Investment Directions: Exposures for today's markets

Capital at Risk Marketing Material Autumn Investment Directions Script Investors turned more constructive on risk this summer, reflected in record global exchange-traded product inflows and our client polling, despite geopolitical uncertainty and market volatility. We favour staying invested, but with a more selective approach to risk, resilience and income. Managing AI concentration AI has continued to drive equity markets, keeping concentration front of mind. We favour active strategies to navigate AI opportunities with precision and see European infrastructure as a key beneficiary, along with diversified commodities. In US equities, we favour active, flexible strategies that broaden exposure beyond more concentrated AI positions. Elsewhere, we see potential opportunities in European healthcare, supported by earnings strength and valuations. Resilience With traditional diversification now less reliable, we focus on rethinking market beta, reshaping equity risk and reimagining portfolio construction. Market-neutral strategies can help reduce exposure to broad market moves, while buffer ETFs can help investors stay invested while adding downside protection. We also look to alternatives to broaden the opportunity set, unlocking additional drivers of potential return. Income with intent Finally, with yields still elevated, income could be a key source of returns – but capturing it requires looking beyond traditional fixed income, in our view. We favour a flexible, actively managed approach across fixed income sectors and issuers. Short-duration emerging market debt fundamentals have remained resilient, offering attractive and diversified income, we believe. We also look to systematic equity high-income strategies that diversify beyond traditional 'old economy' dividend stocks. For more on these three themes, see our latest Investment Directions. iShares AI Innovation Active UCITS ETF The Fund is actively managed and aims to generate long term capital growth by investing globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is the advancement, development, and use of artificial intelligence ("AI") technology. The Investment Manager (IM) considers a company to be an AI company if it is expected to derive future revenue from the advancement, development, and/or use of AI technology. iShares US Large Cap Deep Buffer UCITS ETF The Fund is actively managed and aims to reflect the price return of US large cap equities represented by the S&P 500 Index (the "Index") up to an approximate cap on positive performance of the Index (the “Upside Cap”) whilst seeking to provide a level of downside protection against negative performance of the Index (the “Approximate Buffer”) when shares are held from the beginning to the end of a specified 3-month outcome period (the “Outcome Period”). BlackRock Tactical Opportunities Fund The Fund is actively managed. The IM has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The ICE BofAML 3 Month Treasury Bill Index can be used to assess the performance of the Fund. Additionally, the 60% MSCI World Index / 40% Bloomberg Global Aggregate index, can be used to assess the performance of the Fund. BGF US Flexible Equity Fund The Fund is actively managed, and the IA has discretion to select the Fund's investments. In doing so, the IA will refer to the Russell 1000 Index (the “Index”) when constructing the Fund’s portfolio, and also for risk management purposes to ensure that the active risk (i.e. degree of deviation from the Index) taken by the Fund remains appropriate given the Fund’s investment objective and policy. The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index in order to take advantage of specific investment opportunities. However, the geographical scope of the investment objective and policy may have the effect of limiting the extent to which the portfolio holdings will deviate from the Index. The Index should be used by investors to compare the performance of the Fund. iShares € Flexible Income Bond Active UCITS ETF The Fund is actively managed and aims to maximise income by primarily investing in debt and income-producing securities while seeking to maintain long term capital growth. BSF Emerging Markets Short Duration Bond Fund The Fund is actively managed and the IA has discretion to select the Fund’s investments and is not constrained by any benchmark in this process. The 3 Months SOFR compounded in arrears and the JP Morgan EMBI Global Diversified 1-3 year Index should be used by shareholders to compare the performance of the Fund. Blackrock Multi-Alternative Growth Fund Currency Risk, General Market Risk And Recent Events, Illiquidity, Lack Of Management Rights, Lack Of Operating History, Leverage And Interest Rates, Conflicts Of Interest, Legal, Tax And Regulatory Risks, Availability Of Investments, Risk Associated With The Amending ELTIF Regulation, Sustainability, Liquidity Risk, Private Equity, Infrastructure, Private Credit, Subordinated Claims, Risk Associated In Medium Sized Companies, Real Estate Funds, Risk Associated With Ownership And Operating Of Real Estate Assets, Investments In Securities, Concentration/Lack Of Diversification. BlackRock Tactical Opportunities Plus Fund The Fund is actively managed, and the IA has discretion to select the Fund's investments and is not constrained by any benchmark in this process. The ICE BofA 3 Month Treasury Bill Index (the “Benchmark”) should be used by shareholders to compare the performance of the Fund. Investors may also use a composite benchmark comprising 60% of the MSCI World Index and 40% of Bloomberg Global Aggregate Index to compare the performance of the Fund (the “Composite Benchmark”). The components of the Composite Benchmark may be quoted separately in marketing materials related to the Fund. Risk Warnings Investors should refer to the prospectus or offering documentation for the funds full list of risks. Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. iShares AI Innovation Active UCITS ETF USD (Acc) Artificial Intelligence (AI) Risk, Concentration Risk, Counterparty Risk, Emerging Markets Risk, Equity securities, ESG risk (benchmark screening), Liquidity Risk iShares € Flexible Income Bond Active UCITS ETF EUR (Acc) Asset backed securities / mortgage backed securities, Combined Credit and non-investment Grade Risk, Credit risk, Derivative Risk, Emerging Markets Risk, ESG risk (fund screening), Liquidity Risk iShares Bloomberg Enhanced Roll Yield Commodity Swap UCITS ETF Commodity Swaps Risk, Concentration Risk, Counterparty Risk, Credit risk, Derivative Risk iShares Europe Infrastructure Builders UCITS ETF Concentration Risk, Counterparty Risk, Equity securities iShares STOXX Europe 600 Health Care UCITS ETF (DE) Concentration Risk, Counterparty Risk, Equity securities iShares US Large Cap Deep Buffer UCITS ETF USD (Acc) Buffer ETF Risk, Counterparty Risk, Derivative Risk, Equity securities Tactical Opportunities Fund Absolute Return Risk - Style Advantage, Combined Risks (Equity, Credit, ABS/MBS), Counterparty Risk, Credit Risk, Liquidity Risk BGF US Flexible Equity Fund Counterparty Risk, Equity securities, ESG risk (fund screening) BSF BlackRock Emerging Markets Short Duration Bond Fund Counterparty Risk, Credit Risk, Currency Risk, Derivative Risk, Emerging Markets, Liquidity Risk Blackrock Multi-Alternative Growth Fund Currency Risk, General Market Risk And Recent Events, Illiquidity, Lack Of Management Rights, Lack Of Operating History, Leverage And Interest Rates, Conflicts Of Interest, Legal, Tax And Regulatory Risks, Availability Of Investments, Risk Associated With The Amending ELTIF Regulation, Sustainability, Liquidity Risk, Private Equity, Infrastrcuture, Private Credit, Subordinated Claims, Risk Associated In Medium Sized Companies, Real Estate Funds, Risk Associated With Ownership And Operating Of Real Estate Assets, Investments In Securities, Concentration/Lack Of Diversification. BSF BlackRock Tactical Opportunities Plus Fund - Aggregate Absolute Return Risk, Asset Backed Securities / Mortgage Backed Securities, Counterparty Risk, Credit Risk, Derivative Risk, Emerging Markets, ESG risk (fund screening), Liquidity Risk Description of Product Risks Artificial Intelligence (AI) Risk Companies in AI-related businesses will be subject to risks associated with developing technology and will face intense competition which may have an adverse effect on profit margins. It is likely that these companies will also rely heavily on Patents and other proprietary rights and any loss of, or limitation on their ability to enforce, such proprietary rights in the future could have a material adverse effect on their profitability. Certain AI technology features may also increase the risk of fraud or cyberattack. Absolute Return Risk - Style Advantage Absolute Return' funds may not move in line with market trends or fully benefit from a positive market environment. Emerging markets are generally more sensitive to economic and political conditions than developed markets. Asset backed securities / mortgage backed securities Asset backed securities and mortgage backed securities are subject to the same risks described for fixed income securities. These instruments may be subject to 'Liquidity Risk', have high levels of borrowing and may not fully reflect the value of underlying assets. Availability of Investments The Fund’s success depends on the Investment Manager’s ability to identify suitable investments. Market conditions and competition may limit opportunities and result in delays in deploying capital. Buffer ETF Risk There can be no guarantee that the Fund will be successful in its strategy to provide downside protection against the Index losses. In the event an investor purchases Shares after an Outcome Period begins or sells Shares prior to the end of the Outcome Period, the investor may not benefit fully from the loss protection of the Approximate Buffer. In the event that the Index experiences gains in excess of the upside limit, the Fund will not participate in those gains beyond the upside limit. Combined Credit and non-investment Grade Risk Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Non-investment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of perceived risk. Combined Risks (Equity, Credit, ABS/MBS) Equities and equity-related securities can be affected by daily stock market movements. Fixed Income securities can be affected by changes to interest rates, credit risk and potential or actual credit rating downgrades. Non-investment grade FI securities can be more sensitive to these events. ABS and MBS may have high levels of borrowing and not fully reflect the value of underlying assets. FDIs are highly sensitive to changes in the value of the asset they are based on. The impact is greater where FDIs are used in an extensive or complex way. Commodity Swaps Risk The prices of commodities tend to experience greater variations than other asset classes (e.g. equities or fixed income securities). Investments in commodities are therefore potentially riskier than other types of investments. Concentration / Lack of Diversification The Fund may invest a significant portion of capital in a limited number of investments. Poor performance of a small number of investments may materially impact overall returns. Concentration Risk Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. Conflicts of Interest BlackRock engages in a wide range of activities that may give rise to actual or potential conflicts of interest between the Fund and other clients, service providers or related parties. Such conflicts may adversely affect the Fund. Counterparty Risk The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss. Credit risk Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. Credit Risk The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. Currency Risk The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment. Derivative Risk Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. Emerging Markets Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund. Emerging Markets Risk Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets, failed/delayed delivery of securities or payments to the Fund and sustainability-related risks. Equity securities The value of equities and equity-related securities can be affected by daily stock market movements, political factors, economic news, company earnings and significant corporate events. ESG risk (fund screening) The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening. General Market Risk and Recent Events Market risk is the risk that one or more markets or sectors in which the Fund invests will decline in value, including the possibility that markets will fall sharply and unpredictably. The value of an investment may decline due to changes in general market conditions, economic trends or events that are not specifically related to a particular company. Local, regional or global events such as war, terrorism, public health issues, recessions or inflationary pressures may adversely affect portfolio companies and the Fund’s investments. Illiquidity The Fund is intended for long-term investment by investors who can accept the risks associated with making illiquid investments. Illiquidity may result from the absence of a secondary market or legal or contractual restrictions on resale. Investors will rely entirely on the Investment Manager to identify, evaluate and manage investments and will not be able to evaluate specific assets prior to investing. Infrastructure Infrastructure investments may be affected by construction, operational, regulatory, political and environmental risks. Such investments are typically illiquid and may experience significant valuation volatility. Investments in Securities Investments in debt or equity securities may be volatile, less liquid and subject to issuer-specific risks, restructuring risks and market fragmentation. Lack of Management Rights Investors will have no opportunity to control the day-to-day operations or investment decisions of the Fund. This is a non-specified asset offering and investors will not be able to evaluate specific investments prior to committing capital. Lack of Operating History The Fund may be newly established and have no prior operating history or track record. Performance will depend on the availability of suitable investment opportunities and there is no guarantee that positive performance will be achieved. Legal, Tax and Regulatory Risks The legal, tax and regulatory environment is continuously evolving. Changes may impose additional costs, reduce investment opportunities or adversely affect the Fund’s ability to pursue its investment strategy. Leverage and Interest Rates The Fund may employ leverage, which can increase volatility and magnify losses. Changes in interest rates may adversely affect the value and profitability of the Fund’s investments. Liquidity Risk The Fund’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realise the investment at the latest market price or at a price considered fair. Private Credit Private credit investments are exposed to interest rate risk, credit risk and borrower default risk. Changes in interest rates may adversely affect asset values and returns. Private Equity Private equity investments involve a high degree of risk and uncertainty, are often illiquid and may have no operating history. Past performance is not indicative of future results. Real Estate Funds Real estate investments are subject to market, valuation, financing and operational risks. Property values may decline due to adverse economic or local market conditions. Risk Associated with the Amending ELTIF Regulation Future amendments to the ELTIF Regulation or related technical standards may require changes to the Fund’s structure or features, which could affect the Fund’s operations. Risks Associated with Investments in Medium Sized Companies Investments in medium-sized companies may involve higher risk due to limited financial resources, market position and access to capital. Risks Associated with Ownership and Operation of Real Estate Assets The Fund may be exposed to losses arising from the ownership, operation or management of real estate assets, which may adversely affect returns. Subordinated Claims Subordinated investments rank below senior creditors and carry a higher risk of capital loss in the event of borrower default. Sustainability Sustainability risk refers to environmental, social or governance events or conditions that could cause a material negative impact on the value of investments. These risks may increase volatility, reduce liquidity and negatively affect returns. Important Information This material is for distribution to Professional, Qualified Clients and Investors only. This document is marketing material and will expire 12 months after issue. In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. 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Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded. iShares ETF (DE) The German domiciled funds are "undertakings for collective investment in transferable securities" in conformity with the directives within the meaning of the German Law on the investments. These funds are managed by BlackRock Asset Management Deutschland AG which is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht. Further information about the Fund and the Share Class, such as details of the key underlying investments of the Share Class and share prices, is available on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com. A UCITS ETF’s units / shares that have been acquired on the secondary market cannot usually be sold directly back to the UCITS ETF itself. Investors who are not Authorised Participants must buy and sell shares on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees and additional taxes in doing so. In addition, as the market price at which the Shares are traded on the secondary market may differ from the Net Asset Value per Share, investors may pay more than the then current Net Asset Value per Share when buying shares and may receive less than the current Net Asset Value per Share when selling them. Any investment decision should be made on the basis of the information outlined above and Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered jurisdictions. UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES iShares plc, iShares II plc, iShares III plc, iShares IV plc, iShares V plc, iShares VI plc, iShares VII plc and iShares Physical Metals plc (together 'the Companies') are open-ended investment companies with variable capital having segregated liability between their funds organised under the laws of Ireland and authorised by the Central Bank of Ireland. The Prospectus (Available in French, German, Polish and English Languages) Key Investor Information document (UK only), PRIIPs KID and further information about the Fund and the Share Class, such as details of the key underlying investments of the Share Class and share prices, is available on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser. The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com. 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In the UK any decision to invest must be based solely on the information contained in the Company’s Prospectus, Key Investor Information Document (KIID) and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts, and in the EEA and Switzerland any decision to invest must be based solely on the information contained in the Company’s Prospectus (Available in English, French and German languages), the most recent financial reports and the Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) and the latest half-yearly report and unaudited accounts and/or annual report and audited accounts which are available in registered jurisdictions and local language where they are registered, these can be found at www.blackrock.com on the relevant product pages. Any investment decision should be made on the basis of the information outlined above and Investors should understand all characteristics of the funds objective before investing, if applicable this includes sustainable disclosures and sustainable related characteristics of the fund as found in the prospectus, which can be found www.blackrock.com on the relevant product pages for where the fund is registered for sale. Prospectuses, Key Investor Information Documents (UK only), PRIIPs KID and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised. BlackRock and/or the Management Company may terminate marketing at any time. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in local language in registered jurisdictions. UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES For investors in Spain Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del Mercado de Valores de España (CNMV). Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds are registered for distribution in Portugal. In Spain, BlackRock Strategic Funds (BSF) is registered with the number 626 in the Comisión Nacional del Mercado de Valores de España (CNMV). Certain funds mentioned here are registered for distribution in Spain. In Spain, the BlackRock Funds I ICAV range is registered with the number 1742 in the Comisión Nacional del Mercado de Valores de España (CNMV). For investors in Switzerland For professional clients and qualified investors only. This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. The BlackRock Strategic Funds (BSF) Fund / BlackRock Global Funds (BGF) Fund is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich, the Swiss Paying Agent. The Prospectus, Key Information Document or equivalent, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss Representative. Investors should read the fund specific risks in the Key Information Document and the Prospectus. For professional clients and qualified investors only. This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ("FinSA"). For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa. The BlackRock Funds I ICAV is domiciled in Ireland. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zürich, the Swiss Paying Agent. The Prospectus, Packaged Retail and Insurance-based Investment Products Key Information Document (PRIIPs KID) or equivalent, the Articles of Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss representative. Investors should read the fund specific risks in the PRIIPs KID or equivalent and the Prospectus. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2026 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.