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cording of 1-12 CONFIDENTIAL UBSTERRAMAR00003943 EFTA00239275 FOR EXISTING INVESTOR USE ONLY Taxation: ERISA and Other Tax Exempt Entities: Anti-Money Laundering Considerations: DOC ID- 29147063.5 transactions and the reconciliation of cash, positions and transactions between Millennium USA's and the Maste
morandum and the Underlying Fund Memorandum may contain forward-looking statements. These forward-looking statements reflect the Administrator's or the Underlying Fund Manager's view with respect to future events. Actual events could differ materially from those in the forward-looking statements as a result of factors beyond
lations promulgated thereunder) to equal or exceed 25% of the net asset value of any class of the Offered Interests. (See "ERISA Considerations.") Anti-Money Laundering As part of Millennium USA's and the Administrator's Considerations: responsibility for the prevention of money laundering, Millennium USA and its
morandum and the Underlying Fund Memorandum may contain forward-looking statements. These forward-looking statements reflect the Administrator's or the Underlying Fund Manager's view with respect to future events. Actual events could differ materially from those in the forward-looking statements as a result of factors beyon
lations promulgated thereunder) to equal or exceed 25% of the net asset value of any class of the Offered Interests. (See "ERISA Considerations.") Anti-Money Laundering As part of Millennium USA's and the Administrator's Considerations: responsibility for the prevention of money laundering, Millennium USA and its
morandum and the Underlying Fund Memorandum may contain forward-looking statements. These forward-looking statements reflect the Administrator's or the Underlying Fund Manager's view with respect to future events. Actual events could differ materially from those in the forward-looking statements as a result of factors beyon
Entities connected to both Anti-Money Laundering and the Underlying Fund Manager's

United States
LOCATIONthe District of Columbia
LOCATION
U.S. Treasury
ORGANIZATIONCayman
LOCATION
the Internal Revenue Service
ORGANIZATION
New York
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
Millennium
ORGANIZATIONthe Federal Reserve System
ORGANIZATIONthe Master Partnership or Portfolio Managers
ORGANIZATIONNon-U.S. Investments
ORGANIZATIONDifferent Returns Among Investors
ORGANIZATION
FDIC
ORGANIZATION
Paul Volcker
PERSONErnst & Young LLP
ORGANIZATIONthe "Intermediate Partnership
ORGANIZATIONClasses of Interests
ORGANIZATIONSchulte Roth & Zabel LLP
ORGANIZATIONIsrael A. Englander
PERSONMillennium Offshore Intermediate
ORGANIZATION