EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Be Confident, Be InvestedAn Historical Perspective of Stock Market Behavior

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Shock. Fear. Anger. Sell! While this may be a natural progressionwhen reacting to catastrophic events, avoiding an emotionalresponse to investing by keeping sight of your investmentobjectives during these times is often a determining factor in long-term success. Of course, gauging the likely path of the global stock markets is difficult, if not impossible, under the best of circumstances. That problem could be amplified by the waves of emotion that investors may experience in theaftermath of calamitous events.

There are many precedents of bubble-bursting in our financial history, such asthe energy bubble of the 1980s and the technology bubble of the 1990s. We havealso seen our share of financial panics, including the savings and loan crisis of the late 1980s and early 1990s, the currency crisis of the late 1990s and thecurrent credit crunch. Continued acts of violence in the Middle East and elsewherein the world exacerbate worries over possible terrorism, and add to the list ofevents that could rattle global financial markets and economies. Despite thehorrific nature of terrorism and other geopolitical crises, the financial effects of individual acts tend to be brief, and markets have shown the ability to recoverquickly. In other words, down years are a natural part of equity investing and in the long run, markets have shown remarkable resiliency in times of crisis.

Be Confident, Be Invested

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Be Informed Understand Market Ups and Downs

Understanding general stock market behavior is an important factor for investingduring good times as well as trying times, and in achieving long-term investmentsuccess. Stocks have historically proven to be a very good investment. This doesnot mean that every year will produce a double-digit, or even a positive, return. Inother words, down periods, as well as up, are natural parts of equity investing.Unpredictable events will have an impact on markets, sometimes negatively.However, do not let the short-term declines distract you from your long-term goalsor the long-term potential of stock market investing.

Be Invested Keep Your Money Working for You

Over every market cycle, there will be up days and down days. Missing even a fewof the stock market’s best-performing days can result in significantly lower returnsthan the market index. Often, a few very good days account for a large part of themarket’s total return. By trying to time the market, you potentially miss out onmarket rallies that can substantially improve your overall return and long-termwealth. Thus, what is most important is not timing the market, but rather time inthe market. Staying the course when confronting difficult markets ensures thatinvestments will be “in” the market on the good days and may ultimately provevery rewarding.

Be Resolute Stay the Course

Do not panic and pull out of the market during a downturn. The rallies you misscould significantly hurt your overall return and impede achieving your investmentgoals. Goals that are most important to investors, such as a financially secureretirement, funding children’s education, providing for the well-being of one’sown parents, or leaving a legacy to family or charities, require a long-termperspective. Clouding long-term goals by reacting to short-term events andinterrupting a disciplined investment approach is often counterproductive toachieving those goals.

Be Opportunistic Take Advantage of the Downturns

By viewing market declines as great buying opportunities, you could significantlyenhance your long-term return potential when the market rebounds. While noone can predict when markets will decline or rebound, a strategy of adding toholdings when markets are “on sale” may provide significant advantages versus a strategy of pulling out of the market. Furthermore, dollar cost averaging, in which

While no one can predict when markets

will decline or rebound, a strategy of

adding to holdings when markets are

“on sale” may provide significant

advantages versus a strategy of pulling

out of the market.

How Can Investors Weather Difficult Times? Be Confident, Be Invested

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you invest a fixed amount of money at regular intervals, is a disciplined investmentstrategy that can turn volatility into a potential positive. This strategy ensures thatyou buy more shares of an investment when prices are low and less when theyare high. Ultimately, a lower average cost translates to a higher return when themarket swings back up. Since such a plan involves continuous investment insecurities regardless of their fluctuating price levels, you should consider yourfinancial ability to continue purchases through periods of low price levels.

Be Diversified Reduce Volatility and Enhance Returns

Diversify your investments. Rather than trying to pick a single investment type andtime the market, diversifying across asset classes may decrease your risk andenhance long-term return potential. Not all investment types perform the sameduring similar time periods. Investing across multiple asset classes, styles, sectorsand regions reduces risk and enhances the potential for being invested in thebest-performing asset class and diminishes the impact of being invested in theworst. This strategy may be especially important in a difficult market environmentwhen sector rotations and market fluctuations happen continuously. Diversificationmay reduce the overall volatility of your entire portfolio while helping you achieveabove-average long-term returns.

Be Confident Be Invested

Investors have seen a number of shocks and disruptions to global financial marketscaused by both political and economic factors, and markets may react dramaticallyin response to specific events. While investors may see the market react dramaticallyto horrific events, they should be far more influenced by their long-term goalsand remain disciplined. Maintaining a clear focus on your investment objectivesduring difficult times is often a determining factor in long-term success. Seasonedinvestors know that in the long run, markets have shown remarkable resiliency intimes of crisis. Investors who are informed, invested, resolute, opportunistic anddiversified can have a greater degree of confidence that their investment goals canbe met.

History has shown that markets can be volatile, but you do not have to navigatethese challenging times alone. BlackRock has the experience, insight, globalresources and investments to help you stay the course and meet your financialgoals. Through our strengths in the areas of investment excellence, global reach,risk management, intellectual leadership and service—as well as our partnershipwith your Financial Advisor—you can feel confident that your assets are beingmanaged by some of the most experienced and best prepared investmentprofessionals in the industry.

Investing across multiple asset classes,

styles, sectors and regions reduces risk

and enhances the potential for being

invested in the best-performing asset class

and diminishes the impact of being

invested in the worst.

Please note: All financial investments

involve an element of risk. Therefore, the

value of your investment and the income

from it will vary and your initial investment

amount cannot be guaranteed. You should

remember past performance is not a guide

to future performance and should not be

the sole factor of consideration when

selecting a product.

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Not surprisingly, financial crises tend to be

associated with periods of intense market

volatility and in many cases, downturns in

equity markets. The accompanying chart

depicts the MSCI WorldSM Index since 1970

and shows that while crises can disrupt

markets over the short term, over the long

term markets have tended to recover.

MSCI World Index: Investing During Uncertain Times

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

11/821/791/761/731/70

1970 United Statesbombs Cambodia

1974 Nixon resigns

1973 Arab oil embargo

1983 United States

invades Grenada

1982 Falkland Islands War

1979 Energy bubble-bursting1979-1980 Union of Soviet Socialist

Republics (USSR) in Afghanistan

Annual Total Returns (%)

1970 -1.981971 19.561972 23.551973 -14.511974 -24.481975 34.501976 14.711977 2.001978 18.221979 12.671980 27.721981 -3.301982 11.271983 23.281984 5.771985 41.771986 42.801987 16.761988 23.95

1989 17.191990 -16.521991 18.971992 -4.661993 23.131994 5.581995 21.321996 14.001997 16.231998 24.801999 25.342000 -12.922001 -16.522002 -19.542003 33.762004 15.252005 10.022006 20.652007 9.57

1970-1979: 8.4% 1980 -1

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6/081/061/031/001/971/941/911/881/85

2007 Subprime credit crunch

2008JPMorgan’s acquisition

of Bear Stearns

1987 Black Monday

1986United States bombs Libya

1994 Russia and Mexico crises; Orange County bankruptcy

1995Oklahoma City bombing

1990-1991 Gulf War ultimatum

1991 Gorbachev coup

2000 Technology bubble

1998Russian crisis; Long-Term Capital Management failure; U.S. Embassy bombings in Africa

1997 Asian stock market crisis

2001-2002 Post 9/11; Enron/Worldcom

1993World Trade Center bombing

1992 European exchange ratemechanism (ERM) UnitedKingdom currency crisis

1989Savings and loan crisis

80 -1989: 20.7% 1990-1999: 12.8% 2000-2007: 4.0%

2003 War in Iraq

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Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do notconstitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2007, the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal,Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

The opinions expressed are those of BlackRock as of August 2008 and subject to change. There is no guarantee that the forecasts made will come to pass. This material is not intended as an endorsement of anyspecific investment. Investment involves risk.

This material has been produced by BlackRock for use by Merrill Lynch Financial Advisors in countries and with clients where Merrill Lynch has the appropriate authorization to market the product and use this material. BlackRock takes no responsibility for this Merrill Lynch marketing activity.

You should consider the investment objectives, risks, charges and expenses of any BlackRock mutual fund carefully before investing.Each mutual fund’s prospectus contains this and other information about the fund and is available by contacting your Financial Advisor.The prospectus should be read carefully before investing. Unless otherwise noted, all information contained herein is as of the date ofthe publication of this brochure.

BLACKROCK is a registered trademark of BlackRock, Inc. MSCI WORLD is a registered trademark of Morgan Stanley Capital International.

FOR MORE INFORMATIONwww.blackrock.com

Prepared by BlackRock Investments, Inc., member FINRA.

©2008 BlackRock, Inc. All Rights Reserved.

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