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Blackrock Innovation and Growth Trust (BIGZ)* Initial Public Offering: February – March 2021

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BlackRock Innovation and Growth Trust (BIGZ)* Initial public offering: February – March 2021 A new offering designed for investors seeking access to: Exposure to innovative companies with above-average earnings Innovation growth potential Mid- and Mid- and small-cap companies that are seeking to reshape industries small-caps Private markets Expanded opportunities into private markets and IPOs & IPOs Growth & Potential for attractive total return and income in a limited term structure† income No upfront An opportunity to participate in the Trust’s initial public offering at net fees‡ asset value (NAV) * It is anticipated that BlackRock Innovation and Growth Trust’s (the “Trust”) shares will be approved for listing on the New York Stock Exchange, subject to notice of issuance. † The Trust’s term may be extended and/or the Trust may convert to a perpetual term following completion of an “Eligible Tender Offer” (as defined in the Trust’s preliminary prospectus).‡ The Trust is subject to certain ongoing fees and expenses as disclosed in the Trust’s prospectus. See the back of this brochure and the “Risks” section of the Trust’s preliminary prospectus for information concerning risks. There is no assurance that the Trust will achieve its investment objectives. The Trust is not a complete investment program. Consult your financial professional before investing. The Trust is designed as a long-term investment and not as a trading vehicle. The information in the Trust’s preliminary prospectus and in this document is not complete and may be amended or changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This document is not an offer to sell these securities and is not a solicitation to buy these securities in any jurisdiction where the offer or sale is not permitted. Investors should consider the Trust’s investment objectives, risks, fees and expenses carefully before investing. The preliminary prospectus, which is enclosed and which contains this and other important information about the Trust, should be read and considered carefully before investing. A preliminary prospectus may also be obtained by calling 800-882-0052. Once the Trust’s registration statement is effective and prior to investing, investors should again consider the Trust’s investment objectives, risks, fees and expenses carefully. The final prospectus, when available, will contain this and other important information about the Trust. The final prospectus, when available, should be read and considered carefully before investing. To obtain a copy of the final prospectus, when available, call 800-882-0052. Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC, Wells Fargo Securities, LLC and Raymond James & Associates, Inc. are acting as lead underwriters for this offering. Not FDIC Insured • May Lose Value • No Bank Guarantee BlackRock Innovation and Growth Trust | Investor guide USWAM0221U/S-1541696-1/136 2 BlackRock Innovation and Growth Trust | Investor guide USWAM0221U/S-1541696-2/136 Change happens faster now Innovation is reshaping our everyday lives, with adoption across industries happening faster and faster, creating exponential change. Years new technology has taken to reach 25% of Americans* 1873 1876 1926 1975 1983 1991 2004 Electricity Telephone Television PC Cell phone Web Facebook 46 35 26 16 13 7 4 years years years years years years years 2020 Vaccines typically take 10 to 15 years to develop, test and release. COVID-19 vaccine The COVID-19 vaccine, however, took less than a year.† New ways to innovate. New markets beyond tech. Today’s rate of change has created opportunities for smaller companies to compete in new ways.‡ For example: A car retailer allows customers to buy, sell, Tools empowering Updated business models or trade in cars online using AI-powered breakthroughs analytics to generate the industry’s most comprehensive car-buying data. New products New sales channels An organic farm company partners with 200 local family farms to bring ethically sourced food to their communities. Superior technology for New markets legacy industries A casino and race track operator partners with a digital sports media company to develop an app for online gaming and Converging technologies Refined processes sports betting that targets existing customers and the digital sports media company’s loyal fans. Are investors missing out? Innovation has allowed The pandemic has Investors may be sacrificing companies to continuously accelerated the growth of tomorrow’s winners by revolutionize, finding ways to the virtual economy. We focusing on only a narrow generate ideas and drive cost believe future growth for all handful of household names. savings across industries. companies will hinge on how well they innovate. * Source: Pew Research Chart of the Week as of March, 2014: The ever-accelerating rate of technology adoption; Yahoo Finance as of July, 2019 for number of active users on Facebook over the years. † Source: New York Department of Health as of 1/19/2021. ‡ Examples are provided for illustrative purposes only and do not represent any BlackRock investments. 3 USWAM0221U/S-1541696-3/136 Beware of FAANGM and the recent mega-cap rally S&P 500 return contribution from FAANGM as of 12/31/20* Past 5 years S&P 500 returns F Facebook (2016-2020) 33% from FAANGM A Amazon S&P 500 returns from other 494 companies A Apple Past 3 years 46% (2018-2020) N Netflix G Google 2020 60% M Microsoft FAANGM represents 6 out of 500 stocks in the S&P 500, but drove 60% of returns in 2020. Mid- and small- cap companies outperformed large-caps The FAANGM mega-cap rally defies long-term historical trends, where mid- and small-cap stocks have outperformed large-caps. With many investors currently underweight mid- and small-caps, now may be an opportune time to re-allocate to smaller companies. 20-year annualized returns (2001-2020)† Is it time to find growth Mid- and 9.44% 8.74% in new places? small-cap 7.16% as a % of the Avg. U.S. equity allocation‡‡ market‡ 17% 29% Mid-cap Small-cap Large-cap Look to private markets for innovation Assets under management (AUM) attributable to private market investments of private funds (“Private Market AUM”) have grown tenfold since 2000, up to $7.7 trillion today. We believe diversification with — and within — private markets is critical to building resilient portfolios. Growth in private market AUM (2000 - 2019)§ Private market AUM made up 8 6.8% of public market size in 6 2019, up from 1.8% in 2000. 4 ($ trillion) 2 Private Market AUM 0 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 * Source: Bloomberg, as of 12/31/2020, based on the S&P 500 index. † Source: BlackRock for 20-year period ending 12/31/20. Mid-caps, small-caps and large-caps are represented by the Russell Midcap index, Russell 2000 index and Russell Top 200 index respectively. Shown for illustrative purposes only. ‡ Source: BlackRock assessment of approximately 15,000 advisor portfolios as of 9/30/2020. Mid- and small-caps are defined as (Russell 2000 total market cap + Russell Mid Cap total market cap) / Russell 3000 total market cap. § Source: BlackRock Investment Institute, with data from Preqin, September, 2019. The bars represent the assets under management attributable to private market investments of private funds in six asset classes: private equity, venture capital, real estate, private debt, infrastructure and natural resources. While the Advisor believes this graph is an accurate representation of the growth of the market for private market investments, it does not represent the actual amount of all outstanding private market investments because, for example, it excludes private market investments owned by non-private fund investors. Past performance does not guarantee or indicate future results. Index performance is shown for illustrative purposes only. It is not possible to invest directly in an unmanaged index. This is not meant as a guarantee or prediction of any future result or experience. This information should not be relied upon as research, investment advice or a recommendation regarding the Trust or any security in particular. Specific companies or issuers are mentioned for educational purposes only and should not be deemed as a recommendation to buy or sell any securities. Any companies mentioned do not necessarily represent current or future holdings of any BlackRock products. 4 BlackRock Innovation and Growth Trust | Investor guide USWAM0221U/S-1541696-4/136 BlackRock Innovation and Growth Trust (BIGZ) A new closed-end fund offering from BlackRock seeking total return and income by investing in innovative mid- and small-cap growth* companies spanning public and private markets. Seeks growth Investment philosophy opportunities across industries We believe structural winners can be found across a diverse range of industries Focuses on mid- and and types of growth. small- caps We seek Access to private investments & IPOs companies with high barriers to entry, attractive profit margins, growing core markets and the ability to replicate their success globally. Seeks to provide attractive income Innovation: the case for mid- and small-caps No upfront fees† We invest in innovative companies with competitive advantages that are difficult to replicate and seek to identify attractive business models that display resilient
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