First Quarter 2012

Fact Sheet

Build America Bond Trust

NYSE: BBN

www.blackrock.com
Fund Inception Date
$12,239

Growth of Hypothetical $10,000 Investment Over Time (8/27/10 - 3/30/12)

$12,500 10,000 7,500 5,000 2,500

8/27/2010 Fund Overview The Trust's primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in a portfolio of taxable municipal securities known as "Build America Bonds" .

8/10

1/11

5/11

9/11

1/12

Fund Data (3/30/12) Net Asset Value (NAV) Per Share Share Price Premium/Discount Current Yield $22.48 $21.45 -4.58% 7.37%

The chart illustrates the growth of a hypothetical $10,000 investment in the fund's common shares based on market price beginning on the date noted with all distributions reinvested. Ending value as of 3/30/12. Performance does not reflect sales charges or fees that may be incurred. Past performance is no guarantee of future results. Source: BlackRock

Source: BlackRock. Current yield is calculated by dividing the last distribution per share (annualized) by market price. Top 5 Sectors (3/30/12) * 1. 2. 3. 4. 5. Tax-Backed Utility Transportation Education Housing 45.5% 31.6% 12.8% 6.5% 1.9%

Market price and NAV history 8/27/10 - 3/30/12

$24 22 20 18

* Based on Managed Assets Top 5 States (3/30/12) *

8/10 1/11 5/11 9/11 1/12

NAV Source: BlackRock

Market Price

1. 2. 3. 4. 5.

California Illinois New Jersey New York Texas

22.3% 14.7% 10.3% 9.6% 6.5%

Premium-discount 8/27/10 - 3/30/12

10%

* Based on Managed Assets

-10

-20 8/10 1/11 5/11 9/11 1/12

Premium-discount graph illustrates the amount by which the market price trades above or below net asset value. Source: BlackRock

Credit Quality (3/30/12) * AAA AA A BBB BB & Below 2.8% 56.8% 35.7% 3.6% 1.1%

Portfolio Breakdown (3/30/12) * Maturities of Greater Than 4 Years Percent in Insured Municipal Bonds

Distribution History (3/30/12) 100.0% 3.9%

Ex-Date Dividend Per Share

* Based on Managed Assets. Please see "Important information on the fund" below. Average annual total returns (3/30/12)*
40% 32.32% 30 20 32.59%

* Based on Managed Assets The insurance coverage of a municipal bond depends upon the claim-paying ability and financial resources of the insurance provider.

3/13/2012 2/13/2012 12/20/2011 * 12/12/2011 11/11/2011 10/12/2011 9/13/2011 8/11/2011 7/13/2011 6/13/2011 5/12/2011

$0.131800 $0.129800 $0.129800 $0.129800 $0.129800 $0.129800 $0.118300 $0.118300 $0.118300 $0.118300 $0.118300

* Represents the January monthly distribution.

18.95% 12.20%

Portfolio Characteristics (3/30/12) Net Assets Managed Assets * Total Leverage Percent Leveraged Average Coupon Option-Adjusted Duration Dividend Frequency
Market Price

10 0 1 Year Since Inception (8/2010) NAV

$1.3 billion $1.8 billion $547.9 million 29.9% 6.33% 13.92 years Monthly

Source: BlackRock. * Returns for less than one year are not annualized. Performance data quoted represents past performance of common shares and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than the original cost. The fund's market price and net asset value will fluctuate with market conditions. All return data assumes reinvestment of all distributions. Current performance may be lower or higher than the performance data quoted. For more information, please refer to www.blackrock.com.

* Managed Assets means the total assets of the Trust (including any assets attributable to leverage) minus the sum of accrued liabilities (other than debt representing financial leverage). Percent Leveraged represents the amount of total borrowings in relation to total Managed Assets.

Important information on the fund: All information and data, including portfolio holdings and performance characteristics, is as of 3/30/12, unless otherwise noted, and is subject to change. Note that closed-end funds often trade at a discount to NAV but may trade at a premium. There may be less information available on the financial condition of issuers of taxable municipal securities than for public corporations. The market for taxable municipal bonds may be less liquid than for other bonds. The Trust may utilize leveraging to seek to enhance the yield and net asset value of its common stock, as described in the Trust's prospectus. These objectives will not necessarily be achieved in all interest rate environments. The use of leverage involves risk, including the potential for higher volatility and greater declines of the Trust's net asset value, fluctuations of dividends and other distributions paid by the Trust and the market price of the Trust's common stock, among others. BlackRock receives credit quality ratings on underlying securities of the fund from the three major reporting agencies - S&P, Moody's and Fitch. The credit quality breakdown is provided by BlackRock by taking the median rating of the three agencies when all three agencies rate a security. BlackRock will use the lower of the two ratings if only two agencies rate a security, and BlackRock will use one rating if that is all that is provided. Securities that are unrated by all three agencies are reflected as such in the breakdown. Below investment-grade is represented by a rating of BB and Below. BlackRock converts all ratings to the equivalent S&P major rating category for purposes of the category shown. Ratings and portfolio credit quality may change over time. Unrated securities do not necessarily indicate low quality. The fund itself has not been rated by an independent rating agency.

BlackRock is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. Prepared by BlackRock Investments, LLC, member FINRA 2012 BlackRock, Inc. All Rights Reserved.
BBN-FS-0312