WHY HEDGE FUNDS? BLACKROCK GPS WHY BLACKROCK? NOTES BlackRock Hedge Fund Guided Portfolio Solution The Notes and Disclosures following this presentation are an integral part of this presentation and must be read in conjunction with the review of this presentation. This material is provided for information purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any security or investment or a solicitation of investment advice. An offering of shares of BlackRock Hedge Fund Guided Portfolio Solution (“BlackRock GPS” or the “Fund”) can only be made pursuant to the Fund’s current prospectus, which contains important information concerning risk factors, performance, and other material aspects of the investment. Investors should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. This and other information about the Fund can be found in the Fund’s current prospectus, which can be obtained by contacting BlackRock at 800-882-0052. Investors should read the prospectus carefully before any decision to invest is made. USWAM0821U/S-1750752-1/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES 2 USWAM0821U/S-1750752-2/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES BLACKROCK GPS BlackRock Hedge Fund Guided Portfolio Solution (“BlackRock GPS”) Single access point to an actively managed portfolio of preeminent, hard-to-access1 hedge funds that is aligned with investment guidance from the Chief Investment Office for Merrill.2,3 Seeks attractive risk- Offers differentiated Benefits from Simplified 1099 tax adjusted returns and access, leveraging BlackRock’s capital reporting, monthly low correlation to BlackRock’s long- markets insights, risk subscriptions and global equity and fixed standing manager management systems quarterly tenders income markets – relationships and size powered by Aladdin®, (up to 25% of the while seeking to to negotiate lower fees and global Fund’s NAV)5 preserve capital and preferential professional network terms4 on behalf of investors 1 Hard-to-access funds are funds whereby BlackRock Alternative Advisors (BAA) has negotiated capacity rights and/or there is an un derstanding with the manager that BAA will receive an early call in the event capacity becomes available. 2 Merrill’s involvement is limited to establishing investment guidelines with BlackRock pre-Fund launch. BlackRock is responsible for all ongoing investment management of the Fund. The role of Merrill is limited to that of selling agent. 3 Global Wealth & Investment Management (GWIM) is a division of Bank of America Corporation. The Chief Investment Office, which provides investment strategies, due d iligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM. 4Negotiated terms may include preferential fees or liquidity, transparency, and capacity preference. 5 Although the Fund may offer to repurchase Shares quarterly, subject to the discretion of the Board, Shares are not redeemable at an investor’s option nor are they exchangeable for shares of any other fund, nor can there be any assurance that the Fund will conduct tend er offers on a quarterly basis or at all. Each tender offer may be limited and will generally apply to up to 25% of the net assets of the Fund at that time. If an offer to repurchase is oversubscribed, the Fund will repurchase only a pro rata portion of the Shares tendered, unless the offer is increased and extended. The Fund is not obligated to repurchase Shares. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares in a timely manner or at all. The Shares are appropriate only for those investors who do not require a liquid investment and who are aware of the risks involved in investing in the Fund. No assurances can be given that these objectives willbe met. 3 USWAM0821U/S-1750752-3/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES BlackRock GPS Why Why hedge BlackRock BlackRock? funds? GPS 4 USWAM0821U/S-1750752-4/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY BLACKROCK? What makes BlackRock Alternative Advisors (BAA) different? BlackRock is trusted with $311B in alternative investment assets1 supported by Aladdin®. Our capabilities span private equity, real assets, credit and hedge funds. 25+ $29bn+ 95+ 110+ years of experience in hedge fund and dedicated hedge fund approved hedge fund managing and hedge fund co- investment programs across advising on portfolios investment AUM professionals across 5 strategies of hedge funds offices, globally We are a leading hedge fund solutions provider, leveraging the unique and expansive capabilities of BlackRock for informed investment decisions and access to global market insights Source: BlackRock as of 6/30/21, unless otherwise noted. All dollar figures are in US dollars. 1 Client assets are as 6/30/21 and include committed capital and Currencies and Commodities. Alternative Credit is reported in BlackRock Alternatives 5 USWAM0821U/S-1750752-5/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY BLACKROCK? BlackRock Alternative Advisors (BAA) Leading hedge fund solutions provider, leveraging the global investment reach of the world’s largest asset manager • Consistently applied investment philosophy across market cycles Proven Demonstrated • Portfolios that emphasize sources of return distinct from experience across philosophy traditional investments & team market cycles • Invested over entire hedge fund growth cycle, including proliferation of strategies and regulatory requirements • Global investment insights influence investment decisions Superior • Aladdin® risk and portfolio platform enables identification of More informed information & unique opportunities and risks not easily identifiedby others investment decisions analytics • BlackRock’s comprehensive infrastructure allows BAA to focus on investing • Emphasis on early and exclusive manager access enables Potential access to History of potentially advantageous investment relationships differentiated investment • Pioneer in hedge fund co-investments and leading-edge investment innovation strategies and managers opportunities • Custom hedge fund solutions provider since 19951 1 Including history at BAA’s predecessor firm, Quellos Capital Management. 6 USWAM0821U/S-1750752-6/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY BLACKROCK? Established, repeatable investment process BAA seeks to identify hedge fund managers with a competitive advantage • Universe of approximately 8,000 hedge funds is narrowed to 112, from which the BlackRock GPS portfolio is built1 • Risk management occurs at every step of the investment process Sourcing Evaluation Approval Portfolio Monitoring 8000+ Hedge funds 300-500 deep 112 investment Construction diligence programs Risk Management Manager identification of Evaluate investment Approval from Focus on top-down Ongoing due diligence of hedge funds that merit program’s strengths and Directors of Research, capital markets insights underlying hedge funds active due diligence weaknesses and Risk Management and and bottom-up through invested and non- operational durability of Operational Due manager selection invested peer comparison Assessment to vet programs Diligence prior to considerations investment personnel, Offensive and defensive adding managers to philosophy and process Source and analyze Risk budgeting position-level analysis the platform portfolio and methodology to build Formal review of all performance risk data portfolio approved funds Negotiatecontract terms to benefit clients 1 As of 1 July 2021. Current investment process is subject to change and based on market conditions, managers’ opinions and oth er factors. 7 USWAM0821U/S-1750752-7/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY HEDGE FUNDS? Hedge funds can complement a “60/40” portfolio To complement a traditional “60/40” portfolio, an optimal hedge fund allocation looks to: • Emphasize idiosyncratic sources of return • Minimize exposure to broad market risks Market Sector/style Idiosyncratic Equity market movement, Equity volatility, liquidity, corporate basis, (e.g. deal-specific) interest rates, foreign currency, sovereign risks, industries, market Approval of M&A deal, plan of commodity prices capitalization reorganization, model risks Sources of return of Hedge Fund Portfolios Traditional Portfolios Mitigate market risks Diversify sector/style risks Emphasize Broad overarching market Affects specific strategies in idiosyncratic returns risks, which a hedge various magnitudes Affects specific positions, can fund seeks to mitigate have significant impact on a Approach portfolio Beta Alpha Source: BlackRock, as of December 2020. 8 USWAM0821U/S-1750752-8/25 WHY BLACKROCK? WHY HEDGE FUNDS? BLACKROCK GPS NOTES WHY HEDGE FUNDS? Hedge funds can help diversify for the long haul Hedge funds can provide diversification from stocks and bonds and the potential for persistent, low-correlated returns over time Average index returns during up/down months 15-year snapshot (January 2006 – December 2020) Hedge funds vs. stocks Hedge funds vs. bonds 1.31% 3.11% Help defend in 0.75% 1.25% down markets -0.11% -1.46% -4.03% -1.13% 124 positive months 56 negative months 109 positive months 71 negative months HFRI Fund Weighted Composite Index S&P 500 Index Bloomberg Barclays Global Aggregate Index Source: BlackRock, Hedge Fund Research, Bloomberg. Average return during up/down months