wealthy investors' goals and interests. While troubled markets have put real assets back in the spotlight, the advantages of using real assets to diversify a portfolio extend well beyond the ups and downs of passing market conditions. Ultimately, equities and bonds may well regain their previous health, but real assets need not recede from investors' minds — or portfolios. Instead, they should be seen as part of a long-term asset-allocation strategy to build a portfolio of diversified investments for all market conditions.

FOR QUALIFIED INVESTORS ONLY
Some or all alternative investments may not be suitable for certain investors. Certain alternative investments carry significant risk and are not subject to the same regulatory oversight as mutual funds and other traditional investments. For these reasons, access to alternative investments may be limited to investors who are designated as sophisticated, high-net worth investors. Certain offerings may require purchasers to have at least USD 5 million in net investments. Certain offerings may require investors be "non-U.S. persons." In addition, suitability for any product may be subject to specific, local conduct of business requirements. No assurance can be given that any alternative investment's investment objective will be achieved. In addition to certain general risks which are not exclusive, each product will be subject to its own specific risks, including strategy and market risk. Certain alternative investments will provide annual financial information to its investors. However, since the nature and timing of that information is dependent, to a large extent, on the reporting activities of the Partnership, there can be no assurance that the format of such information or the timing of its distribution will be sufficient for investors to determine their tax liability, if any, under the requirements of their respective jurisdictions on a timely basis.

International investing presents certain risks not associated with investing solely in the U.S. These include, for instance, risks related to fluctuations in value of the U.S. dollar relative to the value of other currencies, custody arrangements made for a fund's foreign holdings, political and economic risk, differences in accounting procedures, and the lesser degree of public information required to be provided by non-U.S. companies. Foreign securities may also be less liquid, more volatile and harder to value, and may be subject to additional risks relating to U.S. and foreign laws relating to foreign investment. These risks are heightened when the issuer of the securities is in a country with an emerging capital market.

The market for municipal bonds may be less liquid than for taxable bonds. A portion of the income may be taxable. Some investors may be subject to Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable.

The Private Banking and Investment Group is a division of Merrill Lynch that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group's Private Wealth Advisors through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a registered broker-dealer and registered investment advisor. The nature and degree of advice and assistance provided, the fees charged and client rights and Merrill Lynch's obligations will differ among these services. Investment products offered by MLPF&S are not insured by the FDIC and are not guaranteed by Merrill Lynch or any of its affiliates. The banking, credit and trust services sold by the Group's Private Wealth Advisors are offered by licensed banks and trust companies, including Merrill Lynch Bank USA and Merrill Lynch Bank & Trust Co., FSB (Members FDIC), or their affiliates. Investments involve risk, including the possible loss of principal investment.

Merrill Lynch, Pierce, Fenner & Smith Incorporated is a registered broker-dealer and a wholly-owned subsidiary of Bank of America Corporation.

Investment Products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

The Private Banking and Investment Group is a division of Merrill Lynch that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group's Private Wealth Advisors through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S), a registered broker-dealer and registered investment advisor. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch's obligations will differ among these services. Investment products offered by MLPF&S are not insured by the FDIC and are not guaranteed by Merrill Lynch or any of its affiliates. The banking, credit and trust services sold by the Group's Private Wealth Advisors are offered by licensed banks and trust companies, including Merrill Lynch Bank USA and Merrill Lynch Bank & Trust Co., FSB (members FDIC), or their affiliates. Investments involve risk, including the possible loss of principal investment.