Epstein Secrets

agement and other affiliated entities that participate in the management of the Master Partnership's assets are collectively referred to herein as "Millennium." The Limited Partners have no right to act on behalf of Millennium USA or the Master Partnership in connection with any matter. Millennium Managem

the right to dissolve Millennium USA at any time (including during a fiscal year), for any reason or for no reason. In the case of such termination, Millennium USA's net assets (less reserves) will be distributed to the Limited Partners within 30 days after the completion of a final audit of Millennium USA

ures. See "The Fund's Investment Program and Strategy." As discussed under "The Fund's Investment Program and Description: Eligible Investments," Millennium does not establish fixed guidelines regarding diversification of investments to be followed by the Fund; the Fund is authorized to invest in al

s Investment Program and Description: Leverage and Loans 64 The Fund's Risk Management Program 65 The Master Partnership's Fees and Expenses 65 Related-Party Transactions and Other Accounts; Conflicts 67 Certain Tax Matters Relating to the Master Partnership 77 Certain Legal and Regulatory Matters Relating to the F

(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

l be allocated among the Fund and such other recipients of the services or the other applicable parties that receive the benefit of such services. Related-Party Transactions; Conflicts Conflicts of interest among the Fund (and investors in the Feeder Funds), Millennium and Millennium's principals may and do exist, which

(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

l be allocated among the Fund and such other recipients of the services or the other applicable parties that receive the benefit of such services. Related-Party Transactions; Conflicts Conflicts of interest among the Fund (and investors in the Feeder Funds), Millennium and Millennium's principals may and do exist, which

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

cation of ongoing expenses related to such utilization in accordance with Millennium's expense allocation policies as in effect from time to time. Related-Party Transactions and Other Accounts; Conflicts Conflicts of interest among the Fund (and investors in the Feeder Funds), Millennium and Millennium's principals may

e the AlphaKeys Fund is regarded as doing business or earning income (directly or indirectly). See "Certain Tax Matters Relating to an Investment in Millennium ML281817-MAXWELL -32- CONFIDENTIAL UBSTERRAMAR00002298 EFTA00237854 USA" and "Certain Tax Matters Relating to the Master Partnership" in Part O

ent Program and Description: Leverage and Loans II-51 The Fund's Risk Management Program II-52 The Master Partnership's Fees and Expenses II-52 Related-Party Transactions; Conflicts II-52 Certain Tax Matters Relating to the Master Partnership II-59 Certain Legal and Regulatory Matters Relating to the Fund 11-60 L

e the AlphaKeys Fund is regarded as doing business or earning income (directly or indirectly). See "Certain Tax Matters Relating to an Investment in Millennium MAXWELL -32- CONFIDENTIAL UBSTERRAMAR00001245 EFTA00236891 USA" and "Certain Tax Matters Relating to the Master Partnership" in Part One of the

ent Program and Description: Leverage and Loans II-51 The Fund's Risk Management Program II-52 The Master Partnership's Fees and Expenses II-52 Related-Party Transactions; Conflicts II-52 Certain Tax Matters Relating to the Master Partnership II-59 Certain Legal and Regulatory Matters Relating to the Fund 11-60 L