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and Millennium USA has been structured, among other reasons, to give U.S. taxpayers an opportunity to invest in the Master Partnership indirectly. Capital Structure Millennium USA and Millennium International and other existing feeder funds have, and feeder funds that may be formed in the future may have, a var
ed Interests tentatively credited to each Limited Partner's capital accounts (excluding, in Millennium Management's discretion, capital accounts of Special Limited Partners4) for the year will be reallocated to the capital accounts of Millennium Management as its "Incentive Allocation." The Net Capital Appreci
ct or indirect subsidiaries that may trade in their own names and are generally consolidated into the financial reports of the Master Partnership. Capital Structure The equity ownership of the Master Partnership is divided into general partner interests and limited partner interests. The interests differ in the
llennium USA tentatively credited to each Limited Partner's capital accounts (excluding, in Millennium Management's discretion, capital accounts of Special Limited Partners4 but including the amount of any Early Withdrawal Charge withheld for the benefit of such Limited Partners) for the year will be reallocate
ct or indirect subsidiaries that may trade in their own names and are generally consolidated into the financial reports of the Master Partnership. Capital Structure The equity ownership of the Master Partnership is divided into general partner interests and limited partner interests. The interests differ in the
llennium USA tentatively credited to each Limited Partner's capital accounts (excluding, in Millennium Management's discretion, capital accounts of Special Limited Partners4 but including the amount of any Early Withdrawal Charge withheld for the benefit of such Limited Partners) for the year will be reallocate
Entities connected to both Capital Structure and Special Limited

Cayman Islands
LOCATIONthe U.S. Investment Company Act
ORGANIZATION
United Kingdom
LOCATION
the Cayman Islands
LOCATION
New York State
LOCATIONReliance
ORGANIZATIONKeogh
ORGANIZATION
U.S. Treasury
ORGANIZATIONIndependent Public Accountants
ORGANIZATIONMillennium International, Ltd.
ORGANIZATIONErnst & Young LLP
ORGANIZATION
New York
LOCATIONThe Master Partnership's Organization
ORGANIZATIONMaster-Feeder Relationship
ORGANIZATIONCayman
LOCATIONTrigger Event
ORGANIZATIONMillennium Partners
ORGANIZATION
Millennium
ORGANIZATIONMillennium USA's
LOCATIONManagement of Millennium USA
ORGANIZATION