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w (or revised) laws or regulations may be imposed by the U.S. Commodity Futures Trading Commission (the "CFTC"), the SEC, the Board of Governors of the Federal Reserve System (the "Federal Reserve") or other banking regulators, other U.S. or non-U.S. governmental regulatory authorities or self-regulatory organizations, in
" and "Certain Tax Matters Relating to the Master Partnership" in Part One of the Underlying Fund Memorandum and "TAX ASPECTS" in this Memorandum. Bank Holding Company Act Considerations. The Administrator is, for purposes of the BHC Act, a subsidiary of UBS, which is subject to supervision and regulation by the Federal Reserve. It i
w (or revised) laws or regulations may be imposed by the U.S. Commodity Futures Trading Commission (the "CFTC"), the SEC, the Board of Governors of the Federal Reserve System (the "Federal Reserve") or other banking regulators, other U.S. or non-U.S. governmental regulatory authorities or self-regulatory organizations, i
A" and "Certain Tax Matters Relating to the Master Partnership" in Part One of the Underlying Fund Memorandum and "TAX ASPECTS" in this Memorandum. Bank Holding Company Act Considerations. The Administrator is, for purposes of the BHC Act, a subsidiary of UBS AG, which is subject to supervision and regulation by the Federal Reserve.
w (or revised) laws or regulations may be imposed by the U.S. Commodity Futures Trading Commission (the "CFTC"), the SEC, the Board of Governors of the Federal Reserve System (the "Federal Reserve") or other banking regulators, other U.S. or non-U.S. governmental regulatory authorities or self-regulatory organizations, i
A" and "Certain Tax Matters Relating to the Master Partnership" in Part One of the Underlying Fund Memorandum and "TAX ASPECTS" in this Memorandum. Bank Holding Company Act Considerations. The Administrator is, for purposes of the BHC Act, a subsidiary of UBS AG, which is subject to supervision and regulation by the Federal Reserve.
Entities connected to both the Federal Reserve System and Bank Holding Company Act Considerations

United States
LOCATION
the Internal Revenue Service
ORGANIZATION
U.S. Treasury
ORGANIZATION
Federal Reserve
ORGANIZATIONthe District of Columbia
LOCATION
New York
LOCATIONErnst & Young LLP
ORGANIZATIONCayman
LOCATION
UBS AG
ORGANIZATIONthe Underlying Fund Management Fee
ORGANIZATIONthe Investor Application
ORGANIZATIONClasses of Interests
ORGANIZATION
Ghislaine Maxwell
PERSONthe U.S. Department of Labor
ORGANIZATION
Paul Volcker
PERSONthe New York Stock Exchange
ORGANIZATIONUBS Institutional Consulting
ORGANIZATIONNo Assurance of Investment Return
ORGANIZATIONManagement of Millennium USA
ORGANIZATIONCustodian
ORGANIZATION