BLACKROCK FINANCIAL MANAGEMENT INC

The BlackRock entities listed are registered as investment advisors with the SEC and are wholly-owned subsidiaries of BlackRock, Inc. Each Adviser is a separate and distinct company with its own investment capabilities and functions, but they generally have common policies and procedures with respect to U.S. investment advisory clients and share senior management teams. The Advisers manage assets for institutional clients, pooled investment vehicles, U.S.-registered investment companies, business development companies, and private investment funds. Their mandates focus on private credit, private equity, and secondaries opportunities. Clients could have multiple business relationships with members of the BlackRock Group and the Advisers will, on behalf of Clients, invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which the BlackRock Group performs services.

The Advisers utilize various investment strategies and methods of analysis implemented by Investment Groups. These strategies include Strategic Asset Allocation (SAA), which designs a portfolio based on long-term investment beliefs and market condition assumptions, and Tactical Asset Allocation (TAA), which blends diversified excess return sources over a shorter time horizon. Additionally, Manager Research and Security Selection involves conducting due diligence on products and strategies managed by both the Advisers and unaffiliated investment advisers. The equity platform offers a broad range of products that vary according to investment style, market capitalization, and geography. For certain Private Investors and other SMA Program investment strategies, BIM creates and maintains "target" portfolios of securities. Where BIM has been authorized to act as discretionary investment manager for SMA Program accounts, BIM uses mathematical models and algorithmic tools to assist in constructing portfolios, customized to client specifications and with defined benchmarks and constraints.

(Subscription Required)