DSP World Agriculture Fund

[Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
September 2022
| People | Processes | Performance |
DSP World Agriculture Fund
An open ended fund of fund scheme investing in BlackRock Global Funds –
Nutrition Fund

2
DSP World Agriculture Fund: Product Structure
DSP World
Agriculture Fund
BlackRock Global
Funds - Nutrition
Fund (BGF-NF)
Indian Investors
The Nutrition Fund seeks to maximize total return by investing globally at least
70% of its total assets in the equity securities of companies engaged in any
activity forming part of the food and agriculture value chain, including
packaging, processing, distribution, technology, food- and agriculture-related
services, seeds, agricultural or food-grade chemicals and food producer

3
Why Thematics?
FOR PROFESSIONAL CLIENTS, QUALIFIED INVESTORS AND QUALIFIED CLIENTS ONLY/
FOR PROFESSIONAL, INSTITUTIONAL INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES USE ONLY
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4
BlackRock
definition of a
thematic fund:
A fund backed by
one or more of the
Megatrends, which
invests across
borders and sectors
in companies we
expect to benefit
from a structural
growth theme
The Five Megatrends
Shifting economic
power
Demographics
and social change
Technological
breakthrough
Climate change &
resources scarcity
Rapid
urbanisation
BlackRock, October2022. For illustrative purposesonly.
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Why thematic funds?
5
We expect our themes to drive faster-than-expected
earnings growth for our holdings and this to drive
outperformance versus broader equity markets over
the long-term
Disruption is typically underestimated due to the S-
shaped nature of technology adoption curves
Sustainability-alignment: many of our thematic funds
are inextricably linked to sustainability due to the
nature of what they are investing in
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Markets consistently underestimate technology progress
6
Capacity
projections
Cost
projections
BlackRock, IEA, BNEF, IRENA, BCG, 25/01/22.For illustrative purposes only. The projectionsare illustrative in natureand do not expressa forecast.
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7
BlackRock’s Thematic ‘Think Tank’
20 investment professionals from across
BlackRock meeting monthly
Representatives from Fundamental Equity,
Equity Index Investments, BlackRock
Sustainable Investing, Multi-Asset and
Risk & Quantitative Analysis
Role
Research and approve / reject new themes
proposed for products
Research if active or index approach is more
optimal for proposed themes
Monitor progress of themes for existing
products
BlackRock’s Advantage in Thematics
Global reach
Scale of resources
Access to companies
Portfolio construction process
Active: fundamental analysis conducted by
named portfolio managers and associated
analysts to pick and weight stocks
Index: universe mapped using FactSet RBICS
data, indices equal-weighted with annual
rebalance
Thematic
Research
Investment
Group (TRIG)
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Source:BlackRock, October2022.
For illustrative purposesonly. Themeslistedin alphabeticalorder. *Active ETF clones
Index
Active
SFDR
Article 9
BlackRock’s Thematic Platform
Future Consumer
Future of
Transport
Ageing Population
Automation &
Robotics
Agribusiness
Circular Economy Digital Security
Digitalisation
Climate
Action/Future
Climate*
Electric Vehicles &
Driving Tech
EM Consumer
Growth
Fintech
Global Timber &
Forestry
Global Clean
Energy
Healthcare
Innovation
Global Water
Next Generation
Technology/
Future Tech*
Next Generation
Health Care/Future
Health*
Sustainable
Energy
Smart City
Infrastructure
Nutrition
Multi-
Theme
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Positioning thematic funds in portfolios
1. Core-satellite
2. Replacing part of a global equity allocation with thematic exposure
3. Thematics as the core
Core
Satellite
Accounts for the majority of the portfolio
Typically traditional assets such as equities & bonds
Designed to broadly provide the market return
Accounts for the minority of the portfolio
Designed to act as a performance ‘kicker’
Thematic funds are well-suited to act as
satellite investments, in our view, given
that we expect them to outperform
broader equity markets and as they have
relatively limited crossover with the most
popular equity market indices.
We believe this is the most common approach as it is best suited for
investors that construct their portfolios by geographical regions. This
can be achieved by using individual thematic funds or with a multi-
theme product.
This is an innovative approach that
involves using thematic convictions as
the starting point for portfolio
allocations then adjusting exposures
with active regional, sector and stock
overlays.
1. Start with thematic
convictions – a multi-
thematic and
dynamic allocation
2. Regional overlay
added to manage
unintended country
bets
3. Style factor overlay
to manage growth,
value, momentum,
quality bets
4. Single stocks can be
added to reflect shorter-
term convictions
We see three main ways investors can think about incorporate
thematics in broader portfolios:
BlackRock, October 2022. For illustrative purposes only. There is no guarantee that a positive investment outcome will
be achieved.
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Nutrition
For illustrative purposesonly. AEM1022E/M-2462071-9/65

What is the Nutrition theme?
11
Eating Buying Growing
Source:BlackRock, October2022. For illustrative purposesonly.
Plant Based
Food Waste
Reduction
AgTech
Adoption
Companies benefiting from sustainable trends across:
Consumer Retail Distribution Processing Growing
E.g.
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Key drivers of the global food evolution
12
Society Economics
Regulation
Sustainable food production targets
at the heart of the EU Green Deal, to
accelerate our transition to a
sustainable food system
Awareness of our impact on Earth is
contributing to diet change
Alternative protein tech is unlocking
sustainable protein production
Source:left: EuropeanCommission,31/05/20. Centre:Veganuary,accessedDecember2021. A value of 100 is the peak popularityfor the term. Right: ReThinkX, 31/12/19.
There is no guaranteethat any forecasts made will cometo pass.
100
10
0
100
200
300
400
500
600
700
800
900
1,000
1,100
2000 2019 e2025
US$
/
kg
The cost to produce 1kg protein
using precision fermentation
$1.0m
$1.0m
1. Neutral or positive environmental impact
2. Help to mitigate climate change
3. Reverse the loss of biodiversity
4. Ensure food security
5. Preserve food affordability
0
1,00,000
2,00,000
3,00,000
4,00,000
5,00,000
6,00,000
Sign
ups
on
veganuary.com
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13
Source:Our worldin data, 31/12/2020. Shows kg CO2 equivalentsperkg product.
Moving towards plant based alternatives is the solution
Source:IEA and ResearchGate, as of 31/12/19
Global food generates more GHG emissions than transport
Decarbonising the food chain
27%
25%
14%
20%
15% Power generation
Agriculture & Livestock
Transportation Fuels
Other
Industrial Process Waste
0.4
Chicken
0.4
Lamb & Goat
Beef
Chocolate
12.0
Coffee
27.0
Pork
Prawns
Cheese
Fish (farmed)
2.0
Eggs
Tofu
Root vegetables
Avocado
10.0
Tomatoes
4.5
Rice
Beans
Maize
34.0
100.0
Peas
Bananas
Potatoes
Apples
Nuts
29.0
40.0
1.0
24.0
0.4
14.0
5.0
3.0
2.5
2.0
2.0
1.0
0.5 GHG emissions (ex Methane)
Emissions from Methane
Greenhouse gas emissions per kilogram of food product
Global greenhouse gas emissions by sector
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The scale of the challenge is huge
14
25%
38%
70%
… of global
greenhouse gas
emissions
… of global land
use
… of global water
consumption
7%
37%
39%
44%
12%
1990
44%
43%
14%
53%
4%
2005
38%
20%
40%
2%
2050
2015
10%
39%
51%
2030
3%
>3000 KCAL/day
2000-2500 KCAL/day
<2000 KCAL/day
2500-3000KCAL/day
Rising per Capita Calorie consumption
%
of
population
in
developing
countries
Feeding the world’s 7.8bn people already results
in…
… and by 2050, the world population hits 9.9bn, at
higher calorie levels than ever
Source:left - IISD,FAO andOur World in Data,accessedon 20/12/21;right – Farming First, accessedon 20/12/21.
The projectionsare illustrative in nature and do not expressa forecast.
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A sustainable food chain is coming
15
Healthy & sustainable eating A more efficient supply chain A less resource intensive farm
Source:left: Statista, 2021. Centre: UNEPFoodWaste Index Report2021. Right: VerifiedMarket Research,January 2021. For illustrative purposesonly.
The projectionsare illustrative in nature and do not expressa forecast.
2019
US$17.50bn
2027
US$7.09bn
CAGR
12%
92
69
19
8
6
6
5
5
4
3
UK
Russia
Japan
China
USA
India
Germany
France
Spain
Australia Total food waste per year (million tonnes)
Smart Agriculture Spending
An opportunity to reduce food waste
1999
2000
2001
2003
2002
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2016
2014
2018
2015
2017
2019
+10%
Organic food sales worldwide (US$bn)
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Alignment to the SDGs
16
SDG 13: Climate Action
2: Responsible Consumption & Production
SDG 3: Good Health & Wellbeing
SDG 2: Zero Hunger
DG 9: Industry, Innovation & Infrastructure
SDG 14: Life Below Water
SDG 15: Life on Land
Fund Exposure (%)
Source:UN SustainableDevelopmentGoals,BlackRock, 30/11/21.For illustrative purposes only.
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17
Companies that provide solutions
to solve sustainability challenges
across the food chain.
Examples: Foodtech, machinery,
fertilisers, food preservation,
indoor ag, agtech, ingredients,
alternative proteins
Purity of exposure: Majority are
pure-plays. However, minimum of
>10% sales. Theme exposure must
be driving the outlook
Companies that benefit from
consumer shifts towards
sustainable nutrition
Examples: Natural, fresh and
organic foods, meal kits, plant
based
Purity of exposure: >50% sales
Nutrition-exposed. Core business
benefits from theme
Companies that adopt sustainable
nutrition initiatives in a
meaningful and earnings positive
way
Examples: Food and beverage
producers, commodity suppliers,
retailers, restaurants
Purity of exposure: 50% sales
Nutrition-exposed. Best-in-class
adoption of Sustainable Nutrition
Objectives
Enablers Beneficiaries Adopters
Gaining exposure to the theme
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UN Global
Compact
Violators
Controversial
weapons
Fossil Fuels
Tobacco
Electricity
and power
generation
What’s not on the menu
18
Examples of
companies we avoid
Palm oil producers, beef producers, sugar producers, carbonated beverages,
sustainability-unaware food companies, biodiversity unaware companies, Animal
husbandry unaware companies
Source:BlackRockOctober2022.
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Alternative Protein in Focus
19
It has been forecasted that the number of cows in the US would have fallen 50% by 2030, by which time
modern proteins would have taken 75% of the cow-based protein market
Source: Jeffries, Meet the New Meat report and AT Kearney, 30/09/20. Numbers are rounded to hundred billions.There is no guarantee that any forecasts made will come to
pass. Reference of the company name(s) mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment advice
or investment recommendation of the company. BlackRock has not acquired any rights or license to reproduce the trademarks, logos and images set out in this document.
The trademarks, logos andimages set out in this documentare usedonly for the purposesof this presentation.Images for illustrativepurposes only.
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2025 2030 2035 2040
Billion
US$
Cultured meat
Novel vegan meat replacement
Conventional Meat
CAGR
2025-2040
+41%
+9%
-3%
• 99% less water
• 93% less land
• Emits 90% fewer GHG
emissions
• Up to 96% less water
• 99% less land
• Emits up to 96% fewer
GHG emissions
Compared to a conventional beef burger…
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Food Waste in Focus
20
Source: Left: the UN and Agriculture Organisation, October 2021. Right: John Bean Technology, accessed 11/11/21. Reference to the names of each company mentioned in this
communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. There is
no guarantee that any forecasts made will come to pass. This stock is an example of a stock within the "How we are growing food" section of the portfolio and one of the largest
holdings based on relative market value in the respective underlying theme. BlackRock has not acquired any rights or license to reproduce the trademarks, logos and images set
out in this document.The trademarks, logos andimages set out in this documentare used only for the purposes of this presentation.Images for illustrative purposes only.
Description: An American food processing
machinery company. The company has a
number of products and solutions which
help to innovate on areas such as food
wastage, input efficiency and food safety.
28%
13%
4%
55%
Wasted by retailer
Wasted by consumer
Wasted during storage/shipping
Not wasted
>40% of
produce is
never
consumed
Autocoding label inspection
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Agtech in focus
21
Source: Left: Agco Blog, 20/12/21. Right: John Deere, accessed on 20/12/21. Reference to the names of each company mentioned in this communications is merely for
explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. There is no guarantee that any forecasts
made will come to pass. This stock, a top 10 holding, is shown as an example of a stock within the "How we are growing food" section of the portfolio. This stock is an example of a
stock within the "How we are growing food" section of the portfolio andone of the largest holdings basedon relative market value in the respective underlyingtheme.
Description: John Deere is an American company
that manufactures agricultural machinery, heavy
equipment, forestry machinery, diesel engines,
drivetrains used in heavy equipment, and lawn care
equipment.
Number of people fed by one Farmer
16
26
47
76
100
155
200
1950 1960 1970 1980 1990 2010 2020
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Healthy eating in focus
22
Source: Left: Statista, 31/10/21. Right: HelloFresh Sustainability Report, accessed December 2021. Reference to the names of each company mentioned in this communications
is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. There is no guarantee that
any forecasts made will come to pass. This stock is an example of a stock within the "How we are eating" section of the portfolio and one of the largest holdings based on relative
market value in the respective underlying theme. This stock is an example of a stock within the "How we are growing food" section of the portfolio and one of the largest holdings
basedon relative market valuein the respective underlyingtheme.
Description: Hello Fresh is a meal-kit company
which provides customers with easy-to-follow
recipes and fresh high-quality ingredients straight to
their door.
733
1,000
2020 2026
+36%
Global
Market
Value
(US$bn)
Strong growth in the health and wellness food market
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Sustainability in action: Stock examples
23
More efficient supply chain
Less resource intensive farm Healthy & sustainable eating
Source:Left: Deere& Co, 2019. Middle:Ocado, 2019. Right: TotalProduce,2020. For illustrative purposesonly. Referenceto the namesof each companymentionedin this
communicationis merelyfor explainingthe investment strategy, andshouldnot be construedas investment advice or investment recommendationof those companies.
The number one
global fresh
produce company
100%
Renewable
electricity across
22 businesses
Lowest Carbon footprint
per kg of fruit in
the industry
20%
Targeted reduction
in group energy
consumption in
2020
A global online grocery
solutions provider
15x Better than Tesco
on food wastage
1/3
Reduction in CO2
intensity from
2012-2018
Rated by MSCI
89%
A
of Ocado’s plastic
carrier bags were
returned for
recycling
90%
Lower herbicide use
when selectively
applying to weeds
only
2.5bn
lbs
The potential
reduction in global
herbicide use with
sustainable weed
control
Rated by MSCI
A
An agriculture equipment
manufacturer, launching
See & Spray technology
SDG aligned
SDG aligned
SDG aligned
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24
BGF Nutrition Fund: Integrating ESG in our Research Process
BlackRock, October2022. For illustrative purposes only. There is no guaranteethat researchcapabilitieswill contributeto a positive investmentoutcome.
Stock ideas comes from a
combination of:
Sector analyst views
and fund manager
conviction
ESG factors
considered at this high
level stage
In-depth company
analysis includes:
Team discussion of stock
and rating appraised:
Monitor and engage
throughout investment
lifecycle:
Fundamental
analysis & company
meetings
Escalation and discussion of
ESG issues with Investment
Stewardship
Use of RQA’s
sophisticated risk
systems
Portfolio
construction
ESG conclusions embedded
in research template
Frequent review of
the research
templates
Stewardship or
investors continue
to engage with
companies
Idea Generation Due Diligence Decision Making Continuous Review
Every government, company, and shareholder must confront climate change.
Larry Fink, 2020 Letter to CEOs
100%
of stocks are ESG-assessed
60% of companies within the
portfolio produce sustainability
reports
45% of portfolio rated
A or above by MSCI
Filters narrow down
universe
New and ongoing ESG issues
are tracked
In the near future – and sooner than most anticipate – there will be a significant reallocation of capital.
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Portfolio Characteristics &
Performance
AEM1022E/M-2462071-24/65

BGF Nutrition Fund: Strategy Overview
26
The Nutrition Fund seeks to maximise
total return. The Fund invests globally at
least 70% of its total assets in the equity
securities of companies engaged in any
activity forming part of the food and
agriculture value chain, including
packaging, processing, distribution,
technology, food- and agriculture-
related services, seeds, agricultural or
food-grade chemicals and food
producers.
Identify stocks which
benefit from
Nutrition “fast
rivers”
We aim to invest in
companies expected to
benefit from changing
consumer preferences
towards nutrition and food.
Target global
investment
opportunities
An investment team with
global scale able to gain
local insights from around
the world.
Exposure to a
sustainable food
chain
Exposure to companies
which are helping to
decarbonise the food
value chain, whilst
providing sustainable
eating choices to the
masses.
Key features
Client needs which the fund would
solve for
Exposure to companies benefitting from the exciting
evolution towards a global sustainable food chain,
alongside the associated growth opportunity in terms
of what we are eating, how we are eating and how we
are growing food.
Investment Team BlackRock Thematics & Sectors Team
Portfolio Managers Tom Holl & David Huggins
Geographic Focus Global
Liquidity Daily
Sustainable fund Yes- Sustainable Thematic Fund
Sustainable Label Febelfin, French SRI
Exclusions UN global compact violators, controversial weapons,
coal & consumables, oil & gas, tobacco
SFDR Article 9
Universe size >750 companies
Source:BlackRock, October2022. For illustrative purposesonly..
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Ag Tech, 10%
Yield Improvement, 11%
Cash & Equivalents, 8%
Healthy Food & Beverage, 30%
Plant Based & Alt Proteins, 10%
Food Chain Efficiency, 20%
Food Waste Solutions, 11%
Less Resource
Intensive
Farm, 22%
Healthy &
Sustainable Eating
Choices, 40%
More Efficient
Supply Chain, 31%
Unravelling the Nutrition Thematic
Portfolio breakdown
27
Source:BlackRock, 30 September2022. For illustrative purposesonly. May not addup to 100% due to rounding.
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28
Portfolio annual turnover
The journey so far
Portfolio Evolution
The Nutrition Story So Far…
0%
5%
10%
15%
20%
25%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2019 2020 2021
NutriTech
+
Alt
Proteins
Portfolio
Theme
Mix
Eating Buying
Growing Nutritech + Alt Proteins
Source:BlackRock, 30/09/21.For illustrative purposesonly.
100%
2018
2021 2020 2019
75%
2017
42%
65%
84%
 On 25th March 2019, the BGF World Agriculture Fund
was repositioned to the BGF Nutrition Fund.
 As part of the repositioning, the fund’s investment
universe was expanded from 290 companies to over
700 companies; with a focus on those companies
which are benefitting from changing consumer
preferences towards nutrition and food.
 The fund has a high-quality approach to portfolio
construction, looking for those companies in
advantaged positions within the nutrition theme.
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29
Unparalleled access to IPOs
Source: BlackRock, 30/11/21. For illustrative purposes only. Reference to the names of each company mentioned in this communication is merely for explaining the investment
strategy, and should not be construed as investment advice or investment recommendation of those companies. BlackRock has not acquired any rights or license to reproduce the
trademarks, logos and images set out in this document.The trademarks,logos and imagesset out in this documentare used only for the purposesof this presentation.
Leading capital markets
team drives insights
Highly selective on participation
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Nutrition Investment Philosophy: What differentiates the
BGF Nutrition fund?
30
The Fund aims to maximise the return on your investment through a combination of capital
growth and income on the Fund’s assets by investing in companies driven by the Nutrition
thematic
The vision and ability to find new and
emerging trends in Nutrition that the market
underestimates
A disciplined portfolio construction process
A consistent quality bias: determined by the
sustainability of returns combined with a
quantitative overlay
Source:BlackRock, October2022. Thereis no guaranteethat a positive investment outcomewill be achieved.For illustrative purposes only.
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Kerry Group: providing sustainable solutions
31
Source: Kerry, 30/11/21. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be
construed as investment advice or investment recommendation of those companies. There is no guarantee that any forecasts made will come to pass. Source: Left chart: Nielsen
Product Insider, 52 weeks ended July 8, 2017; Right: Kerry Group 2017 Annual Report. This stock, a top 10 holding, is shown as an example of a stock within the "What we are
eating" section of the portfolio..
• The largest and most advanced provider of
taste and nutrition solutions
• Outsourced R&D function for the global
food industry
• Focusing on natural ingredients
By 2030, 2 billion people will consume
sustainable nutrition solutions from
Kerry
•100% of plastic
packaging to be
reusable,
recyclable or
compostable
•Creating
solutions to
achieve a lower
environmental
footprint
•100% of
•priority raw
materials will be
sustainably
sourced by 2030
•Cut emissions
•by 55% by
•2030 and reach
net zero by 2050
Climate
Action
Responsible
Sourcing
Circular
Economy
Better for
society
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32
Source: Agronomics, 31/03/21. For illustrative purposes only. References to specific securities and their issuers are for illustrative purposes only and are not intended and should
not be interpreted as recommendations to purchase or sell such securities. This stock is an example of a stock within the “What we are eating" section of the portfolio and one of the
largest holdings basedon relative market value in the respective underlyingtheme.
Description: An investment company that is focused on
opportunities within the nascent industry of modern foods,
which are environmentally friendly alternatives to the
traditional production of meat and plant-based sources of
nutrition.
Benefits of cultivated meat:
• Lower environmental impact
• Up to 96% less greenhouse gas emissions
• 99% less land use
• Up to 96% less water needed
• Zero animal cruelty
• Requires zero antibiotics
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33
Source: Hofseth, 30/11/21. For illustrative purposes only. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be
interpretedas recommendationsto purchaseor sell such securities. This stock is an exampleof a stock within the “What we are eating"section of the portfolio .
Description: Hosfeth Biocare processes
marine raw materials into products to enhance
global health.
Yesterday
Today
Transforming yesterday’s waste into high value health
nutrition products
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34
Source:: Hello Fresh and Datastream, 30/09/22. For illustrative purposes only. References to specific securities and their issuers are for illustrative purposes only and are not
intended and should not be interpreted as recommendations to purchase or sell such securities. This stock is an example of a stock within the "How we are eating" section of the
portfolio andone of the largest holdings basedon relative market value in the respectiveunderlyingtheme.
Description: Hello Fresh is a meal-kit company which
provides customers with easy-to-follow recipes and
fresh high-quality ingredients straight to their door.
0
20
40
60
80
100
120
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Share
price
(Euro)
HelloFresh share price
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John Deere: Agriculture Technology
35
Source: Left: Blue River Tech, accessed 13 /06/19. Right: John Deere, accessed 13/06/19. Reference to the names of each company mentioned in this communications is
merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. There is no guarantee that
any forecasts made will come to pass. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should
not be construed as investment advice or investment recommendation of those companies. This stock, a top 10 holding, is shown as an example of a stock within the "How we
are growing food" section of the portfolio.
• Largest global agtech & equipment provider
• Helping growers sustainably feed the world
with AI, automation & connectivity
• Launching “see & spray” tech in 2020
See & Spray technology can reduce global
herbicide sprayed by >80%
0
0.5
1
1.5
2
2.5
3
3.5
Current Global Herbicide usage Herbicide usage under See & Spray
Scenario
Billion
lbs
AEM1022E/M-2462071-34/65

BGF Nutrition Fund: Portfolio positioning
Source: BlackRock, 30 September 2022. The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions
shouldbe madethat the companiesidentifiedand discussedwere or will be profitable.Subjectto change.Holdingsare shown for illustrative purposesonly.
36
Top 10 holdings Nutrition sub-sector exposure
Stock
% of
portfolio
Sub-sector
FMC Corp 4.6% Ag Chemical
Barry Callebaut 4.5% Food Producer
Zoetis 4.5% Nutritech
Deere & Co 4.4% Machinery
Symrise 4.4% Ingredients
Graphic Packaging 4.3% Packaging
Nestle 4.2% Food Producer
Koninklijke DSM 4.2% Ingredients
Kerry Group 4.0% Ingredients
Mengniu Dairy 3.6% Ingredients
0% 5% 10% 15%
Ingredients
Machinery
Food Producer
Nutritech
None
Dieting & Wellness
Alternative Protein
Supply Chain
Fertiliser
Ag Chemical
Packaging
Dairy Processor
Food Retailer
Commodity Processor
Seafood Producer
Beverage Producer
Cash
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BGF Nutrition Fund: Portfolio Characteristics
Source: BlackRock, 30 September 2022. Subject to change. Geographic exposure relates principally to the domicile of the issuers of the securities held in the product, added
together and then expressed as a percentage of the product's total holdings. However, in some instances it can reflect the country where the issuer of the securities carries out
much of their business. Allocationsare subject to change.
37
Geographical breakdown by listing country
Current Portfolio Construction
GICS Sectors exposure
60.7%
25.9%
7.8%
5.6%
0%
10%
20%
30%
40%
50%
60%
70%
Core Cyclicals &
Turnarounds
Cash/Other Disruptors
50.1%
8.8%
7.3%
5.1%
5.1%
4.0%
3.6%
3.2% 2.6% United States
Switzerland
Canada
Germany
Netherlands
Ireland
Hong Kong
Norway
France
15.2%
11.3%
8.8%
8.0%
7.8%
Ingredients
Machinery
Food Producer
Nutritech
Cash/Other
AEM1022E/M-2462071-36/65

BGF Nutrition Fund
38
Performance (A Share Class, Net %, USD)
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when
selecting a product or strategy. Source: BlackRock, performance shown as at 30 September 2022in USD on a NAV prices basis with income re-invested. Performance figures are
calculated net of annual fees. 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 Fund is actively managed The IA has discretion to select the Fund's investments and is not constrained by
any benchmarkin this processThe MSCI All Countries World Indexshould be used by investors to comparethe performanceof the Fund.
25th March 2019:
Fund repositioned
& Tom Holl
appointed as PM
February 2020:
David Huggins
appointed as co-
PM
YTD
2022
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
BGF Nutrition Fund - A -27.44% 4.75% 19.59% 18.06% -16.45% 11.36% 9.17% -14.04% 3.02% 8.47% 10.99%
MSCI ACWI -25.63% 18.54% 16.25% 26.60% -9.41% 23.97% 7.86% -2.36% 4.16% 22.80% 16.13%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
Return
(%)
AEM1022E/M-2462071-37/65

39
Resilient returns during market sell-offs
Zero equity risk contribution from Tech
Active Risk Beta
Nutrition 6.25% 0.86
Circular Economy 5.03% 1.01
Climate Action Equity 5.50% 1.07
Future Consumer 7.38% 1.07
Sustainable Energy 7.27% 1.17
Future of Transport 9.24% 1.23
Next Generation Health Care 14.21% 1.25
FinTech 10.58% 1.36
Next Generation Technology 12.51% 1.40
Among lowest Growth Factor Risk
Lowest Beta and among lowest Active Risk
BGF Nutrition Fund: providing thematic resilience
Source: BlackRock, as at 31/01/22. Benchmark selected: MSCI ACWI. The figures shown relate to past performance. Past performance is not a reliable indicator of current or
future results andshould not be the sole factor of considerationwhen selecting a productor strategy. Indicesare unmanagedand one cannot invest directlyin an index
1.8%
Nutrition
FinTech
Future
Consumer
Next
Generation
Health
Care
1.0%
Circular
Economy
0.4%
Sustainable
Energy
Future
of
Transport
Climate
Action
Equity
Next
Generation
Technology
0.2% 0.2% 0.3%
0.5%
1.9%
3.1%
Nutrition Future of
Transport
54.7%
Climate
Action
Equity
Next Gen
Health
Care
Future
Consumer
Circular
Economy
36.2%
FinTech
Sustainable
Energy
Next Gen
Technology
21.6%
-3.3%
0.0%
10.0%
13.6%
26.0%
78.3%
Q1 2020 January 2022
FinTech -24.4% -8.9%
Nutrition -19.6% -9.4%
Circular Economy -20.7% -11.3%
Climate Action Equity - -11.3%
Sustainable Energy -18.5% -12.8%
Future of Transport -25.7% -13.1%
Future Consumer - -16.2%
Next Generation Health Care - -15.3%
Next Generation Technology -9.9% -23.0%
AEM1022E/M-2462071-38/65

Investment Team,
Philosophy & Process
AEM1022E/M-2462071-39/65

BlackRock Fundamental Equity Thematics and Sectors Team
41
Global head of sector and thematic-based investing: Evy Hambro
Strategies Gold Mining
Circular
Economy
Climate Action Energy Sustainable Energy
Future of
Transport
Natural
Resources
Nutrition
Portfolio
Managers
Evy Hambro
Tom Holl
Evy Hambro
Olivia Markham
Evy Hambro
Sumana Manohar
Olivia Markham
Alastair Bishop
Tom Holl
Sumana Manohar
Alastair Bishop
Mark Hume
Alastair Bishop
Charles Lilford
Alastair Bishop
Hannah Johnson
Charles Lilford
Alastair Bishop
Tom Holl
Tom Holl
David Huggins
Analysts
Cailey Barker
Hannah Johnson
Aidan McGuckin
Cailey Barker
Hannah Johnson
Aidan McGuckin
Capucine Brunet
Zheng Li
Zheng Li Tao Ly Lindsay Sinclair Lindsay Sinclair
Analyst coverage at
individual sector
level
Core portfolio
managers
Gregory Bullock
Rishi Ramnani
Product
strategists
Alex Foster, Titania Hanrahan (US), Courtney O’Shea, Rob Powell, Fred Wood, Martin Mercau, Pragyapti Bhandari, Brian Knowles (APAC)
Business manager Simon McClure
BlackRock, October2022. Namesin alphabeticalorderby surname. *Memberof our graduate rotationprogram.
Sector strategy Thematics strategy
AEM1022E/M-2462071-40/65

TRIG
Big Data
(AEID)
Active Equity
Platform
ESG
powered by
BSI
Risk &
Quantitative
Analysis
External
partners
Thematic research platform: Universe mapping
Proprietary universe with purity of thematic exposure
Source:BlackRock, October2022. For illustrative purposesonly. Subjectto change.
TRIG: Thematic Research Investment Group. AEID: Active Equities Integration & Data. ESG: Environmental & Social Governance.
BSI: BlackRock Sustainable Investing
42
Expert
insights
Thematic
revenue
alignment
Supply
chain
analysis
AEM1022E/M-2462071-41/65

How do we pick stocks for BGF Nutrition Fund?
43
Top down Bottom up E.S.G.
• Thematic research
• Sector specialists
• Screens
• Expert insights
• Company meetings
• Site visits
• Financial modelling
• Research templates
• Formal exclusions
• Ethix screens
• Engagement
E.S.G. incorporated into investment process
- Screens combined with qualitative analysis
Aligned to 7 of the UN’s Sustainable
Development Goals
Source: BlackRock October 2022. For illustrative purposes only. Subject to change.
AEM1022E/M-2462071-42/65

BGF Nutrition Fund: Portfolio Construction
44
Source: BlackRock October 2022. For illustrative purposes only.
Core long term holdings
• Structural growth related to Nutrition
• Established companies with existing strong or high potential
brands/franchises
• Leading competitive position through scale, product quality &
innovation
Cyclicals & turnarounds
• Commodity-like product where cyclical factors outweigh structural ones
• Management or asset turnaround
• Broad spectrum of market caps
New markets and disruptors
• Entirely new industries or product categories
• Significant disruption of established markets
• Lack of track record, unproven management team & product
• Potential requirement for further equity funding to support growth
5-15% of NAV
20-30% of NAV
60-70% of NAV
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45
Why BlackRock
for Nutrition?
A team who can define what a Nutrition Fund should
be in terms of investment universe, performance &
client education
However, we are not blind to tactical
opportunities that necessitate a shorter term
investment horizon
A quality bias but with the investment flexibility
to go into the most exciting areas in the
Nutrition space in an appropriately scaled
manner
Leveraging the platform of 220+ Global
investors in order to maximise our opportunity
set and investment insights.
Ability to define the universe
Long-term focused
Disciplined investment approach
Collaborative approach
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Appendix
AEM1022E/M-2462071-45/65

Viewing BGF Nutrition Fund through an SDG lens
47
A company maps to an SDG if it 1) operates a SDG-supportive business
model, or 2) its internal sustainability actions materially promote the SDGs
Human existence is resource-intensive. The global food chain is no
different, but it is evolving into a sustainable model. We believe in
investing in companies that align with these sustainability goals
Premise
Define
Align
Each company is assessed for its alignment to SDG Targets before &
during investment analysis, and monitored thereafter
Exclude BSI baseline screens applied
Construct
We expect to have >70% of the BGF Nutrition fund to align to the UN
SDGs.
Source:BlackRock, October2022.
AEM1022E/M-2462071-46/65

-
2
4
6
8
Ornline
food
delivery
sales
(US$bn)
Online Food Delivery Sales
0
10
20
30
40
50
60
70
80
90
100
Organic
food
sales
(US$bn)
Organic Food Sales
Worldwide
What is the backdrop?
48
How we’re buying it How we’re growing it
What we’re eating
Source:left: Statista, accessed31/05/19. Centre:Companyannual reports, forecasts from BloombergConsensus, 30/06/19. Right: RolandBerger, 31/12/15. For illustrative
purposesonly.
0.0
1.0
2.0
3.0
4.0
5.0
EUR
bn
Global precision agriculture
spend
AEM1022E/M-2462071-47/65

49
This is not just a
developed
market
phenomenon…
50%
60%
70%
80%
90%
100%
Europe North America Africa/Middle
East
Asia-Pacific Latin America
Willingness to pay a premium for foods with health
benefits
>75% of people globally are willing to pay a
premium for healthier foods
Source:Nielsen,2015. For illustrative purposesonly.
AEM1022E/M-2462071-48/65

Nutrition is
being impacted
by the
convergence of
3 factors
Regulation
1
Economics
3
Society
2
Drivers of Change
50
Technology, demographic shifts and a rising focus on sustainability have together influenced almost
every aspect of consumer spending in the last 5-10 years. The same disruption is now set to play out in
the global food industry.
Source: BlackRock, October 2022. For illustrative purposes only, subject to change.
AEM1022E/M-2462071-49/65

-
10
20
30
40
50
60
70
Zero Nitrogen Scenario: low
yields, more deforestation,
captive CO2 released
Nitrogen Scenario: yields
optimised, CO2 from nitrogen
production emitted
CO2
Emissions
in
scenario
(mt)
If nitrogen wasn't used on 1ha of corn in the US,
lower yields would require deforestation
0
1
2
3
4
5
6
Anthracite Coal Natural Gas
CO2
Emissions
per
feedstock
type
(mt)
CO2 Emissions based on anthracite coal and
natural gas feedstocks
51
Every tonne of nitrogen CF produces averts 1.2ha of
deforestation and averts massive CO2 release
CF Industries, a major nitrogen producer, produces
with the cleanest feedstock, natural gas
Engagement in action, with CF Industries
CF Industries has a low MSCI score, due to its CO2 intensity versus peers. We engaged with CF and
with internal analysis concluded that it is among the lowest emitters of CO2 in its industry, and
the alternatives to using nitrogen fertiliser have devastating consequences.
Source:Left: CF Industries, BlackRock, 2020; Right: BlackRock, Statista, Mongabay,CF Industries,, 2020 PSU. Scenarioon the right considers1ha of UScorn and the necessary
landin the marginalproducingregion,Brazil, that wouldneedto be clearedif nitrogen was not used. We show the associated CO2 releasedfrom that deforestationcomparedto the
CO2 releasedfrom producingthe nitrogen. Referenceto the names of each companymentionedin this communicationis merelyfor explainingthe investment strategy, and
shouldnot be construedas investment advice or investment recommendationof those companies.
3x less
CO2 emitted
>100x less
CO2 emitted
AEM1022E/M-2462071-50/65

Exposure to Adopters, Enablers & Beneficaries
52
Source:BlackRock, 30 September2022. For illustrative purposesonly. May not addup to 100% due to rounding.
54.4% 16.4% 21.3%
Enablers Beneficiaries Adopters
AEM1022E/M-2462071-51/65

Thematic product launch process
Define
Universe
Identify
Themes
Fundamental
Analysis
Index
Rules
Index
Portfolio
Active
Portfolio
Stock
Selection
Equal
Weight
Source: BlackRock, October 2022. For illustrative purposes only.
53
AEM1022E/M-2462071-52/65

What is a Thematic Fund?
Deciding
upon an
active or
index
approach
3. Is there likely to be high
divergence between the companies
in the investment universe?
2. Is it relatively evident who the
winners are going to be?
1. Is the investment universe broad
or relatively narrow?
4. Will there be good opportunities
to participate in IPOs ?
Active
Broad
No
Yes
Yes
Narrow
Yes
No
No
Index
Source:BlackRock, October2022. For illustrative purposesonly. Decisionprocesssubject to change.
54
AEM1022E/M-2462071-53/65

How do we
identify
themes? The Megatrends:
Technological
breakthrough
Changing economic power
Climate change and
resource scarcity
Demographics and
social change
Rapid urbanisation
Thematic Research and Investment Group checklist:
Powerful theme linked to the Megatrends
Convergence of 3 forces: Regulation, Societal and
Economics
Long-term rather than ‘faddish’
Investable through global equity markets




55
AEM1022E/M-2462071-54/65

Thematic Research and Investment Group (T.R.I.G)
T.R.I.G. Objectives
1. 2.
4. 3.
Idea sounding board Defining themes
Research support
Post mortems
56
AEM1022E/M-2462071-55/65

Our Thematics organization
BlackRock Active Equity BlackRock Equity Index Investments
BlackRock Thematics Platform
Evy Hambro, Global Head of Thematic & Sector
Investing
T.R.I.G
Manuela Sperandeo, EMEA Head of Smart
Beta, Sustainable and Thematic ETFs
Thematics product Strategy support
Sumana
Manohar, Head
of Thematic
Research for
Active Equities
Portfolio managers: Tony
Kim, Vasco Moreno,
Alastair Bishop, Hannah
Gray, Charlie Lilford, Tom
Holl
57
AEM1022E/M-2462071-56/65

Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back
the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a
product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be
particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis
of taxation may change from time to time.
58
Fund Specific Risks
BGF Nutrition
Sector Specific Risk: Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more
sensitive to any localised economic, market, political or regulatory events.
Equity Risk: The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors
include political, economic news, company earnings and significant corporate events.
Counterparty Risk: The insolvency of the institutions providing services such as the safekeeping of assets or acting as counterparty to
derivatives or other instruments, may expose the Fund to financial loss.
AEM1022E/M-2462071-57/65

This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should
not be relied upon by any other persons
In the UK and Non-European Economic Area (EEA) countries: this is Issued by BlackRock Investment Management (UK) Limited, authorised
and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000.
Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct
Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is Issued by BlackRock (Netherlands) B.V. is authorised and regulated by the Netherlands
Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade
Register No. 17068311 For your protection telephone calls are usually recorded.
This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in
Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product
information concerning BGF should not be published in the U.S. BlackRock Investment Management (UK) Limited is the Principal Distributor of
BGF and may terminate marketing at any time. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most
recent financial reports and the Key Investor Information Document, which are available in registered jurisdictions and available in local
language where registered can be found at www.blackrock.com on the relevant product pages. . Prospectuses, Key Investor Information
Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been
authorised. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how
to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in in local language in registered
jurisdictions.
Austria: This document is marketing material. For further information, the prospectus, Key Investor Information Document, annual report and
semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-
1030 Vienna, Am Stadtpark 9 and also from www.blackrock.com/at available in German and English. Blackrock may terminate marketing at any
time. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise
complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in German.
Germany: This document is marketing material.
This is a financial promotion. For further information, the prospectus, Key Investor Information Document, annual report and semi-annual
report can be obtained free of charge in hardcopy form from the German information centre: BlackRock (Netherlands) B.V., Frankfurt (Germany)
Branch, Frankfurt am Main, Bockenheimer Landstraße 2–4, 60306 Frankfurt am Main. The paying agent in Germany is J.P. Morgan AG, CIB /
Investor Services – Trustee & Fiduciary, Taunustor 1 (Taunus Turm), D-60310 Frankfurt am Main and also from www.blackrock.com/de
available in German and English Blackrock may terminate marketing at any time. Investors should understand all characteristics of the funds
objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in German.
Important Information
59
FOR PROFESSIONAL, INSTITUTIONAL INVESTORS AND EXISTING SEA PROFESSIONAL INTERMEDIARIES ONLY
AEM1022E/M-2462071-58/65

Finland: This document is marketing material. The prospectus (in English language) and KIID (in Finnish language) are available at BlackRock
(Netherlands) B.V. and also from www.blackrock.com/fi available in Finnish and English. Blackrock may terminate marketing at any time.
Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise
complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in English.
Greece: This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established and
domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons.
Product information concerning BGF/BSF should not be published in the U.S., registered in Greece for public distribution pursuant to the
Greek Law 4099/2012, art. 90, implementing the Directive 2009/65/EC. Prospectus and KIIDs are available on BlackRock website
https://www.blackrock.com/kiid/el-gr?switch=y in both languages Greek and English. Prospectus and KIIDs are also available on Greek
intermediaries websites, appointed as local distributors of BGF. Blackrock may terminate marketing at any time. Investors should understand
all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in Greek
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-
right available in Italian.
Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel's Regulation of Investment Advice, Investment Marketing
and Portfolio Management Law, 5755-1995 (the “Advice Law”). No action has been taken or will be taken in Israel that would permit a public
offering or distribution of the products mentioned in this document to the public in Israel. The products mentioned in this document have not
been approved by the Israel Securities Authority. In addition, the products mentioned in this document are not regulated under the provisions
of Israel’s Joint Investment Trusts Law, 5754-1994 (the “Joint Investment Trusts Law”). This document has not been approved by the Israel
Securities Authority and will only be distributed to Israeli residents in a manner that will not constitute "an offer to the public" under sections 15
and 15a of the Israel Securities Law, 5728-1968 (the "Securities Law") or section 25 of the Joint Investment Trusts Law, as applicable.
This document and the products mentioned herein are being offered to those categories of investors listed in the First Addendum (the
“Addendum") to the Securities Law, ("Institutional Investors"); in all cases under circumstances that will fall within the private placement or
other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable 39 guidelines, pronouncements or rulings issued
from time to time by the Israel Securities Authority. This document may not be reproduced or used for any other purpose, nor be furnished to
any other person other than those to whom copies have been sent. Nothing in this document should be considered investment advice or
investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995.
60
AEM1022E/M-2462071-59/65

This document does not constitute an offer to sell or solicitation of an offer to buy any securities, nor does it constitute an offer to sell to or
solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful,
or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such
offer or solicitation.
Malta: This document is marketing material. BlackRock Global Funds (BGF) is an open-ended investment company established in
Luxembourg which is available for sale in certain jurisdictions only. BlackRock Global Funds (BGF) is not available for sale in the U.S. or to U.S.
persons. Product information concerning BGF should not be published in the U.S. It is recognised under Section 264 of the Financial Services
and Markets Act 2000. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. BGF is authorized to the
distribution in Malta. Prospectus and KIIDs are available on BlackRock website https://www.blackrock.com/kiid/en-mt?switch=y available in
English. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the funds objective before
investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English
UCITS HAVE NO GUARANTEED RETURN AND PAST PERFORMANCE DOES NOT GUARANTEE THE FUTURE ONES
Netherlands: The risk indicator shown on this document refers to the D share class of the Fund. Higher or lower risk may apply to the other
share classes of the Fund.
This document is marketing material. BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial Markets Supervision
Act (Wet op het financieel toezicht; "FMSA"). BGF and its sub funds are listed in the register as defined in section 1:107 FMSA. Please refer to
the Key Investor Information Document (essentiële beleggersinformatie; "EBI") for further information about BGF and its sub-funds. The
prospectus and EBI of BGF and its sub funds are available on BlackRock's website www.BlackRock.nl. Available in Dutch and English All
financial investments contain a certain risk. The value of the assets managed by BGF and its sub-funds may greatly fluctuate as a result of the
investment policy and your initial investment is not guaranteed. Blackrock may terminate marketing at any time. Investors should understand
all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English and Dutch.
Norway: This document is marketing material. The prospectus and KIID are available at BlackRock (Netherlands) B.V. www.blackrock.com/no
available in Norwegian and English. Blackrock may terminate marketing at any time. Investors should understand all characteristics of the
funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
Poland: This document is marketing material. BGF [or BSF or both BGF and BSF] has been registered on the official list of the Financial
Supervision Commission (Komisja Nadzoru Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie
SA, ul. Senatorska 16, 00-950 Warsaw, Poland. The Prospectus, the Key Investor Information Document, as well as the latest annual and semi-
annual reports, can be found at www.blackrock.com/pl available in Polish. Blackrock may terminate marketing at any time. Investors should
understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go
to https://www.blackrock.com/corporate/compliance/investor-right available in Polish
61
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Portugal/Spain: This document is marketing material. Certain funds mentioned here are registered for distribution in Spain. Additionally,
certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the
Comisión Nacional del Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the
CNMV and can be found at www.blackrock.com/es available in Spanish and English. In Portugal, certain share classes of certain BGF funds
are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been
registered with the CMVM and can be found at www.blackrock.com/pt available in Portuguese and English. Blackrock may terminate
marketing at any time. Investors should understand all characteristics of the funds objective before investing. For information on investor
rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Spanish and
Portuguese
Sweden: This document is marketing material. The prospectus and KIID are available at BlackRock (Netherlands) B.V., Stockholm branch,
Malmskillnadsgatan 32, 111 51 Stockholm, Sweden and also from www.blackrock.com/se available in Swedish and English. Investors should
read the KIID before making an investment decision. Blackrock may terminate marketing at any time. Investors should understand all
characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to
https://www.blackrock.com/corporate/compliance/investor-right available in English.
Switzerland: This document is marketing material.
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June
2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial
Services ("FinSA").
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following
website: www.blackrock.com/finsa. BlackRock Global Funds is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG,
Bahnhofstrasse 39, CH-8001 Zurich,is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch,
Beethovenstrasse 19, CH8002 Zurich, the Swiss Paying Agent. The Prospectus, Key Information Document or equivalent, the Articles of
Incorporation, the latest and any previous annual and semi-annual reports are available free of charge from the Swiss Representative.
Investors should read the fund specific risks in the Key Information Document and the Prospectus.
In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities
and Futures Commission of Hong Kong. The funds mentioned herein may not have been registered with the Securities and Futures
Commission for offering or distribution in Hong Kong. Accordingly, this material is for distribution to "Professional Investors" (as defined in
the Securities and Futures Ordinance (Cap.571 of the laws of Hong Kong) and any rules made under that ordinance) and should not be relied
upon by any other persons or redistributed to retail clients in Hong Kong. Please refer to the relevant Prospectus for details, including risk
factors
62
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In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration: 200010143N) for use only by Institutional
Investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and professional intermediaries. The above
warnings and fund specific risks are explained in greater detail in in the current Prospectus and you should read them before investing. The
funds mentioned herein may not have been registered with the Monetary Authority of Singapore for offering or distribution in Singapore.
Accordingly, this information may not be circulated or distributed, nor may the funds be offered or sold whether directly or indirectly, to any
person in Singapore other than (i) to an institutional investor pursuant to Section 304 of the Securities and Futures Act ("SFA") or (ii)
otherwise pursuant to and in accordance with the conditions of any other applicable provision of the SFA. This advertisement or publication
has not been reviewed by the Monetary Authority of Singapore.
In Southeast Asia (for such purposes, Brunei, Indonesia, Malaysia, Philippines, and Thailand), this document is issued by BlackRock and is
intended for the exclusive use of any existing professional intermediary client of BlackRock who warrants, by receipt of this material, that such
recipient is an institutional investor or professional/sophisticated/qualified/accredited/expert investor as such term may apply under the
relevant legislations in Southeast Asia. BlackRock does not hold any regulatory licenses or registrations in Southeast Asia, and is therefore
not licensed to conduct any regulated business activity under the relevant laws and regulations as they apply to any entity intending to carry
on business in Southeast Asia, nor does BlackRock purport to carry on, any regulated activity in Southeast Asia. BlackRock funds and/or
services shall not be offered or sold to any person in any jurisdiction in which such an offer, solicitation, purchase, or sale would be deemed
unlawful under the securities laws or any other relevant laws of such jurisdiction(s). This material is provided to the recipient on a strictly
confidential basis and is intended for informational or educational purposes only. Nothing in this document, directly or indirectly, represents
to you that BlackRock will provide, or is providing BlackRock products or services to the recipient or is making available, inviting, or offering
for subscription or purchase, or invitation to subscribe for or purchase, or sale, of any BlackRock fund, or interests therein. This material
neither constitutes an offer to enter into an investment agreement with the recipient of this document nor is it an invitation to respond to it by
making an offer to enter into an investment agreement. No approval of, or recognition by, any relevant regulatory authority, has been, or will
be, obtained for the making available, invitation, or offer for subscription or purchase, or invitation to subscribe for or purchase, or the sale, of
BlackRock funds to any persons in Southeast Asia. This document is not intended to be a prospectus, and has not been registered as a
prospectus with any regulatory body in Southeast Asia. Accordingly, this document and any other documents and materials, in connection
with the offer or sale, or invitation for subscription or purchase of, BlackRock products, may not be circulated or distributed, nor may any
BlackRock fund be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the
public or any members of the public in Southeast Asia which may trigger public offering requirements and will violate the securities laws or
any other relevant laws of such jurisdiction(s). The distribution of the information contained herein may be restricted by law, and any person
who accesses it is required to comply with any such restrictions. By reading this information you confirm that you are aware of the laws in
your own jurisdiction regarding the provision and sale of funds and related financial services or products, and you warrant and represent that
you will not pass on or utilise the information contained herein in a manner that could constitute a breach of such laws by BlackRock, its
affiliates, or any other person.
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64
For recipients in India: This document is issued by BlackRock and is intended for the exclusive use of DSP. BlackRock does not hold any
regulatory licenses or registrations in India to conduct any regulated business activity under the relevant laws and regulations as they apply to
any entity intending to carry on business in India, nor does BlackRock purport to carry on, any regulated activity in India.
BlackRock funds, and/or services shall not be offered or sold to any person in any jurisdiction in which such an offer, solicitation, purchase, or
sale would be deemed unlawful under the securities laws or any other relevant laws of such jurisdiction(s).
This material is provided to the recipient on a strictly confidential basis and is intended for informational or educational purposes only.
Nothing in this document, directly or indirectly, represents to you that BlackRock will provide, or is providing BlackRock products or services to
the recipient or is making available, inviting, or offering for subscription or purchase, or invitation to subscribe for or purchase, or sale, of any
BlackRock fund, or interests therein. This material neither constitutes an offer to enter into an investment agreement with the recipient of this
document nor is it an invitation to respond to it by making an offer to enter into an investment agreement.
No approval of, or recognition by, any relevant regulatory authority, has been, or will be, obtained for the making available, invitation, or offer for
subscription or purchase, or invitation to subscribe for or purchase, or the sale, of BlackRock funds to any persons in India. This document is
not intended to be a prospectus, and has not been registered as a prospectus with any regulatory body in India. Accordingly, this document
and any other documents and materials, in connection with the offer or sale, or invitation for subscription or purchase of, BlackRock products,
may not be circulated or distributed, nor may any BlackRock fund be offered or sold, or be made the subject of an invitation for subscription or
purchase, whether directly or indirectly, to the public or any members of the public in India which may trigger public offering requirements and
will violate the securities laws or any other relevant laws.
The distribution of the information contained herein may be restricted by law, and any person who accesses it is required to comply with any
such restrictions. By reading this information you confirm that you are aware of the laws in your own jurisdiction regarding the provision and
sale of funds and related financial services or products, and you warrant and represent that you will not pass on or utilize the information
contained herein in a manner that could constitute a breach of such laws by BlackRock, its affiliates, or any other person.
This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other
things, projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. Moreover, certain historical
performance information of other investment vehicles or composite accounts managed by BlackRock has been included in this material and
such performance information is presented by way of example only. No representation is made that the performance presented will be
achieved by any BlackRock Funds, or that every assumption made in achieving, calculating or presenting either the forward-looking
information or the historical performance information herein has been considered or stated in preparing this material. Any changes to
assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented
herein by way of example. The information and opinions contained in this material are derived from proprietary and non-proprietary sources
deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. There is no guarantee that any
forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. Reference to the names of
each company mentioned in this communication is merely for explaining the investment strategy and should not be construed as investment
advice or investment recommendation of those companies. Unless otherwise specified, all information contained in this document is current
as at the date on the front page of this presentation.
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65
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research
are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change.
They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their
accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock
funds and has not been prepared in connection with any such offer. Unless otherwise specified, all information contained in this document is
current as at the date on the front page of this presentation. No part of this material may be reproduced, stored in retrieval system or
transmitted in any form or by any means, electronic, mechanical, recording or otherwise, without the prior written consent of BlackRock. Neither
should this material be used for any other purpose other than that indicated above.
In Latin America, for institutional investors and financial intermediaries only (not for public distribution). This material is for educational
purposes only and does not constitute investment advice or an offer or solicitation to sell or a solicitation of an offer to buy any shares of any
fund or security and it is your responsibility to inform yourself of, and to observe, all applicable laws and regulations of your relevant jurisdiction.
If any funds are mentioned or inferred in this material, such funds may not been registered with the securities regulators of Argentina, Brazil,
Chile, Colombia, Mexico, Panama, Peru, Uruguay or any other securities regulator in any Latin American country and thus, may not be publicly
offered in any such countries. The securities regulators of any country within Latin America have not confirmed the accuracy of any information
contained herein. No information discussed herein can be provided to the general public in Latin America. The contents of this material are
strictly confidential and must not be passed to any third party
In Colombia, the sale of each fund discussed herein, if any, is addressed to less than one hundred specifically identified investors, and such
fund may not be promoted or marketed in Colombia or to Colombian residents unless such promotion and marketing is made in compliance
with Decree 2555 of 2010 and other applicable rules and regulations related to the promotion of foreign financial and/or securities related
products or services in Colombia.
In Chile, the sale of each fund not registered with the CMF is subject to General Rule No. 336 issued by the SVS (now the CMF). The subject
matter of this sale may include securities not registered with the CMF; therefore, such securities are not subject to the supervision of the CMF.
Since the securities are not registered in Chile, there is no obligation of the issuer to make publicly available information about the securities in
Chile. The securities shall not be subject to public offering in Chile unless registered with the relevant registry of the CMF.
In Peru, this private offer does not constitute a public offer, and is not registered with the Securities Market Public Registry of the Peruvian
Securities Market Commission, for use only with institutional investors as such term is defined by the Superintendencia de Banca, Seguros y
AFP.
In Uruguay, the Securities are not and will not be registered with the Central Bank of Uruguay. The Securities are not and will not be offered
publicly in or from Uruguay and are not and will not be traded on any Uruguayan stock exchange. This offer has not been and will not be
announced to the public and offering materials will not be made available to the general public except in circumstances which do not constitute
a public offering of securities in Uruguay, in compliance with the requirements of the Uruguayan Securities Market Law (Law Nº 18.627 and
Decree 322/011).
.
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66
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research
are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change.
They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their
accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and
has not been prepared in connection with any such offer.
© 2022 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK and SO WHAT DO I
DO WITH MY MONEY are trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are
those of their respective owners.
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67
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Private Limited (“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. All logos used in the image are trademarks™ or registered® trademarks of their
respective holders. Use of them does not imply any affiliation with or endorsement by them.
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.
Asset Allocation of DSP World Agriculture Fund
1. Units of BGF – NF# 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 – NF, 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”). Investors should know that they are bearing the recurring expenses of the scheme ( DSP World
Gold Fund), in addition to the expenses of other schemes in which the Fund of Funds Scheme makes investments (BlackRock Global Funds - World Gold
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. For scheme specific risk factors and more details, please read the Scheme Information Document, Statement of Additional
Information and Key Information Memorandum of respective Scheme available on ISC of AMC and also available on www.dspim.com.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

68
Scheme Product Suitability
RISKOMETER
Scheme MSCI ACWI Net TR
DSP World Agriculture Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – Nutrition Fund)
This Scheme 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 in the agriculture
value chain
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for
them.

DSP World Agriculture Fund

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