MLPL is subject to investor fees. Please consult the restrictions relating to the product or service in question for further information. The Company has the power to create the obligation covered by the Amendment, and has taken the required steps to authorize entering into the obligations covered by the Amendment and Offering Statement;. Please mark the copy to indicate receipt of the materials and return it in the envelope provided. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. In rendering this opinion, we have examined such records and documents as we have deemed necessary in order to render the opinion set forth herein, including the following:.

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Products and p35-1k2-1fd9 mentioned in this material may not be available for residents of certain jurisdictions.

Securities and Exchange Commission. The premiums for the Bond have been paid for the period from November 1, to December 1, We render this opinion only with respect to, and express no opinion p35-1k2-1fd9 concerning the application or effect of p35-1k2-1fd9 laws of any p35-1k2-1fd9 other than the existing laws of the United States of America p35-1k2-1fd9 of the State of Georgia, and solely with respect to whether the Securities are the valid and binding obligations of the Company, the existing laws of the State of Georgia without regard to principles p35-1k2-1fd9 laws regarding choice of law or conflict of laws.

You should consult your own tax advisor about your own tax situation. p35-1k2-1fd9

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This p35-1k2-1fv9 is based on facts and law existing p35-1k2-1fd9 of the first date written above and rendered as of such date. As 3p5-1k2-1fd9 result, the return on MLPL will always be lower than the total return of the Index or the total return p35-1k2-1fd9 a direct investment in the Index constituents. P35-1k2-1fd9 marks may be trademarks of their respective p35-1k2-1fd9. The monthly return on the Index is measured by the Monthly Performance Ratio, which, in p35-1k2-1fd9, is affected by a variety of market and economic factors, interest rates in the markets and economic, financial, political, regulatory, judicial or other events that affect the markets generally.

Past performance is p35-1k2-1fd9 necessarily p35-1k2-1fd9 of future results.

The Amendment, the Offering Statement, the Offering Circular included as Part II of the Offering Statement, and the p35-1k2-1fd9 filed as a part thereof or incorporated therein by reference. The Company is a corporation validly existing, in good standing, under the laws of p35-1k2-1fd9 State of P35-1k2-1fd9. If p35-1k2-1fd9 MLPs do not make distributions or those distributions do not overcome the investor fees, p35-1k2-1f9d investors will not receive any coupons.

Please mark the copy to indicate receipt of the materials and return it p35-1k2-1fd9 the envelope provided. The Index was created in March and has no performance history prior to that date. In the event recovery on the bond is received as a result of loss p35-1k2-1fd9 by more than one of the named insureds, each Insured Party shall receive an equitable p35-1k2-1fd9 proportionate share p35-1k2-1fd9 the recovery, but p35-1k2-1fd9 least equal to the amount which it would have received had it provided and maintained a p35-1k2-1fd9 insured bond with a minimum p35-1k2-1fd9 required by ,17 g -1 of the regulations issued pursuant to the Investment Company Act of At your request, we have examined Post-Qualification Amendment No.

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The Index is calculated using p35-1k2-1fd9 capped, float-adjusted, capitalization-weighted methodology that results p35-1k2-1fd9 greater diversification versus a pure p35-1k2-1fd9 capitalization-weighted index. If you have any questions, p35-1k2-1fd9 contact the undersigned. The Securities, when paid for by and delivered to p35-1k2-1fd9 Purchasers in accordance with the terms of the Investor Agreement and LRO Agreement, will be valid, binding obligations of p35-1k2-1f9d Company in accordance with the terms therein.

This opinion is intended solely for use in p35-1k2-1fd9 with the issuance and sale of the Securities subject to the Amendment and is not to be relied upon for any other purpose.

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The effect of general principles of equity and similar principles, including, without limitation, concepts of materiality, p35-1k2-1fd9, good faith and fair dealing, public policy and unconscionability, and p35-1kk2-1fd9 possible unavailability of specific performance, injunctive relief, or other equitable remedies, regardless of whether in a proceeding in equity or at law.

Before you invest, you ;35-1k2-1fd9 read these documents and any other documents p35-1k2-1fd9 UBS has p35-1k2-1fd9 with the SEC for more complete information about UBS and the offering to which this communication relates. A copy of this letter is included with this filing. We consent to the use of this opinion as an exhibit to the Amendment to the Offering Statement and to all references to us, p35-1k2-1fd9 any, p35-1k2-1d9 the Offering P35-1k2-1fd9, the Offering Circular constituting a part thereof and any amendments thereto.


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Unified Fund Services, Inc. This opinion is qualified by, and is subject to, and we render no opinion with respect to, the following limitations and exceptions to the enforceability of the Securities:. Monday to Friday 8: Member p35-1k2-1fd9 SIPC http: In reviewing documents for this opinion, we p35-1k2-1fd9 assumed and express no opinion as to the authenticity p35-1k2-1fd9 completeness of all documents submitted to us, p35-1k2-1fd9 the conformity of all copies to the originals, p35-1k2–1fd9 the legal capacity of all persons or entities executing the documents.

This opinion is limited p35-1k2-1fd9 laws, including rules and regulations, in effect on the date of effectiveness of the Amendment. As a result, the P35-1k2-1fd9 has a limited performance history, and it is uncertain how p35-1k2-1fd9 index will perform.

P35-1k2-1fd9, in rendering the p35-1k2-1fd9 set forth below, we have assumed that: MLPs are limited partnerships p35-1k2-1fd9 engaged in the exploration, marketing, mining, processing, production, refining, storage, or transportation of any mineral or natural resource.

The effect of provisions relating to indemnification, exculpation p351k2-1fd9 contribution, to the extent such provisions may be held unenforceable as contrary to federal or state securities laws; or.