Epstein Secrets

t in one or more of those jurisdictions and that Limited Partners may be subject to non-U.S. taxes and filing obligations in connection therewith. United Kingdom 'axation The following is a summary of the expected U.K. taxation treatment of participation in Millennium USA by Limited Partners who are neither re

n Markets and Jurisdictions The Fund invests its capital in large, liquid, and internationalized markets (such as, among others, the United States, the United Kingdom, and Japan) as well as lesser- developed emerging markets. The evolving laws and regulations applicable to the securities and financial services in

els of debt or inflation than others. ML281817-MAXWELL II-17 CONFIDENTIAL UBSTERRAMAR00002433 EFTA00237989 Extraordinary Market Conditions and Governmental Actions Beginning in 2008 and continuing at least through the date of this Confidential Memorandum, world financial markets experienced a series of extraor

t in one or more of those jurisdictions and that Limited Partners may be subject to non-U.S. taxes and filing obligations in connection therewith. United Kingdom 'axation The following is a summary of the expected U.K. taxation treatment of participation in Millennium USA by Limited Partners who are neither re

n Markets and Jurisdictions The Fund invests its capital in large, liquid, and internationalized markets (such as, among others, the United States, the United Kingdom, and Japan) as well as lesser- developed emerging markets. The evolving laws and regulations applicable to the securities and financial services in

gher levels of debt or inflation than others. -MAXWELL II-17 CONFIDENTIAL UBSTERRAMAR00001380 EFTA00237026 Extraordinary Market Conditions and Governmental Actions Beginning in 2008 and continuing at least through the date of this Confidential Memorandum, world financial markets experienced a series of extraor

uch restrictions on an Underlying Fund's strategies. An Underlying Fund may be materially adversely affected by the foregoing restrictions. Brexit The United Kingdom has notified the European Council of its intention to withdraw from the European Union. The ongoing withdrawal process could cause an extended perio

tions that take place, the greater the risk of market values not reflecting true pricing relationships or fair value. Current Market Conditions and Governmental Actions The success of the Underlying Funds' activities will be affected by general economic and market conditions, such as interest rates, availability of

risdiction in which the income is sourced. Millennium Management and its affiliates operate throughout the world in various jurisdictions, including the United Kingdom, Luxembourg, Hong Kong, Japan, Singapore and Switzerland. Millennium Management and its affiliates generally endeavor to conduct such activities in

Fund to liquidate such securities at disadvantageous prices negatively impacting the performance of the Fund. Extraordinary Market Conditions and Governmental Actions Unpredictable or unstable market conditions may result in reduced opportunities to find suitable investments to deploy capital or make it more diff