BlackRock China Fund

September 2021 Target to capture yield and growth opportunities in the evolution of China

Important Information 1. The Fund may invest in debt securities that are subject to actual or perceived ratings downgrade. An increase in interest rates may adversely affect the value of the bonds held by the Fund. The Fund may invest in non-investment grade and unrated bonds that may be subject to higher default, volatility and liquidity risks. The Fund invests in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks. The Fund may invest in urban investment bonds issued by Chinese local government financing vehicles (“LGFVs”) that are subject to default risk of the LGFVs. 2. The Fund is subject to restrictions and requirements applicable to the Renminbi Qualified Foreign Institutional Investor (“RQFII”) investments, which may adversely affect the fund’s value due to regulatory uncertainties. The Fund is subject to risks associated with investment in the China Interbank Bond Market. 3. The Fund’s investments are concentrated in People’s Republic of China (PRC). This may result in greater volatility than more broad- based investments. The Fund invests in certain emerging markets and may be subject to political, tax, economic, social and foreign exchange risks. 4. The Fund is subject to PRC tax risks, currency risks, securities lending counterparty risks, foreign investments restrictions risks, currency control/conversion risks and currency hedging risk. 5. Class 6 Shares pay gross of expenses and/or from capital at the Directors’ discretion. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital – may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex- date. 6. The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The Fund may suffer losses from its derivatives usage. 7. The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost. 8. Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.

Best Fund over 3 & 5 Years2 The Most Astute Investors in Asian G3 Bonds4 1 Best-in-Class 20203 Bond CNY Eric Liu, Portfolio Manager of BlackRock CNY You don’t have to 2021 Refinitiv Lipper China Bond Fund Ranked No. 2 (Singapore) Benchmark look far to find the Fund Award The Asset Benchmark Research Awards 2020 “ income you need. Why invest? Discover our Asian China bonds have been delivering strong risk-adjusted return fixed income solutions.” 1 versus peers With yield becoming increasingly difficult to find, investors have looked to blackrock.com/hk/afi-en fixed income with its attractive relative yield. Strong performance over the past five years has been balanced with lower than average volatility. 4.9% annualized yield Return and volatility over the past 5 years (A6 RMB) 10% 8 Latest annualized yield 6 (8/31/2021) (A6 share class 4 aims to pay a dividend on a 2 monthly basis. Dividend 0 Payment is not guaranteed and China USD China onshore Global IG Corp Global HY Corp Emerging Market Credit Credit (USD (USD Hedged) (USD Hedged) USD Sov/ is not indicative of the return of Hedged) Quasi Credit the Fund. The Fund may Ann Return Ann Volatility effectively pay dividend from Source: Bloomberg end June 2021, for Illustrative purpose only, past performance is not an indication of future performance. capital. See important information 5) 5 Index performance is for illustrative purpose only. You cannot invest directly in an index. This information should not be relied upon by the reader as research, investment advice or a recommendation. For hedging proxy, 1m USDCNH Forward is used and rollover on monthly basis. China USD Credit: JP Morgan Asia Credit Index-China; China onshore Credit: Bloomberg Barclays China Agg Strong performance TR Index (USD-hedged); Global IG Corp: Bloomberg Barclays Global Corporates Index (USD Hedged); Global HY Corp: Bloomberg Barclays Global High Yield Corporate Index (USD Hedged). EM USD Sov/Quasi Credit: JPMorgan Emerging Market Bond Index. • Ranked 1st Quartile by Morningstar in 3 and 5-year China bonds may offer higher yield and lower correlation, periods1 2 greater diversification Lower correlation to different risk assets and a relatively attractive yield can “Go-anywhere” help provide significant diversification with existing fixed income exposure with cross-border arbitrage and help investors manage risk. Access to China market to Correlation of onshore credit to global risk assets (5-year) capture the better income and Global Global Emerging Emerging growth opportunities: Asian High Asian USD IG Corp HY Corp Market USD Market Local US Asian Yield Credit Credit (USD (USD Sov/Quasi Currency Equities Equities • Onshore RMB market Hedged) Hedged) Credit Bonds (CIBM and the Exchange) China onshore -0.11 -0.02 0.00 -0.18 -0.16 -0.08 -0.18 -0.11 • Offshore Dim-sum market and Credit hard-currency China Credit Source: Bloomberg,end June 2021. illustrative purposes only. Investment involves risks. Past performance does not guarantee future results. China Onshore Credit: Bloomberg Barclays China Agg total return index (USD-H); Asian High Yield Credit: JP Morgan Asian non-Investment Grade Index; Asian USD Credit: JP Morgan Asian Credit Index; Global IG Corp (USD Hedged): Bloomberg Barclays Global Corporate Index; Global HY Corp (USD Hedged): Bloomberg Barclays Global HY Corporate Index; EM USD Sov/ Quasi Credit: JP Morgan Emerging Markets Bond Index; EM Local Currency Bonds: JP Morgan GBI-EM Index; US Equities: S&P blackrock.com/hk 500; Asian Equities: MSCI AxJ. Index performance is for illustrative purpose only. Investors cannot directly invest into an index.

MKTGM0921A/S-1853176-1/2 BlackRock China Bond Fund

Fund Data Investment Objective Artur Piasecki/ The China Bond Fund seeks to maximise total return. The Fund invests at least Manager Eric Liu 70% of its total assets in fixed income transferable securities denominated in Inception 11.11.2011 Renminbi or other non-Chinese domestic currencies issued by entities exercising CHF, HKD, the predominant part of their economic activity in the PRC through recognised Currency Unhedged: RMB, USD mechanisms including but not limited to the Chinese Interbank Bond Market, the on exchange bond market, quota system and/or through onshore or offshore issuances AUD, CAD, EUR, and/or any future developed channels. The Fund is a RQFII Access Fund and a CIBM Hedged: GBP, HKD, NZD, SGD, USD Fund and may invest without limit in the PRC via RQFII Quota and in the CIBM via the Foreign Access Regime and/or Bond Connect and/or other means as may be Total Fund Size (m) RMB60,649.93 permitted by the relevant regulations from time to time. Annual Management Fee (Including Distribution 0.75% 6 fee, if any) Performance in RMB (%) Initial Charge 5% Cumulative YTD 6 Months 1 Year 3 Years 5 Years Bloomberg Ticker BGRBA2C Fund (A2) +1.89 +1.71 +3.98 +21.75 +32.39 ISIN Code LU0679940949 Calendar Year 2020 2019 2018 2017 2016 NAV (RMB) 107.01 Fund (A2) +8.18 +8.78 +3.29 +8.75 +4.47 Standard Deviation 2.32% (3 years) 5 Sharpe Ratio (3 years) 3.10 30 Beta (3 years) -0.01 Average Maturity (years) 3.91 5 Effective Duration (years) 2.40 00 erormance Average 5.03% n nee 85 Composition of Fund (%) 6 8 9 20 2 Regional Distribution Information Ex-dividend date: 31.08.2021 Currency Share Class Frequency Dividend Yield (%)5 nshore 52.2 RMB A6 Distributing (S) Monthly 0.428000 4.95 shore 0.05 AUD hedged A6 Distributing (S) Monthly 0.040000 4.95 ash an/or erivatives . CAD hedged A6 Distributing (S) Monthly 0.040000 4.99 EUR hedged A6 Distributing (S) Monthly 0.038500 5.00 GBP hedged A6 Distributing (S) Monthly 0.039500 4.95 HKD hedged A6 Distributing (S) Monthly 0.402000 4.99 Credit Rating NZD hedged A6 Distributing (S) Monthly 0.040000 4.99 0.22 SGD hedged A6 Distributing (S) Monthly 0.040500 4.95 25.3 USD hedged A6 Distributing (S) Monthly 0.041000 4.99 36.99 .66 HKD A3 Distributing (M) Monthly 0.280394 3.59 6.96 RMB A3 Distributing (M) Monthly 0.232632 3.59 0.53 SGD A3 Distributing (M) Monthly 0.048421 3.59 0.0 USD A3 Distributing (M) Monthly 0.036038 3.59 0.0 ot ate 0.3 ash an/or erivatives . 10 Largest Holdings Sector Weighting (%) Real Estate 20.87 Financial 14.88 CHINA NATIONAL PETROLEUM CORP MTN 2.99 03/23/2025 2.00 Central Government 13.37 INDUSTRIAL AND COMMERCIAL BANK OF 4.15 11/16/2030 1.54 Related CHINA DEVELOPMENT BANK 3.65 05/21/2029 1.53 Local Government 11.54 CHINA DEVELOPMENT BANK 3.48 01/08/2029 1.44 INDUSTRIAL AND COMMERCIAL BANK OF 4.15 01/21/2031 1.37 Related CHINA DEVELOPMENT BANK 3.45 09/20/2029 0.84 Sovereign 10.07 CHINA PETROLEUM & CHEMICAL CORP MTN 2.2 05/28/2023 0.77 Basic Industry 5.44 CHINA DEVELOPMENT BANK 3.07 03/10/2030 0.75 Non-China 5.41 CHINA DEVELOPMENT BANK 3.18 05/17/2022 0.75 Technology 1.42 CHINA DEVELOPMENT BANK 4.04 07/06/2028 0.73 Energy 1.04 Total 11.72 Retail 0.95 Other 7.30 Holdings are subject to change. Cash and/or Derivatives 7.71 Allocations are subject to change. Due to rounding, the total may not be equal to 100%.

blackrock.com/hk | [email protected] | +852 3903 2688 Unless otherwise specified, all fund information applies to A2 RMB share class only, as of end August 2021. 1 Source: Morningstar as at end August 2021. Peer group refers to Hong Kong Securities and Futures Commission (SFC) authorised funds in China Bonds categorised by Morningstar. SFC authorization does not imply official recommendation. 2 2021 Refinitiv Lipper Fund Award reflect the funds’ performance as at 31 December 2020. 3 The Benchmark Fund of the Year Awards 2020 reflect the funds’ performance between 1 October 2019 and 30 September 2020. 4 Source: The Asset Benchmark Research Awards 2020, as of November 2020. The ranking of the most astute investors in Asian G3 bonds is measured by the number of votes received from top-rated individuals including analysts, economists and strategists, salespeople and traders, based on their knowledge of the credits and markets, trading skill and acumen in making investment decisions. 5 Source: BlackRock, as at end August 2021. Dividend yield for A3 share class = (Dividend / (no. of days between previous ex-date and current ex-date) x number of days in the year / ex-date NAV) x 100. A6 share class annualized yield = (Dividend rate/ex-date NAV) * (12*100). Inception date: A6 RMB share class: 11 November 2011. Dividend yield is not guaranteed, and is not indicative of the return of the Fund. Past performance is not a guide to future performance. Investors may not get back the full amount invested. 6 Performance is shown as of end August 2021 in share class currency on a NAV to NAV price basis with income reinvested, net of fees. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable. Past performance is not a guide to future performance. Investors may not get back the full amount invested. The "Regulations on Fund Administration for Domestic Securities and Futures Investments by Foreign Institutional Investors" is effective on 6 June 2020, which opening-up the requirements for QFII / RQFII schemes. Sources: BlackRock and Morningstar. The above Fund data is for informational purpose only and does not constitute an offer or invitation to anyone to invest in any BlackRock Global Funds (BGF) and has not been prepared in connection with any such offer. 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. Investment involves risk. Past performance is not necessarily a guide to future performance or returns. The value of investments and the income from them can fluctuate and is not guaranteed. Rates of exchange may cause the value of investments to go up or down. Investors may not get back the amount they invest. Individual stock price/figure does not represent the return of the Fund. The investment returns are denominated in share class dealing currency, which may be a foreign currency. If so, US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar/foreign currency exchange rate. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are for illustrative purpose only. 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. For Hong Kong investors, please refer to the BGF Prospectus for details, including risk factors. Issued by BlackRock Asset Management North Asia Limited. This material and the BlackRock website (www. blackrock.com/hk) have not been reviewed by the Securities and Futures Commission. Any opinions contained herein, which reflect our judgment at this date, are subject to change. BlackRock® is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. ©2021 BlackRock Inc. All rights reserved.

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