904918--3/28/2008--BLACK_ROCK_GLOBAL_HORIZONS

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Investors May Lose All or Substantially All of Their Investment Performance Not Necessarily Indicative of Future Results Volatile Markets; Highly Leveraged Trading No Diversification Benefits if the Partnership is Not Profitable No Assurance of Non-Correlation; Limited Value of Non-Correlation Even if Achieved No Assurance of Trading Advisors Continued Services; Competition for Trading Advisors Currency Markets May Be Illiquid or Disrupted Regulatory Changes Could Restrict the Partnership s Operations nvestors Are Taxed Every Year on Their Share of the Partnership s Profits Not Only When They Redeem as Would Be the Case if They Held Stocks or Bonds A Portion of the Partnership s Trading Gains Are Taxed at Higher Capital Gains Rate Tax Could Be Due From Investors on Their Share of the Partnership s Interest Income Despite Overall Losses The Combination of ML Co. and BlackRock Acquisition of Quellos fund of funds business General Trading Risk Disclosure Statement

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904918--3/28/2008--BLACK_ROCK_GLOBAL_HORIZONS_LP