Your Vote Matters BlackRock Capital Allocation Term Trust (NYSE: BCAT) BlackRock is fighting for you. Vote now and make your voice heard: Vote today! Vote today:? How to vote: Defend your fund, Phone• FOR the BlackRock nominees save your income. Online AGAINST Saba’s proposal to terminate WHITE proxy card investment mgmt. agreement HOW TO VOTE: Use the WHITE proxy card, and vote FOR your experienced nominees and AGAINST Saba’s proposal. To Elect the Class II Board Member Nominees. AGAINST ABSTAIN R. Glenn Hubbard W. Carl Kester John M. Perlowski If properly presented at the meeting, a proposal submitted by a hedge fund managed by Saba FOR ABSTAIN Capital Management, L.P. to terminate the investment management agreement between the Trust and BlackRock Advisors, LLC.! IMPORTANT: Do not return any gold proxy card from Saba BlackRock is delivering real value: Your Fund outperformed peers in 2023 Sustainable distributions grew, 1 while peers’ decreased1 Total shareholder returns (2023)1 Distribution enhancements since inception 19.27% 6.53% BCAT Peermedian+174.2%BCAT-28.4%Peers Actions taken by your Board and management team have narrowed BCAT’s discount to NAV Total discount narrowing2 73.9% Discount to NAV2 17.7% 12/31/2022 5/24/2024 4.6% BlackRock’s open market share repurchase program enhances the value of your investment Share repurchases drive meaningful gains in NAV1$78m$13.3mShares repurchased NAV accretion for our shareholders BlackRock 1 Broad ridge; Bloomberg as of 5/24/2024; Peer set includes ECAT, GLV, GLO, BXSY, FT, RCG, RIV, OPP and SPE; PDX included in the peer set starting 1/1/2024; Total shareholder return on price annualized for periods longer than 1 year (assumes dividends are reinvested); Inception as of 9/25/2020 2 12/31/2022 – 5/24/2024; Morningstar/BlackRock data as of 5/24/2024

The truth about Saba Setting the record straight Saba has made numerous unsubstantiated claims about BlackRock, your Fund, and your Board—but they do not add up. Myth Saba claims that its actions are in the best interest of CEF shareholders Reality Saba has chosen to use its vast resources to buy large stakes in closed-end funds (CEF), engage in costly proxy fights, and force actions that provide Saba with a quick profit for themselves at your expense. Myth Saba claims aren’t delivering results for investors Reality BlackRock CEFs have delivered consistent long-term value over time, generating $3.6 billion in gains in 2023 alone while paying shareholders $3.1 billion per year via dividends 3. We have also repurchased $1.3 billion in shares, generating over $200 million in gains4.Myth Saba claims to be a better CEF manager than BlackRock Reality BlackRock has a 35+ year track record of delivering long-term value for CEF shareholders. At the funds Saba has taken over (BRW, SABA), shareholders are now exposed to riskier strategies, leaving them with a fund that no longer serves their original goals, as well as higher management fees. Saba’s CEF track is marked by failure and underperformance5:BRWTotal Shareholder Return5 BRW Morningstar US CEF Bank Loans BlackRock Bank Loans Funds Median 13.4% Since takeover (6/4/2021 –18.0% 5/24/2024) 30.6% 3 Annualized estimate based on June 2024 dividends for BlackRock closed-end funds 4 BlackRock. Since inception of the funds’ repurchase programs to 4/30/2024. Date of inception of BCAT, ECAT, BIGZ, BMEZ and BSTZ repurchase programs is 11/19/2021. Date of inception of BFZ, BNY, MHN, MPA and MYN repurchase programs is 11/15/2018 5 Bloomberg as of 5/24/2024; Total shareholder return on price (assumes dividends are reinvested)

Vote today. Make your voice heard, and save your fund and your investment. This is no time for taking chances. We need all shareholders to vote on the enclosed WHITE proxy card today to preserve YOUR Fund: 1. To Elect the Class II Board Member Nominees. FOR AGAINST ABSTAIN 1.1 R. Glenn Hubbard 1.2 W. Carl Kester 1.3 John M. Per lowski 2. If properly presented at the meeting, a proposal submitted by Saba Capital FOR AGAINST ABSTAIN Management L.P. to terminate the investment management agreement between the Trust and BlackRock Advisors, LLC. How do I vote? Vote online Vote by phone Vote by mail Using the website provided on YOUR enclosed WHITE proxy card and following the simple instructions By calling the toll-free number on YOUR enclosed WHITE proxy card and following the simple instructions By completing and returning YOUR enclosed WHITE card in the postage paid envelope provided ! Do NOT send back any proxy card you may receive from Saba If you have already sent back the proxy card received from Saba, you can still change your vote by promptly voting on the WHITE proxy card, which will replace the proxy card you previously completed. If you have any questions about the proposals to be voted, please feel free to contact Georgeson LLC (“Georgeson”), toll free at 1-866-529-8146. Important information about the Fund This material is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock Capital Allocation Term Trust (BCAT). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities. Common shares for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund’s dividend yield, market price and NAV will fluctuate with market conditions. The information for this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund’s shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.© 2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners. June 2024 | BlackRock Capital Allocation Term Trust (BCAT) Not FDIC Insured • May Lose Value • No Bank Guarantee