INVESTING FOR TODAY AND THE FUTURE BIOTECH AND BEYOND

BlackRock

US Head of iShares Megatrend and International ETFJeff Spiegel

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John Gagliardi, CMT ®Regional Brokerage ConsultantFidelity Investments

The modern world is changing at the speed of innovation

2

1 billion……hours ago

humanity emerged…seconds ago

IBM released the first PC…Google searches occurred this morning1

1 Source: All 3 “billion” stats: (2013) Hal Varian, “Beyond Big Data”. Information on non-iShares Fund securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any security other than the iShares Funds, that are described in this material. For top ten holdings of iShares ETFs mentioned in this presentation, please see the end of this presentation.

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For illustrative purposes only.

3

Structural themes are long-term opportunities driven by powerful transformations in our economy and society

Structural > cyclical

Time

Cyclical themes

Gro

wth

Structural themes

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Structural theme:

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horsesvs. cars

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From 1905-1930, the number of horse-drawn carriages fell

5

93%

Source: International Monetary Fund (IMF) Riding the Energy Transition, May 2017.

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Televisions in U.S. households

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1 "1920s-1960s Television", Elon University School of Communications.

19461

0.01%

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1 "Number of TV Households in America", Buffalo History Museum.

19581

Televisions in U.S. households

83%

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Years new technology takes to reach 1/4 of American population1

8

1 Source: Pew Research Chart of the Week: The ever-accelerating rate of technology adoption; Yahoo Finance for number of active users at Facebook over the years. References to specific companies are strictly for illustrative purposes only and should not be construed as investment advice or recommendations regarding those companies. For holdings information for the iShares funds, please visit www.iShares.com.

1876Telephone

35 years

1975PC

16 years

1991The Web

7 years

4 years2004 –

Facebook

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The Goldilocks problem

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F

10

Source: Pew Research Chart of the Week: The ever-accelerating rate of technology adoption; Yahoo Finance for number of active users at Facebook over the years. Information on non-iShares Fund securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any security other than the iShares Funds, that are described in this material. For top ten holdings of iShares ETFs mentioned in this presentation, please see the end of this presentation.

A- A N G- - -

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11

Can you spot the FAANG?

5/99 6/99 7/99 8/99 9/99 10/99 11/99

Two “pure-play” e-commerce names had very different charts in 1999

Company A

up 213%

May 19, 1999 to November 30, 1999

Company B

up 22%

For illustrative purposes only. Source: Bloomberg, December 2019.

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Can you spot the FAANG?

Growth from May 19, 1999 to May 30, 2019

For illustrative purposes only. Source: Bloomberg, May 2020. 1 Amazon total return was 3,400% between 05/19/1999 and 05/31/2020. Includes dividends. 2 eToys filed for bankruptcy in February, 2001. Information on non-iShares Fund securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any security other than the iShares Funds, that are described in this material. For top ten holdings of iShares ETFs mentioned in this presentation, please see the end of this presentation.

They’re even more different 20 years later

5/99 5/03 5/07 5/11 5/15 5/19

Amazon gave investors a

34x return1

eToys filed for

bankruptcy2

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13

What about a tech focused index?

NASDAQ Composite Index

3x returns1

For illustrative purposes only. Source: Bloomberg., May 2020. 1 Nasdaq returned 309% between 05/19/1999 and 05/31/2020. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

May-99 May-03 May-07 May-11 May-15 May-19

Nasdaq

Too broadBroad indexes may be too

diversified to offer targeted thematic exposure.

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Single stocksIncreased risk

Lack diversification

Broad indexLack targeted exposure

The Goldilocks scenario

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1 Reflects total returns, including dividends, from 09/15/99 through 05/31/20. Data from Bloomberg as of May 2020. The MSCI ACWI Internet & Direct Marketing Retail Index has returned 2,342% and the Nasdaq Composite Index has returned 326% over this time period. Index performance is for illustrative purposes only. Index performance does not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Megatrend Index

Focused Exposure

MSCI ACWI Internet & Direct Marketing Retail Index

Targeted Index

23xreturns1 3x

returns1

Nasdaq Composite IndexBroad Tech Index??

returns1

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T R- E N D- - -

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It’s on the tip of your tongue

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Are self driving cars cool?

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And the top of your Twitter

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Will there be more of them on the road in 10 years?

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Megatrends are driving changeMegatrends are the long-term, transformational forces driving our global economy & society.

Technological breakthrough

Demographics & social change

Rapid urbanization

Climate change & resource scarcity

Emerging global wealth

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Technological breakthrough

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Which would you rather

20

OR

sacrifice for one week?

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49%willing to give up dessert

74%willing to give up alcohol

21

Source: Delvv, Digital Habits 2016 Survey Findings, June 2016.

Drumroll please…

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2015

2017

2019

2021

2023

2025

22

Source: Statista, Internet of Things (IoT) Connected Devices Installed Base Worldwide from 2015 to 2025. For illustrative purposes only.

Internet-connected devices

15bn20bn28bn35bn50bn75bn

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# of Cybercriminals on the FBI’s most wanted list(in millions)

1 in 2014

71in 2020

Source: Norton: 10 Cybersecurity Facts and Stats for 2018, Cyber's Most Wanted - FBI For illustrative purposes only.

More data more problems

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Source: Bloomberg, data as of 01/01/2000 and 01/01/2020. Information on non-iShares Fund securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any security other than the iShares Funds, that are described in this material. For top ten holdings of iShares ETFs mentioned in this presentation, please see the end of this presentation.

24

The top 5 companies in the S&P 500 has changed over time, with only Microsoft retaining its spot. What will the next 20 years look like?

2040

?

MegaRule #1: Weight for tomorrow

2000S&P 500 Top 5

2020S&P 500 Top 5

Amazon

Microsoft

AppleGeneral Electric

Cisco

Microsoft

FacebookWalmart

Berkshire HathawayIntel

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Demographics & social change

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2BIn 2025

Over 606TIn 2027

Spent on national healthcare in the U.S.

Sources: Left side: United Nations World Population Prospects: the 2017 Revision. Right side: Center for Medicare and Medicaid Services.

U.S. healthcare spending continues to rise The 60+ demographic is rapidly increasing

Longer, healthier lives

1BIn 2015

Over 604TIn 2017

Spent on national healthcare in the U.S.

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Seek to do well & do good

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GenomicsUsing an individual’s DNA to tailor medical treatment

Did you know? The first whole human genome sequencing cost ~2.7B in 2003. Today it costs $699.1

Novartis Moderna, Inc.Sangamo

Therapeutics, Inc.

ZIOPHARM Oncology, Inc.

ImmunologyUsing the body’s immune system to fight disease

Did you know? With over 32 FDA approvals and rising, immunotherapy is already boosting lung, renal, brain and skin cancer survival rates.2

Sources: 1 Dante Labs, March 2018, Andrea Riposati.2 https://www.cancerresearch.org. Information on non-iShares Fund securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any security other than the iShares Funds, that are described in this material. For top ten holdings of iShares ETFs mentioned in this presentation, please see the end of this presentation.

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Rapid urbanization

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Rise of the megacities

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Population growth of the world’s megacities through 2030

Source: United Nations Department of Economic and Social Affairs, The World’s Cities in 2018.

Shanghai+7 million (28%)

Sao Paulo+2 million (10%)

Cairo+5 million (27%)

Dhaka+9 million (43%)

Delhi+9 million (37%)

New York+1 million (6%)

Los Angeles+1 million (6%)

13M

24M

26M39M

33M

28M

20M

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Climate change & resource scarcity

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$2T gap to meet gov’t renewable targets

31

total investment needed by 2030 for the implementation of renewable energy targets.

U.S.

$16B

Latin America $218B

Africa$225B

Asia$1.1T

Middle East

$30B

Others$151B

2TAlmost

Source: International Renewable Energy Agency, Untapped potential for climate action: Renewable energy in Nationally Determined Contributions, November 2017.

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For illustrative purposes only.The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. Information on non-iShares Fund securities is provided strictly for illustrative purposes and should not be deemed an offer to sell or a solicitation of an offer to buy shares of any security other than the iShares Funds, that are described in this material. For top ten holdings of iShares ETFs mentioned in this presentation, please see the end of this presentation.

MegaRule #2: Connect the value chain

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ABB

infineon

Albemarie

Tesla Valeo

Emerging global wealth

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A billion people here, a billion people there…

34

China mints billionaires per week.12

150M people enter the global middle class every year, of which

90%are from Asia.2

people escape extreme poverty in India every minute.344

Source: 1 Yahoo Finance, “Billionaires Insight” report from UBS and PWC. 2 Bank of America Merrill Lynch “10 things for the next 10 years.” 3 Washington Post, “India is no longer home to the largest number of poor people in the world. Nigeria is.”

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Online Population: 292M 772MOffline Population: 35M 628M

MegaRule #3: Think beyond borders

China’s vast digital potentialOnline vs. offline population in China compared to the United States in 2018

35

Source: Circle ID, July 2018.

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U.S. China

36

Owning the futureEMERGING

GLOBAL WEALTHTECHNOLOGICAL BREAKTHROUGH

DEMOGRAPHICS & SOCIAL CHANGE

RAPID URBANIZATION

CLIMATE CHANGE & RESOURCE SCARCITY

IWFH

iShares Virtual Work and Life Multisector ETF

IHAK

IRBO

iShares Cybersecurity and Tech ETF

iShares Robotics and Artificial Intelligence

Multisector ETF

IDNA

iShares Genomics Immunology and Healthcare ETF

IGF

iShares Global Infrastructure ETF

IFRA

EMIF

iShares U.S. Infrastructure ETF

iShares Emerging Markets Infrastructure

ETF

ICLN

iShares Global Clean Energy ETF

IDRV

iShares Self-Driving EV and Tech ETF

CNYA

iShares MSCI China A ETF

MCHI

INDA

iShares MSCI China ETF

iShares MSCI India ETF

Illustrative purpose only

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MegaRules of the road

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1 Weight for tomorrow

2 Connect the value chain

3 Think beyond borders

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Put your money where your mind is…

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APPENDIX

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https://www.fidelity.com/trading/regional-brokerage-consultant/John-Gagliardi

Top 10 Constituents

40

ICLN Weight (%) IDNA Weight (%) IDRV Weight (%) IHAK Weight (%) IRBO Weight (%)

Xinyi Solar Holdings Ltd 5.59 Mirati

Therapeutics Inc 4.36 Tesla Inc 5.22 DocuSign Inc 4.87 Spotify Technology SA 1.37

Plug Power Inc 5.59 Genmab A/S 4.28 Apple Inc 4.50 Okta Inc A 4.38 Kingsoft Corp Ltd 1.34

SolarEdge Technologies Inc 5.53 Seattle Genetics

Inc 4.23 NVIDIA Corp 4.38 Zscaler Inc 4.36 Cloudera Inc 1.25

Enphase Energy Inc 4.81 Moderna Inc 4.07 Qualcomm Inc 4.17 Akamai

Technologies Inc 4.27 iQIYI Inc ADR 1.24

First Solar Inc 4.69 Sarepta Therapeutics Inc 4.02 Alphabet Inc A 4.06

CrowdStrike Holdings Inc

Class A4.22

DouYu International

Holdings Ltd ADR1.22

Energy Company of Minas Gerais

ADR4.43

Inovio Pharmaceuticals

Inc3.97 Schneider Electric

SE 4.04 Citrix Systems Inc 4.20 Mail.ru Group Ltd GDR 1.21

Contact Energy Ltd 4.23 Exelixis Inc 3.92 Toyota Motor

Corp 4.02 VMware Inc 4.09 Alteryx Inc Class A 1.16

Meridian Energy Ltd 4.22

Regeneron Pharmaceuticals

Inc3.89 Samsung

Electronics Co Ltd 3.92 Proofpoint Inc 4.02 Yandex NV Shs Class-A- 1.15

Siemens Gamesa Renewable Energy

SA4.21 Sanofi SA 3.76 Siemens AG 3.92 Palo Alto

Networks Inc 3.92 JOYY Inc ADR 1.14

Vestas Wind Systems A/S 4.17 Gilead Sciences

Inc 3.70 Intel Corp 3.76 Trend Micro Inc 3.92 Tencent Holdings Ltd 1.14

Source: BlackRock as of 6.30.20. Constituents subject to change.

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Top 10 Constituents

41

IGF Weight (%) EMIF Weight (%) IFRA Weight (%) TECB Weight (%) XT Weight (%)

NextEra Energy Inc 5.04 Airports Of

Thailand PLC DR 10.09 Argan Inc 0.92 MiratiTherapeutics Inc 4.36 Tesla Inc 1.45

Enbridge Inc 4.94Transneft PJSC

Participating Preferred

7.04 CenterPoint Energy Inc 0.85 Genmab A/S 4.28 Adyen NV 0.91

Transurban Group 4.76 Tenaga Nasional Bhd 6.21 The York Water Co 0.84 Seattle Genetics

Inc 4.23Chugai

Pharmaceutical Co Ltd

0.83

Aena SME SA 4.68Ultrapar

Participacoes SA ADR

6.17 Worthington Industries Inc 0.84 Moderna Inc 4.07 NVIDIA Corp 0.83

TC Energy Corp 3.79 China Gas Holdings Ltd 5.27 El Paso Electric

Co 0.82 Sarepta Therapeutics Inc 4.02 MercadoLibre Inc 0.81

Atlantia SpA 3.61 CCR SA 5.05 Pool Corp 0.82Inovio

Pharmaceuticals Inc

3.97Regeneron

Pharmaceuticals Inc

0.79

Usd Cash 3.47

Grupo Aeroportuario del Pacifico SAB de

CV ADR

4.50 Trex Co Inc 0.82 Exelixis Inc 3.92 PayPal Holdings Inc 0.78

Iberdrola SA 3.28 Enel Americas SA ADR 4.50 CMS Energy Corp 0.81

Regeneron Pharmaceuticals

Inc3.89 Square Inc A 0.76

Dominion Energy Inc 3.18 Guangdong

Investment Ltd 4.10 Consolidated Edison Inc 0.81 Sanofi SA 3.76 Amazon.com Inc 0.75

Enel SpA 3.10

Grupo Aeroportuario del

Sureste SAB de CV ADR

3.78 Commercial Metals Co 0.80 Gilead Sciences

Inc 3.70Biomarin

Pharmaceutical Inc

0.74

Source: BlackRock as of 6.30.20. Constituents subject to change.

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Top 10 Constituents

42

CNYA Weight (%) MCHI Weight (%) INDA Weight (%) CNYA Weight (%) MCHI Weight (%)

Kweichow Moutai Co Ltd 5.70 Alibaba Group

Holding Ltd ADR 16.95 Reliance Industries Ltd 13.82 Kweichow Moutai

Co Ltd 5.70 Alibaba Group Holding Ltd ADR 16.95

Ping An Insurance (Group) Co. of

China Ltd2.42 Tencent Holdings

Ltd 15.41Housing

Development Finance Corp Ltd

8.21Ping An Insurance

(Group) Co. of China Ltd

2.42 Tencent Holdings Ltd 15.41

China Merchants Bank Co Ltd 2.14 Meituan Dianping 3.31 Infosys Ltd 7.13 China Merchants

Bank Co Ltd 2.14 Meituan Dianping 3.31

Wuliangye Yibin Co Ltd 2.05

China Construction

Bank Corp Class H

3.25 Tata Consultancy Services Ltd 5.33 Wuliangye Yibin

Co Ltd 2.05

China Construction

Bank Corp Class H

3.25

Jiangsu Hengrui Medicine Co Ltd 1.50

Ping An Insurance (Group) Co. of

China Ltd Class H2.51 Hindustan

Unilever Ltd 5.10 Jiangsu Hengrui Medicine Co Ltd 1.50

Ping An Insurance (Group) Co. of

China Ltd Class H2.51

China Yangtze Power Co Ltd 1.29 JD.com Inc ADR 2.14 ICICI Bank Ltd 4.79 China Yangtze

Power Co Ltd 1.29 JD.com Inc ADR 2.14

Contemporary Amperex

Technology Co Ltd Class A

1.18 China Mobile Ltd 1.74 Bharti Airtel Ltd 3.91

Contemporary Amperex

Technology Co Ltd Class A

1.18 China Mobile Ltd 1.74

Luxshare Precision Industry

Co Ltd1.13

Industrial And Commercial Bank

Of China Ltd Class H

1.53 Axis Bank Ltd 2.41Luxshare

Precision Industry Co Ltd

1.13

Industrial And Commercial Bank

Of China Ltd Class H

1.53

Foshan Haitian Flavouring and

Food Co Ltd Class A

1.06 NetEase Inc ADR 1.46 Maruti Suzuki India Ltd 2.01

Foshan Haitian Flavouring and

Food Co Ltd Class A

1.06 NetEase Inc ADR 1.46

Industrial Bank Co Ltd 1.02 Baidu Inc ADR 1.37 ITC Ltd 1.91 Industrial Bank Co

Ltd 1.02 Baidu Inc ADR 1.37

Source: BlackRock as of 6.30.20. Constituents subject to change.

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43

Important InformationCarefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visitingwww.iShares.com or www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes than the general securities market.

Technology companies may be subject to severe competition and product obsolescence. Technologies perceived to displace older technologies or create new markets may not in fact do so. Companies that initially develop a novel technology may not be able to capitalize on the technology.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective.

The information included in this material has been taken from trade and other sources considered to be reliable. We do not represent that this information is accurate and complete, and it should not be relied upon as such. Any opinions expressed in this material reflect our analysis at this date and are subject to change. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, but are not guaranteed as to accuracy.

Transactions in shares of ETFs will result in brokerage commissions and will generate tax consequences. All regulated investment companies are obliged to distribute portfolio gains to shareholders.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does this company make any representation regarding the advisability of investing in the Funds. BlackRock is not affiliated with Morningstar, Inc.

©2020 BlackRock. iSHARES and BLACKROCK are registered trademarks of BlackRock. All other marks are the property of their respective owners.

The information provided in this communication is solely for educational purposes and should not be construed as advice or an investment recommendation. Fidelity Investments is a separate company, unaffiliated with BlackRock, Inc.. There is no form of partnership, agency affiliation, or similar relationship between BlackRock, Inc. and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by BlackRock, Inc. and does not guarantee or assume any responsibility for its accuracy or completeness.

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