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permitted to do so. II-12 CONFIDENTIAL UBSTERRAMAR00004015 EFTA00239347 FOR EXISTING INVESTOR USE ONLY Business Dependent on Key Individuals; Reliance on Portfolio Managers The success of the Fund is significantly dependent upon the expertise of a number of individuals including certain of those i
ors" and "qualified purchasers" under the U.S. federal securities laws. Millennium USA primarily invests its capital in the Master Partnership. • Millennium International, Ltd. ("Millennium International"), an exempted company incorporated in December 1997 under the laws of the Cayman Islands, which accepts investments fro
s from the other Feeder Funds' investors, which could adversely affect the value of an investor's interests. Business Dependent on Key Individuals; Reliance on Portfolio Managers The success of the Fund is significantly dependent upon the expertise of a number of individuals, including, Israel A. Englan
ors" and "qualified purchasers" under the U.S. federal securities laws. Millennium USA primarily invests its capital in the Master Partnership. • Millennium International, Ltd. ("Millennium International"), an exempted company incorporated in December 1997 under the laws of the Cayman Islands, which accepts investments fro
s from the other Feeder Funds' investors, which could adversely affect the value of an investor's interests. Business Dependent on Key Individuals; Reliance on Portfolio Managers The success of the Fund is significantly dependent upon the expertise of a number of individuals, including, Israel A. Englan
ors" and "qualified purchasers" under the U.S. federal securities laws. Millennium USA primarily invests its capital in the Master Partnership. • Millennium International, Ltd. ("Millennium International"), an exempted company incorporated in December 1997 under the laws of the Cayman Islands, which accepts investments fro
Entities connected to both Reliance and Millennium International, Ltd.

United Kingdom
LOCATION
United States
LOCATION
New York
LOCATIONthe U.S. Investment Company Act
ORGANIZATIONthe Securities and Exchange Commission
ORGANIZATION
the Cayman Islands
LOCATIONCayman
LOCATION
New York State
LOCATIONSpecial Limited
ORGANIZATIONAccounting Period
ORGANIZATION
Ghislaine Maxwell
PERSON
U.S. Treasury
ORGANIZATIONAllocation of Profits and Losses
ORGANIZATIONthe Offered Interests
ORGANIZATIONErnst & Young LLP
ORGANIZATION
Millennium
ORGANIZATION
George W. Bush
PERSON
the Internal Revenue Service
ORGANIZATIONMillennium USA's
LOCATIONthe U.S. Investment Advisers Act
ORGANIZATION