ned under Rule 501(a) of Regulation D under the Securities Act, that are either (i) "qualified purchasers," as defined in Section 2(a)(51)(A) of the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), and the rules promulgated thereunder or (ii) employees of BlackRock Financial Management, Inc. o

nd —An investment in hedge funds is speculative and involves a high degree of risk, and is suitable only for 'Qualified Purchasers' as defined by tie U.S. Investment Company Act of 1940. as amended, and "Accredited Investors" as defined by Regulation D of the 1933 Securities Ac. as amended. No assurance can be given that a h

— An investment in hedge funds is speculative and involves a high degree of risk, and is suitable only for "Qualified Purchasers" as defined by the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined by Regulation D of the 1933 Securities Ac, as amended. No assurance can be given that a h

— An investment in hedge funds is speculative and involves a high degree of risk, and is suitable only for "Qualified Purchasers" as defined by the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined by Regulation D of the 1933 Securities Ac, as amended. No assurance can be given that a h

— An investment in hedge funds is speculative and involves a high degree of risk, and is suitable only for "Qualified Purchasers" as defined by the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined by Regulation D of the 1933 Securities Ac, as amended. No assurance can be given that a h

An investment in hedge funds is speculative and involves a high degree of risk, and is suitable only for "Qualified Purchasers" as defined by the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined by Regulation D of the 1933 Securities Ac, as amended. No assurance can be given that a

An investment in hedge funds is speculative and involves a high degree of risk, and is suitable only for "Qualified Purchasers" as defined by the U.S. Investment Company Act of 1940, as amended, and "Accredited Investors" as defined by Regulation D of the 1933 Securities Ac, as amended. No assurance can be given that a

ave been included in Part One of the applicable version of this Confidential Memorandum. Certain Legal and Regulatory Matters Relating to the Fund U.S. Investment Company Act As entities that are engaged primarily in the business of "investing, reinvesting, or trading in securities," the Feeder Funds and the Fund would l