Epstein Secrets

l Estate Opportunities Fund II, L.L.C. ER305378-MAXWELL CONFIDENTIAL UBSTERRAMAR00001774 EFTA00237405

limitation. Oil and Gas. The Partnership will not make Investments in properties acquired principally for the purpose of oil and gas exploration. Derivative Instruments. The Partnership will not make Investments in derivative instruments acquired solely for speculative purposes (although it ER305378-MAXWELL_ CONF

o maximize the return from the specific ML281817-MAXWELL 11-44 CONFIDENTIAL UBSTERRAMAR00002460 EFTA00

The Fund's investment portfolio is ordinarily leveraged in order to increase the amount investments that may be made with invested capital on hand. Derivative Instruments and Leverage Millennium causes the Fund to leverage its investment return with borrowings. The Fund also trades in a variety of options, contracts

hat seeks to profit from inefficient pricing of related fixed-income securities. Leverage may be employed to maximize the return from the specific MAXWELL 11-44 CONFIDENTIAL UBSTERRAMAR00001407 EFTA00237053 strategy. The securities to which a Portfolio Manager will apply this strategy typically t

The Fund's investment portfolio is ordinarily leveraged in order to increase the amount investments that may be made with invested capital on hand. Derivative Instruments and Leverage Millennium causes the Fund to leverage its investment return with borrowings. The Fund also trades in a variety of options, contracts