BlackRock Global Funds (BGF)Global Allocation Fund

April 2012

Rating as of February 2012

Rating as of May 2011

FOR PROFESSIONAL INTERMEDIARIES ONLY© 2012 BlackRock, Inc. All rights reserved

GA_4

22

BGF Global Allocation Fund: Portfolio Management Team

Global Allocation team manages more than $13 billion in assets within the BGF Global Allocation Fund

Experienced and deep investment management team• Portfolio Managers have more than 90 years cumulative experience

• PMs and Senior Analysts average over 20 years of investment experience

• More than half of the team’s PMs and/or Senior Analysts have worked on the portfolio for over a decade

Analysts have a wide degree of flexibility in the development of investment ideas• Responsibilities are only loosely categorized by global sector

• Can explore opportunities across a firm’s total capital structure; having both equity and fixed income expertise

• Strong team interaction and knowledge sharing

Team utilizes worldwide BlackRock resources for investment ideas, fundamental analysis, technology, risk analysis and cash management

GA_7

As of 31 March 2012.

3

BGF Global Allocation Fund: Flexibility

• Typically invested in over 700 securities in over 40 countries around the world

• The ability to invest across the capital structure of an organization

• In addition to conventional equities, fixed income and cash equivalents, the fund invests in:

– Private placements

– High yield fixed income

– Distressed fixed income

– Convertible fixed income

– Inflation-linked bonds

– Preferred equity

– Equity and fixed income index futures

– Structured products

– Covered calls

– Puts

– Warrants

– Real estate investment trusts (REITS)

– Precious metal-related securities

As of 31 March 2012. Subject to change.

GA_5

4

BGF Global Allocation Fund: Investment Philosophy

GA_5

As of 31 March 2012.

Diversification:• Asset Class – equities, fixed income and cash equivalents

• Geographic – US and abroad

• Capitalization – all sizes

• Securities – many portfolio holdings (>700)

• Currencies – may include precious metals

“Competitive returns with low-to-moderate levels of risk can be achieved through a flexible, research-intensive, value-oriented approach that seeks the best investment opportunities worldwide, broadly diversified across asset classes, countries and securities.”

– Global Allocation Portfolio Management Team

Dan Chamby, CFA Portfolio Manager

Dennis Stattman, CFA Portfolio Manager

Aldo Roldan, Ph.D Portfolio Manager

5

BGF Global Allocation Fund: Portfolio Management Team

GA_7

*Lisa O’Donnell and Kevin Bynum are currently on leave.As of 29 February 2012.

Nicole EverettChristine Garvey

Lisa GillWendy Held

Lisa Peterson

PortfolioAdministration

Marie DwyerPete MathernKim Moore

Mike Carlucci

PortfolioTransactions

Product Specialist TeamOscar Pulido, CFAPatrick Sewards

Matt EstesBrian Miller, CFA

Meghan Heil

Quantitative Strategy

Randy BerkowitzSam Indyawan

Judy RiceErica Quinn, CFAReid Ross, CFA

Product and Research Strategy

Kent Hogshire, CFA12 years experience

Equity & Fixed Income, Converts, Derivatives, Materials, Industrials

Consumer

Patrick Edelmann, CFA13 years experience

Equity & Fixed Income, Converts, Derivatives,

Technology, Healthcare, Energy

Senior Analysts

Kevin McKenna, co-COO29 years experience

Lisa O’Donnell, JD, co-COO*25 years experience

Team Development, Risk,Operations, Compliance

Mike Trudel, CFA, JDGlobal Strategist15 years experience

Global Macro Strategy,Quantitative Analysis,

Risk Evaluation

Senior AnalystsKate Rauscher, CFA

26 years experienceEquity & Fixed Income,

Utilities, Industrials, Alternative Energy

Karen Morely, CFA26 years experience

Equity & Fixed Income,Healthcare, Energy, Defense

Lisa Walker, CFA26 years experience

Equity & Fixed Income, Financial Services,

Banks, REITS

Ben Moyer, CFA31 years experience

Asia PacificInvestments

Eric Mitofsky29 years experienceQuantitative Analysis,

Derivatives,Risk Management

Greg Spencer23 years experience

Equity & Fixed Income, Telecom, Media,

Technology

David Clayton, CFA, JD22 years experience

Equity & Fixed Income, Private Placements,

Distressed Debt

Senior AnalystsMike Walsh, CFA21 years experience

Fixed Income, Derivatives, Risk Management

Kevin Bynum, CFA* – MacroDaniel D. Daniel, CMT – Technology

Martin Fransson, Ph.D – Materials & Precious MetalsLindsay Klitsch, CFA – Consumer & Derivatives

Matt Litwin – Energy & IndustrialsJonathan Lux, CFA – Industrials & Generalist

Chirayu Patel, CFA – Asia Pacific, IndiaSonia Wang – Asia Pacific, Japan

Angela Yu, CFA – Asia Pacific, China

Research Associates

Dan Chamby, CFA Portfolio Manager

24 years experience

Asset Allocation &Investment Strategy

Dennis Stattman, CFA Portfolio Manager

32 years experience

Asset Allocation &Investment Strategy

Aldo Roldan, Ph.D Portfolio Manager

28 years experience

Asset Allocation &Investment Strategy

Portfolio Management

6

BGF Global Allocation Fund: Internal Reference Benchmark

Internal reference benchmark serves as a neutral asset mix and performance standard• Created to reflect global opportunity set, does not necessarily reflect our perception of value at a given point in time

• The portfolio can deviate significantly from the reference benchmark

• Benchmark has remained consistent since inception

As of 31 March 2012. Subject to change. This fund is not a “balanced” product, as its weightings are not rigidly adhered to. The fund is actively managed and its characteristics will vary. Benchmark referred to is the Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD World Gov’t Bonds. It is not possible to invest directly in an index.

Internal Reference Benchmark

Neutral Asset Class Allocation

60% Equity

40% Fixed Income

Neutral Regional Allocation

60% US

40% Non-US

GA_5

7

BGF Global Allocation Fund: Flexibility in Practice

As of 31 December 2011. Source: BlackRock. The information depicted above is for the BlackRock Global Allocation Fund (Investor A), inception date of 3/2/1989 and is for illustrative purposes only. The investment team uses the same investment process for the BGF Global Allocation.

Portfolio Composition (December 1993 to December 2011)

GA_7

8

Seeking to Preserve and Reward Over the Long Term (January 1997 to March 2012)

BGF Global Allocation Fund: The Benefits of Active Management

As of 31 March 2012. Source: Lipper, Bloomberg, Morningstar. Bid to bid prices with income reinvested, net of fees. Returns data quoted is based on the cumulative returns in US$. Sector: Morningstar Moderate Allocation (US$). Benchmark is 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasury Bonds, 16% Citigroup Non-USD Gov’t Bonds.

GA_7

9

BGF Global Allocation Fund: A Diversified Fund Designed to Perform in all Market Conditions

-2.17%

5.27%

117.41%111.10%

-50%

0%

50%

100%

150%

BGF Global Allocation Fund A -2.17% 111.10% 5.27% 117.41%

Internal Reference Benchmark -16.88% 79.67% 11.52% 66.54%

FTSE World Index -39.56% 133.92% -6.23% 32.39%

MSCI World Index -42.14% 118.86% -9.15% 15.05%

Citigroup World Gov't Bond Index 20.19% 39.03% 26.53% 111.48%

1/1/2000 - 12/31/2002 1/1/2003 - 12/31/2007 1/1/2008 - 3/31/2012 1/1/2000 - 3/31/2012

Source: BlackRock, Morningstar, Bloomberg. Performance in US$ terms as at 31 March 2012. Past performance is not a guarantee of future results. Basis: NAV prices, with gross dividends reinvested, net of expenses. Performance figures are cumulative returns.

GA_7

Cumulative Total Returns (January 2000 to March 2012)

Technology Bubble

Global Market Recovery Combined PeriodGlobal Credit

Crisis

10

Average Annual Total Return Performance

BGF Global Allocation Fund: Performance as of 31 March 2012

As of 31 March 2012. Source: BlackRock, Morningstar. Inception date: January 3, 1997. Fund size US $14,015 M. Launch date: 3 January 1997 ‘A’ shares. Basis: NAV prices, with gross dividends reinvested, net of expenses. Performance figures are calculated net of annual fees. Past performance is not a guide to future performance. ISIN code: LU0072462426. * Internal Reference Benchmark is comprised of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML 5-Year US Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.

GA_7

7.54%

-0.57%

12.92%

3.53%

7.75%

-5%

0%

5%

10%

15%

20%

25%

BGF Global Allocation Fund 7.54% -0.57% 12.92% 3.53% 7.75%

Internal Reference Benchmark* 6.99% 4.51% 15.53% 3.86% 6.34%

FTSE World Index 12.01% 0.12% 21.23% 0.36% 5.82%

Morningstar Mod. Allocation Peer Group (USD) 6.48% -0.92% 12.35% -1.25% 3.13%

YTD 1 Year 3 Years 5 Years Since Inception

1111

Dollar to Euro: Return Comparisons by Share Class as of 31 March 2012

As of 31 March 2012. Source: BlackRock, Reuters, Bloomberg. Performance figures are calculated net of annual fees. Past performance is not a guarantee of future performance. Total return is based on NAV and does not include sales charges.This information is for illustrative purposes only based on internal data and does not take account of hedging transaction costs or subscription and redemption activity within the fund. It is designed to illustrate the indicative performance that may have been achieved by placing 3-month forward contracts the fund assets to protect euro investors from fluctuations in the US dollar/euro exchange rates. Effective 8 June 2007, the BGF Global Allocation Euro hedged share class began hedging 100% of the fund’s net asset value (NAV). Prior to 8 June 2007, 60% of the fund’s assets were hedged.

-5%

0%

5%

10%

15%

BGF Global Allocation ($) -0.57% 12.92% 3.53%

BGF Global Allocation Euro Hedged (€) -1.48% 11.69% 2.19%

BGF Global Allocation (€) 5.82% 12.62% 3.59%

1 Year 3 Years 5 Years

Average Annual Total Return Performance

GA_2

1212

BGF Global Allocation Fund: Portfolio Positioning as of 31 March 2012

Asset Allocation

Currency Allocation

Equity Strategy (64% ~ Overweight) • Overweight:

– Regions: Asia (Japan & Asia-ex) and Latin America

– Sectors: Materials, Energy, Telecom Services, Information Technology, Healthcare, and Utilities

• Underweight:

– Regions: Europe

– Sectors: Financials, Consumer Staples, Consumer Discretionary, and Industrials

Fixed Income Strategy (25% ~ Underweight)• Overweight:

– Convertibles (4%) and Corporates (4%)

• Underweight:

– Nominal US Treasuries, European Sovereign Debt, and Japanese Government Bonds

Cash (11% ~ Overweight)• Actively Managed, both USD and non-USD

36%

28%

10%

15%

11%

US Equities

Non-US Equities

US Fixed Income

Non-US Fixed Income

Cash

As of 31 March 2012. Note: Portfolio allocation subject to change. The asset allocations illustrated are shown as a percentage of net assets. Asset allocation strategies do not assure profit and do not protect against loss. Overweight/Underweight indicators are relative to fund’s Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML US 5-Year Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.

GA_7

1313

BGF Global Allocation Fund: Portfolio Positioningas of 31 March 2012

As of 31 March 2012. Note: Portfolio allocation subject to change. The asset allocations illustrated are shown as a percentage of net assets. Asset allocation strategies do not assure profit and do not protect against loss. Overweight/underweight indicators are relative to fund’s Internal Reference Benchmark, which consists of 36% S&P 500, 24% FTSE World (ex.-US), 24% BofA ML US 5-Year Treasuries, 16% Citigroup Non-USD World Gov’t Bonds.

Developed Government Bonds Yields

14

Current Real Rates are Largely Negative Across the Yield Curve

Source: Bloomberg, May, 2012

15

Global Equity Valuations: Still Attractive

Source: Bloomberg, April 2012

  Price/Book Price/EPS Proj. EPSEarnings

YieldDividend

Yield 10-Yr Bond Yield  Current 2012 Growth 2012 Current CurrentUS 2.2x 13.2x 14% 7.6% 2.0% 2.0%

Europe 1.0x 9.2x 13% 10.9% 5.2% 1.7%

Japan 1.0x 14.2x 43% 7.0% 2.2% 0.9%

China 1.9x 10.1x 24% 9.9% 2.0% 3.6%

India 2.8x 13.5x 18% 7.4% 1.5% 8.4%

Brazil 1.4x 10.4x 7% 9.6% 4.3% 8.0%

Russia 0.9x 5.4x -1% 18.5% 2.6% 8.3%

16

US Corporate Profits

US Corporate Profits as % of GDP near historical highs

13%

Source: US Bureau of Economic Analysis, January 2012

17

The source of US Consumer “spending power”

Source: Bureau of Economic Analysis, December 2011

US government transfer receipts as % of personal income

18

US Federal Government Deficit

US Federal surplus (deficit) as % of net receipts (trailing 12-months)

Source: Bloomberg, March 2012

19

US Dollar purchasing power (measured in gold):New lows again – when does this end?

Source: Bloomberg, December 2011

Grams of gold per USD (log scale): 1793 - 2011

20

China and India’s demand growth in perspective

GA_5

Oil Consumption Per Capita

USA

Japan

South Korea

India

China

Non-OECD countries are the drivers of long-term energy/oil demand growth Source: BP Statistical Review of World Energy 2010. Respective Census Bureaus. Note: Size of bubbles represent population size.

21

2222

Why Choose BGF Global Allocation Fund?

BGF Global Allocation Fund is a unique portfolio which offers its shareholders• A highly-diversified core holding, selections from equities, fixed income and cash equivalents worldwide

• Proven long-term returns relative to global equities at about 1/3 rd less volatility

• Flexible and consistent investment style able to capitalize on opportunities in many market environments

• Experienced and consistent management team possessing a high degree of cohesiveness

• Disciplined risk management process and capabilities

• Ability to leverage BlackRock resources worldwide

GA_7

2323

Important Notes

Principal risks• Stock and bond values fluctuate in price so the value of your investment can go down depending on market conditions

• International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments

• The two main risks related to fixed-income investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments

• The fund may also invest in non-investment-grade debt securities (those rated below Baa by Moody’s Investors Service, Inc., or below BBB by Standard & Poor’s). These securities, commonly referred to as “junk bonds,” generally involve greater volatility of price and risks to principal and income than securities in higher rating categories

• The fund’s equity holdings, industries and asset mix are subject to change as the fund is actively managed

• Investing in derivatives entails specific risks relating to liquidity, leverage and credit that may reduce returns and/orincrease volatility

GA_7

24

The following notes should be read in conjunction with the attached document:1. Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Services Authority. Registered office: 12

Throgmorton Ave London EC2N 2DL. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Issued in Switzerland by the representative office, BlackRock Asset Management Switzerland Limited, Claridenstrasse 25, Postfach 2118 CH-8022 Zürich, from where the Company's Prospectus, Simplified Prospectus, Articles of Association, Annual Report and Interim Report are available free of charge. Paying Agent in Switzerland is JPMorgan Chase Bank, National Association, Columbus, Zurich Branch Switzerland, Dreikönigstrasse 21, CH-8002 Zurich. For further information, the prospectus, simplified prospectuses, annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9.Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time

2. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment

3. The fund invests in economies and markets which may be less developed. Compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate

4. The fund typically invests in smaller company shares which can be more unpredictable and less liquid than those of larger company shares5. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions

only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. It is recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A limited range of BGF sub-funds have a distributor status A sterling share class that seeks to comply with UK Distributor Status requirements. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Simplified Prospectus which are available on our website. Prospectuses, Simplified Prospectuses and application forms may not be available to investors in certain jurisdictions where the fund in question has not been authorised. Any research in this document has been procured and may have been acted on by BlackRock Investment Management (UK) Limited for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy

6. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation7. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or

otherwise, without the prior written consent of BlackRock

THIS MATERIAL IS FOR DISTRIBUTION TO PROFESSIONAL CLIENTS AND SHOULD NOT BE RELIED UPON BY ANY OTHER PERSONS.