up to 43,000 of ordinary income per year) realized in such future yeas. Long-term capital gains are currently subject to a maximum tax rate of 20%. Phantom Income; The AlphaKeys Millennium Fund (Onshore) is not required and does not intend to make cash distributions to Investors in an amount sufficient to cover

stors should consult their own tax advisors regarding the tax consequences of an investment in the Onshore Feeder Fund or the Offshore Feeder Fund. Phantom Income. The Investment Manager will not be obligated to cause the Onshore Feeder Fund to make distributions to the Investors in order to enable such Invest