BlackRock Global Long/Short Credit Absolute Return Credit

Demystifying Absolute Return The absolute return component of the Fund seeks to produce differentiated returns that are more insulated from market beta relative to traditional strategies ● ● The absolute return strategy uses the combination of additional tools and nontraditional strategies to capture idiosyncratic opportunities and relative value through longs, shorts and pair trades ● 1 Long Positions GLSC can take outright long positions in companies that we think offer good value or upside due to strong or improving balance sheets or positive catalysts like management changes or acquisitions Types of absolute return strategies: Single name relative value - focus on high conviction long vs. short opportunities, leveraging BlackRock's global credit fundamental research capabilities ● 2 Short Positions GLSC can take outright short positions in companies that we think are overvalued or could be negatively impacted by broader economic factors, changes in their industry or company-specific factors • Industry relative value trades - focus on sectors where we believe the market is mispricing potential risks Capital structure trades - isolate unusual relationships between instruments of the same issuer, most frequently debt vs. equity 3 Pair Trades GLSC can express a view on the relationships between different companies in the same sector, different parts of a single company's capital structure, and how different sectors or markets behave BLACKROCK* Event-driven trades - position in anticipation of a near to medium term catalyst such as M&A, change in credit rating, new debt issuance, or balance sheet management exercises FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE SHOWN OR DISTRIBUTED TO THE GENERAL PUBLIC. USR0418U-470515-1498457 10

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