Document:

Exhibit 4.4

                UNIVERSAL BROADBAND COMMUNICATIONS, INC.
   NON-EMPLOYEE DIRECTORS AND CONSULTANTS RETAINER STOCK PLAN FOR THE
                             YEAR 2002 NO. 2

     1.   INTRODUCTION.  This Plan shall be known as the "Universal
Broadband Communications, Inc. Non-Employee Directors and Consultants
Retainer Stock Plan for the Year 2002 No. 2" is hereinafter referred to
as the "Plan."  The purposes of this Plan are to enable Universal
Broadband Communications, Inc., a Nevada corporation (the "Company"), to
promote the interests of the Company and its stockholders by attracting
and retaining non-employee Directors and Consultants capable of
furthering the future success of the Company and by aligning their
economic interests more closely with those of the Company's stockholders,
by paying their retainer or fees in the form of shares of the Company's
common stock, par value $0.001 per share (the "Common Stock").

     2.   DEFINITIONS.  The following terms shall have the meanings set
forth below:

     "Board" means the Board of Directors of the Company.

     "Change of Control" has the meaning set forth in Paragraph 12(d)
hereof.

     "Code" means the Internal Revenue Code of 1986, as amended, and the
rules and regulations thereunder. References to any provision of the Code
or rule or regulation thereunder shall be deemed to include any amended
or successor provision, rule or regulation.

     "Committee" means the committee that administers this Plan, as more
fully defined in Paragraph 13 hereof.

     "Common Stock" has the meaning set forth in Paragraph 1 hereof.

     "Company" has the meaning set forth in Paragraph 1 hereof.

     "Deferral Election" has the meaning set forth in Paragraph 6 hereof.

     "Deferred Stock Account" means a bookkeeping account maintained by
the Company for a Participant representing the Participant's interest in
the shares credited to such Deferred Stock Account pursuant to Paragraph
7 hereof.

     "Delivery Date" has the meaning set forth in Paragraph 6 hereof.

     "Director" means an individual who is a member of the Board of
Directors of the Company.

     "Dividend Equivalent" for a given dividend or other distribution
means a number of shares of the Common Stock having a Fair Market Value,
as of the record date for such dividend or distribution, equal to the
amount of cash, plus the Fair Market Value on the date of distribution of
any property, that is distributed with respect to one share of the Common
Stock pursuant to such dividend or distribution; such Fair Market Value
to be determined by the Committee in good faith.

     "Effective Date" has the meaning set forth in Paragraph 3 hereof.

     "Exchange Act" has the meaning set forth in Paragraph 13(b) hereof.

     "Fair Market Value" means the mean between the highest and lowest
reported sales prices of the Common Stock on the New York Stock Exchange
Composite Tape or, if not listed on such exchange, on any other national
securities exchange on which the Common Stock is listed or on The Nasdaq
Stock Market, or, if not so listed on any other national securities
exchange or The Nasdaq Stock Market, then the average of the bid price of
the Common Stock during the last five trading days on the OTC Bulletin
Board immediately preceding the last trading day prior

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to the date with respect to which the Fair Market Value is to be
determined.  If the Common Stock is not then publicly traded, then the
Fair Market Value of the Common Stock shall be the book value of the
Company per share as determined on the last day of March, June,
September, or December in any year closest to the date when the
determination is to be made.  For the purpose of determining book value
hereunder, book value shall be determined by adding as of the applicable
date called for herein the capital, surplus, and undivided profits of the
Company, and after having deducted any reserves theretofore established;
the sum of these items shall be divided by the number of shares of the
Common Stock outstanding as of said date, and the quotient thus obtained
shall represent the book value of each share of the Common Stock of the
Company.

     "Participant" has the meaning set forth in Paragraph 4 hereof.

     "Payment Time" means the time when a Stock Retainer is payable to a
Participant pursuant to Paragraph 5 hereof (without regard to the effect
of any Deferral Election).

     "Stock Retainer" has the meaning set forth in Paragraph 5 hereof.

     "Third Anniversary" has the meaning set forth in Paragraph 6 hereof.

     3.   EFFECTIVE DATE OF THE PLAN.  This Plan was adopted by the Board
effective November 20, 2002 (the "Effective Date").

     4.   ELIGIBILITY.  Each individual who is a Director or Consultant
on the Effective Date and each individual who becomes a Director or
Consultant thereafter during the term of this Plan, shall be a
participant (the "Participant") in this Plan, in each case during such
period as such individual remains a Director or Consultant and is not an
employee of the Company or any of its subsidiaries.  Each credit of
shares of the Common Stock pursuant to this Plan shall be evidenced by a
written agreement duly executed and delivered by or on behalf of the
Company and a Participant, if such an agreement is required by the
Company to assure compliance with all applicable laws and regulations.

     5.   GRANTS OF SHARES.  Commencing on the Effective Date, the amount
of compensation for service to directors or consultants shall be payable
in shares of the Common Stock (the "Stock Retainer") pursuant to this
Plan at the deemed issuance price of $0.001 per Share.

     6.   DEFERRAL OPTION.  From and after the Effective Date, a
Participant may make an election (a "Deferral Election") on an annual
basis to defer delivery of the Stock Retainer specifying which one of the
following ways the Stock Retainer is to be delivered (a) on the date
which is three years after the Effective Date for which it was originally
payable (the "Third Anniversary"), (b) on the date upon which the
Participant ceases to be a Director or Consultant for any reason (the
"Departure Date") or (c) in five equal annual installments commencing on
the Departure Date (the "Third Anniversary" and "Departure Date" each
being referred to herein as a "Delivery Date").  Such Deferral Election
shall remain in effect for each Subsequent Year unless changed, provided
that, any Deferral Election with respect to a particular Year may not be
changed less than six months prior to the beginning of such Year, and
provided, further, that no more than one Deferral Election or change
thereof may be made in any Year.

     Any Deferral Election and any change or revocation thereof shall be
made by delivering written notice thereof to the Committee no later than
six months prior to the beginning of the Year in which it is to be
effected; provided that, with respect to the Year beginning on the
Effective Date, any Deferral Election or revocation thereof must be
delivered no later than the close of business on the 30th day after the
Effective Date.

     7.   DEFERRED STOCK ACCOUNTS.  The Company shall maintain a Deferred
Stock Account for each Participant who makes a Deferral Election to which
shall be credited, as of the applicable Payment Time, the number of
shares of the Common Stock payable pursuant to the Stock Retainer to
which the Deferral Election relates.  So long as any amounts in such
Deferred Stock Account have not been delivered to the Participant under
Paragraph 8 hereof, each Deferred Stock Account shall be credited as of
the payment date for any dividend paid or other distribution made with
respect to the Common Stock, with a number of shares of the Common Stock
equal to

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(a) the number of shares of the Common Stock shown in such Deferred Stock
Account on the record date for such dividend or distribution multiplied
by (b) the Dividend Equivalent for such dividend or distribution.

     8.   DELIVERY OF SHARES.

          (a)  The shares of the Common Stock in a Participant's Deferred
Stock Account with respect to any Stock Retainer for which a Deferral
Election has been made (together with dividends attributable to such
shares credited to such Deferred Stock Account) shall be delivered in
accordance with this Paragraph 8 as soon as practicable after the
applicable Delivery Date.  Except with respect to a Deferral Election
pursuant to Paragraph 6(c) hereof, or other agreement between the
parties, such shares shall be delivered at one time; provided that, if
the number of shares so delivered includes a fractional share, such
number shall be rounded to the nearest whole number of shares. If the
Participant has in effect a Deferral Election pursuant to Paragraph 6(c)
hereof, then such shares shall be delivered in five equal annual
installments (together with dividends attributable to such shares
credited to such Deferred Stock Account), with the first such installment
being delivered on the first anniversary of the Delivery Date; provided
that, if in order to equalize such installments, fractional shares would
have to be delivered, such installments shall be adjusted by rounding to
the nearest whole share.  If any such shares are to be delivered after
the Participant has died or become legally incompetent, they shall be
delivered to the Participant's estate or legal guardian, as the case may
be, in accordance with the foregoing; provided that, if the Participant
dies with a Deferral Election pursuant to Paragraph 6(c) hereof in
effect, the Committee shall deliver all remaining undelivered shares to
the Participant's estate immediately.  References to a Participant in
this Plan shall be deemed to refer to the Participant's estate or legal
guardian, where appropriate.

     (b)  The Company may, but shall not be required to, create a grantor
trust or utilize an existing grantor trust (in either case, "Trust") to
assist it in accumulating the shares of the Common Stock needed to
fulfill its obligations under this Paragraph 8.  However, Participants
shall have no beneficial or other interest in the Trust and the assets
thereof, and their rights under this Plan shall be as general creditors
of the Company, unaffected by the existence or nonexistence of the Trust,
except that deliveries of Stock Retainers to Participants from the Trust
shall, to the extent thereof, be treated as satisfying the Company's
obligations under this Paragraph 8.

     9.   SHARE CERTIFICATES; VOTING AND OTHER RIGHTS.  The certificates
for shares delivered to a Participant pursuant to Paragraph 8 above shall
be issued in the name of the Participant, and from and after the date of
such issuance the Participant shall be entitled to all rights of a
stockholder with respect to the Common Stock for all such shares issued
in his name, including the right to vote the shares, and the Participant
shall receive all dividends and other distributions paid or made with
respect thereto.

     10.  GENERAL RESTRICTIONS.

          (a)  Notwithstanding any other provision of this Plan or
agreements made pursuant thereto, the Company shall not be required to
issue or deliver any certificate or certificates for shares of the Common
Stock under this Plan prior to fulfillment of all of the following
conditions:
               (i)  Listing or approval for listing upon official notice
of issuance of such shares on the New York Stock Exchange, Inc., or such
other securities exchange as may at the time be a market for the Common
Stock;

               (ii) Any registration or other qualification of such
shares under any state or federal law or regulation, or the maintaining
in effect of any such registration or other qualification which the
Committee shall, upon the advice of counsel, deem necessary or advisable;
and

               (iii)     Obtaining any other consent, approval, or permit
from any state or federal governmental agency which the Committee shall,
after receiving the advice of counsel, determine to be necessary or
advisable.

          (b)  Nothing contained in this Plan shall prevent the Company
from adopting other or additional compensation arrangements for the
Participants.

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     11.  SHARES AVAILABLE.  Subject to Paragraph 12 below, the maximum
number of shares of the Common Stock which may in the aggregate be paid
as Stock Retainers pursuant to this Plan is 2,000,000.  Shares of the
Common Stock issueable under this Plan may be taken from treasury shares
of the Company or purchased on the open market.

     12.  ADJUSTMENTS; CHANGE OF CONTROL.

          (a)  In the event that there is, at any time after the Board
adopts this Plan, any change in corporate capitalization, such as a stock
split, combination of shares, exchange of shares, warrants or rights
offering to purchase the Common Stock at a price below its Fair Market
Value, reclassification, or recapitalization, or a corporate transaction,
such as any merger, consolidation, separation, including a spin-off,
stock dividend, or other extraordinary distribution of stock or property
of the Company, any reorganization (whether or not such reorganization
comes within the definition of such term in Section 368 of the Code) or
any partial or complete liquidation of the Company (each of the foregoing
a "Transaction"), in each case other than any such Transaction which
constitutes a Change of Control (as defined below), (i) the Deferred
Stock Accounts shall be credited with the amount and kind of shares or
other property which would have been received by a holder of the number
of shares of the Common Stock held in such Deferred Stock Account had
such shares of the Common Stock been outstanding as of the effectiveness
of any such Transaction, (ii) the number and kind of shares or other
property subject to this Plan shall likewise be appropriately adjusted to
reflect the effectiveness of any such Transaction, and (iii) the
Committee shall appropriately adjust any other relevant provisions of
this Plan and any such modification by the Committee shall be binding and
conclusive on all persons.

          (b)  If the shares of the Common Stock credited to the Deferred
Stock Accounts are converted pursuant to Paragraph 12(a) into another
form of property, references in this Plan to the Common Stock shall be
deemed, where appropriate, to refer to such other form of property, with
such other modifications as may be required for this Plan to operate in
accordance with its purposes.  Without limiting the generality of the
foregoing, references to delivery of certificates for shares of the
Common Stock shall be deemed to refer to delivery of cash and the
incidents of ownership of any other property held in the Deferred Stock
Accounts.

          (c)  In lieu of the adjustment contemplated by Paragraph 12(a),
in the event of a Change of Control, the following shall occur on the
date of the Change of Control (i) the shares of the Common Stock held in
each Participant's Deferred Stock Account shall be deemed to be issued
and outstanding as of the Change of Control; (ii) the Company shall
forthwith deliver to each Participant who has a Deferred Stock Account
all of the shares of the Common Stock or any other property held in such
Participant's Deferred Stock Account; and (iii) this Plan shall be
terminated.

          (d)  For purposes of this Plan, Change of Control shall mean
any of the following events:

               (i)  The acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person") of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) of 20 percent or more of either (1) the then
outstanding shares of the Common Stock of the Company (the "Outstanding
Company Common Stock"), or (2) the combined voting power of then
outstanding voting securities of the Company entitled to vote generally
in the election of directors (the "Outstanding Company Voting
Securities"); provided, however, that the following acquisitions shall
not constitute a Change of Control (A) any acquisition directly from the
Company (excluding an acquisition by virtue of the exercise of a
conversion privilege unless the security being so converted was itself
acquired directly from the Company), (B) any acquisition by the Company,
(C) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by
the Company or (D) any acquisition by any corporation pursuant to a
reorganization, merger or consolidation, if, following such
reorganization, merger or consolidation, the conditions described in
clauses (A), (B) and (C) of paragraph (iii) of this Paragraph 12(d) are
satisfied; or

               (ii) Individuals who, as of the date hereof, constitute
the Board of the Company (as of the date hereof, "Incumbent Board") cease
for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date
hereof whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least a majority of the
directors then

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comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as
a result of either an actual or threatened election contest (as such
terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

               (iii) Approval by the stockholders of the Company of a
reorganization, merger, binding share exchange or consolidation, unless,
following such reorganization, merger, binding share exchange or
consolidation (1) more than 60 percent of, respectively, then outstanding
shares of common stock of the corporation resulting from such
reorganization, merger, binding share exchange or consolidation and the
combined voting power of then outstanding voting securities of such
corporation entitled to vote generally in the election of directors is
then beneficially owned, directly or indirectly, by all or substantially
all of the individuals and entities who were the beneficial owners,
respectively, of the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such reorganization,
merger, binding share exchange or consolidation in substantially the same
proportions as their ownership, immediately prior to such reorganization,
merger, binding share exchange or consolidation, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, as the
case may be, (2) no Person (excluding the Company, any employee benefit
plan (or related trust) of the Company or such corporation resulting from
such reorganization, merger, binding share exchange or consolidation and
any Person beneficially owning, immediately prior to such reorganization,
merger, binding share exchange or consolidation, directly or indirectly,
20 percent or more of the Outstanding Company Common Stock or Outstanding
Company Voting Securities, as the case may be) beneficially owns,
directly or indirectly, 20 percent or more of, respectively, then
outstanding shares of common stock of the corporation resulting from such
reorganization, merger, binding share exchange or consolidation or the
combined voting power of then outstanding voting securities of such
corporation entitled to vote generally in the election of directors, and
(3) at least a majority of the members of the board of directors of the
corporation resulting from such reorganization, merger, binding share
exchange or consolidation were members of the Incumbent Board at the time
of the execution of the initial agreement providing for such
reorganization, merger, binding share exchange or consolidation; or

               (iv) Approval by the stockholders of the Company of (1) a
complete liquidation or dissolution of the Company, or (2) the sale or
other disposition of all or substantially all of the assets of the
Company, other than to a corporation, with respect to which following
such sale or other disposition, (A) more than 60 percent of,
respectively, then outstanding shares of common stock of such corporation
and the combined voting power of then outstanding voting securities of
such corporation entitled to vote generally in the election of directors
is then beneficially owned, directly or indirectly, by all or
substantially all of the individuals and entities who were the beneficial
owners, respectively, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such sale or
other disposition in substantially the same proportion as their
ownership, immediately prior to such sale or other disposition, of the
Outstanding Company Common Stock and Outstanding Company Voting
Securities, as the case may be, (B) no Person (excluding the Company and
any employee benefit plan (or related trust) of the Company or such
corporation and any Person beneficially owning, immediately prior to such
sale or other disposition, directly or indirectly, 20 percent or more of
the Outstanding Company Common Stock or Outstanding Company Voting
Securities, as the case may be) beneficially owns, directly or
indirectly, 20 percent or more of, respectively, then outstanding shares
of common stock of such corporation and the combined voting power of then
outstanding voting securities of such corporation entitled to vote
generally in the election of directors, and (3) at least a majority of
the members of the board of directors of such corporation were members of
the Incumbent Board at the time of the execution of the initial agreement
or action of the Board providing for such sale or other disposition of
assets of the Company.

     13.  ADMINISTRATION; AMENDMENT AND TERMINATION.

          (a)  This Plan shall be administered by a committee consisting
of two members who shall be the current directors of the Company or
senior executive officers or other directors who are not Participants as
may be designated by the Chief Executive Officer (the "Committee"), which
shall have full authority to construe and interpret this Plan, to
establish, amend and rescind rules and regulations relating to this Plan,
and to take all such actions and make all such determinations in
connection with this Plan as it may deem necessary or desirable.

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          (b)  The Board may from time to time make such amendments to
this Plan, including to preserve or come within any exemption from
liability under Section 16(b) of the Exchange Act, as it may deem proper
and in the best interest of the Company without further approval of the
Company's stockholders, provided that, to the extent required under
Nevada law or to qualify transactions under this Plan for exemption under
Rule 16b-3 promulgated under the Exchange Act, no amendment to this Plan
shall be adopted without further approval of the Company's stockholders
and, provided, further, that if and to the extent required for this Plan
to comply with Rule 16b-3 promulgated under the Exchange Act, no
amendment to this Plan shall be made more than once in any six month
period that would change the amount, price or timing of the grants of the
Common Stock hereunder other than to comport with changes in the Code,
the Employee Retirement Income Security Act of 1974, as amended, or the
regulations thereunder.  The Board may terminate this Plan at any time by
a vote of a majority of the members thereof.

     14.  MISCELLANEOUS.

          (a)  Nothing in this Plan shall be deemed to create any
obligation on the part of the Board to nominate any Director for
reelection by the Company's stockholders or to limit the rights of the
stockholders to remove any Director.

          (b)  The Company shall have the right to require, prior to the
issuance or delivery of any shares of the Common Stock pursuant to this
Plan, that a Participant make arrangements satisfactory to the Committee
for the withholding of any taxes required by law to be withheld with
respect to the issuance or delivery of such shares, including, without
limitation, by the withholding of shares that would otherwise be so
issued or delivered, by withholding from any other payment due to the
Participant, or by a cash payment to the Company by the Participant.

     14.1 GOVERNING LAW.  The Plan and all actions taken thereunder shall
be governed by and construed in accordance with the laws of the State of
Nevada.

     IN WITNESS WHEREOF, this Plan has been executed effective as of
November 20, 2002.

                                   UNIVERSAL BROADBAND
                                   COMMUNICATIONS, INC.

                                   By  /s/ Mark Ellis
                                      -----------------------------------
                                      Mark Ellis, President

                                   23<Page>

                                                                    Exhibit 4(c)

                             SUB-ADVISORY AGREEMENT

     Agreement made as of July 29, 2002 between UBS GLOBAL ASSET MANAGEMENT (US)
INC. ("UBS Global AM"), a Delaware Corporation, and BLACKROCK FINANCIAL
MANAGEMENT, INC. ("Sub-Adviser"), a Delaware corporation (the "Agreement").

                                    RECITALS

     (1)  UBS Global AM has entered into a Management Agreement dated June 15,
1995 ("Management Agreement") with UBS PACE Select Advisors Trust (formerly
known as Managed Accounts Services Portfolio Trust ("Trust")), an open-end
management investment company registered under the Investment Company Act of
1940, as amended ("1940 Act"), with respect to UBS PACE INTERMEDIATE FIXED
INCOME INVESTMENTS ("Portfolio");

     (2)  UBS Global AM desires to retain the Sub-Adviser to furnish certain
investment advisory services to UBS Global AM and the Portfolio; and

     (3)  The Sub-Adviser is willing to furnish such services;

     NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, UBS Global AM and the Sub-Adviser agree as follows:

     1.   APPOINTMENT. UBS Global AM hereby appoints the Sub-Adviser as an
investment sub-adviser with respect to the Portfolio for the period and on the
terms set forth in this Agreement. The Sub-Adviser accepts that appointment and
agrees to render the services herein set forth, for the compensation herein
provided.

     2.   DUTIES AS SUB-ADVISER.

     (a)  Subject to the supervision and direction of the Trust's Board of
Trustees (the "Board") and review by UBS Global AM, and any written guidelines
adopted by the Board or UBS Global AM, the Sub-Adviser will provide a continuous
investment program for all or a designated portion of the assets ("Segment") of
the Portfolio, including investment research and discretionary management with
respect to all securities and investments and cash equivalents in the Portfolio
or Segment. The Sub-Adviser will determine from time to time what investments
will be purchased, retained or sold by the Portfolio or Segment. The Sub-Adviser
will be responsible for placing purchase and sell orders for investments and for
other related transactions for the Portfolio or Segment. The Sub-Adviser will be
responsible for voting proxies of issuers of securities held by the Portfolio or
Segment. The Sub-Adviser understands that the Portfolio's assets need to be
managed so as to permit the Portfolio to qualify or to continue to qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code, as
amended ("Code"). The Sub-Adviser will provide services under this Agreement in
accordance with the Portfolio's investment objective, policies and restrictions
as stated in the Trust's currently effective registration statement under the
1940 Act, and any amendments or supplements thereto ("Registration Statement").

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     (b)  The Sub-Adviser agrees that, in placing orders with brokers, it will
obtain the best net result in terms of price and execution; provided that, on
behalf of the Portfolio, the Sub-Adviser may, in its discretion, use brokers
that provide the Sub-Adviser with research, analysis, advice and similar
services to execute portfolio transactions on behalf of the Portfolio, and the
Sub-Adviser may pay to those brokers in return for brokerage and research
services a higher commission than may be charged by other brokers, subject to
the Sub-Adviser's determination in good faith that such commission is reasonable
in terms either of the particular transaction or of the overall responsibility
of the Sub-Adviser to the Portfolio and its other clients and that the total
commissions paid by the Portfolio or Segment will be reasonable in relation to
the benefits to the Portfolio over the long term. In no instance will portfolio
securities be purchased from or sold to UBS Global AM or the Sub-Adviser, or any
affiliated person thereof, except in accordance with the federal securities laws
and the rules and regulations thereunder. The Sub-Adviser may aggregate sales
and purchase orders with respect to the assets of the Portfolio or Segment with
similar orders being made simultaneously for other accounts advised by the
Sub-Adviser or its affiliates. Whenever the Sub-Adviser simultaneously places
orders to purchase or sell the same security on behalf of the Portfolio and one
or more other accounts advised by the Sub-Adviser, the orders will be allocated
as to price and amount among all such accounts in a manner believed to be
equitable over time to each account. UBS Global AM recognizes that in some cases
this procedure may adversely affect the results obtained for the Portfolio or
Segment.

     Subject to the Sub-adviser's obligations to seek best execution, UBS Global
AM agrees that the Sub-adviser, in its sole discretion, may place transactions
on behalf of the Portfolio and the Trust with any broker-dealer deemed to be an
affiliate of the Sub-adviser (the "Affiliated Broker-Dealers") so long as such
transactions are effected in conformity with the requirements (including any
applicable exemptions and administrative interpretations set forth in Part II of
the Sub-adviser's Form ADV Registration Statement on file with the Securities
and Exchange Commission ("Form ADV")) of Section 11(a)(1)(H) of the Securities
Exchange Act of 1934. In all such dealings, the Affiliated Broker-Dealers shall
be authorized and entitled to retain any commissions, remuneration or profits
which may be made in such transactions and shall not be liable to account for
the same to UBS Global AM, the Series or the Trust.

     UBS Global AM further authorizes the Sub-adviser and its Affiliated
Broker-Dealers to execute agency cross transactions (the "Cross Transactions")
on behalf of the Portfolio and the Trust. Cross Transactions are transactions
which may be effected by the Affiliated Broker-Dealers acting for both the
Portfolio or the Trust and the counterparty to the transaction. Cross
Transactions enable the Sub-Adviser to purchase or sell a block of securities
for the Portfolio or the Trust at a set price and possibly avoid an unfavorable
price movement that may be created through entrance into the market with such
purchase or sale order. As such, the Sub-Adviser believes that Cross
Transactions can provide meaningful benefits for the Portfolio and the Trust and
its clients generally. UBS Global AM, the Portfolio and the Trust should be
aware, however, that in a Cross Transaction an Affiliated Broker-Dealer will be
receiving commissions from both sides of the trade and, therefore, there is a
potentially conflicting division of loyalties and responsibilities.

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     (c)  The Sub-Adviser will maintain all books and records required to be
maintained pursuant to Rule 31a-1(b)(2)(ii), (3), (5), (6), (7), (9) and (10)
under the 1940 Act and the rules and regulations promulgated thereunder with
respect to transactions by the Sub-Adviser on behalf of the Portfolio or
Segment, and will furnish the Board and UBS Global AM with such periodic and
special reports as the Board or UBS Global AM reasonably may request. In
compliance with the requirements of Rule 31a-3 under the 1940 Act, the
Sub-Adviser hereby agrees that all records which it maintains for the Portfolio
are the property of the Trust, agrees to preserve for the periods prescribed by
Rule 31a-2 under the 1940 Act any records that it maintains for the Portfolio
and that are required to be maintained by Rule 31a-1 under the 1940 Act, and
further agrees to surrender promptly to the Trust any records which it maintains
for the Portfolio upon request by the Trust.

     (d)  At such times as shall be reasonably requested by the Board or UBS
Global AM, the Sub-Adviser will provide the Board and UBS Global AM with
economic and investment analyses and reports as well as quarterly reports
setting forth the performance of the Portfolio or Segment and make available to
the Board and UBS Global AM any economic, statistical and investment services
that the Sub-Adviser normally makes available to its institutional or other
customers.

     (e)  In accordance with procedures adopted by the Board, as amended from
time to time, the Sub-Adviser is responsible for assisting in the fair valuation
of all portfolio securities in the Portfolio or Segment and will use its
reasonable efforts to arrange for the provision of a price or prices from one or
more parties independent of the Sub-Adviser for each portfolio security for
which the custodian does not obtain prices in the ordinary course of business
from an automated pricing service.

     3.   FURTHER DUTIES. In all matters relating to the performance of this
Agreement, the Sub-Adviser will seek to act in conformity with the Trust's Trust
Instrument, By-Laws and Registration Statement and with the written instructions
and written directions of the Board and UBS Global AM; and will comply with the
requirements of the 1940 Act, and the Investment Advisers Act of 1940, as
amended ("Advisers Act"), and the rules under each, the Code, and all other
federal and state laws and regulations applicable to the Trust and the
Portfolio. UBS Global AM agrees to provide to the Sub-Adviser copies of the
Trust's Trust Instrument, By-Laws, Registration Statement, written instructions
and directions of the Board and UBS Global AM, and any amendments or supplements
to any of these materials as soon as practicable after such materials become
available; and further agrees to identify to the Sub-Adviser in writing any
broker-dealers that are affiliated with UBS Global AM (other than UBS
PaineWebber Incorporated and UBS Global AM itself).

     4.   EXPENSES. During the term of this Agreement, the Sub-Adviser will bear
all expenses incurred by it in connection with its services under this
Agreement. The Sub-Adviser shall not be responsible for any expenses incurred by
the Trust, the Portfolio or UBS Global AM.

     5.   COMPENSATION.

     (a)  For the services provided and the expenses assumed by the Sub-Adviser
pursuant to this Agreement, UBS Global AM, not the Portfolio, will pay to the
Sub-Adviser a fee, computed

                                        2
<Page>

daily and payable monthly, at an annual rate listed on Schedule A of the average
daily net assets of the Portfolio or Segment allocated to its management
(computed in the manner specified in the Management Agreement), and will provide
the Sub-Adviser with a schedule showing the manner in which the fee was
computed. if the Sub-Adviser is managing a Segment, its fees will be based on
the value of the assets of the Portfolio within the Sub-Adviser's Segment.

     (b)  The fee shall be accrued daily and payable monthly to the Sub-Adviser
on or before the last business day of the next succeeding calendar month.

     (c)  If this Agreement becomes effective or terminates before the end of
any month, the fee for the period from the effective date to the end of the
month or from the beginning of such month to the date of termination, as the
case may be, shall be pro-rated according to the proportion which such period
bears to the full month in that such effectiveness or termination occurs.

     6.   LIMITATION OF LIABILITY.

     (a)  The Sub-Adviser shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Portfolio, the Trust or its
shareholders or by UBS Global AM in connection with the matters to which this
Agreement relates, except a loss resulting from willful misfeasance, bad faith
or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its obligations and duties under this Agreement.

     (b)  In no event will the Sub-Adviser have any responsibility for any other
series of the Trust, for any portion of the Portfolio not managed by the
Sub-Adviser or for the acts or omissions of any other Sub-Adviser to the Trust
or Portfolio.

     In particular, in the event the Sub-Adviser shall manage only a portion of
the Portfolio's investments, the Sub-Adviser shall have no responsibility for
the Portfolio's being in violation of any applicable law or regulation or
investment policy or restriction applicable to the Portfolio as a whole or for
the Portfolio's failing to qualify as a regulated investment company under the
Code, if the securities and other holdings of the Segment of the Portfolio
managed by the Sub-Adviser are such that such Segment would not be in such
violation or fail to so qualify if such Segment were deemed a separate series of
the Trust or a separate "regulated investment company" under the Code.

     Nothing in this section shall be deemed a limitation or waiver of any
obligation or duty that may not by law be limited or waived.

     7.   REPRESENTATIONS OF SUB-ADVISER. The Sub-Adviser represents, warrants
and agrees as follows:

     (a)  The Sub-Adviser (i) is registered as an investment adviser under the
Advisers Act and will continue to be so registered for so long as this Agreement
remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act
from performing the services contemplated by this Agreement; (iii) has met, and
will seek to continue to meet for so long as this Agreement remains in effect,
any other applicable federal or state requirements, or the applicable
requirements of any regulatory or industry self-regulatory agency, necessary to
be met in order to perform the services contemplated by this Agreement; (iv) has
the authority to enter into and perform the services contemplated by this
Agreement; and (v) will promptly notify UBS Global AM of the occurrence

                                        3
<Page>

of any event that would disqualify the Sub-Adviser from serving as an investment
adviser of an investment company pursuant to Section 9(a) of the 1940 Act or
otherwise.

     (b)  The Sub-Adviser has adopted a written code of ethics complying with
the requirements of Rule 17j-1 under the 1940 Act and will provide UBS Global AM
and the Board with a copy of such code of ethics, together with evidence of its
adoption. Within fifteen days of the end of the last calendar quarter of each
year that this Agreement is in effect, a duly authorized officer of the
Sub-Adviser shall certify to UBS Global AM that the Sub-Adviser has complied
with the requirements of Rule 17j-1 during the previous year and that there has
been no material violation of the Sub-Adviser's code of ethics or, if such a
violation has occurred, that appropriate action was taken in response to such
violation. Upon the written request of UBS Global AM, the Sub-Adviser shall
permit UBS Global AM, its employees or its agents to examine the reports
required to be made by the Sub-Adviser pursuant to Rule 17j-1 and all other
records relevant to the Sub-Adviser's code of ethics.

     (c)  The Sub-Adviser has provided UBS Global AM with a copy of its Form
ADV, as most recently filed with the Securities and Exchange Commission ("SEC"),
and promptly will furnish a copy of all amendments to UBS Global AM at least
annually.

     (d)  The Sub-Adviser will notify UBS Global AM of any change of control of
the Sub-Adviser, including any change of its general partners or 25%
shareholders or 25% limited partners, as applicable, and any changes in the key
personnel who are either the portfolio manager(s) of the Portfolio or senior
management of the Sub-Adviser, in each case prior to or promptly after such
change.

     (e)  UBS Global AM and the Sub-Adviser agree that neither of them nor any
of their affiliates, will in any way refer directly or indirectly to their
relationship with one another or any of their respective affiliates in offering,
marketing or other promotional materials without the express written consent of
the other, which consent will be promptly provided and not unreasonably
withheld.

     8.   SERVICES NOT EXCLUSIVE. The services furnished by the Sub-Adviser
hereunder are not to be deemed exclusive, and except as the Sub-Adviser may
otherwise agree in writing, the Sub-Adviser shall be free to furnish similar
services to others so long as its services under this Agreement are not impaired
thereby. Nothing in this Agreement shall limit or restrict the right of any
director, officer or employee of the Sub-Adviser, who may also be a trustee,
officer or employee of the Trust, to engage in any other business or to devote
his or her time and attention in part to the management or other aspects of any
other business, whether of a similar nature or a dissimilar nature.

     9.   DURATION AND TERMINATION.

     (a)  This Agreement shall become effective upon the date first above
written, provided that this Agreement shall not take effect unless it has first
been approved (i) by a vote of a majority of those trustees of the Trust who are
not parties to this Agreement or interested persons of any such party
("Independent Trustees"), cast in person at a meeting called for the purpose of
voting on such approval, and (ii) by vote of a majority of the Portfolio's
outstanding voting securities, unless UBS

                                        4
<Page>

Global AM has authority to enter into this Agreement pursuant to exemptive
relief from the SEC without a vote of the Portfolio's outstanding voting
securities.

     (b)  Unless sooner terminated as provided herein, this Agreement shall
continue in effect for two years from its effective date. Thereafter, if not
terminated, this Agreement shall continue automatically for successive periods
of twelve months each, provided that such continuance is specifically approved
at least annually (i) by a vote of a majority of the Independent Trustees, cast
in person at a meeting called for the purpose of voting on such approval, and
(ii) by the Board or by vote of a majority of the outstanding voting securities
of the Portfolio.

     (c)  Notwithstanding the foregoing, this Agreement may be terminated at any
time, without the payment of any penalty, by vote of the Board or by a vote of a
majority of the outstanding voting securities of the Portfolio on 60 days'
written notice to the Sub-Adviser. This Agreement may also be terminated,
without the payment of any penalty, by UBS Global AM: (i) upon 120 days' written
notice to the Sub-Adviser; (ii) upon material breach by the Sub-Adviser of any
of the representations, warranties and agreements set forth in Paragraph 7 of
this Agreement; or (iii) immediately if, in the reasonable judgment of UBS
Global AM, the Sub-Adviser becomes unable to discharge its duties and
obligations under this Agreement, including circumstances such as financial
insolvency of the Sub-Adviser or other circumstances that could adversely affect
the Portfolio. The Sub-Adviser may terminate this Agreement at any time, without
the payment of any penalty, on 120 days' written notice to UBS Global AM. This
Agreement will terminate automatically in the event of its assignment or upon
termination of the Management Agreement, as it relates to this Portfolio.

     10.  AMENDMENT OF THIS AGREEMENT. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought. To the extent required by applicable law, no
amendment of this Agreement shall be effective until approved (i) by a vote of a
majority of the Independent Trustees, and (ii) if the terms of this Agreement
shall have changed, by a vote of a majority of the Portfolio's outstanding
voting securities (except in the case of (ii), pursuant to the terms and
conditions of the SEC order permitting it to modify the Agreement without such
vote).

     11.  GOVERNING LAW. This Agreement shall be construed in accordance with
the 1940 Act and the laws of the State of New York, without giving effect to the
conflicts of laws principles thereof. To the extent that the applicable laws of
the State of New York conflict with the applicable provisions of the 1940 Act,
the latter shall control.

     12.  MISCELLANEOUS. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors. As used in this
Agreement, the terms "majority of the outstanding voting securities,"
"affiliated person," "interested person," "assignment," "broker," "investment
adviser," "net assets," "sale," "sell" and "security" shall have the same
meanings as such terms have in the 1940 Act, subject to such exemption as may be
granted by the SEC by any rule, regulation or order.

                                        5
<Page>

Where the effect of a requirement of the federal securities laws reflected in
any provision of this Agreement is made less restrictive by a rule, regulation
or order of the SEC, whether of special or general application, such provision
shall be deemed to incorporate the effect of such rule, regulation or order.
This Agreement may be signed in counterpart.

     13.  NOTICES. Any notice herein required is to be in writing and is deemed
to have been given to the Sub-Adviser or UBS Global AM upon receipt of the same
at their respective addresses set forth below. All written notices required or
permitted to be given under this Agreement will be delivered by personal
service, by postage mail return receipt requested or by facsimile machine or a
similar means of same delivery which provides evidence of receipt (with a
confirming copy by mail as set forth herein). All notices provided to UBS Global
AM will be sent to the attention of Amy Doberman, General Counsel. All notices
provided to the Sub-Adviser will be sent to the attention of Robert Connolly,
General Counsel.

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized signatories as of the date and year first
above written.

                                       UBS GLOBAL ASSET
                                       MANAGEMENT (US) INC.
                                       51 West 52nd Street
Attest:                                New York, New York  10019-6114

By:  /s/ Todd Lebo                     By:  /s/ Mabel Lung
     -------------------------              ------------------------------
     Name:  Todd Lebo                       Name:  Mabel Lung
     Title: Director                        Title: Managing Director

                                       BLACKROCK FINANCIAL
                                       MANAGEMENT, INC.

Attest:

By:  /s/ Brian P. Kindelan             By:  /s/ Laurence Fink
     -------------------------              ------------------------------
     Name:  Brian P. Kindelan               Name:  Laurence Fink
     Title: Director                        Title: CEO

                                        6
<Page>

                                   SCHEDULE A

20 BASIS POINTS ON THE AVERAGE DAILY NET ASSETS OF THE PORTFOLIO UP TO
$120,000,000

10 BASIS POINTS ON THE AVERAGE DAILY NET ASSETS OF THE PORTFOLIO EXCEEDING
$120,000,000

                                        7

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