BlackRock Global Long/Short Credit Absolute Return Credit

Long and Short Expression of Credit Opportunities A long/short approach allows investors more flexibility to take advantage of both sides of the market, diversifying risk and potentially providing more consistent results GLSC actively allocates across long, short and pair trades but is expected to tilt net long • Short exposures can be expressed through broad market hedges, credit index overlays and individual idiosyncratic short positions to take advantage of a specific theme or catalyst ● Historical Gross and Net Exposures 250% 200% 150% 100% 50% 0% Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 BLACKROCK Mar-14 Sep-14 Mar-15 Gross Net Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Historical Long and Short Exposures Short % -80% -130% Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 -30% Source: BlackRock, as of 3/31/18. Includes only credit positions and excludes all interest rate and currency hedges. Subject to change. Long % 70% 20% FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO THE GENERAL PUBLIC. 120% USR0418U-470515-1498457 8

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