1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
September 2019
| People | Processes | Performance |
DSP US Flexible* Equity Fund
Quarterly Update
*The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in growth or value investment characteristic securities placing an emphasis
as the market outlook warrants

2. 2
DSP US Flexible* Equity Fund
Accessing one of the Flagship funds of BlackRock in the category
(USD 1.47 bn^)
Indian Investors
BlackRock Global Funds (BGF)
US Flexible Equity Fund
Source: Internal; ^AUM as at end-Oct 2019 (*The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can invest either in
growth or value investment characteristic securities placing an emphasis as the market outlook warrants)

3. 3
Why BlackRock for active equities?
Combineshumaninsight andinnovativetechnologyin seekingto generatealpha Continually
developsandattractstalentwith enhancedtechnological skills
Finds newwaysto use technologyin seekingto drive alphaandserve client needs
(e.g.ESG criteria)
There is no guarantee that a positive investment outcome will be achieved.
Source: BlackRock, as of September 30, 2019. While proprietary technology platforms may help manage risk, risk cannot be eliminated.
Globalresearch connectivity andcross-asset classcollaboration Local
footprints worldwide,80offices globally
Real-timeeconomicinsights from BlackRockInvestmentInstitute
Two complementaryalpha-seeking approaches:fundamentalandsystematic
Seeks touse scaleandscopetobenefitclients in all BlackRockdoes
Specializesin risk managementwith aclient focus using Aladdin® platform,Risk & Quantitative
Analysisteams
Prime accessto companiesandmarketparticipants
Weareafiduciary to ourclients
Apure asset manager,avoiding the potential conflicts of interestthat couldresult from custodial,
proprietary trading andinvestmentbankingservices
(Human)machine
Differentiated
Perspectives
Personalized
Scale
Fiduciary
Trust

4. 4
BlackRock’s active equity suites provide a full range of solutions
Seek steadyincome
through dividend
strategies
Capitalappreciation
potential
Sustainable investing
through ESGstrategies
FeaturesExampleStrategies
Consistent,risk-managed
alphapotential driven by
innovativetechnologies
Broad, diversifiedcore
exposures
Lowcost*
AlphaTilts
AdvantageSeries
DefensiveAlpha
EquityDividend
GlobalDividend
ImpactU.S.Equity
Megatrends/thematics
Specific country, sector and
specialtyexposures
Easy wayto express
atactical investment
view
HealthSciences
AsianDragon
Technology
Opportunities
China AOpportunities
Concentrated,high
convictionlong-only
Unconstrainedstrategies
AbsoluteReturn
Emerging Markets
Equity
Mid-CapGrowth
Large CapFocusGrowth
2
HighConviction
Alpha
3
Specialized
Outcomes
4
Precision
Alpha
1
Systematic
Alpha
Source: BlackRock, as of September 30, 2019. This information is for illustrative purposes only. It is not to be interpreted as investment advice or as a recommendation to invest in any of the BlackRock
products or strategies. The above example strategies are not exhaustive lists of all strategies available in their respective suites. *As compared to other active funds.

5. 5
US Fundamental Active Equity: A Two Pillar Research Model
Equity Dividend Mid
CapDividend High
EquityIncome
Basic Value
Large CapCore
Large CapGrowth
Large CapConcentrated
Growth
Mid-Cap Growth
Source: BlackRock. As of 30 September 2019. For illustrative purposes only.
USIncome
&Value
Pillar
US
Growth
Pillar
Superior
Analysts
Potential for
BetterPerformance
More
Resources
Strategies Strategies
US Fundamental ActiveEquity

6. 6
US Income & Value: Key Investment Professionals
William Su
William McSweeney
EnergyCons. Discretionary /Staples
Jason Korn
MarkTexeira
RobRussell
Core PortfolioManagers
DirectorofInvestments, US Equities,
Portfolio Manager EquityDividend
Portfolios
TonyDeSpirito
Equity
Dividend
Portfolios
Franco
Tapia
Industrials/ Utilities / Materials
Portfolio Managers
Financials
Technology / Comm.Services
Fundamental Research: David Zhao &Franco Tapia, Co-Directors of Research Additional Resources
DougChow
Global Headof AE Integration &Data
Ron Kahn
Global Headof Research, SAE
Carrie
King
Basic Value&
LargeCapCore
Portfolios
Equity
Dividend
Portfolios
David
Zhao
Joseph
Wolfe
Basic Value&
Large CapCore
Portfolios
LargeCap
Core
Portfolios
Todd
Burnside
SamuelDiPasqua
AlexiaLe
Abigail Panitz
Junior ResearchAnalysts
Lisa Yang Andrew
Pinheiro Tung
Ngo
Tom Pierce
Rolf Heitmeyer
SamBapasola
KarimLaib
Helen Jewell
Global Director of Research,FAE
KatieDay
YakovShenkman
Risk &QuantitativeAnalysis
Ibrahim Kanan
AndrewPinheiro
Health Care
Product Strategy
Scott Winters
AndrewRalph
WayneDavis
Tung Ngo
DavidZhao
TomPierce
Jiayan (Jane)Zhou
Jonathan Jin
ScottMalatesta StevenFarkas
Nathan Achezinski Daniel Dusina
SebastianRodriguez
Culture of global connectivity across equity teams and asset classes magnifies information advantage
Source: BlackRock, As of 30 September, 2019

7. 7
Investment Philosophy & Core Beliefs
• Human intuitionandjudgment
• Qualitativeconsiderations
• Prospective
• Flexible to changingmarkets
• Leveragescale &resources
• Disciplined &empirical
• Scientific
• Consistent &reliable
• Scalable &systematic
• Leverages data& technology
Fundamental QuantitativeHigh-conviction portfolio
construction
• Risk managed
• Reducederror/bias
• Positions scaledforconviction
• Consistency andrepeatability
• Combinesources ofalpha
As of September 30, 2019. Current process for selecting investments in the portfolio in accordance with its stated investment objectives and policies. Process subject to change
based on market conditions, portfolio manager’s opinion and other factors.
Weblend fundamental &quantitative insightsto identify companies with:
• Fundamental inflectionpoints
• Unique businessmodels
• Favorable industrystructures
Webelievethatahigh convictionportfolioofunderappreciatedcompanieswithstrongor improving
fundamentalscan helpdeliverrisk-adjustedalphaoverthelong-term.

8. 8
Companies with improving fundamentals & reasonable valuations have
historically outperformed
Excess returns of Russell 1000 stocks by quartiles based on
improving fundamentals & valuation*
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Source: BlackRock. Data
from 12/31/1978 through 12/31/2018. *The investment universe is the Russell 1000 Index. Factors included in fundamental composite include Gross Profitability to Assets, ROE, 1-year change in Gross
Profitability, 1-year change in ROE and Forward Earnings to Price. Quartiles are based on an equal weighted basket of these metrics. Shown for illustrative purposes only.
3.45
0.40
0.08
-4.0
0.0
-1.0
-2.0
-3.0
1.0
3.0
2.0
4.0
1st Quartile 2ndQuartile 3rd Quartile
-3.71
4th Quartile
ExcessReturn(%)

9. 9
Investment Process : Blend Quantitative & Fundamental Insights at Every Stage
• In-depthindustry
expertise
• Determines critical
drivers of company
value
• Developsdownside,
upside and base- case
scenarios
• Considers
fundamental&
thematicinsights
• Prioritizes investment
opportunities
• Sets the team’s
researchagenda
• 40-60 securities
• TE range250–500
basis points
• Holding activeweight
targets +200 bps at
purchase
• Sector weight +/- 1,000
bps atpurchase
• RQAoversight
• Stress testing
• Comprehensive risk
management imbedded
at all stages of
investment process
Risk
Management
Portfolio
Construction
QuantitativeInsightsFundamentalResearch
• Multi-factor
quantitativemodel
ranks universe
• Russell 1000 +largest
ADRs
• Top 25% becomes
eligible forinvestment
• Identify potential
fundamentalbiases
• Use non-traditional data
sets & quantitative
methods to answer
critical questions
• Systematicallyblends
quantitative and
fundamental conviction
• Considers risks,
transaction costs,&
portfolioguidelines
• Optimizer helpssize
positions
• Controls risk exposure
• Managerisk by
monitoring tracking
error &risk allocation
• Changein quant
ranking triggers
position review
Risk management cannot fully eliminate the risk of investment loss. As of September 30, 2019. Current process for selecting investments in the portfolio in accordance with its stated
investment objectives and policies. Process subject to change based on market conditions, portfolio manager’s opinion and other factors.
Idea
Generation
Research

10. 10
Quantitative Model
Value 20-40%
 Economic Rationale:
Attractively-pricedstocks generallyofferbetter
returns overtime.
 Factor Examples:
Book to Price, Forward Earnings to Price, Free Cash Flow
to EnterpriseValue
 Varies for: Technology, Energy,Financials
 Typically 20-40% of total score
Sentiment 20-40%
 Economic Rationale:
Investors’ initial under-reaction to newinformation
results in alagin such information beingreflectedin market
value; hence,stocks with positive recent sentiment tendto
outperform.
 Factor Examples:
12-month return momentum,EPS revisions, FCF
revisions
 Varies for:Financials
 Typically 20-40% of total score
As of September 30, 2019. Subject to change.
Accounting 10-30%
 EconomicRationale:
Cleanaccountingpractices andjudicious useof
capitalcharacterize long-termoutperformers.
 Factor Examples:
Accrualsto assets, FCF to sales, ROIC,Share
Buybacks
 Varies for:Financials
 Typically 10-30% of total score
Quality Growth 10-30%
 Economic Rationale:
Companies with stable, growing earnings, high profitability
andlowleverage tend to outperform over time.
 Factor Examples:
Debt to equity, EarningsGrowth,ROE, Earnings
Stability
 Varies for:Financials
 Typically 10-30% of total score

11. 11
Investment Process: Research
Field Research
As of 30 September 2019. This is the current process for selecting investments in the strategy’s portfolio, in accordance with its stated investment objectives and policies. Process is
subject to change and provided here for illustrative purposes only.
 Meetwith managements, customers, suppliers and
competitors
 Evaluate strength of companymanagement team& franchise
 Seek to identify business drivers &industry trends prior
toconsensus
• Analyze industry supply &demand andpricing trends
• Investigate competitive advantages andpotential threats
• Consider regulatory environment andlocal markets
• Expand research in attractiveindustries torelated companies
IndustryResearch
 Financial statementanalysis
 Examine ratios and multiples
 Focus on balancesheetstrength
 Model cash flows andearnings
 Develop scenario andsensitivity analysis
Company ReportingResearch
FieldResearch

12. 12
Analyst activity list and research output
• Investmentthesis
• Investment screensummary
• ESG summary
• Industryanalysis
• Analysisof key earningsdrivers
• Financial Model:
– Income Statement, Balance Sheet, Cash Flow
• Valuation
• Price targets(Bull, Base,Bear)
• Ownershipanalysis
• Postmortem
• Reviewandsynthesise corporatefilings
• Reviewandsynthesiseindustrydata and research
reports
• Field Research- Engage withtarget
company
(C-level), experts, competitors&suppliers
• Build a financialmodel
• Understand the bearcase
As of 30 September, 2019. Process subject to change and provided here for illustrative purposes only.
Structured Fundamental Research andAnalysis ResearchOutput

13. 13
Rationale underlying our stock decisions
Buy Criteria SellDiscipline
Fundamental
 Inflectionpoints
 Distinctive business model / advantages
 Unique industry structures
Quantitative
 Top 25% eligible for investment
– Flexibility to invest 20% gross active
weight in stocksbelow33rd percentile
Risk/Portfolio Construction
 Optimizer blends quant andfundamental
conviction to help sizepositions
 Balance portfolio risks &constraints
Fundamental
 Valuation / investment thesis fully realized
 Fundamental milestones missed
Quantitative
 Quantitative score deteriorates
– Automaticreviewtriggered if quant
score falls below33rd percentile
Risk/Portfolio Construction
 Diversification – sector, industryandsecurity
 Competition for capital– i.e., better
investment opportunitieselsewhere
As of September 30, 2019. Decision making as to buy and sell criteria is subject to change based on market conditions, portfolio manager’s opinion and other factors.

14. 14
BGF US Flexible Equity Fund: Portfolio Characteristics
Top 10 Holdings Characteristics
Security Name Sector % NAV Portfolio Characteristics Portfolio Benchmark
Microsoft Corporation InformationTechnology 5.80 Wtd.Avg.Market Capitalization(mn) $252,107 $227,168
Apple Inc InformationTechnology 5.38 Number ofHoldings 58 1002
Alphabet Inc* Communication Services 5.24 L T EPS GrowthRate 8.60% 12.90%
ComcastCorporation Communication Services 3.14 P/B (FY0) 2.44x 3.23x
Verizon CommunicationsInc Communication Services 3.07 P/E (FY1) 15.0x 18.3x
JPMorgan Chase&Co Financials 2.93 ActiveShare 78.66% --
WalmartInc Consumer Staples 2.74
Cisco Systems Inc InformationTechnology 2.62
D. R. HortonInc Consumer Discretionary 2.46
Dollar GeneralCorporation Consumer Discretionary 2.44
Sector Exposures(%)
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Source: BlackRock as of 09/30/2019. Portfolio characteristics are of the BlackRock BGF US Flexible Equity portfolio and are subject to change. It is not possible to invest directly in an unmanaged index. The specific
companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable.
BlackRock may or may not own the securities referenced and, if such securities are owned, no representation is being made that such securities will continue to be held. Figures shown in USD. *Combines share
Classes A and C. FUND SPECIFIC RISKS: Overseas investment will be affected by movements in currency exchange rates.
12.9 14.4
6.7 5.2
9.5
3.7
0.0 1.6
9.8 10.3
7.0
4.3
13.0 13.2 13.5 13.3
9.7
19.0 22.0
2.9 4.0 3.5
Communication
Consumer
Discretionary
Consumer
Staples
Energy
Financials
HealthCare
Industrials
InfoTech
Materials
RealEstate
Utilities
BGF US Flexible Equity
Russell 1000 Index

15. 15
BGF US Flexible Equity Fund
Using BFRE covariances for equity (EQ) and FX factors. Equity Inter Model Correlations, Equity, Fixed Income (FI) and FX covariances calculated using weighting FMI : 312 week history, 52
week half-life. Factor Exposures: @D_NAMRAP Source: BFRE (BlackRock Fundamental Risk for Equities).
1 RPT Status represents the risk performance target. Portfolio characteristics are those of the BGF US Flexible Equity Fund managed in the BlackRock Large Cap Core style. Allocations are subject to change.
Due to rounding, the total may not be equal to 100%. Included for illustrative purposes only.

16. 16
BGF US Flexible Equity Fund: Historical and Calendar Year Performance
As of 30 September 2019
NettotalreturninUSD (%)
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Performance is shown
as at 30 September 2019 in US$ on a NAV price basis with income reinvested (share class A2 USD). Performance figures are calculated net of annual fees. The return of your investment may
increase or decrease as a result of currency fluctuations. Source: Fund: BlackRock Investment Management (UK) Limited (BIM(UK)L) - Indices: Datastream, BIM(UK)L - ISIN Code: LU0154236417 Net
of fees and expenses. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction
YTD 2018 2017 2016 2015 2014 2013
BGF US FlexibleEquity 16.10 -8.93 24.62 8.37 -1.39 12.02 32.80
Russell 1000 Index 20.53 -4.78 21.69 12.05 0.92 13.24 33.11
S&P 500 Index 20.55 -4.38 21.83 11.96 1.38 13.69 32.39

17. 17
BGF US Flexible Equity Fund: Performance
NettotalreturninUSD (annualized%)
As of 30 September 2019
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. *Inception date was 31
October 2002. Not annualized for periods less than one year. Performance is shown as at 30 September 2019 in US$ on a NAV price basis with income reinvested (share class A2). Performance figures
are calculated net of annual fees. The return of your investment may increase or decrease as a result of currency fluctuations. Source: Fund: BlackRock Investment Management (UK) Limited
(BIM(UK)L) – Morningstar. ISIN Code: LU0154236417 Net of fees and expenses. Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees,
transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. The Performance data do not take account of the commissions and costs incurred on the issue and
redemption of units.
-2.15
8.30
10.28
7.93
1.96 1.42 1.70
20.5320.55
16.10
3.87 4.25
12.36
13.1913.39
10.6210.84
13.2313.24
9.86 9.65
Q32019 YTD 1-Year 3-Year 5-Year 10-Year InceptionDate*
Returns(%)
BGF US Flexible Equity Russell 1000Index S&P 500Index

18. 18
BGF US Flexible Equity Fund Key Themes
AREAS OF HIGH-CONVICTION POSITIONING
Bullish onCommunication
Services
US BanksareVeryAttractive
Opportunistically Addingto
Cyclicals
• Wireless Telecom Services and High Speed Data providers that offer utility-like products
with rising consumption trends tradeathistorically widediscount to “bondproxy”peers.
• Ongoing proliferation of connected devices (cars, homes, industrial machinery) offers
untapped/new revenue streams, opportunities for market share gains, and increasing pricing
powerfordataproviders.
• Solid balancesheets, strongfree-cash-flowgenerationandimproving
predictabilityof earnings support valuations
• Valuations reflect expectations for “peaking”profitability/returns,which weview
as overly-pessimistic.
• Easing regulatory burdens, rising capital returns, steady credit trends and revamped cost
structuresarelikely to support higher profitability andreturns in the intermediateterm.
• Banks remainunloved bythe sell-side andunder-owned byinvestors.
• Divergence in valuation spreads between mega-cap and mid-cap double digit earnings growth
companies has presented opportunities to add to higher quality cyclicals in the Consumer
Discretionary, Materials, andIndustrials sectors.
• In particular, we are finding value in growth retailers that cater to lower income consumers
(Dollar Stores, Auto Parts retail), select Engineering & Construction companies exposed to
rising Utility capitalspending,andMaterialscompanies exposedto Agricultural endmarkets.

19. 19
Why choose BGF US Flexible Equity Fund?
 Time-tested long-term investment philosophy driven byanexperiencedportfolio management
team
 Strong fundamental research supported byenhancedUS Income &Valuepillar resources, as well as
BlackRock’s extensivecapabilities.
 Quantitativemodeladds discipline andfocus to the investment process
 Portfolio construction capabilities blend quantitative andfundamental insights, disciplined risk
managementtools andcost/liquidity constraints tomitigate portfolio risk.
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. As of September 30, 2019. There is no guarantee that
research capabilities will contribute to a positive investment outcome. Risk management cannot fully eliminate the risk of investment loss. Current process for selecting investments in
the portfolio in accordance with its stated investment objectives and policies. Process subject to change based on market conditions, portfolio manager’s opinion and other factors.

20. 20
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (“AMC”) has used information that is publicly available, including information developed in-house or basis information received
from its affiliates. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should
not be construed as any research report/research recommendation.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are
“forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to,
exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
Neither the DSP Mutual Fund nor any of its schemes are registered in any jurisdiction except in India, under SEBI (Mutual Fund) Regulations, 1996; except for DSP Equity Opportunities Fund and DSP Dynamic Asset Allocation
Fund, which are also registered with the Securities and Commodities Authority, UAE. The distribution of this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons
who come into possession of this material in such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
Asset Allocation
1. Units of BGF – USFEF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
# in the shares of BGF – USFEF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or may not have any future position in these
sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of its Offer document. Past performance may or not sustain in future and should not be used as a basis for
comparison with other investments.
All figures and other data given in this document are dated and the same may or may not be relevant in future and the same should not be considered as solicitation/recommendation/guarantee of future investments by DSP
Investment Managers Pvt. Ltd. or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the DSP Mutual Fund (“Fund”).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the investors in the Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
Scheme Product Suitability Riskometer
DSP US Flexible^
Equity Fund
(An open ended fund of fund scheme
investing in BlackRock Global Funds –
US Flexible Equity Fund)
This Open Ended Fund of Funds Scheme (Investing In US Equity Fund) is suitable for investors who are seeking*
 Long-term capital growth
 Investment in units of overseas funds which invest primarily in equity and equity related securities of
companies domiciled in, or exercising the predominant part of their economic activity in the USA
^The term “Flexible” in the name of the Scheme signifies that the Investment Manager of the Underlying Fund can
invest either in Growth or value investment characteristic securities placing an emphasis as the market outlook
warrants.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.

21. INVESTMENT MANAGERS