On Friday, June 22, 2007, Rep. Sander Levin (D – Mich), introduced a bill (the “Bill”) to tax income

earned by investment fund managers from “carried” partnership interests as ordinary income. The

Bill was co-sponsored by, among others, House Ways and Means Committee Chairman Charles Rangel (D – N.Y.), and is aimed at individual partners in a partnership (such as a typical domestic private equity fund) who derive income from a partnership interest in exchange for certain

investment management services.