BlackRock Global Long/Short Credit Absolute Return Credit

The Outcome: Protection Against Credit Market Volatility GLSC has delivered downside protection during weaker credit environments Hedges and short positions can dampen the potentially negative impact of broad market selloffs, reduce exposure to credit market volatility and help manage idiosyncratic risk • The Fund emphasizes flexibility across asset classes and within capital structures, diversification across credit issuers and liquidity in underlying instruments GLSC Offered Protection During Credit Selloffs Total Returns When Spreads Widened Spreads Spreads ↑ 112 bps 10/27/11-11/25/11 -0.20% -2.88% 129 bps 3/19/12-6/6/12 -0.41% -0.82% Spreads 109 bps 5/9/13-6/25/13 -1.65% Global L/S Credit (Inst. Class) U.S. High Yield -5.18% Spreads 171 bps 6/18/14-2/2/15 -0.98% -1.96% Spreads ↑ 49 bps 3/6/15-3/18/15 -0.57% -0.93% Spreads 371 bps 6/3/15-2/11/16 -4.44% Spreads ↑ 64 bps 6/8/16-6/27/16 -0.41% -1.16% Spreads FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO THE GENERAL PUBLIC. 52 bps 1/26/18-2/9/18 -0.29% -2.14% -12.71% Source: BlackRock, Barclays Live. Past performance is no guarantee of future results. Index performance is for illustrative purposes only. It is not possible to invest directly in an unmanaged index. U.S. High Yield is represented by Bbg Barclays U.S. High Yield Corporate Index. BLACKROCK® USR0418U-470515-1498457 12

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