The BlackRock Investment Institute has outlined five mega forces that are shaping the macroeconomic landscape and demographic divergence is another one of them. The aging of populations will limit how much major economies can produce and grow, leaving governments with less tax revenue to support rising retirement and healthcare expenses. The impact of fewer workers could result in lower corporate profits and higher government debt unless economies adapt to mitigate these pressures. So, what does this mean for investors and what risks and opportunities does this megaforce create? Nicholas Fawcett, Senior Economist in the BlackRock Investment Institute and Peter Fisher, head of BlackRock's Global Retirement Initiative join Oscar to uncover the impact of this megaforce on global economies and the potential risks and opportunities investors should consider. Sources: “The peak 65® Zone Is Here”, Retirement Income Institute, January 2024; Decoding Demographic Divergence, BlackRock, March 2024; U.N. World Population Projections (WPP) (2022): scenario assuming medium fertility; U.S. Congressional Budget Office (2024), The Budget and Economic Outlook: 2024 to 2034, February 2024 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Bond yields are higher today than they were 20 years ago. With inflation indicators falling around the globe, the time of elevated cash rates may be drawn to a close. Investors are moving back into bonds in record numbers, with 2023 global bond ETF inflows totaling $333 billion. Yet, as global central banks appear at or near the end of a tightening cycle designed to quell the most significant surge in inflation in decades, investors could be moving even more quickly back into fixed income.   Steve Laipply, Global co-head of iShares’ fixed income ETFs joins Oscar to help us understand what has been driving investors towards, or in some cases back, to the fixed income market and what investors should be looking for as central banks appear set to loosen their grip on interest rates. Sources: ETF Flows Data: BlackRock Global Business Intelligence, as of December 31, 2023. Flows for fixed income ETFs globally totaled $265 billion in 2022, compared with $333 billion in 2023. Previous annual record was in 2021 with $282 billion; Mutual Fund Flows Data: Simfund for US MFs, Broadridge for Non-US Mutual Funds, both as of December 31, 2023. Closed end funds excluded throughout. Fixed Income Mutual Funds saw $711 billion in outflows in 2022, and $151 billion in inflows in 2023; Inflation Data: The World Bank as of Feb. 29, 2024. U.S. annual CPI for 2022 was 8.0%, compared with previous high of 13.5% in 1980. European Union CPI for 2022 was 8.8%, compared with previous high of 12.9% in 1980; Yield to Worst Data: Bloomberg, as at March, 25 2024. 3 Month US Treasury Bills at 5.38%; 10 Year US Treasury Yield at 4.25%; US High Yield (based on Markit iBoxx US Liquid High Yield Index) as at Jan. 2, 2023 was 8.7%.. and yield to worst as at Dec. 29, 2023 was 7.4%; Correlation Data: Bloomberg, as at March, 25 2024. Assessed 5 Year and 20 Year Correlation between 10 Year US Treasury Yield and S&P 500. 20 Year Correlation is 0.15%, and 5 Year Correlation is -0.03%. Based on monthly data points; Return Data: BlackRock, Bloomberg, as at March, 25 2024. High Yield references the Markit iBoxx US Liquid High Yield Index from Jan.1, 2023 to Dec. 31, 2023. Total Return = 12.89%; This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In the ever-evolving tapestry of geopolitics and economics, the Asia-Pacific region stands at a pivotal juncture. In this special episode, we took The Bid down under to record this episode live in Sydney. Wei Li, Global Chief Investment Strategist for BlackRock joined Oscar Pulido to discus the intricacies of high inflation, emerging competing geopolitical bloc, how a momentous global election year will impact Asia-Pacific region and what opportunities investors can expect from the region. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets.For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Younger investors are looking at a future with aging populations and reduced labor forces and a new age of technology and connectivity that is impacting their values and expectations. On the other hand, pre-retirees now are having to consider that fact that their generation will live longer and what do they want to prioritize in their retirement years. So what do investors at different stages and ages need to consider when planning for their future, and how do those approaches differ?  In this special episode, we took The Bid down under to record live. Liz Koehler, Head of Advisor Engagement for BlackRock’s US Wealth Advisory business joined Oscar Pulido to discuss how the younger generation are thinking about their future and what pre-retirees should be thinking about as they head toward retirement age, and opportunities all investors could take advantage of as they prepare for their futures. Sources: “Women, Money, Confidence”, Merrill Lynch 2018 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Does inflation impact women differently, are women more risk averse investors than their counterparts and what are some ways in which women can become better investors? Oscar Pulido, welcomes Anne Ackerley, head of BlackRock's Retirement Group, and Gargi Pal Chaudhuri, head of iShares Investment Strategy and Markets Coverage at BlackRock, to discuss the unique challenges women face when investing for the future and how their improving prospects can benefit the wider economy. Sources: Bloomberg, Bureau of Labor Statistics. As of January 31, 2024; New York City Department of Consumer Affairs. As of December 31, 2015; WEF 2023, What's really driving the gender retirement savings gap?; Mercer Global Pension Index, 2023; OECD: Gender Equality Pension Benefits, 2020; BlackRock's 2023 Read on Retirement; Bloomberg. Returns as determined by S&P 500 Index and cash equivalent as represented Bloomberg US Treasury Bill 1–3M. Returns rebased to 0. As of December 31, 2023; Hewlett Packard internal report. As of December 31, 2014; Wells Fargo. As of December 31, 2023; Payroll Deduction Retirement Programs Build Economic Security, AARP, July 2022; AARP Public Policy Institute, 2022; See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, host Oscar Pulido speaks with Dr. Mary Murphy, social psychologist at Stanford and Indiana Universities, and author of the forthcoming book Cultures of Growth, about the importance of fostering a culture of growth within organizations. Dr. Murphy discusses how a growth mindset can drive innovation, resilience, and adaptability, and shares insights on how leaders and investors can cultivate a growth-oriented culture. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In honor of Black History month, host Oscar Pulido sits down with the founders of Earn Your Leisure, Troy Millings and Rashad Bilal, to discover how this dynamic duo is revolutionizing the financial literacy landscape. Breaking down the importance of a hands-on learning experience, Troy and Rashad share their journey of transforming financial education through their multimedia business platform making it entertaining and relatable to all. Sources: “How To Build Black Wealth, Brookings” July 2020; “Black Investors Are the Biggest New Group of Stock Buyers” Wall Street Journal, January 2024; Investor Progress Report 2023, BlackRock This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The investment landscape surrounding the low carbon transition is poised for change and opportunity. Oscar Pulido explores the brown-to-green transition and the role of mining materials in the transition to a low carbon economy. Joined by Olivia Markham, a portfolio manager from BlackRock's Fundamental Equity Team, together they discuss the changes in the global economy, companies' approach to reducing carbon emissions, and the investment opportunities in the low carbon transition. Sources: IEA March 2023; World Resources Institute October 2023, BHP and FE analysis, Sept. 2023; BHP analysis, August 2023; Brown to Green Materials Whitepaper, BlackRock Sept 2023; New Energy Outlook 2022, Bloomberg NEF 2022; Tracking The Low Carbon Transition, BlackRock, July 2023 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Join host Oscar Pulido as he explores the transformative power of AI and its impact on the financial services industry. Rob Goldstein, Chief Operating Officer of BlackRock, and Lance Braunstein, Head of Aladdin Engineering, share their optimistic perspectives on Gen AI and the evolution of technology over the past year. They discuss how AI is reshaping work patterns, empowering individuals through natural language interfaces, and revolutionizing client expectations. Discover how AI can be harnessed at the industry level to enhance productivity, leverage data, and drive better investment outcomes, while still emphasizing the crucial role of human supervision. With a focus on talent development and the democratization of data, they envision a future where AI augments human capabilities, making organizations more efficient and individuals more adaptable. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In the ever-evolving landscape of geopolitics, the world finds itself at a pivotal juncture marked by structural shifts that redefine global dynamics. The emergence of competing economic and geopolitical blocs stands out as a prominent feature reshaping alliances and influencing international relations. Catherine Kress, head of Geopolitical Research and Strategy at BlackRock, joins Oscar to explore the macro and investment dimensions of this megaforce, the complex interplay of geopolitics and global markets and provide insights for investors navigating this new era. Sources: ‘With Highest Number of Violent Conflicts Since Second World War, United Nations Must Rethink Efforts to Achieve, Sustain Peace, Speakers Tell Security Council’ UN Press Release January 26th 2023; ‘2024 Is the Biggest Election Year In History, The Economist Nov 13th 2023; These Five Countries Are Key Economic ‘Connectors’ in a Fragmenting World, Bloomberg November 2nd 2023; The Larger Geopolitical Shift Behind Iran’s Drone Sales to Russia, Carnegie Endowment For International Peace, October 26th 2022; War in Ukraine Has China Cashing In, New York Times, December 21st 2023, Robin Brooks, X; China-Russia 2023 trade value hits record high of $240 bln - Chinese customs, Reuters, January 12, 2024; “Gauging geopolitics”, BlackRock Investment Institute; The Global Economy Enters an Era of Upheaval, Bloomberg, September 18th 2023 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Long regarded as an undervalued and overlooked market, Japan has been undergoing a profound transformation. The renewed interest in this market stems from a variety of factors— including revamped investor sentiment, evolving macroeconomic conditions and compelling corporate reforms. Will Japan be able live up to its potential and redefine its role on the global investment stage? Belinda Boa, Head of Active Investments for Asia Pacific at BlackRock joins Oscar to examine the prospects, challenges, and potential opportunities that may define Japan's future in the global investment sphere. Sources: FactSet and MSCI (for current %); for 1989 %, 14 Fascinating Facts About Japanese Stocks -- From 1989 | The Motley Fool; History of Financial Crises, JAPAN’S LOST DECADE, September 29, 2021; Japanese Inflation Rates: 1971 to 2024; Refinitiv Datastream, Japan Ministry of Internal Affairs and Communications, Reuters, BlackRock. Data as of Oct. 2023; Bloomberg. Data as of Sept. 2023; Reuters ‘Explainer: What is the Tokyo Exchange's new list of firms disclosing capital efficiency plans?’ January 15, 2024 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode of The Bid, host Oscar Pulido delves into the world of cryptocurrencies, exploring their impact on the financial landscape and the potential and risks they hold for investors. Joined by Robbie Mitchnick, head of Digital Assets at BlackRock, and Samara Cohen, Chief Investment Officer of the ETF and Index Investments business at BlackRock, they decode the terminology and concepts surrounding cryptoassets, such as digital assets, blockchain, and bitcoin. They discuss the significance of digital assets in modernizing the financial system, the challenges and advantages they offer to adopters and, potentially, investors. They also touch on the regulatory landscape and advancements in the digital asset space that investors should be mindful of. Sources: CFA Institute report "Gen Z and Investing: Social Media, Crypto, FOMO, and Family," May 2023; Coin Metrics, as of Aug. 2023. Bitcoin predominance based on its market cap of $530B which accounts for 50% of the total market cap of all crypto-assets excluding stable coins; The Global Findex Database 2021 identifies opportunities for increasing financial inclusion, July 2022; CoinGecko, as of Jan. 2. 2023. Bitcoin predominance based on its market cap of $860 billion, which accounts for 51% of the $1.7 trillion total market cap of all cryptoassets, excluding stablecoins. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

As we begin a new year, what knowledge will help investors prepare for potential volatility on the one hand and potential for opportunities on the other? Jeff Spiegel, U.S. Head of Thematics, Sector, and International ETFs joins host Oscar Pulido to provide a holistic overview of major investment themes, the emergence of the AI trade, opportunities in medical innovation, and the impact of geopolitical shifts on globalization to help investors navigate the year ahead. Sources: Slalom, “AI’s most powerful prompt,” 10/10/23; BlackRock, Morningstar, BlackRock Portfolio Solutions as of June 30, 2022. Starting Portfolio Allocation is representative of advisors’ broad asset allocations for equities, based on analysis of 21,276 portfolios over the 12-month trailing period; Inter Press Service News Agency, “The Historic Reversal of Populations,” 08/08/2016; BlackRock, “Diagnosis: Big opportunity in healthcare stocks,” 07/27/2023; Fortune, “Scientists just used A.I. to map a fruit fly’s brain. Here’s why it’s a ‘turning point in neuroscience’,” 07/08/2023; Drug Discovery and Development, “The Brain Knowledge Platform aims to illumine the brain’s cellular universe,” 06/10/2023; Morgan Stanley, “Why Artificial Intelligence Could Speed Drug Discovery,”09/09/2023; BCG and Wellcome, Unlocking the potential of AI in Drug Discovery,” June 2023; Gartner, “Beyond ChatGPT: The Future of Generative AI for Enterprises,” 01/26/2023; World Economic Forum, “This chart shows the growth of India’s economy,” 09/26/2022; The Economic Times, “India set to be world’s third-largest economy by 2030: S&P Global,” 10/25/2023; Global Business Intelligence, Bloomberg, as of 10/31/23; Morningstar, as of 10/31/2023. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In 2023, global equity markets experienced a notable surge, driven by resilient economic growth and increased investor confidence, setting an optimistic tone for the forthcoming year. In particular, U.S. equity performance surprised investors, but with higher rates and inflation, coupled with rising geopolitical tensions, still top-of-mind, can the solid performance continue and how might these impact markets in 2024? Joining host Oscar Pulido is BlackRock's Global CIO of Fundamental Equities, Tony DeSpirito. Tony will break down the headlines and provide his stock picks for 2024. Sources: The Conference Board US Economic Outlook, 2022-2025 (Dec); Bureau of Labor Statistics, November 2023 This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode, we’ll be taking a lookback on 2023 year with a special Holiday Quiz edition of The Bid. Our contestants are Oscar Pulido, your regular Bid host with the most and ETF expert and Bid regular, Gargi Pal Chaudhuri. Oscar and Gargi will play for bragging rights and the esteemed title of The Bid Quiz Winner in our inaugural Holiday Quiz. Get ready to play along... Sources: FOMC Announcement July 26; US Bureau of Labor Statistics, latest as of Dec 8th; 2022 Annual Report AARP; iShares Investor Progress Report 2023; This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

2023 has seen high volatility across global markets driven by high interest rates, bank failures and a surge in bond yields. So, after a tumultuous 2023, what can investors expect in 2024? Alex Brazier, Deputy Head of The BlackRock Investment Institute, joins host Oscar Pulido to discuss the Outlook for 2024. Alex will help us understand the structural shift to a new macro regime and explain how investors can consider the 5 mega forces that the BlackRock Investment Institute sees as being the key drivers of the new regime. Sources: Center on Budget and Policy Priorities - Chart Book: Tracking the Recovery From the Pandemic Recession Dec 4th 2023; BlackRock Investment Institute 2024 Outlook See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The low-carbon transition is one of five mega forces, or structural shifts, we track for investment risks and opportunities. Christopher Weber, Head of Climate Research at the BlackRock Investment Institute, shares three investment themes we’re following at this year’s UN climate conference (COP28). This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast. In the U.S. and Canada, this material is intended for public distribution. In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. 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. 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. For Investors in Switzerland: This document is marketing material. In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288. In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL’s Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction In Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx ©2023 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners. BIIM1223U/M-3262100 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

We refresh our strategic views. We up developed market (DM) sovereign bonds to neutral yet stay underweight long-term bonds. We trim DM stocks to neutral. Vivek Paul, Global Head of Portfolio Research shares our Market take. This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast. In the U.S. and Canada, this material is intended for public distribution. In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. 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. 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. For Investors in Switzerland: This document is marketing material. In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288. In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. In Hong Kong, this material is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. In Australia, issued by BlackRock Investment Management (Australia) Limited ABN 13 006 165 975, AFSL 230 523 (BIMAL). This material provides general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision, you should assess whether the material is appropriate for you and obtain financial advice tailored to you having regard to your individual objectives, financial situation, needs and circumstances. Refer to BIMAL’s Financial Services Guide on its website for more information. This material is not a financial product recommendation or an offer or solicitation with respect to the purchase or sale of any financial product in any jurisdiction In Latin America: this material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds may not have been registered with the securities regulator of Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein. The provision of investment management and investment advisory services is a regulated activity in Mexico thus is subject to strict rules. For more information on the Investment Advisory Services offered by BlackRock Mexico please refer to the Investment Services Guide available at www.blackrock.com/mx ©2023 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. All other trademarks are those of their respective owners. BIIM1123U/M-3249866 See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The transition to a low-carbon economy is one of the 5 mega forces that the BlackRock Investment Institute have been outlining for us in recent episodes. But what exactly does it mean to "invest in the transition to a low-carbon economy", how are investors seizing this opportunity, and why is this transition seen as a "mega force" for investors?  Helen Lees-Jones, Head of the EMEA Sustainable & Transition Solutions at BlackRock will reveal the questions investors are asking about the low carbon transition and explain the driving factors. Sources: BlackRock iResearch Services global survey, sample size n=200, May-June 2023; BII Investment Perspectives Tracking the low-carbon transition (2023); Morningstar, Simfund, Broadridge. Data includes Sustainable Mutual Fund, ETF, Institutional and Alternative AUM, as defined by third party data sources, excluding integration/engagement flags. MF and ETF data as of Oct '21, Institutional & Alternatives data as of Jun '21. This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. In the UK and Non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures go to Blackrock.com/corporate/compliance/bid-disclosures See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Introducing Market take from the BlackRock Investment Institute. Market take is a quick, weekly, digest on what's driving markets, providing investing insights and analysis across asset classes, investment strategies and borders. You'll be able to hear Market take episodes right here on The Bid for the next few weeks on Mondays. We see volatility as a constant in the new regime. Wei Li, BlackRock Global Chief Investment Strategist, explains why we’re neutral long-term U.S. Treasuries.  This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are as of the date of publication and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks. BlackRock does and may seek to do business with companies covered in this podcast. As a result, readers should be aware that the firm may have a conflict of interest that could affect the objectivity of this podcast. In the U.S. and Canada, this material is intended for public distribution. In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. 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. 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. For Investors in Switzerland: This document is marketing material. In South Africa: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288. In Singapore, this is issued by BlackRock (Singapore) Limited (Co. registration no. 200010143N). 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