Saba Launches Campaign to Improve the Boards of 10 Poorly Governed and Underperforming Closed-End Funds Managed by BlackRock - Seite 2

BlackRock must not stand in the way of shareholders recouping their financial losses. All BlackRock has to do is put aside its greed and self-interest and offer shareholders an exit at NAV, just as it offers daily for the trillions of dollars it holds in the same investments across BlackRock mutual funds and ETFs.”

The BlackRock Funds for which Saba has nominated Board candidates include: the BlackRock California Municipal Income Trust (NYSE: BFZ), BlackRock Capital Allocation Term Trust (NYSE: BCAT), BlackRock ESG Capital Allocation Term Trust (NYSE: ECAT), BlackRock Health Sciences Term Trust (NYSE: BMEZ), BlackRock Innovation and Growth Term Trust (NYSE: BIGZ), BlackRock MuniHoldings New York Quality Fund (NYSE: MHN), BlackRock MuniYield New York Quality Fund (NYSE: MYN), BlackRock MuniYield Pennsylvania Quality Fund (NYSE: MPA), BlackRock New York Municipal Income Trust (NYSE: BNY) and BlackRock Science and Technology Term Trust (NYSE: BSTZ).

Saba’s slate:

• Athanassios Diplas possesses significant expertise in credit markets – including swaps, derivatives, risk management and trading – having served in senior leadership roles at Deutsche Bank (including Global Head of System Risk Management and Chief Risk Officer) and Goldman Sachs & Co. over the last decade.

• Ilya Gurevich is a retirement planner with more than 25 years of experience in the financial services industry. He has a deep understanding of the BlackRock Funds’ shareholder base and received a recommendation from Institutional Shareholder Services Inc. for election to the ECAT and BIGZ boards in 2023.

• Shavar Jeffries is the CEO of the KIPP Foundation and is a corporate governance expert with a 24-year career in law who has served on boards including Pzena Investment Management, the KIPP Foundation, New Classrooms and Duke University.

• David Littlewood has more than two decades of experience in capital markets, asset management and securities trading, as well as valuable expertise in debt securities (credit product structuring and distribution) from his time serving as Global Head of Structured Credit Products at the Royal Bank of Scotland.

• David Locala is a former M&A banker with more than 30 years of experience working in the financial services industry at Citigroup Global Markets, Deutsche Bank and Lazard, where he advised companies on M&A across the technology sector.

• Jennifer Raab is an executive of various private and nonprofit organizations, including as the CEO of the New York Stem Cell Foundation Research Institute, the former Chairperson of the New York City Landmarks Preservation Commission and the President Emerita of Hunter College.

• Alexander Vindman is a former member of the White House’s National Security Council who has significant experience in high-ranking roles in political and military affairs. He is renowned for upholding sound governance principles through ethical leadership and accountability, including as Political-Military Affairs Officer for Russia for the Chairman of the Joint Chiefs of Staff.

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