Epstein Secrets

(as opposed to through Portfolio Managers) utilizing any of the strategies described herein, or utilizing other strategies as deemed appropriate by Millennium. The Fund may provide seed capital or early stage capital, as well as negotiated capital, to one or more new or established Portfolio Managers. Mil

its affiliated management companies, Millennium retains the right to organize additional investment vehicles, and frequently considers doing so. If Millennium (or an affiliate) were to organize one or more such additional funds, there would be a number of conflicts between them and the Master Partnership

ium. The Fund may provide seed capital or early stage capital, as well as negotiated capital, to one or more new or established Portfolio Managers. Millennium may seek to enhance the return the Fund receives from such investments through various contractual arrangements that provide the Fund with reduced

he NYAG and 575 million allocated to the remaining states). 5. Date of Action: July 16, 2007 Entity: UBS Financial Services Brought By: Attorney General State of NY ML281817-MAXWELL Page 2 of 4 CONFIDENTIAL UBSTERRAMAR00002514 EFTA00238070 Disclosure Statement under Rule 506(d) iefft4'')• „, • ...;t„. Al

(as opposed to through Portfolio Managers) utilizing any of the strategies described herein, or utilizing other strategies as deemed appropriate by Millennium. The Fund may provide seed capital or early stage capital, as well as negotiated capital, to one or more new or established Portfolio Managers. Mil

its affiliated management companies, Millennium retains the right to organize additional investment vehicles, and frequently considers doing so. If Millennium (or an affiliate) were to organize one or more such additional funds, there would be a number of conflicts between them and the Master Partnership

ium. The Fund may provide seed capital or early stage capital, as well as negotiated capital, to one or more new or established Portfolio Managers. Millennium may seek to enhance the return the Fund receives from such investments through various contractual arrangements that provide the Fund with reduced

he NYAG and 575 million allocated to the remaining states). 5. Date of Action: July 16, 2007 Entity: UBS Financial Services Brought By: Attorney General State of NY MAXWELL Page 2 of 4 CONFIDENTIAL UBSTERRAMAR00001461 EFTA00237107 Disclosure Statement under Rule 506(d) iefft4'')• „, • ...;t„. Aliegations

TING INVESTOR USE ONLY Public Policy from the John F. Kennedy School of Government at Harvard University. • John Novogratz, 45 Coined in 2009), is Millennium's Global Head of Capital Development and Investor Relations. Mr. Novogratz is responsible for the Capital Development and Investor Relations Depart

ions are scaled relative to the underlying commodity's volatility enabling the use of the same risk management disciplines that are employed across Millennium. Distressed Strategies. Distressed strategies involve purchases and sales of debt and quasi-debt securities and obligations of companies with what

he NYAG and 575 million allocated to the remaining states). 5. Date of Action: July 16, 2007 Entity: UBS Financial Services Brought By: Attorney General State of NY Page 2 of 4 CONFIDENTIAL UBSTERFtAMAR00004121 EFTA00239453 FOR EXISTING INVESTOR USE ONLY iliksagv:4R9t:IftrtaW;WWS5W,TANNwpgAw(150 5 Disclos