BlackRock Overview [PDF]

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BlackRock Overview for Program Facilitators About BlackRock BlackRock is one of the world’s preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. BlackRock offers a range of solutions — from rigorous fundamental and quantitative active management approaches aimed at maximizing out performance to highly efficient indexing strategies designed to gain broad exposure to the world’s capital markets. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs. The foundation of BlackRock’s business is our belief that our clients’ needs are of paramount importance. Our commitment to investment excellence is anchored in a shared culture that always places a client’s interests first, from individual investors to the world’s largest institutions. We act always as a fiduciary for our clients, never trading as a principal on our own behalf. BlackRock’s investment approach is based on our conviction that we can combine our market insights, our global reach and scale, our proprietary technology, our culture of information sharing and our unwavering focus on risk management into an ability to deliver performance in all market environments. BlackRock is committed to providing a broad set of investment solutions for our clients, striving to achieve the best balance between risk and opportunity. We strive to exceed expectations in all areas of our business all the time.

BlackRock Solutions clients. Our focus on investment excellence and state-of-the-art analytics is complemented by an unwavering, senior-level commitment to service; this results in dynamic client relationships and enables us to assist clients with a range of services, including an understanding of liabilities and asset allocation needs. Given our size, scope and global footprint we strive for a consistent, interconnected “One BlackRock” approach. BlackRock takes a three dimensional approach to the management of the organization, incorporating functional, product and regional elements in support of our clients’ goals. The functional dimension looks at our operations by specific task, such as portfolio management, account management or operations. The product dimension brings together the cross-disciplinary expertise critical to managing client assets in each class. Finally, the regional aspect of our model recognizes the unique, geographyspecific needs of clients as well as the importance of local regulatory issues. Distinct but interconnected, these factors work together to inform all of our business decisions and result in a firm that is globally efficient and locally effective. With our three-dimensional approach to managing the organization, we seek to: nsure consistency on a global basis; } E

} A llow for the tailoring of products and services according to client or local needs; } P romote teamwork among our employees worldwide; and } F acilitate operational integrity and efficiency.

BlackRock’s Philosophy

BlackRock’s History

Since our founding, BlackRock’s core philosophy has been grounded in the belief that our clients’ needs are of paramount importance and our sole business is managing our clients’ assets on their behalf. We are committed to always doing what is in our clients’ best long-term interests.

Since its founding in 1988, BlackRock has sought to better serve clients by anticipating and responding to changes and advancements in the investment industry, and continually seeks to broaden and deepen its investment and risk management capabilities.

With this as a framework, BlackRock has assembled teams of investment professionals with significant expertise in global capital markets. Through BlackRock Solutions, we continue to invest substantial resources in the ongoing development of our technology and analytic capabilities, for both internal users and

The most recent example is BlackRock’s acquisition in 2009 of Barclays Global Investors, the firm that created the first index strategy in 1971 and was one of the world’s largest providers of structured investment strategies, including indexing, market strategies, and risk-controlled active products. Another significant step in this process was BlackRock’s merger with Merrill Lynch

Investment Managers (MLIM) in 2006, which combined the history and experience of MLIM with the innovation and technology of the legacy BlackRock organization. MLIM’s history of managing assets began in the UK in 1946 as part of S.G. Warburg & Co. (later known as Mercury Asset Management) and in the US in 1976 under the Merrill Lynch name. In October 2007, BlackRock, Inc. acquired the fund of funds business of Quellos Group, LLC, forming one integrated fund of funds platform. The combined business provides hedge, private equity and real asset fund of funds to institutional and individual investors worldwide.

Innovation

Today, BlackRock is a truly global enterprise that combines the benefits of world-wide reach with localized service. We manage assets for clients in North and South America, Europe, Asia, Australia and the Middle East and Africa. Our client base includes corporate, public, union and industry pension plans; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; banks; and individuals worldwide.

Passion

Our Values Defined Integrity } W e speak the truth — we are open and honest and always do the right thing. } W e are fiduciaries and leaders in our industry. We understand the responsibility we carry. } W e respect differences and learn from them. We take the time to teach others. } W e have the highest ethical standards and principles.

Client Focus } W e put our clients first and at the heart of all we do. } W e listen and deeply understand our clients’ businesses, risks and issues. } W e help our clients better meet their investment goals. } W e anticipate trends and help clients plot the future course.

Partnership } W e work to earn the trust and respect of our clients and colleagues every day. } W e know that the power of information multiplies when it is shared. } W e embrace teamwork because we can create more together than we can alone. } W e leverage ideas, talent and processes globally to deliver our best locally. } W e succeed together, we fail together, we are “One BlackRock.”

} W e are relentless in challenging assumptions and the status quo. } W e are restless in pursuing new ideas and better solutions for our clients. } W e believe that anything is possible and we encourage informed risk taking. } We take pride in being leaders. We strive for continuous improvement in everything we do.

} We care about being the best. We want to build a unique and enduring franchise. } W e bring enthusiasm and energy to everything we do. } W e are committed to a culture of excellence.

Diversity BlackRock’s diversity guiding principles reflect our value of respect for differences as well as our business goal of employing a workforce as diverse as the markets in which we operate. We have adopted formal guiding principles on diversity, which are to: } Attract and retain a talented workforce that reflects the diverse communities in which we operate; } Foster a meritocracy in which we can all develop and be appropriately rewarded; and } Leverage our differences to achieve BlackRock’s business goals by recognizing and utilizing the full potential of each individual.

Leveraging Differences at BlackRock The BlackRock Behaviors for Success includes guidelines on behavior that will help us ensure an inclusive work environment that respects differences and values the contribution of each individual. Employee Networks bring forth a broad spectrum of programs designed to strengthen the development and retention of employees within BlackRock. It also provides a platform for establishing informal mentoring relationships, networking and a forum for meeting other employees throughout the firm. Senior Leaders serve as sponsors for each of the networks, advocating priorities and ensuring alignment with firm-wide business objectives.

Name: Laurence Fink

Name: Robert Kapito

Title: Chief Executive Officer

Title: President

Location: New York

Manager: Laurence Fink

Service Date: March 22, 1988

Location: New York

Education: } B.A., Political Science, University of  California, Los Angeles

Service Date: March 22, 1988

} M.B.A., Real Estate, University of  California, Los Angeles Work History: } Managing Director,  First Boston Corporation

Education: } B.S., Economics, Wharton School of the  University of Pennsylvania } M.B.A., Harvard Business School  Work History: } Head of BlackRock’s Portfolio  Management Group } Vice President — Mortgage Products  Group, The First Boston Corporation } Strategic Consultant, Bain & Co. 

Name: Susan Wagner

Name: Kendrick Wilson, III

Title: Vice Chairman, Head of Strategy, Dev. and Corporate Comms.

Title: Vice Chairman

Manager: Laurence Fink Location: New York Service Date: March 22, 1988 Education: } B.A., Magna Cum Laude, English and  Economics, Wellesley College } M.B.A., Finance, University of Chicago  Work History: } Head of Corporate Strategy, BlackRock  } Head of International Client  and Alternative Investments businesses, BlackRock } Vice President-Mortgage and Savings  Institutions Group, Lehman

Manager: Laurence Fink Location: New York Service Date: January 31, 2010 Work History: } Advisor in the U.S. Department  of Treasury } Vice Chairman of Investment Banking  at Goldman Sachs & Co; member of the Executive Office and Chairman of the Financial Institutions Group } Vice Chairman, member of the  Executive Committee and Head of Investment Banking at Lazard Freres & Co. LLC

Name: Rohit Bhagat

Name: James Charrington

Title: Senior Managing Director, Head of Asia Pacific

Title: Senior Managing Director, Head of EMEA

Manager: Laurence Fink

Manager: Laurence Fink

Location: Hong Kong

Location: London

Service Date: July 31, 2005

Service Date: April 30, 1993

Education: } B. Tech., Mechanical Engineering, Indian  Institute of Technology

Work History: } Head of BlackRock’s International  Retail Business

} M.S., Engineering, University of Texas  at Austin

} Joined BlackRock following the  merger with Merrill Lynch Investment Managers (MLIM)

} M.B.A., Northwestern University  Work History: } Joined BlackRock following the merger  with Barclays Global Investors } Global Chief Operating Officer, Barclays  Global Investors

} Head of Retail Platform — Europe, Middle  East, Africa and Asian Regions, MLIM } Head of Investment Sales,  Save & Prosper

} Senior Vice President-West  Coast Financial Services, Boston Consulting Group (BCG)

Name: Robert Connolly

Name: Robert Fairbairn

Title: Senior Managing Director, General Counsel

Title: Senior Managing Director, Head of Global Client Group

Manager: Laurence Fink

Manager: Robert Kapito

Location: New York

Location: New York

Service Date: August 24, 1997

Service Date: March 20, 1994

Education: } B.A., Economics, Union College  } J.D., Fordham University School of Law 

Education: } B.A., History, Economics and Russian  Studies, Durham University

Work History: } Managing Director and General Counsel,  New England Funds, LP

Work History: } Chairman of BlackRock’s  International Businesses

} General Counsel, Equitable Capital  Management Corporation

} Joined BlackRock following the  merger with Merrill Lynch Investment Managers (MLIM)

} Law Clerk to Judge Henry F. Werker of  the United States District Court in the Southern District of New York } Associate, Debevoise & Plimpton  } Associate Editor of the Law Review  at Fordham

} Senior Vice President — Head of EMEA  Pacific Region, MLIM

Name: Bennett Golub

Name: Charles Hallac

Title: Senior Managing Director, Chief Risk Officer

Title: Senior Managing Director, Chief Operating Officer

Manager: Robert Kapito

Manager: Robert Kapito

Location: New York

Location: New York

Service Date: March 22, 1988

Service Date: May 1, 1988

Education:

Education: } B.A., Economics and Computer  Science, Brandeis University

} B.S., M.S., Management, Sloan School  of Management, MIT } Ph.D., Applied Economics and Finance,  Sloan School of Management, MIT

Work History: } Co-founder and Head of  BlackRock Solutions

Work History: } One of the Founding Partners  of BlackRock

} Associate — Mortgage Products Group,  The First Boston Corporation

} Co-head and Founder of  BlackRock Solutions } Acting CEO, Trepp, LLC., a former  BlackRock affiliate } Vice President, The First  Boston Corporation

Name: Richard Kushel

Name: Ann Marie Petach

Title: Senior Managing Director, Head of Portfolio Management Group

Title: Senior Managing Director, Chief Financial Officer

Manager: Robert Kapito

Manager: Laurence Fink

Location: London

Location: New York

Service Date: May 28, 1991

Service Date: June 6, 2007

Education: } B.S., Industrial Engineering,  Stanford University

Education: } B.A., Business and Spanish,  Muhlenberg College

Work History: } Chairman of BlackRock’s  International Businesses

} M.B.A., Carnegie Mellon University 

} Head of BlackRock’s International  Institutional Business } Head of BlackRock’s Alternatives &  Wealth Management Groups } Director, Nomura BlackRock  Asset Management

Work History: } Vice President, Treasurer,  Ford Motor Company } Worked at two former joint ventures  between Ford and Volkswagen, in Europe as Treasurer of AutoEuropa and in Brazil as Assistant Treasurer of AutoLatina

Name: Linda Robinson

Name: Jeff Smith

Title: Senior Managing Director, Global Head of Marketing and Communications

Title: Senior Managing Director, Head of Human Resources

Manager: Laurence Fink

Manager: Laurence Fink

Location: New York

Location: New York

Service Date: June 20, 2011

Service Date: March 13, 2006

Education:

Education: } B.S., Psychology,  University of Connecticut

} B.A., University of Southern California  Work History: } Served on the BlackRock Board of  Directors from 2004–2011 } Chairman of Robinson Lerer &  Montgomery (RLM)

} Ph.D., Industrial — Organizational  Psychology, Virginia Polytechnic Institute

} Vice President of Corporate Affairs  at Warner Cable Communications

Work History: } Joined BlackRock following the merger  with Barclays Global Investors

} Director of Public Affairs for the  Department of Transportation

} Global Head of Human Resources,  Barclays Global Investors } Vice President-People Development,  Time Warner } Senior Consultant, Personnel  Decisions International

FOR MORE INFORMATION: www.blackrock.com BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock, Inc. ©2011 BlackRock, Inc. All Rights Reserved. HR5070B-0811

Aladdin and Technology Group (A&T) Technology has always been a core component of BlackRock’s “DNA.” Over the years, the smart use of technology has distinguished BlackRock by supporting leading risk management capabilities and driving operational consistency and efficiency around the globe. The Aladdin trading and risk management system, used internally at BlackRock and by BlackRock Solutions clients, enables customers to manage over $5 trillion in financial assets. Aladdin is central to our technology strategy, unifying BlackRock by providing everyone with a common language and a central point of reference for our investment activities globally.

The Aladdin & Technology

The Aladdin and Application Engineering teams within the Aladdin & Technology group use the latest technologies to design and develop applications that make up the firm’s investment management platform. The systems support the full lifecycle of the investment management process, from quantitative risk management to order entry, trade routing and settlement.

come from a wide range

Technologies used include sophisticated web services, Java applications and C++ servers, tied together over a real-time messaging system and connected to a large and highly complex database. Analysts join small teams that develop specific parts of the firm’s investment management platform, working closely with senior developers and managers, and are expected to become intimately familiar with the financial products and investment management business, regardless of whether their focus is software development or business analysis. Career paths within the Aladdin & Technology group include continued hands-on technical and product work as Senior Developers or Senior Business Analysts, as well as management and architecture positions. There are opportunities to transition to entirely different roles within the organization. Unlike many larger organizations, BlackRock highly values hands-on technical and business work and candidates who are interested in a career where they can continue to make individual contributions as they advance. These candidates will find many exciting and rewarding challenges in this group.

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V. FOR MORE INFORMATION: www.blackrock.com/careers BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. ©2011 BlackRock, Inc. All Rights Reserved. HR5051E-0511

Group hires professionals with industry experience and undergraduates just entering the workforce. Industry professionals of backgrounds.

BlackRock Solutions BlackRock® has long been recognized for its disciplined investment process and rigorous bottom-up approach to risk management. Since its inception, BlackRock has focused on the need to assess security- and portfolio-level risks to make investment decisions in rapidly changing markets and to execute transactions efficiently, while ensuring strict adherence to risk management and compliance guidelines. As a result, BlackRock developed an integrated suite of investment management tools.

BlackRock Solutions

In 2000, BlackRock began offering risk management and trade processing tools to external clients under the BlackRock Solutions® brand. Since that time, BlackRock’s strategy has been to deliver its significant investment in technology infrastructure and analytics to a select group of large institutional investors at a high level of sophistication, quality and service. Our investment tools are designed to provide portfolio transparency and increased efficiency. Aladdin®, our enterprise investment system, supports the entire investment management process, including risk analytics, portfolio management, compliance and operational processing. Aladdin’s comprehensive suite of risk reports (Green Package® and interactive fixed income and derivative calculator (AnSer ®) are also available on a stand-alone basis.

entering the workforce.

BlackRock Solutions offers a number of additional services focused on providing tailored solutions to our clients by drawing upon our investment tools and our capital market expertise. The Financial Markets Advisory Group provides counsel to senior executives in banks, insurance companies, mortgage companies and other financial institutions on their most difficult—and interesting—capital market issues. Our practice centers on financial strategy, valuation of illiquid portfolios and risk management. The advisory practice is rooted in BlackRock’s culture of objective, fiduciary problem solving for clients, and is a strategic priority for the firm. The Relationship Management Group is responsible for maintaining the partnerships formed with every client that uses BlackRock Solutions’ array of investment technology and risk analytics tools. These clients are located around the world and include large and sophisticated institutional investors such as insurance companies, corporations, asset managers, pension funds, hedge funds, banks and other financial institutions. The Relationship Management team is highly focused on understanding the needs and evolving priorities of each of these organizations and on a daily basis provides investment process solutions to its clients by leveraging the vast capabilities of the entire BlackRock Solutions organization.

hires professionals with industry experience and undergraduates just Industry professionals come from a wide range of backgrounds.

The Solution Center provides training and day-to-day support for users of Aladdin. Analysts start in the Solution Center and over a two- to three-year period develop an in-depth knowledge of the investment management process, the Aladdin system and our clients’ businesses. During this time, analysts often contribute to the business development and implementation phases associated with each Aladdin installation. The knowledge acquired during their first few years in the Solution Center provides representatives with the necessary skills for future success in other parts of the BlackRock and BlackRock Solutions organizations. The Portfolio Analytics Group (PAG) is a risk and analytics group in BlackRock Solutions that utilizes sophisticated analytics on fixed income, equity and alternatives businesses to help our clients and portfolio managers understand their portfolio exposures, strategy, risk and returns. PAG provides the daily risk reporting and ad-hoc analytical support to over $7 trillion worth of assets under risk management across thousands of portfolios. Analysts will gain a broad understanding of the asset and risk management business, which includes learning about the wide range of securities our clients trade, how they are priced in the market, how we analyze them within BlackRock Solutions and what sensitivities they have to various market factors. The group is also responsible for developing, maintaining and enhancing the technology that is used to support the trading and reporting needs of BlackRock Solutions’ risk management clients. The Financial Modeling Group (FMG) is responsible for the research and development of financial models underpinning the risk management analytics produced at BlackRock. The group also contributes to the infrastructure and software responsible for the production of analytics and the delivery of analytic content to portfolio and risk management professionals both within and outside BlackRock. Given the diversity of business objectives among BlackRock Solutions clients and within BlackRock itself, the models developed and supported by the Financial Modeling Group span a wide array of financial products, ranging from equity to fixed income to derivatives. In addition, members of FMG seek to provide analysis and insight on many different levels from analysis of the cash flows of a single bond to the overall financial risk associated with an entire portfolio, enterprise or balance sheet.

BlackRock Solutions’ Investment Accounting services combine BlackRock’s industry expertise with our sophisticated data management, accounting and performance measurement tools to offer customized solutions to a wide range of financial institutions. The Investment Accounting team is responsible for providing these services, including accounting reports in multiple bases, Schedule D preparation, custodian reconciliation and performance measurement. The Investment Accounting group consists of three primary teams: Implementations, Client Service and Reconciliation. The Implementations team is responsible for business development and the process of taking on new clients, including account set up data conversions and business process redesign. The Client Service team is responsible for ensuring clients’ ongoing requirements are met including preparing accounting and performance measurement reports and responding to client inquiries. Finally, the Reconciliation team is responsible for the reconciliation between BlackRock Solutions’ accounting platform and various third parties including custodian banks and asset managers. Implementation and Delivery provides project management and subject matter expertise in support of deploying Aladdin to both internal and external clients. The Implementation team works closely with external clients on large-scale projects during which time they review and revamp clients’ investment business process to align it with market practice while migrating it to the Aladdin investment platform. The Delivery team ensures that newly developed functionality is deployed to existing clients (internal and external), including providing training and conducting minibusiness process reviews, and provides on-going second level support for such functions.

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V. FOR MORE INFORMATION: www.blackrock.com BlackRock, BlackRock Solutions, Aladdin, Green Package and AnSer are registered trademarks of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock, Inc. ©2011 BlackRock, Inc. All Rights Reserved. HR5051F-0511

Business Operations With operations all over the world and a range of investment products and services, BlackRock is one of the most complex financial services organizations serving clients today. In order to achieve operational excellence, the Business Operations Group was established to ensure BlackRock’s operations are consistent and efficient across investment products, client channels and regions.

The Business Operations group

Business Operations is composed of three groups, Aladdin Portfolio Services Group, which is responsible for all information required for the investment management process, Operations & Administration, which is responsible for providing operational support to BlackRock’s portfolio management teams and global client groups and manages day-today relationships with external service providers and counterparties for the retail and institutional businesses and Provider Strategy, which is responsible for ensuring the firm properly leverage counter-party relationships effectively.

professionals come from a wide

Aladdin Portfolio Services Group (APSG) The Aladdin Portfolio Services Group (APSG) is a centralized process group dedicated to ensuring the integrity of information maintained and produced in Aladdin. The group’s mission is to support the firm’s internal and external clients with the goal of ensuring all appropriate data is timely and accurate to support the investment management process. APSG focuses on portfolio set-up, inclusive of IMA negotiations and order processing; accurate and timely security modeling; cash and asset reconciliations; portfolio compliance; NAV calculation/performance measurement; and client reporting. The group comprises three key channels: Client Services, Investment Services and Portfolio Services. Within each channel, there are sub-categories that have specialized functions:

Client Services } Portfolio On-Boarding and Control, a central team responsible for providing direction and holistic understanding of all portfolios globally, certifying readiness for trading. Initial point of contact for the business as it relates to new business, portfolio modifications and terminations, as well as the lead liaison to coordinate the operational setup with the custodian banks. The team maintains the client portfolio attribute data in the account master. } AUM & Institutional Administration is responsible for calculating BlackRock’s global AUM by working with key operating areas of the firm, in addition to supporting the Fixed Income Institutional Administration team in servicing our clients. } Client Services is responsible for managing the client order process related to automated client directed subscriptions/redemptions, managing the client contracting process for specific client types and has change management responsibilities related to how audit/regulatory requirements impact the business. } Client Reporting is responsible for producing customized client and custodian reporting, as well as managing client mailings and disclosures.

hires professionals with industry experience and undergraduates just entering the workforce. Industry range of backgrounds.

Business Operations is

Investment Services

currently in more than 20

Investment Services is responsible for ensuring that investment information delivered to our internal and external clients through the Aladdin platform is accurate, timely and comprehensive. Investment Services is committed to building and maintaining efficient, scalable and resilient production processes that provide our clients with high quality investment (terms and conditions, pricing and analytics) and portfolio data (risk, performance, attribution and NAVs), which is a critical factor in the investment decision making process.

operating centers around the world. In addition to the Americas, we have dedicated regional teams in the Pacific Rim and EMEA across multiple locations supporting the local manufacturing businesses.

Portfolio Services } Portfolio Compliance is responsible for implementing controls and processes to ensure portfolios are compliant with all applicable regulatory and client-issued guidelines as they relate to trading and investments. This includes core Aladdin pre- and post-trade compliance and non-Aladdin trading compliance, mutual fund monitoring and reporting, and global syndicate offering review. The team produces daily portfolio level issues and violations for escalation and resolution. } Cash and Reconciliations is responsible for completing portfolio transaction level cash/asset reconciliations to external record-keepers (custodian bank, transfer agent, etc) and provides direct support to the end-users of the data. } Institutional Admin & Performance performs NAV calculations, performance, reporting and reconciliations with trustees and custodians and is responsible for the Global Institutional Separate Accounts covering Fixed Income, Equity and Fiduciary.

Operations & Administration (O&A) The Operations & Administration (O&A) group handles investment operations and administration, serves the Portfolio Management and Global Client groups and manages day-to-day relationships with external service providers and counterparties for both the retail and institutional businesses. The O&A functional groups include Investment Operations, Product and Channel Services, Global Fund Administration, Shareholder Services, Pension Administration and Business Finance and Administration.

Investment Operations The Investment Operations group is responsible for trading operations and derivatives operations spanning all products and businesses at BlackRock. } Trading Operations is responsible for all transaction processing and associated support including trade confirmation, trade and payment settlement, fail and payment difference resolution, corporate actions, loan products and compensation claims. } Derivatives Operations is responsible for collateral management, derivative confirmations, settlement of derivatives payments, management of legal agreements and oversight of counterparty exposure for all derivatives. This team will coordinate internally with portfolio teams and trading desks and externally with all street side counterparties and prime brokers to achieve a consistent operating model with strong controls.

Product and Channel Services } New Product Services is responsible for new product coordination across our organization in partnership with the Global Client Group (GCG). } Investor and Channel Services provides dynamic support to Portfolio Management and GCG to ensure effective coordination across the operating infrastructure to support the investment process.

Global Fund Administration The Global Fund Administration team manages the accounting infrastructure and operating control environment for BlackRock’s global commingled vehicles (i.e., mutual funds, alternatives). The team consists of accounting and administrative professionals who work closely with the fund’s management to oversee the fiduciary governance of our commingled vehicles.

Shareholder, Transfer Agent and Distribution Services The Shareholder, Transfer Agent and Distribution Services group is responsible for global oversight of the Transfer Agents for the open-end, closed-end and alternatives products, Dealer Servicing, Mutual Fund Dealing and Distribution for the US mutual funds and the Shareholder Service Centers. This team provides support to the Global Client Group with the launching of new products, mergers, proxies and servicing the distributors and shareholders of our funds. Some of the key functions of this group include distributor and vendor oversight, commission monitoring, trade reconciliation, large trade monitoring, broker-dealer support and input for board meetings.

Pension Administration The Pension Administration group is responsible for Defined Contribution schemes, bundled services and third-party administration. This rapidly growing business segment is a key component of our institutional strategy in Europe.

Business Finance & Administration (BFA) Business Finance & Administration is responsible for management information systems, resource management, strategic planning and operational risk and audit.

Provider Strategy Provider Strategy is responsible for working across many parts of the firm to ensure we are properly leveraging our counter-party relationships effectively, maximizing the benefits of our scale in the industry. The firm has strategic relationships with several key providers integral to our business operations (for example, fund accounting, custody and trade processing). These relationships are long term and complex, and they are financially material to the firm’s overall performance and include most of the significant Service Providers in the industry. Outsourced functions include: trade operations, corporate actions, reconciliations, cash projections, fund accounting, custody, transfer agency, directed lending services, custom processes, shadow accounting of client-appointed administrators, coordination and reconciliations with client-appointed custodians and prime brokerage.

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V. FOR MORE INFORMATION: www.blackrock.com BlackRock and BlackRock Solutions are registered trademarks of BlackRock, Inc. iShares is a registered trademark of BlackRock Institutional Trust Company. All other trademarks are the property of their respective owners. Prepared by BlackRock, Inc. ©2011 BlackRock, Inc. All Rights Reserved. HR5051G-0511

Global Client Group (GCG) Within the Global Client Group, we pride ourselves on creating, communicating and delivering investment solutions for clients worldwide. To that end, we have teams of professionals with expertise in the many functions that combined make this effort successful and sustainable, including relationship management, marketing, sales, client service, and product development and management.

The Global Client Group hires

The Global Client Group serves institutional and retail clients, including corporate, public, union and industry pension plans; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; banks; and individuals.

professionals come from a wide

Professionals within the team work together to deliver a full range of asset management, risk management and advisory services relevant to clients’ investment needs. Unified under one global client platform, individual client businesses are accountable for client relationships and distribution of products and services and are supported by a centralized marketing function which ensures consistency globally. The Global Institutional teams develop and maintain relationships with institutional investors worldwide, including public and private pension plans, corporations, foundations, endowments and industry consultants.

professionals with industry experience and undergraduates just entering the workforce. Industry range of backgrounds.

Qualities of a Global Client Group Candidate } Team player } Strong analytical skills } Excellent written and oral communication skills } Interest in global capital markets and portfolio management

The US/Canada Retail team is responsible for distribution, marketing and product management for BlackRock’s U.S.-registered products, including open-end funds, closed-end funds and managed accounts.

} Independent thinker who takes initiative

The International Retail works in partnership with distributor clients across EMEA (Europe, Middle East, Africa), APR (Asia Pacific), Australia, Latin America and Japan. Distributors include retail and private banks, insurance companies and financial advisory networks, the most notable of which is ML Global Wealth Management. The product range includes open-ended funds, closed-ended funds and alternative investments. The Luxemburg-domiciled BlackRock Global Fund (BGF) range is the main open-ended retail fund range which is distributed across 35 countries in 15 languages and incorporates a broad range of equity, fixed income, balanced and cash funds. Separately, there are domestic fund ranges in the UK, Japan and Australia.

} Demonstrated interest in BlackRock

The Cash Management teams are responsible for distribution, marketing and product management for BlackRock’s broad array of liquidity portfolios, ranging from traditional money market funds and other commingled vehicles, to tailored separately managed accounts. The team services BlackRock’s liquidity clients, which vary from individual investors to institutions in the US and the rest of the world.

} Relevant work experience, with experience abroad a plus

} Attention to detail

The Global Marketing team provides support across the organization in the forms of creative services, including project management and graphic design; e-business solutions, including Web design, execution and maintenance; investment and product communications; corporate event planning; advertising, brand management and broadcast media. The iShares brand was launched in 2000 and has since become the leading ETF provider with over $450 billion in assets under management globally and just under 50% US ETF industry market share, as of October 2009. iShares runs almost 400 ETFs globally, holding securities in various asset classes ranging from US domestic equity to fixed income, to emerging and frontier markets. The target audience for iShares includes intermediaries (financial advisors) and institutional investors. iShares ETFs are built around indices by virtually every leading index provider: Barclays Capital, Cohen & Steers, Dow Jones, FTSE, FSTE/Xinhua, iBoxx, JPMorgan, Morningstar, MSCI, NASDAQ, NYSE, Russell and Standard & Poor’s. They are diversified like typical index funds, but trade like an exchange-listed security, with the advantages of transparency, cost- and tax-efficiency, and index exposure. The iShares business believes its competitive advantages lie in the depth and breadth of its products, the unique expertise and service of its client relationship teams, and its brand strength.

Global Client Group Analyst Program GCG functions as the liaison between BlackRock and our asset management clients. As an analyst on the team, your responsibilities may include: } Working with the portfolio managers to prepare portfolio reviews, market updates and research reports } Participating in client presentations } Working with all departments to respond to clients’ needs/inquiries } Working with clients to set up accounts and develop benchmarks, investment guidelines and portfolio structuring analysis } Participating in new business opportunities, marketing and responding to requests for proposals (RFPs)

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V. FOR MORE INFORMATION: www.blackrock.com BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock, Inc. ©2011 BlackRock, Inc. All Rights Reserved. HR5051H-0511

Infrastructure BlackRock’s infrastructure groups encompass myriad essential corporate functions that support every BlackRock employee and client, and every aspect of the firm’s business. Corporate Services — Provides a range of office management, infrastructure support and administrative services that include the day-to-day operations of BlackRock offices, the design and maintenance of our internal systems and the support tools necessary to run a company efficiently and cost effectively. Corporate Services is comprised of five teams: Business Services, Design & Construction, Facilities Management, Real Estate, and Security. Corporate Communications — Works to promote and protect one of the firm’s most important assets: its reputation. Responsibilities include projecting BlackRock’s brand, products and services to clients and prospects through the news media and working with analysts and investors to promote understanding of the investment merits of the Company’s common stock (NYSE: BLK). The Corporate Communications Group is broken down into two segments: Media Relations and Investor Relations. Human Resources — Provides a broad range of services, programs and products to BlackRock employees and business managers. Human Resources manages its operations through a combination of business alignment, cross-business services and functional specialties.

Corporate Strategy — Supports organic and inorganic growth opportunities on a global basis, provides analytical support to BlackRock’s operating groups, leads merger and acquisition opportunities from origination to post-merger integration, coordinates the firm’s global strategic planning process and develops management reporting tools to assist senior management decision-making. Finance — Is responsible for the accounting, financial reporting, measurement and control of the financial resources of BlackRock and its subsidiaries. The Finance Group is comprised of three units: Accounting Policy and Controls, Business Finance, and Corporate Controllers. General functions include financial accounting, financial reporting, management accounting, treasury, tax accounting, compensation/payroll accounting, auditing and certain other compliance functions. Legal & Compliance — Oversees BlackRock’s compliance with applicable laws and rules, and is responsible for, among other things, establishing legal and compliance policies and procedures that meet applicable regulatory requirements and testing the operative effectiveness of those policies and procedures; overseeing all regulatory matters (employees must direct all communications regarding such matters to a Department member); coordinating all litigation and legal proceedings; negotiating contracts (except certain BRS contracts); and providing compliance training.

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V. FOR MORE INFORMATION: www.blackrock.com BlackRock and BlackRock Solutions are registered trademarks of BlackRock, Inc. iShares is a registered trademark of BlackRock Institutional Trust Company, N.A. All other trademarks are the property of their respective owners. Prepared by BlackRock, Inc. ©2011 BlackRock, Inc. All Rights Reserved. HR5051I-0511

Portfolio Management Group (PMG) BlackRock offers a range of investment products — equity, fixed income, liquidity and alternative investment — each managed by a dedicated investment team of portfolio managers, research analysts and traders. BlackRock’s investment teams are staffed with professionals who have significant experience within their respective markets. Our portfolio teams manage assets for institutional and individual investors alike. Accordingly, all of our clients benefit from our portfolio management expertise and risk management analytics. There are a number of opportunities to join portfolio management from within BlackRock as it selects many of its members from various groups in the company.

The Portfolio Management Group

All of our portfolio managers leverage the expertise of other investment teams through the strength of a shared research, trading and risk management platform. For example, GalileoTM, part of our proprietary risk management system, provides company research and analysis through online access and formally integrates this information into our fixed income and equity portfolio management process. Our investment professionals benefit from the resources of a world-class firm that continually invests in its business and is differentiated by a team approach and integrated research and risk management.

Qualities of a Portfolio Management Group Candidate

The Equities team manages a full range of equity strategies that span the risk/return spectrum, along with several targeted opportunities in specific market sectors. More than 40 investment teams — consisting of portfolio managers, research analysts and traders — manage style-specific portfolios built on BlackRock company research in each major equity asset class. The Tax-Exempt Fixed Income team manages long-term and short-term municipal bonds; it is one of the largest managers of municipal assets. All portfolio management, research and trading activities within the firm’s municipal bond business is overseen by BlackRock’s Municipal Bond Management Committee, which includes six senior members of the tax-exempt team. Day-to-day activity is conducted by a dedicated portfolio management team of over 25 professionals, and is further supported by 12 municipal research analysts. The Taxable Fixed Income team offers an array of fixed income products designed to meet specific client risk and return profiles. Incorporating the expertise of BlackRock’s sector specialists, each client portfolio is tailored to reflect specific investment guidelines and objectives with respect to interest rate exposure, sector allocation and credit quality. The BlackRock Multi-Asset Client Solutions (BMACS) team within the Portfolio Management Group is responsible for developing and managing investment solutions involving multiple strategies and asset classes. The BMACS team includes over 130 portfolio managers, quantitative analysts, investment strategists, research analysts, economists and actuaries.

hires professionals with industry experience and undergraduates just entering the workforce. Industry professionals come from a wide range of backgrounds.

} A passion for the markets and investing } Ability to operate in a team-oriented and collaborative environment } Excellent analytical, communication and interpersonal skills } Self-motivated, flexible and adaptable in an ever-changing environment } Exercises good judgment coupled with the ability to make decisions quickly } Possesses an affinity for intelligent risk taking } Ability to produce high-quality, detail-oriented work

The Cash Management team are cash portfolio managers who make issue selection, duration, yield curve management and sector allocation decisions as part of the firm’s Liquidity Investment Strategy Committee and in concert with the broader fixed income strategy of the firm. BlackRock is one of the world’s largest managers of liquidity portfolios. Our clients include a broad array of individual investors and institutions in the U.S. and the rest of the world. BlackRock’s cash management products range from traditional money market funds and other commingled vehicles, to tailored separately managed accounts. From pure cash out to Libor mandates, we manage cash in a wide variety of currencies. As cash managers, we favor a conservative approach that includes an unwavering focus on credit quality, detailed analysis and risk management. The Product Specialists team provides essential services to both the Portfolio Management Group (PMG) and the Global Client Group (GCG), serving as the link between investment teams and account managers. The Scientifically Driven Active Equities group relies on a quantitative approach to conducting research, portfolio management and trading, in order to maximize returns and minimize costs. The Index group manages portfolios benchmarked against a variety of domestic and international indices, using the best portfolio construction techniques and driving profit through finding efficiencies and enhancing capabilities. The Securities Lending business provides clients with additional revenues through lending securities in a risk aware manner. The Scientifically Driven Fixed Income business is comprised of 180 investment professionals who manage portfolios across a full range of strategies that span the risk/return spectrum from index to active products.

The Transition Management Group manages significant portfolio reorganizations on behalf of clients with the aim of minimizing cost and controlling risk. These transitions are multi asset class and multi currency and based on a proven process and risk management systems that can be adapted to suit specific client needs, prevailing market conditions or any unforeseen circumstances. The Transition Management Group is split into two functions: project management and trading strategy. Combined they are responsible for all aspects of service delivery, including operations, analysis, strategy and trading. The Transition Project Manager role requires involvement in virtually all aspects of this process with emphasis on working in a team environment to help coordinate the transition from the initial planning and preparation stage, through the implementation phase and towards a successful completion. The role requires liaising with clients, consultants, investment banks, fund managers and custodians. The Transition Trader has prime responsibility for devising and implementing the trading strategy, including pre- and post-analysis of a transition at a market and individual security level.

Portfolio Management Group Analyst Program PMG is the core of BlackRock’s premier, global investment management expertise. As an analyst on the team, your responsibilities may include: } Support in the creation, production and delivery of risk management reports } Help portfolio managers to apply proprietary techniques for portfolio construction and alpha generation } Maintain general sector allocations and consistency with the group’s portfolio strategy

BlackRock is proud to be an E-Verify & Equal Opportunity/Affirmative Action Employer — M/F/D/V. FOR MORE INFORMATION: www.blackrock.com BlackRock is a registered trademark and Galileo is a trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock, Inc. ©2011 BlackRock, Inc. All Rights Reserved. HR5051J-0511

Jargon and Investment Terms AA

Administrative Assistant

GCG

Global Client Group

ABS

Asset-Backed Securities

GCR

Global Consultant Relations Group

ADAM

Assignment Data Access Maintenance

GEC

Global Executive Committee

ALADDIN

Asset, Liability, Administration, Debt and Derivative Investment Network

GIPS

Global Investment Performance Standards

GNMA

Government National Mortgage Association, or Ginnie Mae

ALT-A

Mortgage Product

GP

Green Package

ARM

Adjustable-Rate Mortgage

GSE

Government Sponsored Enterprise

AUM

Assets Under Management

HCC

Human Capital Committee

BAA

BlackRock Alternative Advisors

IG

Investment Grade

BAI

BlackRock Alternative Investments

ILB

Inflation Linked Bonds

BCM

Business Continuity Management

IO

Interest Only Bonds

BCP

Business Continuity Planning

IPO

Initial Public Offering

BFM

BlackRock Financial Management

ISG

Investment Strategy Group

BMACS

BlackRock Multi-Asset Client Solutions

LIBOR

London Interbank Offer Rate

BP

Basis Point

MBS

Mortgage Backed Securities

BRU

BlackRock University

MF

Mutual Fund

BRS

BlackRock Solutions

NAV

Net Asset Value

BSAM

BlackRock Separate Account Management

NTM

Next Twelve Months

CDO

Collateralized Debt Obligation

OAC

Option-Adjusted Convexity

CDS

Credit Default Swap

OAD

Option-Adjusted Duration

CLO

Collateralized Loan Obligation

OAS

Option-Adjusted Spread

CMBS

Commercial Mortgage-Backed Security

OTC

Over the Counter

CMG

Cash Management Group

P/B

Price to Book

CMO

Collateralized Mortgage Obligation

P/CF

Price to Cash Flow

CO

Client Operations

P/E

Price to Earnings

COB

Close of Business

P/S

Price to Sales

CORP

Corporate Bond

PAG

Portfolio Analytics Group

CPI

Consumer Price Index

PAS

Proprietary Alpha Strategies

DB

Defined Benefit

PAZ

Park Avenue Plaza

DC

Defined Contribution

PCG

Private Client Group

EM

Emerging Markets

PEG

Product Engagement Group

EMEA

Europe, Middle East, Africa

PI

Private Investor

EPS

Earnings Per Share

PM

Portfolio Manager

ERISA

Employee Retirement Income Savings Act

PMG

Portfolio Management Group

ETF

Exchange-Traded Fund

PO

Principal Only Bonds

FI

Fixed Income

RFP

Request for Proposal

FIG

Financial Institutions Group

RE

Real Estate

FMA

Financial Markets Advisory

ROE

Return on Equity

FNMA

Federal National Mortgage Association (Fannie Mae)

RQA

Risk and Quantitative Analysis

FRA

Forward Rate Agreement

SMA

Separately Managed Accounts

FRE

Freddie Mac

TRIM

Merrill Lynch Transition Management

YTM

Years to Maturity

©2011 BlackRock, Inc. All Rights Reserved. HR5070A-0811