They are in the business of licensing their brand to franchisees / brokerages, who in
turn sublicense it to agents who believe their affiliation will help their value proposition.
All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and
sublicensed for certain purposes to BlackRock Institutional Trust Company, N.A. («BTC»), which in
turn has sub-licensed these marks to its affiliate, BlackRock Canada, on behalf of the applicable fund (s).