Epstein Secrets

rest-rate and foreign exchange-rate risks. Mortgage-backed Securities ("Mal) and Asset-backed Securities ("ABS') Some investment characteristics of MBS and ABS differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usu

82 FOR EXISTING INVESTOR USE ONLY Millennium from an economic, financial or regulatory perspective or whether any such impact would be material. Misconduct of Employees and of Third-Party Service Providers Millennium's reputation is critical to maintaining and developing relationships with prospective investors, as

to defaults and foreclosures) occur on loans and other assets ML281817-MAXWELL 11-29 CONFIDENTIAL UBSTERRAMAR00002445 EFTA00238001 underlying MBS and ABS will be affected by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, leg

ensive and varied. At the very least, the costs of compliance with legal restrictions affecting the Fund's trading will be significantly increased. Misconduct of Employees and of Third-Party Service Providers Millennium's reputation is critical to maintaining and developing relationships with prospective investors, as

tions due to defaults and foreclosures) occur on loans and other assets MAXWELL 11-29 CONFIDENTIAL UBSTERRAMAR00001392 EFTA00237038 underlying MBS and ABS will be affected by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, leg

ensive and varied. At the very least, the costs of compliance with legal restrictions affecting the Fund's trading will be significantly increased. Misconduct of Employees and of Third-Party Service Providers Millennium's reputation is critical to maintaining and developing relationships with prospective investors, as