Asian Tiger Bond Fund

Performance to 30 September 2010

Risk Grading
Not For Use As a Public Offer

➔
Bond Fund Low High

A-Non-distributing Share Performance in US$ Base Currency US Dollar Bond Fund

Investment Region Asia
160 160
Govt/ Supra

Invest.
Universe

Grade
national Asian

Invest.
150 150
Corp. Tiger
Indexed Performance

Indexed Performance
140 140 Bond
High Yield
130 130 Average Duration >3 years
Primary Currency Exposure US Dollar
120 120
110 110
100 100
90 90
80 80
09.2005 09.2006 09.2007 09.2008 09.2009 09.2010
Fund JPM Asian Credit Index (JACI)
Summary of Investment Objective
Annualised Annualised Annualised
1 Month 3 Months 6 Months 1 Year Year to Date (3 Years) (5 years) (Since Launch) The Asian Tiger Bond Fund seeks to maximise total
Cumulative Performance % % % % % % % %
return. The Fund invests at least 70% of its total
A Class 0.6 6.8 10.4 17.0 14.7 9.8 8.0 7.7 assets in the fixed income transferable securities of
JPM Asian Credit Index (JACI) 1.3 6.5 8.4 14.8 12.3 9.8 8.3 7.7 issuers domiciled in, or exercising the predominant
Quartile ranking 4 2 1 1 1 1 2 1 part of their economic activity in, Asian Tiger
countries. The Fund may invest in the full spectrum
of available securities, including non-investment
grade. The currency exposure of the Fund is flexibly
managed.

2005 2006 2007 2008 2009

Calendar Year Performance % % % % %
A Class 4.5 7.7 2.1 -9.4 26.2
JPM Asian Credit Index (JACI) 6.0 7.3 5.4 -9.8 28.3

Fund Data Dealing & Prices 10 Largest Holdings

Status Sub-Fund of Luxembourg SICAV Dealing Information %
Fund Manager Imran Hussain/Andrew Gordon Trading Frequency Daily, forward pricing basis REPUBLIC OF INDONESIA 5.875% 13 Mar 2020 3.8
Launch Date 02.02.1996 Settlement Trade date + 3 days HUTCHISON WHAMPOA INTL 5.75% 11 Sep 2019 3.3
Base Currency US$ Fees % KOREA ELECTRIC POWER CORP 3% 05 Oct 2015 2.7
Additional Dealing Currencies SGD Initial Charge (A shares) 5 INDONESIA 6.875% 17 Jan 2018 2.4
Benchmark JPM Asian Credit Index (JACI) Annual Management Fee (A shares) 1.00 EXPORT IMPORT BANK OF KOREA 5.125% 29 Jun 2.3
Morningstar Sector Fixed Income Asia Pacific ex Japan NAV (US$) 2020
Total Fund Size (m) US$916.7 A Class 29.53 ICICI Bank Limited 5.5% 25 Mar 2015 2.3
Average Maturity (years) 6.8 12 Months High/Low NAV (US$) GAZ CAPITAL SA RegS 9.25% 23 Apr 2019 2.1
Average Duration (years) 3.8 A Class 29.85/25.17 PHLIPPINES 7.75% 14 Jan 2031 2.0
Average Yield to Maturity (%) 3.9 INDONESIA 6.875% 09 Mar 2017 1.9
Venezuela 9.25% 15 Sep 2027 1.9
Codes Total 24.7
CUSIP L1049F245 Additional Dealing Codes
ISIN LU0063729296 Currency CUSIP ISIN
Bloomberg Equity Ticker MERATAA LX SGD Not available LU0540000063
Reuters Page Id 006372929X.LU
Swiss Valoren Number 430189

Pubblicazione NAV
www.blackrocklatam.com

When a portfolio of high yielding bonds is held, there is an increased risk of capital erosion through default or if the redemption yield is below the income yield. Economic conditions and interest rate levels may impact significantly the
values of high yield bonds. The Fund invests in certain smaller and emerging markets. The prospects for economic growth in a number of these markets are considerable and equity returns have the potential to exceed those in
mature markets as growth is achieved. However, there are risks to the Fund from political, economic and market factors in smaller and emerging markets which are of particular significance. The Fund may invest in securities issued
by a company that is either in default or in high risk of default ("distressed securities") involving significant risk. Investors should be aware of this additional risk. Sources: Fund ñ BlackRock Investment Management (UK) Limited
(BIM(UK)L), Indices ñ Datastream, BIM(UK)L. Quartiles - © 2007 Morningstar, Inc. All Rights Reserved ■ BIM(UK)L Risk Grading: Medium/High Risk (on a scale of Low, Medium, Medium/High and High). This grading applies to Funds which may
be expected to have all, or at least a high proportion, of their assets invested in equities, or in bonds rated below investment grade. It should only be used for comparison with other BlackRock Global Funds (BGF) and, in particular, should not be
used in comparison with Funds not provided by BIM(UK)L. The grading is indicative of the level of risk of a particular Fund and is not supposed to be a guarantee of likely returns. If you are in any doubt as to the level of risk that you should take,
you should seek Independent Advice. ■ This factsheet is available to Qualified Investors and Professionals in some jurisdictions on a limited private placement basis subject to applicable laws and regulations in the country of
distribution. The factsheet is confidential and should not be reproduced or distributed to persons other than the recipient. Performance is shown as of the date listed on the top of the sheet on a NAV price basis with income reinvested. Prior
to the introduction of single pricing on 4 February 2002, bid prices were used for Funds previously within the Mercury Selected Trust range. Performance figures are calculated net of annual fees. The above Fund data is for information only. The
number of shares quoted for each fund are indicative and actual numbers may fall outside of the ranges shown. BGF is an open-ended investment company established in Luxembourg. 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. Fluctuation may be particularly marked in the case of a higher volatility Fund and the value of an investment may fall
suddenly and substantially. Investors should read the fund specific risks in the Simplified Prospectus. Past performance is no guide to future performance. The value of investments and income from them can fluctuate and are not guaranteed.
Rates of exchange may cause investments to go up or down. Investors may not get back the amount they in vest. BGF is only available for investment by non-US citizens who are not residents of the US. It is not offered for sale or sold in the US,
its territories or possessions. The Funds are not registered for sale to the public in all jurisdictions. The Fund Manager's report represents the views of BlackRock (Channel Islands) Limited, the Investment Manager of BGF. The Investment
Objective stated above is a summary of the main objectives of the Fund. Please refer to the BGF Simplified Prospectus for further details. BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Services
Authority). Registered office: 33 King William Street, London, EC4R 9AS. Registered in England No. 2020394. For your protection, telephone calls are usually recorded

Contacts: International Enquiries Investor Services Centre: Tel +1.212.810.5900 ■ www.blackrocklatam.com ■ latam@blackrock.com
 Asian Tiger Bond Fund
continued

Composition of Fund Asset Allocations Analysis - Active Position

Fund/Benchmark Fund-Benchmark
Country % Country %
Other 30.6/11.8 Other 18.8
South Korea 20.2/25.0 South Korea -4.8
Indonesia 13.9/12.6 Indonesia 1.3
India 9.0/5.9 India 3.1
Philippines 8.7/14.1 Philippines -5.4
Hong Kong 7.9/15.9 Hong Kong -8.0
Malaysia 4.4/6.2 Malaysia -1.8
Singapore 3.2/8.5 Singapore -5.3
Russia 2.1/0.0 Russia 2.1

0 10 20 30 40 -20 -10 0 10 20
Credit Rating % Credit Rating %
BB 33.0/31.7 BB 1.3
A 28.8/41.8 A -13.0
Cash & Cash Equivalents 15.2/0.0 Cash & Cash Equivalents 15.2
BBB 13.5/16.0 BBB -2.5
B 3.8/3.6 B 0.2
AAA/Govt 2.8/1.9 AAA/Govt 0.9
Non-rated 2.0/1.8 Non-rated 0.2
AA 0.9/3.1 AA -2.2
CCC and below 0.0/0.1 CCC and below -0.1

0 10 20 30 40 50 -20 -10 0 10 20
Maturity % Maturity %
3-5 Years 22.3/30.7 3-5 Years -8.4
5-7 Years 19.7/16.4 5-7 Years 3.3
0-3 Years 19.5/15.1 0-3 Years 4.4
9-15 Years 15.8/13.8 9-15 Years 2.0
7-9 Years 13.7/11.3 7-9 Years 2.4
15+ Years 9.0/12.7 15+ Years -3.7

0 10 20 30 40 -10 -5 0 5 10
Duration % Duration %
3-5 Years 45.5/41.3 3-5 Years 4.2
0-3 Years 35.5/38.4 0-3 Years -2.9
7-10 Years 11.9/7.1 7-10 Years 4.8
5-7 Years 6.0/11.8 5-7 Years -5.8
10+ Years 1.1/1.4 10+ Years -0.3

0 10 20 30 40 50 -6 -4 -2 0 2 4 6

Fund Risk Statistics

3 Years 5 Years Since Launch
Volatility (%)
- Fund 12.2 9.8 8.3
- Benchmark* 11.7 9.3 8.8
Beta 1.01 1.01 0.77

* The Benchmark under Fund risk statistics for the Asian Tiger Bond Fund is JPM Asian Credit Index (JACI). ■

Contacts: International Enquiries Investor Services Centre: Tel +1.212.810.5900 ■ www.blackrocklatam.com ■ latam@blackrock.com