MERRILL LYNCH INVESTMENT SOLUTIONS AQR GLOBAL RELATIVE VALUE UCITS FUND

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1 VISA 2011/ PS L'apposition du visa ne peut en aucun cas servir d'argument de publicité Luxembourg, le Commission de Surveillance du Secteur Financier VISA MERRILL LYNCH INVESTMENT SOLUTIONS AQR GLOBAL RELATIVE VALUE UCITS FUND a sub-fund of MERRILL LYNCH INVESTMENT SOLUTIONS, a Société d Investissement à Capital Variable authorised under Part I of the Luxembourg Law of 20 December 2002 Registered office: 16, boulevard Royal, L-2449 Luxembourg R.C.S. Luxembourg B Simplified prospectus dated May 2011 This simplified prospectus contains information about the MERRILL LYNCH INVESTMENT SOLUTIONS AQR GLOBAL RELATIVE VALUE UCITS FUND (the Sub-Fund ) a sub-fund of MERRILL LYNCH INVESTMENT SOLUTIONS (the Company ), an umbrella investment company with variable capital incorporated in Luxembourg on 5 th November, Please refer to the current full prospectus (the Prospectus ) of the Company for further detail. Terms in capitals where not defined in this document are defined in the Prospectus. The Prospectus, the annual and semi-annual reports may be obtained at the registered office of the Company on request free of charge. Investment Objective Investment objective, policy and process The investment objective of the Sub-Fund is to produce high, risk-adjusted returns while targeting a low long term average correlation to the traditional markets. This is achieved through the use of nine sub-strategies, set out below under the Investment Policy. The Sub-Fund attempts to capture the systematic component of dynamic trading strategies traditionally pursued by absolute return managers using a rigorous, risk controlled investment approach. The Sub-Fund achieves its objective by investing internationally in a broad range of instruments, including, but not limited to, equities, bonds, currencies, commodity indices, credit derivatives, convertible securities, futures, forwards, options, swaps and other derivative products. The Sub-Fund will attempt to achieve its exposure to equities and convertible bonds solely through the purchase and sale of the underlying securities using derivatives. The Sub-Fund will not gain outright short exposure by short selling securities directly. All short exposure will be taken through the use of derivatives only. Investment Policy The Sub-Fund s investment strategy employs numerous investment sub-strategies: Long/Short Equity and Equity Market Neutral: This strategy provides long and short exposure to a diversified portfolio of equities. This strategy is implemented using primarily a combination of total return swaps and stock index futures. This strategy is currently employed for equities in the following countries/regions: US, U.K., Continental Europe and Japan. Global Macro: This strategy provides long and short exposure to developed country equity markets, using primarily stock index futures, options and/or swaps; long and short currency exposure to developed markets, using primarily forward contracts; and long and short exposure to developed country bond markets, using primarily bond futures and/or interest rate swaps. A /0.1

2 Emerging Markets: This strategy provides long and short exposure to emerging country equity markets, using primarily swaps and other derivative instruments; long and short currency exposure to emerging markets, using primarily forward and non-deliverable forward contracts; long and short exposure to a basket of liquid equity securities issued on emerging and developed markets exchanges; and long and short exposure to a diversified portfolio of emerging equities, using primarily total return swaps and stock index futures. Convertible Arbitrage: This strategy utilises quantitative and systematic risk-control methods generally to take positions in various global convertible debt and preferred securities and an offsetting position in various global equities directly linked to the convertible securities. For this sub-strategy, the Investment Manager collaborates with CNH Partners, LLC ( CNH ), which is an established joint venture created by AQR and RAIM Corp. RAIM Corp. was formed by Mark Mitchell and Todd Pulvino, who are principals of CNH. The Investment Manager employs CNH to perform research, investment management, and trade execution services for the convertible arbitrage strategy. This strategy will be implemented using primarily total return equity swaps, credit default swaps, bond futures, interest rate futures, stock index futures, currency forwards, and options. Managed Futures: This strategy provides long and short exposure to commodities using commodity, index swaps; long and short exposure to developed country equity markets, using primarily stock index futures, index options and/or index swaps; long and short exposure to emerging country equity markets, using primarily equity swaps and other equity derivative instruments; long and short exposure to developed country bond markets, using primarily bond futures and/or interest rate swaps; and long and short currency exposure to developed markets, using primarily forward contracts. Dedicated Short Bias: This strategy provides long and short exposure to a diversified portfolio of equities, primarily to capture stocks whose returns are likely to go down in the future while attempting to hedge common factor exposures. This strategy is implemented using primarily a combination of total return swaps and stock index futures. This strategy is currently employed for equities in the following countries/regions: US, U.K., Continental Europe, Japan, Australia, Asia ex-japan and Canada. Event Driven: This strategy attempts to capitalize on price discrepancies and returns generated by corporate activity. An example is merger arbitrage which will attempt to employ a diversified, disciplined strategy to capture the returns from holding a long/short portfolio of stocks of companies involved in mergers. For this sub-strategy, the Investment Manager collaborates with CNH and employs CNH to perform research, investment management, and trade execution services for the strategy. This strategy will be implemented using primarily total return equity swaps, stock index futures, currency forwards and options. Fixed Income Arbitrage: This strategy provides long and short exposure to developed country bond markets, using primarily bond futures and/or interest rate swaps; long and short currency exposure to developed markets, using primarily forward contracts; and long and short exposure to broad investment grade credit markets, using the Dow Jones CDX credit default swap indices. Investment Approach The Sub-Fund aims to deliver efficient exposure to a well-diversified portfolio of hedge fund strategies, including the following: Convertible Arbitrage, Event Driven (includes Merger Arbitrage), Fixed Income Relative Value, Equity Market Neutral, Long/Short Equity, Dedicated Short Bias, Global Macro, Managed Futures, and Emerging Markets. The strategy of the Sub-Fund is to efficiently and systematically capture a diversified set of absolute return strategies through one fund offering. Using a bottom-up, clearly defined investment process, the strategy provides transparent exposure to the substrategies and dynamically allocates capital according to the conditional attractiveness of each underlying strategy. The result is a high risk-adjusted expected return stream with low correlation to traditional asset classes. The investment research teams of the Investment Manager (as defined below) are led by an Investment Committee which meets periodically to cover such items as performance, risk management, tactical and strategic positioning, and research. The Investment Committee utilises both quantitative analysis and qualitative assessment to determine appropriate weightings across the sub-strategies and will adjust weightings as market volatility, or the relative attractiveness of an opportunity changes. AQR Capital Management, LLC ( AQR or the Investment Manager ) emphasizes a team-based approach to both research and portfolio management. Under the direction of the Investment Committee, the investment research and portfolio management teams oversee the strategy research, portfolio management and industry research of the Sub-Fund, including the refinement of existing strategies, and the pursuit of new hedge fund strategies for possible addition to the Sub-Fund. Senior members of these teams include Ronen Israel, Brian Hurst, Michael Mendelson, Mark Mitchell and Todd Pulvino, all of whom are either Principals of AQR or CNH, an affiliate of AQR. Ronen Israel, Brian Hurst, Michael Mendelson and Mark Mitchell also serve on the Investment Committee. A /0.1

3 Investment Process The Investment Manager applies a systematic and disciplined process to its investment and risk management. Decisions are made based on a fundamental, research-driven process, where they apply quantitative tools to help structure and rebalance portfolios and trade securities. Portfolio Construction The Sub-Fund is constructed, at both the strategy level and the portfolio level, to provide investors with truly diversifying returns. The Sub-Fund is broadly diversified across a range of global markets. In addition, the Sub-Fund is specifically controlled for traditional passive long equity market exposure at the overall portfolio level, while at times allowing modest active long or short equity market exposure through tactical bets. Strategy Level Each of the sub-strategies are constructed using AQR s bottom-up systematic process. In contrast to the overall Sub- Fund, which is designed to be equity market neutral on average, at the strategy level, the Sub-Fund may allow some minor equity-based systematic risk. For example, the equity long/short strategy will typically have a slightly long equity market exposure (depending dynamically on the market s recent performance), while the dedicated short bias strategy has a slightly negative equity market exposure. The equity market neutral strategy on the other hand is built to be truly equity market neutral at all times. On net, the equity exposures from the sub-strategies all should cancel out at the portfolio level on average, and when they do not, AQR s exposure control policy will be activated (unless the portfolio is tactically positioned for a modest long or short equity market exposure). The sub-strategies are overseen by the senior portfolio managers and supported by asset allocation team members, equity strategies team members and arbitrage team members who are responsible for implementing each sub-strategy s systematic investment process. Portfolio Level Once each strategy has been individually constructed, AQR combines them into a single portfolio using a long term strategic risk weighting process and a tactical risk allocation. By combining these two methods, AQR feels it can achieve long-term goals while opportunistically taking advantage of attractive strategies. hat being said, AQR s portfolio construction process focuses on adding value through equal risk weighting over the long-term. Sizing Positions The Investment Committee sets both the long-term strategic risk weights across the individual sub-strategies which will vary only slightly over time, as well as short-term tactical weightings which may deviate from the long-term strategic targets due to shorter term market risks or opportunities. Both the long-term strategic risk weights and the shorter term tactical shifts are determined by the committee using quantitative inputs and subjective assessment of the current market environment. The short-term tactical overweights are designed to vary only modestly from the strategic weights with a maximum overweight of approximately 1.2x the strategic risk weight. However, there is no limit on the tactical underweights and the Investment Committee has the discretion to remove a sub-strategy from the Sub-Fund either temporarily or indefinitely if the perceived risks of the sub-strategy outweigh the potential benefits. While the long-term strategic and short-term tactical weights across each sub-strategy are determined by the Investment Committee, each sub-strategy is implemented by the Sub-Fund investment teams using a systematic investment process. Each sub-strategy is managed by investment specialists that focus on each sub-strategy and ensure that the systematic investment process is adhered to. For the Convertible Arbitrage and Event Driven sub-strategies, AQR collaborates with CNH and employs CNH to perform part of the investment management services. Risk Management The Investment Manager will use quantitative and qualitative methods to estimate the level of risk for the Sub-Fund. The Investment Manager expects that the use of systematic risk control generally will lead to a highly diversified portfolio. The Investment Manager believes that a large set of small trades, coupled with systematic risk control, can offer a more attractive risk-adjusted return than a small set of large trades. In addition, the Investment Manager has deployed a risk management team which has developed a proprietary risk management system that is used to monitor a number of metrics daily (or intraday if needed), including VaR, stress losses, liquidity, drawdown, and exposures. Using this system, the risk management team produces daily reports that are distributed to all senior portfolio managers near or before the start of trading. A /0.1

4 General The Sub-Fund s assets will be predominantly invested in equities and bonds listed on a Regulated Market, either directly or through financial derivative instruments including (but not limited to) OTC swap transactions on an arm s length basis with counterparties approved by the Board of Directors, options, forward contracts and futures. Description of the Shares Classes EUR A USD A GBP A EUR C USD C GBP C Type Institutional Retail Form Registered Reference Currency EUR USD GBP EUR USD GBP Initial Subscription 100 $ $ Price per Share Classes EUR D USD D GBP D USD Management Type Only available to Institutional Investors. Only available until the earlier of (i) Sub-Fund NAV reaches USD 100 million, or (ii) the two calendar Only available to employees of AQR Capital Management and their affiliates month anniversary of the date of this Prospectus, in which case this Class is closed to additional subscriptions. Form Registered Reference Currency EUR USD GBP USD Initial Subscription 100 $ $100 Price per Share Risk warnings The value of the Sub-Fund s Assets is linked to a basket of transferable securities and derivatives, the values of which may rise and fall. Hence, investors should note that the value of their investment could fall as well as rise and they should accept that there is no guarantee that they will recover their initial investment. Investors could lose the whole of their initial investment. Investors should also refer to the Risk Factors in Section 6 of the Prospectus, more specifically Section 6.2 Market Risks and Section 6.4 Use of Derivatives of the Prospectus. Performance of the Sub-Fund The Sub-Fund has no past performance at the date of this simplified prospectus. Profile of the typical investor The Sponsor has categorised the Sub-Fund as a High Risk investment. Treatment of Income Dividends will only be paid in respect of the Distributing Share Classes. No dividends will be paid in respect of the Capitalisation Share Classes. A /0.1

5 Commissions and Expenses Fees charged to the investor: Sales Charge For Share Classes EUR A, USD A, GBP A, EUR D, USD D, GBP D, USD Management : nil For Share Classes EUR C, USD C, GBP C : up to 5% Redemption charge none Conversion charge up to 1% Operating expenses charged directly to the Sub-Fund and reflected in the Net Asset Value: Combined Investment Management and Distribution Fee For Share Classes EUR A, USD A, GBP A : 1.5% p.a. For Share Classes EUR C, USD C, GBP C : 2.25% p.a. For Share Classes EUR D, USD D, GBP D : 1% p.a. For Share Class USD Management : nil Administrative and Operating Fee Performance Fee For all Share Classes: 0.40% p.a. For Share Classes EUR A, USD A, GBP A, EUR C, USD C, GBP C, EUR D, USD D, GBP D : 15% of New Net Appreciation For Share Class USD Management : nil Custodian Bank, Administrative, Corporate and Domiciliary Agent, Registrar and Transfer Agent, Distributor, audit and legal fees: see Section 11 of the Prospectus. TER Capped as a fixed fee is paid to the Sponsor. Taxation The following is a summary of certain material Luxembourg tax consequences of purchasing, owning and disposing of the Shares of the Company. It does not purport to be a complete analysis of all possible tax situations that may be relevant to a decision to purchase, own or sell the Shares. It is included herein solely for preliminary information purposes. It is not intended to be, nor should it construed to be, legal or tax advice. Prospective purchasers of the Shares should consult their own tax advisers as to the applicable tax consequences of the ownership of the Shares, based on their particular circumstances. This summary does not allow any conclusions to be drawn with respect to issues not specifically addressed. The following description of Luxembourg tax law is based upon the Luxembourg law and regulations as in effect and as interpreted by the Luxembourg tax authorities on the date of this document and is subject to any amendments in law (or in interpretation) later introduced, whether or not on a retroactive basis. Please be aware that the residence concept used under the respective headings below applies for Luxembourg income tax assessment purposes only. Any reference in the present section to a tax, duty, levy impost or other charge or withholding of a similar nature refers to Luxembourg tax law and/or concepts only. Also, please note that a reference to Luxembourg income tax encompasses corporate income tax (impôt sur le revenu des collectivités), municipal business tax (impôt commercial communal), a solidarity surcharge (contribution au fonds pour l emploi), as well as personal income tax (impôt sur le revenu) generally. Corporate Investors may further be subject to net wealth tax (impôt sur la fortune) as well as other duties, levies or taxes. Corporate income tax, municipal business tax as well as the solidarity surcharge invariably apply to most corporate taxpayers resident of Luxembourg for tax purposes. Individual taxpayers are generally subject to personal income tax and to the solidarity surcharge. Under certain circumstances, where an individual taxpayer acts in the course of the A /0.1

6 management of a professional or business undertaking, municipal business tax may apply as well. 1. Luxembourg tax residency of the Shareholders A Shareholder will not become resident, nor be deemed to be resident, in Luxembourg, by reason only of the holding of the Shares, or the execution, performance, delivery and / or enforcement of the Shares. 2. Luxembourg taxation of the Company The Company is exempt from Luxembourg income and net wealth tax, and dividends paid by the Company (if any) is exempt from dividend withholding tax. The Company is subject to an annual subscription tax computed on the Company s net asset value, calculated on the last valuation day of each quarter and payable in four instalments. The normal rate is 0.05%. The rate is reduced to 0.01% in respect of funds which exclusively invest in money market instruments and/or bank deposits. According to the Grand Duchy Decree dated 14 April 2003, the money market instruments include any notes and instruments representing claims (characterised as securities or not), i.e., bonds, certificates of deposit, treasury bills and similar instruments whose residual maturity does not exceed, at the date of their acquisition, twelve months. The rate is also reduced to 0.01% in respect of funds whose shares are reserved to one or several institutional investors. This reduced rate is applicable to individual compartments of funds with multiple compartments as well as to individual share classes created within a fund or within a compartment of a fund with multiple compartments, if the relevant compartments or classes of shares are reserved to institutional investors. The subscription tax is reduced to nil for funds investing in other Luxembourg funds, which have already been subject to subscription tax. Certain types of institutional cash funds, compartments of funds with multiple compartments and shares classes are also exempt from the subscription tax if (i) the shares are reserved for institutional investors and, (ii) the exclusive object is the collective investment in money market instruments or deposits with credit institutions and, (iii) the weighted residual portfolio maturity does not exceed 90 days and (iv) the Company benefits from the highest possible ranking by a recognised ranking agency. The establishment of the Company and the amendments to the Articles are subject to a fixed registration duty of 75. The Company may be subject to withholding tax on dividends and interest and to tax on capital gains in the country of origin of its investments. As the Company itself is exempt from income tax, withholding tax levied at source, if any, would normally not be refundable and it is not certain whether the Company itself would be able to benefit from Luxembourg's double tax treaties network. Whether the Company may benefit from a double tax treaty concluded by Luxembourg must be analysed on a case-by-case basis. Indeed, certain double tax treaties signed by Luxembourg may directly be applicable to the Company. No stamp duty or other tax is payable in Luxembourg on the issue of Shares in the Company. 3 Luxembourg Taxation of the Shareholders 3.1 Luxembourg non-resident Shareholders Shareholders, who are non-residents of Luxembourg and who have neither a permanent establishment nor a permanent representative in Luxembourg to which or whom the Shares are attributable, are generally not liable to any Luxembourg income tax. Non-resident corporate Shareholders which have a permanent establishment or a permanent representative in Luxembourg, to which the Shares are attributable, must include any income received, as well as any gain realised on the sale, disposal or redemption of Shares, in their taxable income for Luxembourg tax assessment purposes. The same inclusion applies to individuals, acting in the course of the management of a professional or business undertaking, who have a permanent establishment or a permanent representative in Luxembourg, to which the Shares are attributable. Taxable gains are determined as being the difference between the sale, repurchase or redemption price and the lower of the cost or book value of the Shares sold or redeemed. 3.2 Luxembourg resident Shareholders (i) Luxembourg fully taxable corporate Shareholders Luxembourg resident corporate Shareholders (sociétés de capitaux) must include any profits derived, as well as any gain realised on the sale, disposal or redemption of Shares, in their taxable profits for Luxembourg income tax assessment purposes. The same inclusion applies to individual Shareholders acting in the course of the management of a professional or business undertaking, who are Luxembourg residents for tax purposes. Taxable gains are determined as being the A /0.1

7 difference between the sale, repurchase or redemption price and the lower of the cost or book value of the Shares sold or redeemed. (ii) Luxembourg tax exempt Shareholders Shareholders which would be incorporated under the form of a Société d'investissement à Capital Variable (SICAV), an FCP or a family estate management company subject to the law of 11 May 2007 are tax exempt entities in Luxembourg, and are thus not subject to any Luxembourg tax (i.e., corporate income tax, municipal business tax and net wealth tax). (iii) Luxembourg resident Shareholders Any dividends received and other payments derived from the Shares received by resident individuals, who act in the course of either their private wealth or their professional / business activity, are subject to income tax at the progressive ordinary rate (with a top marginal rate of 42.14%). A gain realised upon the sale, disposal or redemption of Shares by Luxembourg resident individual Shareholders, acting in the course of the management of their private wealth is not subject to Luxembourg income tax, provided this sale, disposal or redemption took place more than 6 months after the Shares were acquired and provided the Shares do not represent a substantial shareholding. A shareholding is considered as substantial shareholding in limited cases, in particular if (i) the Shareholder has held, either alone or together with his spouse or partner and/or his minor children, either directly or indirectly, at any time within the 5 years preceding the realization of the gain, more than 10% of the share capital of the Company or (ii) the taxpayer acquired free of charge, within the 5 years preceding the transfer, a participation that was constituting a substantial participation in the hands of the alienator (or the alienators in case of successive transfers free of charge within the same 5-year period). Capital gains realised on a substantial participation more than 6 months after the acquisition thereof are subject to income tax according to the half-global rate method, (i.e. the average rate applicable to the total income is calculated according to progressive income tax rates and half of the average rate is applied to the capital gains realised on the substantial participation). A disposal may include a sale, an exchange, a contribution or any other kind of alienation of the shareholding. 4 Net wealth tax Luxembourg resident Shareholders and Shareholders who have a permanent establishment or a permanent representative in Luxembourg to which the Shares are attributable, are subject to Luxembourg net wealth tax on such Shares, except if the Shareholder is (i) a resident individual taxpayer, (ii) an undertaking for collective investment subject to the law of 17 December 2010, (iii) a securitisation company governed by the law of 22 March 2004 on securitisation, (iv) a company governed by the law of 15 June 2004 on venture capital vehicles, (v) a specialised investment fund governed by the law of 13 February 2007 on specialised investment funds, or, (vi) a family wealth management company governed by the law of 11 May Other taxes No estate or inheritance tax is levied in the Grand Duchy of Luxembourg on the transfer of the Shares upon death of a Shareholder in cases where the deceased was not a resident of Luxembourg for inheritance tax purposes. Luxembourg gift tax may be levied on a gift or donation of the Shares if embodied in a Luxembourg notarial deed or otherwise registered in Luxembourg. 6 EU Savings Directive Under current Luxembourg tax law and subject to the application of the laws dated 21 June 2005 (the Laws ) implementing Council Directive 2003/48/EC on the taxation of savings income (the "EU Savings Directive"), there is no withholding tax on payments made by the Company or its paying agent to the Shareholders. Under the Laws, a Luxembourg-based paying agent (within the meaning of the EU Savings Directive) is required since 1 July 2005 to withhold tax on interest and other similar income paid by it to (or under certain circumstances, to the benefit of) an individual resident in another Member State of the European Union ( EU ) or a residual entity in the sense of Article 4.2. of the Savings Directive ( Residual Entities ), established in another Member State of the EU, unless the beneficiary of the interest payments elects for an exchange of information or for the tax certificate procedure. The same regime applies to payments to individuals or Residual Entities resident in any of the following EU dependent or associated territories: Curaçao and Sint Marteen, Aruba, Guernsey, Jersey, the Isle of Man, Montserrat and the British Virgin Islands. The withholding tax rate is 20% until 30 June 2011 increasing to 35% as from 1 July The withholding tax system will only apply during a transitional period, the ending of which depends on the conclusion of certain agreements relating to information exchange with certain third countries. Interest as defined by the Laws and the EU Savings Directive encompasses income realised upon the sale, refund, A /0.1

8 redemption of shares or units held in a UCITS such as the Company or upon the merger of Sub-Funds of the Company within the Company or with another undertaking for collective investment, if, under its investment policy or, in the absence of a clear investment policy, under the real composition of its investment portfolio, it invests, directly or indirectly, more than 25% of its assets in debt claims, as well as any income distributed by UCITS where the investment in debt claims of such UCITS exceeds 15 % of its assets. Subject to the 15% and/or 25% thresholds being reached, a withholding tax could thus apply when a Luxembourg-based paying agent (within the meaning of the EU Savings Directive) makes payments available on account of a dividend distribution (a reinvested dividend is considered dividend distribution) and/or a redemption or refund of Shares (including redemption in kind) to the immediate benefit of a Shareholder who is an individual or a Residual Entity residing in another EU Member State or in certain EU dependent or associated territories and/or a merger of Sub-Funds of the Company within the Company or with another undertaking for collective investment. However, investors should note that the European Commission announced proposals to amend the Savings Directive. If implemented, the proposed amendments would, inter alia, extend the scope of the Savings Directive to (i) payments made through certain intermediate structures (whether or not established in a Member State) for the ultimate benefit of an EU resident individual, and (ii) a wider range of income similar to interest. 7 UK Taxation Please refer to the Prospectus. 8 Austrian Taxation Please refer to the Prospectus. 9 US Persons Please refer to the Prospectus. Price Publication The Net Asset Value per Share of each Class of Shares, and any dividend declaration will be made public at the registered office of the Company. The Company will arrange for the publication of this information in newspaper(s) in those countries where the Shares are sold, as determined by the Board of Directors from time to time. The Company cannot accept any responsibility for any error or delay in publication or for non-publication of prices which are beyond its control. Investor Suitability Shares are being offered to: (i) Non-US Persons and (ii) Permitted US Persons. Permitted US Persons with respect to this Sub-Fund include (i) the Investment Manager, (ii) principals of the Investment Manager and, (iii) knowledgeable employees (within the meaning of the US Investment Company Act of 1940, as amended) of the Investment Manager. Entities that are (i) not formed for the purpose of acquiring Shares and controlled by Permitted US Persons, or (ii) solely owned by Permitted US Persons, shall also be considered Permitted US Persons. All Permitted US Persons must also meet the suitability criteria set forth in the Subscription Documents for US Persons. All US investors also must receive a copy of the US Supplement, which should be reviewed carefully before subscribing for Shares. No Benefit Plan Investors will be permitted to invest in the Sub-Fund. By subscribing for Shares, all investors are deemed to represent that they are not Benefit Plan Investors, and all agents and service providers of the Sub-Fund will rely conclusively on this representation. Shares held by any Benefit Plan Investor may be compulsorily redeemed. How to buy and redeem Shares The Dealing Day of the Sub-Fund is each Valuation Day which is a Wednesday, provided that in any case where such Dealing Day would fall on a day observed as a holiday, such Dealing Day shall then be the next Banking Day following such holiday. Subscription requests must be sent in writing to the Registrar and Transfer Agent and be received by the Registrar and Transfer Agent by no later than 5:00 p.m. Luxembourg time on the relevant Dealing Day. Shares in the Sub-Fund may be subscribed for or redeemed on any Dealing Day. The Dealing Deadline is 12 noon Luxembourg time on the second Banking Day prior to the relevant Dealing Day. A /0.1

9 The Minimum Subscription Amount for institutional Share Classes is EUR 1 million / USD 1 million / GBP 1 million. The Minimum Subscription Amount for retail Share Classes is EUR 1,000 / USD 1,000 / GBP 1,000. Subscriptions may be made only by investors who are not Restricted Persons and who meet the suitability standards described above by: (a) (b) submitting a written subscription request to the Registrar and Transfer Agent or the Distributor(s) by the Dealing Deadline. Subscription requests received after this deadline shall be calculated on the basis of the Net Asset Value per Share for the relevant Class of Shares as of that next following Dealing Day; and delivering to the account of the Custodian Bank cleared funds for the full amount of the subscription price (plus any Sales Charge) of the Shares being subscribed for pursuant to the subscription request, within 3 Banking Days following the relevant Dealing Day. Written redemption requests must be sent to the Registrar and Transfer Agent or the Distributor(s) by the Dealing Deadline. Redemption requests received after this deadline shall be calculated on the basis of the Net Asset Value per Share for the relevant Class of Shares as of that next following Dealing Day. The Minimum Redemption Amount is the smaller in value of 1 Share or EUR100 / USD 100 / GBP 100. Payment of redemption proceeds will normally be made within 5 Banking Days following the relevant Dealing Day. How to convert Shares Shareholders are allowed to convert all, or part, of the Shares of (i) a given Class into Shares of the same Class of another sub-fund and/or (ii) of one Class of Shares of a sub-fund to Shares of another Class of Shares of either the same or a different sub-fund. Shareholders are not allowed to convert all, or part, of their Shares into Shares of a sub-fund which is closed for further subscriptions after the Initial Offering Period. If the criteria to become a Shareholder of such other Class and/or such other Sub-Fund are fulfilled, the Shareholder shall make an application to convert Shares by sending a written request for conversion to the Distributor or the Registrar and Transfer Agent. The conversion request must be received by the Registrar and Transfer Agent by the Dealing Deadline. Conversion requests received after this deadline shall be treated on the next following Dealing Day on the basis of the Net Asset Value per Share for Shares of the relevant Class in the relevant Sub-Funds as of that next following Dealing Day. The conversion request must state either the amount in the relevant currency of the first Sub-Fund or the number of Shares of the relevant Classes in the relevant Sub-Fund, which the Shareholder wishes to convert. Prohibition of Late Trading and Market Timing Late trading is to be understood as the acceptance of a subscription (or conversion or redemption) order after the relevant Dealing Deadline on the relevant Dealing Day and the execution of such order at the price based on the Net Asset Value applicable to such same day. Late trading is strictly forbidden. Market timing is to be understood as an arbitrage method through which an investor systematically subscribes and redeems or converts Shares of the Company within a short time period, by taking advantage of time differences and/or imperfections or deficiencies in the method of determination of the Net Asset Value of the relevant Sub-Fund. Market timing practices may disrupt the investment management of the portfolios and harm the performance of the relevant Sub-Fund. In order to avoid such practices, Shares are issued at an unknown price and neither the Company, nor the Distributor will accept orders received after the relevant Dealing Deadline. The Company reserves the right to refuse purchase (and conversion) orders into a Sub-Fund by any person who is suspected of market timing activities. In addition, if necessary with a view to protecting the Sub-Funds against market timing, the Company may, for the benefit of the relevant Sub-Funds, impose a levy on the issue, redemption and/or conversion of Shares up to 2% of the applicable Net Asset Value per Share. A /0.1

10 Additional important information CFTC REGISTRATION EXEMPTION: PURSUANT TO AN EXEMPTION UNDER US COMMODITY FUTURES TRADING COMMISSION ( CFTC ) REGULATIONS, THE SPONSOR IS NOT REQUIRED TO REGISTER, AND IS NOT REGISTERED, WITH THE CFTC AS A COMMODITY POOL OPERATOR ( CPO ) WITH RESPECT TO ITS OPERATION OF THIS SUB-FUND. AS A RESULT, THE SPONSOR IS NOT, AMONG OTHER THINGS, REQUIRED TO PROVIDE PROSPECTIVE SHAREHOLDERS WITH A DISCLOSURE DOCUMENT CONTAINING CFTC PRESCRIBED DISCLOSURES OR TO PROVIDE CERTIFIED ANNUAL REPORTS TO SHAREHOLDERS OF THIS SUB-FUND. THE SPONSOR S ELIGIBILITY FOR THE EXEMPTION FROM CPO REGISTRATION WITH RESPECT TO THE OPERATION OF THIS SUB-FUND IS SET FORTH IN SECTION 4.13(A)(4) OF THE CFTC S REGULATIONS AND IS BASED ON THE FACT THAT: (1) THE OFFER AND SALE OF THIS SUB-FUND S SHARES ARE EXEMPT FROM REGISTRATION UNDER THE US SECURITIES ACT OF 1933 ACT AND ARE NOT AND WILL NOT BE MARKETED TO THE PUBLIC IN THE UNITED STATES AS A VEHICLE FOR TRADING IN THE COMMODITY FUTURES OR COMMODITY OPTIONS MARKETS; AND (2) PARTICIPANTS IN THIS SUB-FUND ARE LIMITED TO NON-US PERSONS AND US PERSONS THAT ARE QUALIFIED PURCHASERS AS DEFINED IN SECTION 2(A)(51) OF THE 1940 ACT. Legal structure: Duration of the sub-fund: Supervisory Authority: Sponsor: Investment Manager: Sub-Manager: Custodian Bank: Administrative Agent, Corporate Agent and Domiciliary Agent: Paying and Listing Agent: Distributor: Auditor of the Company: a sub-fund of MERRILL LYNCH INVESTMENT SOLUTIONS, an umbrella investment company with variable capital incorporated in Luxembourg on 5 November, 2007, whose registered office is 16 boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg a sub-fund without a Defined Investment Term Commission de Surveillance du Secteur Financier, Luxembourg Merrill Lynch International, Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom, a wholly-owned subsidiary of the Merrill Lynch & Co., Inc, group of companies, which are wholly owned by Bank of America Corporation AQR Capital Management, LLC, Two Greenwich Plaza, Greenwich CT, 06830, USA. CNH Partners, LLC, Two Greenwich Plaza, Greenwich CT, 06830, USA. Société Générale Bank & Trust, 11 avenue Emile Reuter, L-2420 Luxembourg, Grand Duchy of Luxembourg Société Générale Securities Services Luxembourg., 16 boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg Société Générale Bank & Trust, 11 avenue Emile Reuter, L-2420 Luxembourg, Grand Duchy of Luxembourg Merrill Lynch International, Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom, a wholly-owned subsidiary of the Merrill Lynch & Co Inc group of companies, which are wholly owned by Bank of America Corporation PricewaterhouseCoopers S.à r.l, 400, route d Esch, L-1471 Luxembourg, Grand Duchy of Luxembourg Additional information on the Company is available from the following company during normal business hours: Merrill Lynch International, Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom, Tel.: +44 (0) The Prospectus may be obtained on request from the registered office. A /0.1