BlackRock Non-UCITS Retail Funds (2)

ANNUAL report BlackRock Non-UCITS Retail Funds (2) ended 29 February 2016 BlackRock Consensus 35 Fund BlackRock Consensus 60 Fund BlackRock Consensus 70 Fund BlackRock Consensus 85 Fund BlackRock Consensus 100 Fund BlackRock Global Equity Fund BlackRock Overseas Equity Fund

Contents About the Trust About the Trust 2 Report on Remuneration 3 8 Accounting and Distribution Policies 9 11 Financial Instruments and Risks 12 21 BlackRock Consensus 35 Fund 22-36 BlackRock Consensus 60 Fund 37-51 BlackRock Consensus 70 Fund 52-66 BlackRock Consensus 85 Fund 67-85 BlackRock Consensus 100 Fund 86-101 BlackRock Global Equity Fund 102-117 BlackRock Overseas Equity Fund 118-133 Statement of Manager s and Trustee s Responsibilities 134 Report of the Trustee 134 Independent Auditor s Report 135-136 General Information 138 BlackRock Non-UCITS Retail Funds (2) (the Trust ) is organised as an umbrella unit trust scheme comprising separate funds with segregated liability (each referred to as a Fund and together the Funds ). The Trust is an authorised unit trust scheme and qualifies as a non-ucits retail scheme under the Financial Conduct Authority s Collective Investment Schemes Sourcebook (the COLL Sourcebook ). Cross sub-fund holdings within the Trust: As at 29 February 2016 there were no cross sub-fund holdings within the Trust. The Alternative Investment Fund Managers Regulations 2013 BlackRock Fund Managers Limited (the Manager ) is authorised to manage and market the Funds, which are alternative investment funds, in accordance with the Alternative Investment Fund Managers Directive ( AIFMD ). In this document (other than in the section entitled Report on Remuneration ) the term AIFMD means, collectively, Directive 2011/61/EU, as implemented by Commission Delegated Regulation (EU) No. 231/2013, and as transposed by The Alternative Investment Fund Managers Regulations 2013, UK SI 2013/1773, and any other applicable national implementing measures in the UK including, without limitation, the rules contained in the FCA handbook of rules and guidance, each as may be amended or updated from time to time. About the Fund Manager Steve Walker, Director and portfolio manager, is a member of the Beta Strategies group. Within Beta Strategies, Mr. Walker is head of the Index Asset Allocation team in EMEA. Mr. Walker s service with the firm dates back to 2007, including his years with Barclays Global Investors ( BGI ), which merged with BlackRock in 2009. At BGI, he was a portfolio manager in the Client Solutions team. Prior to joining BGI, Mr. Walker was a portfolio manager in the discretionary investment team at Coutts & Co bank for over twelve years. Copies of Manager s Reports and Prospectus are available on request. Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk 1 BlackRock Non-UCITS Retail Funds (2) 2

Report on Remuneration The below disclosures are made in respect of the remuneration policies of the BlackRock group ( BlackRock ), as they apply to BlackRock Fund Managers Limited (the Manager ). The disclosures are made in accordance with the Alternative Investment Fund Managers Directive (the AIFMD ), the European Commission Delegated Regulation supplementing the AIFMD (the Delegated Regulation ) and the Guidelines on sound remuneration policies under the AIFMD issued by the European Securities and Markets Authority and the Financial Conduct Authority ( FCA ) Handbook SYSC 19B: The AIFM Remuneration Code, and FUND 3.3.5 R. The BlackRock AIFM Remuneration Policy will apply to the EEA entities within the BlackRock group authorised as a manager of alternative investment funds in accordance with the AIFMD, and will ensure compliance with the requirements of Annex II of the AIFMD. The Manager has adopted the BlackRock AIFM Remuneration Policy, a summary of which is set out below. Role of the Compensation Committees Remuneration governance is a tiered structure including the Management Development and Compensation Committee ( MDCC ) of the Board of Directors (BlackRock Inc. s independent remuneration committee), complemented by the EMEA Compensation Committee and the Manager s Board of Directors. These bodies are responsible for the determination of the Manager s remuneration policies. (a) MDCC The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group LLC, who has no relationship with BlackRock Inc. or its Board of Directors that would interfere with its ability to provide independent advice to the MDCC on compensation matters. The MDCC is currently composed of Messrs. Komansky (Chairman), Gerber, Grosfeld, Maughan and Mills. The Board of Directors has determined that all of the members of the MDCC are independent within the meaning of the listing standards of the New York Stock Exchange (NYSE), which requires each meet a non-employee director standard. The MDCC held 10 meetings during 2015. The MDCC charter is available on BlackRock Inc. s website (www.blackrock.com). (b) EMEA Compensation Committee The EMEA Compensation Committee (the Committee ) is established for the purpose of reviewing compensation policies, practices, and principles as required by local/regional rules set by regulatory bodies. Specifically, the Committee s primary purposes are to review and make recommendations concerning: executive compensation programs; employee benefit plans; such other compensation plans as may be established from time to time; other local/regional compensation policies, practices, and principles as required to comply with local/regional rules as set by regulators. The Committee consists of a minimum of three members and is constituted in a way that enables it to exercise its judgment and demonstrate its ability to make decisions which are consistent with the current and future financial status of the business. The current members are: David Blumer, Head of the EMEA Region; James Charrington, non-executive Chairman of the EMEA Region; Paige Dickow, Global Head of Rewards & HR Infrastructure; and Karen Dennehy, EMEA Head of Human Resources. Only members of the Committee have the right to attend Committee meetings and the Committee may request the attendance of any executive or other person as deemed appropriate to facilitate the review of remuneration recommendations and policy design to ensure that the remuneration practices are consistent with effective risk management and do not encourage excessive risk taking. Examples of additional attendees may include individuals from the Operational Risk and Regulatory Compliance functions. Decision-making process Compensation decisions for employees are made once annually in January following the end of the performance year. This timing allows full-year financial results to be considered along with other nonfinancial goals and objectives. Although the framework for compensation decision-making is tied to financial performance, significant discretion is used to determine individual compensation based on achievement of strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining specific individual compensation amounts, a number of factors are considered including non-financial goals and objectives and overall financial and investment performance. These results are viewed in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award. 3 BlackRock Non-UCITS Retail Funds (2) 4

Report on Remuneration continued Annual incentive awards are generated from a bonus pool. The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by the MDCC and the final total bonus pool is approved after year-end. As part of this review, the MDCC receives actual and projected financial information over the course of the year as well as final year-end information. The financial information that the MDCC receives and considers includes the current year projected income statement and other financial measures compared with prior year results and the current year budget. The MDCC additionally reviews other metrics of BlackRock s financial performance (e.g., net inflows of AUM and investment performance) as well as information regarding market conditions and competitive compensation levels. The MDCC regularly considers management s recommendation as to the percentage of preincentive operating income that will be accrued and reflected as a compensation expense throughout the year for the cash portion of the total annual bonus pool (the accrual rate ). The accrual rate of the cash portion of the total annual bonus pool may be modified by the MDCC during the year based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula to the information it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the total bonus pool. Following the end of the performance year, the MDCC approves the final bonus pool amount. As part of the year-end review process the Operational Risk and Regulatory Compliance departments report to the EMEA Compensation Committee on any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration. Control functions Each of the control functions (Operational Risk, Legal & Compliance, and Internal Audit) has its own organisational structure which is operationally independent. The head of each control function is either a member of the Global Executive Committee ( GEC ), the global management committee, or has a reporting obligation to BlackRock s Board of Directors. Functional bonus pools are determined with reference to the performance of each individual function. The remuneration of the senior members of control functions is directly overseen by the EMEA Compensation Committee. Link between pay and performance There is a clear and well defined pay-for-performance philosophy and compensation programmes which are designed to meet five key objectives as detailed below: Attract, retain and motivate employees capable of making significant contributions to the long-term success of the business; Align the interests of senior employees with those of shareholders by awarding BlackRock Inc. s stock as a significant part of both annual and long-term incentive awards; Control fixed costs by ensuring that compensation expense varies with profitability; Link a significant portion of an employee s total compensation to the financial and operational performance of the business as well as its common stock performance; and Discourage excessive risk-taking. Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours in a clear and consistent way. Managers use a 5-point rating scale to provide an overall assessment of an employee s performance, and employees also provide a self-evaluation. The overall, final rating is reconciled during each employee s performance appraisal. Employees are assessed on the manner in which performance is attained as well as the absolute performance itself. In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual performance but don t pre-determine compensation outcomes. Compensation decisions remain discretionary and are made as part of the year-end compensation process. When setting remuneration levels other factors are considered, as well as individual performance, which may include: the performance of the Manager, the funds managed by the Manager and/or the relevant functional department; factors relevant to an employee individually (e.g. relevant working arrangements (including part-time status if applicable); relationships with clients and colleagues; teamwork; skills; any conduct issues; and, subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to the business); the management of risk within the risk profiles appropriate for BlackRock s clients; strategic business needs, including intentions regarding retention; market intelligence; and criticality to business. 5 BlackRock Non-UCITS Retail Funds (2) 6

Report on Remuneration continued A primary product tool is risk management and, while employees are compensated for strong performance in their management of client assets, they are required to manage risk within the risk profiles appropriate for their clients. Therefore, employees are not rewarded for engaging in high-risk transactions outside of established parameters. Compensation practices do not provide undue incentives for short-term planning or short-term financial rewards, do not reward unreasonable risk and provide a reasonable balance between the many and substantial risks inherent within the business of investment management, risk management and advisory services. The compensation model includes a basic salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to be considered for a bonus, there is no contractual obligation to make any award to an employee under its discretionary bonus scheme. In exercising discretion to award a discretionary bonus, the factors listed above ( Link between pay and performance ) may be taken into account in addition to any other matters which become relevant to the exercise of discretion in the course of the performance year. Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that determines the portion paid in cash and the portion paid in stock and subject to additional vesting/clawback conditions. As annual compensation increases, a greater portion is paid in stock. The MDCC adopted this approach in 2006 to substantially increase the retention value and shareholder alignment of the compensation package for eligible employees, including the executive officers. Supplementary to the annual discretionary bonus as described above, equity awards from the Partner Plan and Challenge Award are made to select senior leaders to provide greater linkage with future business results. The long-term incentive awards for recipients have been established individually to provide meaningful incentive for continued performance over a multi-year period recognizing the scope of the individual s role, business expertise and leadership skills. A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as deferred cash that notionally tracks investment in selected products managed by the employee. The intention of these awards is to align investment professionals with the investment returns of the products they manage through the deferral of compensation into those products. Clients and external evaluators have increasingly viewed more favourably those products where key investors have skin in the game through significant personal investments. Identified Staff The BlackRock AIFM Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of staff of the Manager, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the Manager or of the funds it manages. The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not limited to: Organisational changes New business initiatives Changes in significant influence function ( SIF ) lists Changes in role responsibilities Revised regulatory direction Quantitative Remuneration Disclosure The Manager is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. Disclosures are provided in relation to (a) the staff of the Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund. All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals services attributable to the Fund is included in the aggregate figures disclosed. Members of staff and senior management of the Manager typically provide both AIFMD and non- AIFMD related services in respect of multiple funds, clients and functions of the Manager and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Manager. Accordingly the figures are not representative of any individual s actual remuneration or their remuneration structure. The amount of the total remuneration awarded by the Manager to its staff which has been attributed to the Fund in respect of the Manager s financial year ending 31 December 2015 is 4.4k. This figure is comprised of fixed remuneration of 0.7k and variable remuneration of 3.7k. There were a total of 14 beneficiaries of the remuneration described above. The amount of the aggregate remuneration awarded by the Manager, which has been attributed to the Fund in respect of the Manager s financial year ending 31 December 2015, to its senior management was 1.8k, and to members of its staff whose actions have a material impact on the risk profile of the Fund was 2.6k. 7 BlackRock Non-UCITS Retail Funds (2) 8

Accounting and Distribution Policies* for the year 29 February 2016 Accounting Policies (a) The financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds (the SORP ) issued by the Investment Management Association (now known as the Investment Association) in May 2014.The SORP was revised in May 2014 to concur with Financial Reporting Standard 102, the new financial reporting standard applicable in the UK and Republic of Ireland. Amendments to FRS 102 Fair value hierarchy disclosures effective for annual periods beginning on or after 1 January 2017 have been early adopted. These amendments improve the consistency of fair value disclosures for financial instruments with those required by EU-adopted IFRS. The transition to the revised SORP on 1 March 2015 has not resulted in any restatement to the financial position or financial performance previously reported as at 28 February 2015. Certain presentational amendments have been required which have no impact on the total return or Net Asset Value ( NAV ) in either the current or prior accounting period. These amendments are listed below. Nature of Change in Presentation Tax on Distributions Tax withheld on interest distributions are now included within Distributions in the Statement of Total Return and within Distributions payable on the Balance Sheet. Reasons for Changes in Presentation Tax on Distributions Section 2.76 of the SORP states that tax withheld on interest distributions should be shown as part of Distributions payable and not as part of the liability to corporation tax, since it will be settled from amounts transferred to the distribution account. The change had no impact on the NAV of the Funds. For Consensus 35 this has resulted in a reclassification which decreased the value of Other creditors (previously Creditors) and increased the value of Distributions payable on the Balance Sheet by 000 34. Corresponding reclassifications have also been made in the Statement of Total Return which resulted in an increase in the value of Distributions and a decrease in the value of UK income tax withheld by 000 6. Related balances in the relevant notes have also been updated to reflect the reclassification. Change in Valuation Point As permitted by Section 6.8.2(5a) of the COLL Sourcebook, the financial statements for the year ended 29 February 2016 have been prepared as at each Funds valuation point at 12 noon on the last business day of the accounting period. This aligns the valuation point for financial statements purposes with the valuation point used for dealing purposes. The comparative figures as at 28 February 2015 have been prepared as at close of business on the last business day of the accounting period. (b) Dividends on quoted ordinary shares and preference shares are recognised when the securities are quoted ex-dividend. Where such securities are not quoted, dividends are recognised when they are declared. All distributions from Collective Investment Schemes ( CIS ) are recognised when the securities are quoted ex-dividend. All distributions from holdings in CIS are treated as revenue with the exception of the equalisation element, which is treated as capital. Any reported revenue from an offshore fund, in excess of any distribution received in the reporting period, is recognised as revenue no later than the date on which the reporting fund makes this information available. The equalisation element is treated as capital. All revenue is recognised as a gross amount that takes account of any withholding taxes but excludes any other taxes such as attributable tax credits. Bank interest is recognised on an accruals basis. The Funds receive Manager s charge rebates from BlackRock related investments in the normal course of business. These are recognised on an accruals basis and are treated as revenue, unless it is the policy of the underlying fund to charge its fees to capital, in which case these rebates will be recognised as capital. (c) Underwriting commission is wholly recognised as revenue when the issue takes place, except where the Funds are required to take up some or all of the shares underwritten, in which case an appropriate proportion of the commission received is deducted from the cost of those shares. (d) All expenses, except those relating to the purchase and sale of investments are charged against revenue. All expenses are recognised on an accruals basis. (e) Provision for corporation tax is made at the current rate on the excess of taxable revenue over allowable expenses. Provision is made on all material timing differences arising from the different treatment of items for accounting and tax purposes. A deferred tax asset is recognised only to the extent that it is considered more likely than not that there will be taxable profits in the future against which the asset can be offset. (f) The investments of the Funds have been valued at market value, defined as fair value, which is usually at 12 noon on the last business day of the accounting period. In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value of such investment shall be estimated with care and in good faith by a competent professional person, body, firm or corporation including the Manager s pricing committee, and such fair value shall be determined on the basis of the probable realisation value of the investment. The Manager, in agreement with the Trustee, shall be entitled to adopt an alternative method of valuing any particular asset or liability if it considers that the methods of valuation set out above do not provide a fair valuation of a particular asset or liability. Investments in dual priced CIS have been valued at market values, defined as fair value, which is usually bid value at the closing valuation point of the underlying fund on the last business day of the accounting period. Investments in single priced CIS have been valued at market values, defined as fair value, which is usually the latest available price at the Funds 12 noon valuation point on the last business day of the accounting period. * The Accounting and Distribution Policies are an integral part of the notes to financial statements. 9 BlackRock Non-UCITS Retail Funds (2) 10

Accounting and Distribution Policies continued Financial Instruments and Risks* (g) Any transactions in foreign currencies are translated into Sterling at the rates of exchange ruling on the date of any such transaction. Assets and liabilities in foreign currencies are translated into Sterling at the exchange rates ruling at 12 noon on the last business day of the accounting period. Revenue items in foreign currencies are translated into Sterling at the exchange rate when the revenue is received. (h) Where appropriate, certain permitted financial instruments such as derivatives are used for efficient portfolio management. Where such financial instruments are used to protect or enhance revenue, the revenue and expenses derived therefrom are included in Revenue in the Statement of Total Return. Where such financial instruments are used to protect or enhance capital, the gains and losses derived therefrom are included in Net capital gains or losses in the Statement of Total Return. (i) Cash and bank balances consist of deposits held on call with banks and cash held with clearing brokers and counterparties. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Distribution Policies (j) The units in each of the Funds are accumulation units. All of the net revenue available for distribution at the final accounting period end will be accumulated by the Funds with a transfer from revenue to capital. In order to conduct a controlled dividend flow to unitholders, interim distributions may be made at the Manager s discretion, up to a maximum of the distributable revenue available for the period. Should expenses and taxation together exceed revenue, there will be no distribution and the shortfall will be met from capital. (k) The Consensus 35 Fund has satisfied the qualifying investment test as specified in S468L ICTA 1988 at all times throughout the distribution period. As such, any revenue available for distribution will be paid as an interest distribution. All other Funds will pay a dividend distribution. Introduction and overview The Funds investment activities expose them to the various types of risk which are associated with the financial instruments and markets in which they invest. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the Prospectus for a more detailed discussion of the risks inherent in investing in the Funds. Risk management framework The Manager has delegated the day-to-day administration of the investment programme to the Investment Manager. The Investment Manager is also responsible for ensuring that the Funds are managed within the terms of their investment guidelines and limits set out in the Prospectus. The Manager reserves to itself the investment performance, product risk monitoring and oversight and the responsibility for the monitoring and oversight of regulatory and operational risk for the Funds. The Manager has appointed a risk manager who has responsibility for the daily risk management process with assistance from key risk management personnel of the Investment Manager, including members of the Risk and Quantitative Analysis Group ( RQA Group ) which is a centralised group which performs an independent risk management function. The RQA Group independently identifies, measures and monitors investment risk. The RQA Group tracks the actual risk management practices being deployed across the different funds. By breaking down the components of the process, the RQA Group has the ability to determine if the appropriate risk management processes are in place for the Funds. This captures the risk management tools employed, how the levels of risk are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes. The risk profiles of the Funds are set out as follows: a) Market risk Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Funds may suffer through holding market positions in the face of market movements. The Funds are exposed to market risk by virtue of its underlying investments in equities, corporate bonds and government bonds. A key metric the RQA Group uses to measure market risk is VaR which encompasses price, currency and interest rate risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market moves in an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. The VaR calculations are based on an adjusted historical simulation model with a confidence level of 99%, a holding period of one day and a historical observation period of not less than one year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% one day VaR means that the expectation is that 99% of the time over a one day period a Fund will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. * The information relating to Financial Instruments and Risks is an integral part of the notes to financial statements. 11 BlackRock Non-UCITS Retail Funds (2) 12

Financial Instruments and Risks continued It is noted that the use of the VaR methodology has limitations, namely that the use of historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that the loss could be greater than the VaR amounts. These limitations and the nature of the VaR measure mean that the Funds can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in excess of the VaR amounts, will not occur more frequently. The one day VaR as at 29 February 2016 and 28 February 2015 based on a 99% confidence level is outlined in the table below: Fund 29 February 2016 % 28 February 2015 % BlackRock Consensus 35 Fund 1.1 0.7 BlackRock Consensus 60 Fund 1.5 0.9 BlackRock Consensus 70 Fund 1.7 1.0 BlackRock Consensus 85 Fund 2.2 1.3 BlackRock Consensus 100 Fund 2.9 1.7 BlackRock Global Equity Fund 2.2 1.8 BlackRock Overseas Equity Fund 2.7 1.8 During the year the VaR model used by the RQA Group changed from a parametric model to an adjusted historical simulation model to measure more appropriately the Funds' exposure to market risk. The previous model used a holding period of one month (20 days). The comparative VaR as of 28 February 2015 has been updated in line with the new model. i) Market risk arising from foreign currency risk Exposure to foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The net assets of the Funds are denominated mainly in Sterling, however, the underlying CIS hold financial assets and financial liabilities denominated in other international currencies. As such, the Funds have indirect exposure to foreign currency risk through their underlying investments in CIS, whereby the value of the underlying CIS may fluctuate as a result of changes to foreign currency rates. As at 29 February 2016 and 28 February 2015, the Funds financial assets and liabilities were denominated mainly in their respective functional currencies and therefore are unlikely to be materially exposed to foreign currency risk, hence no foreign currency exposure table has been presented. Management of foreign currency risk Foreign currency exposures are managed within parameters utilising forward currency contracts. As at 29 February 2016, the Funds had no open forward currency contracts (28 February 2015: Nil). ii) Market risk arising from other price risk Exposure to other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. The Funds are exposed to market price risk arising from their investments. The exposure of the Funds to other price risk is the market value of the investments held as shown in the portfolio statements of the Funds. Management of other price risk By diversifying the portfolio, where this is appropriate and consistent with the Funds objectives, the risk that a price change of a particular investment will have a material impact on the net asset value of the Funds is minimised. The investment concentrations within the portfolio are disclosed in the portfolio statement of each Fund by investment type. The other price risk inherent in holdings in CIS is monitored by the Investment Manager by understanding the investment objectives of the underlying funds as well as their internal control policies and regular risk and performance reporting. To manage other price risk, the Investment Manager performs extensive initial and ongoing due diligence on the underlying funds. The underlying funds are required to provide the Investment Manager with reports on a daily, monthly or quarterly basis, monitoring the internal controls and operational infrastructure of the managers of these funds. iii) Market risk arising from interest rate risk Exposure to interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Funds are exposed to interest rate risk on their cash and bank balances held at The Bank of New York Mellon (International) Limited, amounts held at futures clearing houses and brokers and cash equivalent holdings. Cash held on deposit at The Bank of New York (International) Limited receives/incurs interest at the prevailing daily rate which may be negative depending on the currency in which the cash is held. The Funds also have indirect exposure to interest rate risk through their investments into CIS, whereby the value of the underlying asset may fluctuate as a result of a change in interest rates and through their investments in futures contracts, whereby the value of an underlying fund may fluctuate as a result of a change in interest rates through their investments in interest-bearing securities. At 29 February 2016 and 28 February 2015 no interest bearing securities were held by the Funds, hence no interest rate risk exposure table has been presented. Management of interest rate risk Interest rate risk exposure is managed by constantly monitoring the position for deviations outside of a pre-determined tolerance level and, when necessary, rebalancing back to the original desired parameters. 13 BlackRock Non-UCITS Retail Funds (2) 14

Financial Instruments and Risks continued b) Counterparty credit risk Exposure to counterparty credit risk Counterparty credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Funds are exposed to counterparty credit risk from the parties with which they trade and will bear the risk of settlement default. Management of counterparty credit risk Counterparty credit risk is monitored and managed by BlackRock s RQA Counterparty & Concentration Risk Team. The team is headed by BlackRock s Chief Credit Officer who reports directly to the Global Head of RQA. Credit authority resides with the Chief Credit Officer and selected team members to whom specific credit authority has been delegated. As such, counterparty approvals may be granted by the Chief Credit Officer or by identified RQA Credit Risk Officers who have been formally delegated authority by the Chief Credit Officer as deemed appropriate. BlackRock s RQA Counterparty & Concentration Risk Team completes a formal review of each new counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an active oversight of counterparty exposures. The Manager of the underlying CIS maintains a list of approved counterparties. This list is regularly monitored and revised for changes based on the counterparty s creditworthiness, market reputation and expectations of future financial performance. Transactions will only be opened with financial intermediaries on the approved counterparties list. i) Trustee and Custodian The Funds Trustee is BNY Mellon Trust & Depositary (UK) Limited (the Trustee ). The Trustee has delegated the function of custodian of the property of the Funds to The Bank of New York Mellon (International) Limited (the Custodian ). The Trustee is liable to the Funds for the loss of financial instruments of the Funds which are held in custody as part of the Trustee s safekeeping function. The liability of the Trustee will not be affected by the fact that it has entrusted the safekeeping function to the Custodian save where this liability is lawfully discharged to a delegate (any such discharge will be notified to unitholders) or where the loss of financial instruments arises as a result of an external event beyond reasonable control as provided for under AIFMD. The Trustee will not be indemnified out of the assets of the Funds for the loss of financial instruments where it is so liable. Substantially all of the investments of the Funds are held by the Custodian at the year end. Investments are segregated from the assets of the Custodian s, with ownership rights remaining with the Funds. Bankruptcy or insolvency of the Custodian may cause the Funds rights with respect to their investments held by the Custodian to be delayed or limited. The maximum exposure to this risk is the amount of long investments disclosed in the portfolio statement of each Fund. The Funds will be exposed to the credit risk of the Custodian, or any depositary used by the Trustee regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the Custodian or any depositary used by the Trustee, the Funds will be treated as a general creditor of the Trustee. Management of counterparty credit risk related to the Trustee and Custodian To mitigate the Funds credit risk with respect to the Trustee, the Investment Manager of the Funds employs specific procedures to ensure that the Trustee employed is a reputable institution and that the associated credit risk is acceptable to the Funds. The Funds only transact with counterparties that are regulated entities subject to prudential supervision, or with high creditratings assigned by international credit-rating agencies. The long term credit rating of the parent company of the Trustee and Custodian, The Bank of New York Mellon Corporation as at 29 February 2016 was A+ (28 February 2015: A+) (Standard & Poor s rating). ii) Debt securities Issuer credit risk is the default risk of one of the issuers of any securities held by the Funds. The bonds held by the Funds underlying CIS are issued by companies and government agencies in order to achieve the investment objectives for each of the Funds underlying CIS. The borrower receives from the Funds underlying CIS a principal amount. The Funds underlying CIS will then receive interest based on the coupon rate of the bond and repayment of the initial principal amount on the bond s maturity date. Any impairment to the borrower s ability to pay amounts due may result in changes to the tradable value of the bond and the amount to be received upon maturity of the bond. Management of counterparty credit risk related to debt securities The ability of the borrower to repay not only the principal value but also any interest due on the bond, referred to as the borrower s credit rating, is monitored by the Investment Manager of the Funds underlying CIS. The Investment Manager of the Funds underlying CIS may undertake its own research of the borrower s financial position in order to assess the ability of the borrower to pay amounts due. The ratings of the underlying funds debt securities are continually monitored by the BlackRock Portfolio Management Group. 15 BlackRock Non-UCITS Retail Funds (2) 16

Financial Instruments and Risks continued c) Liquidity risk Exposure to liquidity risk Liquidity risk is the risk that the Funds will encounter difficulties in meeting their obligations associated with financial liabilities. Liquidity risk to the Funds arises from the redemption requests of investors and the liquidity of the underlying investments the Funds are invested in. The Funds unitholders may redeem their units on the close of any daily dealing deadline for cash equal to a proportionate share of the Funds Net Asset Value. The Funds are therefore potentially exposed to the liquidity risk of meeting the unitholders redemptions and may need to sell assets at prevailing market prices to meet liquidity demands. All non-derivative financial liabilities including distributions payable held by the Funds as at 29 February 2016 and 28 February 2015, based on contractual maturities, fall due within one to three months, with the exception of corporation tax payable which falls due within nine to twelve months. Management of liquidity risk Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands. At times of excessive redemptions the Manager may decide to defer redemptions at any valuation point to the next valuation point where the requested aggregate redemptions exceed 10 per cent of a Fund s values. This will therefore allow the Manager to protect the interests of continuing unitholders by allowing the Manager to match the sale of scheme property to the level of redemptions. This should reduce the impact of dilution on the Funds. All unitholders who have sought to redeem units at any valuation point at which redemptions are deferred will be treated consistently and any redemption requests received in the meantime will not be processed until the redemption requests that have been deferred to the subsequent valuation points have been processed. The Funds liquidity risks are managed on a daily basis by the Investment Manager in accordance with established policies and procedures in place. The portfolio managers review daily forward looking cash reports which project cash obligations. These reports allow them to manage their cash obligations. d) Valuation of financial instruments The Funds classify financial instruments measured at fair value using a fair value hierarchy. The fair value hierarchy has the following categories: Level 1 Quoted prices for identical instruments in active markets A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm s length basis. The Funds do not adjust the quoted price for these instruments. Level 2 Valuation techniques using observable inputs This category includes instruments valued using: quoted prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable recent arm s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity determined inputs. Level 3 Valuation techniques using significant unobservable inputs This category includes all instruments where the valuation techniques used include inputs not based on market data and these inputs could have a significant impact on the instrument s valuation. This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes observable inputs requires significant judgement by the Investment Manager. The Investment Manager considers observable inputs to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. 17 BlackRock Non-UCITS Retail Funds (2) 18

Financial Instruments and Risks continued The tables below are an analysis of the Funds investment assets and investment liabilities measured at fair value at the Balance Sheet date. BlackRock Consensus 85 Fund Level 1 Level 2 Level 3 Total BlackRock Consensus 35 Fund Level 1 Level 2 Level 3 Total 29 February 2016 Investment assets 32,888 32,888 Investment liabilities 28 February 2015 Investment assets 21,400 21,400 Investment liabilities BlackRock Consensus 60 Fund Level 1 Level 2 Level 3 Total 29 February 2016 Investment assets 56,234 56,234 Investment liabilities 28 February 2015 Investment assets 46,545 46,545 Investment liabilities BlackRock Consensus 70 Fund Level 1 Level 2 Level 3 Total 29 February 2016 Investment assets 42,833 42,833 Investment liabilities 28 February 2015 Investment assets 37,430 37,430 Investment liabilities 29 February 2016 Investment assets 6,960,236 6,960,236 Investment liabilities 28 February 2015 Investment assets 7,031,633 7,031,633 Investment liabilities BlackRock Consensus 100 Fund Level 1 Level 2 Level 3 Total 29 February 2016 Investment assets 40,059 40,059 Investment liabilities 28 February 2015 Investment assets 31,058 31,058 Investment liabilities BlackRock Global Equity Fund Level 1 Level 2 Level 3 Total 29 February 2016 Investment assets 440,888 440,888 Investment liabilities 28 February 2015 Investment assets 468,237 468,237 Investment liabilities BlackRock Overseas Equity Fund Level 1 Level 2 Level 3 Total 29 February 2016 Investment assets 109,397 109,397 Investment liabilities 28 February 2015 Investment assets 96,396 96,396 Investment liabilities 19 BlackRock Non-UCITS Retail Funds (2) 20

Financial Instruments and Risks continued BlackRock Consensus 35 Fund e) Leverage The Funds may employ leverage and borrow cash in accordance with their stated investment policy or investment strategy. The Funds may employ leverage in their investment programmes through various means including the use of financial derivative instruments. The use of borrowings and leverage has associated risks and can, in certain circumstances, substantially increase the adverse impact to which the Funds investment portfolios may be subject. For the purposes of this disclosure, leverage is any method by which the Funds exposure is increased, whether through borrowing of cash or securities, or leverage embedded in derivative positions, or by any other means. The AIFMD requires that each leverage ratio be expressed as the ratio between a Fund s exposure and its net asset value ( NAV ) and prescribes two required methodologies, the gross methodology and the commitment methodology, for calculating such exposure using the methodologies prescribed under the AIFMD, the leverage of the Funds is disclosed in the table below. Gross Exposure Commitment Approach Fund Maximum limit Leverage as at 29.2.2016 Leverage as at 28.2.2015 Maximum limit Leverage as at 29.2.2016 Leverage as at 28.2.2015 BlackRock Consensus 35 Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 BlackRock Consensus 60 Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 BlackRock Consensus 70 Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 BlackRock Consensus 85 Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 BlackRock Consensus 100 Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 BlackRock Global Equity Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 BlackRock Overseas Equity Fund 1.1:1 1.0:1 1.0:1 1.1:1 1.0:1 1.0:1 About the Fund The BlackRock Consensus 35 Fund (the Fund ) is a sub-fund of BlackRock Non-UCITS Retail Funds (2), a non-ucits retail scheme under the COLL Sourcebook. The Fund was authorised by the Financial Conduct Authority on 25 May 2012 and was established on 13 July 2012. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return by investment primarily in units of collective investment schemes. These collective investment schemes may gain exposure globally to the following asset classes: equity securities, fixed income securities (both government and non-government securities), money-market instruments, deposits, cash and near cash and alternative asset classes (such as property and commodities). The Fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits and cash and near cash. At any one time, the Fund will aim to have no more than 35% of its investment exposure to equity securities. Any exposure to property and commodities will only be gained indirectly by the Fund. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. The Fund uses an asset allocation strategy which is based on the ABI Mixed Investment 0-35% Shares Pension Sector. The maximum level of leverage which the Funds, or the Manager on the Funds behalf, is permitted to use as part of the Funds investment strategies is set out in the Prospectus and in the above table. 21 BlackRock Non-UCITS Retail Funds (2) 22

Consensus 35 Fund Consensus 35 Fund Investment Report This Annual Report covers the year ended 29 February 2016. Performance Table For the three years TOTAL Return (with net income reinvested) Class A Accumulation BlackRock Consensus 35 Fund +2.4% +11.0% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. Five year performance data does not exist as the Fund launched in July 2012. The Fund s performance is not measured in reference to a benchmark index. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Summary of Performance over the Period Over the period from 1 March 2015 to 29 February 2016, the Fund returned 2.4%*. Over the six month period to 29 February 2016, the Fund returned 5.1%*. The Fund uses an asset allocation strategy that is based on the ABI Mixed Investment 0-35% Shares Pension Sector. Given that the Fund is effectively a passively managed strategy, there were no decisions actively taken to deviate from the given asset allocation. Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policy, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This marked the first rise in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. Global government bonds gained ground over the period. Bouts of risk aversion, coupled with signs of a deteriorating global economy, helped to anchor yields. Japanese bonds fared well in sterling terms, as the Bank of Japan first undertook an asset-purchase programme and then adopted a policy of negative interest rates. US Treasury bonds also made decent headway, despite the Fed raising interest rates. Emerging market bonds lagged in sterling terms, as oil-price weakness weighed on net exporters of the commodity. Turning to equities, volatility and nervousness around the Chinese economy affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. Against this backdrop, global equities (measured by the MSCI World Index) fell 0.7% over the period. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund s class A Accumulation. 23 BlackRock Non-UCITS Retail Funds (2) 24

Consensus 35 Performance Record Comparative Table A Accumulation For the period from 1.4.2013* to 28.2.2014 D Accumulation For the period from 1.4.2013* to 28.2.2014 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 112.6 103.8 105.1 113.5 104.3 105.2 Return before operating charges 3.48 9.54 (0.61) 3.43 9.50 (0.65) Operating charges (0.70) (0.74) (0.69) (0.26) (0.30) (0.25) Return after operating charges 2.78 8.80 (1.30) 3.17 9.20 (0.90) Closing net asset value per unit 115.4 112.6 103.8 116.7 113.5 104.3 Retained distributions on accumulation units 1.20 1.04 0.42 1.57 1.40 0.75 After direct transaction costs of 0.00 0.00 (0.02) 0.00 0.00 (0.02) Performance Return after charges 1 2.47% 8.48% (1.24)% 2.79% 8.82% (0.86)% Other information Closing net asset value () 4,084 4,147 1,467 31,720 19,561 6,997 Closing number of units 3,539,575 3,683,137 1,413,049 27,189,015 17,236,797 6,710,859 Operating charges 2 0.65% 0.69% 0.67% 0.25% 0.28% 0.24% Direct transaction costs 3 0.00% 0.00% 0.01% 0.00% 0.00% 0.01% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 122.4 120.6 112.1 117.6 115.8 107.0 Lowest bid unit price 108.7 103.2 101.1 109.8 103.7 101.3 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 14 for further details. Consensus 35 Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 A Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.9488 0.0000 1.1806 0.0000 Income tax 0.1898 0.0000 0.2361 0.0000 Net revenue (interest) 0.7590 0.0000 0.9445 0.0000 Equalisation 0.7590 0.9445 Distribution payable 30.4.2016 0.7590 0.7590 0.9445 0.9445 Distribution paid 30.4.2015 0.6784 0.6784 0.8516 0.8516 Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 A Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Gross Revenue 0.5493 0.0000 0.7841 0.0000 Income tax 0.1099 0.0000 0.1568 0.0000 Net revenue (interest) 0.4394 0.0000 0.6273 0.0000 Equalisation 0.4394 0.6273 Distribution paid 31.10.2015 0.4394 0.4394 0.6273 0.6273 Distribution paid 31.10.2014 0.3600 0.3600 0.5494 0.5494 Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. 25 BlackRock Non-UCITS Retail Funds (2) 26

Consensus 35 Fund Portfolio Statement at 29 February 2016 Consensus 35 Fund Statement of Total Return for the year ended 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets Notes COLLECTIVE INVESTMENT SCHEMES 91.86%; 2015 90.26% Investment Funds 91.86%; 2015 90.26% Investment Funds Asia 1.28%; 2015 1.25% 246,880 BlackRock Japan Equity Tracker Fund 375 1.05 40,686 BlackRock Pacific ex Japan Equity Tracker Fund 84 0.23 459 1.28 Investment Funds Emerging Markets 0.06%; 2015 0.10% 19,677 BlackRock Emerging Markets Equity Tracker Fund 20 0.06 Investment Funds Europe 3.90%; 2015 5.19% 813,822 BlackRock Continental European Equity Tracker Fund 1,396 3.90 Investment Funds North America 3.02%; 2015 4.32% 470,973 BlackRock North American Equity Tracker Fund 1,083 3.02 Investment Funds Property 0.64%; 2015 0.61% 141,472 BlackRock Global Property Securities Equity Tracker Fund 229 0.64 Investment Funds United Kingdom 13.22%; 2015 15.54% 2,806,907 BlackRock UK Equity Tracker Fund 4,732 13.22 Investment Funds Bonds 69.74%; 2015 63.25% 3,129,617 BlackRock Corporate Bond Tracker Fund 4,256 11.89 10,077 BlackRock Emerging Markets Government Bond Index Fund 777 2.17 1,143,700 BlackRock Index Linked Gilt Tracker Fund 1,458 4.07 8,658,151 BlackRock Overseas Corporate Bond Tracker Fund 10,979 30.66 2,355,356 BlackRock Overseas Government Bond Tracker Fund 2,777 7.76 2,999,848 BlackRock UK Gilts All Stocks Tracker Fund 4,722 13.19 24,969 69.74 Portfolio of Investments 32,888 91.86 CASH EQUIVALENTS Short-term Money Market Funds 8.02%; 2015 8.87% 2,861,838 BlackRock Cash Fund 2,873 8.02 Net other assets 43 0.12 Total net assets 35,804 100.00 Income Net capital gains 3 572 1,146 Revenue 4 547 217 Expenses 5 (86) (47) Net revenue before taxation 461 170 Taxation 6 Net revenue after taxation 461 170 Total return before distributions 1,033 1,316 Distributions 7 (461) (170) Change in net assets attributable to unitholders from investment activities 572 1,146 Consensus 35 Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 Opening net assets attributable to unitholders 23,708 8,464 Amounts receivable on issue of units 16,591 16,595 Amounts payable on cancellation of units (5,515) (2,736) 11,076 13,859 Change in net assets attributable to unitholders from investment activities 572 1,146 Retained distribution on accumulation units 448 239 Closing net assets attributable to unitholders 35,804 23,708 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. 27 BlackRock Non-UCITS Retail Funds (2) 28

Consensus 35 Fund Balance Sheet at 29 February 2016 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 32,888 21,400 Current assets Debtors 8 129 358 Cash and bank balances 7 86 Cash equivalents 9 2,873 2,102 Total assets 35,897 23,946 Liabilities: Creditors Distribution payable (22) (5) Other creditors 10 (71) (233) Total liabilities (93) (238) Net assets attributable to unitholders 35,804 23,708 N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 Consensus 35 Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital Gains The net capital gains comprise: Gains on non-derivative securities 571 1,146 Currency gains 1 Net capital gains 572 1,146 Net gains listed above of 000 572 comprise of net realised gains of 000 157 and net unrealised gains of 000 415 (28 February 2015: 000 1,146 comprising of net realised gains of 000 154 and net unrealised gains of 000 992). Certain realised gains and losses in the current year were unrealised in the prior period. 4. Revenue Franked revenue from Collective Investment Schemes 167 60 Manager s charge rebates 54 31 Overseas dividends 1 Unfranked revenue from Collective Investment Schemes 326 125 Total revenue 547 217 29 BlackRock Non-UCITS Retail Funds (2) 30

Consensus 35 Fund Notes to Financial Statements continued 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 76 38 Registrar s fees 1 76 39 Other expenses: Audit fee 7 7 Legal & other Professional fees 1 Trustee s fees 2 1 10 8 Total expenses 86 47 6. Taxation (a) Analysis of tax charge Corporation tax Total current tax charge [see note 6(b)] (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 461 170 Corporation tax at 20% (28 February 2015: 20%) 92 34 Effects of: Tax deductible interest distributions (92) (34) Total current tax charge [see note 6(a)] 7. Distributions Interim distribution 195 76 Final distribution 346 196 541 272 Add: Amounts deducted on cancellation of units 39 20 Less: Amounts received on issue of units (119) (122) Distributions 461 170 Details of the interim and final distributions per unit are set out in the tables on page 26. 8. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 10 11 Amounts receivable for issue of units 74 347 Sales awaiting settlement 45 Total debtors 129 358 9. Cash Equivalents 29.2.2016 28.2.2015 Investments in short-term money market funds 2,873 2,102 Total cash equivalents 2,873 2,102 10. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued Manager s charge 14 14 Amounts payable for cancellation of units 50 Purchases awaiting settlement 212 Total other creditors 71 233 31 BlackRock Non-UCITS Retail Funds (2) 32

Consensus 35 Fund Notes to Financial Statements continued 11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 10. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. As at 29 February 2016 and 28 February 2015, none of the unitholders: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. 14. Portfolio Transaction Costs ended 29 February 2016 Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 18,334 Total purchases 18,334 Total purchases including transaction costs 18,334 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 7,835 Total sales 7,835 Total sales net of transaction costs 7,835 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% 33 BlackRock Non-UCITS Retail Funds (2) 34

Consensus 35 Fund Notes to Financial Statements continued ended 28 February 2015 Purchases (excluding derivatives) Transaction Value Direct Transaction Costs Commissions % Taxes % Collective investment schemes 15,846 Total purchases 15,846 Total purchases including transaction costs 15,846 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 3,551 Total sales 3,551 Total sales net of transaction costs 3,551 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% 15. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: A Accumulation units D Accumulation units Balance at the beginning of the year 3,683,137 17,236,797 Issued during the year 616,388 14,132,429 Cancelled during the year (525,095) (4,415,022) Converted during the year (234,855) 234,811 Balance at the end of the year 3,539,575 27,189,015 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 16. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Transactions in money market instruments to manage the Fund s daily liquidity position are excluded from the analysis. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.31% (28 February 2015 0.28%). 35 BlackRock Non-UCITS Retail Funds (2) 36

BlackRock Consensus 60 Fund About the Fund The BlackRock Consensus 60 Fund (the Fund ) is a sub-fund of BlackRock Non-UCITS Retail Funds (2), a non-ucits retail scheme under the COLL Sourcebook. The Fund was authorised by the Financial Conduct Authority on 25 May 2012 and was established on 13 July 2012. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return by investment primarily in units of collective investment schemes. These collective investment schemes may gain exposure globally to the following asset classes: equity securities, fixed income securities (both government and non-government securities), money-market instruments, deposits, cash and near cash and alternative asset classes (such as property and commodities). The Fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits and cash and near cash. At any one time, the Fund will aim to have no less than 20% and no more than 60% of its investment exposure to equity securities. Any exposure to property and commodities will only be gained indirectly by the Fund. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. The Fund uses an asset allocation strategy which is based on the ABI Mixed Investment 20-60% Shares Pension Sector. Consensus 60 Fund This Annual Report covers the year ended 29 February 2016. Performance Table For the three years TOTAL Return (with net income reinvested) Class A Accumulation BlackRock Consensus 60 Fund -0.8% +9.7% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. Five year performance data does not exist as the Fund launched in July 2012. The Fund s performance is not measured in reference to a benchmark index. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. 37 BlackRock Non-UCITS Retail Funds (2) 38

Consensus 60 Fund Investment Report Consensus 60 Performance Record Summary of Performance over the Period Over the period from 1 March 2015 to 29 February 2016, the Fund returned -0.8%.* Over the six month period to 29 February 2016, the Fund returned 3.2%*. The Fund uses an asset allocation strategy that is based on the ABI Mixed Investment 20-60% Shares Pension Sector. Given that the Fund is effectively a passively managed strategy, there were no decisions actively taken to deviate from the given asset allocation. Comparative Table Change in net assets per unit A Accumulation For the period from 1.4.2103* to 28.2.2014 D Accumulation For the period from 1.4.2103* to 28.2.2014 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policy, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This marked the first rise in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep interest rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark interest rates in a bid to stimulate growth. In equity markets, volatility and nervousness around the Chinese economy and market affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. Against this backdrop, global equities (measured by the MSCI World Index) fell 0.7% over the period. The weakest performance came from Latin American equities, particularly Brazil. US equities held up well, as domestic economic data improved. Meanwhile, global government bonds gained ground, as bouts of risk aversion, coupled with signs of a deteriorating global economy, helped to anchor yields. Japanese bonds outperformed in sterling terms, due to supportive action from the Bank of Japan. US Treasury bonds also made decent headway, despite the Fed raising interest rates. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund s class A Accumulation. Opening net asset value per unit 118.8 109.9 108.3 119.8 110.5 108.5 Return before operating charges (0.26) 9.64 2.48 (0.32) 9.58 2.40 Operating charges (0.75) (0.74) (0.88) (0.28) (0.28) (0.40) Return after operating charges (1.01) 8.90 1.60 (0.60) 9.30 2.00 Closing net asset value per unit 117.8 118.8 109.9 119.2 119.8 110.5 Retained distributions on accumulation units 1.91 1.41 0.65 2.31 1.80 1.00 After direct transaction costs of 0.00 0.00 (0.04) 0.00 0.00 (0.04) Performance Return after charges 1 (0.85)% 8.10% 1.48% (0.50)% 8.42% 1.84% Other information Closing net asset value () 5,785 5,540 1,764 55,886 45,796 27,093 Closing number of units 4,911,322 4,663,465 1,604,284 46,885,989 38,218,506 24,509,570 Operating charges 2 0.64% 0.66% 0.81% 0.24% 0.25% 0.37% Direct transaction costs 3 0.00% 0.00% 0.03% 0.00% 0.00% 0.03% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 129.5 126.0 117.0 124.4 121.0 111.8 Lowest bid unit price 112.4 108.7 104.4 113.6 109.3 104.8 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 14 for further details. 39 BlackRock Non-UCITS Retail Funds (2) 40

Consensus 60 Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 A Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.2518 0.0000 1.4501 0.0000 Equalisation 1.2518 1.4501 Distribution payable 30.4.2016 1.2518 1.2518 1.4501 1.4501 Distribution paid 30.4.2015 1.0281 1.0281 1.2151 1.2151 Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 A Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 0.6590 0.0000 0.8601 0.0000 Equalisation 0.6590 0.8601 Distribution paid 31.10.2015 0.6590 0.6590 0.8601 0.8601 Distribution paid 31.10.2014 0.3770 0.3770 0.5823 0.5823 Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. Consensus 60 Fund Portfolio Statement at 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets COLLECTIVE INVESTMENT SCHEMES 91.18%; 2015 90.67% Investment Funds 91.18%; 2015 90.67% Investment Funds Asia 2.60%; 2015 4.33% 794,882 BlackRock Japan Equity Tracker Fund 1,206 1.96 192,364 BlackRock Pacific ex Japan Equity Tracker Fund 398 0.64 1,604 2.60 Investment Funds Emerging Markets 0.34%; 2015 0.78% 207,906 BlackRock Emerging Markets Equity Tracker Fund 208 0.34 Investment Funds Europe 6.88%; 2015 7.35% 2,474,234 BlackRock Continental European Equity Tracker Fund 4,243 6.88 Investment Funds North America 5.53%; 2015 4.98% 1,484,571 BlackRock North American Equity Tracker Fund 3,413 5.53 Investment Funds Property 0.03%; 2015 0.12% 11,824 BlackRock Global Property Securities Equity Tracker Fund 19 0.03 Investment Funds United Kingdom 29.56%; 2015 28.64% 10,812,607 BlackRock UK Equity Tracker Fund 18,230 29.56 Investment Funds Bonds 46.24%; 2015 44.47% 4,977,745 BlackRock Corporate Bond Tracker Fund 6,770 10.98 12,214 BlackRock Emerging Markets Government Bond Index Fund 942 1.53 1,389,957 BlackRock Index Linked Gilt Tracker Fund 1,772 2.87 8,720,820 BlackRock Overseas Corporate Bond Tracker Fund 11,058 17.93 1,394,304 BlackRock Overseas Government Bond Tracker Fund 1,644 2.67 4,021,885 BlackRock UK Gilts All Stocks Tracker Fund 6,331 10.26 28,517 46.24 Portfolio of investments 56,234 91.18 CASH EQUIVALENTS Short-term Money Market Funds 8.73%; 2015 8.06% 5,359,896 BlackRock Cash Fund 5,381 8.73 Net other assets 56 0.09 Total net assets 61,671 100.00 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. 41 BlackRock Non-UCITS Retail Funds (2) 42

Consensus 60 Fund Statement of Total Return for the year ended 29 February 2016 Consensus 60 Fund Balance Sheet at 29 February 2016 Notes Income Net capital (losses)/gains 3 (1,379) 2,853 Revenue 4 1,312 714 Expenses 5 (147) (104) Net revenue before taxation 1,165 610 Taxation 6 (100) (52) Net revenue after taxation 1,065 558 Total return before distributions (314) 3,411 Distributions 7 (1,065) (558) Change in net assets attributable to unitholders from investment activities (1,379) 2,853 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 56,234 46,545 Current assets Debtors 8 135 866 Cash and bank balances 25 195 Cash equivalents 9 5,381 4,139 Total assets 61,775 51,745 Liabilities: Creditors Other creditors 10 (104) (409) Total liabilities (104) (409) Net assets attributable to unitholders 61,671 51,336 Consensus 60 Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 Opening net assets attributable to unitholders 51,336 28,857 Amounts receivable on issue of units 19,610 24,957 Amounts payable on cancellation of units (9,053) (6,044) 10,557 18,913 Stamp duty reserve tax (1) Change in net assets attributable to unitholders from investment activities (1,379) 2,853 Retained distribution on accumulation units 1,157 714 Closing net assets attributable to unitholders 61,671 51,336 43 BlackRock Non-UCITS Retail Funds (2) 44

Consensus 60 Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital (Losses)/Gains The net capital (losses)/gains comprise: (Losses)/gains on non derivative securities (1,380) 2,853 Currency gains 1 Net capital (losses)/gains (1,379) 2,853 Net losses (excluding transaction costs) listed above of 000 (1,379) comprise of net realised gains of 000 123 and net unrealised losses of 000 (1,502) (28 February 2015: 000 2,853 comprising of net realised gains of 000 164 and net unrealised gains of 000 2,689). Certain realised gains and losses in the current year were unrealised in the prior period. 4. Revenue Franked revenue from Collective Investment Schemes 663 342 Manager s charge rebates 103 87 Overseas dividends 7 Unfranked revenue from Collective Investment Schemes 546 278 Total revenue 1,312 714 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 135 92 Registrar s fees 1 135 93 Other expenses: Audit fee 7 7 Legal & other Professional fees 1 Trustee s fees 4 4 12 11 Total expenses 147 104 6. Taxation (a) Analysis of tax charge Corporation tax 100 52 Total current tax charge [see note 6(b)] 100 52 (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 1,165 610 Corporation tax at 20% (28 February 2015: 20%) 233 122 Effects of: Franked investment revenue at 20% (133) (69) Non taxable overseas dividends (1) Total current tax charge [see note 6(a)] 100 52 7. Distributions Interim distribution 416 202 Final distribution 741 512 1,157 714 Add: Amounts deducted on cancellation of units 98 60 Less: Amounts received on issue of units (190) (216) Distributions 1,065 558 Details of the interim and final distributions per unit are set out in the tables on page 41. 45 BlackRock Non-UCITS Retail Funds (2) 46

Consensus 60 Fund Notes to Financial Statements continued 8. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 17 26 Amounts receivable for issue of units 45 634 Income tax recoverable 12 56 Sales awaiting settlement 61 150 Total cash and bank balances 135 866 9. Cash Equivalents 29.2.2016 28.2.2015 Investments in short-term money market funds 5,381 4,139 Total cash equivalents 5,381 4,139 10. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued Manager s charge 23 29 Accrued Trustee s fee 1 1 Amounts payable for cancellation of units 73 320 Corporation tax payable 52 Total other creditors 104 409 11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 10. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. 47 BlackRock Non-UCITS Retail Funds (2) 48

Consensus 60 Fund Notes to Financial Statements continued The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. As at 29 February 2016 and 28 February 2015, none of the unitholders: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. 14. Portfolio Transaction Costs ended 29 February 2016 Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 15,946 Total purchases 15,946 Total purchases including transaction costs 15,946 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 5,960 Total sales 5,960 Total sales net of transaction costs 5,960 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% ended 28 February 2015 Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 21,180 Total purchases 21,180 Total purchases including transaction costs 21,180 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 4,568 Total sales 4,568 Total sales net of transaction costs 4,568 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Transactions in money market instruments to manage the Fund s daily liquidity position are excluded from the analysis. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.36% (28 February 2015 0.34%). 49 BlackRock Non-UCITS Retail Funds (2) 50

Consensus 60 Fund Notes to Financial Statements continued BlackRock Consensus 70 Fund 15. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: A Accumulation units D Accumulation units Balance at the beginning of the year 4,663,465 38,218,506 Issued during the year 1,313,709 15,402,955 Cancelled during the year (463,191) (7,332,693) Converted during the year (602,661) 597,221 Balance at the end of the year 4,911,322 46,885,989 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 16. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. About the Fund The BlackRock Consensus 70 Fund (the Fund ) is a sub-fund of BlackRock Non-UCITS Retail Funds (2), a non-ucits retail scheme under the COLL Sourcebook. The Fund was authorised by the Financial Conduct Authority on 25 May 2012 and was established on 13 July 2012. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return by investment primarily in units of collective investment schemes. These collective investment schemes may gain exposure globally to the following asset classes: equity securities, fixed income securities (both government and non-government securities), money-market instruments, deposits, cash and near cash and alternative asset classes (such as property and commodities). The Fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits and cash and near cash. At any one time, the Fund will aim to have no less than 30% and no more than 70% of its investment exposure to equity securities. Any exposure to property and commodities will only be gained indirectly by the Fund. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. The Fund uses an asset allocation strategy which is based on a composite average that is made up of 60% ABI Mixed Investment 20-60% Shares Pension Sector and 40% ABI Mixed Investment 40-85% Shares Pension Sector. 51 BlackRock Non-UCITS Retail Funds (2) 52

Consensus 70 Fund Consensus 70 Fund Investment Report This Annual Report covers the year ended 29 February 2016. Performance Table For the three years TOTAL Return (with net income reinvested) Class A Accumulation BlackRock Consensus 70 Fund -1.6% +10.5% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. Five year performance data does not exist as the Fund launched in July 2012. The Fund s performance is not measured in reference to a benchmark index. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Summary of Performance over the Period Over the period from 1 March 2015 to 29 February 2016, the Fund returned -1.6%.* Over the six month period to 29 February 2016, the Fund returned 3.0%*. The Fund uses an asset allocation strategy that is based on its composite benchmark, which is made up of 60% ABI Mixed Investment 20-60% Shares Pension Sector and 40% ABI Mixed Investment 40-85% Shares Pension Sector. Given that the Fund is effectively a passively managed strategy, there were no decisions actively taken to deviate from the given asset allocation. Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policy, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This marked the first rise in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep interest rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark interest rates in a bid to stimulate growth. In equity markets, volatility and nervousness around the Chinese economy and market affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. Against this backdrop, global equities (measured by the MSCI World Index) fell 0.7% over the period. The weakest performance came from Latin American equities, particularly Brazil. US equities held up well, as domestic economic data improved. Meanwhile, global government bonds gained ground, as bouts of risk aversion, coupled with signs of a deteriorating global economy, helped to anchor yields. Japanese bonds outperformed in sterling terms, due to supportive action from the Bank of Japan. US Treasury bonds also made decent headway, despite the Fed raising interest rates. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund s class A Accumulation. 53 BlackRock Non-UCITS Retail Funds (2) 54

Consensus 70 Performance Record Comparative Table A Accumulation For the period from 1.4.2013* to 28.2.2014 D Accumulation For the period from 1.4.2013* to 28.2.2014 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 122.5 113.0 110.0 123.6 113.7 110.3 Return before operating charges (1.17) 10.29 3.72 (1.26) 10.20 3.68 Operating charges (0.78) (0.79) (0.72) (0.29) (0.30) (0.28) Return after operating charges (1.95) 9.50 3.00 (1.55) 9.90 3.40 Closing net asset value per unit 120.6 122.5 113.0 122.1 123.6 113.7 Retained distributions on accumulation units 1.98 1.37 0.74 2.40 1.78 1.11 After direct transaction costs of 0.00 0.00 (0.03) 0.00 0.00 (0.03) Performance Return after charges 1 (1.59)% 8.41% 2.73% (1.25)% 8.71% 3.08% Other information Closing net asset value () 1,578 2,719 2,882 45,372 38,170 10,162 Closing number of units 1,309,689 2,219,843 2,550,283 37,173,970 30,878,658 8,941,173 Operating charges 2 0.65% 0.68% 0.65% 0.24% 0.26% 0.25% Direct transaction costs 3 0.00% 0.00% 0.02% 0.00% 0.00% 0.02% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 133.9 129.3 119.8 128.7 124.2 114.6 Consensus 70 Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 A Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.3448 0.0000 1.5506 0.0000 Equalisation 1.3448 1.5506 Distribution payable 30.4.2016 1.3448 1.3448 1.5506 1.5506 Distribution paid 30.4.2015 0.9157 0.9157 1.1109 1.1109 Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 A Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 0.6359 0.0000 0.8489 0.0000 Equalisation 0.6359 0.8489 Distribution paid 31.10.2015 0.6359 0.6359 0.8489 0.8489 Distribution paid 31.10.2014 0.4559 0.4559 0.6657 0.6657 Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. Lowest bid unit price 114.3 111.5 106.0 115.7 112.1 106.4 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 14 for further details. 55 BlackRock Non-UCITS Retail Funds (2) 56

Consensus 70 Fund Portfolio Statement at 29 February 2016 Consensus 70 Fund Statement of Total Return for the year ended 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets Notes COLLECTIVE INVESTMENT SCHEMES 91.23%; 2015 91.54% Investment Funds 91.23%; 2015 91.54% Investment Funds Asia 4.76%; 2015 5.77% 994,699 BlackRock Japan Equity Tracker Fund 1,509 3.21 352,095 BlackRock Pacific ex Japan Equity Tracker Fund 729 1.55 2,238 4.76 Investment Funds Emerging Markets 0.85%; 2015 1.16% 398,875 BlackRock Emerging Markets Equity Tracker Fund 400 0.85 Investment Funds Europe 9.65%; 2015 10.45% 2,641,096 BlackRock Continental European Equity Tracker Fund 4,530 9.65 Investment Funds North America 9.68%; 2015 9.14% 1,977,450 BlackRock North American Equity Tracker Fund 4,546 9.68 Investment Funds Property 0.22%; 2015 0.28% 63,728 BlackRock Global Property Securities Equity Tracker Fund 103 0.22 Investment Funds United Kingdom 30.53%; 2015 30.01% 8,500,922 BlackRock UK Equity Tracker Fund 14,333 30.53 Investment Funds Bond 35.54%; 2015 34.73% 2,920,903 BlackRock Corporate Bond Tracker Fund 3,972 8.46 8,470 BlackRock Emerging Markets Government Bond Index Fund 653 1.39 679,367 BlackRock Index Linked Gilt Tracker Fund 866 1.85 5,164,579 BlackRock Overseas Corporate Bond Tracker Fund 6,549 13.95 965,532 BlackRock Overseas Government Bond Tracker Fund 1,138 2.42 2,226,933 BlackRock UK Gilts All Stocks Tracker Fund 3,505 7.47 16,683 35.54 Portfolio of investments 42,833 91.23 CASH EQUIVALENTS Short-term money market Funds 8.77%; 2015 8.25% 4,099,541 BlackRock Cash Fund 4,116 8.77 Net other assets 1 0.00 Total net assets 46,950 100.00 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. Income Net capital (losses)/gains 3 (1,440) 2,348 Revenue 4 1,015 414 Expenses 5 (107) (78) Net revenue before taxation 908 336 Taxation 6 (62) (21) Net revenue after taxation 846 315 Total return before distributions (594) 2,663 Distributions 7 (846) (315) Change in net assets attributable to unitholders from investment activities (1,440) 2,348 Consensus 70 Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 Opening net assets attributable to unitholders 40,889 13,044 Amounts receivable on issue of units 12,415 27,297 Amounts payable on cancellation of units (5,820) (2,324) 6,595 24,973 Stamp duty reserve tax (1) Change in net assets attributable to unitholders from investment activities (1,440) 2,348 Retained distribution on accumulation units 906 525 Closing net assets attributable to unitholders 46,950 40,889 57 BlackRock Non-UCITS Retail Funds (2) 58

Consensus 70 Fund Balance Sheet at 29 February 2016 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 42,833 37,430 Current assets Debtors 8 115 212 Cash and bank balances 3 102 Cash equivalents 9 4,116 3,373 Total assets 47,067 41,117 Liabilities: Creditors Other creditors 10 (117) (228) Total liabilities (117) (228) Net assets attributable to unitholders 46,950 40,889 N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 Consensus 70 Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital (Losses)/Gains The net capital (losses)/gains comprise: (Losses)/gains on non derivative securities (1,440) 2,348 Net capital (losses)/gains (1,440) 2,348 Net losses (excluding transaction costs) listed above of 000 (1,440) comprise of net realised gains of 000 182 and net unrealised losses of 000 (1,622) (28 February 2015: 000 2,348 comprising of net unrealised gains of 000 2,348). Certain realised gains and losses in the current year were unrealised in the prior period. 4. Revenue Franked revenue from Collective Investment Schemes 600 230 Manager s charge rebates 81 61 Unfranked revenue from Collective Investment Schemes 334 123 Total revenue 1,015 414 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 96 67 Registrar s fees 1 96 68 Other expenses: Audit fee 7 7 Legal & other Professional fees 1 Trustee s fees 3 3 11 10 Total expenses 107 78 59 BlackRock Non-UCITS Retail Funds (2) 60

Consensus 70 Fund Notes to Financial Statements continued 6. Taxation (a) Analysis of tax charge Corporation tax 62 21 Total current tax charge [see note 6(b)] 62 21 (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 908 336 Corporation tax at 20% (28 February 2015: 20%) 182 67 Effects of: Franked investment revenue at 20% (120) (46) Total current tax charge [see note 6(a)] 62 21 7. Distributions Interim distribution 312 162 Final distribution 594 363 906 525 Add: Amounts deducted on cancellation of units 59 18 Less: Amounts received on issue of units (119) (228) Distributions 846 315 9. Cash Equivalents 29.2.2016 28.2.2015 Investments in short-term money market funds 4,116 3,373 Total cash equivalents 4,116 3,373 10. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued Manager s charge 16 21 Accrued Trustee s fee 1 1 Purchases awaiting settlement 93 199 Total other creditors 117 228 11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). Details of the interim and final distributions per unit are set out in the tables on page 56. 8. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 13 20 Amounts receivable for issue of units 94 187 Income tax recoverable 8 5 Total cash and bank balances 115 212 61 BlackRock Non-UCITS Retail Funds (2) 62

Consensus 70 Fund Notes to Financial Statements continued 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 10. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. As at 29 February 2016 and 28 February 2015, none of the unitholders: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. 14. Portfolio Transaction Costs ended 29 February 2016 Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 9,230 Total purchases 9,230 Total purchases including transaction costs 9,230 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 3,240 Total sales 3,240 Total sales net of transaction costs 3,240 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% 63 BlackRock Non-UCITS Retail Funds (2) 64

Consensus 70 Fund Notes to Financial Statements continued ended 28 February 2015 Purchases (excluding derivatives) Transaction Value Direct Transaction Costs Commissions % Taxes % Collective investment schemes 23,174 Total purchases 23,174 Total purchases including transaction costs 23,174 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 445 Total sales 445 Total sales net of transaction costs 445 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% 15. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: A Accumulation units D Accumulation units Balance at the beginning of the year 2,219,843 30,878,658 Issued during the year 493,037 9,708,822 Cancelled during the year (416,784) (4,390,865) Converted during the year (986,407) 977,355 Balance at the end of the year 1,309,689 37,173,970 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 16. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Transactions in money market instruments to manage the Fund s daily liquidity position are excluded from the analysis. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.35% (28 February 2015 0.32%). 65 BlackRock Non-UCITS Retail Funds (2) 66

BlackRock Consensus 85 Fund About the Fund The BlackRock Consensus 85 Fund (the Fund ) was formerly established as a sub-fund of BlackRock Qualified Investor Schemes, a qualified investor scheme under the COLL Sourcebook. The Fund was authorised by the Financial Conduct Authority on 21 June 2005 and was established on 21 June 2005. The Fund was previously known as BlackRock Consensus Fund. It adopted its present name with effect from 13 July 2012. The Fund became a sub-fund of the BlackRock Non-UCITS Retail Funds (2) on 13 July 2012. It is a non-ucits retail scheme established under the COLL Sourcebook. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return by investment primarily in units of collective investment schemes. These collective investment schemes may gain exposure globally to the following asset classes: equity securities, fixed income securities (both government and non-government securities), money-market instruments, deposits, cash and near cash and alternative asset classes (such as property and commodities). The Fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits and cash and near cash. At any one time, the Fund will aim to have no less than 40% and no more than 85% of its investment exposure to equity securities. Any exposure to property and commodities will only be gained indirectly by the Fund. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. Consensus 85 Fund This Annual Report covers the year ended 29 February 2016. Performance Table For the three years For the five years TOTAL Return (with net income reinvested) Class I Accumulation BlackRock Consensus 85 Fund -2.7% +13.1% +26.5% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. The Fund s performance is not measured in reference to a benchmark index. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. The Fund uses an asset allocation strategy which is based on the ABI Mixed Investment 40-85% Shares Pension Sector. 67 BlackRock Non-UCITS Retail Funds (2) 68

Consensus 85 Fund Investment Report Consensus 85 Performance Record Summary of Performance over the Period Over the period 1 March 2015 to 29 February 2016, the Fund returned -2.7%.* Over the six month period to 29 February 2016, the Fund returned 2.7%*. The Fund uses an asset allocation strategy that is based on the ABI Mixed Investment 40-85% Shares Pension Sector. Given that the Fund is effectively a passively managed strategy, there were no decisions actively taken to deviate from the given asset allocation. Comparative Table Change in net assets per unit I Accumulation For the period from 1.4.2013* to 28.2.2014 D Accumulation For the period from 1.4.2013* to 28.2.2014 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policy, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This marked the first rise in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep interest rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark interest rates in a bid to stimulate growth. In equity markets, volatility and nervousness around the Chinese economy and market affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. Against this backdrop, global equities (measured by the MSCI World Index) fell 0.7% over the period. The weakest performance came from Latin American equities, particularly Brazil. Emerging markets and Asia Pacific indices also sagged significantly. US equities held up well, as domestic economic data improved, culminating in rising interest rates in December. Meanwhile, global government bonds gained ground, as bouts of risk aversion, coupled with signs of a deteriorating global economy, helped to anchor yields. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund s class I Accumulation. Opening net asset value per unit 169.9 154.9 147.6 169.8 154.9 147.6 Return before operating charges (4.14) 15.37 7.63 (4.07) 15.27 7.63 Operating charges (0.33) (0.37) (0.33) (0.33) (0.37) (0.33) Return after operating charges (4.47) 15.00 7.30 (4.40) 14.90 7.30 Closing net asset value per unit 165.4 169.9 154.9 165.4 169.8 154.9 Retained distributions on accumulation units 3.59 3.25 2.06 3.62 3.25 2.06 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 Performance Return after charges 1 (2.63)% 9.68% 4.95% (2.59)% 9.62% 4.95% Other information Closing net asset value () 136,385 7,356,917 6,473,753 39,640 24,070 8,024 Closing number of units 82,442,503 4,330,651,893 4,178,521,608 23,966,058 14,173,539 5,180,911 Operating charges 2 0.22% 0.23% 0.22% 0.22% 0.23% 0.22% Direct transaction costs 3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 178.0 170.5 156.1 177.9 170.4 156.0 Lowest bid unit price 154.3 151.2 142.1 154.3 151.1 142.1 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 15 for further details. 69 BlackRock Non-UCITS Retail Funds (2) 70

Consensus 85 Performance Record continued Comparative Table to 28.2.2014 A Accumulation XM Accumulation X Accumulation For the period from 1.4.2013* to 28.2.2014 For the period from 1.7.2015^ For the period from 26.10.2015^ Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 168.4 154.1 147.3 100.0 100.0 Return before operating charges (3.87) 15.31 7.73 (0.70) (0.59) Operating charges (1.01) (1.01) (0.93) 0.00 0.00 Return after operating charges (4.88) 14.30 6.80 (0.70) (0.59) Closing net asset value per unit 163.5 168.4 154.1 99.30 99.41 Retained distributions on accumulation units 3.06 2.71 1.62 1.46 0.01 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 Performance Return after charges 1 (2.90)% 9.28% 4.62% (0.70)% (0.59)% Other information Closing net asset value () 227,356 209,616 154,076 7,206,021 # Closing number of units 139,036,307 124,451,450 99,977,564 7,256,670,887 200 Operating charges 2 0.62% 0.64% 0.62% 0.02% 0.01% Direct transaction costs 3 0.00% 0.00% 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 185.2 177.5 162.9 102.1 101.4 Consensus 85 Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 I Accumulation D Accumulation A Accumulation XM Accumulation ^ X Accumulation # Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 2.3742 0.0000 2.4064 0.0000 2.1265 0.0000 1.4645 0.0233 0.0050 0.0050 Equalisation 2.3742 2.4064 2.1265 1.4412 0.0000 Distribution paid 30.4.2016 2.3742 2.3742 2.4064 2.4064 2.1265 2.1265 1.4645 1.4645 0.0050 0.0050 Distribution paid 30.4.2015 2.2153 2.2153 2.2138 2.2138 1.9450 1.9450 N/A N/A N/A N/A Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 I Accumulation D Accumulation A Accumulation XM Accumulation ^ Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.2168 0.0000 1.2170 0.0000 0.9301 0.0000 0.0000 0.0000 Equalisation 1.2168 1.2170 0.9301 0.0000 Distribution paid 31.10.2015 1.2168 1.2168 1.2170 1.2170 0.9301 0.9301 0.0000 0.0000 Distribution paid 31.10.2014 1.0334 1.0334 1.0325 1.0325 0.7667 0.7667 N/A N/A Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. ^ XM Accumulation class commenced July 2015. # X Accumulation class commenced October 2015. Lowest bid unit price 152.5 150.1 141.7 92.61 92.77 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. ^ The date of commencement of operations. # Amounts less than 500 are rounded to zero. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 15 for further details. 71 BlackRock Non-UCITS Retail Funds (2) 72

Consensus 85 Fund Portfolio Statement at 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets Collective Investment Schemes 91.47%; 2015 92.64% Investment Funds 91.47%; 2015 92.64% Investment Funds Asia 8.43%; 2015 8.37% 259,976,246 BlackRock Japan Equity Tracker Fund 394,384 5.18 119,554,194 BlackRock Pacific ex Japan Equity Tracker Fund 247,597 3.25 641,981 8.43 Investment Funds Emerging Markets 2.10%; 2015 2.80% 159,703,340 BlackRock Emerging Markets Equity Tracker Fund 160,023 2.10 Investment Funds Europe 13.23%; 2015 14.62% 586,762,954 BlackRock Continental European Equity Tracker Fund 1,006,299 13.23 Investment Funds Property 0.86%; 2015 0.84% 40,126,264 BlackRock Global Property Securities Equity Tracker Fund 65,085 0.86 Investment Funds United Kingdom 31.81%; 2015 34.03% 330,464,816 BlackRock 100 UK Equity Tracker Fund 408,785 5.37 44,190,057 BlackRock Mid Cap UK Equity Tracker Fund 72,295 0.95 1,150,249,201 BlackRock UK Equity Tracker Fund 1,939,320 25.49 2,420,400 31.81 Investment Funds United States 15.55%; 2015 15.15% 405,098,800 BlackRock North American Equity Tracker Fund 931,322 12.24 147,275,077 BlackRock US Equity Tracker Fund 251,546 3.31 1,182,868 15.55 Holding or Market % of Nominal Value Total Net Value Investment Assets Investment Funds Bonds 19.49%; 2015 16.83% 206,492,772 BlackRock Corporate Bond Tracker Fund 280,830 3.69 2,320,794 BlackRock Emerging Markets Government Bond Index Fund 178,912 2.35 89,110,731 BlackRock Index Linked Gilt Tracker Fund 113,616 1.49 419,501,096 BlackRock Overseas Corporate Bond Tracker Fund 531,927 6.99 98,113,773 BlackRock Overseas Government Bond Tracker Fund 115,676 1.52 166,848,202 BlackRock UK Gilts All Stocks Tracker Fund 262,619 3.45 1,483,580 19.49 Portfolio of investments 6,960,236 91.47 CASH EQUIVALENTS Short-term Money Market Funds 8.48%; 2015 7.20% 642,468,577 BlackRock Cash Fund 645,038 8.48 Net other assets 4,128 0.05 Total net assets 7,609,402 100.00 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. 73 BlackRock Non-UCITS Retail Funds (2) 74

Consensus 85 Fund Statement of Total Return for the year ended 29 February 2016 Consensus 85 Fund Balance Sheet at 29 February 2016 Notes Income Net capital (losses)/gains 3 (365,023) 516,426 Revenue 4 184,363 159,718 Expenses 5 (12,550) (15,287) Interest payable and similar charges 6 (5) Net revenue before taxation 171,808 144,431 Taxation 7 (6,082) (4,304) Net revenue after taxation 165,726 140,127 Total return before distributions (199,297) 656,553 Distributions 8 (164,213) (140,127) Change in net assets attributable to unitholders from investment activities (363,510) 516,426 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 6,960,236 7,031,633 Current assets Debtors 9 38,745 35,452 Cash and bank balances 8,663 Cash equivalents 10 645,038 546,504 Total assets 7,644,019 7,622,252 Liabilities: Creditors Bank overdrafts (173) Other creditors 11 (34,444) (31,648) Total liabilities (34,617) (31,648) Net assets attributable to unitholders 7,609,402 7,590,604 Consensus 85 Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 Opening net assets attributable to unitholders 7,590,604 6,635,854 Amounts receivable on issue of units 470,981 393,703 Amounts payable on cancellation of units (255,239) (98,745) 215,742 294,958 Stamp duty reserve tax (24) Change in net assets attributable to unitholders from investment activities (363,510) 516,426 Retained distribution on accumulation units 166,566 143,390 Closing net assets attributable to unitholders 7,609,402 7,590,604 75 BlackRock Non-UCITS Retail Funds (2) 76

Consensus 85 Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital (Losses)/Gains The net capital (losses)/gains comprise: (Losses)/gains on non derivative securities (365,023) 516,426 Net capital (losses)/gains (365,023) 516,426 Net losses (excluding transaction costs) listed above of 000 (365,023) comprise of net realised gains of 000 10,735 and net unrealised losses of 000 (375,758) (28 February 2015: 000 516,426 comprising of net realised gains of 000 5,358 and net unrealised gains of 000 511,068). Certain realised gains and losses in the current year were unrealised in the prior period. 4. Revenue Franked revenue from Collective Investment Schemes 141,389 122,912 Interest from UK bank deposits 1 33 Manager s charge rebates 12,847 13,815 Non-taxable overseas dividends 10 Unfranked revenue from Collective Investment Schemes 30,116 22,958 Total revenue 184,363 159,718 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 12,341 14,620 Registrar s fees 8 15 12,349 14,635 Other expenses: Audit fee 7 7 Trustee s fees 194 645 201 652 Total expenses 12,550 15,287 6. Interest payable and similar charges Interest on bank overdrafts 5 Total interest payable and similar charges 5 77 BlackRock Non-UCITS Retail Funds (2) 78

Consensus 85 Fund Notes to Financial Statements continued 7. Taxation (a) Analysis of tax charge Corporation tax 6,082 4,304 Total current tax charge [see note 7(b)] 6,082 4,304 (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 171,808 144,431 Corporation tax at 20% (28 February 2015: 20%) 34,362 28,886 Effects of: Franked investment revenue at 20% (28,278) (24,582) Non taxable overseas dividends (2) Total current tax charge [see note 7(a)] 6,082 4,304 8. Distributions Interim distribution 54,799 44,717 Final distribution 111,767 98,673 166,566 143,390 Add: Amounts deducted on cancellation of units 2,919 1,170 Less: Amounts received on issue of units (5,272) (4,433) Distributions 164,213 140,127 9. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 1,824 3,537 Amounts receivable for issue of units 2,919 4,052 Income tax recoverable 33,552 27,863 Sales awaiting settlement 450 Total cash and bank balances 38,745 35,452 10. Cash Equivalents 29.2.2016 28.2.2015 Investments in short-term money market funds 645,038 546,504 Total cash equivalents 645,038 546,504 11. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued Manager s charge 268 3,810 Accrued Registrar s fee 1 Accrued Trustee s fee 43 173 Amounts payable for cancellation of units 803 81 Corporation tax payable 33,323 27,576 Total other creditors 34,444 31,648 Net revenue after taxation 165,726 140,126 (Less)/Add: Equalisation on conversions (1,513) 1 Distributions 164,213 140,127 Details of the interim and final distributions per unit are set out in the tables on page 72. 79 BlackRock Non-UCITS Retail Funds (2) 80

Consensus 85 Fund Notes to Financial Statements continued 12. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 13. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). 14. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the year end are disclosed in notes 9 and 11. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 11. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. The following investor(s) (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. ( Affiliated Funds ) or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Funds. As at 29 February 2016: Total % of units Total % of units held by Affiliated Funds Number of investors holding 51% or more of the voting units in issue who are not Affiliated Funds held by unitholders holding 51% or more of the voting units in issue who are not Affiliated Funds Nil 1 96% As at 28 February 2015: Total % of units Total % of units held by Affiliated Funds Number of investors holding 51% or more of the voting units in issue who are not Affiliated Funds held by unitholders holding 51% or more of the voting units in issue who are not Affiliated Funds Nil 1 96% All related party transactions were carried out at arm s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit classes. 81 BlackRock Non-UCITS Retail Funds (2) 82

Consensus 85 Fund Notes to Financial Statements continued 15. Portfolio Transaction Costs ended 29 February 2016 ended 28 February 2015 Direct Transaction Costs Purchases (excluding derivatives) Transaction Value Direct Transaction Costs Commissions % Taxes % Collective investment schemes 247,052 Total purchases 247,052 Total purchases including transaction costs 247,052 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 301,252 Total sales 301,252 Total sales net of transaction costs 301,252 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 271,604 Total purchases 271,604 Total purchases including transaction costs 271,604 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 37,000 Total sales 37,000 Total sales net of transaction costs 37,000 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Transactions in money market instruments to manage the Fund s daily liquidity position are excluded from the analysis. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.32% (28 February 2015 0.31%). 83 BlackRock Non-UCITS Retail Funds (2) 84

Consensus 85 Fund Notes to Financial Statements continued BlackRock Consensus 100 Fund 16. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: I Accumulation D Accumulation A Accumulation X Accumulation # XM Accumulation ^ Balance at the beginning of the year 4,330,651,893 14,173,539 124,451,450 Issued during the year 200,644,559 7,296,713 19,667,409 200 97,814,935 Cancelled during the year (105,528,669) (2,423,897) (3,990,602) (72,867,838) Converted during the year (4,343,325,280) 4,919,703 (1,091,950) 7,231,723,790 Balance at the end of the year 82,442,503 23,966,058 139,036,307 200 7,256,670,887 ^ XM Accumulation class commenced July 2015. # X Accumulation class commenced September 2015. Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 17. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. About the Fund The BlackRock Consensus 100 Fund (the Fund ) is a sub-fund of BlackRock Non-UCITS Retail Funds (2), a non-ucits retail scheme under the COLL Sourcebook. The Fund was authorised by the Financial Conduct Authority on 25 May 2012 and was established on 13 July 2012. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return by investment primarily in units of collective investment schemes. The emphasis of these collective investment schemes is to gain exposure globally to equity securities and to a lesser degree, fixed income securities (both government and non-government securities), money-market instruments, deposits, cash and near cash and alternative asset classes (such as property and commodities). The Fund may also invest directly in transferable securities (equity securities and fixed income securities), money-market instruments, deposits and cash and near cash. At any one time, the Fund s investment exposure to equity securities may be 100%. Any exposure to property and commodities will only be gained indirectly by the Fund. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. The Fund uses an asset allocation strategy which is based on the ABI Global Equity Pension Sector. 85 BlackRock Non-UCITS Retail Funds (2) 86

Consensus 100 Fund Consensus 100 Fund Investment Report This Annual Report covers the year ended 29 February 2016. Performance Table For the three years TOTAL Return (with net income reinvested) Class A Accumulation BlackRock Consensus 100 Fund -2.8% +19.2% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. Five year performance data does not exist as the Fund launched in July 2012. The Fund s performance is not measured in reference to a benchmark index. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Summary of Performance over the Period Over the period from 1 March 2015 to 29 February 2016, the Fund returned -2.8%.* Over the six month period to 29 February 2016, the Fund returned 3.8%*. The Fund uses an asset allocation strategy that is based on the ABI Global Equity Pension Sector. Given that the Fund is effectively a passively managed strategy, there were no decisions actively taken to deviate from the given asset allocation. Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policy, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This marked the first rise in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep interest rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark interest rates in a bid to stimulate growth. In equity markets, volatility and nervousness around the Chinese economy and market affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. Against this backdrop, global equities (measured by the MSCI World Index) fell 0.7% over the period. The weakest performance came from Latin American equities, particularly Brazil. Emerging markets and Asia Pacific indices also sagged significantly. US equities held up well as domestic economic data improved, culminating in rising interest rates in December. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund s class A Accumulation. 87 BlackRock Non-UCITS Retail Funds (2) 88

Consensus 100 Fund Performance Record Comparative Table Comparative Table A Accumulation D Accumulation I Accumulation For the period from 1.4.2013* to 28.2.2014 For the period from 1.4.2013* to 28.2.2014 For the period from 27.2.2014^ to 28.2.2014 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 144.4 127.6 119.7 145.9 128.4 120.0 Return before operating charges (2.92) 17.72 8.73 (2.92) 17.86 8.70 Operating charges (0.91) (0.92) (0.83) (0.35) (0.36) (0.30) Return after operating charges (3.83) 16.80 7.90 (3.27) 17.50 8.40 Closing net asset value per unit 140.6 144.4 127.6 142.6 145.9 128.4 Retained distributions on accumulation units 1.96 1.30 0.91 2.56 1.88 1.40 After direct transaction costs of 0.00 0.00 (0.05) 0.00 0.00 (0.05) Performance Return after charges 1 (2.65)% 13.17% 6.60% (2.24)% 13.63% 7.00% Other information Closing net asset value () 6,047 6,431 3,881 34,245 25,135 6,311 Closing number of units 4,302,024 4,454,338 3,042,159 24,009,694 17,230,099 4,916,787 Operating charges 2 0.65% 0.69% 0.67% 0.24% 0.27% 0.24% Direct transaction costs 3 0.00% 0.00% 0.04% 0.00% 0.00% 0.04% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 160.8 152.2 135.9 154.9 146.5 130.3 Lowest bid unit price 127.9 124.0 118.2 129.8 125.1 115.6 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 14 for further details. Change in net assets per unit Opening net asset value per unit 113.7 100.0 100.0 Return before operating charges (2.28) 13.98 0.24 Operating charges (0.27) (0.28) (0.24) Return after operating charges (2.55) 13.70 0.00 Closing net asset value per unit 111.1 113.7 100.0 Retained distributions on accumulation units 1.99 1.31 0.00 After direct transaction costs of 0.00 0.00 (0.04) Performance Return after charges 1 (2.24)% 13.70% 0.00% Other information Closing net asset value () 847 405 Closing number of units 762,200 355,977 100 Operating charges 2 0.24% 0.27% 0.24% Direct transaction costs 3 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit Highest offer unit price 126.7 119.9 105.5 Lowest bid unit price 101.1 97.52 99.77 ^ The date of commencement of operations. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 14 for further details. 89 BlackRock Non-UCITS Retail Funds (2) 90

Consensus 100 Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 A Accumulation D Accumulation I Accumulation Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.4263 0.0000 1.7214 0.0000 1.3419 0.0000 Equalisation 1.4263 1.7214 1.3419 Distribution payable 30.4.2016 1.4263 1.4263 1.7214 1.7214 1.3419 1.3419 Distribution paid 30.4.2015 0.9606 0.9606 1.2398 1.2398 0.9670 0.9670 Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 A Accumulation D Accumulation I Accumulation Group 1 Group 2 Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 0.5310 0.0000 0.8368 0.0000 0.6522 0.0000 Equalisation 0.5310 0.8368 0.6522 Distribution paid 31.10.2015 0.5310 0.5310 0.8368 0.8368 0.6522 0.6522 Distribution paid 31.10.2014 0.3419 0.3419 0.6358 0.6358 0.3391 0.3391 Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. Consensus 100 Fund Portfolio Statement at 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets COLLECTIVE INVESTMENT SCHEMES 97.38%; 2015 97.15% Investment Funds 97.38%; 2015 97.15% Investment Funds Asia 13.53%; 2015 14.46% 2,166,749 BlackRock Japan Equity Tracker Fund 3,287 7.99 1,100,071 BlackRock Pacific ex Japan Equity Tracker Fund 2,278 5.54 5,565 13.53 Investment Funds Emerging Markets 1.94%; 2015 2.29% 795,701 BlackRock Emerging Markets Equity Tracker Fund 797 1.94 Investment Funds Europe 21.98%; 2015 22.64% 5,272,976 BlackRock Continental European Equity Tracker Fund 9,043 21.98 Investment Funds North America 43.00%; 2015 40.59% 5,936,362 BlackRock North American Equity Tracker Fund 13,648 33.18 2,365,687 BlackRock US Equity Tracker Fund 4,041 9.82 17,689 43.00 Investment Funds United Kingdom 16.93%; 2015 17.17% 4,130,952 BlackRock UK Equity Tracker Fund 6,965 16.93 Portfolio of investments 40,059 97.38 CASH EQUIVALENTS Short-term Money Market Funds 2.76%; 2015 2.49% 1,132,744 BlackRock Cash Fund 1,137 2.76 Net other liabilities (57) (0.14) Total net assets 41,139 100.00 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. 91 BlackRock Non-UCITS Retail Funds (2) 92

Consensus 100 Fund Statement of Total Return for the year ended 29 February 2016 Consensus 100 Fund Balance Sheet at 29 February 2016 Notes Income Net capital (losses)/gains 3 (1,577) 2,786 Revenue 4 730 288 Expenses 5 (111) (70) Net revenue before taxation 619 218 Taxation 6 Net revenue after taxation 619 218 Total return before distributions (958) 3,004 Distributions 7 (619) (218) Change in net assets attributable to unitholders from investment activities (1,577) 2,786 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 40,059 31,058 Current assets Debtors 8 27 161 Cash and bank balances 8 103 Cash equivalents 9 1,137 797 Total assets 41,231 32,119 Liabilities: Creditors Other creditors 10 (92) (148) Total liabilities (92) (148) Net assets attributable to unitholders 41,139 31,971 Consensus 100 Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 Opening net assets attributable to unitholders 31,971 10,192 Amounts receivable on issue of units 14,540 20,551 Amounts payable on cancellation of units (4,492) (1,911) 10,048 18,640 Stamp duty reserve tax (1) Change in net assets attributable to unitholders from investment activities (1,577) 2,786 Retained distribution on accumulation units 697 354 Closing net assets attributable to unitholders 41,139 31,971 93 BlackRock Non-UCITS Retail Funds (2) 94

Consensus 100 Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital (Losses)/Gains The net capital (losses)/gains comprise: (Losses)/gains on non derivative securities (1,577) 2,785 Net capital (losses)/gains (1,577) 2,785 Net losses (excluding Manager s charge rebates and transaction costs) listed above of 000 (1,577) comprise of net realised gains of 000 24 and net unrealised losses of 000 (1,601) (28 February 2015: 000 2,785 comprising of net realised gains of 000 35 and net unrealised gains of 000 2,750). Certain realised gains and losses in the current year were unrealised in the prior period. 4. Revenue Franked revenue from Collective Investment Schemes 656 246 Manager s charge rebates 70 42 Unfranked revenue from Collective Investment Schemes 4 Total revenue 730 288 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 101 59 Registrar s fees 2 101 61 Other expenses: Audit fee 7 7 Legal & other Professional fees 1 Trustee s fees 2 2 10 9 Total expenses 111 70 6. Taxation (a) Analysis of tax charge Irrecoverable overseas tax Total current tax charge [see note 6(b)] (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 619 218 Corporation tax at 20% (28 February 2015: 20%) 124 44 Effects of: Excess expenses for which no tax relief taken 7 5 Franked investment revenue at 20% (131) (49) Total current tax charge [see note 6(a)] At 29 February 2016 the Fund had surplus management expenses of 000 85 (28 February 2015: 000 48). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of 000 17 (28 February 2015: 000 10) has not been recognised. 7. Distributions Interim distribution 212 94 Final distribution 485 260 697 354 Add: Amounts deducted on cancellation of units 47 16 Less: Amounts received on issue of units (125) (152) Distributions 619 218 Details of the interim and final distributions per unit are set out in the tables on page 91. 95 BlackRock Non-UCITS Retail Funds (2) 96

Consensus 100 Fund Notes to Financial Statements continued 8. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 11 14 Amounts receivable for issue of units 16 147 Total cash and bank balances 27 161 9. Cash Equivalents 29.2.2016 28.2.2015 Investments in short-term money market funds 1,137 797 Total cash equivalents 1,137 797 10. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued Manager s charge 17 19 Accrued Trustee s fee 1 Amounts payable for cancellation of units 68 20 Purchases awaiting settlement 101 Total other creditors 92 148 11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 10. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 10. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. 97 BlackRock Non-UCITS Retail Funds (2) 98

Consensus 100 Fund Notes to Financial Statements continued The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. As at 29 February 2016 and 28 February 2015, none of the unitholders: (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Fund. 14. Portfolio Transaction Costs ended 29 February 2016 Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 12,639 Total purchases 12,639 Total purchases including transaction costs 12,639 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 2,718 Total sales 2,718 Total sales net of transaction costs 2,718 ended 28 February 2015 Direct Transaction Costs Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 18,853 Total purchases 18,853 Total purchases including transaction costs 18,853 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 722 Total sales 722 Total sales net of transaction costs 722 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. Transactions in money market instruments to manage the Fund s daily liquidity position are excluded from the analysis. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.24% (28 February 2015 0.24%). Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% 99 BlackRock Non-UCITS Retail Funds (2) 100

Consensus 100 Fund Notes to Financial Statements continued BlackRock Global Equity Fund 15. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: A Accumulation D Accumulation I Accumulation Balance at the beginning of the year 4,454,338 17,230,099 355,977 Issued during the year 927,356 8,948,900 406,599 Cancelled during the year (673,595) (2,539,390) (40,454) Converted during the year (406,075) 370,085 40,078 Balance at the end of the year 4,302,024 24,009,694 762,200 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 16. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. About the Fund The BlackRock Global Equity Fund (the Fund ) was formerly established as a sub-fund of BlackRock Qualified Investor Schemes, a qualified investor scheme under the COLL Sourcebook. The Fund was established on 21 June 2005 and was authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known as Merrill Lynch Global Equity Fund. It adopted its present name with effect from 28 April 2008. The Fund became a sub-fund of the BlackRock Non-UCITS Retail Funds (2) on 13 July 2012. It is a non-ucits retail scheme established under the COLL Sourcebook. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return primarily through investment in units of collective investment schemes. The Fund will invest mainly in underlying funds which are themselves invested in equities and which track appropriate equity indices with an emphasis on the UK and North America. The Manager may from time to time hold positions in government securities and other fixed interest investments whether in the UK or overseas and cash and near cash. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. 101 BlackRock Non-UCITS Retail Funds (2) 102

Global Equity Fund Global Equity Fund Investment Report This Annual Report covers the year ended 29 February 2016. Performance Table For the three years For the five years TOTAL Return (with net income reinvested) Class I Accumulation BlackRock Global Equity Fund -4.1% +18.9% +38.2% Composite Benchmark* -4.1% +18.8% +38.5% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from FTSE/BlackRock. The composite benchmark is comprised of 50% FTSE All-Share Index and 50% FTSE World ex-uk Index. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Summary of Performance over the Period Over the period from 1 March 2015 to 29 February 2016, the Fund returned -4.1%,* performing in line with its composite benchmark, which also returned -4.1%. Over the six month period to 29 February 2016, the Fund returned 2.9%*, outperforming its composite benchmark, which returned 2.0%. The Fund aims to track the average asset allocation of its composite index, which comprises a 50% weighting in the FTSE All-Share Index and a 50% weighting in the FTSE World ex-uk Index. Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policies, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This marked the first rise in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. Global equities (measured by the MSCI World Index) fell 0.7% over the period. Volatility and nervousness around the Chinese economy and market affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. The weakest performance came from Latin American equities, particularly Brazil. Emerging markets and Asia Pacific indices also sagged significantly. US equities held up well as domestic economic data improved, culminating in rising interest rates in December. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees and reported for the Fund s class I Accumulation. 103 BlackRock Non-UCITS Retail Funds (2) 104

Global Equity Fund Performance Record Comparative Table I Accumulation For the period from 1.4.2013* to 28.2.2014 D Accumulation For the period from 1.4.2013* to 28.2.2014 Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 193.7 173.7 159.2 193.4 173.4 158.9 Return before operating charges (7.27) 20.43 14.90 (7.27) 20.43 14.90 Operating charges (0.43) (0.43) (0.40) (0.43) (0.43) (0.40) Return after operating charges (7.70) 20.00 14.50 (7.70) 20.00 14.50 Closing net asset value per unit 186.0 193.7 173.7 185.7 193.4 173.4 Retained distributions on accumulation units 4.60 4.09 2.96 4.59 4.08 2.94 After direct transaction costs of 0.00 0.00 0.00 0.00 0.00 0.00 Performance Return after charges 1 (3.98)% 11.51% 9.11% (3.98)% 11.53% 9.13% Other information Closing net asset value () 440,819 468,129 426,217 70 42 2 Closing number of units 237,001,570 241,621,867 245,423,725 37,650 21,883 1,339 Operating charges 2 0.23% 0.24% 0.24% 0.23% 0.24% 0.24% Direct transaction costs 3 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Pence per unit Highest offer unit price 203.2 194.6 175.3 202.9 194.3 175.0 Global Equity Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 I Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 2.9702 0.0000 2.9663 0.0000 Equalisation 2.9702 2.9663 Distribution payable 30.4.2016 2.9702 2.9702 2.9663 2.9663 Distribution paid 30.4.2015 2.7147 2.7147 2.7119 2.7119 Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 I Accumulation D Accumulation Group 1 Group 2 Group 1 Group 2 Net revenue (dividend) 1.6281 0.0000 1.6262 0.0000 Equalisation 1.6281 1.6262 Distribution paid 31.10.2015 1.6281 1.6281 1.6262 1.6262 Distribution paid 31.10.2014 1.3722 1.3722 1.3679 1.3679 Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. Lowest bid unit price 168.6 165.9 153.5 168.3 165.6 153.3 * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 14 for further details. 105 BlackRock Non-UCITS Retail Funds (2) 106

Global Equity Fund Portfolio Statement at 29 February 2016 Global Equity Fund Statement of Total Return for the year ended 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets Notes COLLECTIVE INVESTMENT SCHEMES 100.00%; 2015 100.01% Investment Funds 100.00%; 2015 100.01% Investment Funds Asia 9.13%; 2015 9.38% 13,942,090 BlackRock Japan Equity Tracker Fund 21,150 4.80 9,225,614 BlackRock Pacific ex Japan Equity Tracker Fund 19,106 4.33 40,256 9.13 Investment Funds Europe 8.87%; 2015 9.14% 22,800,046 BlackRock Continental European Equity Tracker Fund 39,102 8.87 Investment Funds North America 32.49%; 2015 31.44% 53,015,229 BlackRock North American Equity Tracker Fund 121,882 27.65 12,502,104 BlackRock US Equity Tracker Fund 21,354 4.84 143,236 32.49 Investment Funds United Kingdom 49.51%; 2015 50.05% 67,247,209 BlackRock 100 UK Equity Tracker Fund 83,185 18.87 8,842,822 BlackRock Mid Cap UK Equity Tracker Fund 14,467 3.28 71,555,325 BlackRock UK Equity Tracker Fund 120,642 27.36 218,294 49.51 Portfolio of investments 440,888 100.00 Net other assets 1 0.00 Total net assets 440,889 100.00 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. Income Net capital (losses)/gains 3 (28,610) 38,824 Revenue 4 12,117 10,981 Expenses 5 (970) (984) Interest payable and similar charges 6 (1) (2) Net revenue before taxation 11,146 9,995 Taxation 7 Net revenue after taxation 11,146 9,995 Total return before distributions (17,464) 48,819 Distributions 8 (11,146) (9,995) Change in net assets attributable to unitholders from investment activities (28,610) 38,824 Global Equity Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 Opening net assets attributable to unitholders 468,171 426,219 Amounts receivable on issue of units 35,898 16,598 Amounts payable on cancellation of units (45,560) (23,376) (9,662) (6,778) Stamp duty reserve tax (3) Change in net assets attributable to unitholders from investment activities (28,610) 38,824 Retained distribution on accumulation units 10,990 9,909 Closing net assets attributable to unitholders 440,889 468,171 107 BlackRock Non-UCITS Retail Funds (2) 108

Global Equity Fund Balance Sheet at 29 February 2016 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 440,888 468,237 Current assets Debtors 9 523 1,716 Cash and bank balances 63 5 Total assets 441,474 469,958 Liabilities: Creditors Other creditors 10 (585) (1,787) Total liabilities (585) (1,787) Net assets attributable to unitholders 440,889 468,171 N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 Global Equity Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital (Losses)/Gains The net capital (losses)/gains comprise: (Losses)/gains on non derivative securities (28,610) 38,824 Net capital (losses)/gains (28,610) 38,824 Net losses (excluding transaction costs) listed above of 000 (28,610) comprise of net realised gains of 000 13,443 and net unrealised losses of 000 (42,053) (28 February 2015: 000 38,824 comprising of net realised gains of 000 9,436 and net unrealised gains of 000 29,388). Certain realised gains and losses in the current year were unrealised in the prior period. 4. Revenue Franked revenue from Collective Investment Schemes 11,326 10,166 Interest from UK bank deposits 1 Manager s charge rebates 791 814 Total revenue 12,117 10,981 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 903 876 Registrar s fees 14 55 917 931 Other expenses: Audit fee 7 12 Legal & other Professional fees 15 Trustee s fees 31 41 53 53 Total expenses 970 984 109 BlackRock Non-UCITS Retail Funds (2) 110

Global Equity Fund Notes to Financial Statements continued 6. Interest payable and similar charges Interest on bank overdrafts 1 2 7. Taxation (a) Analysis of tax charge Corporation tax Total current tax charge [see note 7(b)] (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 11,146 9,995 Corporation tax at 20% (28 February 2015: 20%) 2,229 1,999 Effects of: Excess expenses for which no tax relief taken 36 34 Franked investment revenue @ 20% (2,265) (2,033) Total current tax charge [see note 7(a)] At 29 February 2016 the Fund had surplus management expenses of 000 595 (28 February 2015: 000 415). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of 000 119 (28 February 2015: 000 83) has not been recognised. 9. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 109 206 Amounts receivable on issue of units 94 1 Sales awaiting settlement 320 1,509 Total cash and bank balances 523 1,716 10. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued FCA fee 1 1 Accrued Manager s charge 140 223 Accrued Registrar s fee 51 37 Accrued Trustee s fee 5 11 Amounts payable for cancellation of units 381 1,174 Purchases awaiting settlement 334 Total other creditors 585 1,787 11. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 12. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). 8. Distributions Interim distribution 3,949 3,349 Final distribution 7,041 6,560 10,990 9,909 Add: Amounts deducted on cancellation of units 637 277 Less: Amounts received on issue of units (481) (191) Distributions 11,146 9,995 Details of the interim and final distributions per unit are set out in the tables on page 106. 111 BlackRock Non-UCITS Retail Funds (2) 112

Global Equity Fund Notes to Financial Statements continued 13. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 8. Any amounts due to or from the Manager at the year end are disclosed in notes 9 and 10. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 10. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. The following investor(s) (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. ( Affiliated Funds ) or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Funds. As at 29 February 2016: Total % of units Total % of units held by Affiliated Funds Number of investors holding 51% or more of the voting units in issue who are not Affiliated Funds held by unitholders holding 51% or more of the voting units in issue who are not Affiliated Funds Nil 1 98% As at 28 February 2015: Total % of units Total % of units held by Affiliated Funds Number of investors holding 51% or more of the voting units in issue who are not Affiliated Funds held by unitholders holding 51% or more of the voting units in issue who are not Affiliated Funds Nil 1 98% All related party transactions were carried out at arm s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit classes. The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. 113 BlackRock Non-UCITS Retail Funds (2) 114

Global Equity Fund Notes to Financial Statements continued 14. Portfolio Transaction Costs ended 29 February 2016 ended 28 February 2015 Direct Transaction Costs Purchases (excluding derivatives) Transaction Value Direct Transaction Costs Commissions % Taxes % Collective investment schemes 50,806 Total purchases 50,806 Total purchases including transaction costs 50,806 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 60,871 Total sales 60,871 Total sales net of transaction costs 60,871 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 28,650 Total purchases 28,650 Total purchases including transaction costs 28,650 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 35,451 Total sales 35,451 Total sales net of transaction costs 35,451 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.34% (28 February 2015 0.35%). 115 BlackRock Non-UCITS Retail Funds (2) 116

Global Equity Fund Notes to Financial Statements continued BlackRock Overseas Equity Fund 15. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: I Accumulation units D Accumulation units Balance at the beginning of the year 241,621,867 21,883 Issued during the year 20,067,240 24,959 Cancelled during the year (24,687,537) (9,192) Converted during the year Balance at the end of the year 237,001,570 37,650 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 16. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. About the Fund The BlackRock Overseas Equity Fund (the Fund ) was formerly established as a sub-fund of BlackRock Qualified Investors Schemes, a qualified investor scheme under the COLL Sourcebook. The Fund was established and authorised by the Financial Conduct Authority on 21 June 2005. The Fund was previously known as Merrill Lynch Overseas Equity Fund. It adopted its present name with effect from 28 April 2008. The Fund became a sub-fund of the BlackRock Non-UCITS Retail Funds (2) on 13 July 2012. It is a non-ucits retail scheme established under the COLL Sourcebook. Investment Objective & Policy The aim of the Fund is to seek to achieve a total return primarily through investment in units of collective investment schemes. The Fund will invest mainly in underlying funds which are themselves invested in equities and which track appropriate equity indices with an emphasis on indices on markets outside the UK. The Manager may from time to time hold positions in government securities and other fixed interest investments whether in the UK or overseas and cash and near cash. Derivatives and forward transactions may be used for the purposes of efficient portfolio management. 117 BlackRock Non-UCITS Retail Funds (2) 118

Overseas Equity Fund Overseas Equity Fund Investment Report This Annual Report covers the year ended 29 February 2016. Performance Table For the three years For the five years TOTAL Return (with net income reinvested) Class I Accumulation BlackRock Overseas Equity Fund -0.1% +29.7% +51.9% FTSE World ex-uk Index* -0.9% +26.7% +47.7% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. All returns are in Sterling. * Figures from BlackRock. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Summary of Performance over the Period Over the period from 1 March 2015 to 29 February 2016, the Fund returned -0.1%*, outperforming its benchmark, the FTSE World ex-uk Index, which returned -0.9%. Over the six month period to 29 February 2016, the Fund returned 6.4%*, outperforming its benchmark, which returned 5.2%. The Fund aims to track the average asset allocation of the FTSE World ex-uk Index. Fund Manager s Commentary The period to 29 February 2016 was marked by diverging monetary policy, concerns over China s economy and commodity-price volatility. In the US, a mixed bag of economic data meant that the US Federal Reserve (the Fed ) kept interest rates on hold until December 2015, when it raised rates by 0.25%. This rise marked the first move in US interest rates since 2006, and reflected the Fed s growing confidence in employment and inflation prospects. By contrast, eurozone policymakers extended their asset-purchase programme, as the region s economy struggled to grow. In the UK, the Bank of England opted to keep rates on hold throughout the period. Meanwhile, central bankers in several emerging economies, including India, China and Russia, lowered benchmark rates in a bid to stimulate growth. Global equities (measured by the MSCI World Index) fell 0.7% over the period. Volatility and nervousness around the Chinese economy and market affected stocks worldwide. In addition, concerns intensified over the pace of global economic growth. The weakest performance came from Latin American equities, particularly Brazil. Emerging markets and Asia Pacific indices also sagged significantly. US equities held up well as domestic economic data improved, culminating in rising interest rates in December. March 2016 * Performance figures quoted are based on bid-to-bid, dealing prices (the price at which units are sold). Performance is calculated net of fees. 119 BlackRock Non-UCITS Retail Funds (2) 120

BlackRock Overseas Equity Fund Performance Record Comparative Table I Accumulation For the period from 1.4.2013* to 28.2.2014 Pence per unit Pence per unit Pence per unit Change in net assets per unit Opening net asset value per unit 203.9 172.5 161.1 Return before operating charges 1.02 31.84 11.80 Operating charges (0.48) (0.44) (0.40) Return after operating charges 0.54 31.40 11.40 Closing net asset value per unit 204.4 203.9 172.5 Retained distributions on accumulation units 3.22 2.59 2.01 After direct transaction costs of 0.00 0.00 0.00 Performance Return after charges 1 0.26% 18.20% 7.08% Other information Closing net asset value () 109,388 96,388 52,741 Closing number of units 53,506,488 47,270,570 30,570,398 Operating charges 2 0.24% 0.24% 0.24% Direct transaction costs 3 0.00% 0.00% 0.00% Prices Pence per unit Pence per unit Pence per unit Highest offer unit price 217.8 205.0 175.8 Lowest bid unit price 183.9 170.1 156.3 Overseas Equity Fund Distribution Tables for the year ended 29 February 2016 Final Distribution in Pence per Unit Group 1 purchased prior to 1 September 2015 Group 2 purchased 1 September 2015 to 29 February 2016 I Accumulation Group 1 Group 2 Net revenue (dividend) 1.9635 0.0000 Equalisation 1.9635 Distribution payable 30.4.2016 1.9635 1.9635 Distribution paid 30.4.2015 1.4413 1.4413 Interim Distribution in Pence per Unit Group 1 purchased prior to 1 March 2015 Group 2 purchased 1 March 2015 to 31 August 2015 I Accumulation Group 1 Group 2 Net revenue (dividend) 1.2618 0.0000 Equalisation 1.2618 Distribution paid 31.10.2015 1.2618 1.2618 Distribution paid 31.10.2014 1.1481 1.1481 Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of revenue included in the purchase price of all Group 2 units and is refunded to holders of these units as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of units for capital gains tax purposes. * As communicated in a letter to investors dated 28 May 2013, the Manager has changed the Fund s annual accounting date in order to consolidate the publication of the reports. 1 The return after charges figures are based on the net asset value reported for financial statements purposes and are not the same as the performance returns figures quoted in the Performance Table and the Investment Report which are based on bid-to-bid dealing prices (the price at which units are sold). 2 Operating charges were previously known as Total Expense Ratio prior to the adoption of the new IMA SORP 2014. See note 1(a) for further details. Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/ depositary and entry/exit charges paid to an underlying collective investment scheme (if any). 3 Direct transaction costs are annualised and principally comprise commissions and taxes, attributable to the Fund s purchase and sale of equity instruments. See note 13 for further details. 121 BlackRock Non-UCITS Retail Funds (2) 122

Overseas Equity Fund Portfolio Statement at 29 February 2016 Overseas Equity Fund Statement of Total Return for the year ended 29 February 2016 Holding or Market % of Nominal Value Total Net Value Investment Assets Notes COLLECTIVE INVESTMENT SCHEMES 100.01%; 2015 100.01% Investment Funds 100.01%; 2015 100.01% Investment Funds Asia 18.18%; 2015 18.77% 7,000,858 BlackRock Japan Equity Tracker Fund 10,620 9.71 4,470,651 BlackRock Pacific ex Japan Equity Tracker Fund 9,259 8.47 19,879 18.18 Investment Funds Europe 17.50%; 2015 18.30% 11,162,483 BlackRock Continental European Equity Tracker Fund 19,144 17.50 Investment Funds North America 64.33%; 2015 62.94% 15,879,245 BlackRock North American Equity Tracker Fund 36,506 33.37 19,828,758 BlackRock US Equity Tracker Fund 33,868 30.96 70,374 64.33 Portfolio of investments 109,397 100.01 Net other liabilities (9) (0.01) Total net assets 109,388 100.00 Note: comparative figures show percentages for each category of holding at 28 February 2015. All underlying funds are managed by a related party. Income Net capital (losses)/gains 3 (1,012) 13,732 Revenue 4 1,796 1,202 Expenses 5 (220) (178) Net revenue before taxation 1,576 1,024 Taxation 6 Net revenue after taxation 1,576 1,024 Total return before distributions 564 14,756 Distributions 7 (1,576) (1,024) Change in net assets attributable to unitholders from investment activities (1,012) 13,732 Overseas Equity Fund Statement of Change in Net Assets Attributable to Unitholders for the year ended 29 February 2016 Opening net assets attributable to unitholders 96,388 52,741 Amounts receivable on issue of units 18,610 39,399 Amounts payable on cancellation of units (6,280) (10,707) 12,330 28,692 Change in net assets attributable to unitholders from investment activities (1,012) 13,732 Retained distribution on accumulation units 1,682 1,223 Closing net assets attributable to unitholders 109,388 96,388 123 BlackRock Non-UCITS Retail Funds (2) 124

Overseas Equity Fund Balance Sheet at 29 February 2016 Notes 29.2.2016 28.2.2015 Assets: Fixed assets Investment assets 109,397 96,396 Current assets Debtors 8 183 205 Cash and bank balances 15 5 Total assets 109,595 96,606 Liabilities: Creditors Other creditors 9 (207) (218) Total liabilities (207) (218) Net assets attributable to unitholders 109,388 96,388 Overseas Equity Fund Notes to Financial Statements for the year ended 29 February 2016 1. Accounting and Distribution Policies The accounting and distribution policies are set out on pages 9 to 11. 2. Financial Instruments and Risks The financial instruments and risks are set out on pages 12 to 21. 3. Net Capital (Losses)/Gains The net capital (losses)/gains comprise: (Losses)/gains on non derivative securities (1,010) 13,732 Currency losses (2) Net capital (losses)/gains (1,012) 13,732 Net losses (excluding transaction costs) listed above of 000 (1,012) comprise of net realised gains of 000 1,479 and net unrealised losses of 000 (2,491) (28 February 2015: 000 13,732 comprising of net realised gains of 000 3,212 and net unrealised gains of 000 10,520). Certain realised gains and losses in the current year were unrealised in the prior period. N C D Hall (Director) G D Bamping (Director) BlackRock Fund Managers Limited 28 April 2016 4. Revenue Franked revenue from Collective Investment Schemes 1,620 1,051 Manager s charge rebates 174 151 Overseas dividends 2 Total revenue 1,796 1,202 125 BlackRock Non-UCITS Retail Funds (2) 126

Overseas Equity Fund Notes to Financial Statements continued 5. Expenses Payable to the Manager or associates of the Manager: Manager s charge 203 164 203 164 Other expenses: Audit fee 7 7 Legal & other Professional fees 3 Trustee s fees 7 7 17 14 Total expenses 220 178 6. Taxation (a) Analysis of tax charge Corporation tax Total current tax charge [see note 6(b)] (b) Factors affecting the current tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK for an authorised unit trust. The differences are explained below: Net revenue before taxation 1,576 1,024 Corporation tax at 20% (28 February 2015: 20%) 315 205 Effects of: Excess expenses for which no tax relief taken 9 5 Franked investment revenue at 20% (324) (210) Total current tax charge [see note 6(a)] At 29 February 2016 the Fund had surplus management expenses of 000 114 (28 February 2015: 000 68). It is unlikely that the Fund will generate sufficient taxable profits in the future to utilise these expenses and, therefore, a deferred tax asset of 000 23 (28 February 2015: 000 14) has not been recognised. 7. Distributions Interim distribution 632 542 Final distribution 1,050 681 1,682 1,223 Add: Amounts deducted on cancellation of units 51 81 Less: Amounts received on issue of units (157) (280) Distributions 1,576 1,024 Details of the interim and final distributions per unit are set out in the tables on page 122. 8. Debtors 29.2.2016 28.2.2015 Accrued Manager s charge rebate 25 43 Amounts receivable for issue of units 46 13 Sales awaiting settlement 112 149 Total cash and bank balances 183 205 9. Other Creditors 29.2.2016 28.2.2015 Accrued Audit fee 7 7 Accrued FCA fee 1 1 Accrued Manager s charge 34 47 Accrued Trustee s fee 1 2 Amounts payable for cancellation of units 119 23 Purchases awaiting settlement 45 138 Total other creditors 207 218 10. Contingent Assets and Liabilities There were no contingent assets or liabilities at the Balance Sheet date (28 February 2015: Nil). 11. Efficient Portfolio Management Techniques The Fund may engage in derivative transactions for the purposes of efficient portfolio management. There were no securities on loan or related collateral outstanding at the Balance Sheet date (28 February 2015: Nil). 127 BlackRock Non-UCITS Retail Funds (2) 128

Overseas Equity Fund Notes to Financial Statements continued 12. Related Parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The following entities were related parties of the Fund during the year ended 29 February 2016: Manager/Registrar: BlackRock Fund Managers Limited Investment Manager: BlackRock Investment Management (UK) Limited The ultimate holding company of the Manager and Investment Manager is BlackRock Inc. ( BlackRock ), a company incorporated in Delaware, USA. PNC Financial Services Group Inc. ( PNC ) is a substantial shareholder in BlackRock Inc. PNC did not provide any services to the Fund during the years ended 29 February 2016 and 28 February 2015. The Manager acts as either principal or agent for the Trustee in respect of all transactions of units of the Fund. The aggregate monies received through issue and paid through cancellation of units are disclosed in the Statement of Change in Net Assets Attributable to Unitholders and note 7. Any amounts due to or from the Manager at the year end are disclosed in notes 8 and 9. Management fees and registration fees paid to BlackRock Fund Managers Limited are shown in note 5. The balances due at the year end in respect of these fees are shown in note 9. The Investment Manager, in accordance with the Trust Deed, may enter into commission sharing arrangements with related parties (including, without limitation, brokers who are affiliated to the BlackRock Group), which may result in the Fund benefiting from research or execution services which the Investment Manager believes are useful in the investment decision-making or trade execution process. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; and the provision of economic and financial information and analysis. Due to the bundled nature of these services and the application of such benefits across a number of BlackRock managed funds, it is not feasible to quantify the benefit to the Fund. The Investment Manager may also enter into these arrangements with brokers who are not affiliated to the BlackRock Group. For holdings in Institutional Cash Series plc ( ICS ), there will be no initial charges or redemption charges payable on investments in the Fund, however, duties and charges may apply. ICS will be subject to fees and expenses which may include fixed management fees, performance fees, administration fees and custodial fees. The Fund s investments in other BlackRock related party entities are individually identified in the portfolio statement. The following investor(s) (i) are funds managed by the BlackRock Group or are affiliates of BlackRock Inc. ( Affiliated Funds ) or (ii) are investors, other than those included in (i) above, who held 51% or more of the voting units in issue in the Fund and are as a result, considered to be related parties to the Funds. As at 29 February 2016: Total % of units Total % of units held by Affiliated Funds Number of investors holding 51% or more of the voting units in issue who are not Affiliated Funds held by unitholders holding 51% or more of the voting units in issue who are not Affiliated Funds Nil As at 28 February 2015: Total % of units Total % of units held by Affiliated Funds Number of investors holding 51% or more of the voting units in issue who are not Affiliated Funds held by unitholders holding 51% or more of the voting units in issue who are not Affiliated Funds Nil 1 53% All related party transactions were carried out at arm s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same unit classes. The Fund may invest in other CIS, which may or may not be operated and/or managed by an affiliate of the Manager. As an investor in such other CIS, in addition to the fees, costs and expenses payable by a unitholder in the Funds, each unitholder may also indirectly bear a portion of the fees, costs and expenses of the underlying CIS, including management, investment management and administration and other expenses. However, in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, the Fund will invest, where possible, in classes of the underlying funds which are not subject to any management charges. Alternatively, where this is not possible, the Manager will rebate management charges to the Fund. The Fund will not be subject to any preliminary/initial sales fee in respect of investments made in any other investment fund whose manager is an affiliate of the Manager, although it may be subject to duties and charges in respect of subscriptions and redemptions in such investment funds. 129 BlackRock Non-UCITS Retail Funds (2) 130

Overseas Equity Fund Notes to Financial Statements continued 13. Portfolio Transaction Costs ended 29 February 2016 ended 28 February 2015 Direct Transaction Costs Purchases (excluding derivatives) Transaction Value Direct Transaction Costs Commissions % Taxes % Collective investment schemes 20,768 Total purchases 20,768 Total purchases including transaction costs 20,768 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 8,378 Total sales 8,378 Total sales net of transaction costs 8,378 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% Transaction Value Commissions Taxes Purchases (excluding derivatives) % % Collective investment schemes 46,755 Total purchases 46,755 Total purchases including transaction costs 46,755 Direct Transaction Costs Transaction Value Commissions Taxes Sales (excluding derivatives) % % Collective investment schemes 17,853 Total sales 17,853 Total sales net of transaction costs 17,853 Total transaction costs Total transaction costs as a % of average net assets 0.00% 0.00% The above analysis covers any direct transaction costs incurred by the Fund during the period. However it is important to understand the nature of other transaction costs associated with different investment asset classes and instruments types. For the Fund s investment in collective investment scheme holdings there will potentially be dealing spread costs applicable to purchases and sales. However additionally there are indirect transaction costs incurred in those underlying funds, throughout the holding period for the instruments, which are not separately identifiable and do not form part of the analysis above. Dealing spread costs incurred by the Fund vary considerably for the different asset/instrument types depending on a number of factors including transaction value and market sentiment. At the Balance Sheet date the average portfolio dealing spread (difference between bid and offer prices of all investments expressed as a percentage of the offer price value) was 0.17% (28 February 2015-0.18%). 131 BlackRock Non-UCITS Retail Funds (2) 132

Overseas Equity Fund Notes to Financial Statements continued Statement of Manager s and Trustee s Responsibilities 14. in Issue The movement in units in issue for the year ended 29 February 2016 is as follows: I Accumulation units Balance at the beginning of the year 47,270,570 Issued during the year 9,364,443 Cancelled during the year (3,128,525) Converted during the year Balance at the end of the year 53,506,488 Revenue is allocated each day pro rata to the capital value of assets attributable to each class and taxation is computed by reference to the net revenue after expenses attributable to each class. The distribution per unit class is given in the distribution tables. All unit classes have the same rights on winding up. 15. Post Balance Sheet Events There have been no significant events subsequent to the year end, which, in the opinion of the Manager, may have had an impact on the financial statements for the year ended 29 February 2016. The Manager is required by the terms of the Trust Deed to prepare the financial statements for each financial year. These financial statements must be prepared in accordance with generally accepted accounting standards in the United Kingdom to give a true and fair view of the state of affairs of the Trust at the year end and of the net revenue for the year. The financial statements should comply with the disclosure requirements of the Statement of Recommended Practice (the SORP ) for Authorised Funds issued by the Investment Management Association (subsequently The Investment Association) and must comply with any relevant provisions of the Trust Deed. The Manager is responsible for keeping such accounting records as are necessary to enable it to ensure that the financial statements comply with the Financial Conduct Authority s ( FCA ) Collective Investment Schemes Sourcebook ( the Sourcebook ), the SORP and the Trust Deed. The Trustee acts as the depositary of the Funds and, in doing so, shall comply with the terms of the Scheme and the provisions of the AIFMD (which means, collectively, Directive 2011/61/EU, as implemented by Commission Delegated Regulation (EU) No. 231/2013, and as transposed by UK SI 2013/1773 and any other applicable national implementing measures in the UK including, without limitation, the rules contained in the FCA handbook of rules and guidance, each as may be amended or updated from time to time). The Trustee is responsible for the safekeeping of all the property of the Scheme (other than tangible moveable property) which is entrusted to it and for the collection of revenue that arises from that property. It is the duty of the Trustee to take reasonable care to ensure that the Scheme is managed in accordance with the Sourcebook, the FCA Investment Funds Sourcebook ( FUND ), the Trust s Trust Deed and Prospectus, in relation to the pricing of, and dealings in, units in the Trust; the application of revenue of the Scheme; and the investment and borrowing powers of the Trust. Report of the Trustee Having carried out such procedures as we considered necessary to discharge our responsibilities as Trustee of the Trust, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects, the Manager: (i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Trust s units and the application of the Trust s revenue in accordance with the Sourcebook, FUND, the Trust Deed and Prospectus, and (ii) has observed the investment and borrowing powers and restrictions applicable to the Trust. BNY Mellon Trust & Depositary London (UK) Limited 28 April 2016 133 BlackRock Non-UCITS Retail Funds (2) 134

Independent Auditor s Report to the Unitholders of BlackRock Non-UCITS Retail Funds (2) We have audited the financial statements of BlackRock Non-UCITS Retail Funds (2) (the Trust ) for the year ended 29 February 2016 which comprise the Statement of Total Return and the Statement of Changes in Net Assets Attributable to Unitholders together with the Balance Sheet for each of the Trust s sub-funds, the accounting policies of the Trust, the related notes for each sub-fund and the Distribution Table(s). The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the unitholders of the Trust, as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority. Our audit work has been undertaken so that we might state to the unitholders those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the unitholders as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of the Manager and Auditor As explained more fully in the Manager s responsibilities statement set out on page 134, the Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion: the financial statements give a true and fair view of the financial position of the Trust comprising each of its sub-funds as at 29 February 2016 and of the net revenue and the net capital gains or losses on the scheme property of the Trust comprising each of its sub-funds for the year then ended; and the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. Opinion on other matters prescribed by the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority In our opinion: the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority and the Instrument of Incorporation; the information given in the Manager s report for the financial year for which the financial statements are prepared is consistent with the financial statements; there is nothing to indicate that proper accounting records have not been kept or that the financial statements are not in agreement with those records; and we have received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit. whether the accounting policies are appropriate to the Trust s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Manager; and the overall presentation of the financial statements. Ernst & Young LLP Edinburgh Statutory Auditor 28 April 2016 135 BlackRock Non-UCITS Retail Funds (2) 136

Notes General Information Manager, Registrar & Alternative Investment Fund Manager BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 Member of The Investment Association (formerly the Investment Management Association) and authorised and regulated by the Financial Conduct Authority pursuant to the requirements of The Alternative Investment Fund Managers Regulations 2013. Directors of the Manager G D Bamping* R A Damm N C D Hall* R A R Hayes A M Lawrence A J Stenning E E Tracey M T Zemek* (appointed 2 June 2015) * Non-executive Director. Trustee BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street, London EC4V 4LA Authorised and regulated by the Financial Conduct Authority. Investment Manager BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Authorised and regulated by the Financial Conduct Authority. Auditor Ernst & Young LLP 1 More London Place, London SE1 2AF Custodian The Bank of New York Mellon (International) Limited 1 Canada Square, London E14 5AL Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. BlackRock s proxy voting agent is ISS (Institutional Shareholder Services). This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk For your protection, telephone calls are usually recorded. 137 BlackRock Non-UCITS Retail Funds (2) 138

ABOuT us BlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As of 31 March 2016, the firm manages 3.29 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the industry-leading ishares exchange-traded funds. Through BlackRock Solutions, the firm offers risk management and advisory services that combine capital markets expertise with proprietarily-developed analytics, systems, and technology. Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients. BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East. Headquartered in New York, the firm maintains offices in over 30 countries around the world. For more information 0800 44 55 22 blackrock.co.uk