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There is no assurance that the Fund will be able to obtain from any company that is a PFIC the necessary information, on an annual basis, to permit the Master Fund to make an election to treat any such PFIC as a QEF. The Fund also may have the option to elect to mark stock in a PFIC to market at the end of ever
"Treasury Regulations") to be treated as a U.S. person. For purposes of this section, a Ron-U.S. Partner" means a Limited Partner that is neither a U.S. Limited Partner nor a partnership (or any other entity treated as a partnership) for U.S. federal income tax purposes. A 'U.S. Tax-Exempt Partner" is a U.S.
investors" and "qualified purchasers" under the U.S. federal securities laws. Millennium International primarily invests its capital indirectly in the Master Fund, through its investment in Millennium Offshore Intermediate, L.P. ("Millennium Offshore Intermediate"), a Cayman Islands exempted limited partnersh
the Service so as to relieve the Limited Partners of these reporting obligations. Regulations also generally impose a reporting requirement on any U.S. Limited Partner which, at any time during the taxable year of the Master Partnership, owns (indirectly or by attribution) more than 50% of the capital or p
investors" and "qualified purchasers" under the U.S. federal securities laws. Millennium International primarily invests its capital indirectly in the Master Fund, through its investment in Millennium Offshore Intermediate, •. ("Millennium Offshore Intermediate"), a Cayman Islands exempted limited partnershi
the Service so as to relieve the Limited Partners of these reporting obligations. Regulations also generally impose a reporting requirement on any U.S. Limited Partner which, at any time during the taxable year of the Master Partnership, owns (indirectly or by attribution) more than 50% of the capital or p
Entities connected to both the Master Fund and U.S. Limited

the Cayman Islands
LOCATION
United States
LOCATION
New York
LOCATIONCayman
LOCATIONKeogh
ORGANIZATIONthe Delaware
ORGANIZATIONthe U.S. Investment Company Act
ORGANIZATIONthe Cayman Islands Monetary Authority
ORGANIZATIONthe Mutual Funds Law
ORGANIZATION
Occidental College
ORGANIZATIONAccounting Period
ORGANIZATIONReliance
ORGANIZATIONthe U.S. Investment Advisers Act
ORGANIZATIONthe Commodity Futures Trading Commission
ORGANIZATION
U.S. Treasury
ORGANIZATION
Mohammed bin Salman
PERSONthe Incentive Allocation
ORGANIZATIONthe "Service
ORGANIZATION
New York State
LOCATIONInvestment
ORGANIZATION