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local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in both the Underlying Fund and AlphaKeys Fund, respectively, are Not Separate Legal Entities. Although Investors of the Underlying Fund, including
rvices; and (v) year-end support services with respect to Millennium USA's audit and tax processes, as may be required. (See "The Administrator.") Schulte Roth & Zabel LLP has rendered an opinion that Millennium USA and the Master Partnership will each be classified as a partnership and not as an association taxable a
local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in the Underlying Fund are Not Separate Legal Entities. Although Investors of the Underlying Fund, including the AlphaKeys Fund and certain Other A
Administrator also provides services in connection with the issuance, transfer and withdrawal of interests. (See "The Administrator.") Taxation: Schulte Roth & Zabel LLP has rendered an opinion that Millennium USA and the Master Partnership will each be classified as a partnership and not as an association taxable a
local level. Quarterly reports from the Administrator regarding the AlphaKeys Fund's operations during such period also may be sent to Investors. Classes of Interests in the Underlying Fund are Not Separate Legal Entities. Although Investors of the Underlying Fund, including the AlphaKeys Fund and certain Other A
Administrator also provides services in connection with the issuance, transfer and withdrawal of interests. (See "The Administrator.") Taxation: Schulte Roth & Zabel LLP has rendered an opinion that Millennium USA and the Master Partnership will each be classified as a partnership and not as an association taxable a
Entities connected to both Classes of Interests and Schulte Roth & Zabel LLP

United States
LOCATION
New York
LOCATION
U.S. Treasury
ORGANIZATIONthe U.S. Investment Company Act
ORGANIZATIONthe District of Columbia
LOCATION
the Internal Revenue Service
ORGANIZATIONCayman
LOCATION
Paul Volcker
PERSONthe New York Stock Exchange
ORGANIZATIONKeogh
ORGANIZATIONErnst & Young LLP
ORGANIZATION
the Cayman Islands
LOCATIONthe Underlying Fund Management Fee
ORGANIZATIONNo Assurance of Investment Return
ORGANIZATIONMillennium USA's
LOCATIONMillennium Partners
ORGANIZATIONTrigger Event
ORGANIZATIONThis Confidential Memorandum
ORGANIZATIONMillennium International, Ltd.
ORGANIZATIONthe Investor Application
ORGANIZATION