The Fund will invest in securities whose issuer (or guarantor, if applicable) at the time of the Fund’s investment have better than average performance in environmental practices. In evaluating performance in environmental practices, BlackRock will use data or other environmental, social, or governance risk metrics including ratings provided by

independent research vendor(s) in determining whether to invest (or continue to invest) in securities issued or guaranteed by a particular entity. These independent research vendor(s) may consider one or more of the following factors: Issuer or industry exposure to environmentally intensive activities, disclosures by an issuer around climate-related issues and environmental matters or specific targets or plans by an issuer to manage environmental exposures. These independent vendor(s) may also consider environmental issues relative to a specific sector. BlackRock may change an independent research vendor at any time in its discretion. BlackRock will consider factors such as emissions, energy and water intensity, waste generation, green revenues and environmental disclosure levels in evaluating the environmental performance of an issuer or guarantor.

U.S. Government securities will be considered to have met the Fund’s environmental criteria

The Fund will not invest in securities issued or guaranteed by entities:

that derive more than 5% of their revenue from fossil fuels mining, exploration or refinement; or

that derive more than 5% of their revenue from thermal coal based power generation.