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for on- shore investors, an offshore fund and possibly other investment vehicles structured to meet the specific needs of certain U.S. Investors and non-U.S. Investors, all feeding into a Master Fund, Blue Mountain Credit Alternatives Master Fund, L.P., a Cayman Islands exempted limited partnership. The PPM states
ue of the Master Fund's assets, (3) a breakdown occurs in any of the means normally employed in ascertaining the value of a substantial part of the Master Fund's assets or when for any other reason the value of such assets cannot reasonably be ascertained, or (4) there exist such other extraordinary circumsta
estors; in the event Interests are offered to a non-U.S. Investor, the AlphaKeys Fund may provide such Investor additional information. Prospective non-U.S. Investors should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place
s may recognize ordinary income or loss in connection with a withdrawal from the AlphaKeys Fund as a result of the Underlying Fund's and Underlying Master Fund's mark-to-market election. Investors should consult their own tax advisors about the character of any gain or loss recognized on withdrawal from the A
estors; in the event Interests are offered to a non-U.S. Investor, the AlphaKeys Fund may provide such Investor additional information. Prospective non-U.S. Investors should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place
s may recognize ordinary income or loss in connection with a withdrawal from the AlphaKeys Fund as a result of the Underlying Fund's and Underlying Master Fund's mark-to-market election. Investors should consult their own tax advisors about the character of any gain or loss recognized on withdrawal from the A
Entities connected to both non-U.S. Investors and Master Fund's

United States
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
Cayman Islands
LOCATIONthe District of Columbia
LOCATIONthe Private Placement Memorandum
ORGANIZATION
UBS AG
ORGANIZATIONthe Federal Reserve System
ORGANIZATIONNon-U.S. Investments
ORGANIZATION
the Internal Revenue Service
ORGANIZATIONCayman
LOCATION
Paul Volcker
PERSON
U.S. Treasury
ORGANIZATIONCustodian
ORGANIZATION
Federal Reserve
ORGANIZATION
Millennium
ORGANIZATION
New York
LOCATIONErnst & Young LLP
ORGANIZATIONClasses of Interests
ORGANIZATIONSchulte Roth & Zabel LLP
ORGANIZATIONAnti-Money Laundering
ORGANIZATION