Grant of Individual Exemption Involving UBS AG (UBS or the Applicant); Located in Zurich, Switzerland

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This document contains an individual exemption from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974, as amended (ERISA or the Act) and the Internal Revenue Code of 1986, as amended (the Code). The transactions involve UBS, and certain entities within UBS's Global Asset Management and Wealth Management Americas divisions that function as "qualified professional asset managers" (QPAMs) under Prohibited Transaction Class Exemption 84-14 (PTE 84-14).\1\ The individual exemption affects UBS QPAMS, and participants and beneficiaries of ERISA plans the assets of which plan are managed by a UBS QPAM. ---------------------------------------------------------------------------