From: BlackRock Proprietary Alpha Strategies
Sent: Monday, November 03, 2008 1:18 PM
Subject: BlackRock: All-Cap Energy Hedge Fund Monthly Performance Estimate
The ESTIMATED monthly and year-to-date (YTD) returns for The All-Cap Energy Hedge Fund as of 31 October 2008 were:
October 2008: -34.75%* net
YTD 2008: -54.0%* net
This return estimate is for informational purposes only. The estimate may be based on, among other things, estimated prices, is preliminary and subject to significant revision, and therefore should not be relied upon.
*Performance is shown net to the investor, i.e., after all fees and expenses and after a monthly performance allocation accrual of 20% of the investor's after expense return in excess of the index rate. Performance of individual share series may differ from the performance listed above due to performance fee accrual differences. Past performance is not a guarantee of future results.