Keynote

You don't need to turn on the TV or open the newspaper to know the investing world has changed. The differences are written all over your account statements, from the ups and downs of your stock investments to the nearly non-existent interest on your cash holdings. If you find yourself wondering what to do with your money, you're not alone.

At BlackRock, we recognize that investors are looking for guidance and practical strategies to tackle this new world of investing, and we're here to help. Our firm's history as a thought leader, risk management pioneer and provider of progressive investment solutions has earned us the trust of institutions, governments and central banks around the world. All along, we have never strayed from our commitment to providing the same high-quality solutions to individual investors like you. Your financial success is our highest priority.

This partnership has never been more valuable. The low-yield, high-volatility environment that has taken root is testing traditional diversification and other fundamental investment tenets. So if your current strategy is no longer moving you confidently toward your goals, we encourage you to leverage BlackRock's market insights and new-world solutions to modernize—and optimize—your portfolio.

Our eagerness to share with you our thoughts and recommendations for this new world of investing is matched only by our sincere appreciation for your continued trust and investment with BlackRock. We invite you to read more at www.blackrock.com/newworld.

Sincerely,

Frank Porcelli
Managing Director and Head of US Retail

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 are those of the BlackRock investment professionals profiled as of June 1, 2012, and may change as subsequent conditions vary. Individual portfolio managers for BlackRock may have opinions and/or make investment decisions that, in certain respects, may not be consistent with the information contained in this report. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader.

This material is provided as an educational tool and is based on current tax laws, which may change in the future. BlackRock cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. BlackRock is not engaged in rendering any legal, tax, accounting or investment advice. Please consult with a qualified professional for this type of advice.

Shareholder, published by BlackRock, Inc., is designed to provide general information about investing. It is not intended to offer specific investment recommendations. Investing involves risk. You should contact your financial professional about your particular situation before making important investment decisions. Contact your financial professional about BlackRock products.

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Prepared by BlackRock Investments, LLC, member FINRA.