BGF Emerging Europe Fund

Overview

Investment Approach

The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the shares of companies domiciled in, or the main business of which is in, emerging European countries or the Mediterranean region.

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Performance

Returns

Discrete Annual
Annualized
Cumulative

	From 31-Dec-2013 To 31-Dec-2014	From 31-Dec-2014 To 31-Dec-2015	From 31-Dec-2015 To 31-Dec-2016	From 31-Dec-2016 To 31-Dec-2017	From 31-Dec-2017 To 31-Dec-2018
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Dec 31, 2018	-24.93	-10.47	20.72	22.02	-16.17
Benchmark (%) Index: MSCI EM Europe 10/40 (net) in USD Performance Index<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. as of Dec 31, 2018	-29.52	-14.70	25.70	20.34	-11.20

	1Y	3Y	5Y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Jan 31, 2019	-16.71	13.60	0.53	7.90	8.07
Benchmark (%) Index: MSCI EM Europe 10/40 (net) in USD Performance Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. as of Jan 31, 2019	-10.27	15.37	-0.21	8.19	7.86

Missing average annual returns data

	YTD	1m	3M	1Y	3Y	5Y	10y	Incept. Performance data for certain classes of shares of certain funds are based on pre-class inception information dating back to an older class of fund shares. This information may be considered when assessing a fund's performance, but it does not represent actual performance of these classes of shares. The inception date noted under Key Fund Facts is the date the class of shares was incepted. See fund prospectus or fact sheet for details.
Total Return (%) Total return represents changes to the NAV and accounts for distributions from the fund. as of Jan 31, 2019	9.98	9.98	6.12	-16.71	46.61	2.70	113.86	387.94
Benchmark (%) Index: MSCI EM Europe 10/40 (net) in USD Performance Index.<br /><br /> Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. as of Jan 31, 2019	11.01	11.01	10.89	-10.27	53.56	-1.05	119.75	368.50

Missing cumulative returns data

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Growth of Hypothetical 10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Performance chart data not available for display.

Growth of Hypothetical 10,000
Historical NAVs

BGF Emerging Europe Fund (USD)

Share Class and Benchmark performance displayed in USD. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Past performance is not a guide to future performance.

Historical NAVs

Reinvestments

Record Date	Ex-Date	Payable Date

Custom Columns

Record Date
Ex-Date
Payable Date
Total Distribution

Record Date	Ex-Date	Payable Date	Total Distribution Current year distributions are not classified as “Income,” “Short-Term Capital Gains,” “Long-Term Capital Gains,” or “Return of Capital” until calendar year-end.

Key Facts

Size of Fund (Millions) as of Feb 19, 2019 EUR 778.154

12m Trailing Yield The yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The 12-Month yield is calculated by assuming any income distributions over the past twelve months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past twelve months. -

Number of Holdings The number of holdings in the fund excluding cash positions and derivatives exposures. Derivatives are contracts used by the fund to gain exposure to an investment without buying it directly. They can be used in a number of ways. For example a 'currency forward' derivative contract can be used to 'hedge' or aim to mitigate the effects of changes in exchange rates. as of Jan 31, 2019 41

Base Currency Euro

Fund Inception Date Dec 29, 1995

Share Class Inception Date Sep 1, 1998

Asset Class Equity

Morningstar Category Emerging Europe Equity

Benchmark Index MSCI EM Europe 10/40 (net) in USD Performance Index

Domicile Luxembourg

Regulatory Structure UCITS

Management Company BlackRock (Luxembourg) S.A.

Ongoing Charge Ongoing Charges Figure (OCF)- this is a measure of the total costs associated with managing and operating an investment fund. These costs consist primarily of management fees and other expenses such as trustee, custody, transaction and registration fees and other operating expenses. The total cost for the fund is divided by the fund’s total assets and expressed as a percentage which represents the OCF. 2.76%

ISIN LU0171274896

Bloomberg Ticker MIGSEDE

Annual Management Fee As reported in the fund's most recent Annual Management Report of Fund Performance. MER includes all management fees and GST/HST paid by the fund for the period, including fees paid indirectly as a result of holdings of other ETFs. 2.25%

Initial Charge 3.00%

Performance Fee 0.00%

SEDOL 5548679

Bloomberg Benchmark Ticker MSEM1040US

Dealing Settlement Trade Date + 3 days

Dealing Frequency Daily, forward pricing basis

Minimum Initial Investment USD 5000

Minimum Subsequent Investment -

Use of Income Accumulating

Portfolio Characteristics

3y Volatility - Benchmark as of Jan 31, 2019 17.80

3y Beta Beta is a measure of the tendency of securities to move with the market as a whole. A beta of 1 indicates that the security's price will move with the market. A beta less than 1 indicates the security tends to be less volatile than the market, while a beta greater than 1 indicates the security is more volatile than the market. Calculated vs. Benchmark Index as of Jan 31, 2019 0.871

5y Volatility - Benchmark as of Jan 31, 2019 19.54

5y Beta as of Jan 31, 2019 0.919

Ratings

Morningstar Rating

Overall BGF Emerging Europe Fund received a Morningstar Rating of - stars for the 3-year period, - stars stars for the 5-year period and - stars stars for the 10-year period, rated against -, - and - Emerging Europe Equity Funds, respectively. Performance results represent past performance and are no guarantee of future results. For each U.S.-domiciled fund with at least a 3-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics. Morningstar Ratings are for the share classes cited only; other classes may have different ratings.

Overall Morningstar Rating for BGF Emerging Europe Fund, Class E2, as of Mar 31, 2012 rated against 293 Emerging Europe Equity Funds.

Risk Indicator

Low Risk High Risk

Low Yield High Yield

Holdings

Top Holdings

as of Jan 31, 2019

Name	Weight (%)
PJSC GAZPROM ADR CDI	9.77
SBERBANK RUSSIA SPONSORED ADR REPR	7.38
PJSC LUKOIL SPONSORED ADR REPRESEN	5.27
ROSNEFT OIL COMPANY GDR	5.23
POWSZECHNA KASA OSZCZEDNOSCI BANK	4.34

Name	Weight (%)
MAGNIT	4.28
BANK PEKAO SA	3.76
YANDEX NV CLASS A	3.48
GEDEON RICHTER	3.29
ALIOR BANK SA	3.22

Holdings subject to change

Pricing & Exchange

Investor Class	Currency	Distribution Frequency	NAV	NAV Amount Change	NAV % Change	52wk High	52wk Low	Bid Price	ISIN	Offer Price	TIS
E2	USD	Accumulating	100.81	-0.38	-0.38	124.45	93.41	-	LU0171274896	-	-
C2	EUR	Accumulating	76.31	-0.27	-0.35	87.31	69.63	-	LU0147383045	-	-
A4	GBP	Annual	80.28	-0.68	-0.84	93.01	74.53	-	LU0204061609	-	-
D2	USD	Accumulating	123.78	-0.46	-0.37	150.94	114.48	-	LU0827876581	-	-
X2	EUR	Accumulating	11.51	-0.04	-0.35	12.76	10.35	-	LU0147383631	-	-
C2	USD	Accumulating	86.38	-0.33	-0.38	107.42	80.13	-	LU0338174369	-	-
X4	GBP	Annual	80.59	-0.68	-0.84	93.61	74.16	-	LU0513876275	-	-
A2 Hgd	SGD	Accumulating	9.33	-0.04	-0.43	10.36	8.40	-	LU0572106309	-	-
A4	EUR	Annual	91.84	-0.33	-0.36	105.22	83.34	-	LU0408221355	-	-
E2	EUR	Accumulating	89.05	-0.32	-0.36	101.14	80.99	-	LU0090830497	-	-
A2	USD	Accumulating	111.47	-0.41	-0.37	136.93	103.21	-	LU0171273575	-	-
D2	EUR	Accumulating	109.34	-0.39	-0.36	122.67	98.89	-	LU0252967533	-	-
J2	EUR	Accumulating	127.57	-0.45	-0.35	141.36	114.74	-	LU0245445753	-	-
D4	GBP	Annual	80.32	-0.68	-0.84	93.14	74.32	-	LU0827876664	-	-
A2	EUR	Accumulating	98.46	-0.36	-0.36	111.29	89.35	-	LU0011850392	-	-
D2 Hgd	GBP	Accumulating	83.67	-0.29	-0.35	92.86	75.40	-	LU0827876748	-	-

Portfolio Managers

Head of Emerging Europe & Frontier Markets

Samuel Vecht

Christopher Colunga

Literature

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Important Information

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses which may be obtained by visiting the iShares ETF and BlackRock Mutual Fund prospectus pages. Read the prospectus carefully before investing.

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. Compared to more established economies, the value of investments in developing Emerging Markets may be subject to greater volatility due to differences in generally accepted accounting principles or from economic or political instability. The fund may invest in smaller company shares which can be more unpredictable and less liquid than those of larger company shares.

Important Information This material is solely for educational purposes, and does not constitute investment advice, or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of that jurisdiction. This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be unlawful under the securities laws of such. Performance data quoted represents past performance and is no guarantee of future results. Investment returns and principal values may fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than that shown. All returns assume reinvestment of all dividend and capital gain distributions. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the CNMV. In Portugal, certain share classes of certain BGF funds are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with the CMVM. The funds mentioned in this material have not been registered with the securities regulators of Argentina, Brazil, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly offered in any such countries, except for Chile where certain BGF sub-funds have been registered with the Superintendencia de Valores y Seguros for public offering. No securities regulator in any country within Latin America, Spain or Portugal has confirmed the accuracy of any information contained herein. 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. 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. Not all of the listed share classes are available in every jurisdiction. Investment in some share classes may be also limited to certain types of investors as set out in each fund’s Prospectus. Please contact your financial advisor for more information. 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 reporting fund status A sterling share class that seeks to comply with UK Reporting Fund Status requirements. Unless indicated the fund information displayed only provides summary information. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on BlackRock’s website. Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the fund in question has not been authorised. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Registered in England No. 2020394. Tel: 020 7743 3000. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. © 2014 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, SO WHAT DO I DO WITH MY MONEY, INVESTING FOR A NEW WORLD, and BUILT FOR THESE TIMES are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Investing involves risk, including possible loss of principal.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Certain sectors and markets perform exceptionally well based on current market conditions and iShares Funds can benefit from that performance. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such results will be repeated.

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Barclays, Bloomberg Finance L.P., BlackRock Index Services, LLC, BofA Merrill Lynch, Cohen &amps Steers Capital Management, Inc., European Public Real Estate Association ("EPRA®"), FTSE International Limited ("FTSE"), India Index Services & Products Limited, Interactive Data, JPMorgan Chase & Co., Japan Exchange Group, MSCI Inc., Markit Indices Limited, Morningstar, Inc., The NASDAQ OMX Group, Inc., National Association of Real Estate Investment Trusts ("NAREIT"), New York Stock Exchange, Inc., Russell or S&P Dow Jones Indices LLC. None of these companies make any representation regarding the advisability of investing in the Funds. With the exception of BlackRock Index Services, LLC, who is an affiliate, BlackRock Investments, LLC is not affiliated with the companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Equity REITS Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA.“FTSE®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license.

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Performance

Performance

Returns

Growth of Hypothetical 10,000 The growth of hypothetical $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Reinvestments

Key Facts

Key Facts

Portfolio Characteristics

Portfolio Characteristics

Ratings

Ratings

Morningstar Rating

Risk Indicator

Risk Indicator

Holdings

Holdings

Pricing & Exchange

Portfolio Managers

Portfolio Managers

Literature

Literature

Important Information