EFTA00237405.txt

"substantially all of the AlphaKeys Fund's assets are expected to be invested in the Underlying Fund"

"The AlphaKeys Fund has been organized to invest substantially all of its capital in limited partner interests in Blackstone Real Estate Partners Europ"

"the administrative fee paid to UBSFA as described under "Administrative Fee" below"

"have delegated all of their rights, powers, duties and obligations to manage and control the business and affairs of the AlphaKeys Fund to the Member "

"The AlphaKeys Fund may make multiple investments at different times in the Underlying Fund"

"the AlphaKeys Fund, as an investor in the Underlying Fund, will be subject to such changed terms"

"AlphaKeys European Real Estate Opportunities Fund II, L.L.C. ... is a private investment fund established by UBS Fund Advisor, L.L.C."

"invest substantially all of its capital in limited partnership interests in Blackstone Real Estate Partners Europe V M."

"Blackstone Real Estate Associates Europe V M. serves as the Underlying Fund's general partner"

"Blackstone Real Estate Advisors M, has been appointed to provide advisory and management services to the Underlying Fund"

"Certain information contained in this Memorandum relating to Blackstone, the Underlying Fund... has been derived by UBS Financial Services Inc. from m"

"the AlphaKeys Fund, through its investments in the Underlying Fund, may be deemed to invest in certain securities"

"The AlphaKeys Fund intends to own a limited partner interest in the Underlying Fund"

"the Member Designee, in its discretion, and not the Members, will determine how the AlphaKeys Fund's interest in the Underlying Fund will be voted"

"UBS Fund Advisor, L.L.C. has been appointed by the investors to provide certain administrative and support services to the AlphaKeys Fund"

"Because the Member Designee and the Administrator are currently the same entity"

"The Administrator is a direct, wholly owned subsidiary of UBS Americas, Inc."

"UBS Americas, Inc. which, in turn, is a wholly owned subsidiary of UBS AG"

"The Placement Agent, a wholly owned subsidiary of UBS Americas"

"UBS Financial Services Inc., an affiliate of the Administrator"

"the Administrator will receive an annual fee (the "Administrative Fee") commencing on the initial closing date of the AlphaKeys Fund"

"The offices of the Administrator are located at 1285 Avenue of the Americas, New York, New York 10019"

"As an investor in the Underlying Fund, the AlphaKeys Fund may be subject to these same risks"

"The Member Designee is, for purposes of the BI-IC Act, a subsidiary of UBS AG"

"Ropes & Gray LLP has acted as counsel to the AlphaKeys Fund in connection with this offering of the Interests."

"Ropes & Gray LLP also acts as counsel to the Member Designee"

"Ropes & Gray LLP also acts as counsel to... the Administrator"

"Ropes & Gray LLP also acts as counsel to... the Placement Agent"

"The Underlying Fund General Partner has entered into an agreement with the Placement Agent, pursuant to which the Placement Agent will receive a one t"

"The Member Designee is, for purposes of the BHC Act, a subsidiary of UBS AG"

"Blackstone began acquiring London office buildings in 2009 with its acquisition of a 50% interest in the Broadgate Estate"

"Blackstone acquired the portfolio from CatalunyaCaixa... for E3.6 billion"

"Blackstone established an operating platform, Logicor"

"The committee discussions arc led by Jonathan Gray, Global Hcad of Real Estate"

"The committee discussions arc led by... Ken Caplan, Chief Investment Officer"

"senior executives of Blackstone, including Stephen Schwarzman, Chairman and CEO"

"Hamilton James, President and COO"

"Anthony Myers, Head of Real Estate Europe, has been with Blackstone for 15 years"

"Farhad Karim, Chief Operating Officer of Europe, has worked closely with Blackstone Real Estate since 1998"

"Andrew Lax, Head of Asset Management Europe, has been with Blackstone since 2002"

"James Scppala joined in 2008 and is now Head of Europe Acquisitions"

"worked closely with Blackstone Real Estate since 1998 as an attorney at Simpson Thacher & Bartlett"

"Park Hill, a former affiliate of the General Partner, which is now part of PIT Partners"

"each Limited Partner will bear any placement fees incurred with respect to its investment in the Partnership"

"PIT Partners Inc. ("PIT), an independent financial advisory firm founded by Paul J. Taubman"

"Equity Healthcare LLC ("Equity Healthcare"), a Blackstone affiliate"

"Blackstone has established an 80/20 joint venture with Kensington Vanguard... to create a new title company"

"Blackstone has established an 80/20 joint venture with Kensington Vanguard... to create a new title company"

"The BREP Co-Investors will participate in Investments alongside the Partnership. Such participation (the "BREP Co-Investment Participation Percentage""

"As investment advisor to both the Partnership and the Debt Funds, Blackstone owes a fiduciary duty"