BlackRock Large Cap Core SMA

1US SMA-5687.1

Table of Contents

1. Introduction to BlackRock

2. Investment Process

3. Investment Team

4. Target Portfolio Details

Investing involves risk. Certain information contained herein has been obtained from various third party sources believed to be reliable, but we cannot guarantee its accuracy or

completeness. Any information expressed herein is historical and subject to change, and is not a guarantee or an indication of future results. The information expressed herein does not

constitute an offer to buy or sell any securities or derivative instruments.

2US SMA-5687.1

Introduction to BlackRock

3US SMA-5687.1

BlackRock at a glance

As of 30 June 2018. All figures are represented in USD.

• Established in 1988

• NYSE: BLK

• $6.29 trillion assets under management

• More than 13,500 employees

• More than 2,000 investment professionals

• Offices in over 34 countries

• 25 primary investment centers globally

• Clients in over 100 countries

• Over 850 iShares® ETFs Globally

• Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients

• Financial Markets Advisory business managed or advised on over $8 trillion in asset and derivative portfolios

• Transition Management team partners with clients to save costs

and reduce risks when changing investment exposures

BlackRock facts $6.29 trillion managed across asset classes

Create a better financial future for our clients by building

the most respected investment and risk manager in the world

BlackRock Mission Statement

Assets as of 30 June 20181 Includes commodity and currency mandates

Active Equity 304 bn

Passive Equity3.0 tn

Alternatives1

134 bn

Active Fixed Income

803 bn

Passive Fixed Income

1.0 tn

Multi-Asset 481 bn

Cash Management

457 bn

Advisory910 mn

MKTG0718U-550722-17243054US SMA-5687.1

Investment Process

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Investment strategy

This investment strategy seeks long-term capital appreciation. It invests primarily in equity securities of large capitalization

companies domiciled in the US. Selection of this strategy indicates a willingness to assume a risk level that at times may be

greater than that of the US stock market in general. More detailed information on this strategy is available upon request.

Investment philosophy

Our investment approach combines quantitative with fundamental research. The BlackRock Large Cap Series Team believes

a strategy that blends fundamental and quantitative insights offers a distinct advantage as quantitative analysis provides a

“statistical edge” to support human intuition and judgment for stock selection. We believe combining the two techniques at

every stage of the investment process enhances the probability of achieving consistent and repeatable outperformance over

the long-term, while mitigating portfolio risk by diversifying our research opportunity set.

Investment Process – Large Cap Core

Investment Strategy / Philosophy

Investing involves risk. The investment process discussed herein is based on the current process for selecting portfolio investments and is subject to change.

MKTG1117U-297028-8842116US SMA-5687.1

Investment Process – Large Cap Series

Integrating quantitative and fundamental innovation

Quantitative

analysis

Fundamental

research

Portfolio

construction

Actual

portfolio

Drives alpha

generation

Applies risk

management

parameters

Adds focus

and discipline

Quantitative AnalysisScientific – relies on empirical data

• Consistent: Investment decisions

are backed by systematic and

repeatable scientific methodology

• Efficient: Scalability and speed

allows for faster decision-making

• Reliable: Computer models help

guard against human error and bias

in dissecting statistical data

Fundamental ResearchQualitative – relies on the experience

and judgment of the team

• Comprehensive: Considers

measurable factors and intangible

variables that impact the value of

a security

• Prospective: Seeks to identify key

drivers of a company’s long-term

performance

• Flexible: Ability to react to company

developments and market conditions

Integrated Approach

• Guided focus

• Disciplined and informed

decisions

• Evidential forecasts

Investment process is as of 12/31/16 and is subject to change.

MKTG1117U-297028-8842117US SMA-5687.1

Investment Process – Large Cap Core

Balanced and disciplined

Quantitative and fundamental research integrated at each stage of the investment process

Idea generation

• Narrow the investment universe through quantitative and fundamental analyses

• Ferret out idiosyncratic prospects and thematic opportunities

• Prioritize opportunities and set research agenda

Stock-specific research

• Intense collaboration to identify pivotal issues to a company’s investment potential

• Establish framework for projecting outcome / resolution on pivotal issues

• Develop downside, core and stretch return scenarios for each company to determine viability for investment

Portfolio construction

• Arrive at 40–70 securities with established boundaries for individual company and sector weights (Holdings: +/- 200 bps at purchase, Sectors: +/- 1000 bps vs. S&P 500 benchmark)

Risk management and attribution analysis

• Daily review of proprietary Large Cap Series risk analysis platform helps ensure portfolio risks and exposures are deliberate, diversified and properly scaledFeedback

Loops

The investment process is as of 12/31/16 and is subject to change based on market conditions, the opinions of the portfolio management team and other factors.

MKTG1117U-297028-8842118US SMA-5687.1

Investment Process – Large Cap Series

Why choose BlackRock Large Cap Series?

Target consistent long-term results that exceed the broader market over a full market cycle, all within

a risk-managed framework

Opportunity in US Large-Cap Equities

• Attractive outlook and valuations relative to other asset classes

• Improving economy and solid fundamentals for US companies

– A correction is likely and would provide welcome boost by way of investor reallocation

Disciplined Process Integrates Quantitative and Fundamental Insights

• Helps enhance probability of achieving consistent and repeatable investment success

• Helps mitigate portfolio risk by not relying on a single research mechanism

Experienced and Highly Interconnected Portfolio Team

• Dedicated investment professionals are well-rounded, with expertise in fusing quantitative and fundamental research

• Rigorous decision-making process involves collaborative vetting and debating of investment theses to build conviction

• Leverage BlackRock’s worldwide network of investment capabilities and proprietary risk-management platform

1

2

3

Investment process and opinions expressed are as of 12/31/16 and are subject to change.

MKTG1117U-297028-8842119US SMA-5687.1

Investment Process – Large Cap Series

Idea generation: Quantitative, fundamental, thematic

Priced attractively

How much we pay for earnings,

assets and cash flow

Price implied expectations

Accounting we can rely on

Accruals

Pensions

Economic vs. GAAP

Capital deployment

Fundamental momentum

Growth

Stability of growth

Investment sentiment

Price momentum

Analyst revisions

• Companies above 25th percentile eligible for investment on a quantitative basis

• No more than 20% active weight in stocks scoring below 33rd percentile

Internal Quantitative Model

• Strong fundamentals in spite of low score owing to temporary or irrelevant circumstances (eg. company mispricings, underappreciated

growth potential)

• Fundamental – favorable industry or company dynamics identified fundamentally across universe (eg. market shifts / transformations,

price dislocations)

• Quantitative – thematic quantitative screenings, outside regular model rankings, used to capture particular market dynamics

Weekly research

prioritization meeting

Research list

Quantitative ideas: Model ranks the investment universe from most to least attractive

Fundamental ideas

Thematic ideas

Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Process subject to change based on market conditions, portfolio

manager’s opinion and other factors.

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Investment Team

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William McSweeney

EnergyFranco Tapia, Sam Bapasola,Lisa Yang, Andrew Pinheiro,

Tom Pierce

Cons. Discretionary / Staples

Jason KornRob RussellMark Texeira

Portfolio Manager Assistants

As of 31 December 2017.

Director of Investments, US Equities, Portfolio Manager Equity Dividend

Portfolios

Tony DeSpirito

Equity Dividend Portfolios

Franco Tapia

Scott WintersAndrew Ralph

Tung Ngo

Industrials / Utilities / Materials

Ibrahim KananArtem Savchenko

Katie DayYakov Shenkman

Portfolio Managers

Ruth Nagle, Sam Bapasola, Karim Laib, Andrew Pinheiro

Financials

David ZhaoBen Hoskin

Jiayan (Jane) Zhou

Technology / Telecom

Fundamental Research: David Zhao & Franco Tapia, Co-Directors of Research Additional Resources

Culture of global connectivity across equity teams and asset classes magnifies information advantage

Doug ChowGlobal Head of AE Integration & Data

Helen JewellGlobal Director of Research, FAE

Ron KahnGlobal Head of Research, SAE

Carrie King

Basic Value &Large Cap

Core Portfolios

Equity Dividend Portfolios

David Zhao

Joseph Wolfe

Basic Value &Large Cap

Core Portfolios

Large Cap Core

Portfolios

Todd Burnside

Risk & Quantitative AnalysisHealth Care

US Income & Value: Key Investment Professionals

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Target Portfolio Details

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Large Cap Core Model Portfolio Data*Supplemental Information

Equity Sector Allocation (as of 6/30/18)

0%

10%

20%

30%

40%

2.9%2.0%2.9%2.6%26.0%9.5%14.1%13.8%6.3%7.0%12.9%S&P 500 Index2.7%0.0%0.0%4.1%27.2%8.2%19.2%13.0%6.4%5.4%11.5%Large Cap Core

UtilitiesTelecom.ServicesReal EstateMaterialsInfo. Tech.Indst’lHealth

CareFinancialsEnergyConsumerStaples

ConsumerDiscr.

*T he above model portfolio information is supplemental to the Large Cap Core composite disclosure s lide located in the appendix.Investing involves risk. T he sector allocation of the Large C ap C ore model portfolio reflects the current strategy for the equity portion of a fully discretionary, unconstrained account and isnot the result of actual trading. Actual portfolios may differ as a result of account s ize, client-imposed investment restrictions , the timing of client investments and market, economic andindividual company considerations . It is not poss ible to invest directly in an index. P lease see Important Notes at the end of the presentation for additional disclosure information.

MKTG0718U-557216-174629814US SMA-5687.1

Large Cap Core Model Portfolio Data*Supplemental Information

Top 10 Equity Holdings by weight (as of 6/30/18)

2.3E nergyC hevron C orporation2.4Information T echnologyAlphabet Inc. C lass C2.5C onsumer DiscretionaryC omcast C orporation C lass A2.5C onsumer DiscretionaryLowe's C ompanies , Inc.2.6Information T echnologyAlphabet Inc. C lass A2.8Information T echnologyC isco S ystems, Inc.3.0Health C areP fizer Inc.3.7F inancialsJ P Morgan C hase & C o.5.3Information T echnologyMicrosoft5.9Information T echnologyApple Inc.%SectorCompany

Equity Portfolio Characteristics (as of 6/30/18)

20.7x17.7xWeighted Harmonic P /E$217.3 billion$218.5 billionWeighted Average Market C ap

50555Number of Holdings2.0%1.8%Dividend Y ield

S&P 500 IndexLarge Cap Core

*T he above model portfolio information is supplemental to the Large Cap Core composite disclosure s lide located in the appendix.Investing involves risk. T he portfolio holdings and characteris tics of the Large C ap C ore model portfolio reflects the current strategy for the equity portion of a fully discretionary, uncon-strained account and is not the result of actual trading. Actual portfolios may differ as a result of account s ize, client-imposed investment restrictions , the timing of client investments andmarket, economic and individual company considerations . T op 10 holdings do not represent all of the securities purchased, sold or recommended for any particular advisory client and in theaggregate may represent only a small percentage of an account's portfolio holdings . S ecurities are shown for illustrative purposes only and are not a solicitation to buy or sell any particularsecurity or invest in a particular sector. Holdings are subject to change. It is not poss ible to invest directly in an unmanaged index. P lease see Important Notes at the end of the presenta-tion for additional disclosure information.

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Large Cap Core Composite Performance**Supplemental Information

Quarterly Performance (% returns, not annualized for less than one year)

3.4-0.82.7S &P 500 Index

3.8-1.91.8Large C ap C ore C omposite (G ross)

3.0-2.60.3Large C ap C ore C omposite (Net)

12/31/189/30/186/30/183/31/18Y ear to date

Average annual total returns (%) through 6/30/18

5.410.213.411.914.4S &P 500 Index

7.810.814.413.015.7Large C ap C ore C omposite (G ross)

4.67.510.99.612.2Large C ap C ore C omposite (Net)

S ince Inception (1/1/00)10-Y ear5-Y ear3-Y ear1-Y ear

Historical performance (% yearly total returns)

-37.026.515.12.116.032.413.71.412.021.8S &P 500 Index

-32.417.411.74.418.333.013.13.310.526.1Large C ap C ore C omposite (G ross)

-34.414.08.41.314.829.09.70.27.222.3Large C ap C ore C omposite (Net)

2008200920102011201220132014201520162017

Data as of 6/30/18. **The above information is supplemental to Large Cap Core composite presentation located in the Appendix. Investing involves risk. P ast performance doesnot guarantee or indicate future results . Net performance reflects deductions of the maximum annual fee of 3.00%. P lease see Important Notes for additional performance and fees ,benchmark and composite disclosure information.

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Important Notes

1

THE INFORMATION CONTAINED HEREIN MAY BE PROPRIETARY IN NATURE AND HAS BEEN PROVIDED TO YOU ON A CONFIDENTIAL BASIS, AND MAY

NOT BE REPRODUCED, COPIED OR DISTRIBUTED WITHOUT THE PRIOR CONSENT OF BLACKROCK, INC. AND/OR ITS SUBSIDIARIES (TOGETHER,

“BLACKROCK”).

This document contains general information only and does not take into account an individual’s financial circumstances. An assessment should be made as to whether

the information is appropriate in individual circumstances and consideration should be given to talking to a professional adviser before making an investment decision.

This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities

or to adopt any investment strategy. The opinions expressed may change as subsequent conditions vary.

The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not

necessarily all inclusive and are not guaranteed as to accuracy. Any investments named within this material may not necessari ly be held in any accounts managed by

BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Statements concerning financial market trends are based on current market

conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions. Outlook and strategies are subject to

change without notice.

For more complete information, please ask your Financial Advisor for the client agreement and disclosure document. Please read them carefully before you invest and

consider the strategy’s investment objective, risks, charges and management expenses among other information contained in the documents

This communication and its content represent confidential information.

Performance and Fees. Past performance is no guarantee of future results. Certain performance figures do not reflect the deduction of investment advisory fees

(please refer to Part 2 of BlackRock’s Form ADV) in the case of separate accounts; but they do reflect commissions, other expenses, and reinvestment of earnings. Such

fees that a client may incur in the management of their investment advisory account may reduce the client's return. For example, assuming an annual gross return of 8%

and an annual management/advisory fee of .40%, the net annualized total return of the portfolio would be 7.58% over a 5-year period. The “net of fees’ performance

figures reflect the deduction of actual investment advisory fees but do not reflect the deduction of custodial fees. All periods longer than one year are annualized. When

BlackRock invests a client’s separate account in mutual funds or exchange traded funds, such funds may charge fees and expenses payable to third parties and/or

BlackRock that are in addition to the fee payable to BlackRock in connection with its management of the separate account.

MKTG0518U-499750-157037317US SMA-5687.1

Important Notes

Composite and Benchmark Descriptions and Additional Performance Detail. Investing involves risk. The performance information shown reflects the

performance of a composite of accounts (or portions of accounts) that does not necessarily reflect the performance that any particular account investing in the same or

similar securities may have had during the period. Actual account performance is likely to differ from the composite performance shown for a variety of reasons, including

but not limited to: differences in market conditions, portfolio turnover and in the number, types, availability and diversity of securities that can be purchased; economies of

scale, regulations and other factors applicable to the management of large separate accounts and mutual funds; client-imposed investment restrictions; the timing of

client investments and withdrawals; the deduction of taxes; tax considerations; and other factors. Composite and benchmark / index performance results reflect realized

and unrealized appreciation and the reinvestment of dividends, interest, and / or capital gains. Taxes have not been deducted. Gross composite returns do not reflect

actual performance because they do not reflect the deduction of any fees or expenses. Due to the compounding effect of these fees, annual net composite returns may

be lower than stated gross returns less stated maximum fee. The firm’s performance results are the product of the efforts of numerous personnel and the firm-wide

global resources made available to them. The personnel and resources contributing to the firm’s performance results include portfolio managers and their staff, research

analysts, risk management professionals, in-house trading professionals, investment supervisory personnel, and the firm’s proprietary investment processes, integrated

global research systems and access to third-party research sources.

Risk

Investment involves risk. Stock and bond values fluctuate in price so the value of your investment can go down depending upon market conditions. The two main risks

related to fixed income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds.

Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments. The principal on mortgage- or asset-backed

securities may be prepaid at any time, which will reduce the yield and market value of these securities. Obligations of US Government agencies and authorities are

supported by varying degrees of credit but generally are not backed by the full faith and credit of the US Government. Investments in non-investment-grade debt

securities (“high-yield bonds” or “junk bonds”) may be subject to greater market fluctuations and risk of default or loss of income and principal than securities in higher

rating categories. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. International investing involves risks

related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other

developments. These risks are often heightened for investments in emerging / developing markets or smaller capital markets.

Model Portfolio

Information concerning portfolio allocations, holdings, and characteristics is representative of the model portfolio for this strategy and does not necessarily reflect an

actual account. Actual portfolios may differ as a result of account size, client-imposed investment restrictions, the timing of client investments and market, economic, and

individual company considerations.

Credit Quality

The credit quality of a particular security or group of securities does not ensure the stability or safety of an overall portfolio. The quality ratings of individual issues/issuers

are provided to indicate the credit worthiness of such issues/issuer and generally range from AA, (highest) to D (lowest).

Securities Referenced

Any reference herein to any security and/or a particular issuer shall not constitute a recommendation to buy or sell, offer to buy, offer to sell, or a solicitation of an offer

to buy or sell any such securities issued by such issuer. BlackRock may or may not own the securities referenced and, if such securities are owned, no representation is

being made that such securities will continue to be held.

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Important Notes

Tax & Legal

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. You

should consult your tax or legal advisor regarding such matters.

Forward Looking Information

This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts,

estimates of yields or returns, and proposed or expected portfolio composition. Moreover, where certain historical performance information of other investment vehicles

or composite accounts managed by BlackRock has been included in this material and such performance information is presented by way of example only. No

representation is made that the performance presented will be achieved, or that every assumption made in achieving, calculating or presenting either the forward-looking

information or the historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been

made in preparing this material could have a material impact on the investment returns that are presented herein by way of example. There is no guarantee that any

forecasts made will come to pass.

Definitions:

Standard deviation is a statistical measure that depicts how widely the returns of an investment varied over a certain period of time. Investors can use the standard

deviation of historical performance to try to predict the range of returns that may occur for a particular investment. A higher standard deviation indicates greater volatility

or a wider range of returns.

Beta is a historical measure of the degree of change in value in a portfolio given a change in value in a benchmark index. A portfolio with a beta greater than one

generally exhibits more volatility than its benchmark index, and a portfolio with a beta of less than one generally exhibits less volatility than its benchmark index.

Alpha measures the difference between a portfolio’s actual returns and its expected performance, given its beta and the actual returns of the benchmark index. Alpha is

often described as a measurement of the value added or subtracted by a portfolio’s manager.

Up-market capture ratio is a measure of manager’s performance in up markets relative to the market itself. The higher the manager’s up-market capture ratio, the

better the manager capitalized on a rising market. In this presentation, quarterly data is used.

Down-market capture ratio is a measure of manager’s performance in down markets relative to the market itself. The lower the manager’s down-market capture ratio,

the better the manager protected capital during a market decline. In this presentation, quarterly data is used.

THIS MATERIAL IS HIGHLY CONFIDENTIAL AND IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT.

© 2018 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. and its subsidiaries. All other trademarks are the property of

their respective owners.

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Historical Data: BlackRock Large Cap Core SMA Composite

Past Performance is not indicative of future results.

Please see the following page for important disclosures related to this composite.

1. Performance results presented for periods prior to September 29, 2006 occurred while members of the portfolio management team were affiliated with another investment advisor

(“Prior Firm”). Such members of the portfolio management team were responsible for investment decisions at the Prior Firm and the decision making process has remained intact and

independent within the firm. Performance results presented for periods prior to December 1, 2010, occurred while these assets were not part of the current firm definition. See Note 10.

Data shown may be subject to revisions from time to time based on availability of new information. Any such revisions are not material.

2. N/A – 36 months of data not available for that period.

Calendar

Year

Pure Gross

of Fee

Composite

Return (%)

Net of Fee

Composite

Return (%)

Benchmark

Return (%)

Number of

Portfolios

Composite

Dispersion

(%)

Composite

3-Year

Annualized

Standard

Deviation

(%)2

Benchmark

3-Year

Annualized

Standard

Deviation

(%)2

Total

Assets at

End of

Period

(US$mn)

Percentage

of Firm

Assets

2005 14.78 11.38 4.91 4,707 0.12 10.31 9.17 971 *

2006 15.31 11.89 15.79 6,527 0.13 9.57 6.92 1,565 *

2007 3.73 0.65 5.49 5,905 0.11 9.43 7.79 1,491 *

2008 -32.42 -34.43 -37.00 79 2.38 15.62 15.29 22 *

2009 17.44 13.95 26.46 688 1.08 18.13 19.91 165 *

2010 11.67 8.36 15.06 431 0.35 20.20 22.16 120 <1

2011 4.44 1.34 2.11 426 0.35 17.09 18.97 126 <1

2012 18.32 14.81 16.00 207 0.22 17.09 17.03 79 <1

2013 32.95 28.96 32.39 254 0.23 15.15 14.51 127 <1

2014 13.1 9.71 13.69 265 0.33 9.17 8.94 149 <1

2015 3.31 0.21 1.38 210 0.53 10.47 10.47 96 <1

2016 10.49 7.18 11.96 119 0.07 10.93 10.74 48 <1

2017 26.05 22.27 21.83 140 0.07 10.71 10.06 70 <1

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Notes:

1. For purposes of compliance with the Global Investment Performance Standards (GIPS®), the “firm” refers to the investment adviser and national trust bank subsidiaries of BlackRock,

Inc., located globally. This definition excludes: i) BlackRock subsidiaries that do not provide investment advisory or management services, ii) the Absolute Return Strategies (funds-of-

hedge-funds) business unit under the “BlackRock Alternative Advisers” platform, iii) BlackRock Capital Investment Corporation, LLC, and iv) FutureAdvisor, Inc..

2. BlackRock claims compliance with the GIPS standards and has prepared and presented this report in compliance with the GIPS standards. BlackRock has been independently verified

for the periods 1 January 1993 through 31 December 2016. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the

composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in

compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. The firm is verified annually by Deloitte & Touche LLP.

3. Portfolio returns are calculated monthly, using the Modified Dietz method. Trade date accounting has been used since the inception of the composite. The returns are expressed in

US dollars and are asset-weighted since inception.

4. The benchmark index shown is the Standard & Poor’s 500® Index.

5. Composite dispersion measures represent the consistency of a firm’s composite performance results with respect to the individual portfolio returns within a composite. Composite

dispersion is the square root of the sum of monthly variances of portfolio returns around the composite returns. The monthly variance is the sum of the asset-weighted squared

differences between the individual portfolio returns and the composite returns. Only portfolios that have been included in the composite style for a full month are accounted for in the

dispersion calculation. For composites containing only one account, a measure of dispersion is not meaningful (NM).

6. Percentage of Firm Assets are rounded to the nearest whole percent.

7. There have been no alterations of the composite due to changes in personnel or other reasons.

8. The SMA strategy does not invest directly in derivatives, shorting or leverage. However, underlying funds where permitted by investment guidelines may utilize derivatives, shorting and

leverage.

9. Gross of fee performance results are presented before management, custodial fees, broker fees and transaction costs, but net of withholding taxes (if applicable). The wrap fee covers

the firm’s management services and transaction costs. Net returns are calculated by subtracting the highest applicable wrap fee (3% on an annual basis, or 0.75% quarterly).

10. A complete list and description of all composites maintained by BlackRock and the related performance results are available upon request by emailing SMAMarketing@BlackRock.com.

Additional information regarding policies for calculating and reporting returns is also available upon request.

BlackRock Large Cap Core SMA Composite: This investment strategy seeks long-term capital appreciation. It invests primarily in equity securities of large capitalization companies

domiciled in the US. Selection of this strategy indicates a willingness to assume a risk level that at times may be greater than that of the US stock market in general. More detailed

information on this strategy is available upon request.

The performance results from January 1, 2002 to the end of the most recent calendar year represents the composite of all fully discretionary, unconstrained Separately Managed

Account (SMA) program accounts managed in this style by the firm for at least one month. Prior results represent the performance of a mutual fund managed in this style by the firm.

The creation date of the composite is December 31, 2010. New accounts and accounts that have changed their investment mandate to that of the composite are included in the

composite upon the completion of the first full month under management. Closed accounts and accounts that change their investment mandate are included in the composite through

the completion of the last full month under management or the last full month under the old strategy.

Performance presented for periods prior to September 29, 2006 occurred while members of the portfolio management team were affiliated with Merrill Lynch Investment Managers, L.P

(“Prior Firm”). Such members of the portfolio management team were responsible for investment decisions for SMA program accounts managed in the Large Cap Core style at the Prior

Firm and the decision making process has remained intact and independent within the firm. The performance presented is for those portfolios that were brought over to the firm from the

Prior Firm. In firm management’s opinion, such performance composite conforms to the GIPS standards with regard to the portability of investment results, and, as such, all historical

performance results from the Prior Firm have been linked to the on-going performance results of the composite. Performance records of the Prior Firm are available upon request.

Historical Data: BlackRock Large Cap Core SMA Composite (Cont’d)

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