Order Regarding Waiver Rule

UBS Securities LLC, UBS Financial Services Inc., UBS Fund Advisor, LLC, UBS Aspen Management, LLC, UBS Willow Management, LLC, UBS Eucalyptus Management, LLC, UBS Tamarack Management, LLC, UBS Juniper Management, LLC, UBS Sequoia Management, LLC (f/k/a UBS Redwood/Sequoia Management, LLC), UBS Global Asset Management (NY) Inc., UBS Global Asset Management (US) Inc., UBS Global Asset Management (Americas) Inc., DSI International Management, Inc., UBS Global Asset Management International Ltd., GAM International Management Ltd., GAM USA Inc., and GAM Services Inc. (Order Pursuant to Section 9(C) of the Investment Company Act of 1940 Granting a Permanent Exemption from Section 9(A) of the Act)

Last Reviewed or Updated: Aug. 25, 2005