904918--3/30/2007--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 Advisors Continued Services; Competition for Advisors The Partnership Could Lose Assets and Have Its Trading Disrupted Due to the Bankruptcy of Brokers Currency Markets May Be Illiquid or Disrupted Regulatory Changes Could Restrict the Partnership s Operations Investors 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 The Partnership s Trading Gains 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 Merrill Lynch and BlackRock General Commodity Futures Trading Risk Disclosure Statement

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904918--3/30/2007--BLACK_ROCK_GLOBAL_HORIZONS_LP