and affected by "High Frequency Trading" with a view to determining whether additional, or different, regulatory measures are appropriate. Some of the Portfolio Managers' statistical arbitrage strategies may be designated as "High Frequency Trading." • Fixed-Income Strategies: While the Investment Manager does not i

rmance on an ongoing basis based on various metrics that Millennium deems relevant from time to time. Millennium's risk management personnel review the Portfolio Managers' positions. Based on the results of these reviews and on other factors deemed by Millennium to be relevant, decisions on increases or decreases of a