Magnachip Semiconductor Corp (MX): Pleasant Lake Partners Slightly Decreases Its Stake

Page 5 of 8 – SEC Filing

1	Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only) Pleasant Lake Offshore Master Fund L.P.
2	Check the Appropriate Box if a Member of a Group (See Instructions)
	(a)            [ ]
	(b)            [x]
3	SEC Use Only
4	Citizenship or Place of Organization. Cayman Islands

Number of Shares Beneficially Owned by Each Reporting Person With	5  Sole Voting Power 0 shares
	6  Shared Voting Power 3,472,515 shares Refer to Item 4 below.
	7  Sole Dispositive Power 0 shares
	8  Shared Dispositive Power 3,472,515 shares Refer to Item 4 below.

9	Aggregate Amount Beneficially Owned by Each Reporting Person 3,472,515 shares Refer to Item 4 below.
10	Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)     [ ] N/A
11	Percent of Class Represented by Amount in Row (9)* 9.99% Refer to Item 4 below.
12	Type of Reporting Person (See Instructions) PN (Limited Partnership)