BLACKROCK CLOSED-END FUNDS

Voting items

At this year’s shareholder meeting, ECAT, managed by BlackRock, is being contested by an activist investor.

 

Learn about the two proposals that your Board of Trustees believes may put your investment at risk: 1) attempts to replace your qualified nominees and 2) termination of BlackRock as your investment manager for ECAT.

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Proposals

ECAT’s current Board Nominees listed on the WHITE proxy card have experience that demonstrates they operate in the best interest of shareholders. Your Board believes the activist investor’s proposals could have harmful implications.

Closely review the proposals below and vote your shares on the WHITE proxy card.

Director nominations

Vote “FOR” the Board Nominees in Proposal 1

Your vote is extremely important because the replacement of ECAT’s Board of Trustees may put your Fund at risk. The Board members responsible for the Trust recommend that you vote “FOR” the Board Nominees by voting on the WHITE proxy card.

Why vote for ECAT’s board nominees?

  • Your Board Nominees have proactively taken actions that have benefitted shareholders.
  • Your Board Nominees have collectively extensive experience with registered CEFs generally, and - specifically with ECAT, its investment objective(s) and strategy.
  • Each independent Board Nominee serves the interests of all shareholders equally.

Terminating the investment management agreement

Vote “AGAINST” the Termination of Investment Management Agreement in Proposal 2

Your ECAT Board recommends you vote “AGAINST” the termination of investment management agreement by voting on the WHITE proxy card.

Why vote against the termination proposal?

  • Will result in the firing of BlackRock as ECAT’s investment adviser. Depriving ECAT of BlackRock’s experience and expertise may plunge the Fund into uncertainty about its investment adviser and its future, which would have detrimental implications for shareholders’ investment ECAT’s Independent Board members, as fiduciaries to the Fund, review the Investment Management Agreement annually and have approved BlackRock as your investment advisor
  • BlackRock is the world’s largest asset manager1 and the largest manager of CEFs2, with more than 35 years of advisory experience
  • Your Board members believe that ECAT’s investment strategies strongly benefit from an investment adviser with the sophistication and extensive expertise of BlackRock
  • BlackRock’s scale and deep relationships have historically given it enhanced access to private investments and high-demand initial public offerings
  • BlackRock also leverages the Aladdin® Risk Management Platform for risk mitigation

What should I NOT do?

You may receive a proxy card from the activist investor. Please do NOT send back any proxy card other than the WHITE proxy card you receive from BlackRock, as this will cancel your prior vote for ECAT's Board Nominees. Only your latest vote will count.
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We're here to help

For more information on your investment, email cef@blackrock.com. If you have any questions about the proposals to be voted, please contact Georgeson LLC (“Georgeson”), toll free at 1-866-441-6128.
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