Document:

<Page>

                             SUB-ADVISORY AGREEMENT

          Agreement made as of April 1, 2004 between UBS GLOBAL ASSET MANAGEMENT
(US) INC. ("UBS Global AM"), a Delaware corporation, and J.P. Morgan Investment
Management Inc. (the "Sub-Adviser"), a corporation existing under the laws of
the State of Delaware.

                                    RECITALS

     (1)    UBS Global AM has entered into a Management Agreement dated June 15,
1995 ("Management Agreement") with UBS PACE Select Advisors 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 International
Equity 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 or a designated
portion of the assets ("Segment") of 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 or Segment 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 the Portfolio or Segment, 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 he responsible for placing purchase
and sell orders for investments and for other related transactions for 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").

     (b)    The Sub-Adviser agrees that it will not consult with any other
sub-adviser ("Other Sub-Adviser") for the Trust or Portfolio concerning any
transaction by the Portfolio or Segment

<Page>

in securities or other assets, including (i) the purchase by the Portfolio or
Segment of a security issued by the Other Sub-Adviser, or an affiliate of the
Other Sub-Adviser, to the Trust or Portfolio except as permitted by the 1940 Act
or (ii) transactions by the Portfolio or Segment in any security for which the
Other Sub-Adviser, or its affiliate, is the principal underwriter.

     (c)    The Sub-Adviser agrees that it will be responsible for voting
proxies of issuers of securities held by the Portfolio or Segment. The
Sub-Adviser further agrees that it will adopt written proxy voting procedures
that shall comply with the requirements of the 1940 Act and the Investment
Advisers Act of 1940. The Sub-Adviser further agrees that it will provide the
Board on or before August 1st of each year, or more frequently as the Board may
reasonably request, with a written report of the proxies voted during the most
recent 12-month period ending June 30, or such other period as the Board may
designate, in a format that shall comply with the 1940 Act.

     (d)    The Sub-Adviser agrees that, in placing orders with brokers, it will
seek the best overall terms available. In assessing the best overall terms
available for any transaction, the Sub-Adviser will consider factors it deems
relevant, including, without limitation, the breadth of the market in the
security, the price of the security, the financial condition and execution
capability of the broker or dealer and the reasonableness of the commission, if
any, for the specific transaction and on a continuing basis. In selecting
brokers, the Sub-Adviser may, on behalf of the Portfolio or Segment and in the
Sub-Adviser's discretion, use brokers that provide the Sub-Adviser with
research, analysis, advice and similar services to execute portfolio
transactions on behalf of the Portfolio or Segment, 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 or Segment 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 or Segment 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 or Segment 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 or Segment 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 II(a)(l )(H) of the Securities Exchange Act of 1934. In all such
dealings, the Affiliated Broker-Dealers shall be authorized

                                        2
<Page>

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 Segment, the Portfolio 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 or Segment and the Trust. Cross Transactions arc
transactions that may be effected by the Affiliated Broker-Dealers acting for
both the Portfolio or Segment 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 Segment 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 or Segment and the Trust and its clients generally. UBS Global AM,
the Portfolio or Segment 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.

     (e)    The Sub-Adviser will maintain all books and records required to be
maintained pursuant to Rule 3la-l (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
or Segment arc 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 or Segment and that are required to be maintained by Rule 3la-1
under the 1940 Act, and further agrees to surrender promptly to the Trust any
records which it maintains for the Portfolio or Segment upon request by the
Trust.

     (f)    At such tunes 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.

     (g)    In accordance with procedures adopted by the Board, as amended from
time to time, the Board or the Fund's fair valuation committee may consult with
the Sub-Adviser from time to time to seek the Sub-Adviser's assistance in the
Board's or the fair valuation committee's fair valuation of portfolio securities
in the Portfolio or Segment. The Sub-Adviser will use its reasonable efforts to
assist the Portfolio's custodian in obtaining sources (independent of the Sub
-Adviser) for a price or prices 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

                                        3
<Page>

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 US Global AM (other than UBS PaineWebber Inc. and UBS Global AM itself).

     4.     EXPENSES. During the term of this Agreement, the Sub-Adviser will
bear al I 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 daily and payable monthly, at an annual
rate of 0.20% 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 portfolio 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
Segment of the Portfolio, 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

                                        4
<Page>

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 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 off 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 with respect to
access persons of the Portfolio.

     (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, in each case prior to or
promptly after such change. In addition, the Sub-Adviser will notify UBS Global
AM of any changes in the key personnel who are either the portfolio manager(s)
of the Portfolio or senior management of the Sub-Adviser as soon as practicable
after such change.

                                        5
<Page>

     (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 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
oh' 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.

                                        6
<Page>

     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 he
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. 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 he 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 David M. Goldenberg, 51 West 52nd
Street, New York, NY 10019. All notices provided to the Sub-Adviser will be sent
to the attention of: Deborah J. Gotzmann, 522 Fifth Avenue, 13th Floor, New
York, NY 10036.

     14.    DELEGATION TO THIRD PARTIES. Except where prohibited by applicable
law or regulation, the Sub-Adviser may delegate or may employ a third party to
perform any accounting, administrative, reporting and ancillary services
required to enable the Sub-Adviser to perform its functions under this
Agreement, but the Sub-Adviser's liability to UBS Global AM or the Portfolio
shall not be affected thereby. Notwithstanding any other provision of the
Agreement, the Sub-Adviser may provide information about UBS Global AM and the
Portfolio or Segment to any such Affiliate or other third party for the purposes
of this Clause, provided that such the third party is subject to a
confidentiality agreement that specifically prevents the

                                        7
<Page>

misuse of any such information, including portfolio holdings. The Sub-Adviser
will act in good faith and with due diligence in, the selection, use and
monitoring of third parties and shall be solely responsible for any loss,
mistake, negligence or misconduct caused by such third party.

     15.    TRADE SETTLEMENT AT TERMINATION. Termination will he without
prejudice to the completion of any transaction already initiated. On, or alter,
the effective date of termination, the Sub-Adviser shall be entitled, without
prior notice to UBS Global AM or the Portfolio, to direct the Custodian to
retain and/or realise any assets of the Portfolio as may be required to settle
transactions already initiated, and to pay any outstanding liabilities of the
Sub-Adviser. Following the date of effective termination, any new transactions
will only be executed by mutual agreement between the UBS Global AM and the
Sub-Adviser.

     16.    DISCLOSURE.

     (a)    Neither UBS Global AM, the Portfolio or the Sub-Adviser shall
disclose information of a confidential nature acquired in consequence of this
Agreement, except for information which they may be entitled or bound to
disclose by law, regulation or which is disclosed to their advisers where
reasonably necessary for the performance of their professional services or, in
the case of the Sub-Adviser, as permitted in accordance with the above clause
(Delegation to Third Parties).

     (b)    Notwithstanding the provisions of l6(a), to the extent that any
market counterparty with whom the Sub-Adviser deals requires information
relating to the Portfolio or Segment (including, but not limited to, the
identity of the UBS Global AM or the Portfolio and market value of the Portfolio
or Segment), the Sub-Adviser shall be permitted to disclose such information to
the extent necessary to effect transactions on behalf of the Portfolio or
Segment in accordance with the terms of this Agreement.

                                        8
<Page>

   IN WITNESS WHEREOF, the parties hereto have caused this instrument to he
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
                                         New York, New York 10019-6114

Attest:

By:  /s/ Todd Lebo                          By: /s/ David M. Goldenberg
     ------------------------------------       ------------------------------
     Name:                                  Name: David M. Goldenberg
     Title:                                 Title: Executive Director

Attest:

By:  /s/ Todd Lebo                          By: /s/ Robert P. Wolfangel, Jr.
     ------------------------------------       ------------------------------
     Name:                                  Name: Robert P. Wolfangel, Jr.
     Title:                                 Title: Managing Director

                                         J.P. MORGAN INVESTMENT
                                         MANAGEMENT, INC.
                                         522 Fifth Avenue
                                         New York, New York 10036

Attest:

By: /s/ Deborah Gotzmann                    By: /s/ Aimee Marcus
     ------------------------------------       ------------------------------
     Name: Deborah Gotzmann                 Name: Aimee Marcus
     Title: Associate                       Title: Vice President

                                        9<Page>
                                                                    Exhibit 4(t)

                            SUB-ADVISORY AGREEMENT

     Agreement made as of April 1, 2004 between UBS GLOBAL ASSET MANAGEMENT
(US) INC. ("UBS Global AM"), a Delaware corporation, and Delaware
International Advisers Ltd. ("Sub Adviser"), a limited company organized
under the laws of the United Kingdom (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 ("Trust")),
an open-end management investment company registered under the Investment
Company Act of 1940, as amended ("1940 Act"), with respect to UBS PACE
International Equity 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 or a
designated portion of the assets ("Segment") of 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 or Segment 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 the Portfolio or Segment,
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 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").

                                      -1-
<Page>

     (b) The Sub-Adviser agrees that it will not consult with any other
sub-adviser  ("Other Sub-Adviser") for the Trust or Portfolio concerning any
transaction by the Portfolio or Segment in securities or other assets,
including (i) the purchase by the Portfolio or Segment of a security issued
by the Other Sub-Adviser, or an affiliate of the Other Sub-Adviser, to the
Trust or Portfolio except as permitted by the 1940 Act or (ii) transactions
by the Portfolio or Segment in any security for which the Other Sub-Adviser,
or its affiliate, is the principal underwriter.

     (c) The Sub-Adviser agrees that it will be responsible for voting
proxies of issuers of securities held by the Portfolio or Segment.  The
Sub-Adviser further agrees that it will adopt written proxy voting procedures
that shall comply with the requirements of the 1940 Act and the Investment
Advisers Act of 1940, as amended ("Advisers Act"), and that shall be
acceptable to the Board.  The Sub-Adviser further agrees that it will provide
the Board on or before August 1st of each year, or more frequently as the
Board may reasonably request, with a written report of the proxies voted
during the most recent 12-month period ending June 30, or such other period
as the Board may designate, in a format that shall comply with the 1940 Act
and that shall be acceptable to the Board.

     (d) The Sub Adviser agrees that, in placing orders with brokers, it will
seek to obtain the best net result in terms of price and execution; provided
that, on behalf of the Portfolio or Segment, 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 or Segment, 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 or Segment 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 or Segment 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 or Segment 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 Series and the Trust or 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

                                      -2-
<Page>

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 Series and the Trust.  Cross Transactions are
transactions which may be effected by the Affiliated Broker-Dealers acting
for both the Series 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 Series 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 Series and
the Trust and its clients generally.  UBS Global AM, the Series 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.

     (e) 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
or Segment 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 or Segment 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 or Segment upon request by the
Trust.

     (f) 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.

     (g) 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 Advisers Act, and the
rules under each, the Code, and all other federal and state laws and
regulations applicable to the Trust

                                      -3-
<Page>

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 Financial Services Inc. 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 daily and payable monthly at the
annual rates set forth below based on the average daily net assets of the
Portfolio or Segment allocated to the Sub-Adviser's management:
<Table>
<Caption>
                  PORTFOLIO OR SEGMENT                       SUB-ADVISORY FEE AS A
             ASSETS MANAGED BY SUB-ADVISER          PERCENTAGE OF AVERAGE DAILY NET ASSETS
             -----------------------------          --------------------------------------
<S>                                                 <C>
             First $150 million                                       0.35%
             Amounts in excess of $150 million                        0.30%
</Table>

     (b) UBS Global AM will compute the fees payable to the Sub-Adviser 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.

     (c) 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.

     (d) 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.
                                      -4-
<Page>

     (b) In no event will the Sub-Adviser have any responsibility for any
other portfolio 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 Segment
of the Portfolio, 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 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.  In addition, the Sub-Adviser has provided UBS Global AM
with certain disclosures required by the U.K. Financial Services Authority.

                                      -5-
<Page>

     (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 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

                                      -6-
<Page>

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. 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).

                                      -7-
<Page>

     All notices provided to UBS Global AM will be sent to the attention of:

     David M. Goldenberg
     Executive Director and Deputy General Counsel
     UBS Global Asset Management (US) Inc.
     51 West 52nd Street
     New York, New York  10019-6114
     Tel:  (212) 882-5572
     Fax:  (212) 882-5472

     All notices provided to the Sub-Adviser will be sent to the attention of:

     Delaware International Advisers Ltd.
     80 Cheapside, Third Floor
     London EC2V6EE
     United Kingdom
     Tel:  011-44-207-477-7007
     Fax:  011-44-207-523-0300
     Attn:  David G. Tilles

     with a copy to:

     Delaware Investments
     2005 Market Street
     Philadelphia, PA  19103
     Tel:  (215) 255-1371
     Fax:  (215) 255-1640
     Attn:  General Counsel

                                      -8-
<Page>

     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/  David M. Goldenberg
------------------------------------   ------------------------------------
     Name: Todd Lebo                         Name: David M. Goldenberg
     Title: Director                         Title:  Executive Director

Attest:

By:  /s./ Todd Lebo                     By:  /s/ Robert P. Wolfangel, Jr.
------------------------------------    ------------------------------------
Name:  Todd Lebo                        Name:  Robert P. Wolfangel, Jr
Title: Director                         Title: Managing Director

                                        DELAWARE INTERNATIONAL
                                        ADVISERS LTD.
                                        80 Cheapside, Third Floor
                                        London EC2V6EE
Attest:                                 United Kingdom

By:  /s/ Nigel May                      By:  /s/  David G. Tilles
------------------------------------    ------------------------------------
Name:   Nigel May                       Name:   David G. Tilles
Title:  Director                        Title:  Chief Executive Officer,
                                                Managing Director,
                                                Chief Investment Officer

                                      -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]