BLACKROCK FINANCIAL MANAGEMENT, INC.
NEW YORK, NY

Who we are BlackRock is trusted to manage more money than any other investment firm*. Our business is investing on behalf of our clients — from large institutions to parents and grandparents, teachers, nurses, doctors and people from all walks of life who entrust their savings to us. We work only for our clients. Our promise is to give them insight into what to do with their money, providing products and services that can help them build a better financial future. BlackRock has world-class capabilities designed for our clients’ greatest needs, with a comprehensive range of products and services across asset classes, geographies and investment strategies. We have expertise in We're passionate about our work and intensely focused on performing at the highest levels. To get there, we strive to out-think and out-work competitors and find the best balance of risk and return across all investment styles on behalf of our clients. . We aim to be a responsible corporate citizen and to take into account environmental, social and governance issues that have real and quantifiable financial impacts over the long-term for our firm and the firms in which we invest. Long-term responsibility and sustainability are integrated into our business model and shareholder value creation framework and in the way we conduct our business, serve our clients and give back to the communities in which we and our clients live and work. Mission and principles Our mission is to create a better financial future for our clients. As we pursue that mission, we’re guided by our culture and a set of principles that ensure we never forget what we stand for. We are a fiduciary to our clients We are passionate about performance We are passionate about our work and intensely focused on performing at the highest levels. Our success requires that we out-think and out-work our competitors. We prize strong subject matter expertise and an insatiable appetite to learn. We are one BlackRock We know that the best solutions result from the ideas and contributions of a diverse team of partners. Diversity strengthens us and delivers better results for our clients. We expect our employees to have a strong working knowledge of the firm beyond their core responsibilities. Constant communication is critical to our success. We are innovators Continuous innovation helps us bring the best of BlackRock to our clients. Innovation requires us to be respectfully anti-bureaucratic, to challenge the status quo and not be afraid of failure. We’re proud of our long history of innovation, and that history of introducing new and innovative approaches across our entire business has been the foundation of our success. Connecting grass roots entrepreneurs globally with the capital needed to start making local change business. In 1992, the firm adopted the name BlackRock. By the end of that year, BlackRock had $17 billion in assets under management; at the end of 1994, the figure was $53 billion. of our people around the globe—helping us see clearer, work smarter, and make better decisions. Now established as BlackRock, in 1995 the firm became a subsidiary of the bank holding company, PNC Financial, and soon began managing open-end mutual funds, including equity funds. The association with PNC gave BlackRock access to PNC’s large distribution network and opportunities for diversification through alliances and mergers with PNC affiliates specializing in equity and other investments. As it diversified, the firm developed the concept of , which would become a core principle. Where many companies were structured with autonomous business units, BlackRock insisted instead on a coordinated platform. Managing fixed-income, equity and other businesses together, BlackRock put in place a client-centric business model in which the entire firm’s resources and products can be leveraged for the benefit of clients. In 1999, BlackRock went public with broad employee ownership. By the end of that year, the firm had $165 billion in assets under management and that figure would grow to $342 billion by the end of 2004. By 2005 BlackRock had strong fixed-income, equity and advisory businesses. The firm now undertook a series of transformational mergers that added core investment competencies. Beginning with the acquisition of Merrill Lynch Investment Managers early in 2006, these mergers strengthened BlackRock's products and services mix with more offerings in equity, multi-asset products and alternatives, and they greatly expanded the firm's scale and global reach. The biggest of the mergers took place in 2009, when BlackRock acquired Barclays Global Investors, giving the firm additional active, index and exchange traded fund capabilities through iShares. In this period, BlackRock pioneered multi-asset solutions. The firm became the market leader by bringing together teams that provided a range of client offerings into one unit, combining asset allocation and a host of product solutions that spanned asset classes. . The FMA team helps governments, financial institutions and other public and private capital markets participants around the world understand their investments and risk. With 70 offices in 30 countries, BlackRock is a truly global firm that can combine the benefits of worldwide reach with local service and relationships. We manage assets for clients in North and South America, Europe, Asia, Australia, the Middle East and Africa. As we expand our capabilities globally, BlackRock continues to focus locally. Our nearly 13,000 colleagues work from 70 offices in 30 countries, helping people from all walks of life around the world to reach their investing goals. Encourage business and management practices that support sustainable financial performance over the long-term Provide specialist insight on environmental, social and governance (ESG) considerations to all investment strategies, whether indexed or actively managed. Corporate governance is a matter of the quality of leadership provided by the board of directors and the quality of management delivered by the executives. We believe that companies with sound corporate governance practices, including how they manage the environmental and social aspects of their operations, offer better risk-adjusted returns over time.