2 PROVEN RECORD OF 1 GLOBAL PORTFOLIO 3 HISTORY OF GLOBAL DIVIDEND FUND 28% 49% 51% 72%

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1 BLACKROCK.COM/GD GLOBAL DIVIDEND FUND Investors are living longer and risk outliving their savings at a time when volatility is high and yields are low. In this new world of investing, a global portfolio of high-quality, dividend growth stocks can offer a low volatility solution for investors seeking long-term growth and income. Global Equities for Growth and Income } Be Flexible, Go Global: A growing number of the world s most profitable companies are domiciled outside of the US. } Multinationals Can Help Reduce Volatility: Companies with exposure to growth around the world tend to exhibit more financial strength compared to smaller, less-established companies. } The Proof Is in the Dividend: How can you best ensure you are selecting high-quality companies? Look for those that can reliably pay and grow dividends over time. IS YOUR PORTFOLIO AS GLOBAL AS IT SHOULD BE? Global Equity Market Capitalization vs. US Equity Mutual Fund Investor Assets Market Capitalization 51% US 49% Non-US Investor Assets 72% US 28% Non-US Institutional: BIBDX A: BABDX C: BCBDX Investment Approach Seeks to invest in the highest-quality companies across the globe. The team places emphasis on companies offering financial stability, sustainable business models and above-average dividends and dividend growth. Number of Securities: 51 Portfolio Allocation (As of 9/30/17) } 57.0% International } 41.2% US } 1.8% Cash Morningstar Category World Large Stock Lipper Category Global Equity Income Source (left chart): BlackRock as of 9/30/2017. US Market Cap as a percentage of the MSCI All-Country World Index as of 9/30/2017. Source (right chart): Morningstar as of 9/30/2017. Finding High-Quality Companies Worldwide The BlackRock Global Dividend Fund team seeks high-quality, dividend-paying companies that it believes can generate strong, consistent returns with lower volatility over the long-term. 1 GLOBAL PORTFOLIO OF QUALITY, MULTINATIONAL COMPANIES 2 PROVEN RECORD OF SUSTAINED DIVIDEND GROWTH IN SEARCH OF TOTAL RETURN 3 HISTORY OF LOWER VOLATILITY EQUITY RETURNS

1 Global Portfolio of Quality, Multinational Companies The BlackRock Global Dividend Fund delivers a world of opportunities a global portfolio of well-established, multinational companies carefully

Benefits include: } Full flexibility to invest across the world for the best opportunities, regardless of region or sector Portfolio Management Stuart Reeve, Senior PM 23 years of investment

A PORTFOLIO WITH DIVERSIFIED SOURCES OF REVENUE Percent Of Revenue By Geography James Bristow, CFA, PM 20 years of investment experience North America 48% Europe 21% Asia 8% Emerging Markets 1 24%

2 1 Global Portfolio of Quality, Multinational Companies The BlackRock Global Dividend Fund delivers a world of opportunities a global portfolio of well-established, multinational companies carefully selected for sustainable growth, income and diversification. Benefits include: } Full flexibility to invest across the world for the best opportunities, regardless of region or sector Portfolio Management Stuart Reeve, Senior PM 23 years of investment experience Andrew Wheatley-Hubbard, CFA, PM 10 years of investment experience } Enhanced diversification and growth potential, because revenues and profits are tied to many economic factors worldwide A PORTFOLIO WITH DIVERSIFIED SOURCES OF REVENUE Percent Of Revenue By Geography James Bristow, CFA, PM 20 years of investment experience North America 48% Europe 21% Asia 8% Emerging Markets 1 24% Source: BlackRock revenue data as of 9/30/17. 1 Includes Emerging Europe, LatAm and Emerging Asia. Based on MSCI classification of emerging markets. This is not a recommendation to buy or sell any particular security and should not be viewed as a solicitation to buy. These stocks may or may not be current investments in the fund. Past performance does not guarantee future results. Firm Name (% of Net Assets) Coca-Cola (2.21%): The world s largest beverage company has operations in over 200 countries. Coca-Cola can drive growth going forward through a renewed focus on value instead of volume. Altria (4.06%): This US domiciled company is one of the world s largest tobacco corporations. For many years it has been one of the fund s highest-conviction names due to the stability of the company s business, attractive dividend yield and resilience of earnings. Diageo (1.49%): Diageo is a world leader in international branded spirits. This globally diversified company derives a substantial proportion of its revenues from the United States, although it offers indirect exposure to emerging markets, which is a key driver of growth for its business. Sanofi (3.19%): This French pharmaceutical company is the maker of familiar products like Frontline, Heartgard and Maalox. We believe the stock is attractively valued for a company that has been successfully diversified away from pharmaceuticals and that has one of the industry s highest exposures to emerging markets. Nestlé (2.66%): Nestlé is a Swiss-based food and beverage company that sell products in over 130 countries. The company has not cut its dividend in 25 years, even during the financial crisis. Unilever (1.99%): It combines food and personal care brands such as Lipton and Dove under one roof; emerging markets now account for about 50% of business. This is not a recommendation to buy or sell any particular security. Positions can change at any time without notice. Data as of 9/30/17.

3 2 Proven Record of Sustained Dividend Growth in Search of Total Return High-Quality Companies Have } Strong management teams } Sustainable business models } Healthy balance sheets } Predictable policy of dividend growth Dividend Yield Is The percentage indicating how much a company pays out in dividends each year relative to its share price. Dividend Growth Is The rate that a stock s dividend payment increases over a period of time. Change in Valuation Is The amount of return attributable to a stock s change in valuation, as measured by its price/earnings ratio. This ratio is a commonly applied measurement of relative stock value. Stocks exhibiting low volatility tend to be well-established, dividend paying and dividend growing companies. And as you can see below, dividend yield and dividend growth are the primary drivers of performance over time. DIVIDEND YIELD & DIVIDEND GROWTH DOMINATE RETURNS OVER TIME Decomposition of Returns From % 9.1% Change in Valuation 59.8% Dividend Growth 31.1% Dividend Yield 0 SOURCES OF RETURN Source: SocGen. Based on the MSCI World Index quarterly annualized real returns between 6/30/86-9/30/17. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and it is not possible to invest directly in an unmanaged index. Past performance does not guarantee future results. The fund seeks to invest in high-quality companies with proven records of paying and growing dividends. Historically, the fund has delivered superior dividend growth over its respective index. DESIGNED TO DELIVER GROWTH OF INCOME The fund s holdings have historically delivered higher dividend growth than the benchmark* 8.3 % % FOR MSCI ACWI INDEX VS 7.1 AS OF 9/30/2017 *Source: 5-year dividend per share growth represents the median annual growth rate of the underlying stocks. This is not a dividend yield. Fund data represented by Institutional share class. Index performance is shown for illustrative purposes only and does not predict or depict the performance of any BlackRock fund. Past performance does not guarantee future results. It is not possible to invest directly in an index.

4 3 History of Lower Volatility Equity Returns Compared to indexes representing global and international stocks, the BlackRock Global Dividend Fund has proven itself to be a lower-volatility method of accessing the world s equity growth potential. The fund s strategy has historically protected you during global market downturns by limiting investment losses, resulting in a lower return needed to break-even, and ultimately contributing to higher long-term performance over the MSCI All Country World Index. THE LONG-TERM EFFECT OF LIMITING AN INVESTMENT LOSS BlackRock Global Dividend Fund Investor A (see example in table below) PERCENT RETURN 90% Investment Loss /1/10 2/18/ /18/11 6/16/11 Break-even Return /16/11 10/4/11 Actual Return /4/11 2/1/ /1/12 6/28/12 Difference Break-even v. Actual Fund -6.8% 7.3% 9.9% 2.6% Index -16.4% 19.6% 18.5% -1.1% } /28/12 12/13/12 12/13/12 4/22/13 4/22/13 1/23/14 } 1/23/14 4/10/14 Global Dividend s 9.9% return following a loss of 6.8% was higher than its break-even return, while the index trailed /10/14 1/1/ /1/15 5/22/15 } /22/15 2/12/16 Resulting in higher long-term performance of the fund. 2/12/16 4/7/ /7/16 9/30/17 CUMULUTIVE PEFORMANCE /1/10 9/30/17 The Fund MSCI All Country World Index Source: Bloomberg & BlackRock. Data is shown in USD as of 30 September BlackRock Global Dividend A Shares at NAV shown. Different time periods selected based on turning points in the Citigroup Economic Surprise Index. Past performance does not guarantee future results. Past performance does not guarantee future results. % ANNUALIZED PERFORMANCE (AS OF 9/30/17) 1-YEAR 3-YEAR 5-YEAR Source: BlackRock. Morningstar. * Average annual total returns for Investor A shares with maximum initial sales charge of 5.25%. SINCE PM INCEPTION (10/31/10) FUND INCEPTION (4/7/08) BLK Global Dividend Fund (Institutional) BLK Global Dividend (Inv. A@NAV) MSCI All Country World Index BLK Global Dividend Fund (Inv. A@MSC) 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. Refer to blackrock.com for current month-end performance. Investment returns reflect total fund operating expenses, net of all fees, waivers and/or expense reimbursements. Index performance is shown for illustrative purposes only. Indexes are unmanaged and it is not possible to invest directly in an unmanaged index. Investor A total annual operating expenses as stated in the fund s most recent prospectus are 1.03% and for Institutional are 0.75%. Other classes of shares with differing fees and expenses are available.

5 So What Do I Do with My Money? Replacing international stocks with the BlackRock Global Dividend Fund as part of a hypothetical diversified, global portfolio has increased returns while decreasing risk. Since Stuart Reeve began managing the Global Dividend Fund (November 1, 2010), a portfolio consisting of 60% global equities and 40% US fixed income would have been enhanced by using the fund for one-third of the total equity exposure. BALANCED GLOBAL PORTFOLIO HYPOTHETICAL ILLUSTRATION REPLACING INTERNATIONAL STOCKS WITH BLACKROCK GLOBAL DIVIDEND FUND 20% 20% 40% 40% 40% 40% Int l Stocks US Stocks Core Bonds BLK Global Dividend Fund (Inv A) BALANCED GLOBAL REPLACING WITH BABDX Annualized Return 7.10% 7.80% Annualized Risk 7.24% 6.48% The hypotheticals above are based on actual returns of the Morningstar category averages, and the referenced BlackRock fund. They are provided for illustrative purposes only, as the results are not based on a single, actual investment. Source: BlackRock, Morningstar from 11/01/10-9/30/17. US Stocks represented by the Morningstar Large Blend category average. Core Bonds represented by the Morningstar Intermediate-term bond category average. International stocks represented by the Morningstar Foreign Large Blend category average. Past performance does not guarantee future results. Risk measured by annualized standard deviation based on monthly market movements. The average annual total returns for the Morningstar Large Blend category as of 9/30/17 are: 1-Year, 17.65%; 5-Year, 12.91%; 10-Year, 6.58%. The average annual total returns for the Morningstar Intermediate-Term Bond category as of 9/30/17 are: 1-Year, 0.83%; 5-Year, 2.12%; 10-Year, 4.26%. The average annual total returns for the Morningstar Foreign Large Blend category as of 9/30/17 are: 1-Year, 18.01%; 5-Year, 7.74%; 10-Year, 1.22%. Risk is measured by standard deviation based on monthly market movements. Standard deviation measures the volatility of the fund s returns. Higher deviation represents higher volatility. GLOBAL DIVIDEND FUND Searching For Quality Companies Worldwide Institutional: BIBDX A: BABDX C: BCBDX This fund is for: } Conservative investors who seek income and growth and are wary of global stock market volatility } Investors who seek growing income to fight the effects of inflation and low interest rates

6 WHY BLACKROCK BlackRock helps people around the world, as well as the world s largest institutions and governments, pursue their investing goals. We offer: } A comprehensive set of innovative solutions, including mutual funds, separately managed accounts, alternatives and ishares ETFs } Global market and investment insights } Sophisticated risk and portfolio analytics We work only for our clients, who have entrusted us with managing $5.97 trillion, earning BlackRock the distinction of being trusted to manage more money than any other investment firm in the world. * * Source: BlackRock. As of 9/30/17. Want to know more? blackrock.com/gd Important Risks: The fund is actively managed and its characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. Stock values fluctuate in price so the value of your investment can go down depending on market conditions. International investing involves special risks including, but not limited to currency fluctuations, political instability, illiquidity and volatility. These risks may be heightened for investments in emerging markets. Short-selling entails special risks. If the fund makes short sales in securities that increase in value, the fund will lose value. Any loss on short positions may or may not be offset by investing short-sale proceeds in other investments. The fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of 9/30/17, and may change as subsequent conditions vary. Individual portfolio managers for BlackRock may have opinions and / or make investment decisions that, in certain respects, may not be consistent with the information contained in this report. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all inclusive and are not guaranteed as to accuracy. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. The Morgan Stanley Capital International (MSCI) AC World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. It consists of 45 country indices comprising 24 developed and 21 emerging market indices. You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available, the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, by calling or from your financial professional. The prospectus should be read carefully before investing BlackRock, Inc. All Rights Reserved. BLACKROCK, SO WHAT DO I DO WITH MY MONEY and ishares are registered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA. Not FDIC Insured May Lose Value No Bank Guarantee Lit. No. GDI-GDE-0917 OE31702T-1017

2 ADAPTING TO 1 A FLEXIBLE 3 SEEKING TAX- 4,000 2,368 TAXABLE INVESTMENT EARNINGS STRATEGIC MUNICIPAL OPPORTUNITIES FUND KEPT $ KEPT $

2 ADAPTING TO 1 A FLEXIBLE 3 SEEKING TAX- 4,000 2,368 TAXABLE INVESTMENT EARNINGS STRATEGIC MUNICIPAL OPPORTUNITIES FUND KEPT $ KEPT $ www.blackrock.com STRATEGIC MUNICIPAL OPPORTUNITIES FUND Today s income investors are challenged with high taxes, volatile interest rates and greater overall risks. Consider re-evaluating traditional approaches