UBS Diapason Global Biofuel Index

Diapason Rogers Commodity Index Fund

UBS and Swiss fund manager Diapason Commodities Management SA introduces the first index to track prices for biofuels.

The UBS Diapason Global Biofuel Index is based on futures prices for commodities used to produce ethanol and biodiesel.

The UBS Diapason Global Biofuel Index will be published in U.S. dollars, euros, Swiss francs and Japanese yen.

The UBS Diapason Global Biofuel Index is designed to be a highly liquid and
international benchmark for biofuel investments. The index is weighted to reflect
the importance of different feedstocks used in the production of ethanol and
biodiesel as well as the liquidity of the underlying futures contracts. It is composed
of futures contracts on 10 physical commodities related to the global production
of ethanol and biodiesel. As of index launch, the 2 biofuel groups have respective
weights of 83.01% for ethanol and 16.99% for biodiesel.

The UBS Diapason Global Biofuel Index Composition and weightings of all underlying commodities as of 1 March 2006 are as follows:

Biofuel group Ethanol:

Corn (30.00%)
Sugar #11 (29.26%)
Sugar #5 (3.71%)
Wheat (13.81%)
Barley (1.28%)
Rice (2.21%)
Lumber (2.74%)

Biofuel group biodiesel:

Rapeseed (7.17%)
Canola (3.03%)
Soybean Oil (6.80%)

To help ensure a high level of diversification, the UBS-D GBFI relies on the rule that no single component may constitute more than 30% of the index as of the semiannual reweightings in May and November.

This innovative index adds a new dimension to the liquid commodities indices and
can serve as a suitable basis for a variety of structured financial products. Its
launch means that investors will, for the very first time, have access to an efficient
and liquid investment instrument that gives them exposure to the market performance of alternative fuels.

1/ Corn 30.00% CBOT C Ethanol
2/ Sugar #11 29.26% NYBOT SB Ethanol
3/ Sugar #5 3.71% LIFFE QW Ethanol
4/ Wheat 13.81% CBOT W Ethanol
5/ Barley 1.28% WCE WA Ethanol
6/ Rice 2.21% CBOT RR Ethanol
7/ Lumber 2.74% CME LB Ethanol
8/ Rapeseed 7.17% Euronext IJ Biodiesel
9/ Canola 3.03% WCE RS Biodiesel
10/ Soybean Oil 6.80% CBOT BO Biodiesel
*NB: above figure are rounded to 2 decimals (calculated to 7 decimals)

Diapason Commodities, based in Lausanne, Switzerland, and London, was set up three years ago by James Rogers, who co-founded the Quantum hedge fund with George Soros in 1970. Rogers said Jan. 10, 2006 that agricultural futures, such as corn and soybeans, are the ``best investment targets'' among commodities because they are undervalued.

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