BlackRock LifePath Retirement Fund

The Fund will seek to maintain a portfolio of investments providing exposure (save for any investments for liquidity or EPM purposes and limited exposure to commodities as described below) to approximately 50 to 70% in fixed income securities with the balance in equity securities, whilst incorporating certain environmental, social and governance (ESG) commitments (as described below). The Fund intends to gain indirect exposure globally to equity securities (e.g. shares), fixed income (FI) securities (such as bonds) and alternative assets (such as property and commodities) by investing at least 70% of its total assets in other funds. The Fund may also invest directly in equity securities, FI securities, MMIs (i.e. debt securities with short-term maturities), deposits and cash.