BlackRock MuniYield Pennsylvania Quality Fund · NYSE:MPA
BlackRock MuniYield Pennsylvania Quality Fund — Proxy Contest (June 2024)
84 slides from BlackRock MuniYield Pennsylvania Quality Fund's proxy contest presentation, Jun 6, 2024
Slide 1: BlackRock Closed-End Funds: Focused on the interests of all shareholders
BlackRock Closed-End Funds Focused on the interests of all shareholders Contested funds: BlackRock California Municipal Income Trust (NYSE: BFZ) BlackRock New York Municipal Income Trust (NYSE: BNY) BlackRock MuniHoldings New York Quality Fund, Inc. (NYSE: MHN) BlackRock MuniYield Pennsylvania Quali
Slide 2: Executive Summary
Executive Summary BlackRock1 – a trusted fiduciary for investors Since 1988, BlackRock has been a leader in closed-end funds (CEFs) through continuous innovation and a focus on clients’ evolving needs BlackRock’s CEFs are structured to meet the financial goals of all shareholders, offering a unique
Slide 3: BlackRock – a trusted fiduciary for investors
BlackRock – a trusted fiduciary for investors
Slide 4: Overview of BlackRock CEFs: Designed for CEF shareholders
Overview of BlackRock CEFs: Designed for CEF shareholders BlackRock CEFs are structured to meet the financial goals of CEF shareholders, consistent with the investment objective of each fund. Since 1988, BlackRock has established a leadership position in CEFs through continuous innovation and a focu
Slide 5: Characteristics of contested CEFs' shareholders
Characteristics of contested CEFs’ shareholders The contested CEFs are focused on enhancing value for all our shareholders Shareholders continue to choose these CEFs to ensure they have adequate and predictable distributions to plan for their financial futures Shareholders in the contested CEFs Bene
Slide 6: The Funds' Boards protect the main features of CEFs
The Funds’ Boards protect the main features of CEFs and the interests of all shareholders CEFs offer a unique combination of steady distributions, access to private investments, daily liquidity and capital return CEFs exist to address the need for predictable distributions over time and across inves
Slide 7: The current Board is a better choice than Saba's nominees
The current Board is a better choice than Saba’s less qualified, conflicted nominees Highly qualified current trustees surpass Saba’s nominees in aggregate and on every relevant skill Key Board Characteristics Genuinely independent Chair and Trustees New trustees identified by independent Governance
Slide 8: The Funds' Boards and management teams create value for all shareholders
The Funds’ Boards and management teams create value for all shareholders
Slide 9: BlackRock CEFs targeted by Saba
BlackRock CEFs targeted by Saba Asset Class Contested Funds Key Features Multi- Asset Equity Municipal Bonds BCAT ECAT BIGZ BMEZ BSTZ BFZ BNY MHN MPA MYN BlackRock Capital Allocation Term Trust BlackRock ESG Capital Allocation Term Trust BlackRock Innovation and Growth Term Trust BlackRock Health Sc
Slide 10: Significant performance improvements and discount reductions since 2022
From challenging lows in 2022, the Funds’ Boards and BlackRock have taken decisive actions to drive significant performance improvements and substantial discount reductions Discount to NAV Total Market Price Return Fund v. Index Return 12/31/2022 5/24/2024 % Change 12/31/2022 – 5/24/2024 12/31/2022
Slide 11: Decisive steps to address the trading discounts
The Funds’ Boards and management have taken decisive steps to address the trading discounts How does action help Multi-Asset Equity Municipal Bonds Action taken reduce CEF discount? BCAT ECAT BIGZ BMEZ BSTZ BFZ BNY MHN MPA MYN Inclusion in CEF index Fund of funds agreement Distribution rate increase
Slide 12: BlackRock Capital Allocation Term Trust (BCAT)
BlackRock Capital Allocation Term Trust (BCAT) Total Shareholder Return (TSR) • BCAT has recently outperformed peers – In the first years since inception in Sep 2020, the Trust faced headwinds due to its lower allocation to equities relative to Tactical Opportunities peers and the time it took to ra
Slide 13: BCAT: actions taken to mitigate discount
BCAT: actions taken to mitigate discount How does action help Action taken BCAT reduce CEF discount? Inclusion in CEF index Increase CEF ? visibility/liquidity Fund of funds agreement Provides additional ? demand for CEFs Distribution rate increases Increase payouts to ? shareholders Managed / level
Slide 14: BlackRock ESG Capital Allocation Term Trust (ECAT)
BlackRock ESG Capital Allocation Term Trust (ECAT) Total Shareholder Return (TSR) • #1 performing trust in peer group in 2023 • ECAT has outperformed peers’ median by 347bps and 2,577bps in the YTD and 1-year timeframe, respectively. • The Trust’s Board believes ECAT’s performance is best measured a
Slide 15: ECAT: actions taken to mitigate discount
ECAT: actions taken to mitigate discount How does action help Action taken reduce CEF discount? Inclusion in CEF index Increase CEF visibility/liquidity Fund of funds agreement Provides additional demand for CEFs Distribution rate increases Increase payouts to shareholders Managed / level-rate Enhan
Slide 16: BlackRock Innovation and Growth Term Trust (BIGZ)
BlackRock Innovation and Growth Term Trust (BIGZ) Total Shareholder Return (TSR) • BIGZ was launched in March of 2021, which was near the market peak for SMID-cap growth stocks from a public perspective. The private portfolio has also weighed on performance given markdowns on private equity investme
Slide 17: BIGZ: actions taken to mitigate discount
BIGZ: actions taken to mitigate discount How does action help Action taken reduce CEF discount? Inclusion in CEF index Increase CEF visibility/liquidity Fund of funds agreement Provides additional demand for CEFs Distribution rate increases Increase payouts to shareholders Managed / level-rate Enhan
Slide 18: BlackRock Health Sciences Term Trust (BMEZ)
BlackRock Health Sciences Term Trust (BMEZ) Total Shareholder Return (TSR) • The Trust’s Board believes BMEZ should be compared to a subset of the Health CEFs: HQL1 and HQH2 – when assessing performance – BMEZ, HQL and HQH are significantly more invested in biotech companies (typically more growth-f
Slide 19: BMEZ: actions taken to mitigate discount
BMEZ: actions taken to mitigate discount How does action help Action taken reduce CEF discount? Inclusion in CEF index Increase CEF visibility/liquidity Fund of funds agreement Provides additional demand for CEFs Distribution rate increases Increase payouts to shareholders Managed / level-rate Enhan
Slide 20: BlackRock Science and Technology Term Trust (BSTZ)
BlackRock Science and Technology Term Trust (BSTZ) Total Shareholder Return (TSR) • BSTZ is an innovative investment product that provides unique access to private equity and growth investment opportunities while meeting its distribution objectives • BSTZ is differentiated from other funds in the Mo
Slide 21: BSTZ: actions taken to mitigate discount
BSTZ: actions taken to mitigate discount How does action help Action taken reduce CEF discount? Inclusion in CEF index Increase CEF visibility/liquidity Fund of funds agreement Provides additional demand for CEFs Distribution rate increases Increase payouts to shareholders Managed / level-rate Enhan
Slide 22: BlackRock California Municipal Income Trust (BFZ)
BlackRock California Municipal Income Trust (BFZ) Total Shareholder Return (TSR) • BFZ has outperformed peers over most timeframes – Its 1-year TSR of 15.84% is 1,139bps higher than peers’ median over the same period – Outperformance over a 5-year timeframe is 245bps Premium / (Discount) to NAV • BF
Slide 23: BFZ: actions taken to mitigate discount
BFZ: actions taken to mitigate discount How does action help Action taken reduce CEF discount? Inclusion in CEF index Increase CEF visibility/liquidity Fund of funds agreement Provides additional demand for CEFs Distribution rate increases Increase payouts to shareholders Managed / level-rate Enhanc
Slide 24: BlackRock New York Municipal Income Trust (BNY)
BlackRock New York Municipal Income Trust (BNY) Total Shareholder Return (TSR) • BNY has outperformed peers over most timeframes – YTD TSR is 186bps ahead of peers’ median – Outperformance over a 1-year timeframe is 170bps Premium / (Discount) to NAV • BNY’s 9.62% discount to NAV is narrower than it
Slide 25: BNY: actions taken to mitigate discount
BNY: actions taken to mitigate discount How does action help Action taken BNY reduce CEF discount? Inclusion in CEF index Increase CEF ? visibility/liquidity Fund of funds agreement Provides additional ? demand for CEFs Distribution rate increases Increase payouts to ? shareholders Managed / level-r
Slide 26: BlackRock MuniHoldings New York Quality Fund (MHN)
BlackRock Muniholdings New York Quality Fund, Inc. (MHN) Total Shareholder Return (TSR) • MHN outperformed peers YTD as well as over 5- and 10-year periods Premium / (Discount) to NAV • MHN discount to NAV is in line with peers • The Fund’s Board implemented an open market repurchase program, which
Slide 27: MHN: actions taken to mitigate discount
MHN: actions taken to mitigate discount How does action help Action taken MHN reduce CEF discount? Inclusion in CEF index Increase CEF ? visibility/liquidity Fund of funds agreement Provides additional ? demand for CEFs Distribution rate increases Increase payouts to ? shareholders Managed / level-r
Slide 28: BlackRock MuniYield Pennsylvania Quality Fund (MPA)
BlackRock MuniYield Pennsylvania Quality Fund (MPA) Total Shareholder Return (TSR) • MPA has outperformed peers over most timeframes – 1-year TSR is 9.65%, 290bps higher than peers’ median over the same period Premium / (Discount) to NAV • MPA is trading at a 6.92% discount to NAV as of 5/24/2024, c
Slide 29: MPA: actions taken to mitigate discount
MPA: actions taken to mitigate discount How does action help Action taken MPA reduce CEF discount? Inclusion in CEF index Increase CEF ? visibility/liquidity Fund of funds agreement Provides additional ? demand for CEFs Distribution rate increases Increase payouts to ? shareholders Managed / level-r
Slide 30: BlackRock MuniYield New York Quality Fund (MYN)
BlackRock MuniYield New York Quality Fund, Inc. (MYN) Total Shareholder Return (TSR) • MYN has outperformed peers over most timeframes – YTD TSR is 71bps ahead of the peers’ median – 1-year TSR of 9.78% is 277bps higher than peers’ median over the same period Premium / (Discount) to NAV • MYN’s 9.90
Slide 31: MYN: actions taken to mitigate discount
MYN: actions taken to mitigate discount How does action help Action taken MYN reduce CEF discount? Inclusion in CEF index Increase CEF ? visibility/liquidity Fund of funds agreement Provides additional ? demand for CEFs Distribution rate increases Increase payouts to ? shareholders Managed / level-r
Slide 32: Rigorous Board oversight ensures all shareholders are protected
Rigorous Board oversight ensures all shareholders are protected
Slide 33: Why our nominees are the best candidates for the contested Funds' Boards
Why are our nominees collectively the best candidates for the contested Funds’ Boards? Key Board Characteristics Statistics Genuinely independent Chair and Trustees New trustees identified by independent Governance Committee, advised by external search firm Multiple years of investment company and C
Slide 34: The current Board has the skills needed to oversee closed-end funds
The current Board has the extensive set of skills needed to effectively oversee closed-end funds R. Glenn W. Carl Cynthia L. Robert Lorenzo A. Stayce D. J. Phillip Catherine A. John M. Arthur P. Hubbard Kester Egan Fairbairn Flores Harris Holloman Lynch Perlowski Steinmetz Chair Vice Chair MPA, MHN,
Slide 35: Rigorous governance and oversight of BlackRock CEFs
Rigorous governance and oversight of BlackRock CEFs The Funds’ Boards regularly meet with the CEFs’ portfolio management teams to assess performance and fund positioning Trustees serve on various committees that thoroughly examine all aspects of the CEFs’ management Committee Structure Assists Funds
Slide 36: Our corporate governance protects all shareholders
Our corporate governance protects all shareholders, who face different risks than in operating companies ? The Boards believe that it is inappropriate to compare the Funds’ corporate governance practices to those of operating companies because there are important differences to CEFs CEFs are (1) inh
Slide 37: Quorum requirements track market practice and protect shareholders
The Funds’ quorum requirements track market practice and protect shareholders Requiring a majority of outstanding shares to establish quorum for the transaction of business is consistent with market practice – 65% of CEFs (excluding those advised by BlackRock) use a majority standard for quorum1 – B
Slide 38: Proactive actions taken by Standing Discount Committee
Proactive actions taken by Standing Discount Committee Discount Committee was established in 2018 to study all aspects of secondary market discounts and to assist the Funds’ Boards in monitoring CEF trading by: 1) Defining the drivers of discounts 2) Identifying potential solutions 3) Implementing r
Slide 39: We are open to engaging with all our shareholders
We are open to engaging with all our shareholders • The Funds’ Boards seek to actively engage with all shareholders • We approach these engagements with the goal of finding reasonable solutions to address shareholder concerns, including when those concerns are raised by institutional investors and h
Slide 40: Inherent conflict between Saba's interests and those of other shareholders
Inherent conflict between Saba’s self-serving interests and those of other shareholders
Slide 41: Saba's aggressive and self-serving behavior could harm other shareholders
Saba’s aggressive and self-serving behavior could harm other shareholders The Saba Playbook Funds where Saba did this “Bait and switch” fund • Take over fund management, fundamentally change strategies to suit Saba’s own purposes objectives • Fees have risen in funds taken over by Saba, leaving shar
Slide 42: Saba does not deliver (positive) change as a manager
Saba does not deliver (positive) change as a manager Shareholder Saba sets high standards for targeted funds “[A]ll gains through Saba’s activism are gains for every investor to capture”2 “[W]e are confident the Board will be able to find a thoughtful and capable manager for significantly less than
Slide 43: Saba's Broken Promises – BRW
Saba’s Broken Promises – BRW Saba Capital Income & Opportunities Fund (formerly Voya Prime Rate Trust) Saba’s Claims about BRW 1 Reality Note: Saba presentation extract Total Shareholder Returns Saba Capital Voya Prime Rate Trust Peer Median Benchmark Index Peer Median Benchmark Index 1-Year 3-Year
Slide 44: Saba's Broken Promises – SABA
Saba’s Broken Promises – SABA Saba Capital Income & Opportunities Fund II (formerly Templeton Global Income Fund) Saba’s Claims about SABA1 Total Return Analysis, Franklin Templeton Fact Sheet Saba Capital Note: Saba presentation extract Saba statement from April 2021 presentation: We therefore do n
Slide 45: Are Saba's interests really aligned with those of all shareholders?
Are Saba’s interests really aligned with those of all shareholders? Saba’s actions at “BRW” Saba’s actions at “SABA” ~25% ~3% Before After Are Saba’s interests really aligned with those of all shareholders? 45 Saba’s actions at “BRW” Saba’s actions at “SABA” 1.71% estimated net annual expense excl.
Slide 46: Multi-year activism campaign at BlackRock Funds has squandered shareholder value
Multi-year activism campaign at BlackRock Funds has squandered shareholder value in pursuit of Saba’s self-serving goals 2019 2023 Saba fails to complete director March – August questionnaires required by bylaws of Saba nominates slate of inexperienced BQH and BTZ that would help candidates to advan
Slide 47: Saba rejected constructive settlement proposals
Saba rejected constructive settlement proposals that would provide all shareholders with substantial liquidity The Boards offered strong concessions to prevent a costly and unnecessary proxy contest in exchange for a standstill, dismissal of pending litigation and other customary terms Introductory
Slide 48: Saba rejected constructive settlement proposals (cont'd)
Saba rejected constructive settlement proposals that would provide all shareholders with substantial liquidity (cont’d) Despite its ongoing campaign attacks on the Funds’ corporate governance, Saba did not ask for a single change to any of the Funds’ corporate governance practices during settlement
Slide 49: BIGZ and ECAT convened annual meetings three times to reach quorum
BIGZ and ECAT convened their annual meetings three times to reach quorum and Saba failed to submit the proxies of shareholders it had solicited each time The Funds convened their 2023 annual meetings on July 10, adjourned them to July 25, BIGZ and ECAT each convened their and then adjourned them aga
Slide 50: Independent inspector of elections confirmed what occurred at BIGZ and ECAT
The independent inspector of elections has confirmed what occurred at BIGZ and ECAT in 2023 First Coast Results, Inc. was the inspector of elections for the shareholder meetings of BIGZ and ECAT in 2023. First Coast is an independent third-party service provider, who has served as independent inspec
Slide 51: Saba's nominees are unqualified and conflicted
Saba’s nominees are unqualified and conflicted
Slide 52: Saba's nominees are unqualified versus current trustees
Saba’s nominees are unqualified versus current trustees They have fews that are relevant to fund oversight Their pre-existing relationships with Saba raise serious questions about independence Athanassios David Alexander Ilya Gurevich Shavar Jeffries David Locala Jennifer Raab Diplas Littlewood Vind
Slide 53: Saba nominees raise many unanswered questions
Saba nominees raise many unanswered questions… • In response to Saba’s nominations, we asked to interview Saba’s director candidates, as we always do with potential directors • Saba refused to allow us to interview their nominees • As a result, we performed a review of the backgrounds of Saba’s nomi
Slide 54: How can Saba's nominees be truly independent?
How can Saba’s nominees be truly independent? Saba nominees’ pre-existing relationships with Saba raise serious questions about independence Athanassios David Diplas Locala BOAZ WEINSTEIN Ilya Gurevich Jennifer Raab Shavar Jeffries Connections to Boaz Weinstein / Saba Mrs. Weinstein DA campaign fina
Slide 55: Saba Nominee: Athanassios Diplas
Saba Nominee: Athanassios Diplas Nominee for: BIGZ, BSTZ, ECAT, MPA Background Qualifications and Considerations Worked as Global Head of System Risk Management at Current Role: Deutsche Bank from 2010–2012. The firm was fined N/A over a money laundering scheme, which allegedly occurred during part
Slide 56: Saba Nominee: Ilya Gurevich
Saba Nominee: Ilya Gurevich Nominee for: BFZ, BIGZ, BMEZ, BNY, MPA, ECAT Background Qualifications and Considerations No closed-end fund experience Current Role: Life, accident and health insurance agent No retail investor perspectives No relevant board experience Primary Experience: Trading & retir
Slide 57: Saba Nominee: Shavar Jeffries
Saba Nominee: Shavar Jeffries Nominee for: BCAT, BFZ, BIGZ, BMEZ, MHN, MPA, ECAT Background Qualifications and Considerations Ran for mayor of Newark, NJ in 2014, a campaign that included allegations of campaign misconduct, corruption and voter intimidation1 Current Role: CEO of KIPP Foundation (cha
Slide 58: Saba Nominee: David Littlewood
Saba Nominee: David Littlewood Nominee for: BIGZ, ECAT, MPA Background Qualifications and Considerations In August 2007, Barclays announced that it would rescue Cairn Capital’s $1.6 billion structured investment vehicle, Cairn High Grade Funding I. The fund invested in long-term assets by borrowing
Slide 59: Saba Nominee: David Locala
Saba Nominee: David Locala Nominee for: BIGZ, BMEZ, BSTZ, ECAT, MPA Background Qualifications and Considerations During his tenure at Deutsche Bank in 2014, shareholders of PLX Technology sued over alleged N/A conflicts of interest of Deutsche Bank—including Locala specifically—regarding the board’s
Slide 60: Saba Nominee: Jennifer Raab
Saba Nominee: Jennifer Raab Nominee for: BCAT, BIGZ, BNY, MHN, MYN, MPA, ECAT Background Qualifications and Considerations Current Role: CEO of New York Stem Cell Foundation While Raab served as chair of the NYC Landmarks Preservation Commission between 1994 and 2001, media reported she allegedly us
Slide 61: Saba Nominee: Alexander Vindman
Saba Nominee: Alexander Vindman Nominee for: BCAT, BIGZ, BSTZ, MYN , MPA, ECAT Background Qualifications and Considerations No closed-end fund experience Current Role: President of Here Right Matters No governance, business or finance experience1 Foundation (Ukraine aid) No retail shareholder perspe
Slide 62: Only the current Funds' Boards have the best interests of all shareholders in mind
The answer is clear – only the current Funds’ Boards have the best interests of all shareholders in mind and BlackRock is the right manager for these Funds
Slide 63: The Funds' Boards are the best choice for all shareholders
The Funds’ Boards are the best choice for all shareholders and BlackRock is the right manager for the CEF Funds • The Funds’ Boards represent the best interests of all our shareholders — 290K+ beneficial holders. CEF holders invest in these products for predictable distributions over time and across
Slide 64: Appendix
Appendix
Slide 65: Governance practices compared to peers and Saba-controlled funds
This is how the Funds’ governance practices compare to their peers and the two funds Saba has taken over Quorum Requirement for Voting Standard for Board Structure Shareholder Meetings Uncontested Elections 10% 6% 2% 10% 20% 33% 50% 50% 65% 90% 94% 80% 100% 90% 100% Contested Saba CEF Market3 Contes
Slide 66: Decisive steps to address trading discounts – additional detail
The Funds’ Boards have taken decisive steps to address trading discounts – additional detail Action Taken High-level Description Took steps to qualify for inclusion in the S-Network Composite Closed-End Fund Index which is tracked by the Invesco CEF Inclusion in CEF index Income Composite ETF (PCEF)
Slide 67: Quarterly performance information
Quarterly performance information The Board receives the following performance information for all BlackRock-advised closed-end funds: ? Quarterly Performance Summary Report – This report is the primary performance report for all closed-end funds that includes a comprehensive set of current and hist
Slide 68: Discount analysis information
Discount analysis information Each Board receives a Quarterly Closed-End Fund Review Report, with the following discount-related information: The primary focus is the closed-end fund industry market price trending (discounts) across all asset classes: municipals, fixed-income, equity Board considera
Slide 69: Discount analysis information (cont'd)
Discount analysis information (cont’d) In addition to the quarterly materials that are provided to the Boards, materials are also provided to the Discount Committee as requested and for consideration in the annual contract renewal process Working with the Discount Committee in 2023, BlackRock conduc
Slide 70: Does good performance lead to narrower discounts?
Exhibit 1 Does good performance lead to narrower discounts? There appears to be an inverse relationship between 5Y Annualized performance and discount level (i.e., higher returns -> narrower discount) This relationship holds better for Equity and Taxable Bond Charts below detail the distribution acr
Slide 71: Do higher distribution yields lead to narrower discounts?
Exhibit 2 Do higher distribution yields lead to narrower discounts? There appears to be an inverse relationship between distribution yield and discount level (i.e., higher yield -> narrower discount). However, the relationship varies by asset class The inverse relationship is most prominent for Muni
Slide 72: Does fund secondary market liquidity affect discounts?
Exhibit 3 Does fund secondary market liquidity affect discounts? For Equity funds, there appears to be an inverse relationship between secondary market liquidity and discount levels (i.e., higher liquidity -> narrower discount) The least frequently traded Equity CEFs have traded at wider discounts c
Slide 73: Correlation between category size and median discount
Exhibit 4 Is there any correlation between the category size to median discount? There seems to be a negative correlation between the size of the category group and discount level (i.e., larger category group -> wider discount). This relationship holds most of the time Chart below shows the correlat
Slide 74: Correlation between category size and discount spread
Exhibit 5 Is there any correlation between category size and discount spread? There seems to be a positive correlation between the size of the category and the discount spread of the category (i.e., more funds within a category -> wider discount spread). This relationship holds most of the time Char
Slide 75: BlackRock CEF Board Members: R. Glenn Hubbard
BlackRock CEF Board Members: R. Glenn Hubbard Up for re-election at: MPA, BCAT, ECAT, BMEZ, BIGZ, BSTZ R. Glenn Hubbard has served in numerous roles in the field of economics, including as the Chairman of the U.S. Council of Economic Advisers of the President of the United States. Dr. Hubbard’s expe
Slide 76: BlackRock CEF Board Members: W. Carl Kester
BlackRock CEF Board Members: W. Carl Kester Up for re-election at: MPA, BCAT, ECAT, BMEZ, BIGZ, BSTZ The Board benefits from W. Carl Kester’s experiences as a professor and author in finance, and his experience as the George Fisher Baker Jr. Professor of Business Administration at Harvard Business S
Slide 77: BlackRock CEF Board Members: Cynthia L. Egan
BlackRock CEF Board Members: Cynthia L. Egan Up for re-election at: MPA, ECAT, BIGZ Cynthia L. Egan brings to each Fund’s Board a broad and diverse knowledge of investment companies and the retirement industry as a result of her many years of experience as President, Retirement Plan Services, for T.
Slide 78: BlackRock CEF Board Members: Robert Fairbairn
BlackRock CEF Board Members: Robert Fairbairn Up for re-election at: MPA Robert Fairbairn is responsible for key strategic relationships and initiatives with some of BlackRock’s largest global clients. Since joining the firm in 1993, he has led many of BlackRock’s most important business divisions a
Slide 79: BlackRock CEF Board Members: Lorenzo A. Flores
BlackRock CEF Board Members: Lorenzo A. Flores Up for re-election at: MPA, ECAT, BIGZ Each Fund’s Board benefits from Lorenzo A. Flores’s many years of business, leadership and financial experience in his roles at various public and private companies. In particular, Mr. Flores’s service as Chief Fin
Slide 80: BlackRock CEF Board Members: Stayce D. Harris
BlackRock CEF Board Members: Stayce D. Harris Up for re-election at: MPA, ECAT, BIGZ Each Fund’s Board benefits from Stayce D. Harris’s leadership and governance experience gained during her extensive military career, including as a three-star Lieutenant General of the United States Air Force. In he
Slide 81: BlackRock CEF Board Members: J. Phillip Holloman
BlackRock CEF Board Members: J. Phillip Holloman Up for re-election at: MPA, MHN, MYN, BNY, BFZ Phillip Holloman retired from Cintas as President and Chief Operating Officer in 2018. Mr. Holloman is a founding member of Cintas’ diversity committee and received the Excalibur Award, the company’s high
Slide 82: BlackRock CEF Board Members: Catherine A. Lynch
BlackRock CEF Board Members: Catherine A. Lynch Up for re-election at: MPA, MHN, MYN, BNY, BFZ, ECAT, BIGZ Catherine A. Lynch, who served as the Chief Executive Officer and Chief Investment Officer of the National Railroad Retirement Investment Fund, benefits each Fund’s Board by providing business
Slide 83: BlackRock CEF Board Members: John M. Perlowski
BlackRock CEF Board Members: John M. Perlowski Up for re-election at: MPA, BCAT, ECAT, BMEZ, BIGZ, BSTZ John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as the Head of BlackRock Global Accounting and Product Services since 2009, and as President and Chief Executive
Slide 84: BlackRock CEF Board Members: Arthur P. Steinmetz
BlackRock CEF Board Members: Arthur P. Steinmetz Up for re-election at: MPA, MHN, MYN, BNY, BFZ The Board benefits from Arthur P. Steinmetz’s many years of business and leadership experience as an executive, chairman and director of various companies in the financial industry. Mr. Steinmetz’s servic
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