Fact sheet

June 2011

Global Hedge Fund Platform

Platform overview
BlackRock launched its first hedge fund strategy in 1996 and currently oversees more than $25 billion across the spectrum of absolute return strategies. By leveraging the depth and breadth of client service, risk management, compliance, and operating platforms, our hedge fund strategies benefit from BlackRocks institutional quality infrastructure and risk management capabilities.
Multi-Strategy Multi-Strategy Fund Global Macro Multi-Asset Global Ascent Emerging Markets Macro Commodity Global Commodity Opportunity Fixed Income Diversified Obsidian Fixed Income Global Alpha Long/Short Credit R3 Relative Value-Multi Strategy Capital Structure Investments Equity Hedge Fundamental UK Equity UK Emerging Companies1 European Opps2 Aletsch (Swiss Equities) Middle East & North Africa Opp Eurasian Frontiers Health Sciences Natural Resources Long Biased Emerging Energy Agriculture Scientific Equity 32 Capital Pan Asia Opportunities EOS1,2 (Pan European) Global Alpha Opportunities Emerging Markets Alpha 204 -3.36 -4.76 -2.67 AUM ($mm) 1192

May 2011 (%) -0.48

YTD 2010 2011 (%) (%) 2.22 10.26

Why BlackRock Hedge Funds?

BlackRock Alternative Investors (BAI) combines the firms global infrastructure and resources with the agility and specialization of a dedicated alternatives platform. Product teams capitalize on the depth and breadth of BlackRocks resources in pursuit of investment excellence. Compelling performance track record across strategies Product offerings provide range of return/risk characteristics Consultative approach and ability to customize mandates for complex solutions Deep access to investment opportunities, relationships, and information Significant functional support (legal, operations, risk management, technology) specializing in alternative assets Teams leverage BlackRock Solutions risk management platform

8,600 132

-1.27 -0.32 -0.71 -3.21

9.49 -1.47

812 2,229 1,330 259

0.00 6.18 0.32 5.99 0.70 4.91 0.93 4.67

28.71 10.83 12.52 1.26

464 0.14 2.86 1,399 -0.38 2.12 90 0.09 -2.10 92 52 17 562 140 421 141 333 698 1179 115 118 0.60 -0.24 0.37 0.41 -0.57 -1.04 4.61 4.78 4.71 -0.10

6.49 25.32 0.98 5.74 9.89 22.12 0.33 23.94 34.99 11.07 20.39 19.92 13.57 N/A N/A

Comprehensive risk management

Risk management is ingrained in BlackRocks culture and organizational structure, and as a firm, we place the highest priority on understanding and managing all types of risk. Throughout the entire investment process, we seek to ensure risks are deliberate, diversified, and appropriately scaled. Our Risk & Quantitative Analysis (RQA) group partners with each portfolio team to help identify, monitor and minimize risk, serving as an integral part of the ongoing investment process. Asset class agnostic RQA team supports each hedge fund product Provide daily analytics including scenario analysis, liquidity analysis, and factor exposures; 24 hour monitoring capabilities Weekly and monthly risk meetings address changes in portfolio risk, positioning, and market conditions Counterparty team actively manages counterparty exposures across products Clear separation of risk management and investment responsibilities

-3.27 11.27 -2.14 3.33 3.28 13.02 2.56 7.86 -0.90 4.27 -0.03 3.93 5.14 13.79

All AUM figures represent strategy assets 1 Currently closed 2 UCITS III also available Performance estimates in italics All performance is net of all fees and expenses

Monthly Highlights
Multi-Strategy Funds Global Macro Funds 2 2 3 5 Devan Marshall (EMEA) devan.marshall@blackrock.com Tel: +44 20 7743 2942

Subsequent pages feature select strategies. For more information on any of the funds on our platform please contact:
Peter D.Wilson (Americas) peterd.wilson@blackrock.com Tel: +1 415 670 2068 Vicente Perez-Camara (MENA) vicente.perez-camara@blackrock.com Tel: +971 4 450 0730 Carl Eifler (Americas) carl.eifler@blackrock.com Tel: +1 212 810 3380 Yasunori Iwanaga (Japan) yasunori.iwanaga@blackrock.com Tel: +81 3 6703 4184 Ingo Heinen (EMEA) ingo.heinen@blackrock.com Tel: +44 20 7743 2415

Fixed Income Funds Equity Hedge Funds Kyle Mallen (EMEA) kyle.mallen@blackrock.com Tel: +44 20 7743 5419

For use with institutional and professional investors only Proprietary and confidential
This report is for use only with existing clients and qualified investors who have solicited to receive this report

June 2011

Multi-Strategy
BlackRock Alternative Multi-Strategy Fund Investors
Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Quarterly & Yearly Returns (USD %) % 2011 2010 2009 2008 2007 2006 2005 1Q 2.10 5.23 2.46 0.59 2.30 2.35 2Q 0.15 2.70 7.16 4.28 1.26 1.67 3Q 1.68 4.23 -10.64 -2.41 -0.43 2.34 4Q 2.90 4.10 -3.59 -4.22 2.39 1.20 YTD 2.10 10.26 14.18 -7.13 -0.30 5.70 5.30 Grace Gu BlackRock Multi-Asset Class Solutions Team, SF April 2005 EUR, GBP, JPY, & USD 1.00% 24% Citigroup 3-month T-Bill Index Monthly (60 calendar days notice) Cayman Islands

Key highlights
Multi-strategy fund dynamically allocates capital to a broad range of BlackRock-managed alpha sources offering diversified exposure to proprietary equity, commodity, fixed income & global macro strategies Dedicated multi asset class investment team leverages the breadth and insights of BlackRock portfolio managers globally to inform investment decisions Allocations across strategies are informed by prevailing and expected market environment and resulting alpha opportunities Unified fee structure where underlying incentive fees are netted across strategies
Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* *Based on monthly returns (as of 1Q11) 32.43 4.86 6.43

Global Macro Multi-Asset

Global Ascent

Key highlights
Multi-strategy global macro fund seeks to exploit inefficiencies across currency, fixed income, credit, equity, and commodity strategies Diversified portfolio with over 80 global markets, multiple investment horizons, and over 100 portfolio insights Research efforts aim to develop and systematically apply investment insights which fall into three broad categories: fundamental value, economic environment, and market sentiment Highly liquid strategy with investment ideas implemented primarily via futures, forwards, and swaps
Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* (%) * Based on monthly returns (as of 1Q11) 91.55 8.65 11.36

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Quarterly & Yearly Returns (USD %) % 2011 2010 2009 2008 2007 2006 2005 2004 1Q 0.93 4.48 2.42 -2.98 5.66 7.13 2.47 7.22 2Q -2.85 4.07 6.52 8.41 -5.12 13.40 -9.14 3Q 3.46 1.68 -5.83 2.48 -0.82 0.53 -6.00 3.05 4Q 4.25 3.54 -4.45 -5.30 11.08 1.90 6.01 12.00 YTD 0.93 9.49 12.21 -7.00 11.18 11.99 19.03 -2.92 15.42 Ken Kroner Global Market Strategies Group, SF July 2003 EUR, GBP, JPY, & USD 2.00% 20% Citigroup 3-month T-Bill Index Monthly (10 business days notice) Cayman Islands

2003

For use with institutional and professional investors only Proprietary and confidential

June 2011

Global Macro Commodity

BlackRock Alternative Investors
Global Commodity Opportunity Fund

Key highlights
Commodity strategy seeks to exploit inefficiencies across global commodity markets in energy, metal, and agricultural sectors Diversified positions across 20-25 of the most liquid commodities Limited commodity beta as the strategy focuses more on the relative relationships across individual commodities than on the overall direction of the commodity markets Highly liquid strategy with investment ideas implemented primarily via futures and swaps
Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* (%) * Based on monthly returns (as of 1Q11) 4.45 2.20 6.60

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Ken Kroner Global Market Strategies Group, SF March 2009 AUD, CAD, EUR, GBP, JPY, & USD 2.00% 20% Citigroup 3-month T-Bill Index Monthly (30 calendar days notice) Onshore-Delaware; Offshore-Cayman Islands

Quarterly & Yearly Returns (USD %) % 2011 2010 2009 1Q -3.79 -3.84 2Q 4.15 6.67 3Q -5.88 3.82 4Q 3.26 0.72 YTD -3.79 -2.67 11.55

Fixed Income Long/Short Credit

R3 Fund

Key highlights
Multi-strategy credit hedge fund allocates across global credit strategies including event driven, structured, distressed, high yield, and aviation Strategy focuses on fundamentally and technically mispriced securities to mitigate market beta Dynamic asset allocation coupled with macro hedging techniques determines the evolving risk allocation and fund level positioning across strategies
Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) (as of 1Q11) -0.50 -0.18 Rick Rieder Global Credit Team, NY May 2008 USD Class 1: 2.00%; Class 2: 1.50% 20% None Quarterly (90 calendar days notice) Class 1: No lock-up; Class 2: 2-year lock up Onshore-Delaware; Offshore-Cayman Islands

Quarterly & Yearly Returns (USD %) % 2011 2010 2009 2008 1Q 2.84 5.70 5.23 2Q 0.24 25.28 3Q 3.14 11.42 -23.94 4Q 3.04 4.86 -26.75 YTD 2.84 12.52 54.04 -44.23

For use with institutional and professional investors only Proprietary and confidential

June 2011

Fixed Income Diversified

BlackRock Alternative Investors
The Obsidian Fund

Key highlights
Fundamental fixed income relative value diversified hedge fund designed to take advantage of opportunities across global fixed income sectors Within a risk-aware framework, the Fund employs a relative value and security selection approach that tactically shifts risk based on the opportunity set Investment universe spans: global rates, mortgages, corporate credit, volatility, currency, and securitized assets

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Stuart Spodek Global Fundamental Fixed Income Team, NY July 1996 JPY, USD 1.00% 20% None Monthly (60 calendar days notice) Onshore-Delaware; Offshore-Cayman Islands

Quarterly & Yearly Returns (USD %) Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* * Based on monthly returns (as of 1Q11) 433.58 12.05 9.12 % 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1Q 3.90 10.52 1.66 0.11 -0.06 -0.95 3.56 -1.57 2.98 4.00 7.85 3.51 7.47 2.80 4.00 2Q 1.20 10.79 -2.36 4.37 3.18 -3.58 10.64 3.17 -7.02 -0.70 8.09 0.98 1.36 3.59 3Q 8.39 18.69 -2.16 21.64 -6.78 5.03 -1.10 1.22 -9.92 1.13 6.47 5.36 1.88 5.39 1.99 4Q 6.17 17.44 -15.42 2.30 2.96 -2.08 2.20 0.28 3.95 2.20 3.85 0.76 6.08 2.73 5.80 YTD 3.90 28.71 56.98 -19.12 29.81 -1.91 2.68 10.07 7.84 -9.45 10.69 23.70 15.21 12.61 16.64 7.90

Fixed Income Diversified

Fixed Income Global Alpha Fund, Ltd.

Key highlights
Diversified fixed income hedge fund that seeks to capture alpha using relative value, directional, and opportunistic strategies based on a model-driven investment process leveraging quantitative research Employs over 40 distinct models to capture the opportunity set across fixed income markets Focuses on liquid instruments and strategies including macro rates, rates relative value, mortgages, corporate credit, volatility, currency, emerging markets, securitized assets, and asset allocation
Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* * Based on monthly returns (as of 1Q11) 47.21 8.97 6.40

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Quarterly & Yearly Returns (USD %) % 2011 2010 2009 2008 2007 2006 1Q 4.13 3.78 7.72 0.36 2.26 2Q 1.49 7.90 4.28 3.32 3Q 3.08 6.20 -6.63 -2.33 4Q 2.08 3.75 -4.18 0.80 2.26 YTD 4.13 10.83 28.06 -6.36 4.02 2.26 Tim Webb Model-Based Fixed Income Team, SF & London June 2006 EUR, GBP, JPY, USD 1.25% 20% 1 Month LIBOR Monthly (10 business days notice) Cayman Islands, Dublin

For use with institutional and professional investors only Proprietary and confidential

June 2011

Equity Hedge - Fundamental

UK Equity Hedge Fund

BlackRock Alternative Investors

Key highlights
Long/short equity fund focused on mid to large cap companies listed in the UK Fundamental, bottom-up research drives investment ideas with an emphasis on meeting with company management Diversified and liquid portfolio combining both long term strategic ideas and tactical trades

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Quarterly & Yearly Returns (GBP %) Nigel Ridge, Imran Sattar Fundamental UK Equity, London May 2005 EUR, GBP, JPY, USD 1.50% 20% None Monthly (15 business days notice) Cayman Islands

Performance and Risk Summary Return: Cumulative (GBP %) Return: Annualized (GBP %) Annualized Volatility* * Based on monthly returns

(as of 1Q11) 77.70 10.20 6.57

% 2011 2010 2009 2008 2007 2006 2005

1Q 2.33 0.47 5.74 8.33 3.87 6.39 -

2Q -2.11 6.66 8.11 2.82 2.39 -

3Q 6.45 0.91 -5.83 -0.92 2.61 4.53

4Q 1.72 0.22 -2.27 -2.37 3.91 4.15

YTD 2.33 6.49 14.06 7.78 3.31 16.17 10.52

Equity Hedge - Fundamental

Health Sciences Hedge Fund

Key highlights
Long/short equity fund that seeks to maximize absolute risk adjusted returns through positions in securities of healthcare companies Research intensive investment process that analyzes the business and clinical development strategies across pharmaceuticals, biotechnology, medical equipment & supplies, and healthcare services companies
Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Erin Xie Fundamental Equity Health Sciences Team, Boston June 2006 EUR, JPY, USD 2.00% 20% None Monthly (60 calendar days notice); 3% early redemption fee within 1 year Onshore-Delaware; Offshore-Cayman Islands

Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* * Based on monthly returns

(as of 1Q11) 73.74 12.11 5.06

Quarterly & Yearly Returns (USD %) % 2011 2010 2009 2008 2007 2006 1Q 2.97 -0.17 -0.66 3.16 0.86 2Q -2.05 3.76 4.04 3.35 3Q 0.74 5.06 -1.02 6.95 9.05 4Q 1.86 4.28 2.35 5.97 2.46 YTD 2.97 0.33 12.93 8.72 18.14 15.94

For use with institutional and professional investors only Proprietary and confidential

June 2011

Equity Hedge - Fundamental

Natural Resources Fund

BlackRock Alternative Investors

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Quarterly & Yearly Returns (GBP %) % Performance and Risk Summary (as of 1Q11) 69.56 7.38 12.05 2011 2010 2009 2008 2007 2006 2005 2004 2003 1Q -0.42 2.79 4.69 1.11 6.70 6.84 2.65 2.25 2Q -3.44 4.71 4.84 4.70 3.49 0.20 -0.78 3Q 7.12 9.50 -20.03 2.12 0.51 6.66 2.10 4Q 16.58 6.00 -26.23 3.43 7.02 1.68 4.70 1.69 YTD -0.42 23.94 27.24 -37.47 18.01 18.93 11.54 8.46 1.69 Evy Hambro, Robin Batchelor, Richard Davis Natural Resources Team, London December 2003 USD, GBP, & EUR 1.5% 20% None Monthly (15 business days notice) Cayman Islands

Key highlights
Long/short natural resources strategy that invests across the natural resources sector; including opportunities in precious metals, mining, energy, new energy, and agriculture Focuses on equities but has the flexibility to add value using bonds, convertibles, options, and futures Leverages the depth, breadth, and extensive experience of the London based Natural Resources team

Return: Cumulative (GBP %) Return: Annualized (GBP %) Annualized Volatility* * Based on monthly returns

Equity Hedge Long Biased

Agriculture Fund

Key highlights
Multi-asset class strategy that invests in agricultural equities, commodity futures as well as physical farmland Aims to capture value throughout the agricultural chain Net long bias with the ability to offer downside protection through individual stock shorts as well as derivative strategies

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Richard Davis, Desmund Cheung Natural Resources Team, London October 2007 USD, GBP, EUR 1.25% 12.5% 12m LIBOR Monthly (90 calendar days notice) Luxembourg

Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* * Based on monthly returns

(as of 1Q11) 9.94 2.74 21.78

Quarterly & Yearly Returns (USD %) % 2011 2010 2009 2008 2007 1Q 3.37 -2.20 5.42 2.53 2Q -11.13 15.11 11.95 3Q 15.48 9.04 -25.62 4Q 10.67 7.04 -27.30 8.92 YTD 3.37 11.07 41.64 -37.94 8.92

For use with institutional and professional investors only Proprietary and confidential

June 2011

Equity Hedge Scientific

BlackRock Alternative Investors Pan Asia Opportunities Fund

Key highlights
Scientific equity fund that offers exposure to long/short alpha production in Asian markets Stock selection model uses advanced techniques to identify mis-valuations across Pan Asian stocks and markets Positions in individual equities drive alpha generation while allowing for a minimal amount of dynamic beta Broadly diversified portfolio across several hundred positions

Terms & Characteristics Portfolio Manager Investment Team Inception Currencies available Management Fee Performance Fee Hurdle Liquidity Domicile Quarterly & Yearly Returns (USD %) % 2011 2010 2009 1Q 3.48 3.69 1.44 8.87 0.04 2Q 9.00 -5.16 3.66 20.20 3Q 1.79 5.84 1.38 14.94 4Q 4.24 1.55 -8.62 10.12 YTD 3.48 19.92 1.18 4.54 52.20 Jeff Shen Scientific Active Equities Group, SF December 2009 USD Class A: 0.5%; Class B: 1.5% Class A: 30%; Class B: 20% Target Fed Funds Rate Monthly (30 calendar days notice) Collective Trust Cayman Islands Other vehicles available

Performance and Risk Summary Return: Cumulative (USD %) Return: Annualized (USD %) Annualized Volatility* (USD %) * Based on monthly returns

(as of 1Q11) 104.15 19.10 11.01

2008 2007

PAO Performance Disclosure: BlackRock makes no guarantees or warranties as to the accuracy or completeness of the performance results contained herein. Past performance is not a guarantee or indicative of future results. Investment results may vary over time and investment losses may occur. You must carefully read the relevant offering documents, including risk factors, in determining whether to make an investment in the Fund. An individual investors performance may vary from the performance shown above due to, among other things, different fee arrangements (as applicable), specific trade and investment allocations, and the timing of capital transactions. Strategy returns from March 2007-November 2009 are the monthly returns for the Pan Asia component of The 32 Capital Fund Ltd. The overall returns of The 32 Capital Fund were: March December 2007: 0.27%, January December 2008: -8.59%, January November 2009: -4.13%. Strategy returns from December 2009-July 2010 are the monthly returns for the BlackRock Institutional Trust Company, N.A. managed common trust fund utilizing the Pan Asia strategy alpha model. Each of these funds utilized the same Pan Asia alpha model as the Pan Asia Opportunities Fund and were run at similar risk levels. Market conditions during the historical periods may have differed from current or future conditions and this may have materially impacted historical results. These returns are provided to you with the understanding that, as a sophisticated investor, you can understand the assumptions contained in using these returns, and that you will not rely on this information in making any investment decision to invest in the Fund and will use this information only for the purpose of discussing preliminary interest in the Fund. Annual returns for 2010 include both fund and strategy returns and are not necessarily indicative of how the fund would have performed over the full year. Annual returns for 2010 are computed as the sum of the Jan-July cumulative return for the strategy (17.23% gross of fees, 13.36% for the 0.50 / 30 share class and 14.30% for the 1.50 / 20 share class) and Aug-Dec cumulative returns for the fund (6.71% gross of fees, 4.71% for the 0.50 / 30 share class and 4.95% for the 1.50 / 20 share class). Important Legal Disclosures: AN INVESTMENT IN ANY OF THE AFOREMENTIONED FUNDS OR ANY OF THEIR RELATED FUNDS (COLLECTIVELY REFERRED TO HEREIN AS A OR THE FUND) IS SPECULATIVE AND INCLUDES A HIGH DEGREE OF RISK, INCLUDING THE RISK OF A TOTAL LOSS OF CAPITAL. FUNDS ARE ILLIQUID, SUBJECT TO SIGNIFICANT RESTRICTIONS ON TRANSFER AND INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS ASSOCIATED WITH HOLDING SUCH INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. ALL INVESTORS SHOULD CAREFULLY REVIEW THE CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM AND OTHER OFFERING DOCUMENTS FOR A FUND PRIOR TO MAKING AN INVESTMENT DECISION. ANY INVESTMENT DECISION WITH RESPECT TO A FUND MUST BE MADE SOLELY ON THE DEFINITIVE AND FINAL VERSION OF THE FUNDS PRIVATE PLACEMENT MEMORANDUM, THE GOVERNING AGREEMENTS, SUBSCRIPTION AGREEMENTS AND OTHER ANCILLARY DOCUMENTS. This material (i) is not, and is not intended to be, advertising within the meaning of the Investment Advisers Act of 1940, the rules and guidance of the Securities and Exchange Commission (SEC) or the Conduct Rules of the Financial Industry Regulatory Authority (FINRA), (ii) has been prepared on a custom basis for the prospective investor in a Fund (the Reader) and (iii) is for informational use only by the Reader. This presentation is strictly confidential and may not be reproduced for, disclosed to or otherwise provided in any format to any other person or entity (other than the Readers professional advisors bound by obligations of confidentiality to the Reader) without the prior written consent of BlackRock, Inc. or its applicable advisory subsidiaries (collectively, BlackRock). This material has not been approved by the SEC, FINRA or any other regulatory authority or securities commission and does not constitute an offer to sell, or a solicitation of any offer to buy, any securities. This presentation is for informational purposes only and not to be relied upon as investment, legal, tax, or financial advice. The Reader must consult with his or her independent professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund. HISTORICAL PERFORMANCE INFORMATION DEPICTED HEREIN IS NOT INDICATIVE OF FUTURE PERFORMANCE OR INVESTMENT RETURNS OF ANY FUND, AND ACTUAL EVENTS OR CONDITIONS MAY NOT BE CONSISTENT WITH, AND MAY DIFFER MATERIALLY FROM, THOSE DEPICTED. Certain of the Funds are organized as master/feeder structures, with the master fund as the trading vehicle in which portfolio assets are held. Interests in the offshore feeder fund of a Fund are offered solely to (i) persons who are not U.S. Persons (as generally defined in Rule 902 in Regulation S promulgated by the SEC under the Securities Act) and (ii) to certain U.S. Persons that are (x) accredited investors (as defined in Regulation D under the Securities Act of 1933) and (y) qualified purchasers (as defined in Section 2(a)(51) of the Investment Company Act of 1940). Interests in the domestic feeder fund of a Fund are offered solely to U.S. Persons that are (x) accredited investors (as defined in Regulation D under the Securities Act of 1933) and (y) qualified purchasers (as defined in Section 2(a)(51) of the Investment Company Act of 1940). The Funds are not registered as an investment company under the Investment Company Act of 1940. Risks associated with an investment in a Fund include, but are not limited to, the following: (i) a Fund is speculative and its investments are subject to a risk of total loss, (ii) a Fund may borrow funds for purposes of leveraging its portfolio, which may magnify the effect of portfolio losses, (iii) the performance of a Fund may be volatile, (iv) the general partner or managing member, for instance, of a Fund will retain ultimate authority over such Funds assets and investment decisions, (v) there is no secondary market for the investor ownership interests in a Fund and none is expected to develop, 7

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BlackRock Alternative Investors

June 2011

(vi) the fees and expenses of a Fund may offset any profits of the Fund, (vii) investing a Fund may involve complex tax structures and delays in distributing important tax information, (viii) the Funds are not subject to the same regulatory requirements as mutual funds, (ix) the Funds may not be required to provide periodic pricing or valuation information to investors, (x) a portion of the trades and investments entered into by a Fund may take place on foreign exchanges, (xi) certain markets in which a Fund may invest are extremely competitive for attractive investment opportunities, (xii) Funds may invest in a limited number of investments, which increases risk because each investment has a greater effect on performance, (xiii) securities that were liquid at the time of purchase may become less liquid over time due to numerous factors that may impact a Funds ability to meet redemption requests. Funds may be required to liquidate all or a portion of its investment in a particular security at a less optimal time under such circumstances, (xiv) similarly, a significant withdrawal of capital from a Fund could require such Fund to liquidate investments more rapidly than otherwise desirable, (xv) a Funds investment approach may depend on mathematical models and in such cases their can be no assurance that the Investment Manager will be successful in maintaining effective mathematical models and automated computer algorithms, and (xvi) managers typically receive incentive compensation based on net capital appreciation in their respective funds. Such compensation arrangements may create an incentive for the manager to make investments that are riskier or more speculative than would be the case if the arrangement were not in effect. In addition, since the incentive compensation is generally calculated on a basis which includes unrealized appreciation of a Funds assets, it may be greater than if such compensation were based solely on realized gains. The success of a Fund's activities will be affected by general global economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of a Fund's investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect the level and volatility of securities prices and the liquidity of a Fund's investments. Volatility or illiquidity could impair a Fund's profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss. Legal, tax and regulatory developments may also adversely affect a Fund. Securities and futures markets are subject to comprehensive statutes, regulations and margin requirements enforced by various regulators and self regulatory organizations and exchanges authorized to take extraordinary actions in the event of market emergencies. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial actions. The regulatory environment for private funds and certain instruments in which the private funds invest is evolving, and changes in the regulation of private funds and their trading activities may adversely affect the ability of a Fund to pursue its investment strategy, its ability to obtain leverage and financing and the value of investments held by a Fund. There has been an increase in governmental, as well as self regulatory, scrutiny of the alternative investment industry in general. Investors should also be aware that as a global provider of investment management, risk management and advisory services to institutional and retail clients, BlackRock engages in a broad spectrum of activities. Although the relationships and activities of BlackRock may help offer attractive opportunities and service to the Fund, such relationships and activities create certain inherent conflicts of interest between BlackRock and the Fund and/or the Funds investors. Prior to making any investment decisions, the applicable fiduciaries of prospective investors subject to the Employee Retirement Income Security Act of 1974, as well as other U.S. and non-U.S. benefit plan investors and plans subject to Section 4975 of the Internal Revenue Code of 1986, should take into account, among other considerations, whether such fiduciary has the authority to make an investment in a Fund, whether the investment may constitute a prohibited transaction or give rise to prohibited transactions, the diversification by type of asset and the general fiduciary standards of prudence and diversification. Risk factors specific to fixed income and indexed commodities strategies: In addition to the above, further risks associated with instruments utilized by fixed income hedge fund and indexed commodities strategies include, but are not limited to, the following: (i) Credit & Interest Rate: 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. (ii) Mortgage Prepayment: The principal on mortgage- or asset-backed securities may normally be prepaid at any time, which will reduce the yield and market value of these securities. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. (iii) U.S. Government Securities: A Fund may invest in securities guaranteed by the U.S. Government; however, an investment in such Fund is not guaranteed, and its return and yield will fluctuate with market conditions. (iv) HighYield Bonds or Junk Bonds: 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. (v) Derivatives: Investing in derivatives entails specific risks that may reduce returns and/or increase volatility. (vi) Foreign/International Markets: International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. (vii) Emerging Markets: The above risks are often heightened for investments in emerging/developing markets or smaller capital markets. (viii) Non-diversification: of investments means that more assets are potentially invested in fewer securities than if investments were diversified. Therefore, risk is increased because each investment has a greater effect on performance. (ix) Short Selling: a Fund may actively engage in short selling, which entails special risks. If the fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short-sale proceeds in other investments. (ix) Swaps: Investments in swaps involve the exchange by a Fund with another party of all or a portion of their respective interests or commitments. Use of swaps subjects Funds to risk of default by the counterparty. If there is a default by the counterparty to such a transaction, a Fund will have contractual remedies pursuant to the agreements related to the transaction. There can be no assurance that a Fund will be able to establish and maintain relationships to trade and clear futures and options, transact in OTC derivatives, obtain financing, and to utilize derivative intermediation and prime brokerage services. An inability to establish or maintain such relationships could limit a Fund's trading activities, could create losses, preclude a Fund from engaging in certain transactions and/or prevent a Fund from trading at optimal rates and/or terms. (x) Event-Driven Situations: There are significant risks associated with this strategy as it is inherently speculative and the outcomes of the events are highly uncertain and may also be dependent on a variety of factors (xi) Asia Pacific Region: Investments in this region involve a broad range of political, economic, legal and financial risks A fund investment portfolio may include one or more investments which is or becomes difficult to value for portfolio valuation purposes. The percentage of a funds portfolio which consists of hard to value assets is expected to fluctuate, perhaps materially, over time. In the event that a fund's investment portfolio contains an illiquid or otherwise hard to value asset, it will be valued in accordance with BlackRock's Global Institutional Pricing Practices (the "Policy"). Among other factors, the Policy follows a hierarchy of pricing methodology, including use of dealer quotes and, where such quotes are unavailable or unreliable, fair valuing such assets. A copy of the Policy is available to investors, at no cost to them, upon their request. Risks related to equity hedge fund strategies: In addition to the above, further risks associated with instruments utilized by equity hedge fund strategies include, but are not limited to, the following: (i) Restricted and Rule 144A Securities: Funds may invest in restricted securities that are not traded in public markets. Funds could be adversely impacted by the possible illiquidity and subjective valuation of such securities in the absence of a market for them. (ii) Derivative Instruments: Funds may engage in a variety of derivative transactions. All derivative instruments, including options and forward contracts, involve risks different from, and, in certain cases, greater than the risks presented by more traditional investments. (iii) Small- and Mid-Cap Risk: Investing in smalland mid-cap companies may entail greater risk and higher volatility than investing in larger companies, due to factors such as shorter operating histories, less seasoned management or lower trading volumes. While managers believe that companies with relatively small equity capitalizations often provide significant potential for appreciation, such stocksmay involve higher risks than do investments in stocks of larger companies. (iv) Short Sales Risk: A short sale creates the risk of an unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost of buying securities necessary to cover the short position. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. (v) Industry Concentration Risk: Certain Funds pursue investment objectives that require investment in concentrated industries, such as the health sciences and related industries, energy and natural resources industries or the agriculture sector, for instance, and may present more risks than if such Funds were broadly diversified over numerous industries and sectors of the economy. A downturn in the such industries would have a larger impact on such a Fund than on an investment company that does not concentrate in such industries. Additionally, such industries can be significantly affected by the supply of and demand for specific products and services, government regulation and legislative actions, including price controls, product liability suits and economic conditions. Regulatory and research developments may render existing products and technologies obsolete and may result in abrupt fluctuations in securities values of targeted companies. Governmental actions and regulations can affect the approval process for patents, the funding of research and development programs, and the operation and licensing of facilities and personnel. Certain funds may make land investments for which the value will generally be based on a valuers opinion and the amount derived on realisation of the land may be less than the valuation given to the land by the valuer. (vi) Government Regulation: The regulatory framework in which health sciences, energy and environmental markets, for instance, operate is driven by political processes that can be unpredictable. Support for health care reform, clean energy and market-based environmental policy has ebbed and flowed over the last few decades. Funds may invest in developing market securities and foreign exchange instruments which may lead to additional risks being encountered when compared with investments in developed markets. Some emerging countries have laws and regulations that preclude direct foreign investment in the securities of local issuers. (vii) Asia Pacific Region: Investments in this region involve a broad range of political, economic, legal and financial risks. 8

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BlackRock Alternative Investors

June 2011

Risk factors associated with global macro hedge fund strategies: In addition to the above, further risks associated with instruments utilized by global macro hedge fund strategies include, but are not limited to, the following: (i) Combination Transactions: Funds may engage in spreads or other combination options transactions involving the purchase and sale of related options and futures contracts. These transactions are considerably more complex than the purchase or writing of a single option. They involve the risk that executing simultaneously two or more buy or sell orders at the desired prices may be difficult or impossible and the possibility that a loss could be incurred on both sides of a multiple options transaction. (ii) Commodities: Funds may engage in commodity trading strategies. A principle risk in commodity trading strategies is the volatility of the market prices of commodities. Relatively small movements in the market price of a commodity contract may result in disproportionately large profit or loss to the Funds. (iii) Derivatives: Funds may utilise both exchange-traded and over-the-counter derivatives, including, but not limited to, futures, forwards, swaps, options and contracts for differences, as part of its investment policy. These instruments can be highly volatile and expose investors to a high risk of loss. (iv) Equity Securities: Funds may invest in equity securities. Market prices of equity securities are frequently subject to greater volatility than prices of fixed income securities. (v) Fixed Income Securities: Funds may invest in fixed income securities which may be unrated by a recognised credit-rating agency or below investment grade and which are subject to greater risk of loss of principal and interest than higher-rated fixed income securities. (vi) Markets in emerging market countries: Funds may invest in emerging markets or markets in less well developed countries which may lead to additional risks being encountered potentially resulting in losses to the funds. Investment in sovereign debt, foreign exchange transactions, derivative transactions in securities and commodities or other securities of companies incorporated on or whose principal operations are in, such countries or issued by the government or their agencies in such emerging markets or developing countries involves a greater degree of risk than an investment in securities of issuers based in developed countries. The foregoing risk factors are not a complete enumeration of the risks involved in an investment in a Fund and this report is qualified in its entirety, and should be read in conjunction with, a Funds Memorandum and governing documents. Additional risks may exist that are not presently known or are deemed immaterial. In addition, as the investment program of a Fund develops and change over time, an investment in such a fund may be subject to additional and different risk factors. While a Fund may trade commodity futures and/or commodity option contracts, BlackRock as investment manager of a Fund is exempt from registration as a commodity pool operator (CPO) with the United States Commodity Futures Trading Commission (CFTC). Therefore, unlike registered CPOs, BlackRock is not required to provide investors a disclosure document and certified annual reports meeting the requirements of the CFTC rules otherwise applicable to registered CPOs. The CFTC rules require, among other things, that each investor meet certain sophistication criteria, be a Non-U.S. Person as defined in the CFTC rules, or be one of several other eligible investors. The rules also require that an investment manager file a notice of exemption with the U.S. National Futures Association, that a Fund be exempt from registration under the 33 Act, and that such Fund be sold and offered without marketing to the public in the United States. Certain information contained herein has been obtained from published sources, agencies of the U.S. government and from third-parties, including without limitation, market forecasts, internal and external surveys, market research, publicly available information and industry publications. In addition, certain information contained herein has been obtained from companies in which investments have been made by entities affiliated with BlackRock. Although such information is believed to be reliable for the purposes used herein, none of the Funds or BlackRock assumes any responsibility for the accuracy or completeness of such information. Similarly, internal surveys, forecasts or market research, while believed to be reliable, have not been independently verified and none of the Funds or BlackRock makes any representation as to the accuracy or completeness of such information. All information is provided on an AS IS basis only. By using this information, the Reader agrees that BlackRock shall not have any liability for the accuracy of the information contained herein, for delays or omissions therein, or for any results based on your use of the information which are not consistent with your objectives. WITHOUT LIMITING THE FOREGOING DISCLAIMERS, THE INFORMATION PROVIDED HEREIN IS NOT GUARANTEED TO BE ACCURATE OR COMPLETE, NOR DOES BLACKROCK TAKE RESPONSIBILITY FOR IT. THE INFORMATION CONTAINED HEREIN HAS NOT BEEN AUDITED AND BLACKROCK DOES NOT GUARANTEE ITS SUITABILITY FOR ANY PURPOSE. ALL INFORMATION IS SUBJECT TO CHANGE AND/OR WITHDRAWAL AT ANY TIME WITHOUT NOTICE. EMEA Disclosures This material is for distribution to Professional Clients and should not be relied upon by any other persons. The BlackRock UK Absolute Alpha Fund and the BlackRock European Absolute Alpha Funds (together the "BFM Funds") are authorised unit trust Schemes under Section 243 of the Financial Services and Markets Act 2000 and are established as UCITS retail Schemes under the Financial Services Authoritys Collective Investment Schemes Sourcebook. The BFM Funds are only registered for public distribution within the United Kingdom. BlackRock Strategic Funds (BSF) and BlackRock Global Funds (BGF) are UCITS open-ended investment companies established in Luxembourg which are available for sale in certain jurisdictions only. They are recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the UK distributor of BSF and BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. BlackRock UK Absolute Alpha Fund, BlackRock European Absolute Alpha Fund, BlackRock Strategic Funds and BlackRock Global Funds (together the BlackRock UCITS Funds") are authorised as UCITS. BlackRock UCITS Funds are not available for sale in the U.S. or to U.S. persons. Product information should not be published in the U.S. Neither the BFM Funds, BGF nor BSF (together BlackRock UCITS Funds) are available for sale in the U.S. or to U.S. persons. Product information should not be published in the U.S. Subscriptions in the BlackRock UCITS Funds are valid only if made on the basis of the relevant current Prospectus, the most recent financial reports and the Simplified Prospectus which are available on our website. Prospectuses, Simplified Prospectuses and application forms may not be available to investors in certain jurisdictions where the Funds in question have not been authorised. Important Legal Disclosures relating to the Funds (excluding the BlackRock UCITS Funds) (BlackRock Hedge Funds): United Kingdom: The BlackRock Hedge Funds mentioned in this document are unregulated collective investment schemes for the purposes of the Financial Services and Markets Act 2000 of the United Kingdom (the "FSMA"). The BlackRock Hedge Funds are not regulated by the Financial Services Authority and may only be promoted by authorised persons to persons authorised under Section 238 of the FSMA or to persons who are Professional Clients in accordance with the FSA rules and who are of a kind to whom the BlackRock Hedge Funds may be promoted by an authorised person without contravening the FSA Conduct of Business rules. Any other person should not rely on this information. Most of the protections provided by the UK regulatory system, and compensation under the UK's Financial Services Compensation Scheme, will not be available. Austria: interests in the BlackRock Hedge Funds may only be offered in the Republic of Austria in compliance with the provisions of the Austrian Capital Market Act and the Austrian Investment Funds Act and any other laws applicable in the Republic of Austria governing the offer and sale of the BlackRock Hedge Funds in the Republic of Austria. The interests are not registered or otherwise authorised for public offer under the Capital Market Act or the Investment Funds Act or any other relevant securities legislation in Austria. The recipients of this document and other selling material in respect to the BlackRock Hedge Funds have been individually selected and are targeted exclusively on the basis of a private placement. Accordingly, the interests may not be, and are not being, offered or advertised publicly or offered similarly under either the Capital Market Act or the Investment Funds Act or any other relevant securities legislation in Austria. This offer may not be made to any other persons than the recipients to whom this document is personally addressed. Denmark: this document has not been filed with or approved by the Danish Financial Supervisory Authority or any other regulatory authority in the Kingdom of Denmark. The interests have not been offered or sold and may not be offered, sold or delivered directly or indirectly in Denmark, unless in compliance with chapter 4 of the Danish Act on Investment Associations, Special-Purpose Associations as well as other collective investments schemes etc. and Executive Orders issued pursuant thereto as amended from time to time. Finland: this document does not constitute a prospectus under the Finish Securities Markets Act (495/1989, as amended) or a fund prospectus under the Finish Act on Common Funds (48/1999, as amended) nor has it been filed with or approved by the Finish Financial Supervision Authority (Rahoitustarkastus). Interests in the BlackRock Hedge Funds must not be offered or sold directly or indirectly in the Republic of Finland or to residents of Finland other than to investors who qualify as professional investors under the Finish Act on Common Funds and in compliance with all applicable provisions of the laws of the Republic of Finland and especially in compliance with the Finish Securities Market Act and any regulation given thereunder, as supplemented and amended from time to time. The interests may be offered in Finland only in circumstances which do not require the publication of a prospectus either under the Finish Securities Markets Act or the Act on Common Funds. France: except pursuant to any available authorisation or consent from the Autorit des Marchs Financiers, the interests in the BlackRock Hedge Funds are not being and may not be offered or sold in France and this document or any information contained in this document or any offering material relating to the interests in the BlackRock Hedge Funds may not be distributed or caused to be distributed in France.

For use with institutional and professional investors only Proprietary and confidential

BlackRock Alternative Investors

June 2011

Germany: the offering of the interests pursuant to this document does not constitute a public offering. The interests offered pursuant to this document are neither registered for public distribution with the German Federal Financial Supervisory Authority (Bundesanstalt Fr Finanzdienstleistungsaufsicht BaFin) nor listed on a German exchange. No sales prospectus pursuant to the German Investment Act (Investmentgesetz), German Securities Prospectus Act (Wertpapierprospektgesetz) or German Sales Prospectus Act (Verkaufsprospektgesetz) has been filed with BaFin. Consequently, the interests must not be distributed within Germany by way of public offer, public advertisement, public solicitation for offers to subscribe for or otherwise acquire the interests, or in any similar manner, and this document and any other document relating to the interests, as well as information or statements contained therein, may not be supplied to the public in Germany or used in connection with any offer for subscription of the interests to the public in Germany or any other means of public marketing. The document and other offering materials relating to the offer of the interests are strictly confidential and may not be distributed to any person or entity other than the designated recipients thereof. Any resale of the interests in Germany may only be made in accordance with any laws applicable in Germany governing the sale and offering of interests. No view on taxation is expressed. Prospective investors in Germany are urged to consult their own tax advisers as to the tax consequences that may arise from an investment in the interests. Ireland: this document is private and confidential and for the use solely of the person(s) to whom it is addressed. The offer is being effected in Ireland by way of a private placement. Each addressee of the offer shall be deemed to have acknowledged, represented and agreed that the offer is open for acceptance by the addressee only and that the addressee will not pass a copy of this document on to any person other than the addressees professional advisers and that the interests acquired by the addressee in the BlackRock Hedge Funds will not have been acquired with a view to offer or resale to persons in circumstances whicah may give rise to an offer to the public. This document does not and shall not be deemed to constitute an offer of securities to the public in Ireland or facilitation for participation by the public in purchasing any interest in the BlackRock Hedge Funds. Italy: no offering of fund interests or distribution of any offering materials relating to the BlackRock Hedge Funds will be made in Italy unless the requirements of Italian law concerning the offering of securities have been complied with, including (i) the requirements of article 42 and article 94 and seq. of legislative decree no. 58 of 24th February, 1998 and Consob regulation no. 11971 of 14th may, 1999, and (ii) all other Italian securities tax and exchange controls and any other applicable laws and regulations, all as amended from time to time. Kuwait: the interests have not been licensed for offering in Kuwait by the Ministry of Commerce and Industry or the Central Bank of Kuwait or any other relevant Kuwaiti government agency. The offering of the interests in Kuwait on the basis of a private placement or public offering is, therefore, restricted in accordance with decree law no. 31 of 1990, as amended, and ministerial order no. 113 of 1992, as amended. No private or public offering of the interests is being made in Kuwait, and no agreement relating to the sale of the interests will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the interests in Kuwait. Luxembourg: the interests are not offered to the public, this information and other related material being furnished to you is personal and confidential, and the funds are not supervised by the CSSF. Netherlands: the interests are not and may not be offered in the Netherlands, unless one or several of the following apply: (a) the offer is made only to qualified investors within the meaning of the Dutch financial markets supervision act "the FMSA" (wet op het financieel toezicht); or (b) the offer is made to fewer than 100 persons, not being qualified investors within the meaning of the FMSA; or (c) the interests can only be acquired for a total consideration of at least Eur 50,000 per investor; or (d) the interests have a nominal value of at least Eur 50,000 each. The BlackRock Hedge Funds and its managers, as far as it concerns the BlackRock Hedge Funds, do not require a licence pursuant to the FMSA. In this capacity, they are not supervised by the Dutch authority for the financial markets on the basis of the part "prudential supervision of financial undertakings" or the part "conduct of business supervision of financial undertakings" of the FMSA. Portugal: no offer or sale of interests may be made in Portugal except under circumstances that will result in compliance with the rules concerning marketing of such interests and with the laws of Portugal generally. No authorisation/notification has been made or has been requested from the securities market commission (Comisso de Mercado de Valores Mobilrios) for the marketing of the interests referred to in this document, therefore the same cannot be offered to the public in Portugal. Accordingly, no interests have been or may be offered or sold to unidentified addressees or to 100 or more addressees who are not qualified investors and no offer has been preceded or followed by promotion or solicitation to unidentified investors, public advertisement, publication of any promotional material or in any similar manner. Qatar: by receiving this document, the person or entity to whom it has been issued understands, acknowledges and agrees that this document has not been approved by the Qatar Central Bank, the Qatar Ministry of Economy and Commerce or any other authority in Qatar, nor have the BlackRock Hedge Funds received authorization or licensing from the Qatar Central Bank, the Qatar Ministry of Economy and Commerce or any other authority in Qatar to market or sell the interests in the BlackRock Hedge Funds within Qatar. No marketing of any financial products or services has been or will be made from within Qatar and no subscription to any securities, products or financial services may or will be consummated within the Qatar. The BlackRock Hedge Funds are not a licensed broker or dealer or investment advisor under the laws applicable in Qatar, and does not advise individuals resident in Qatar as to the appropriateness of investing in or purchasing or selling securities or other financial products. This document does not constitute any form of public offer of any financial products within the state of Qatar, and the BlackRock Hedge Funds do not purport to be conducting any form of business within the state of Qatar by this document. Nothing contained in this document is intended to constitute Qatar investment, legal, tax, accounting or other professional advice. This document is for your information only and nothing in this document is intended to endorse or recommend a particular course of action. You should consult with an appropriate professional for specific advice rendered on the basis of your situation. Spain: the offer of interests in the BlackRock Hedge Funds have not been registered with the Comisin Nacional Del Mercado de Valores. Accordingly, the interests shall only be offered in Spain pursuant to and in compliance with law 35/2003, as amended, royal decree 1309/2005 and any regulations issued there under. This document is for the information purposes of the above recipient only and is not intended for, may not, without the express consent of the BlackRock Hedge Funds, be distributed to, and may not be relied upon by, any other party, including, without limitation, any advisory or other client of the recipient. This document does not constitute and may not be construed as, an offer to sell, or an invitation to purchase, interests issued by the BlackRock Hedge Funds in any jurisdiction where such offer or invitation is unauthorized or the provision of investment advice. Sweden: the BlackRock Hedge Funds are not authorised under the Swedish Investment Funds Act. The interests are being offered to a limited number of institutional investors and therefore this document has not been, and will not be, registered with the Swedish Financial Supervisory Authority under the Swedish Financial Instruments Trading Act. Accordingly, this document may not be made available, nor may the interests otherwise be marketed and offered for sale in Sweden, other than in circumstances which are deemed not to be an offer to the public in Sweden under the Financial Instruments Trading Act. Switzerland: the BlackRock Hedge Funds have not been authorized for public distribution in or from Switzerland pursuant to the Swiss Act on Collective Investment Schemes of 23 June 2006 ("CISA") and its implementing regulations. Accordingly, the interests may only be offered and this document may only be distributed in or from Switzerland to qualified investors (as this term is defined in the CISA and its implementing regulations) and in a manner consistent with the requirements of CISA and its implementing regulations. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Services Authority). Registered office: 33 King William Street, London, EC4R 9AS. Registered in England No. 2020394. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited The opinions expressed are as of June 2011 and may change as subsequent conditions vary. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Past performance is no guarantee of future results. Prepared by BlackRock Investments, LLC, member FINRA. Copyright 2011 BlackRock. All Rights Reserved.

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For use with institutional and professional investors only Proprietary and confidential