The DSP World Energy Fund is a fund of funds that invests in the BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – New Energy Fund, which invest primarily in equity and equity-related securities of energy and alternative energy companies. The fund seeks long-term capital growth and is suitable for investors with a long-term investment horizon who are looking for exposure to the energy and alternative energy sectors. Major holdings include companies like Royal Dutch Shell, BP, Chevron, and Exxon Mobil.

1. DSP World Energy Fund
An Open Ended Fund Of Funds Scheme investing in
BlackRock Global Funds – World Energy Fund (BGF – WEF)
and BlackRock Global Funds – New Energy Fund (BGF – NEF)
July 31, 2018
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 energy and alternative energy sectors
*Investors should consult their financial advisors if in doubt
about whether the product is suitable for them.

2. USD 1.8 billion
Indian Investors
DSP World Energy Fund
BlackRock Global Funds (BGF)
World Energy Fund (WEF)
USD 1.1 billion
50-100%
Allocation
0-30%
Allocation
BlackRock Global Funds (BGF)
New Energy Fund (NEF)
Source: BlackRock; AUM of BGF funds as on end-July, 2018
2
An Open Ended Fund Of
Fund Scheme investing in
BlackRock Global Funds –
World Energy Fund (BGF –
WEF) and BlackRock Global
Funds – New Energy Fund
(BGF – NEF)

3. BlackRock energy expertise – managing two different types of
energy funds
(1) BGF World Energy – investing globally in traditional energy
companies of all sizes.
(2) BGF New Energy – investing globally in alternative energy
companies of all sizes.
3

4. BlackRock Natural Resources Team
BlackRock as at 1 August 2018. Subject to change.
4
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Chief Investment Officer
Evy Hambro
Names are displayed in alphabetical order by surname.
Cailey Barker
Hannah Gray
Tom Holl
Olivia Markham
Aidan McGuckin
Mining & Gold
Alastair Bishop
Ruth Brooker
Mark Hume
Charlie Lilford
Lindsay Sinclair
Energy & New Energy
Greg Bullock
Portfolio Manager
Assistant
Alex Foster
Titania Hanrahan
Courtney O’Shea
Nicole Vettise
Fred Wood
Product Strategists
Simon McClure
Business Manager
David Huggins
Skye Macpherson
Agriculture

5. Why invest in the energy sector?
1) Inflation protection
2) Supportive commodity price environment
3) Shifting corporate focus
4) Attractive valuation

6. 1) Inflation protection
6
Source: Left: Credit Suisse, 22 March 2018. Right: BlackRock, FactSet. MSCI World ACWI – GICs sectors as at 1 Jan 2010 and 28 Feb 2018
The energy sector is no longer as represented in broad
equity markets as it once was
v
Exposure in MSCI ACWI at the
beginning of this decade: 01-Jan-10
Exposure in MSCI ACWI
today: 28-Feb-18
Historic energy sector performance is positively correlated with
inflation expectations
Materials
5% Energy
7%
Materials
8%
Energy
15%
-0.90
-0.70
-0.50
-0.30
-0.10
0.10
0.30
0.50
0.70
Metals&Mining
Chemicals
CapGoods
Energy
DivFIN
ConstructionMaterials
Banks
Semis
TechnologyHardware
Pulp&Paper
Automobiles
ConsumerDurable
Insurance
RealEstate
Media
Software
Retailing
HealthcareEquipment
ConsumerServices
Tobacco
Transport
Telecom
Beverages
FoodRetail
Pharma
Utilities
FoodProducers
HouseholdProducts
Correlation
10y correlation of Global sector relative performance with US inflation
expectations

7. 2) Supportive commodity price environment
OECD stocks vs 5 year averageCrude has moved into backwardation
Source: left: BlackRock, 12 February 2018. Right: IEA Oil market report, 13 February 2017.
7
Backwardation
Contango
-9
-7
-5
-3
-1
1
3
5
7
2014
2015
2016
2017
2018
Contractspread
Brent contract spread (1m-6m) WTI contract spread (1m-6m)
-50
0
50
100
150
200
250
300
350
400
mb
Crude + NGL + Feedstocks Oil Products

8. With shale risks potentially overstated
Some signs that efficiency gains are slowing US shale base declines set to accelerate
Source: Left: IHS, Goldman Sachs, 7 March 2018. Right: Goldman Sachs, 31 July 2017. There is no guarantee that any forecasts made will come to pass.
8
-3
-2.5
-2
-1.5
-1
-0.5
0
2011 2012 2013 2014 2015 2016 2017 2018 2019
mb/day
0
20
40
60
80
100
120
3 month 6 month 9 month 12 month
b/d
Delaware (Permian) Oil IP rates, adjusted for 1k foot
of lateral
2012 2013 2014 2015 2016 2017

9. Share buyback:
BP boosts the bullish case
for Oil
3) Shifting company focus from growth to returns
9
Source: Left: various news sources, 23 February 2018. Right: Goldman Sachs March 2018. 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. For illustrative purposes only. Figures shown in
USD.
ConocoPhillips to Double
Stock Buyback After
$13bn Asset Sale
0%
25%
50%
75%
100%
125%
150%
175%
(40)
(30)
(20)
(10)
0
10
20
30
Reinvestmentrate(%)
Fundinggap($,bn) Historical funding gap Reinvestment rate
Anadarko wins praise for
$2.5bn stock buyback
program, shares +7%
GE’s Baker Hughes
launching $3bn share
buyback program
Noble Energy unveils
$750m share buyback
plan
Encana announces $400
million share buyback
Spending in-line with cashflow
Recent high profile announcements suggest this may be at the start of a period of greater supply discipline

10. OPEC discipline & rising geopolitical risks
10
Source: Left: BlackRock, 2018. Right: Goldman Sachs, 23 February 2018. Using UEA demand and EIA spare capacity estimates. Images are for illustrative purposes only.
Geopolitical risks remain high
Spare capacity as a percentage of demand
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
20
22
24
26
28
30
32
34
36
38
1994
1995
1996
1998
1999
2000
2002
2003
2004
2006
2007
2008
2010
2011
2012
2014
2015
2016
2018
Days
Inventories Days of Demand (LHS)
OPEC spare capacity as % of demand (RHS)
The OPEC agreement with Russia
and other producers, to cut
production by 1.8mb/d currently
runs until year-end 2018
Despite the cuts, OPEC spare
capacity remains low by historical
standards, creating geopolitical tail
risk
OPEC compliance has so far been
around 90%, much higher than for
historical agreements

11. 4) Attractive valuations relative to history and the market
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:
Left: Datastream, 31 July 2018. Right: HOLT, Credit Suisse, 19 June 2018. Depicts US Energy relative to US Equities. Index performance is shown for illustrative purposes only. You cannot
invest directly in an index. Index performance returns do not reflect any management fees, transaction costs or expenses.
Relative P/B valuation at historic lows
11
Energy equities have decoupled from spot oil prices
20
30
40
50
60
70
80
90
100
110
120
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
60
65
70
75
80
85
90
95
100
105
110
BrentUS$/bbl
MSCIWorldEnergy/MSCIWorld–Indexrebased
to100
Energy equities' relative performance Oil price
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
Aug-82
Aug-84
Aug-86
Aug-88
Aug-90
Aug-92
Aug-94
Aug-96
Aug-98
Aug-00
Aug-02
Aug-04
Aug-06
Aug-08
Aug-10
Aug-12
Aug-14
Aug-16
RelativeP/B
Relative P/B (US Energy Equities / US Equities)
Current relative P/B
Performance
(%)
Jul-17 - Jul-
18
Jul-16 - Jul-
17
Jul-15 - Jul-
16
Jul-14 - Jul-
15
Jul-13 - Jul-
14
MSCI World
Energy Index
17.98% 1.12% -4.35% -29.82% 16.14%
MSCI World
Index
9.79% 13.90% -2.48% 2.99% 13.69%

12. BGF World Energy
Positioned for the new oil order

13. Capital discipline pledgers
13
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. These securities were chosen as examples as they represent some of the capital discipline pledges made within the energy sector.
Case studies
• Noble Energy agreed to sell its assets
in Deepwater Gulf of Mexico with
proceeds funding a $750million share
buyback program.
• Noble Energy’s three-year outlook is
expected to generate free cash flow of
$1.5 billion through 2020.
• ConocoPhillips has maintained its
capex plans despite higher oil prices,
with excess cash flows set to be
returned to shareholders.
• The company recently raised its
quarterly dividend by 8% and
increased its 2018 buyback plan to $2
billion.
• The company restored its all-cash
dividend in the fourth quarter of 2017
as it abolished its scrip dividend.
• Royal Dutch Shell has promised a $25
billion share buyback program.
• Canadian Natural Resources has had
17 consecutive years of dividend
increases.
• Company recently increased its
dividend by 22%.

14. Shale growth compounders
14
Case studies
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. These securities were chosen as examples as they represent some of the shale growth compounders within the portfolio.
• Pioneer has one of the largest and lowest
cost acreage positions in the Permian
Basin.
• Pioneer targets >20% CAGR in oil
production and cash flow through 2026.
• EOG has leading positions in the three
main shale basins: the Permian, Eagle
Ford and Bakken.
• In 2018, the company expects to grow
production 16-20%, generating over
$1.5bn of free cash flow at $60/bbl.
• Encana expects to grow production at 10-
15% CAGR and free cash flow at a 25%
CAGR through 2021.
• Encana has tier 1 acreage in the Permian
and Eagleford in the US and the Montney
and Duvernay in Canada.
• Devon Expects to grow US oil production
by a mid-teens CAGR through 2020.
• At $60/bbl, it expects to generate $2.5bn
of cumulative free cash flow to support
shareholder returns.
• The company recently increased dividend
by 33% and announced a $1bn (6%)
buyback

15. Emerging Liquified Natural Gas (LNG) Upcycle
15
Global energy demand growth by fuel from 2015-2030
Source: Left: Shell interpretation of Wood Mackenzie Q4 2017 data. There is no guarantee that any forecasts made will come to pass. 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. *Source: Shell, LNG
Outlook, February 2017. These securities were chosen as examples as they represent some of the LNG positions within the portfolio.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Estimateddemandgrowth(2015-
2030)
The supply/demand gap looks set to open up earlier than
anticipated
• Oil Search’s Papua New Guinea LNG
Project is a world-class asset.
• Consistently operating above its
nameplate capacity.
• The company, with partners Exxon &
Total, is looking to sanction additional
trains.
• In 2015, Kosmos discovered the Tortue
gas Field situated off the coast of Senegal
and Mauritania.
• In 2016, Kosmos partnered with BP to
develop the resource and is targeting a
final investment decision by the end of
2018.
Global demand for liquified natural gas (LNG) is expected to rise at 4-5% per year between 2015 and 2030*

16. BGF World Energy

17. The fund is positioned to take advantage of the opportunities in the
market
17
 We believe that oil prices are now back at a more sustainable level
and we expect them to remain relatively range-bound in 2018.
 That said, we expect the market’s confidence in the sustainability of
current oil price levels to grow as 2018 progresses and inventories
decline. We expect a concurrent ‘catch-up’ trade for the energy
equities.
 We expect financial returns to move back towards the long-run
average and, historically, the sector has performed well during such
periods.
 We have also seen early signs of a shift in company focus from
pursuing growth to shareholder returns, a trend that should be
positive for the oil macro picture and the rating of energy equities.
 Valuations remain attractive relative to history and broader equity
markets.
The opinions presented are those of the BlackRock Natural Resources Team as of 2018 and may change as subsequent conditions vary. Individual portfolio managers for BlackRock may have
opinions and / or make investment decisions that may, in certain respects, not be consistent with the information contained in this presentation. This is not intended to be relied upon as a
forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any
forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is
at the sole discretion of the reader.

18. 42.12%
34.98%
8.21%
7.82%
6.12%
0.76% 0.00%
48.92%
22.98%
8.96% 8.01% 10.95%
0.00% 0.17%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Integrated E&P Refining &
Marketing
Oil Services Distribution Cash Coal &
Uranium
Portfolio Benchmark
BGF World Energy Fund
18
Top 10 holdings
Top 5 overweights at the stock level Top 5 underweights at the stock level
Sub-sector allocation within the BGF World Energy Fund
Please note the benchmark for this fund transitioned to the MSCI World Energy
10/40 Index in 3Q 2015, this benchmark reflects the UCITS constraints to which the
fund is managed.
PercentageoftheFund
Company Sector Country Assets %of fund
Royal Dutch Shell Integrated Netherlands Global 9.82%
BP Integrated UK Global 7.62%
Chevron Integrated USA Global 6.79%
Total Integrated France Global 6.42%
Suncor Integrated Canada Canada 5.31%
Conocophillips E&P UK Global 4.96%
Exxon Mobil Integrated USA Global 4.75%
Valero Energy
Refining &
Marketing
USA USA 4.45%
EOG Resources E&P USA USA 4.01%
Andeavor
Refining &
Marketing
USA USA 3.75%
Total 57.89%
Total number of holdings: 31
Stock Fund Benchmark Active
Andeavor 3.75% 0.88% 2.87%
Suncor 5.31% 2.78% 2.53%
Valero Energy 4.45% 2.06% 2.39%
Devon Energy 3.31% 0.95% 2.36%
Williams 3.16% 0.99% 2.17%
Stock Fund Benchmark Active
Exxon Mobil 4.75% 8.64% -3.89%
Occidental Petroleum 0.00% 2.58% -2.58%
Enbridge 0.00% 2.42% -2.42%
Phillips 0.00% 2.20% -2.20%
Chevron 6.79% 8.86% -2.07%
Source: BlackRock, 31 July 2018. Indicative only and subject to change. 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. The fund is actively managed and its characteristics will vary.
Overweight/underweight indicators are relative to fund’s reference benchmark. Weightings as of date shown and do not necessarily represent current or future portfolio holdings.

19. Appendix- the energy transition

20. Global energy consumption
-
100
200
300
400
500
600
1800 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000
PrimaryEnergy
Consumption,10^15Btu
Biofuels/Biomass Coal Oil Gas Hydro Nuclear Solar Wind Other
Global Primary Energy Consumption By Source
Source: Smil, V., (2017). Energy Transitions: Global and National Perspectives. BP Statistical Review of World Energy (2016): www.ourworlddata.org/energy-production-and-changing-energy-
sources#long-run as of December 2017.
-
20
40
60
80
100
1800 1820 1840 1860 1880 1900 1920 1940 1960 1980 2000
PrimaryEnergy
Consumption,%
Biofuels/Biomass Coal Oil Gas Hydro Nuclear Solar Wind Other
Share Of Global Primary Energy Consumption By Source
20
Global primary energy demand continues to rise, driven by rising living standards and an emerging global middle
class

21. Transition to electric vehicles - who wins and who loses?
21
Source: Left: BP Energy outlook, 2018. Right: IEA and BofA Merrill Lynch Commodities Research, October 2017. *Electric vehicles includes fully electric and hybrids. There is no guarantee that
any forecasts made will come to pass. Images are for illustrative purposes only. Any opinions, forecasts represent an assessment of the market environment at a specific time and is not intended
to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation.
Enhanced ICE Hybrid Electric (HEV) Electric Drive
Long-term oil demand at various electric vehicle* penetration
scenarios
The pace of transition continues to be under-estimated…
0
50
100
150
200
250
300
350
Millionsofelectriccars
EO17 EO18
0
100
200
300
400
500
600
Millionsofelectric
vehicles
Electric vehicles in 2040

22. BGF World Energy

23. Why invest in Sustainable Energy?

24. France, Article 173
requires asset owners
and asset managers to
disclose information on
exposure to climate
risks3
Investors facing increasing
pressures by new regulations
Shifting demographics
ESG considerations may
present alpha opportunities &
mitigate risk
e.g. New research shows a
positive relationship
between ESG Factors and
portfolio performance
(Barclays study, Harvard and
MSCI) 4,5
1. Accenture. “The ‘Greater’ Wealth Transfer – Capitalizing on the Intergenerational Shift in Wealth.” June 2012; 2. Morgan Stanley. ‘Sustainable Signals: The Individual Investor
Perspective’ Feb 2015; 3.European SIF; December 2016; 4. Barclays: Sustainable investing and bond returns; November 2016; 5. Harvard study - “Corporate Sustainability: First
Evidence on : Materiality” Mar 2015.
$30 - $40T
transferred to
women &
millennials over the
next few decades1
Baby
Boomers
36%
Millennials
67%
Women & millennials
are 2X more likely to
view investments as a
way to express social
and environmental
value2
Sweden, Carbon Tax
aims to actively reduce
dependency on fossil fuels
by taxing oil and natural
gas usage at $150/T CO2
A climate change hedge
24
The opinions expressed are as of March 2018 and are subject to change at any time due to changes in market or economic conditions. The above descriptions are meant to be
illustrative. There is no guarantee that any forecasts made will come to pass. Figures shown in USD.
Risk of unexpected &
permanent loss of capital
resulting from extreme
weather events, technology
shifts and regulatory
change
Changing investor
behaviour
Portfolio risk reduction
Regulatory and
Governance

25. Energy efficiency
Benefitting from technology disruption…
25
Transportation
• Pollution control in ICE
vehicles
• Electrification and hybridization
• Autonomous and connected
vehicles
• Advanced materials and design
• Urbanization
• Continued infrastructure
expansion and modernization
• Advanced building management
and automation
• Changing consumer preferences
BlackRock, 31 May 2018. For illustrative purposes only.
Power
• Increasing adoption of clean
energy
• Distributed networks
• Smarter grid, meter and
network infrastructure
• Enhanced asset management
activity; digitization solutions

26. …At a pace that is often underestimated
26
1900: 5th Avenue, New York City
Spot the automobile…
1913: 5th Avenue, New York City
Spot the horse…
IEA solar PV installed capacity forecasts vs. actual
Source: IEA, Carbon Tracker, as of 31st October 2015.
200
140
120
100
80
60
Installedcapacity(GW)
160
180
40
20
0
Actual
IEA WEO 2015
IEA WEO 2000
IEA WEO 2007
IEA WEO 2002
2000 2002 2004 2006 2008 2010 2012 2014
“If I had asked people what they wanted, they would have said faster horses.” (Henry Ford)

27. 0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18
IndexpricetobookFY+1(x)
MSCI World Index S&P Global Clean Energy Index MSCI World BioTech MSCI World Technology
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Source: Both charts data Bloomberg, 4 July 2018.
Attractive valuation: A growth sector but not a growth multiple
27
Price-to-book Price-to-earnings
8
10
12
14
16
18
Apr 11 Apr 12 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18IndexpricetoearningsFY+1(x)
New Energy sector is expected to deliver above market growth and trades at a below market multiple

28. BGF New Energy Fund: Capturing the opportunity

29. The BGF New Energy Fund: Proven investment approach
29
Investing in business fundamentals
and valuation; avoiding “hype”
stocks
ESG embedded in the process; the
third pillar of investing
Constructing a concentrated
portfolio, focused on structural
winners
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: Left: BlackRock, 1 February 2018. Right: Datastream data as at 31 July 2018. Investment approach explained for illustrative purposes, subject to change. Index performance returns
are for illustrative purposes only and do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
10 year relative performance vs. S&P Clean energy index
-10
0
10
20
30
40
50
60
Relativeperformancerebasedto100
Performance (%)
Jul-17 - Jul-
18
Jul-16 - Jul-
17
Jul-15 - Jul-
16
Jul-14 - Jul-
15
Jul-13 - Jul-
14
S&P Global
Clean Energy
1.09% -0.04% -14.30% -5.84% 20.71%

30. Transportation: The future of mobility
30
Source: Left: BP Energy outlook, 1 March, 2018. Right: National industry bodies, ICCT, 2017. There is no guarantee that any forecasts made will come to pass. Images are for illustrative
purposes only. Any opinions, forecasts represent an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future
results. This information should not be relied upon by the reader as research, investment advice or a recommendation.
Enhanced ICE Hybrid Electric (HEV) Electric Drive
… currently driven by growing regulationThe pace of transition continues to be under-estimated…
“Paris plans to ban gas and diesel engine cars by 2030”
Source: Autoweek, 12th October 2017
“Norway to completely ban petrol powered cars by 2025”
Source: The Independent, 4th June 2016.
“Central Seoul to ban old diesel vehicles from 2019”
Source: Korea times, 31st January 2018.
0
50
100
150
200
250
300
350
Millionsofelectriccars
EO17 EO18
0
100
200
300
400
500
600
Millionsofelectric
vehicles
Electric vehicles in 2040

31. Transportation: Potential for above market growth
31
Example: Valeo Example: Infineon
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Source: Left: Valeo investor presentation, 2017. Right: Infineon investor presentation, accessed 23rd February 2018. 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.
EUR 500
EUR 1,500
EUR 5,000
0
1,000
2,000
3,000
4,000
5,000
6,000
Level 2 Level 3 level 4 / 5
EUR
ADAS - AD - Valeo's content per car
1
2
3
9
7
0
2
4
6
8
10
Gasoline
ICE
12V mild-
hybrid
48V mild-
hybrid
Plug in
Hybrids
Electric
Vehicles
(x)
Electrification of powertrain / content per car
0
200
400
600
800
ICE HEV, PHEV, BEV
USD
Average semiconductor content by type of car
Drivetrain power semi
Drivetrain non-power semi
Other features (power and non-power semi)
Increase by a
factor of ~15

32. Energy efficiency: Doing more with less
Changes in global energy intensity 2003 - 2030
Energy efficiency makes clear economic sense
0
2
4
6
8
10
12
14
16
18
Rangeoflevelizedcosts(cents
perkWh)
-0.6%
-1.5%
-1.8% -1.8%
-2.6%
-3.0%
-2.5%
-2.0%
-1.5%
-1.0%
-0.5%
0.0%
2003-13 2014 2015 2016-30
(INDC)
2016-30
(450S)
Annualchangeinenergyintensity
This information should not be relied upon by the reader as research, investment advice or a recommendation. Any future estimates presented may not come to pass. Source: top left: IEA Energy
Efficiency Report December 2016. bottom left: BP Energy Outlook, 2015. Any opinions, forecasts represent an assessment of the market environment at a specific time and is not intended to be a
forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation.
32
Consumers are becoming more energy conscious
Consumers are switching to energy efficient
appliances
~65% energy saving if you reduce washing temperature
from 40C to 20C
(Source: US Dept. of Energy, Which, Energy Savings
Trust, December 2015)
Smart homes are reducing wasted power
Evidence shows around a 6-7% saving in household
gas consumption (Source: Nest, November 2017)
LED light bulbs are now the conventional choice
They use more than 75% less energy than incandescent bulbs and
last 25 times longer (US dept. of energy, 2018)

33. Energy Efficiency: Potential for above market growth
33
Example: Kingspan Example: Acuity Brands
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Left: Kingspan investor presentation, accessed 23rd February 2018. Right: Acuity Brands investor presentation, accessed 23rd February 2018 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.
0
0.5
1
1.5
2
2.5
3
3.5
4
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Sales(Billioneuros)
CAGR: 18%
0
0.5
1
1.5
2
2.5
3
3.5
4
2013 2014 2015 2016 2017
Netsales($billions,FY)
CAGR: 11%

34. Power: Pace of decarbonisation continues to upside surprise
34
Shift to renewables continues to accelerate… …driven by falling costs
0
20
40
60
80
100
120
140
160
180
Nuclear Wind -
offshore
PV - crystalline
silicon (no
tracking)
Natural gas
CCGT
Coal Wind -
onshore
Levelizedcostofelectricity(LCOE)
2016 1H 2017 1H
Source: Left: BP Energy outlook, 2018. Right: Bloomberg New Energy Finance, 30th September 2017. Forecasts may not come to pass.
0
1
2
3
4
5
6
7
8
9
Energy Outlook 2015 Energy Outlook 2018
ThousandTWh
Change to the projected level of renewable
power in 2035
Solar Wind Other
+59%

35. Power: Potential for above market growth
35
Example: Vestas Wind Systems Example: NextEra Energy
Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. 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. Any opinions,
forecasts represent an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should
not be relied upon by the reader as research, investment advice or a recommendation. Source: top left: Vestas Investor presentation, accessed 23rd February 2018. Bottom left: Datastream
as at 31 July 2018. Right: NextEra investor presentation, accessed 23rd February 2018.
0%
50%
100%
150%
200%
250%
1 year 3 years 5 years 10 years
Totalreturn(%)
Total shareholder return
(including dividend reinvestment)
NextEra Energy S&P 500
0
10
20
30
40
50
60
70
2017E 2018E 2019E 2020E
GW
Onshore wind turbine market forecast
CAGR: 3.2%
-100
-50
0
50
100
Vestas Peer 1 Peer 2 Peer 3 Peer 4
%
3 year performance (US$)

36. New Energy investment view
 The New Energy sector is poised to benefit from the multi-
year transition to a lower-carbon economy
 We believe we are at, or close to, a tipping point in multiple
technologies, with lower costs and technological
improvements accelerating adoption
 Regulatory support remains broad-based. The US
administration’s stance is a risk but is potentially over-stated
 Accelerating global growth and efforts to stimulate corporate
and infrastructure investment provide a supportive macro
backdrop
 Valuations look attractive relative to history, broader markets
and other growth sectors
BlackRock, 1 July 2018. There is no guarantee that any forecasts made will come to pass. The opinions presented are those of the Natural Resources Team as of December 2017 and may
change as subsequent conditions vary. Individual portfolio managers for BlackRock may have opinions and / or make investment decisions that may, in certain respects, not be consistent with
the information contained in this presentation. This is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell
any securities or to adopt any investment strategy.
36

37. BGF New Energy Fund

38. 38
Four Layered ESG Approach Embedded in Process
BlackRock, 1 July 2018. For illustrative purposes only.
Formal exclusions include no fossil fuel producers, tobacco, firearms, gaming, brewery/ vitners.
Formal Exclusions Internal Systems
0
Screening BlackRock
CPD – Carbon
Disclosure Project
International
Corporate
Governance Network
PRI Principles
Sustainability
Accounting
Standards
Institutional Investors
Group on Climate
Change
AAA
AA
A
BBB
BB
CCC
B
LEADER
AVERAGE
LAGGARD

39. 22.57%
8.24%
7.15%
26.22%
12.56%
9.18%
5.52%
7.04%
1.52%
Clean Power
Renewable Energy Technology
Energy Storage & Infrastructure
Building & Consumer
Industrial Efficiency
Automotive Technology
Components and systems
Materials
Cash
55.60%
31.01%
7.08%
3.19%
1.60%
1.52%
Europe ex UK, Russia
USA
United Kingdom
China
Asia ex China
Cash
BGF New Energy Fund
Top 10 holdings
Listing country allocation
39
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. Data shown above is for illustrative purposes only and does not necessarily represent the current or future allocation of the fund. 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. Due to rounding, the total may not be equal to 100%. Holdings are subject to change. Source: BlackRock as at 31 July
2018.
Sector Exposure by GICs and New Energy Sectors
33.54%
26.35%
17.27%
13.94%
6.55%
1.52% 0.83%
Industrials
Utilities
Materials
Information Technology
Consumer Discretionary
None
Energy
C o mpany Secto r C o untry o f assets % o f F und
Nextera Energy Clean power USA 6.63%
EDP Renovaveis Clean power Global 5.11%
Enel Clean power Europe 4.95%
Schneider Electric Building & Consumer Global 4.59%
Kingspan Group Building & Consumer Global 4.40%
Vestas Wind Systems
Renewable Energy
Technology
Global 4.07%
National Grid
Energy Storage &
Infrastructure
UK 3.78%
ABB Industrial Efficiency Global 3.58%
Johnson Controls
International
Building & Consumer Global 3.51%
Johnson M atthey M aterials Global 3.29%
Total number of holdings: 38

40. 40
#InvestForGood

41. Disclaimer
41
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.
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 – WEF# and BGF-NEF# 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 – WEF and BGF – NEF, 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 may 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 as on 31st July 2018 unless otherwise specified and the same may or may not be relevant in future. For scheme specific risk factors, asset allocation and
more details, please read the SID, Statement of Additional Information and Key Information Memorandum of the Schemes available on ISC of AMC and also available on www.dspim.com.
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
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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