledgement on page 8 of this Account Application.

W-9 FORM CERTIFICATION

Under penalties of perjury, I certify that: (1) the number shown on thisform is my correct taxpayer identification number (or I am waiting for anumber to be issued to me), and (2) I am not subject to backup with-holding because: (a) I am exempt from backup withholding, or (b) I havenot been notified by the Internal Revenue Service (IRS) that I am subject tobackup withholding as a result of a failure to report all interest or divi-dends, or (c) the IRS has notified me that I am no longer subject to back-up withholding, and (3) I am a U.S. person (including a U.S. resident alien).

Certification Instruction: You must cross out item (2) above if you havebeen notified by the IRS that you are currently subject to backup with-holding because you have failed to report all interest or dividends on yourtax return.


9

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Client Agreement

Signature Print Name Date

Additional Trustee/Party Signature Print Name Date



Sign Here

Account Number

SS#/TIN

Is the FA registered in both the client’s state of residence and mailing address? Yes NoWhat was the initial transaction for this account? Buy Sell Deposit Transfer of AccountsInitial Trade Information: Security Name: Security Symbol: Value:$ or Shares: How was the account obtained? Walk-In/Call-In /Mail-In Seminar-CEFS/Adv Svcs Referral:Interest/Dividends: Monthly Weekly Hold in Account Account Settles: Assets in Account Equity DVP Government DVP Transfer/ShipSweep Fund: Bank Code: Plan Code: Assoc Code: Managed Account Code: Family of Account Code:

Client(s) confirmed they do not want the following RMA feature(s): Check Writing EFT Billpay American Express UBS Visa Signature

Notes (optional)

UBS Financial Services Inc. Branch Use Only

Financial Advisor Temporary Approval Date Financial Advisor Final Approval Date

Check here to certify that the client has been informed of all possible sweep options.



©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. 10D1 (Rev. 4/07)

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Complete for each duplicate party

Check all that apply:

Trade Confirmation Recipient

Statement Recipient

Internal Location Code (UBS Financial Services Use Only):

Name of Duplicate Party

Address Line 1

Address Line 2

City State Zip

Citizenship:


Check all that apply:

Trade Confirmation Recipient

Statement Recipient

Internal Location Code (UBS Financial Services Use Only):

Name of Duplicate Party

Address Line 1

Address Line 2

City State Zip

Citizenship:


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Client Name

Address Line 1

Address Line 2

City State Zip


Home: Legal Residence SecondaryBusiness: Primary Secondary

Other: (specify)

Client Name

Address Line 1

Address Line 2

City State Zip


Home: Legal Residence SecondaryBusiness: Primary Secondary

Other: (specify)

Complete for each additional address

Account Number

SS#/TIN


Account Number

SS#/TIN

©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. 11D4 (Rev. 4/07)

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DTCC/COD InstructionsIf your account is set up to deliver securities and cash to a third party (i.e.deliver versus payment), please provide either DTCC or Fed Wire instructions.

DTCC Clearing Number: Name of Delivering Institution: Internal Account Number:

Additional Information:

Del/Rec

Government Delivery Instructions

ABA Number: Bank Name: Department:

Third Party: Internal Account Number:

Other Instructions:

Physical Delivery:

ID Confirm Instructions

Institutional ID Number: Agent Bank/ID: Instructions Matrix: AID CID:

Internal Account Number of Receiving Bank: Internal Account Number of Institution:

Interested Party ID Number: Interested Party Internal Account Number:

Interested Party ID Number: Interested Party Internal Account Number:

Receive Physical Master Confirm: SID Indicator: GHMRW35:

Yes No Yes (on SID) No (Not on SID)

Special Instructions:

N Y


12

abAccount Number

SS#/TIN

FA

©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. AC-FA (Rev. 4/07)

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The Bill Payment Serviceallows you to pay your bills and/or make paymentsto a third party vendorwithout writing and mailinga check. If paying bills viaResourceLineSM, completethe information.

Online Services clientscan set up Vendor/Payeeinformation online.

*Please note that RMA®

offers an easy-to-useexpense-coding system.Using pre-assigned letters(except H, I, J, O, Q and X),you may establish your ownexpenditure categories andtrack them either on yourUBS Financial Services Inc.check register or online.When writing checks andsubmitting bill payments,be sure to indicate yourexpense code. For yourconvenience, all checkingand bill payment expensecodes are totaled on yourmonthly premier statement.

Please attach a separatesheet to add moreVendors/Payees.

VENDOR/PAYEE 1

Name of Vendor/Payee

Vendor/Payee Account Number

Vendor/Payee Street Address

City State Zip

Vendor/Payee Telephone Number *Expense Code(Optional)

Recurring Payments:

Recurring Amount ($100,000 maximum)

Frequency: (select one)

Weekly Bi-weekly MonthlyQuarterly Semi-annually Annually

Start Date (May not be greater than 1 year from the current date)

End Date (May not be greater than 30 years from the start date)

Final Payment Amount (specify if different from recurring amount)

VENDOR/PAYEE 2




City State Zip


Recurring Payments:







VENDOR/PAYEE 3




City State Zip


Recurring Payments:







VENDOR/PAYEE 4




City State Zip


Recurring Payments:







13

UBS Financial Services Inc.abAccount Number

SS#/TIN

©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. AC-FT (Rev. 4/07)

bäÉÅíêçåáÅ=cìåÇë=qê~åëÑÉê=pÉêîáÅÉ FT

Non-UBS Financial Services Inc. AccountsComplete the information below for your accounts other than UBS Financial Services Inc. accounts. Please Note: Electronic Funds Transfer with-drawals can only be made from a Resource Management Account® (RMA®).

The ABA routing numberusually appears on thebottom of printed checks or deposit tickets. Pleaseattach a voided check(for checking accounts)or a deposit slip (forsavings accounts). Ifneither is available aclient statement or letteron bank stationeryconfirming account title,account number, andABA routing number issufficient.

To transfer funds into aUBS Financial ServicesInc. account from a UBSFinancial Services Inc. orexternal account that istitled differently, a signedLetter of Authorization from all account holders is required.

If the authorized externalaccount is a moneymarket account, selectthe “Checking” accounttype.

AUTHORIZED EXTERNAL ACCOUNT 1

Name of Financial Institution

ABA Routing Number Account Number

Account Title/Name

Account Type: Savings Checking

Financial Institution Telephone Number

Permission: (select all that apply)

Deposit to Withdrawal from

Recurring Transfers:


Permission: (select one) Deposit to Withdrawal from





AUTHORIZED EXTERNAL ACCOUNT 2

Name of Financial Institution

ABA Routing Number Account Number

Account Title/Name

Account Type: Savings Checking

Financial Institution Telephone Number





Permission: (select one) Deposit to Withdrawal from





UBS Financial Services Inc. AccountsComplete the information below for your other UBS Financial Services Inc. accounts. Please Note: Electronic Funds Transfer withdrawals can only bemade from a Resource Management Account® (RMA®).

DESIGNATED INTERNAL ACCOUNT 1

UBS Financial Services Inc. Account Number

Account Title/Name




Recurring Amount (Maximum is your withdrawal limit)

Permission (select one) Deposit To Withdraw From





DESIGNATED INTERNAL ACCOUNT 2

UBS Financial Services Inc. Account Number

Account Title/Name




Recurring Amount (Maximum is your withdrawal limit)

Permission (select one) Deposit To Withdraw From





Account Holder Signature Date Account Holder Signature Date

By signing below, I UNDERSTAND, ACKNOWLEDGE AND AGREE that (1) I have reviewed all of the information contained in this addendum and I declare it astrue and accurate and (2) UBS Financial Services Inc. is authorized to execute the EFT transactions requested by this document.

Sign Here

14

ab UBS Financial Services Inc.

Account Number

SS#/TIN

©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. AC-RW (Rev. 4/07)

RW

Account Holder Signature Date



Note: If there are additional authorized agents ordual signors please print another copy of this form.

Agent Name

SS#:

Passport/CEDULA and Green Card Number (If non-U.S. and no Social Security Number specified)

Date of Birth:

Home Phone:

Country of Citizenship (if other than USA)

Home Address

City State Zip

Mailing Address (if different than home address)

City State Zip

Authorized Agent For: UBS American Express Card

UBS Visa Signature credit card Check Writing

Additional fees may apply. Please see Account Informationbooklet for details.

Authorized Agent Removal for RMA/Business Services Account BSA Cards and Check WritingIf you are removing an authorized agent, please print the name of the agent you are removing below.

Agent Name Agent Name

Dual Signors for RMA/Business Services Account BSA Check WritingDual-Signature checks require two signatures at all times. If you are designating more than two signors and you would like one of the signors to berequired, at all times, please check “Required” next to the signor’s name. Only one individual can be a required signor. If you do not designate a requiredsignor, please specify all signors as optional. If the individual designated below is not a UBS Financial Services Inc. client (i.e. account holder, authorizedagent, power of attorney, etc.) also complete the Authorized Agent for RMA/Business Services Account BSA Cards and Check Writing section above.

Check here if you do NOT want UBS Financial Services Inc. to order new dual signature checks. If checked, you will be responsible for obtaining checkswith dual signatures. UBS Financial Services Inc. will not accept single signature checks.

Dual Signor 1 Name

Specify the type of signor: Required Optional

Dual Signor’s Signature Date

Dual Signor 2 Name

Specify the type of signor: Required Optional

Dual Signor’s Signature Date

Note: You must complete and sign a new addendum to add, remove or update dual signors. UBS Financial Services Inc.will rely on the most recently dated addendum to supercede and replace any other previous dual signor addendum onfile.

Account Holder CertificationBy signing below, I UNDERSTAND, ACKNOWLEDGE AND AGREE that (1) I have reviewed all of the information contained in this addendum and Ideclare it as true and accurate and (2) UBS Financial Services Inc. is authorized to rely upon the authority conferred by this document until UBSFinancial Services Inc. receives an updated copy of this form revoking or modifying this addendum.

Sign Here only if addingan authorized agent

Sign Here only if adding a Dual Signor

Agent Signature Date

Specify Name only ifremoving an agent

Sign Here

^ìíÜçêáòÉÇ=^ÖÉåíLaì~ä=páÖåçê=^ÇÇÉåÇìãTo add an additional card or check user on the Resource Management Account

®(RMA

®) or Business Services Account BSA

®, complete the Authorized Agent

for RMA/Business Services Account BSA Cards and Check Writing and the Account Holder Certification sections. To remove an authorized agent, completethe Authorized Agent Removal and the Account Holder Certification sections. If the dual-signature option is selected on the Account Application, completethe Dual Signors for RMA/Business Services Account BSA Check Writing and the Account Holder Certification sections. The Account Holder must sign thisform at the bottom in the Account Holder Certfication section.

Authorized Agent for RMA/Business Services Account BSA Cards and Check WritingEach additional card and/or check user (who is not a minor) named below is appointed an agent to me, unaffected by my subsequent disability or incompe-tence, to effect card and/or checking transactions in my designated UBS Financial Services Inc. account. As indicated below, the additional card and/or checkuser is authorized to act on my behalf to effect transactions using my UBS American Express Card and/or UBS Visa Signature credit card, and/or write checksfor the payment or withdrawal of funds drawn on the designated UBS Financial Services Inc. account or payable to me and bearing the signature or signa-tures now or hereafter authorized by me without limit as to amount, without inquiry and without regard to its application. UBS Financial Services Inc. will sendall confirmations, notices, demands, statements and other communications regarding checking activity in the designated UBS Financial Services Inc. account tome. UBS Financial Services Inc. owes no obligations to additional card and/or check users and may, but is not required to, act on instructions or respond to com-munications from such additional users.


Account Number

SS#/TIN

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©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. AC-DDA (Rev. 4/07)

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Direct Deposit allows you to have all or part of your payroll, government, social security, or other recurring payment automatically deposited intoyour account.

In order to sign up for Direct Deposit, you must have either an RMA® checking account number or a UBS Financial Services Inc. account number. Ifyou do not have a UBS Financial Services Inc. account number, one will be provided when your account is opened. Please keep this form untilyou receive your account number or checks.

To arrange to have your Social Security checks directly deposited into your account, call the Social Security Administration at 800-772-1213. Forother government payments, contact the issuing government agency directly. For all other organizations or financial institutions, complete the infor-mation below.

Please forward this completed form to the organization or financial institution sending the direct deposit.

Bank Name

Bank Transit (or Routing) Number:

Type of Account

Bank Street Address

City State Zip

8

9 0 8 3

JPMorgan Chase

044000804

CHECKING

800 BROOKSEDGE BLVD., DEPT. OH1-0465

COLUMBUS OH 43271-0465

Client Information

Name

Street

City State Zip

Account InformationPlease complete either section A or B below based on the type of account that will be receiving the direct deposit.

A.) If your account has the RMA checking feature, you must enter your checking account number in the boxesbelow. This is a 10-digit number that begins with 8 and appears after the bank transit routing number044000804 on the bottom of your RMA checks.

B.) If your account does not have the RMA checking feature or if you do not have an RMA account, you must enterin your alphanumeric UBS Financial Services Inc. account number in the boxes below.

The information below will be utilized by the organization or financial institution issuing the deposit.

Amount of PaymentA.) For payroll or government payments, I authorize you to deposit % of each payment automatically

into the UBS Financial Services Inc. account named above. Please Note: This must be done by electronic fundstransfer.

B.) For deposits from my account at another financial institution, I authorize you to deposit $automatically into the UBS Financial Services Inc. account named above. Please Note: This must be done by electronic funds transfer.

Please indicate the frequency of deposit:

Weekly Bi-weekly Monthly Quarterly Other:

Signature Date

Do not send this Direct Deposit Application to UBS Financial Services Inc.

Sign Here


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©2007 UBS Financial Services Inc. All rights reserved. Member SIPC. AC-XFR (Rev. 4/07)

Description of Asset Quantity

1.

2.

3.

Description of Asset Quantity

4.

5.

6.

About Your UBS Financial Services Inc. Account

Type of Transfer You Are Making Please answer the following questions

Account Title

For Retirement Accounts Only—Account is to be transferred into a:

Traditional IRA Traditional IRA Rollover SEP IRA Roth IRA QP

SIMPLE IRA CODA SEP-IRA Coverdell Education Savings Account

The account is transferring from a qualified retirement plan by means of a direct rollover into a*:

Traditional IRA SEP IRA Rollover IRA CODA SEP IRA*Pursuant to IRS Regulations, qualified retirement plan assets cannot be rolled over to a SIMPLE IRA or Roth IRA.

Are you transferring directly from an insurance or mutual fund company? Yes NoIf you answered “no,” skip to the next question. If you answered “yes,” please provide the following information foreach annuity or mutual fund you intend to transfer. (Some assets are not transferable. If the asset is not transferable,UBS Financial Services Inc. can be named broker-dealer and/or custodian at the company, or the assets can be sold.Requests to sell positions are dependent upon the delivering firm receiving and processing the request and may takeseveral weeks to complete. Liquidations can also be processed by calling the delivering firm.)

Do you wish to transfer your entire account? Yes NoIf you answered “yes,” skip to the next question. If you answered “no,” and the transfer is not coming directly froman insurance or mutual fund company, please provide the following information for the assets you intend to transfer.

Indicate the number of shares of each asset you wish to transfer or write “all.”

Quantity (indicate Name of Fund/Annuity Account Number # of shares or “All”)

1.

2.

3.

4.

About the Account You Are Transferring

Please refer to yourstatement for the followinginformation and attach acomplete copy of your mostrecent statement for thisaccount.

Please complete a separateform for each account you transfer (photocopiesare acceptable).

Name(s) and Title of Account on your statement

Your Account Number

SS#/TIN:

Name of Firm/Fund Company

Street Address of Firm/Fund Company

City State Zip

Account Number

SS#/TIN

UBS Financial Services Inc. Branch Use Only

0221

UBS Financial Services Inc. DTCC Clearing Number Broker Clearing Number Custodian or Trustee of Account (if applicable)

CONTINUE��


Account Number

SS#/TIN

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For Internal Branch Use Only

Liquidations1. Check with the client to determine if any assets require liquidation.

2. If liquidations are requested, ask the client to contact the branchoperations manager at previous firm with verbal instructions. Verbalinstructions will result in fewer delays in the transfer process. PLEASEDO NOT SEND LIQUIDATION INSTRUCTIONS TO THE ACCOUNT TRANS-FER DEPT. Always follow up the next day to ensure execution of liqui-dation request.

ACAT versus Non-ACAT—The transfer is an ACAT transfer if both ofthe following conditions are met: Either part of or the entire account isto be transferred and the delivering firm is ACAT-eligible.

Account is transferring via: ACAT Non-ACAT. If ACAT or Non-ACAT, the branch should process the transfer and retain the paperwork.

All Account Transfer procedures are available on InfoNet.

Are you transferring directly from a Bank, Savings and Loan or Credit Union? Yes NoIf you answered “no,” skip to the next question. If you answered “yes,” please complete the following section.

I am only transferring cash. Please transfer: All cash in account Only $

I have a CD that I want to transfer. Please:

Liquidate it IMMEDIATELY. I am aware of and acknowledge the penalty I will incur from any early withdrawal.

Liquidate it AT MATURITY. Maturity date (Please submit 2 weeks before maturity date)

Do you wish to liquidate any assets as part of this transfer? Yes NoIf you wish to liquidate any assets prior to this transfer, please supply the branch operations manager at your previ-ous firm with verbal instructions and advise your Financial Advisor at UBS Financial Services of this liquidation request.

Please transfer the assets specified to UBS FinancialServices Inc., which has been authorized by me to makepayment to you of the debit balance or to receive pay-ment of the credit balance in my securities account andwill act as clearing broker by arrangement with UBSFinancial Services Inc. I understand that to the extent anyassets in my securities account are not readily transfer-able, with or without penalties, such assets may not betransferred within the time frame required by New YorkStock Exchange Rule 412 or similar rule of the NationalAssociation of Securities Dealers or other designatedexamining authority.

Unless otherwise indicated in the instruction containedherein, I authorize you to liquidate any proprietarymoney market fund assets that are part of my securitiesaccount and transfer the resulting credit balance to UBS

Financial Services Inc. I understand that you and/or UBSFinancial Services Inc. will contact me with respect to thedisposition of any other assets in my securities accountthat are either non-transferable or non-deliverable. If cer-tificates or other instruments in my securities account arein your physical possession, I instruct you to transfer themin good deliverable form, including affixing any necessarytax waivers, to enable UBS Financial Services Inc. to trans-fer them in its name for the purpose of sale, when andas directed by me. I further instruct you to cancel all openorders for my securities account on your books if this is afull transfer as noted on this form.

I affirm that I have destroyed or returned to you anycredit/debit cards and unused checks given to me in con-nection with my securities account if this is a full transferas noted on the this form.

Initiate the transfer of amaturing Certificate ofDeposit (CD) no more thantwo weeks prior to thematurity date. Otherwise,you may incur earlywithdrawal penalties.

Client Instruction

Type of Transfer You Are Making continued

Delivering Agent: Please refer to the attached page for delivery instructions.

Authorization (UBS Financial Services Inc. completes).

To the prior trustee or custodian: Please be advised that UBS Financial Services Inc. will accept the above-cap-tioned account as successor custodian.

Successor Custodian/Trustee Authorized Signature Date

Account Owner’s Signature Date

Additional Party Signature Date



Sign Here


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Account Transfer Form Delivery Instructions

Delivery Instructions: All deliveries must include client name and UBS Financial Services Inc. account number.(Tax Identification No. 13-2638166)

All DTCC-Eligible Securities

Dividend Reinvestment/Closed-end Mutual Funds

Physical Delivery of Securities

Retail Transfer of Federal Funds

U.S. Government/Fed Book Entry Securities

Forward Checks

For All Correspondence Related to a Liquidation or Transfer of Any Security or Annuity Product

For All Other Account Transfer Related Correspondence From Contra Firms Only

(Clients: Please send to your Financial Advisor at the UBSFinancial Services Inc. branch office.)

Deliver to DTCC Clearing Number 0221. If you have any questions about theclearing number, please call 201-352-6300. All deliveries must have clientname and UBS Financial Services Inc. account number.

Issue a certificate for all whole shares, liquidate all fractional shares and discontinue dividend reinvestment. All deliveries must include client name and UBS Financial Services Inc. account number.

Physical Securities WindowUBS Financial Services Inc.1000 Harbor Blvd., 6th FloorWeehawken, NJ 07086All deliveries must have client name and UBS Financial Services Inc. account number.

UBS AGABA #026007993UBS FINANCIAL SERVICES A/C #101-WA-258641-000F/C UBS-FINSVC CLIENT A/C NAMEA/C UBS-FINSVC INTERNAL A/C NUMBER

ABA 021000021JPMChase/PAINE/CLIENT A/C # & NAME

UBS Financial Services Inc.1000 Harbor Blvd.Weehawken, NJ 07086Attn: Central Check Deposit, 8th FloorAll checks must include client name and account number.

UBS Financial Services Inc. BranchCall Phone Number on Client Statement to Obtain Proper AddressDo not send liquidation paperwork to Account Transfer Dept.

UBS Financial Services Inc.1000 Harbor Blvd.Weehawken, NJ 07086Attn: Account Transfer, 6th FloorMust include client name and UBS Financial Services Inc. account number.

Our clients work with their Financial Advisors todetermine the services that are most appropriategiven their goals and circumstances. Based onthe services you request, we can fulfill yourwealth management needs in our capacity as aninvestment adviser, as a broker-dealer, or as both.For example, we offer financial planning as anadvisory service. Once we deliver a financial planto you, you can decide whether to implementthe financial plan via brokerage accounts, advi-sory programs or a combination, depending onyour needs and preferences. Most of our Finan-cial Advisors are qualified and licensed to provideboth brokerage as well as advisory servicesdepending on the services a client has requested.

As a firm providing wealth management servicesto clients in the U.S., we1 are registered with theU.S. Securities and Exchange Commission (SEC)as a broker-dealer and an investment adviser,offering both investment advisory and bro-kerage services.2

It is important to understand that invest-ment advisory and brokerage services areseparate and distinct and each is governedby different laws and separate contractswith you. While there are similaritiesamong the brokerage and advisory serviceswe provide, depending on the capacity inwhich we act, our contractual relationshipand legal duties to you are subject to anumber of important differences.

We are providing the following to informyou about the main distinctions betweeninvestment advisory and brokerage servicesand our respective duties and obligations.We encourage you to review it carefullyand discuss it with your Financial Advisor.

Our Services as an Investment Adviser andRelationship With YouWe offer a number of investment advisory pro-grams to clients, acting in our capacity as aninvestment adviser, including comprehensivefinancial planning, discretionary account man-agement, non-discretionary investment advisoryprograms, and advice on the selection of invest-ment managers and mutual funds offeredthrough our investment advisory programs.

When we act as your investment adviser, we willenter into a written agreement with youexpressly acknowledging our investment advi-sory relationship with you and describing ourobligations to you. At the beginning of our advi-sory relationship, we will give you our Form ADVbrochure(s) for the program(s) you selected thatprovide detailed information about, among other

things, the advisory services we provide, ourfees, our personnel, our other business activitiesand financial industry affiliations and conflictsbetween our interests and your interests.

How We Charge for Investment AdvisoryServicesDepending on the advisory product or serviceyou choose, we will charge you fees determinedas either:

• A percentage of the amount of assets heldin your advisory account,

• A flat annual fee,

• A combination of asset based fee and com-missions or

• Periodic fees.

Comprehensive financial planning services areavailable for a fee, basic financial planning serv-ices are currently available at no charge.

Your Financial Advisor will receive part of thefees you pay us.

Our Fiduciary Responsibilities as anInvestment AdviserAs your investment adviser, we are considered tohave a fiduciary relationship with you and areheld to legal standards under the InvestmentAdvisers Act of 1940 and state laws, whereapplicable, that reflect this high standard. Thesestandards include:

• Obligations to disclose to you all materialconflicts between our interests and yourinterests.

• If we or our affiliates receive additional com-pensation from you or a third-party as aresult of our relationship with you, we mustdisclose that to you.

• We must obtain your informed consentbefore engaging in transactions with you forour own account or that of an affiliate oranother client when we act in an advisorycapacity.

• We must treat you and our other advisoryclients fairly and equitably and cannotunfairly advantage one client to the disad-vantage of another.

• The investment decisions or recommenda-tions we make for you must be suitable andappropriate for you and consistent with yourinvestment objectives and goals and anyrestrictions you have placed on us.

• We must act in what we reasonably believeto be your best interests and in the event of

a conflict of interest, we must place yourinterests before our own.

Our Services as a Broker-Dealer andRelationship With YouAs a full-service broker-dealer, our services arenot limited to taking customer orders and exe-cuting securities transactions. As a broker-dealer,we provide a variety of services relating toinvestments in securities, including providinginvestment research, executing trades and pro-viding custody services. We also makerecommendations to our brokerage clientsabout whether to buy, sell or hold securities. Weconsider these recommendations to be part ofour brokerage services and do not charge a sep-arate fee for this advice. Our recommendationsmust be suitable for each client, in light of theclient’s particular financial circumstances, goalsand tolerance for risk.

Our Financial Advisors can assist clients in iden-tifying overall investment needs and goals andcreating investment strategies that are designedto pursue those investment goals. The adviceand service we provide to our clients withrespect to their brokerage accounts are an inte-gral part of our services offered as abroker-dealer.

In our capacity as broker-dealer, we do not makeinvestment decisions for clients or manage theiraccounts on a discretionary basis. We will onlybuy or sell securities for brokerage clients basedon specific directions from you.

How We Charge for Brokerage ServicesIf you choose to establish a brokerage accountwith us, you may elect to:

• Pay us for our brokerage services each timewe execute a transaction for your account ina Resource Management Account. If youchoose to pay on a transaction-by-transac-tion basis, we can act as either your agent or“broker,” or as a “dealer.”

Operating as your agent or broker, we willcharge you a commission each time we buyor sell a security for you.

As a “dealer,” we act as a principal for ourown account on the other side of a transac-tion from you. Using our own inventory, wewill buy a security from or sell a security toyou, and seek to make a profit on the tradeby charging you a “mark up,” “mark-down” or “spread” on the price of thesecurity in addition to the commissions youpay on these transactions.


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`çåÇìÅíáåÖ=_ìëáåÉëë=ïáíÜ=r_pWdìáÇÉ=íç=fåîÉëíãÉåí=^Çîáëçêó=~åÇ=_êçâÉêJaÉ~äÉê=pÉêîáÅÉë

1This section pertains to the wealth management services provided by UBS Financial Services Inc., a registered broker-dealer and investment adviser, and UBS FinancialServices Inc. of Puerto Rico, a registered broker-dealer which provides advisory services through UBS Financial Services Inc. UBS Financial Services Inc. is also a memberof the New York Stock Exchange.

2Examples of our advisory programs and services include our financial planning services and our ACCESS, Portfolio Management Program (PMP), Managed AccountsConsulting, PRIME, Strategic Advisor and PACE programs. Examples of our brokerage accounts include our InsightOne and Resource Management accounts.


• Pay an annual asset-based fee in lieu ofcommissions on each individual trade inyour InsightOne fee-based brokerageaccounts. Clients with an InsightOneaccount pay an annual asset-based fee inlieu of commissions on each individualtrade. This annual fee is computed as a per-centage of your account assets and coversonly the costs of trades that we execute asyour broker or agent; you still will pay us amark-up or mark-down on principal trades,as outlined above.

We pay our Financial Advisors a portion of com-missions, profits on principal trades, asset-basedfees, and other charges.

Our Responsibilities to You as aBroker-DealerWhen we act as your broker, we are held to thelegal standards of the Securities Exchange Act of1934, the Securities Act of 1933, the rules ofself-regulatory organizations such as theNational Association of Securities Dealers(NASD) and the New York Stock Exchange3 andstate laws, where applicable.

• As your broker-dealer, we have a duty todeal fairly with you. Consistent with ourduty of fairness, we are obligated to makesure that the prices you receive when weexecute transactions for you are reasonableand fair in light of prevailing market condi-tions and that the commissions and otherfees we charge you are not excessive.

• We must have a reasonable basis forbelieving that any securities recommenda-tions we make to you are suitable andappropriate for you, given your individualfinancial circumstances, needs and goals.

• We are permitted to trade with you for ourown account or for an affiliate or anotherclient and may earn a profit on those trades.When we engage in these trades, we dis-close the capacity in which we acted on yourconfirmation, though we are not required tocommunicate this or obtain your consent inadvance, or to inform you of the profitearned on the trades.

• It is important to note that when we actas your broker-dealer, we do not enterinto a fiduciary relationship with you,regardless of the fee structure you select.Absent special circumstances, we are notheld to the same legal standards thatapply when we have a fiduciary relation-ship with you, as we do when providinginvestment advisory services. Our legalobligations to disclose detailed information toyou about the nature and scope of our busi-ness, personnel, fees, conflicts between ourinterests and your interests and other mattersare more limited than when we have fiduciaryduties with you.

Our Obligations, Your Agreement and YourAccount SelectionFollowing this section, you will find your bbrroo--kkeerraaggee account agreement. This agreement isused for different purposes, depending on thetype of account or program you have selected.You can execute these documents to establish abrokerage account with us that you will use todirect us, acting as your broker-dealer, to buy,sell or hold securities and other investments foryou. In this case, your account will be desig-nated as a “brokerage” account and ourobligations to you as they pertain to this accountwill be solely that of a broker-dealer as describedabove and in the agreement.

However, if you are establishing an iinnvveessttmmeennttaaddvviissoorryy account with us (for example, ACCESS,Managed Accounts Consulting Programs, PACE,Strategic Advisor, Portfolio Management Pro-gram and SELECTIONS), you will be required toexecute both an investment advisory agreementand a brokerage account agreement, so thatyour advisory account will have trading capabilityand custody services. When you execute theattached brokerage agreement as part of theprocess of establishing an investment advisoryaccount, the brokerage agreement supplementsyour advisory agreement, and all, collectively,govern your relationship with us. In this case,your account will be designated as “advisory”and our obligations to you as they pertain to thataccount will be that of an investment advisor asdescribed above and in your investment advisoryprogram agreement and application.

If you open an investment advisory account withus, both you and UBS Financial Services will havethe right to terminate your account from theinvestment advisory program. You should notethat termination will end our investment advisoryfiduciary relationship with you as it pertains tothat account and, depending on the terms ofyour specific investment advisory agreement withus, will cause your account to be converted to abrokerage account only. Your investment advisoryagreement will no longer apply to that accountand it will be governed solely by the terms andconditions of your brokerage account agreement.

For More InformationUnderstanding the ways in which we can con-duct business under applicable laws andregulations is essential to the relationshipbetween “You & Us.” The investment advisoryprograms and brokerage accounts we offerdiffer in other ways than those summarizedabove. It is important that you carefully read theagreements and disclosures that we provide toyou with respect to the products or servicesunder consideration.

While we strive to make sure the nature of ourservices is clear in the materials we publish, if atany time you would like clarification on thenature of your accounts or the services you arereceiving, please speak with your FinancialAdvisor or call (201) 352-9999.

For more information, please visit our web siteat www.ubs.com/workingwithus


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3UBS Financial Services of Puerto Rico is not a member of the New York Stock Exchange.


Client Agreement

BY SIGNING THE ACCOUNT APPLICATION, IUNDERSTAND, ACKNOWLEDGE AND AGREE: A. that I have reviewed the section entitled

Conducting Business with UBS: Guide toInvestment Advisory and Broker DealerServices. I understand the material distinc-tions between advisory and broker-dealerservices and acknowledge that, the MasterAccount Agreement establishes a brokerageaccount, and UBS’ obligations as it pertainsto that account will be that of a “broker-deal-er” as described in the disclosure section andin the brokerage agreement;

B. that UBS Financial Services does not providelegal or tax advice;

C. that in accordance with the last para-graph of the Master Account Agreemententitled “Arbitration” I am agreeing inadvance to arbitrate any controversieswhich may arise with, among others,UBS Financial Services in accordancewith the terms outlined therein;

D. if my account is established with margin,that pursuant to the Master AccountAgreement, certain of the securities inmy account may be loaned to UBSFinancial Services or to others;

E. that an annual service fee will be charged asdescribed in the RMA, Business ServicesAccount BSA, ERISA Plan, IndividualRetirement Account, Coverdell EducationSavings Account Fees section of the MasterAccount Agreement;

F. that, if I select the RMA Premier Level pro-gram, an annual upgrade fee will be chargedas described in the Account Informationbooklet;

G. that I understand UBS Financial Services willnot supply my name to issuers of any securi-ties held in my account so I will not receiveinformation regarding those securities direct-ly from the issuer, but rather will receive infor-mation from UBS Financial Services instead,unless I notify UBS Financial Services in writ-ing otherwise;

H. that I have received and read a copy of theClient Agreement and the Master AccountAgreement and agree to be bound by theterms and conditions contained therein(which terms and conditions are herebyincorporated by reference) as of this date;

I. that, if eligible, I have received and read acopy of the UBS Financial Services DepositSweep Program Disclosure Statement;

J. that, upon execution of the AccountApplication and Client Agreement, I willhave supplied all of the information request-ed in the Account Application and declare itas true and accurate and further agree topromptly notify UBS Financial Services inwriting of any material changes to any or allof the information contained in the AccountApplication including, but not limited to,information relating to my financial situationor investment objectives;

K. that I have received a copy of, read andunderstand the “Account Information”booklet which contains, among other things,UBS Financial Services’ Privacy Statement,Statement of Credit Practices describinginterest charges, the Bill Payment and

Electronic Funds Transfer Services Agreement,Instructions for W-9 Preparation, Selected Fee& Charges and other important informationregarding my account and relationship withUBS Financial Services, which booklet andterms and conditions (other than the PrivacyStatement) are incorporated herein by refer-ence;

L. that, if I have elected the Electronic FundsTransfer Service as contained herein, Iauthorize (a) UBS Financial Services and itsprocessing institution (the “ProcessingBank”) to initiate the types of transactionsindicated in the Description of the ElectronicFunds Transfer Service section of theAccount Information booklet, and adjust-ments for any entries made in error, to orfrom my account(s) as contained herein, andauthorize the depository(ies) named on mybank account(s) or UBS Financial Services todebit and/or credit the same to my bankaccounts); (b) the Processing Bank and mybank to comply with any instructions regard-ing electronic fund transfers between thisRMA, my bank account, and/or otheraccounts with UBS Financial Services provid-ed that such instructions are given to UBSFinancial Services with my PIN/Password and(c) UBS Financial Services, the ProcessingBank and my bank to make changes and/orcancellations requested by me.

M. If I have applied for the UBS Visa Signaturecredit card I agree to be bound by the termsand conditions stated in the UBS VisaSignature Credit Card Acknowledgement onthe Account Application.

MASTER ACCOUNT AGREEMENT

IntroductionThis agreement (“Agreement”) contains theterms and conditions governing your brokerageAccount with UBS Financial Services Inc. openedherewith and any other accounts you openedwith UBS Financial Services in connection with anassignment of this Agreement or otherwise (the“Account”). If you are establishing an iinnvveessttmmeennttaaddvviissoorryy account with us (for example, ACCESS,Managed Accounts Consulting Programs, PACE,Strategic Advisor, Portfolio Management Pro-gram and SELECTIONS), you will be required toexecute both an investment advisory agreementand a brokerage account agreement, so thatyour advisory account will have trading capabilityand custody services. When you execute theattached brokerage agreement as part of theprocess of establishing an investment advisoryaccount, the brokerage agreement supplementsyour advisory agreement, and all, collectively,govern your relationship with us. In this case,your account will be designated as “advisory”and our obligations to you as they pertain to thataccount will be that of an investment advisor asdescribed above and in your investment advisoryprogram agreement and application.

If you open an investment advisory account withus, both you and UBS Financial Services will havethe right to terminate your account from theinvestment advisory program. You should notethat termination will end our investment advisoryfiduciary relationship with you as it pertains to

that account and, depending on the terms ofyour specific investment advisory agreement withus, will cause your account to be converted intoand designated as a brokerage account only.Your investment advisory agreement will nolonger apply to that account and it will be gov-erned solely by the terms and conditions of thisbrokerage account agreement. You should notethat when we act as your broker-dealer, we donot enter into a fiduciary relationship with you,regardless of the fee structure you select.

Terms used in this Agreement shall be defined asfollows:• “Application” means this Agreement and one

of the application forms entitled “AccountApplication and Agreement for Individualsand Custodial Accounts,” “Account Applica-tion and Agreement for Trust and EstateAccounts,” “Account Application and Agree-ment for Organizations and Businesses,”“Account Services Selection,” “Business/TrustNew Account Form,” “IRA Application andAdoption Agreement,” “403(b)(7) CustodialAccount Application and Agreement,”“Account Application and Agreement forERISA Plans,” “Participant Account Applica-tion and Agreement for ERISA Plans,” or“Coverdell Education Savings Account Appli-cation and Adoption Agreement” signed byClient and containing Client’s acknowledge-ment of receipt and review of this Agreement.

• “Card Issuer” means “Juniper Bank” the issuerof the UBS American Express® Card appointedby UBS Financial Services from time to time.

• “Check Provider” means, as applicable, theprovider or processor of RMA® or BusinessServices Account BSA checks appointed byUBS Financial Services from time to time.

• “You, your, I, me, client and Account Holder”means each person, entity, trust or estate,sole proprietor, organization, or businessdesignated on the Application as the “SoleOwner/Minor/Primary Account Holder/Individual/Trust/Estate,” “Joint AccountHo lde r / Pa ren t /Guard ian /Commi t tee -m a n / C o n s e r v a t o r / Tr u s t e e / E x e c u t o r/Administrator,” or each person signing theapplication, and each beneficiary of an IRA or403(b)(7) entitled to receive assets from theIRA or 403(b)(7) upon the death of theAccount Holder. For ERISA Plans, the term“You, your, I, me, client and Account Holder”means the plan sponsor, the trustees, fiduci-aries, and also any plan participants and ben-eficiaries responsible for directing the invest-ments in the Account.

• “Custodial Agreement” means, as applicable,the IRA custodial agreement approved by theInternal Revenue Service applicable to theAccount with respect to which Client hasacknowledged receipt and his or her agree-ment or the 403(b)(7) custodial agreementapplicable to the account with respect towhich Client has acknowledged receipt andhis or her agreement, and any amendmentsto any of those.

• “Deposit Accounts” means interest-bearingFDIC-insured deposit accounts at UBS BankUSA.

• “Deposit Account Sweep Program” means theUBS Financial Services deposit account sweepprogram through which free cash balances in


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eligible securities accounts at UBS FinancialServices will be automatically deposited intoDeposit Accounts. The Deposit AccountSweep Program is available only for EligibleParticipants.

• “Disclosure Documents” collectively refers tothe booklet entitled “Account Information”(hereinafter referred to as the “Account Infor-mation booklet”), the prospectuses of theFunds, and the offering documentation for theOther Sweep Options, the UBS Financial Ser-vices Deposit Account Sweep ProgramDisclosure Statement, and, if applicable, theDisclosure Statement for IRAs.

• “Eligible Participants” means individuals,trusts (providing that the all beneficiaries ofthe trust accounts are natural persons or non-profit organizations), sole proprietors andgovernmental agencies. Custodial accountsare also Eligible Participants if each beneficiarythereof is an Eligible Participant. Eligible Par-ticipants do not include Clients that are (a)non-profit organizations, including organiza-tions described in sections 501(c)(3) through(13) and (19) of the Internal Revenue Code of1986, as amended, (b) estates, (c) enrolled inUBS Financial Services Advisory Consulting Ser-vices programs (other than InsightOneSM andPACESM1 accounts and Employee Self DirectedAccounts), (d) not resident in the United States,or (e) that are ERISA Plans or retirement plansunder Section 403(b)(7) of the Internal Rev-enue Code of 1986, as amended, or under anyother employee retirement or welfare plan sub-ject to the Employee Retirement IncomeSecurity Act of 1974, as amended (“ERISA”).

• “ERISA” means the Employee RetirementIncome Security Act of 1974, as amended.

• “ERISA Plan” means a plan account subject tothe Employee Retirement Income Security Actof 1974, as amended (“ERISA”) other thansuch a plan consisting solely of IndividualRetirement Accounts.

• “FDIC” means the Federal Deposit InsuranceCorporation.

• “Funds” means one or more of the RMAmoney market funds as more fully describedin the prospectus of the UBS RMA Funds.

• “Individual Retirement Accounts” means Tra-ditional, SIMPLE, or Roth IRA accounts.

• “Other Sweep Options” means such otherapplicable sweep investment options as maybe offered from time to time, including, butnot limited to, Puerto Rico Short Term Invest-ment Fund, Inc. which is offered exclusively toPuerto Rico residents.

• “Property” includes, but is not limited to, secu-rities, money, stocks, options, bonds, notes,futures contracts, commodities, commercialpaper, certificates of deposit and other obliga-tions, contracts, all other property usually andcustomarily dealt in by brokerage firms and anyother property that can be recorded in any ofClient’s accounts with UBS Financial Services.

• “Retirement Money Fund” means the UBSRetirement Money Fund, as more fullydescribed in the prospectus of the UBS Retire-ment Money Fund.

• “RMA” means Resource Management

Account®. RMA’s features are more fullydescribed in the Account Information booklet.

• “Securities Intermediary” means: 1) a clearingcorporation; or 2) a person, including a bankor broker, that in the ordinary course of busi-ness maintains securities accounts for othersand is acting in that capacity, as such terms areinterpreted under Section 8-102(a)(14) of theUniform Commercial Code, as in effect in theState of New York from time to time (“UCC”).

• “UBS Bank USA” means UBS Bank USA, aUtah industrial bank, an affiliate of UBS Finan-cial Services Inc. and a wholly-ownedsubsidiary of UBS AG.

• “UBS Financial Services” means UBS FinancialServices Inc., its successor firms, subsidiaries,correspondents and/or affiliates, includingwithout limitation, its parent company, UBSAG, and/or its clearing broker, UBS FinancialServices Inc., and all other subsidiaries andaffiliates.

• “UBS Financial Services BSA” means UBS Busi-ness Services Account BSA®. UBS FinancialServices Inc. BSA’s features are more fullydescribed in the Account Information booklet.

Important Information About UBS FinancialServices Deposit Account Sweep ProgramResource Management Accounts (RMA), IRARMA accounts, UBS Financial Services BSAAccounts, Coverdell Education SavingsAccounts, and Individual Retirement Accountsof Eligible Participants automatically default tothe Deposit Account Sweep Program unless youselect one of the other sweep options available.You should review the UBS Financial ServicesDeposit Account Sweep Program DisclosureStatement carefully before selecting your sweepoption and should note the following:

The Deposit Accounts are insured by the FDIC toa maximum of $100,000 (for individualaccounts), $200,000 (for joint accounts) and$250,000 for some retirement accounts (in eachcase, including principal and interest) for thetotal amount of all Deposit Accounts held ineach recognized legal capacity (for example,individual accounts, joint accounts, certainretirement accounts, etc.). If you have multipleaccounts at UBS Financial Services held in thesame recognized legal capacity that sweep intothe Deposit Accounts, once uninvested cash inthose accounts exceed, as applicable, $100,000,$200,000 or $250,000 in the aggregate (asapplicable), then your aggregate funds ondeposit with UBS Bank USA will exceed FDICinsurance coverage limits. UBS Financial Servicesis not responsible for any insured or uninsuredportion of the Deposit Accounts.

UBS Financial Services is a member of the Secu-rities Investor Protection Corporation ("SIPC").SIPC provides protection for your account(s) atUBS Financial Services up to $500,000, including$100,000 for free cash balances in the unlikelyevent that UBS Financial Services fails financially.The SIPC asset protection limits apply, in theaggregate, to all accounts that you hold in a par-ticular capacity. The Funds, and Other SweepOptions are not bank accounts and balances

held therein are not protected by the FDIC.However, balances in the Funds, and OtherSweep Options are covered by SIPC and the sup-plemental insurance obtained by UBS FinancialServices for your benefit. See the Account Infor-mation booklet and the UBS Financial ServicesDeposit Account Sweep Program DisclosureStatement for more information regarding SIPCprotection.

UBS Bank USA, UBS AG and UBS Financial Ser-vices Inc. may receive substantial financialbenefits for activities related to the DepositAccounts.

Please see the UBS Financial ServicesDeposit Account Sweep Program DisclosureStatement for details.

RESOURCE MANAGEMENT ACCOUNT,BUSINESS SERVICES ACCOUNT BSA, ERISAPLAN, INDIVIDUAL RETIREMENT ACCOUNT,AND COVERDELL EDUCATION SAVINGSACCOUNT AGREEMENT

AuthorizationTrust account clients may opt for the PersonalTrust Account (PTA) which is an RMA for trustaccounts and hereafter deemed included in ref-erences to “RMA.”

You understand and agree that your request toopen an Account is subject to the receipt of asigned application and the approval by UBSFinancial Services in its sole discretion. Ifapproved, UBS Financial Services will open yourRMA or UBS Financial Services BSA after receiptby UBS Financial Services of a signed Applicationand, if applicable, a completed section forchecks and UBS American Express Card or UBSVisa Signature credit card and/or margin if youselect such features. Certain of the services maybe subject to limitations on their availability asrequired by law, regulation, rule or UBS FinancialServices’ policies. You will automatically be con-sidered for margin unless you have indicated onthe Application your election not to be consid-ered for margin or you have requested theopening of an Account for which UBS FinancialServices Inc. does not extend margin (e.g., anIndividual Retirement Account, ERISA Plan,Coverdell Education Savings Account, 403(b)(7)Account, UGMA, UTMA, Estate or 529 PlanAccount). By signing the Application, youacknowledge that you have received and readthe Disclosure Documents.

Your authorization shall remain in full force andeffect until a reasonable time following thereceipt by UBS Financial Services of writtennotice of revocation.

Sweep OptionsResource Management Accounts and UBSFinancial Services BSA accounts of Eligible Par-ticipants automatically default to the DepositAccount Sweep Program (without limit if nolimit is selected) unless you affirmatively elect atax-free Fund (that is, California Municipal Fund,New Jersey Municipal Fund, New York Municipal


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1 Only free cash balances that are non-PACE assets are eligible to be swept under the Deposit Account Sweep Program.


Fund, Tax-Free Fund or for residents of PuertoRico only, Puerto Rico Short Term InvestmentFund) on the Application (the “Primary SweepOption”).

If you are not an Eligible Participant and do notaffirmatively elect a Fund on the Application,available funds will be automatically swept intothe Money Market Portfolio, except for ERISAPlans which sweep into Retirement Money Fund.

If you have chosen a limit for the Deposit AccountSweep Program, available balances in excess ofsuch limits will automatically be invested in theFunds, Other Sweep Option or, if applicable,Retirement Money Fund (Individual RetirementAccounts, Coverdell Education Savings Accounts,and ERISA Plans only) selected on the Application.

You hereby authorize UBS Financial Services toinvest or “sweep” available credit balances, forwhich no interest is otherwise earned or paid, inthe Account into the Deposit Accounts, or theFunds, or Other Sweep Option selected on theApplication, depending upon whether or not youare an Eligible Participant, or if you have elected atax-free Fund, as instructed in the Application,and subsequently liquidate any such shares sopurchased or withdraw Deposit Account balancesat such times, and for such periods of time as UBSFinancial Services may decide in its sole discretion.

Additionally, you authorize UBS Financial Servicesto make withdrawals in accordance with theterms of the Disclosure Documents. You agreethat UBS Financial Services has the right to with-hold any redemption, liquidation or withdrawalproceeds or other payments from your Accountuntil all funds placed on account in your Accounthave been collected. The collection periods areset forth in the Disclosure Documents.

You acknowledge that UBS Financial Servicesmay delay acting on your instructions or effectingpayments until your Account contains funds suf-ficient to meet your obligations.

If you are opening an account for an ERISA Plan,you are required to select a money market fundsweep feature or Other Sweep Option. If nomoney market fund sweep feature or OtherSweep Option is selected, you authorize UBSFinancial Services Inc. to sweep available creditbalances into the UBS Retirement Money Fundsubject to the terms and conditions contained inthe prospectus which is provided to you uponopening the Account. If you affirmatively electnot to have a sweep feature, there will be noautomatic sweep from the Account and creditbalances will not earn an investment return.

This authorization shall remain in full force andeffect until a reasonable time following thereceipt by UBS Financial Services’ of writtennotice of revocation.

Check Writing PrivilegeIf you agree to accept the check writing featureon the Application, you may write checks orauthorize drafts against an RMA or UBS FinancialServices BSA checking account serviced by theCheck Provider. You may use these checks only inconjunction with your RMA or UBS Financial Ser-

vices BSA and only up to amounts within theAccount’s “Withdrawal Limit” as defined in theDisclosure Documents. You authorize UBS Finan-cial Services to reimburse the Check Provider infederal funds when checks or drafts are presentedto the Check Provider and to automatically debityour RMA or UBS Financial Services BSA on theday of payment to the Check Provider. You agreeto have sufficient assets in your RMA or UBSFinancial Services BSA on the day UBS FinancialServices receives notification for payment fromthe Check Provider of payment of a check as wellas on the day you write the check. You under-stand that the checks may be used in the samemanner and are subject to the normal proce-dures, rules and regulations as regular checkspayable at the Check Provider. You herebyauthorize the Check Provider to honor checks (a)bearing a signature with an approved first name,a middle initial or a name deleted or added if theCheck Provider otherwise reasonably believes thesignature to be authorized and (b) bearing onlyone signature unless you instruct the CheckProvider in writing that multiple signatures arerequired. Further, you authorize the CheckProvider to honor unsigned drafts presented bythird parties based on a signed separate writtenauthorization from you to any such third party.

UBS American Express® CardYou understand and agree that by signing theApplication, you have requested one or moreUBS American Express Card(s) (each, a “Card”)unless you have elected otherwise on the Appli-cation or the account is a trust, estate, guardian,committeeman, or conservator account. Cardsare not permitted where the Account is an Indi-vidual Retirement Account, ERISA Plan,Coverdell Education Savings Account, 529 Plan,or 403(b)(7) Account. You authorize UBS Finan-cial Services and the Card Issuer to effect Cardtransactions in the manner described in the Dis-closure Documents.

You understand that the Card Issuer will allowCard transactions to the “Withdrawal Limit” (asdescribed in the Disclosure Documents). Youagree to have sufficient available assets to makepayment in full for Card transactions as theybecome available and understands that if suffi-cient assets are not available to cover Cardtransactions, the Card Issuer may suspend and/orthen cancel your Card. You agree that the use ofany Card in connection with your RMA or UBSFinancial Services BSA will also be governed bythe terms and conditions contained in the Card-holder Agreement set forth in the AccountInformation booklet and you agree to complywith such terms and conditions.

American Express converts transactions in foreigncurrencies into U.S. dollars. Unless a particularrate is required by applicable law, foreign transac-tions are converted using wholesale interbankrates selected by American Express on the busi-ness day prior to the day on which thetransactions are processed by American Express.The currency conversion rate used on the conver-sion date may differ from the rate in effect on thedate you used your UBS American Express Card.American Express assesses a currency conversionfactor of 1.5% to the converted amount (in otherwords to the U.S. dollar equivalent of the foreign

transaction) and this factor will be aggregatedwith the converted amount on your statement.

If you are a UBS Select American Express Card-holder, and you use your UBS American ExpressCard or account to effect a transaction with abusiness, other entity or person located outside ofthe United States, the Card Issuer will charge aForeign Country Transaction Fee of one-half ofone percent (0.50%) of the U.S. dollar amount.The Card Issuer’s Foreign Country Transaction Feeis in addition to the currency conversion factorassessed by American Express discussed in theprevious paragraph.

UBS Premier American Express Cardholders willnot be charged a Foreign Country TransactionFee by the Card Issuer and will only be assessedthe currency conversion factor by AmericanExpress as discussed above.

By accepting a Card, you agree that you will notdispose of your assets in your RMA or UBSFinancial Services BSA or any other account youmay have with UBS Financial Services, if suchdisposal will negatively affect your ability to payfor Card transactions. You understand and agreethat UBS Financial Services has the right to applyassets in any of your accounts with UBS FinancialServices to pay debts incurred on your Card, orto pursue any of your other assets to pay debtsincurred on your Card.

LimitationsYou agree that Cards or checks issued in con-nection with your RMA or UBS Financial ServicesBSA cannot be used to purchase securities orany other products or services available throughUBS Financial Services. You further understandand agree that UBS Financial Services mayrequest and the Card Issuer and Check Providermay provide UBS Financial Services with copiesof checks and/or Card and bill payment draftsprocessed from your RMA or Business ServicesAccount BSA.

RMA, Business Services Account BSA, ERISAPlan, Individual Retirement Account, andCoverdell Education Savings Account FeesYou will pay UBS Financial Services the APPLIC-ABLE RMA/Business Services Account BSAannual service fee as set forth in the “SelectedFees and Charges” outlined in the Account Infor-mation Booklet. YOU ACKNOWLEDGE THATYOU HAVE READ AND UNDERSTAND THEACCOUNT INFORMATION BOOKLET, INCLUDINGBUT NOT LIMITED TO THE SECTION TITLED“SELECTED FEES AND CHARGES”. The annualservice fee and any other fees are subject tochange by UBS Financial Services at any time.You will also pay UBS Financial Services bro-kerage fees for all securities transactions effectedin a brokerage account. If this is a Custodialaccount and you do not select any RMA featuresthe RMA annual service fee is waived. If the Cus-todial account has any of the RMA features theRMA annual service fee as set forth in the“Selected Fees and Charges” outlined in theAccount Information Booklet will apply. Theannual service fee and any other fees are subjectto change by UBS Financial Services at any time.


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You will pay the Check Provider and/or UBSFinancial Services customary fees for speciallyimprinted checks, stop payment orders, copiesof checks more than one month old, checksreturned for insufficient funds. You authorizeUBS Financial Services to charge the annualservice fee and to charge your RMA or BusinessServices Account BSA for all other fees you owe.

UBS Financial Services reserves the right to beginto impose charges for utilization of RMA orBusiness Services Account BSA features beyondthe annual fee at any future date.

PaymentsYou authorize UBS Financial Services to pay fromthe Withdrawal Limit in your RMA or UBS Finan-cial Services BSA all debts incurred by you to UBSFinancial Services, the Card Issuer or the CheckProvider in connection with RMA or UBS Finan-cial Services BSA services as set forth in the“Payments” section of the Account Informationbooklet. Debts include, but are not limited to,the amounts you owe to UBS Financial Servicesfor securities purchases, RMA or UBS FinancialServices BSA Account fees, drafts, fees for fed-eral fund wires, customary transactional andbrokerage fees as well as interest you may oweUBS Financial Services as a result of margin callsand/or loans in any of your accounts with UBSFinancial Services. Debts also include any Cardtransactions, Bill Payment service transactiondebits, Electronic Funds Transfers, drafts orcheck charges, or any other means by which youauthorize a third party to debit any of youraccounts with UBS Financial Services (in the caseof the Card Issuer or Check Provider limited,however, to the amount of the WithdrawalLimit). This is in addition to, and not in any waylimiting, any other rights UBS Financial Servicesmay have, including without limitation, underthe heading “Security Interest” of the GeneralTerms and Conditions hereof.

MARGIN AGREEMENTAuthorizationYou will automatically be considered for marginunless you have indicated on the Applicationthat you do not wish to be considered formargin or you have requested the opening of anAccount for which UBS Financial Services Inc.,which provides margin services for UBS FinancialServices clients, does not extend margin (e.g., anIndividual Retirement Account, ERISA Plan,Coverdell Education Savings Account, 403(b)(7)Account, UGMA, UTMA, Estate or 529 PlanAccount). For Managed Account programs,margin is not permitted unless expresslyapproved by UBS Financial Services. If you areadding services to an existing Account that hasmargin, the margin feature will automaticallyapply to your upgraded Account. You acknowl-edge that UBS Financial Services will receiveincreased compensation in connection with theAccount from your use of margin borrowing. Inreturn for UBS Financial Services’ extension ormaintenance of credit in connection with thisAccount, You acknowledge that UBS FinancialServices and its successors and assignees areauthorized in the usual course of business tolend, relend, hypothecate, pledge or repledgeseparately or together with property of others,either to UBS Financial Services or to others, any

Property which UBS Financial Services may carryfor you on margin or until such time as paymentis received for any such Property. Due to industryregulations, in certain circumstances, such loansmay limit, in whole or in part, your ability toexercise voting rights of the securities lent. UBSFinancial Services will determine which of yourvoting rights are limited via an impartial lotteryallocation system. Therefore, in some cases, youmay receive proxy materials indicating votingrights for a fewer number of shares than areheld in your Account, or you may not receiveany proxy materials. You agree to participate inthe lottery allocation system and to be bound byits results. In connection with such loans and inconnection with securities loans made to you inconnection with short sales, UBS Financial Ser-vices is authorized to receive and retain certainbenefits (including, but not limited to, intereston collateral posted for such loans) to whichyou will not be entitled. Your authorization of amargin feature shall remain in full force untilUBS Financial Services receives written notice ofrevocation.

Margin RequirementsYou agree to maintain in the Account such posi-tions and margin as required by all applicablestatutes, rules, regulations, procedures and cus-toms or as UBS Financial Services deemsnecessary or advisable, and where applicable, tosatisfy any and all margin calls issued in connec-tion with the Account.

RiskYou understand that there are substantial risksinvolved in trading securities on margin, espe-cially in periods of market volatility. When youbuy on margin, losses can increase significantlyjust as gains can increase. A decline in the valueof the securities securing your margin loan mayrequire you to deposit additional funds into theAccount. Unlike a cash trade, when a trade isdone on margin, losses can exceed the amountof capital you committed to the trade. If you failto promptly meet a margin call, and under cer-tain other circumstances, UBS Financial Servicescan, among other things, force the sale of secu-rities in the Account without notifying you, andyou may have to sell the securities at unfavor-able prices. For small transactions, the costsinvolved in utilizing margin may outweigh anybenefit to you. Please review carefully the dis-closure document entitled “Loan DisclosureStatement—Risk Factors You Should ConsiderBefore Using Margin or Other Loans Secured byYour Securities Accounts” included with theApplication for a detailed discussion of the risksinvolved with the use of margin.

Liquidation and Covering PositionsUBS Financial Services shall have the right, at anytime and without prior notice, to satisfy amargin call or to obtain full payment of themargin loan, all without demand for margin oradditional margin, other notice of sale or pur-chase, or other notice of advertisement. Tosatisfy a margin call or to obtain full payment ofthe margin loan, UBS Financial Services shallhave the right in accordance with UBS FinancialServices’ general policies regarding UBS FinancialServices’ margin maintenance requirementsthen in existence (or, if in its discretion UBS

Financial Services considers it necessary for youror UBS Financial Services’ protection; or, in theevent of a petition in bankruptcy, or for theappointment of a receiver, is filed by or againstyou, or an attachment is levied against anyaccount with UBS Financial Services or in theevent of your death or dissolution) to (i) requireadditional collateral, (ii) sell any or all Property inany of your accounts with UBS Financial Ser-vices, whether carried individually or jointly withothers, (iii) buy any or all Property which may beheld short in the Account, (iv) cancel any openorders and close any or all outstanding contractsor (v) liquidate any of your accounts with UBSFinancial Services. Any such sales or purchasesmay be made at UBS Financial Services’ discre-tion on any exchange or other market wheresuch business is usually transacted, or at publicauction or private sale, and UBS Financial Ser-vices may be the purchaser for UBS FinancialServices’ own account. UBS Financial Servicesshall not be responsible for losses incurred byyou if UBS Financial Services sells your Propertyor positions, irrespective of whether or not UBSFinancial Services notifies you of a margin callgiving rise to such sale. UBS Financial Servicesmay at any time, and in its sole discretion, sub-ject to applicable rules and regulations, amendthe requirements applicable to your marginaccount, including changing the level of creditavailable to you and applicable maintenancerequirements. It is understood that a priordemand, or call, or prior notice of the time andplace of such sale or purchase shall not be con-sidered a waiver of UBS Financial Services’ rightto sell or buy without demand or notice asherein provided. In addition, as set forth in “Liq-uidation of Collateral or Account” below, UBSFinancial Services may satisfy any and allamounts that you owe in connection with theAccount from any or all Property held in theAccount or in any other account you may havewith UBS Financial Services.

AGREEMENT FOR JOINT ACCOUNTS The form of ownership selected for yourAccount may have significant legal conse-quences. Any references to a particular form ofjoint ownership contained in the Application orother Account documentation are for conven-ience only and you should not rely on thereference as meaning such form of ownership isrecognized in a particular state or otherwiseappropriate for you.

If you need information about what form ofownership is appropriate for you, you shouldconsult your tax or legal advisor. UBS FinancialServices and its employees do not give tax orlegal advice. If the Application includes an elec-tion for a Joint Account, you request andinstruct UBS Financial Services to open anaccount (the “Joint Account”) on UBS FinancialServices’ books for the purchase and sale ofstocks, bonds, options and other securities, evi-dences of indebtedness and commodities. Youagree that any and all controversies which mayarise between you and UBS Financial Services aresubject to the arbitration and governing lawclauses contained herein. See “Applicable Law”and “Arbitration” below.


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Any individual who is a Joint Account Holder hasfull power and authority to make purchases andsales, including short sales (if you have author-ized margin), to withdraw any and all Propertyfrom, or to do anything else in reference to theJoint Account, either individually or in your jointnames, and UBS Financial Services, the CardIssuer and the Check Provider are authorizedand directed to act upon instructions receivedfrom any individual Account Holder and toaccept payment and securities from any indi-vidual Account Holder for the credit of the JointAccount. In consideration of UBS Financial Ser-vices carrying a Joint Account on margin orotherwise, you each agree to be jointly and sev-erally liable for the Joint Account and inconnection with any transaction in the JointAccount and to pay on demand any debit bal-ance or losses at any time due in the JointAccount. Any and all notices, communications,or any demands for margin calls sent to any indi-vidual Account Holder shall be binding upon all,and may be given by mail or other means ofcommunication. UBS Financial Services, in itssole discretion, may at any time demand pay-ment on any debit balance or losses, irrespectiveof when due, in the Joint Account, suspend allactivity in the Joint Account pending instructionsfrom a court of competent jurisdiction or requirethat instructions pertaining to the Joint Accountor the property therein be in writing signed byboth or all Account Holders. The individualauthority of each individual Account Holder toact in connection with the Joint Account shallcontinue until a reasonable time after UBSFinancial Services receives written notice fromany individual Account Holder closing the JointAccount.

Each Account Holder agrees to indemnify andhold UBS Financial Services, the Primary SweepOption, or Other Sweep Options or the RMAMoney Market Portfolio, as applicable, and theCard Issuer and Check Provider harmless fromand against any losses, causes of action, dam-ages and expenses arising from or as a result ofUBS Financial Services or the Card Issuer orCheck Provider following the instructions of anyof the Account Holders.

GENERAL TERMS AND CONDITIONSClient RepresentationThe individual(s) signing the Application repre-sent(s) to have reached the age of majorityaccording to the laws of the state of your resi-dence and according to the laws of the State ofNew York or if the individual(s) is signing onbehalf of an organization, he/she/it has theauthority to execute this Agreement. You repre-sent that it is duly authorized to conductbusiness in the jurisdiction from which it trans-acts business. You agree to abide by UBSFinancial Services’ policies, and the Rules andRegulations as set forth below. You will notifyUBS Financial Services promptly if you are orbecome employed by any of the following: anyexchange or any corporation of which anyexchange owns a majority of the capital stock;any member or firm registered on any exchange;any bank, trust company, insurance company; orany company or individual dealing, either asbroker or principal, in stocks, bonds or any othersecurities, commodities, commercial paper orother financial instruments or assets. Except as

provided for, or disclosed, in this Agreement, noone other than you has or will have an interestin the Account unless and until UBS FinancialServices is notified in writing by you, and undersuch circumstances until UBS Financial ServicesInc., UBS Financial Services’ clearing firm, agreesto continue to carry the Account. You under-stand that UBS Financial Services is prohibitedunder the National Association of SecuritiesDealers (NASD) Free Riding and WithholdingInterpretation from selling securities in certainpublic offerings to persons restricted by suchrules. Unless you have so described on the Appli-cation, you are not presently so restricted, and ifyou are or become so restricted, you agree tonotify UBS Financial Services promptly. You (orwhere you are not a natural person, each of theindividual(s) signing the Application) representthat he, she or it has and will have all necessarylicenses, authorizations, consents, approvals(and if you are not an individual, powers in itsauthorization papers) to enable you to effect alltransactions in investments under the Terms andConditions of this Agreement. The individual(s)signing the Application further represents andwarrants that if you are a corporation, limited lia-bility company, partnership, sole proprietorship,foundation/charitable organization, ERISA Plan,custodian, conservator, guardian, executor ortrustee, each of such individuals or entitiessigning on behalf of you have the authority toopen this Account on your behalf and to conducttransactions on your behalf, including withoutlimitation, transactions involving the remittanceor withdrawal of cash or other Property to orfrom an account and transfers/distributions fromthe Account by check, automatic fund transfer,debit card (if used) or otherwise to such individ-uals or entities and others.

Subject to any applicable financial privacy lawsand regulations, you understand and agree thatdata regarding you and the Account may beshared with UBS Financial Services’ affiliates.Further, subject to any applicable financial pri-vacy laws and regulations, you request that UBSFinancial Services share such personal financialdata with the Card Issuer and Check Providerand other non-affiliates of UBS Financial Servicesas is necessary or advisable to effect, administeror enforce, or to service, process or maintain, alltransactions and accounts contemplated by thisAgreement. To help the government fight thefunding of terrorism and money launderingactivities, Federal law requires all financial insti-tutions to obtain, verify, and record informationand/or documentation that identifies eachperson who opens an account. What thismeans for you: When you open an account, wewill ask for your name, address, date of birthand other information that will allow us to iden-tify you. We may also ask to see your driver’slicense or other identifying documents. We mayalso screen your name against various databasesto verify your identity. In the event that UBSFinancial Services is unable to verify your iden-tity, UBS Financial Services shall have the right, atany time and without prior notice, to (i) sell anyor all Property in any of your accounts with UBSFinancial Services, whether carried individually orjointly with others, (ii) buy any or all Propertywhich may be held short in your account, (iii)cancel any open orders and close any or all out-standing contracts, (iv) liquidate any of your

accounts with UBS Financial Services, or (v) dis-tribute the assets in your Account to you. UBSFinancial Services shall not be responsible forlosses you incur if UBS Financial Services sellsyour Property or positions, nor for taxable con-sequences of liquidating assets and/ordistributing them to you.

You authorize UBS Financial Services to obtain acredit report or other credit references con-cerning you (including, without limitation,making verbal or written inquiries concerningyour credit history) or to otherwise verify orupdate credit information given to UBS FinancialServices at any time. You authorize the releaseof this credit report or other credit informationto the Card Issuer and Check Provider or to UBSFinancial Services affiliates as it deems necessaryor advisable to effect, administer or enforce, orto service, process or maintain all transactionsand accounts contemplated by this Agreement,and for the purpose of offering additional prod-ucts, from time to time, to you. You authorizeUBS Financial Services to exchange your infor-mation with any party it reasonably believes isconducting a legitimate credit inquiry in accor-dance with the Fair Credit Reporting Act. UBSFinancial Services may also share credit or othertransactional experience with your designatedUBS Financial Services Financial Advisor or otherparties designated by you.

Rules and RegulationsAll transactions in the Account shall be subjectto the constitution, rules, regulations andcustom and usage of the exchange or marketand its clearing agency, if any, on which suchtransactions are executed by UBS Financial Ser-vices or UBS Financial Services’ agents, includingUBS Financial Services Inc. and other subsidiariesand affiliates. Such transactions are also subject,where applicable, to the provisions, rules andregulations of the Securities and Exchange Com-mission, the Commodity Futures TradingCommission, and the Board of Governors of theFederal Reserve System in existence at this timeand as later amended and supplemented. Clientacknowledges that UBS Financial Services is sub-ject to examination by various federal, state andself-regulatory organizations and that books andrecords maintained by UBS Financial Services aresubject to inspection and subpoena by theseregulators and by federal, state, and local lawenforcement officials. You also acknowledgethat such regulators and officials may, pursuantto treaty or other arrangements, in turn disclosesuch information to the officials or regulators ofother countries, and that U.S. courts may berequired to compel UBS Financial Services to dis-close such information to the officials orregulators of other countries. You agree thatUBS Financial Services may disclose to such reg-ulators and officials information about yourtransactions in the Account without notice toClient. In addition, UBS Financial Services may inthe context of a private dispute be required bysubpoena or other judicial process to discloseinformation or produce documentation relatedto you, the Account or other accounts at UBSFinancial Services. You acknowledge and agreethat UBS Financial Services reserves the right, inits sole discretion, to respond to subpoenas andjudicial process as it deems appropriate.


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Anti-Money LaunderingUBS Financial Services is firmly committed tocompliance with all applicable laws, rules andregulations, including those related to com-bating money laundering. You understand andagree that you must take all necessary steps tocomply with the anti-money laundering laws,rules and regulations of your country of origin,country of residence and the situs of your trans-action.

LiabilityYou acknowledge and agree that you will bepersonally liable for any fees or other obligationsaccruing to UBS Financial Services under thisAgreement and you (including each joint accountholder) hereby agree to indemnify UBS FinancialServices, the Other Sweep Options or the Fundsas applicable, and the Card Issuer and the CheckProvider against any losses arising from (a) anyand all Account transactions effected or incurredby any person authorized to effect such transac-tions, including without limitation redemption ofany shares of Funds, Other Sweep Options andany other money market fund and similar fundshares, deposits and withdrawals of funds fromthe Primary Sweep Option, use of the checkwriting privilege (including unsigned drafts pre-sented by third parties), security transactions,Card transactions, Bill Payment Services and Elec-tronic Funds Transfer Service transactions and (b)any debits, charges, fees or other obligations inthe Account.

You shall at all times be liable for the payment ofany amounts advanced, any debit balances orother obligations owing in the Account and youshall be liable to UBS Financial Services for anydeficiency remaining in the Account in the eventof liquidation thereof, in whole or in part, byeither you or UBS Financial Services. Addition-ally, you agree to be liable to UBS FinancialServices for any accrued interest on any suchamounts at UBS Financial Services’ then cus-tomary rate, if applicable, or otherwise themaximum rate allowable by law. You furtheragree to indemnify UBS Financial Servicesagainst any loss, cost, expense, liability or dam-ages arising out of your obligations hereunder.You will be liable for the reasonable costs andexpenses of collection (including attorney’s fees),for any unpaid losses, fees or other amountsowed by you to UBS Financial Services or againstwhich you have indemnified UBS FinancialServices under the preceding sentence. You shallbe liable for any and all losses, claims, damages,penalties, fines, settlements, costs, causes ofaction, debts, dues, sums of money, accounts,accountings, reckonings, acts, omissions,demands, obligations, actions, suits, proceed-ings, judgments, liabilities and expenses(including without limitation all expenses of liti-gation or preparation therefor, whether or notUBS Financial Services is a party thereto) whichUBS Financial Services may pay or incur arisingout of any claims by any person or entity in anyway relating to this Account. Neither UBS Finan-cial Services nor its officers, directors, employeesor agents shall under any circumstances or forany reason have any liability to you for any con-sequential damages arising out of thisAgreement and/or any services provided pur-suant to this Agreement. You (and, in the caseof a Joint Account, each individual Account

Holder) agree that, in the event of the death ofany Account Holder, the survivor(s) or the estateshall immediately give UBS Financial Serviceswritten notice thereof, and UBS Financial Ser-vices may, before or after receiving such notice,take such actions, require such papers, inheri-tance or estate tax waivers or federal transfercertificates, retain such portion of the Accountor any other account you may have with UBSFinancial Services and restrict transactions in theAccount as UBS Financial Services may deemadvisable to protect UBS Financial Servicesagainst any tax, liability, penalty or loss underany present or future laws or otherwise. Yourestate and the Account shall be jointly liable forall costs (including reasonable attorney’s feesand costs) UBS Financial Services and/or theCard Issuer and the Check Provider may incur inconnection with the disposition of the Accountand related assets and liabilities in the event ofyour death, disability or dissolution.

UBS Financial Services and/or the Card Issuerand the Check Provider shall be entitled torecover from a Joint Account or from anyAccount Holder prior to any distribution of Prop-erty such costs as it may incur, includingreasonable attorney’s fees, as a result of any dis-pute between the Account Holders relating to orarising from a Joint Account or occasioned bythe death of one or more Account Holdersholding a Joint Account.

The estate of any Account Holder holding a JointAccount who shall have died shall be liable andthe survivor shall continue to be liable, jointly andseverally, to UBS Financial Services and/or theCard Issuer and/or the Check Provider for any netdebit balance or loss in the Joint Account in anyway resulting from the completion of the trans-actions initiated prior to receipt, by UBS FinancialServices, of the written notice of the death of thedecedent, or incurred in the liquidation of theJoint Account or the adjustment of the interestsof the respective parties. The estate of the dece-dent and the survivor shall hereby jointly andseverally agree to fully indemnify and hold harm-less UBS Financial Services and the Card Issuerand the Check Provider from any liability for anytaxes which may be owed in connection there-with or any claims by third parties.

If the Account is maintained with rights of sur-vivorship, in the event of the death of either orany Account Holder, all assets in the Accountshall pass to and be vested in the survivor(s) onthe same terms and conditions as previouslyheld, without in any manner releasing the dece-dent’s estate from the liabilities herein.

Security InterestAs security for the payment of all liabilities orindebtedness presently outstanding or to beincurred under this or any other agreementbetween UBS Financial Services and you, yougrant UBS Financial Services a security interest inany and all Property belonging to you or inwhich you may have any legal, equitable orother interest held by UBS Financial Services orcarried in any of your accounts with UBS Finan-cial Services. All Property shall be subject to suchsecurity interest as collateral for the discharge ofyour obligations to UBS Financial Services, wher-ever or however arising and without regard to

whether or not UBS Financial Services madeloans with respect to such Property. In enforcingUBS Financial Services’ security interest, UBSFinancial Services shall have the discretion todetermine the amount, order and manner ofProperty to be sold and shall have all the rightsand remedies available to a secured party underthe UCC. Without UBS Financial Services’ priorwritten consent, you will not cause or allow anyof the Property held in any of your accounts withUBS Financial Services, whether now owned orhereafter acquired, to be or become subject toany liens, security interests, mortgages orencumbrances of any nature other than UBSFinancial Services’ security interest therein.

Liquidation of Collateral or Account UBS Financial Services may satisfy any and allamounts that you owe UBS Financial Services inconnection with the Account from Property heldby UBS Financial Services or carried in any ofyour accounts with UBS Financial Services. Addi-tionally, UBS Financial Services may sell any or allProperty held in any of your accounts with UBSFinancial Services and cancel any open orders forthe purchase or sale of any Property withoutnotice in the event of your death or dissolutionor whenever in UBS Financial Services’ discretionUBS Financial Services considers it necessary forits protection. In such events UBS Financial Ser-vices also may borrow or buy-in all Property heldin any of your accounts with UBS Financial Ser-vices required to make delivery against any saleeffected for you. Such sale or purchase may bepublic or private and may be made withoutadvertising or notice to you and in such amanner as UBS Financial Services may in its dis-cretion determine. No demands, calls, tenders ornotices by UBS Financial Services shall invalidatethis waiver by you. At any such sale UBS Finan-cial Services may purchase the Property free ofany right of redemption and you shall be liablefor any remaining deficiency in any of youraccounts with UBS Financial Services, plus anyaccrued interest on such deficiency at UBSFinancial Services’ then customary rate, if appli-cable, or, if not applicable, the maximum rateallowable by law. UBS Financial Services shall notbe liable to you in any way for any adverse taxconsequences resulting from a liquidation ofappreciated collateral.

Orders, Executions, Deliveries, Settlementsand Oral AuthorizationsAny order which you give shall be binding uponyou, and your personal representative(s) orauthorized agents until UBS Financial Servicesreceives notice of your death, in the case of anindividual, or dissolution, in the case of an entity.Such death or dissolution and notice will notaffect UBS Financial Services’ right to take anyaction which UBS could have taken if you hadnot died or been dissolved. You agree that UBSFinancial Services shall incur no liability in actingupon oral instructions given to UBS FinancialServices by you or your authorized agent con-cerning the Account. In giving orders to sell,you will inform UBS Financial Services whichsales are “short” sales and which are “long”sales. A “short” sale means any sale of a secu-rity not owned by the seller or any sale that isconsummated by delivery of a borrowed secu-rity. The designation of a sale order as “long” isyour representation that you own the security,


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and if the security is not in UBS Financial Ser-vices’ possession at the time of the contract forsale, you agree to deliver it to UBS Financial Ser-vices by the settlement date. In case ofnon-delivery of a security, UBS Financial Servicesis authorized to purchase the security to coveryour position and charge any loss, commissionsand fees to the Account. You agree that if UBSFinancial Services fails to receive payment forsecurities purchased by you, UBS Financial Ser-vices may, without prior demand or notice, sellsecurities or other Property held by UBS FinancialServices in any of your accounts with UBS Finan-cial Services and any resulting loss may becharged to the Account. You understand andacknowledge that securities can be traded inmore than one marketplace. Unless you directthat an order to purchase or sell securities beexecuted on a specified exchange or market andUBS Financial Services agrees to such execution,UBS Financial Services will, in its sole discretion,subject to applicable regulatory requirementsand without prior notification to you, executethe order on the over-the-counter market in anylocation or on any exchange, including a foreignexchange where such security is traded, eitheron a principal or agency basis.

UBS Financial Services may execute tradesthrough an electronic communication network,alternative trading system, or similar executionsystem or trading venue and you authorize theexecution of trades in this manner. You alsoacknowledge that UBS Financial Services or oneor more of its affiliates may have an ownershipinterest in one or more of such systems orvenues, and you specifically authorize UBSFinancial Services to execute trades through anysuch system or venue notwithstanding suchownership interest.

Principal Transactions; Client/FirmRelationshipYou understand that UBS Financial Services Inc.may execute securities transactions in theAccount acting as principal and expressly directsUBS Financial Services Inc. to enter into suchprincipal transaction in any case where UBSFinancial Services Inc. would execute such trans-actions as principal in the ordinary course of itsbusiness. Unless otherwise agreed to in writing,(1) you agree that UBS Financial Services Inc.shall have no authority or responsibility to act asa “fiduciary” as such term is defined in Section3(21) of ERISA or Section 4975(e)(3) of theInternal Revenue Code, or to act as an “invest-ment adviser” as such term is defined in Section1.1 of the Investment Advisers Act of 1940, and(2) you shall make your own independent deci-sions regarding investments in the Account.

For ERISA Plans, Trusts and CustodialAccountsIf you are acting as executor, trustee, conser-vator, guardian or custodian, you understandthat you are a fiduciary on behalf of the benefi-cial owners of the Account and that you have afiduciary duty to use the services and featuresprovided through the Account for the benefit ofthe beneficial owners of the Account and notfor your own benefit. You acknowledge thatyou have made an independent determinationthat Account activity is suitable and appropriate

for the beneficial owners of such Account andthat the compensation to be received by UBSFinancial Services in connection with theAccount is reasonable. You understand andagree that this determination is solely yourresponsibility and not UBS Financial Services’.

Non-disclosure of Confidential and Material, Non-public InformationUBS Financial Services provides a variety of serv-ices to its customers. In connection withproviding these services, employees of UBSFinancial Services may from time to time comeinto possession of confidential and material,non-public information. Under applicable law,employees of UBS Financial Services are prohib-ited from improperly disclosing or using suchinformation for their personal benefit or for thebenefit of any other person, regardless ofwhether such other person is a customer of UBSFinancial Services. UBS Financial Services main-tains and enforces written policies andprocedures that (1) prohibit the communicationof such information to persons who do not havea legitimate need to know and (2) assure thatUBS Financial Services meets its obligations tocustomers and otherwise remains in compliancewith applicable law. You understand and agreethat these policies and procedures are necessaryand appropriate and recognizes that, in certaincircumstances, employees of UBS Financial Ser-vices will have knowledge of certain confidentialand material, non-public information which, ifdisclosed, might affect your decision to buy, sellor hold a security, but that they shall be prohib-ited from communicating such information toyou. You also understand and agree that UBSFinancial Services shall have no responsibility orliability to you for failing to disclose such infor-mation to you as a result of following its policiesand procedures designed to provide reasonableassurances that it is complying with the law.

Non-U.S. Securities If the Account contains securities issued by anon-U.S. issuer, you acknowledge, to the extentUBS Financial Services Inc. is acting solely as acustodian with respect to such securities, thatabsent arrangements by either the issuer or youwith UBS Financial Services to the contraryregarding distribution of issuer communications,UBS Financial Services Inc. will not be obligatedto distribute issuer communications to you.

Restrictions on TradingYou understand that UBS Financial Services may,in its sole discretion, with or without priornotice, prohibit or restrict trading of securities orsubstitution of securities in the Account andrefuse to enter into any transactions with you.

Deposits of FundsAll checks for deposit to the Account should bemade payable to, or be endorsed to, UBS Finan-cial Services Inc or to UBS Financial Services Inc.for the benefit of [Your Name] and/or [Title ofAccount].

Electronic Transfer of Funds When giving UBS Financial Services instructionsto accept or transfer funds electronically to orfrom the Account to any bank or other entity,you agree to provide UBS Financial Services with

an accurate name and account number desig-nating the account to receive such funds. Youacknowledge that neither UBS Financial Servicesnor the bank or other receiving or transmittingentity is under any obligation to verify the iden-tity of the beneficiary of the funds transfer andmay rely exclusively upon the name or accountnumber provided by you. You agree to indem-nify and hold UBS Financial Services harmlessfrom and against any and all cost, expense,claims or liabilities arising from the provision byyou of an inaccurate name or account number.When accepting or transferring funds, neitherUBS Financial Services nor the bank or otherreceiving or transmitting entity is under any obli-gation to determine whether the name andnumber provided by the Client refer to the sameperson or entity.

Transfer of Excess Funds; Exchange RateFluctuationsUBS Financial Services may transfer excess fundsbetween any of your accounts (including theAccount) with UBS Financial Services (includingcommodity accounts) for any reason not in con-flict with the Commodity Exchange Act or anyother applicable law. If UBS Financial Serviceseffects any transactions for you requiring a for-eign currency, any profit or loss as a result of afluctuation in the applicable exchange rate willbe charged or credited to the Account.

Principal, Interest and Dividend PaymentsWith respect to principal and interest paymentson debt instruments, UBS Financial Services maycredit the Account with principal and interestdue on the payment dates and UBS FinancialServices will be entitled to recover any such pay-ments from you if the same are not actuallyreceived by UBS Financial Services from thetrustee or paying agent. You acknowledge thatinterest will not be paid to you on credit bal-ances in the Account unless specifically agreedto by UBS Financial Services in writing. UBSFinancial Services is not required to remit interestor dividends to Client on a daily basis.

Fees and ChargesYou understand that UBS Financial Services Inc.may impose various service charges and otherfees relating to the Account (see “Selected Feesand Charges” in the Disclosure Documents) aswell as charge commissions and/or other feesand charges for execution of transactions topurchase and sell securities, options or otherProperty, which amounts may include, but notbe limited to, transaction fees (rounded to thenearest penny on each sale transaction); sub-scription fees for U.S. Government andGovernment agency issues; security transferfees; insurance premiums, and other chargesassociated with the handling and transfer ofsecurities, funds and assets. You agree to paysuch charges, commissions and/or fees at UBSFinancial Services Inc.’s then prevailing rates. Youalso understand that such charges, commissionsand/or fees may be imposed or changed fromtime to time without notice to you, unlessrequired by rules or regulations, and you agreeto be bound thereby.

Unless the Account is for an Individual Retire-ment Account, ERISA Plan, 403(b)(7) Account,


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or Coverdell Education Savings Account thatUBS Financial Services Inc. has investment dis-cretion over or has agreed in writing to act as a“fiduciary” (as defined in Section 3(21) of ERISAor Section 4975(e)(3) of the Internal RevenueCode) to, UBS Financial Services will earnincome (at prevailing market rates on overnightinvestments) on deposits and credits to theAccount, until the cash balances are invested orswept into the Deposit Account Sweep Program,a money fund or Other Sweep Option. Oncecash balances are credited to the Account theyare generally invested in the applicable sweepoption on the next business day pursuant to thepolicies contained in the Account InformationBooklet (subject to any investment minimumsfor the sweep option, as provided in the appli-cable prospectus). You agree that the amountof income shall be part of UBS Financial ServicesInc. compensation for services rendered withrespect to the Account, which shall be separatefrom and in addition to compensation describedin the applicable fee schedule for the Accountand that the amount of such compensation,together with all compensation received by UBSFinancial Services, is reasonable. You may besubject to an account transfer fee if you instructUBS Financial Services Inc. to transfer theAccount. In addition, you will be charged anadministrative fee for the Account if it producesrevenues below a minimum threshold amountfor the 12-month period ending each November30. If this is an Individual Retirement Account,you may be subject to an account transfer fee ifyou instruct UBS Financial Services Inc. totransfer the Account. You agree to pay a latecharge, to the extent permitted by law, if youpurchase securities on a cash basis and fail topay for such securities by the settlement date.Any late charge UBS Financial Services Inc. mayimpose will be at the maximum rate of interestset forth in UBS Financial Services Inc.’s then cur-rent “Statement of Credit Practices” (which isfound in the Disclosure Documents), if appli-cable, or otherwise at the maximum ratepermissible by law, and may be charged fromthe settlement date to the date of payment,without regard to UBS Financial Services Inc.’srights to sell the securities in accordance withthis Agreement and applicable laws, rules andregulations. You may obtain UBS Financial Ser-vices Inc.’s then current fees and charges bycontacting your Financial Advisor or the localbranch office.

Interest ChargesAll amounts advanced and other balances dueshall be charged interest in accordance with UBSFinancial Services’ usual custom, which mayinclude the compounding of interest, includingany increases in rates which reflect adjustmentsin, as applicable, UBS Financial Services’ BaseLoan Rate (as such term is defined in the State-ment of Credit Practices) or other reference rate(i.e., LIBOR Rate or Prime Rate) referred to in theapplicable Statement of Credit Practices andsuch other charges as UBS Financial Servicesmay make to cover UBS Financial Services’ facil-ities and extra services.

Impartial Lottery Allocation System; Call FeaturesWhen UBS Financial Services holds bonds or pre-

ferred stocks on your behalf in UBS FinancialServices’ (street) name or in bearer form whichare callable in part, you agree to participate inthe impartial lottery allocation system of thecalled securities in accordance with the provi-sions of the New York Stock Exchange, Inc.rules. Further, you understand that when the callis favorable, no allocation will be made to anyaccount in which UBS Financial Services, its offi-cers, or employees have a beneficial interestuntil all of your other positions in such securitiesare satisfied on an impartial lottery basis. Youunderstand that UBS Financial Services may notreceive timely notice of calls and may berequired to allocate called securities on an “asof” basis. In those cases, you agree to partici-pate in the lottery allocation system and to bebound by its results. For debt securities, call orother redemption features, in addition to thosedisclosed on the trade confirmation, may exist.Debt securities subject to call or redemption fea-tures, such as sinking funds, may be redeemedin whole or in part before maturity, or before thefirst scheduled call dates. The existence ofsinking funds, or other special mandatoryredemption features, may not be disclosed on atrade confirmation. It is your obligation toreview all prospectuses and offering statementsyou may receive, and to understand the risks ofextraordinary calls or early redemptions, whichmay affect yield. Issuers may from time to timepublish notices of offers to redeem debt securi-ties within limited time, price and tenderparameters. You understand and agree that UBSFinancial Services is not obligated to notify youof such published calls, nor will UBS FinancialServices tender any securities on your behalfwhen you have failed to request the tender in atimely manner.

Additional Compensation

Revenue Sharing Compensation. In additionto the sales loads and 12b-1 fees, and pro-cessing fees, UBS Financial Services Inc. receivesrevenue sharing payments from many of the dis-tributors and/or advisors of the mutual fundsthat we sell. These amounts are based on twocomponents (i) the amount of sales by UBSFinancial Services Inc. of the mutual funds of aparticular fund family, and (ii) the amount ofmutual fund assets of that particular fund familyheld by UBS Financial Services Inc. clients. Thesepayments are made in exchange for, and repre-sent the value to those mutual fund companiesof, being able to distribute their mutual fundsthrough our network of Financial Advisors andtheir clients. We require that these payments bemade directly by the distributor or advisor to usand do not permit payments to be made by useof mutual fund portfolio trading commissions,because revenue sharing payments are intendedto compensate us for ancillary services in con-nection with effecting sales of mutual fundshares. We receive payments of this kind frommany of the approximately 150 mutual fund dis-tributors and/or advisors whose mutual fundsare made available to our clients. Generally, UBSdoes not rebate any of these amounts to you orpay them to the Financial Advisor or his or herbranch office.

Please see our public website atwww.ubs.com/mutualfundrevenuesharingfor a current description of our revenuesharing compensation.

We receive payments of this kind from many ofthe approximately 150 different mutual funddistributors and/or advisors whose mutual fundsare made available to our clients. Revenuesharing payments are intended to compensateUBS Financial Services Inc. for ancillary servicesin connection with effecting purchases of sharesof the funds. These payments are made inexchange for, and represent the value to thosemutual fund companies of, being able to dis-tribute their mutual funds through our networkof Financial Advisors and their clients.

Based on our reviews and evaluations of themutual fund companies, we divide the universeof fund companies whose funds we offer intotwo categories: (i) fund companies with branchaccess (“Tier I” fund companies); and (ii) fundcompanies without branch access (“Tier II” fundcompanies). Representatives of Tier I fund com-panies are provided, subject to Branch OfficeManager discretion, greater access to our branchoffices and Financial Advisors for training, mar-keting and other promotional activities. As ageneral rule, such in-person branch access andmarketing support is not provided to Tier II fundcompanies. Branch access and other corporatesupport provides enhanced opportunities for themutual fund companies to promote their mutualfunds to our Financial Advisors, which couldcause our Financial Advisor to focus on, and rec-ommend to clients, mutual funds from Tier Ifund companies in the normal course of theirbusiness. Tier I fund companies representedapproximately 80% of our total mutual fundsales in 2004. A list of our Tier I mutual fundcompanies is available on our public website atwww.ubs.com/mutualfundrevenuesharing.

Many mutual funds companies in both Tier I andTier II pay revenue sharing to us. While the pay-ment of revenue sharing is a factor indetermining whether a fund company is placedin Tier I or Tier II, such payment is never the soledeterminant in these decisions. UBS FinancialServices Inc. determines the level of access toour branches based on our own review and eval-uation of mutual funds and fund families.

Although we seek to apply a level, standard pay-ment schedule for all of the mutual fundcompanies whose funds we sell, we recognizethat mutual fund companies approach revenuesharing in a variety of ways, and that somemutual fund companies may decline to pay rev-enue sharing exactly at the levels listed above orat all, which may present a financial disincentivefor us to promote the sale of those funds that donot pay us at the levels listed above. Please seewww.ubs.com/mutualfundrevenuesharingfor a detailed description of the revenuesharing compensation.

We also receive networking fees in considera-tion for certain other services we providemutual funds. These fees generally are paid frominvestor assets in mutual funds, but in somecases may be subsidized in part by affiliates of


the mutual funds, and are generally calculatedby applying our standard networking rate of $12to each mutual fund position that exceeds $500and is held at UBS.

Revenue sharing payments may present a con-flict between our interests and the interests ofour customers, because the payments give us afinancial incentive to recommend that our cus-tomers buy and hold shares of those funds thatwe maintain on our distribution platform andfor which we receive revenue sharing payments.Although approximately 2,500 mutual fundsfrom nearly 150 different mutual fund familiesare available through our distribution system,this is only a part of the universe of mutual fundsthat are available to our customers in the mar-ketplace. Certain other mutual may bepurchased by our customers through the Fund-Connect system for a separate charge. Inaddition, because the rate and amount of rev-enue sharing payments that we receive may varyamong the 150 mutual fund families on our dis-tribution platform, we may have a financialdisincentive to promote the sale of those fundsthat do not pay us at those stated rates.

In addition to commissions received in connec-tion with the sale or distribution of annuitycontracts and unit investment trust units to ourclients, we receive revenue sharing compensa-tion from many of the insurance companiesunderwriting the annuity contracts, affiliates ofthe insurance companies or sponsors of the unitinvestment trusts we distribute.

Contributions to Training and EducationExpenses. In addition to the contributions listedabove, from time to time, mutual fund, insur-ance companies, money managers or theiraffiliates (“vendors”) may subsidize a portion ofthe cost of training and achievement seminarswe offer to Financial Advisors through special-ized firm-wide programs and consulting trainingforums.

The subsidies may vary among vendors, and novendor is required to participate in the seminarsor to contribute to the costs of the seminars inorder to have their products available or distrib-uted through our platform. Your Financial Advisordoes not receive a portion of these payments.

Non-Cash Compensation. In addition to therevenue sharing payments describe above, weand our Financial Advisors, may, from time totime, receive non-cash compensation frommutual fund companies, money managers,insurance vendors, and sponsors of products wedistribute in the form of: (i) occasional gifts; (ii)occasional meals, tickets or other entertainment;(iii) sponsorship support of training events forour sales force; and/or (iv) various forms of mar-keting support.

Other Compensation. In addition, our affiliatesreceive trading commissions and other compen-sation from mutual funds and insurancecompanies whose products we distribute.

Disability or IncompetencyThis Agreement shall survive your death, disso-lution, disability or incompetence.

Unforeseeable Events/Force MajeurUBS Financial Services shall not be liable forlosses caused directly or indirectly by governmentrestrictions, exchange controls, exchange ormarket rulings, suspension of trading, war,strikes or other conditions beyond UBS FinancialServices’ control, including but not limited to,extreme market volatility, trading volumes, or thefailure of any processing or trading systemwhether proprietary or non-proprietary in nature.

Successors and AssignsThis Agreement shall be binding upon you andyour personal representatives, heirs, estate,executors, administrators, committee and/orconservators, successors and assigns, and shallinure to the benefit of UBS Financial Servicesand its successors and assigns and each subse-quent holder of this Agreement. You may notassign or transfer any of your rights or obliga-tions under this Agreement without UBSFinancial Services’ prior written consent. UBSFinancial Services may assign this Agreement orany of its rights and powers under this Agree-ment, and, in the event of such assignment, theassignee shall have the same rights and reme-dies as if originally named in this Agreement inUBS Financial Services’ place. From and after thedate of any such assignment, UBS Financial Ser-vices shall have no further liability to you underthe terms of this Agreement.

Sub-BrokersUBS Financial Services may employ sub-brokersand shall be responsible only for reasonable carein their selection. UBS Financial Services maydeal with market makers or members of anyexchange known as specialists or known as odd-lot dealers and in the execution of your ordersthey may act as sub-brokers for you and mayalso buy or sell the Property for themselves asdealers for their own account.

UBS Financial Services Inc. may hold securities asa Securities Intermediary in accordance withindustry custom and practice and employ one ormore Securities Intermediaries, including Securi-ties Intermediaries outside the United States,with respect to any and all Property held for you.

Introduced Accounts If the Account has been introduced to UBS Finan-cial Services Inc. and is carried by UBS FinancialServices Inc. only as a clearing broker, you agreethat UBS Financial Services Inc. is not responsiblefor the conduct of the introducing broker andUBS Financial Services Inc.’s only responsibilitiesto you relate to UBS Financial Services Inc.’s exe-cution, clearing and bookkeeping of transactionsin the Account and to any other services andresponsibilities agreed to in writing by UBS Finan-cial Services Inc. During the term of any clearingagreement between UBS Financial Services Inc.and any introducing broker/dealer that UBSFinancial Services Inc. is providing clearing serv-ices for, UBS Financial Services Inc.’s rights andbenefits under this Agreement shall inure to anysuch introducing broker/dealer.

UBS Financial Services Inc. is authorized toaccept from the introducing broker, without fur-ther inquiry or investigation by UBS FinancialServices Inc., (a) orders for the purchase or sale

in the Account of such securities and other Prop-erty on margin or otherwise, and (b) any otherinstructions from the introducing broker con-cerning the Account. In no event shall UBSFinancial Services Inc. be liable for any acts oromissions of any introducing broker or itsagents, contractors or employees.

Independent ResearchUBS Financial Services offers you access to inde-pendent research on all domestic and selectedinternational stocks covered by UBS Research.The providers of this independent research arechosen by an Independent Consultant, not byUBS Financial Services. You agree that UBSFinancial Services will not be responsible or liablefor (i) the procurement decisions of the Inde-pendent Consultant with respect to theindependent research, (ii) the independentresearch or its content, (iii) customer transac-tions, to the extent based on the independentresearch, or (iv) claims arising from or in connec-tion with the inclusion of independent researchratings in the Firm’s confirmations and periodicaccount statements or on the UBS independentresearch website, to the extent such claims arebased on those ratings. You also agree that UBSFinancial Services will not be required to super-vise the production of the independent researchprocured by the independent consultant and willhave no responsibility to comment on the con-tent of the independent research.

Changes to AgreementUpon written notice to you, UBS Financial Ser-vices may change this Agreement at any timeand may cease to offer any or all servicesdescribed in this Agreement. Any such changewill become effective on the date of the noticeunless the notice specifies a later date. However,you will remain liable for any outstanding debitsand/or charges in the Account. Your continuedacceptance of services under this Agreement willbe deemed to constitute acceptance of suchchange. All other changes to this Agreementshall not be effective except by a writing signedby UBS Financial Services.

Termination of Account You understand that UBS Financial Services orClient may terminate the Account or anyAccount feature or service at any time and forany reason. If the Account is terminated eitherby UBS Financial Services or you, you willpromptly return any unused checks and Card(s).Failure to return such checks and Card(s) to UBSFinancial Services may result in a delay in com-plying with your instructions as to thedisposition of your assets in the Account. Youwill remain responsible for debits and chargeswhether arising before or after such termina-tion. You agree to pay UBS Financial Servicesand the Card Issuer and the Check Providerpromptly for all amounts outstanding in theAccount. Upon termination, you authorize UBSFinancial Services to liquidate all of your securi-ties that cannot be transferred into your nameand to distribute all such assets to you whetheror not such liquidation and/or distribution shallcause taxable consequences to you. You furtheragree that UBS Financial Services may withholdfrom the assets then in the Account anyamounts that UBS Financial Services reasonably


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believes necessary to pay (1) any federal, state orlocal tax withholding obligations of UBS FinancialServices and (2) for any outstanding debts to UBSFinancial Services or the Card Issuer and theCheck Provider or their respective affiliates orsubsidiaries, and to apply such assets first to payUBS Financial Services, and second to pay theCard Issuer and the Check Provider, if applicable.

Additional DocumentationShould any supplemental agreements berequired as a result of your request for UBS Finan-cial Services to approve additional services orfeatures available from UBS Financial Services, orbe required for any other reason whatsoever,you will execute UBS Financial Services’ form ofsuch agreements, which shall thereupon supple-ment and, if applicable, become part of thisAgreement and apply to the Account.

Waiver Not ImpliedUBS Financial Services’ failure to insist at any timeupon strict compliance with this Agreement orwith any of its terms or any continued course ofsuch conduct on UBS Financial Services’ part shallnot constitute or be considered a waiver by UBSFinancial Services of any of its rights or your obli-gation.

Binding Notice of AgreementYou expressly agree that UBS Financial Servicesshall not be bound by any representation oragreement made by any of UBS Financial Ser-vices’ employees or agents which purports toaffect or diminish UBS Financial Services’ rightsunder this Agreement.

Accuracy of Reports; CommunicationsYou shall carefully review all monthly or quarterlyaccount statements and confirmations promptlyupon receipt for accuracy and consistency withyour instructions and investment objectives. Youshall immediately notify the Branch Office Man-ager of the UBS Financial Services Branch Officewhere the Account is maintained if such docu-ments are not received in a timely manner or areinaccurate. Unless otherwise set forth in theAccount Information booklet, confirmation oforders and monthly or quarterly statements of theAccount shall be conclusive if not objected to inwriting addressed to the Branch Office Managerof the UBS Financial Services Branch Office wherethe Account is maintained within ten days aftermailing by UBS Financial Services to you. Youacknowledge that UBS Financial Services may relyupon your failure to object in a timely manner totransactions or entries and shall not be respon-sible for losses which could have been avoidedhad you given prompt notice as provided above.All such documents shall thereafter be deemedaccurate and in accordance with your instructionsand investment objectives. Notwithstanding theforegoing, if you are mistakenly credited withfunds or securities, you shall promptly return suchfunds or securities upon your discovery of theerror or upon request by UBS Financial Services.UBS Financial Services shall not be responsible forany transactions not reflected on your monthly orquarterly statement unless an objection is made inwriting to the Branch Office Manager in accor-dance with the above requirements. You shallnotify UBS Financial Services in writing if you donot receive a confirmation within ten days fromthe date of a transaction.

You acknowledge and agree that UBS FinancialServices may, from time to time, monitor and/orelectronically record conversations between youand UBS Financial Services’ employees or agentsfor the purpose of quality assurance, employeetraining, and the mutual protection of you andUBS Financial Services. Any such recordings maybe offered by UBS Financial Services as evidencein any arbitration or other proceeding relating tothis Agreement or the Account.

You acknowledge that the price of any securityshown on a confirmation which has been exe-cuted on more than one exchange, or in morethan one market, or had multiple executions,may be the average price of the security for thoseexecutions and agree to the use of such averageprice trades on confirmations issued by UBSFinancial Services Inc. Actual prices, quantities ofeach execution and market of execution shall beprovided upon written request.

Written NoticeCommunications may be sent to you at youraddress or at such other address as you give toUBS Financial Services in writing. All communica-tions so sent, whether by mail, telegraph,facsimile, electronic mail, messenger or other-wise will be considered to have been given to youpersonally upon such sending, whether or notyou actually received them.

Except for ERISA Plans and Individual RetirementAccounts, where UBS Financial Services has for-warded proxy materials to you, and does notreceive voting instructions from you within thedesignated time frame, UBS Financial Serviceswill exercise its discretionary vote as recom-mended by the Board of Directors of the issuer ofthe security, where permitted by the rules of theNew York Stock Exchange.

Entire Agreement The provisions of this Agreement and the docu-ments referenced herein constitute, and areintended to constitute, the entire agreementbetween you and UBS Financial Services withrespect to the Account and supercede any prioragreements relating thereto. Other than asexpressly provided in this Agreement, UBS Finan-cial Services does not undertake any obligationsand incurs no duties or obligations other thanthose set forth in this Agreement, statute or gov-ernment regulation.

Applicable LawThis Agreement, its enforcement and the relation-ship between you and UBS Financial Services shallbe governed by the laws of the State of New York,including the arbitration provisions containedherein, without giving effect to the choice of lawor conflict of laws provisions thereof, and shall bebinding upon you, your authorized agents, per-sonal representatives, heirs, successors andassigns, provided that there is no inconsistencywith the federal securities laws, and provided fur-ther in connection with any Card issued, theCardholder Agreement shall be governed by fed-eral laws and the law designated by the CardIssuer in the Cardholder Agreement. In the eventthat the arbitration clause contained herein isfound to be unenforceable, you and UBS FinancialServices agree that they will, for purposes of deter-mining all matters with regard to this Agreement,

submit to the exclusive jurisdiction of the courts ofthe State of New York and the federal courts sit-ting in the Southern District of New York. You alsoconsent to service of process by certified mail tothe Account’s address of record and waives anyforum non-conveniens and venue claims. You andUBS Financial Services agree that if any term,covenant, condition, or provision of this Agree-ment is held to be invalid, void, or unenforceable,the remainder of the provisions shall remain in fullforce and effect, and shall in no way be impairedor invalidated and shall be construed (to the max-imum extent possible) in such a way as to giveeffect to the intent of the invalid, void, or unen-forceable provision in question.

ArbitrationThis agreement contains a predispute arbi-tration clause. By signing an arbitrationagreement the parties agree as follows:

• Arbitration is final and binding on the par-ties. All parties to this agreement aregiving up the right to sue each other incourt, including the right to a trial by jury,except as provided by the rules of thearbitration forum in which a claim is filed.

• The parties are waiving their right to seekremedies in court, including the right tojury trial. Arbitration awards are generallyfinal and binding; a party’s ability to havea court reverse or modify an arbitrationaward is very limited.

• Pre-arbitration discovery is generallymore limited than and different fromcourt proceedings. The ability of the par-ties to obtain documents, witnessstatements and other discovery is gener-ally more limited in arbitration than incourt proceedings.

• The arbitrator’s award is not required toinclude factual findings or legal reasoningand any party’s right to appeal or to seekmodification of rulings by the arbitrators isstrictly limited. The arbitrators do not haveto explain the reason(s) for their award.

• The panel of arbitrators will typicallyinclude a minority of arbitrators whowere or are affiliated with the securitiesindustry.

• The rules of some arbitration forums mayimpose time limits for bringing a claim inarbitration. In some cases, a claim that isineligible for arbitration may be broughtin court.

• The rules of the arbitration forum inwhich the claim is filed, and any amend-ments thereto, shall be incorporated intothis agreement.

• You agree, and by carrying an account foryou UBS Financial Services Inc. agrees, thatany and all controversies which may arisebetween you and UBS Financial ServicesInc. concerning any account(s), transac-tion, dispute or the construction,performance, or breach of this or anyother Agreement, whether entered into


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prior, on or subsequent to the datehereof, shall be determined by arbitra-tion. Any arbitration under thisAgreement shall be held under and pur-suant to and be governed by the FederalArbitration Act, and shall be conductedbefore an arbitration panel convened bythe New York Stock Exchange, Inc. or theNational Association of Securities Dealers,Inc. you may also select any othernational security exchange’s arbitrationforum upon which UBS Financial ServicesInc. is legally required to arbitrate thecontroversy with Client, including, whereapplicable, the Municipal Securities Rule-making Board. Such arbitration shall begoverned by the rules of the organizationconvening the panel. You may elect in thefirst instance the arbitration forum, but ifyou fail to make such election, by regis-tered letter or telegram addressed to UBSFinancial Services Inc. at 1200 HarborBoulevard, 10th Floor, Weehawken, NJ07086, Attn: Legal Department, beforethe expiration of five days (5) after receiptof a written request from UBS FinancialServices Inc. to make such election, thenUBS Financial Services Inc. may make suchelection. The award of the arbitrators, orof the majority of them, shall be final, andjudgment upon the award rendered maybe entered in any court of competentjurisdiction.

• No person shall bring a putative or certi-fied class action to arbitration, nor seekto enforce any pre-dispute arbitrationAgreement against any person who hasinitiated in court a putative class action;who is a member of a putative class whohas opted out of the class with respect toany claims encompassed by the putativeclass action until:

(I) the class certification is denied; (II) theclass is decertified; or (III) the customer isexcluded from the class by the court.

• Such forbearance to enforce an Agree-ment to arbitrate shall not constitute awaiver of any rights under this Agree-ment except to the extent stated herein.

• You expressly agree that service ofprocess in any action shall be sufficient ifserved by certified mail, return receiptrequested, at your last address known toUBS Financial Services Inc.

You expressly waive any defense to serviceof process as set forth above.

Item #CL-AC-TRUST-ESTATE (Rev. 4/07)

©2007 UBS Financial Services Inc. All Rights Reserved. Covered by SIPC.

UBS Financial Services Inc. is a subsidiary of UBS AG.

Resource Management Account, RMA, andBusiness Services Account BSA are registeredservice marks of UBS Financial Services Inc.

American Express is a federally registered service mark of the American Express Companyand is used by UBS pursuant to license.


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