UBS Global Asset Management (Canada) Co., the
manager of both UBS Global Allocation Trust (GAT) and UBS Total Return Trust (UTR) today announced that the merger of the funds is anticipated to be effective prior to the open of the markets on June 10.

Units of UTR will be de-listed at the close of business on June 10. Unitholders of UTR will receive units of
GAT to be issued in exchange for the units of UTR based on an exchange ratio based on the net asset value of the funds at the close of business on June 9.

The record date for the special distribution of the funds is June 9.

At this time, UBS Global Asset Management does not anticipate that there will be a special distribution in either of the funds. In the event there is a special distribution, it will be made in cash in the normal course to unitholders of record on June 9.

This special distribution would be required in the event of any income and realized capital gains generated to date that has not been previously distributed.

The funds’ Trust Agreement requires that all taxable income be paid to unitholders prior to the end of its taxation year.

The merger of the unds on June 10, will trigger a year end for tax purposes resulting in the requirement to make the special distribution, if necessary, at this time.