Independent
Accountants’ Report The Board of Directors 
      The Bank of
New York Mellon: We have examined the accompanying
 management’s  assertion that The Bank of New York Mellon  (formerly The Bank of New York), (the “Company”)  complied with the
PPLUS  Minimum  Servicing  Standards for the PreferredPLUS  Trust Series QWS-1
 transaction  as of and for the year ended  December 31, 2011.  With respect to servicing
 standard 4, 5, 6 and 7,  management’s  assertion  indicates that there were no  activities
 performed  during the year ended  December 31, 2011   with  respect to the  PreferredPLUS
Trust Series QWS-1  transaction,  because there were no  occurrences  of events that
would require the Company to  perform  such  activities.  Management  is  responsible
 for the  Company’s  compliance  with  those  servicing criteria.  Our  responsibility
 is to express an opinion on management’s  assertion about the Company’s  compliance
based on our examination. Our  examination was made in
accordance with standards  established by the American  Institute of Certified  Public
Accountants and,  accordingly,  included examining,  on a test basis,  evidence about the
Company’s compliance with the PPLUS Minimum  Servicing  Standards  specified above and
performing such other procedures as we considered  necessary in the  circumstances.  We
 believe  that our  examination  provides  a  reasonable  basis for our  opinion.  Our
examination  does not provide a legal  determination on the Company’s  compliance with
the PPLUS Minimum  Servicing Standards. In our opinion,  management’s
 assertion  that The Bank of New York Mellon has complied  with the  aforementioned  PPLUS Minimum
Servicing Standards as of and for the year ended December 31, 2011 is fairly stated, in
all material respects. /s/ KPMG Chicago, Illinois 
      February 24, 2012    
 
 MANAGEMENT ASSERTION The Bank of New York Mellon  (formerly The Bank of New York) (the  “Company”)  is  responsible  for  complying  with the
requirements  of the PPLUS  Minimum  Servicing  Standards as they relate to the
 PreferredPLUS  Trust Series QWS-1 transaction.  With respect to servicing  standard 4,
5, 6 and 7, there were no  activities  performed  during the year ended  December 31, 2011
with respect to the PreferredPLUS  Trust Series QWS-1  transaction,  because there were
no occurrences  of events that would  require the Company to perform  such  activities.
 The Company is  responsible  for establishing  and  maintaining  effective  internal
 control  over  compliance  with the  PPLUS  Minimum  Servicing Standards.  The Company has
 performed  an  evaluation  of the  Company’s  compliance  with the  requirements  of the
PPLUS Minimum  Servicing  Standards  as it relates to  PreferredPLUS   Trust  Series
 QWS-1 as of and for the year ended December 31, 2011.  Based on this  evaluation,  the Company asserts that as of and for the year ended  December 31, 2011, it has complied with
the requirements of the PPLUS Minimum Servicing Standards (attached). /s/Robert L. Griffin


        The Bank of New York Mellon
      Robert L. Griffin 
      Managing DirectorFebruary 24, 2012




1.
    
    CUSTODIAL BANK ACCOUNT RECONCILIATIONS
 
    
    The Bank must reconcile all related custodial bank accounts.
    
    The Bank will include the Distribution report as Exhibit 99.1 in the Form
8-Ks filed with the SEC.
 2.
    
    VERIFICATION OF INCOMING TRUST COLLATERAL INTEREST PAYMENTS
 
    
    The Bank must have a tickler system in place so that they will be
expecting and monitoring the custodial bank account for receipt of the
collateral coupon interest. Each of the tickler systems shall be updated
on an on-going basis as each new trust series is created.
    
    The Bank will ensure all interest payments are deposited into the
custodial bank accounts and related bank clearing accounts on the day the
Bank is in receipt of the funds.
    
    The Bank must prove the arithmetic accuracy of the amount of interest
received by the Trust from the underlying securities and ensure that the
face amount, description, coupon rate, and maturity date of the securities
held in the Trust agree to the PPM Supplement dated Date XX, 20XX.
 3.
    
    TRUST DISBURSEMENTS
 
    
    The Bank must prove the arithmetic accuracy of the amount of interest to
be paid by the Trust to the Debt Unit holders by referring to the PPM
Supplement dated Date XX, 20XX.
    
    The Bank will make all disbursements via wire transfer to The Depository
Trust Company (“DTC”) on the scheduled trust distribution date as soon as
the amount of interest received from the underlying collateral into the
custodial bank account has been received and verified for accuracy.


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4.
    
    PARTIAL REDEMPTIONS
 
    
    If there is a partial redemption of the trust certificates the Bank and
the Depositor must ensure that the redemption proceeds received by the
trust and distributed by the Bank are in accordance with the series
supplement.
 5.
    
    DEFAULTS
 
    
        If the Bank has actual knowledge of an event of default on the underlying
securities that did not cause the trust to liquidate, the Bank must
distribute a formal notice of default to the Depositor, the
certificateholders, the rating agencies and HGCM/ISS.
    
    If the Bank has actual knowledge of an event of default on the underlying
securities that did not cause the Trust to liquidate, the procedures for a
vote or consent of the certificateholders as set forth in the Standard
Terms and series Supplement must be complied with.
 6.
    
    CALL WARRANT EXERCISES AND OPTIONAL EXCHANGES
 
    
    If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not cause the trust to
liquidate, the Bank must give the Depositor and the affected
certificateholders notice of any exercise of call warrants or optional
exchange. Such notice must contain the amount of certificates to be
purchased, the call price, and any other relevant information.
    
    If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not cause the trust to
liquidate, the Bank must notify the rating agencies of the call exercise
or optional exchange.
    
    If there is an exercise of call warrants or an optional exchange of trust
certificates for underlying securities that did not cause the trust to
liquidate, the Bank must give notice of exercise or optional exchange to
the Depositor and certificate registrar of any certificates that were
called.7.

    COMMUNICATIONS WITH CERTIFICATEHOLDERS
    
    If there was any occasion for the exercise of voting rights or giving
consents by the certificateholders, the Bank must provide notice to the
certificateholders within 5 business days of the Trust’s receipt of notice
of the occasion and the Bank must vote or give consents as directed by
certificateholders.


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