This document and the information contained herein must not be construed as an offer or solicitation to invest or subscribe in this Fund. Each investor must carefully read the full prospectus of the Fund and must obtain specific advice from his/her financial, tax and legal advisor(s) prior to any investment consideration, as different regulations and tax implications apply in different jurisdictions and each investor depends on his or her domicile country. Only institutional and qualified investors are allowed to invest in hedge funds. This Fund, as all “hedge funds”, contains high levels of risks which are clearly stated in the Offering Memorandum. The Fund’s investment performance can be volatile. Investors should not make an investment unless they are prepared to lose all or a substantial portion of the monies invested. Past performance is not an indication of future returns. Representations, contained herein, may contain numerous forward looking statements which only reflect the opinion of the Investment Manager and may not turn out to be accurate. The figures shown in the performance tables are net of all fees. Any issuance, placement, distribution and redemption fees are not included. The Fund is domiciled in the Cayman Islands and is subject to the governing laws of the Cayman Islands. The Fund invests in underlying investments and other funds which contain specific risks as explained in the Offering Memorandum. None of the service providers associated with this Fund nor its directors provide a guaranty as to the performance or return of capital. Alternative investments are not subject to the same regulatory requirements as mutual funds, charge relatively high fees and in many cases are not fully transparent. All information contained herein is confidential and is subject to international copyright laws. No part of this term sheet may be copied, reproduced, transmitted nor stored in a retrieval system in any possible means or manner without the prior written consent of the Manager. This fund is not registered for distribution in any jurisdictions as of this date.

This material has been prepared by UBS AG or an affiliate ("UBS"). This material is for distribution only as permitted by law. It is not prepared for the needs of any specific recipient. It is published solely for information and is not a solicitation or offer to buy or sell any securities or related financial instruments (“Instruments”). UBS makes no representation or warranty, either express or implied, on the completeness or reliability of the information contained in this document (“Information”) except that concerning UBS AG and its affiliates. The Information should not be regarded by recipients as a substitute for using their own judgment. Any opinions expressed in this material may change without notice and may be contrary to opinions expressed by other business areas of UBS as a result of using different assumptions or criteria. UBS is under no obligation to update the Information. UBS, its officers, employees or clients may have or have had an interest in the Instruments and may at any time transact in them. UBS may have or have had a relationship with entities referred to in the Information. Neither UBS nor any of its affiliates, or their officers or employees, accepts any liability for any loss arising from use of the Information. This presentation is not a basis for entering into a transaction. Any transaction between you and UBS will be subject to the detailed provisions of the term sheet, confirmation or electronic matching systems relating to that transaction. Clients wishing to effect transactions should contact their local sales representative. For Instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries may act as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) in the Instrument. United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are eligible counterparties or professional clients (as detailed in the PRA and FCA Rules) and is only available to such persons. The Information does not apply to, and should not be relied upon by, retail clients. UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France S.A. UBS Securities France S.A. is regulated by the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this material, the material is also deemed to have been prepared by UBS Securities France S.A. Germany: Prepared by UBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Russia: Prepared and distributed by ZAO UBS Securities. Switzerland: These materials are distributed in Switzerland by UBS AG to persons who are institutional investors only. Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A.. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this material, the material is also deemed to have been prepared by UBS Italia Sim S.p.A.. Israeli: UBS AG and its affiliates incorporated outside Israel are not licensed under the Investment Advice Law. This material is being issued only to and/or is directed only at persons who are Sophisticated Investors within the meaning of the Israeli Securities Law and this material must not be relied or acted upon by any other persons. Whilst UBS AG holds insurance for its activities, it does not hold the same insurance that would be required for an investment advisor or investment marketer under the relevant Investment Advice Law Regulations. South Africa: UBS South Africa (Pty) Ltd. and UBS AG are authorised financial services providers in South Africa. All banking services are provided by UBS AG, Head Offices in Switzerland. UBS South Africa (Pty) Ltd. and UBS AG are not authorised to conduct the business of a bank in South Africa. United States: These materials are distributed by UBS Securities LLC (member NYSE, FINRA and SIPC) or UBS Financial Services Inc. (member FINRA and SIPC), subsidiaries of UBS AG, or solely to US institutional investors by UBS AG or a subsidiary or affiliate thereof that is not registered as a US broker-dealer (a "non-US affiliate"). Transactions resulting from materials distributed by a non-US affiliate must be effected through UBS Securities LLC or UBS Financial Services Inc. Canada: This material is distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member-Canadian Investor Protection Fund, or by another affiliate of UBS AG which is registered to conduct business in Canada or otherwise exempt from registration. Hong Kong: The materials relating to equities and other securities business and related research, are distributed in Hong Kong by UBS Securities Asia Limited. The material relating to corporate finance, foreign exchange, fixed income products and other banking business and related research are distributed in Hong Kong by UBS AG, Hong Kong Branch. Singapore: Distributed by UBS Securities Pte. Ltd or UBS AG, Singapore Branch. Japan: This material is distributed in Japan by UBS Securities Japan Ltd, a registered securities company, or by UBS AG, Tokyo Branch, a licensed bank, in accordance with each entity's business scope. For further details of our local services, please call your regular contact at UBS in Japan. Australia: These materials are distributed in Australia by UBS AG (Holder of Australian Financial Services Licence No. 231087) and UBS Securities Australia Ltd (Holder of Australian Financial services Licence No. 231098) to persons who satisfy the definition of wholesale client for the purposes of the Corporations Act 2001 (Cth) and not intended for distribution to any retail clients. UBS AG, Australia Branch is an authorised foreign Authorised Deposit-taking Institution under the Banking Act 1959 (Cth), and is supervised by the Australian Prudential Regulation Authority. However, it is important for you to note that any products or transactions described herein are not deposit products and will not be covered by the depositor protection provisions set out in Division 2 of the Banking Act 1959 (Cth), as these provisions do not apply to foreign Authorised Deposit-Taking Institutions. New Zealand: These materials are distributed in New Zealand by UBS New Zealand Ltd. An investment adviser and investment broker disclosure statement is available on request, free of charge, by writing to PO Box 45, Auckland, NZ. Dubai: UBS AG Dubai Branch is regulated by the DFSA. This material is intended for Professional Clients only.

This material has been prepared by UBS AG or an affiliate ("UBS"). This material is for distribution only as permitted by law. It is not prepared for the needs of any specific recipient. It is published solely for information and is not a solicitation or offer to buy or sell any securities or related financial instruments (“Instruments”). UBS makes no representation or warranty, either express or implied, on the completeness or reliability of the information contained in this document (“Information”) except that concerning UBS AG and its affiliates. The Information should not be regarded by recipients as a substitute for using their own judgment. Any opinions expressed in this material may change without notice and may be contrary to opinions expressed by other business areas of UBS as a result of using different assumptions or criteria. UBS is under no obligation to update the Information. UBS, its officers, employees or clients may have or have had an interest in the Instruments and may at any time transact in them. UBS may have or have had a relationship with entities referred to in the Information. Neither UBS nor any of its affiliates, or their officers or employees, accepts any liability for any loss arising from use of the Information. This presentation is not a basis for entering into a transaction. Any transaction between you and UBS will be subject to the detailed provisions of the term sheet, confirmation or electronic matching systems relating to that transaction. Clients wishing to effect transactions should contact their local sales representative. For Instruments admitted to trading on an EU regulated market: UBS AG, its affiliates or subsidiaries may act as a market maker or liquidity provider (in accordance with the interpretation of these terms in the UK) in the Instrument. United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are eligible counterparties or professional clients (as detailed in the PRA and FCA Rules) and is only available to such persons. The Information does not apply to, and should not be relied upon by, retail clients. UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France S.A. UBS Securities France S.A. is regulated by the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this material, the material is also deemed to have been prepared by UBS Securities France S.A. Germany: Prepared by UBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Russia: Prepared and distributed by ZAO UBS Securities. Switzerland: These materials are distributed in Switzerland by UBS AG to persons who are institutional investors only. Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A.. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this material, the material is also deemed to have been prepared by UBS Italia Sim S.p.A.. Israeli: UBS AG and its affiliates incorporated outside Israel are not licensed under the Investment Advice Law. This material is being issued only to and/or is directed only at persons who are Sophisticated Investors within the meaning of the Israeli Securities Law and this material must not be relied or acted upon by any other persons. Whilst UBS AG holds insurance for its activities, it does not hold the same insurance that would be required for an investment advisor or investment marketer under the relevant Investment Advice Law Regulations. South Africa: UBS South Africa (Pty) Ltd. and UBS AG are authorised financial services providers in South Africa. All banking services are provided by UBS AG, Head Offices in Switzerland. UBS South Africa (Pty) Ltd. and UBS AG are not authorised to conduct the business of a bank in South Africa. United States: These materials are distributed by UBS Securities LLC (member NYSE, FINRA and SIPC) or UBS Financial Services Inc. (member FINRA and SIPC), subsidiaries of UBS AG, or solely to US institutional investors by UBS AG or a subsidiary or affiliate thereof that is not registered as a US broker-dealer (a "non-US affiliate"). Transactions resulting from materials distributed by a non-US affiliate must be effected through UBS Securities LLC or UBS Financial Services Inc. Canada: This material is distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member-Canadian Investor Protection Fund, or by another affiliate of UBS AG which is registered to conduct business in Canada or otherwise exempt from registration. Hong Kong: The materials relating to equities and other securities business and related research, are distributed in Hong Kong by UBS Securities Asia Limited. The material relating to corporate finance, foreign exchange, fixed income products and other banking business and related research are distributed in Hong Kong by UBS AG, Hong Kong Branch. Singapore: Distributed by UBS Securities Pte. Ltd or UBS AG, Singapore Branch. Japan: This material is distributed in Japan by UBS Securities Japan Ltd, a registered securities company, or by UBS AG, Tokyo Branch, a licensed bank, in accordance with each entity's business scope. For further details of our local services, please call your regular contact at UBS in Japan. Australia: These materials are distributed in Australia by UBS AG (Holder of Australian Financial Services Licence No. 231087) and UBS Securities Australia Ltd (Holder of Australian Financial services Licence No. 231098) to persons who satisfy the definition of wholesale client for the purposes of the Corporations Act 2001 (Cth) and not intended for distribution to any retail clients. UBS AG, Australia Branch is an authorised foreign Authorised Deposit-taking Institution under the Banking Act 1959 (Cth), and is supervised by the Australian Prudential Regulation Authority. However, it is important for you to note that any products or transactions described herein are not deposit products and will not be covered by the depositor protection provisions set out in Division 2 of the Banking Act 1959 (Cth), as these provisions do not apply to foreign Authorised Deposit-Taking Institutions. New Zealand: These materials are distributed in New Zealand by UBS New Zealand Ltd. An investment adviser and investment broker disclosure statement is available on request, free of charge, by writing to PO Box 45, Auckland, NZ. Dubai: UBS AG Dubai Branch is regulated by the DFSA. This material is intended for Professional Clients only.

This document contains a short summary description of the Certificates. Its purpose is informational ONLY. The complete terms and conditions, which are the only legally binding terms and conditions, are set out in the information Memorandum which can be obtained free of charge from UBP. Any investment decision should be based on the information Memorandum following proper investment and tax advice. This document and information contained herein, does NOT constitute an offer to buy or sell or a solicitation of an offer to buy or sell any security. Past performance is not an indication of future results. The Certificates do not constitute collective investment schemes governed by the Swiss Collective Investment Schemes Act of June 23, 2006 and are, therefore, not subject to the supervision by the Swiss Financial Market Supervisory Authority (FINMA). The information used to prepare this document is derived from sources deemed reliable but no guaranty is given on their accuracy and completeness. NAVs are validated by the Calculation Agent and confirmed by the Auditors. The recipient of this information document must seek proper advice from his/her legal, financial and tax advisors before considering any investment. It is strongly recommended to read very carefully all the risk parameters detailed in the Information Memorandum of the Certificate. This certificate includes a number of restrictions on eligible countries of residence of investors and it is not suitable for all countries. The full list is found in the official Information Memorandum. This document was prepared under the sole responsibility of CAPLAND SA, which retains all copyright rights, may not be reproduced, and forwarded to any third party without the prior consent of the company. The content, has not been reviewed, endorsed nor validated by Union Bancaire Privée, UBP SA.