BlackRock Overview for Program Facilitators

About BlackRock
BlackRock is one of the worlds 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 worlds 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 BlackRocks 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 clients interests first, from individual investors to the worlds largest institutions. We act always as a fiduciary for our clients, never trading as a principal on our own behalf. BlackRocks 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: E } nsure consistency on a global basis; } llow for the tailoring of products and services according to A client or local needs; } romote teamwork among our employees worldwide; and P } acilitate operational integrity and efficiency. F

BlackRocks Philosophy
Since our founding, BlackRocks 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. 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

BlackRocks History
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. The most recent example is BlackRocks acquisition in 2009 of Barclays Global Investors, the firm that created the first index strategy in 1971 and was one of the worlds largest providers of structured investment strategies, including indexing, market strategies, and risk-controlled active products. Another significant step in this process was BlackRocks 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. MLIMs 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. 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.

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

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

Our Values Defined

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

Diversity
BlackRocks 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 BlackRocks business goals by recognizing and utilizing the full potential of each individual.

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

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.

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

Name: Laurence Fink Title: Chief Executive Officer Location: New York Service Date: March 22, 1988 Education: } .A., Political Science, University of B California, Los Angeles } .B.A., Real Estate, University of M California, Los Angeles Work History: } anaging Director, M First Boston Corporation

Name: Robert Kapito Title: President Manager: Laurence Fink Location: New York Service Date: March 22, 1988 Education: } .S., Economics, Wharton School of the B University of Pennsylvania } .B.A., Harvard Business School M Work History: } ead of BlackRocks Portfolio H Management Group } ice President Mortgage Products V Group, The First Boston Corporation } trategic Consultant, Bain & Co. S

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

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

Name: Rohit Bhagat Title: Senior Managing Director, Head of Asia Pacific Manager: Laurence Fink Location: Hong Kong Service Date: July 31, 2005 Education: } . Tech., Mechanical Engineering, Indian B Institute of Technology } .S., Engineering, University of Texas M at Austin } .B.A., Northwestern University M Work History: } Joined BlackRock following the merger with Barclays Global Investors } lobal Chief Operating Officer, Barclays G Global Investors } enior Vice President-West S Coast Financial Services, Boston Consulting Group (BCG)

Name: James Charrington Title: Senior Managing Director, Head of EMEA Manager: Laurence Fink Location: London Service Date: April 30, 1993 Work History: } ead of BlackRocks International H Retail Business } Joined BlackRock following the merger with Merrill Lynch Investment Managers (MLIM) } ead of Retail Platform Europe, Middle H East, Africa and Asian Regions, MLIM } ead of Investment Sales, H Save & Prosper

Name: Robert Connolly Title: Senior Managing Director, General Counsel Manager: Laurence Fink Location: New York Service Date: August 24, 1997 Education: } .A., Economics, Union College B } Fordham University School of Law J.D., Work History: } anaging Director and General Counsel, M New England Funds, LP } eneral Counsel, Equitable Capital G Management Corporation } aw Clerk to Judge Henry F. Werker of L the United States District Court in the Southern District of New York } ssociate, Debevoise & Plimpton A } ssociate Editor of the Law Review A at Fordham

Name: Robert Fairbairn Title: Senior Managing Director, Head of Global Client Group Manager: Robert Kapito Location: New York Service Date: March 20, 1994 Education: } .A., History, Economics and Russian B Studies, Durham University Work History: } hairman of BlackRocks C International Businesses } Joined BlackRock following the merger with Merrill Lynch Investment Managers (MLIM) } enior Vice President Head of EMEA S Pacific Region, MLIM

Name: Bennett Golub Title: Senior Managing Director, Chief Risk Officer Manager: Robert Kapito Location: New York Service Date: March 22, 1988 Education: } .S., M.S., Management, Sloan School B of Management, MIT } h.D., Applied Economics and Finance, P Sloan School of Management, MIT Work History: } ne of the Founding Partners O of BlackRock } o-head and Founder of C BlackRock Solutions } cting CEO, Trepp, LLC., a former A BlackRock affiliate } ice President, The First V Boston Corporation

Name: Charles Hallac Title: Senior Managing Director, Chief Operating Officer Manager: Robert Kapito Location: New York Service Date: May 1, 1988 Education: } .A., Economics and Computer B Science, Brandeis University Work History: } o-founder and Head of C BlackRock Solutions } ssociate Mortgage Products Group, A The First Boston Corporation

Name: Richard Kushel Title: Senior Managing Director, Head of Portfolio Management Group Manager: Robert Kapito Location: London Service Date: May 28, 1991 Education: } .S., Industrial Engineering, B Stanford University Work History: } hairman of BlackRocks C International Businesses } ead of BlackRocks International H Institutional Business } ead of BlackRocks Alternatives & H Wealth Management Groups } irector, Nomura BlackRock D Asset Management

Name: Ann Marie Petach Title: Senior Managing Director, Chief Financial Officer Manager: Laurence Fink Location: New York Service Date: June 6, 2007 Education: } .A., Business and Spanish, B Muhlenberg College } .B.A., Carnegie Mellon University M Work History: } ice President, Treasurer, V Ford Motor Company } orked at two former joint ventures W between Ford and Volkswagen, in Europe as Treasurer of AutoEuropa and in Brazil as Assistant Treasurer of AutoLatina

Name: Linda Robinson Title: Senior Managing Director, Global Head of Marketing and Communications Manager: Laurence Fink Location: New York Service Date: June 20, 2011 Education: } .A., University of Southern California B Work History: } erved on the BlackRock Board of S Directors from 20042011 } hairman of Robinson Lerer & C Montgomery (RLM) } ice President of Corporate Affairs V at Warner Cable Communications } irector of Public Affairs for the D Department of Transportation

Name: Jeff Smith Title: Senior Managing Director, Head of Human Resources Manager: Laurence Fink Location: New York Service Date: March 13, 2006 Education: } .S., Psychology, B University of Connecticut } h.D., Industrial Organizational P Psychology, Virginia Polytechnic Institute Work History: } Joined BlackRock following the merger with Barclays Global Investors } lobal Head of Human Resources, G Barclays Global Investors } ice President-People Development, V Time Warner } enior Consultant, Personnel S 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.
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Aladdin and Technology Group (A&T)

Technology has always been a core component of BlackRocks 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 and Application Engineering teams within the Aladdin & Technology group use the latest technologies to design and develop applications that make up the firms 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. 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 firms 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.

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

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.
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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. In 2000, BlackRock began offering risk management and trade processing tools to external clients under the BlackRock Solutions brand. Since that time, BlackRocks 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. Aladdins comprehensive suite of risk reports (Green Package and interactive fixed income and derivative calculator (AnSer ) are also available on a stand-alone basis. 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 difficultand interestingcapital market issues. Our practice centers on financial strategy, valuation of illiquid portfolios and risk management. The advisory practice is rooted in BlackRocks 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.

BlackRock Solutions hires professionals with industry experience and undergraduates just entering the workforce. 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 BlackRocks 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.
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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 BlackRocks operations are consistent and efficient across investment products, client channels and regions. 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 BlackRocks 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.

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

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 groups mission is to support the firms 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 BlackRocks 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.

Business Operations is currently in more than 20 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.

Investment Services
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.

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 BlackRocks global commingled vehicles (i.e., mutual funds, alternatives). The team consists of accounting and administrative professionals who work closely with the funds 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 firms 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.
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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 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 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. The US/Canada Retail team is responsible for distribution, marketing and product management for BlackRocks U.S.-registered products, including open-end funds, closed-end funds and managed accounts. 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. The Cash Management teams are responsible for distribution, marketing and product management for BlackRocks broad array of liquidity portfolios, ranging from traditional money market funds and other commingled vehicles, to tailored separately managed accounts. The team services BlackRocks liquidity clients, which vary from individual investors to institutions in the US and the rest of the world.

The Global Client Group hires professionals with industry experience and undergraduates just entering the workforce. Industry professionals come from a wide 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 } Independent thinker who takes initiative } Relevant work experience, with experience abroad a plus } Demonstrated interest in BlackRock } 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 & Poors. 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.
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Infrastructure
BlackRocks infrastructure groups encompass myriad essential corporate functions that support every BlackRock employee and client, and every aspect of the firms 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 firms most important assets: its reputation. Responsibilities include projecting BlackRocks 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 Companys 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 BlackRocks operating groups, leads merger and acquisition opportunities from origination to post-merger integration, coordinates the firms 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 BlackRocks 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.
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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. BlackRocks 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. 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. 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 firms municipal bond business is overseen by BlackRocks 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 BlackRocks 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.

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

Qualities of a Portfolio Management Group Candidate

} 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 firms Liquidity Investment Strategy Committee and in concert with the broader fixed income strategy of the firm. BlackRock is one of the worlds 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. BlackRocks 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 BlackRocks 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 groups 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.
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Jargon and Investment Terms

AA ABS ADAM ALADDIN ALT-A ARM AUM BAA BAI BCM BCP BFM BMACS BP BRU BRS BSAM CDO CDS CLO CMBS CMG CMO CO COB CORP CPI DB DC EM EMEA EPS ERISA ETF FI FIG FMA FNMA FRA FRE Administrative Assistant Asset-Backed Securities Assignment Data Access Maintenance Asset, Liability, Administration, Debt and Derivative Investment Network Mortgage Product Adjustable-Rate Mortgage Assets Under Management BlackRock Alternative Advisors BlackRock Alternative Investments Business Continuity Management Business Continuity Planning BlackRock Financial Management BlackRock Multi-Asset Client Solutions Basis Point BlackRock University BlackRock Solutions BlackRock Separate Account Management Collateralized Debt Obligation Credit Default Swap Collateralized Loan Obligation Commercial Mortgage-Backed Security Cash Management Group Collateralized Mortgage Obligation Client Operations Close of Business Corporate Bond Consumer Price Index Defined Benefit Defined Contribution Emerging Markets Europe, Middle East, Africa Earnings Per Share Employee Retirement Income Savings Act Exchange-Traded Fund Fixed Income Financial Institutions Group Financial Markets Advisory Federal National Mortgage Association (Fannie Mae) Forward Rate Agreement Freddie Mac GCG GCR GEC GIPS GNMA GP GSE HCC IG ILB IO IPO ISG LIBOR MBS MF NAV NTM OAC OAD OAS OTC P/B P/CF P/E P/S PAG PAS PAZ PCG PEG PI PM PMG PO RFP RE ROE RQA SMA TRIM YTM Global Client Group Global Consultant Relations Group Global Executive Committee Global Investment Performance Standards Government National Mortgage Association, or Ginnie Mae Green Package Government Sponsored Enterprise Human Capital Committee Investment Grade Inflation Linked Bonds Interest Only Bonds Initial Public Offering Investment Strategy Group London Interbank Offer Rate Mortgage Backed Securities Mutual Fund Net Asset Value Next Twelve Months Option-Adjusted Convexity Option-Adjusted Duration Option-Adjusted Spread Over the Counter Price to Book Price to Cash Flow Price to Earnings Price to Sales Portfolio Analytics Group Proprietary Alpha Strategies Park Avenue Plaza Private Client Group Product Engagement Group Private Investor Portfolio Manager Portfolio Management Group Principal Only Bonds Request for Proposal Real Estate Return on Equity Risk and Quantitative Analysis Separately Managed Accounts Merrill Lynch Transition Management Years to Maturity

2011 BlackRock, Inc. All Rights Reserved.

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