BlackRock Global Long/Short Credit Absolute Return Credit

Diversifying the Sources of Return GLSC implements four key strategies to express and manage risk, blending traditional and alternative approaches to credit investing ● The combination of credit beta, carry and less correlated absolute return strategies allow the Fund to position efficiently as the market changes Emphasis on absolute return as volatility, dispersion and catalysts increase, and creating opportunities for more flexible credit risk expression Traditional Carry Absolute Return Hedges Strategy Overview ● ● Directional views and name selection Core holdings and fundamental likes/dislikes BLACKROCK Focus on assets with attractive yields and limited price volatility Funding source for short positions Idiosyncratic and relative value long and short opportunities Event driven, capital structure and special situation trades Manage aggregate directional risk Hedge macro or external risks Asset Classes HY & IG bonds CDX Bank loans CLOS CMBS & ABS EETCS HY & IG bonds Bank loans Equities CDS/CDX Sovereign Equities ETFs Historical Range 40-50% 10-20% 25-30% 10-15% Current Allocation 15-20% 10-20% 60-70% 10-15% Increasing emphasis on Absolute Return Gross Notionals by Strategy 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% 2011 2012 2013 2014 2015 2016 2017 Traditional ■Carry ■Absolute ■Hedge Source: BlackRock, as of 3/31/18. Includes only credit positions and excludes all interest rate and currency hedges. Subject to change. FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO THE GENERAL PUBLIC. USR0418U-470515-1498457 9

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