1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
November 2019
| People | Processes | Performance |
DSP World Gold Fund

2. 2
DSP World Gold Fund: Product Structure
Source: Internal; ^AUM as at end-Oct 2019
USD 5.3 billion
Indian Investors
An Open Ended Fund Of Fund
Scheme investing in BlackRock
Global Funds – World Gold Fund
(BGF – WGF)
Investing predominantly
in Gold Mining companies

3. BlackRock Natural Resources Team
BlackRock Offices worldwide
250+equity analysts, 300+fixed income analysts
BlackRock Solutions & Risk Management 1,800+
Professionals
ChiefInvestmentOfficer
Evy Hambro
Names are displayed in alphabeticalorder by surname. BlackRock as at 01 December 2019. Subject to change.
Cailey Barker
HannahJohnson
Tom Holl
Olivia Markham
AidanMcGuckin
Mining &Gold
Alastair Bishop
Mark Hume
Charlie Lilford
Lindsay Sinclair
Energy &Sustainable
Energy
GregBullock
JamesWatson
Core Portfolio
Managers
AlexFoster
TitaniaHanrahan
Eszter Hauber
CourtneyO’Shea
Rob Powell
FredWood
Product Strategists
Simon McClure
Business Manager
Tom Holl
DavidHuggins
3
Nutrition

4. Our investment process
Bottom-up
Research
Top-down
Research
Investment Universe
Companymeetings
Financialmodelling
Sitevisits
ESG
Commodityanalysis
Macrotrends
Industryanalysis
Portfolio Construction
Diversification
Relative valuation
Active risk
Review process
Risk Oversight(RQA)
Screening:
Financial health
Liquidity
Governance
Investment
Ideas
4FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
BlackRock, 1 December 2019. ESG: Environmental, Social and Governance. RQA: Risk & Quantitative Analysis Team. Current process for selecting investments in the portfolio is in
accordance with its stated investment objective andpolicies. Process subject to change based on market conditions, portfolio manager's opinion andother factors. Investment process
subject to change and provided here for illustrative purposes only. ESG considerations are evaluated alongside a number of other considerations, and/or would not be the sole
consideration when making investment decisions.

5. Recent research trips for the mining & gold pod
Mali:
• Loulo Mine
• Fekola Mine
• SyamaMine
• OkloResources’
explorationlicence
Brazil:
• AntasMine
• Pilar Mine
Canada:
• Brucejack
• HopeBay
Kyrgyzstan:
Kumtormine
Turkey:
• ÖksütMine
• ÇöplerMine
Egypt:
• SukariMine
• CascabelMine
Australia:
• Jundee mine
Argentina:
• CerroMoroMine
• CerroNegroMine
• VeladeroMine
Countriesvisitedforresearchtripsin2018/2019
Source: BlackRock, 2019.
Conferences:
• Indaba
• BMO
• BAML
• Zurich
• Beaver Creek(Junior
Gold)
• DenverGold
Mexico:
• El Limon-Guajes Mine
Ecuador:
SouthAfrica:
• Finsch Mine
Panama:
• CobrePanama
Belgium:
Antwerp
Japan:
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
5
• JapanGold,Hokkaido
• Hishikari Mine, Kyushu

6. Why own gold? The case for gold and gold equities
Diversification
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
7
∏
Inflation
mitigation
Speculation
Alternative
currency
Wealth
preservation
Source: BlackRock, 1 December 2019. For illustrative purposes only. There is no guarantee that a positive investment outcome will be achieved. Diversification may not fully protect you
from market risk.

7. Why own gold equities?
Source: Datastream, 26 November 2019. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Gold equities can offer a more efficient wayto play a positive goldprice view
0
0.5
1
1.5
2
2.5
Beta
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
8
Beta of gold equities to the gold price over the past 20 calendar years
1-year rolling beta based on weekly returns of the FTSE Gold Mines Index and the gold price
3

8. What drives the gold price?
The most important driver of the gold price changes overtime
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. Source: BlackRock and Bloomberg, 29 November 2019. Index performance is shown
for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
R-squaredof5keyvariablesindeterminingthegoldprice
8 0 %
7 0 %
6 0 %
5 0 %
4 0 %
3 0 %
2 0 %
1 0 %
0 %12/27/2011 12/27/2012 12/27/2013 12/27/2014 12/27/2015 12/27/2016 12/27/2017 12/27/2018
US dollar GSCI Commodity Index MSCI WorldIndex USD 10 year RealInterest Rate US inflation
9FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)

9. Should we be thinking more about fundamentals than what the Fed says?
Source: LHS - Hedgeye, July 2019. RHS - Federal Reserve St. Louis, Incrementum AG, July 2019. There is no guarantee that any forecasts made will come to pass.
TheUS Fed has consistentlymissedexpectations aroundreducing itsbalance sheet
0
FedbalancesheetpathinUSDbn
5,000
4,000
3,000
2,000
1,000
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
USDbn Projection 2010
Projection 2012 QT
Autopilot
Fed BalanceSheet
Projection 2011
Projection 2013
Path March FOMCMeeting
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
10
QE 1 QE 2 OT QE3

10. Future direction for the Fed and implications for gold?
Investmentteambasecase:realratescontinuetofall over next12-18m
FederalReserve,ECBandBoJbalancesheets Goldpriceversusrealratesinverted asa%of
GDP,BoJleading10years
0%
20%
40%
60%
80%
100%
120%
2005
2007
2009
2011
2013
2015
2017
2019
2021
2023
2025
2027
2029
Percent
BoJ Fed ECB
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: LHS: Federal Reserve St. Louis, Incrementum AG, July 2019. RHS: Datastream, 1 December 2019. There is no guarantee that any forecasts made will come to pass.
-3.5
-3
-2.5
-2
-1.5
-1
-0.5
0
0.5
1
1.5
300
500
700
900
1100
1300
1500
1700
1900
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Percent
Goldprice(USdollarsperounce) Gold bullion USD/oz. - L H S
10 year real rates (inverted) - RHS
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T 11

11. 97.8%
2.2%
0.0%
0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
10.1%
38.9%
35.2%
13.0%
2.7%
0%
20%
40%
60%
80%
100%
120%
Percent Current -4 Dec2019 07-Dec-18
US dollar: have we passed peak US dollar strength?
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. Index performance is shown
for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index. Source:
BlackRock and Datastream, 4 December 2019.
Currenttarget
rate
Investmentteambasecase:US dollar stableto depreciating
GoldpriceversustheUSdollar USFedtargetrateprobabilities
ImpliedprobabilityofFedTargetratebyend2019
80
85
90
95
100
105
1000
1100
1200
1300
1400
1500
Nov-15 Nov-19
DXYindexlevel
Goldprice(USdollarsperounce)
Nov-16
Gold
Nov-17 Nov-18
DXY- US dollar index - RHS
12
Performance
(%)
Nov-18 -
Nov-19
Nov-17 -
Nov-18
Nov-16 -
Nov-17
Nov-15 -
Nov-16
Nov-14 -
Nov-15
DXY Index 1.03% 4.54% -8.33% 1.33% 13.37%

12. Dollar vs. gold in the longer term
Source: LHS: IMF, OECD, Incrementum AG, July 2019. RHS: CBO, Incrementum AG, July 2019. There is no guarantee that any forecasts made will come to pass.
‘Savefora rainyday’ seems tohavebeenabandoned
Publicdebt:euroarea,USA,JapaninUSDbn USGovernmentexpendituresbycategory
0
5,000
10,000
15,000
20,000
25,000
30,000
USDbn
Projected
2002 2005 2008 2011 2014 2017 2020 2023
Euroarea USA Japan
0
2
4
6
8
10
12
14
16
%ofGDP Projected
Mandatory
Discretionary
Net Interest
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
13

13. Broader equity markets: is the extraordinary bull run over?
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. Index performance is
shown for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.
Source: BlackRock and Datastream, 30 November 2019.
S&P 500 Gold
Out / under -
performed
1973 -17% 72% Outperformed
1974 -30% 73% Outperformed
1977 -12% 23% Outperformed
1981 -10% -32% Underperformed
1990 -7% -2% Outperformed
1994 -2% -2% Flat
2000 -10% -6% Outperformed
2001 -13% 1% Outperformed
2002 -23% 24% Outperformed
2008 -38% 3% Outperformed
2011 0% 11% Outperformed
2015 -1% -10% Underperformed
2018 -6% -2% Outperformed
Average -13% 12% Outperformed
Since 1970, ther e has been 13 calendar years in which the S&P 500
was negative. Gold outperformed in 10 of those 13 years and its
price increased in7.
Investmentteambasecase:notexpecting amarketcrashbut risk ofone has increased
ShillerPES&P 500 Gold’strackrecordasadiversifier
VIXVolatilityIndex
50
45
40
35
30
25
20
15
10
5
0
1919
1923
1927
1931
1935
1939
1943
1947
1951
1955
1959
1963
1967
1971
1975
1979
1983
1987
1991
1995
1999
2003
2007
2011
2015
2019
ShillerPE(x)
35
30
25
20
15
10
5
0
14FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Indexlevel

14. The ‘return free rate of risk’
Now 14 junk bonds in Europe trading with a negativeyield
Thenegativebondyieldmatrix (%) US$13Tfixedincomeassetswithnegativeyield
Country 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 15Y 30Y
Switzerland -0.75 -0.64 -0.89 -0.91 -0.89 -0.87 -0.79 -0.76 -0.69 -0.63 -0.52 -0.29 -0.01
Germany -0.58 -0.68 -0.74 -0.76 -0.74 -0.68 -0.64 -0.58 -0.46 -0.40 -0.31 -0.10 0.27
Netherlands -0.59 -0.72 -0.70 -0.64 -0.61 -0.50 -0.42 -0.32 -0.25 -0.15 -0.01 0.30
Japan -0.13 -0.17 -0.20 -0.22 -0.23 -0.22 -0.22 -0.22 -0.21 -0.16 -0.12 0.07 0.36
Denmark -0.66 -0.70 -0.70 -0.68 -0.45 -0.28
Austria -0.54 -0.65 -0.63 -0.57 -0.47 -0.39 -0.28 -0.22 -0.14 -0.03 0.31 0.70
Finland -0.66 -0.63 -0.61 -0.54 -0.45 -0.19 -0.01 0.56
Sweden -0.40 -0.62 -0.55 -0.26 -0.01 0.18
France -0.59 -0.60 -0.68 -0.66 -0.62 -0.53 -0.41 -0.31 -0.21 -0.10 0.02 0.38 1.15
Belgium -0.57 -0.58 -0.60 -0.66 -0.60 -0.54 -0.42 -0.25 -0.14 -0.06 0.09 0.40
Slov akia -0.33 -0.24 -0.50 0.00 0.18 0.26
Ireland -0.41 -0.55 -0.45 -0.46 -0.39 -0.24 -0.14 0.45 0.22 0.58 1.16
Slov enia -0.48 -0.30 -0.31 -0.14 0.25
Spain -0.41 -0.39 -0.40 -0.34 -0.27 -0.21 -0.06 0.08 0.20 0.29 0.43 0.80 1.47
Portugal -0.38 -0.34 -0.37 -0.25 -0.17 -0.14 0.05 0.16 0.28 0.44 0.55 0.95 1.50
Malta -0.23 -0.20 -0.10 0.02 0.74
Bulgaria -0.13 -0.01 0.05 0.37 0.58
Italy -0.16 -0.02 0.22 0.71 1.03 1.31 1.53 1.61 1.77 1.82 2.12 2.45 3.17
UnitedStates 2.19 2.03 1.81 1.75 1.78 1.89 2.03 2.52
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
May-19
Jul-19
Sep-19
Nov-19
Source: LHS: Charlie Bilello, August 2019. RHS: Bloomberg, 5 December 2019. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T 15
US$trillion
GlobalNegative Yielding Debt,Market Value$
trillion
18
16
14
12
10
8
6
4

15. Gold - is the bull market already raging?
Recentprice moveshave beennotablein almostall majorcurrencies
80
100
120
140
160
180
Performanceofgold over the last10 yearsin major currencies
200
2009 2019
Rebasedto100
2010 2011
Gold - USD Gold - £
2012 2013 2014 2015 2016 2017 2018
Gold Bullion - EUR Gold - Yuan Gold - AUD Gold - Yen
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:
Datastream, 3 December 2019.
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
16

16. Gold doing its job in most markets in 2018
Goldinlocalcurrencyanddomesticstock index,
annualperformancein2018
Barron's Gold Mining Indexbull markets in comparison,
lengthinweeks,beginningofbull market=100
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: LHS:
Bloomberg, Incrementum AG, July 2019. RHS: Nowandfutures, TheDailyGold.com, Barrons, Incrementum AG, July 2019. Index returns are for illustrative purposes only. Indexes are unmanaged and
one cannot invest directly in an index.
0
100
200
300
400
500
600
700
800
Performance
1 41 81 121 161 201 241 281 321 361 401
NumberofWeeks
07/1960-03/1968
08/1976-10/1980
10/2008-04/2011
10/1942-02/1946
12/1971-08/1974
11/2000-03/2008
01/2016-07/2019
current bull market
-2 %
7 %
3 %
18%
4 %
9 %
-4%
-9 %
-13%
-20%
-8 %
-17%
-6 %
-17%
25%
20%
15%
10%
5 %
0 %
-5%
-10%
-15%
-20%
-25%
Percent
GoldinLocalCurrency LocalStockMarketIndex
FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
17

17. “Bitcoin’s dead” … “long live bitcoin!”
Bitcoin- USdollarprice Correlationofmonthlyreturns,gold(x-axis) and
bitcoin(y-axis),07/2009–02/2019
-100%
0 %
100%
200%
300%
400%
500%
-20% -10% 0% 10% 20%
0
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: Datastream, 29 November 2019. RHS: Bloomberg, Incrementum AG, 31 July 2019
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
18
2000
4000
6000
8000
10000
12000
14000
16000
20000
18000
Nov-16
Feb-17
May-17
Aug-17
Nov-17
Feb-18
May-18
Aug-18
Nov-18
Feb-19
May-19
Aug-19
Nov-19
USD

18. Investment demand: the swing factor for the gold price
Futurespositioning Physically-backedgoldETFholdings
-300
-100
-200
0
200
100
300
400
500
Nov-99
Nov-00
Nov-01
Nov-02
Nov-03
Nov-04
Nov-05
Nov-06
Nov-07
Nov-08
Nov-09
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Short interestLong interest
Net length
30
40
50
60
70
80
90
GoldETFholdings(millionounces)
Source for both charts: Datastream and Bloomberg, as of 3 December 2019. 19

19. Physical demand
Jewellery Technology
Investmentdemand-ex.ETFs Centralbanks
900
800
700
600
500
400
300
200
100
0
Q1'10
Q3'10
Q1'11
Q3'11
Q1'12
Q3'12
Q1'13
Q3'13
Q1'14
Q3'14
Q1'15
Q3'15
Q1'16
Q3'16
Q1'17
Q3'17
Q1'18
Q3'18
Q1'19
Tonnes
140
120
100
80
60
40
20
0
Q1'10
Q3'10
Q1'11
Q3'11
Q1'12
Q3'12
Q1'13
Q3'13
Q1'14
Q3'14
Q1'15
Q3'15
Q1'16
Q3'16
Q1'17
Q3'17
Q1'18
Q3'18
Q1'19
Tonnes
200
100
0
500
400
300
700
600
Q1'10
Q3'10
Q1'11
Q3'11
Q1'12
Q3'12
Q1'13
Q3'13
Q1'14
Q3'14
Q1'15
Q3'15
Q1'16
Q3'16
Q1'17
Q3'17
Q1'18
Q3'18
Q1'19
Tonnes
-50
Source for all charts: World Gold Council, data as of 30 September 2019.
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
20
0
50
100
150
200
250
300
Q1'10
Q3'10
Q1'11
Q3'11
Q1'12
Q3'12
Q1'13
Q3'13
Q1'14
Q3'14
Q1'15
Q3'15
Q1'16
Q3'16
Q1'17
Q3'17
Q1'18
Q3'18
Q1'19
Tonnes

20. Physical supply
Sources: Left: World Gold Council, 31 January 2019. Right: Company reports, RBC Capital Markets estimates, 25 September 2019. There is no guarantee that any forecasts made will come
to pass.
Gold mine production appears to be plateauing
Mineproduction Capitalspendingofgoldcompanies
0
500
1,000
1,500
2,000
3,000
2,500
3,500
4,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Tonnes
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
USdollar(million)
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
21

21. Valuation of gold companies
Source for both charts: Company reports, RBC Capital Markets estimates, 25 September 2019. Past performance may or may not sustain in future and should not be used as a basis for
comparison with other investments.
Trading at an attractive discount versus history
NorthAmericangoldproducersP/NAV NorthAmericangoldproducersEV/EBITDA
0.60x
0.80x
1.00x
1.20x
1.40x
1.60x
1.80x
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
P/NAV
P /NAV Average 1 SD 2 SD
4x
5x
6x
7x
8x
9x
10x
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
EV/EBITDA
EV-EBITDA Average 1 SD 2 SD
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
22

22. Gold companies’ costs
Sources: Company reports, RBC Capital Markets estimates and Datastream, 30 September 2019. There is no guarantee that any forecasts made will come to pass.
Gold company margins arehealthyatcurrentgold prices
All-InSustainingCosts(AISC)
313
270
375 382 377
441
800
600
400
200
0
1000
1200
1600
1400
2014 2015 2017 2018 20192016
AISC - $/oz. Margins
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
23
US$/oz

23. Top 10 holdings
25FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
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: BlackRock, 30 November 2019.
Stock %oftheportfolio Commodity Primaryriskregion Theme Keyrisk
BarrickGold 9.72% Gold Global Deleverage
NewManagement
Execution
NewmontGoldcorp 9.34% Gold Global
FreeCashFlow
Generator
Operationalexecution
NewcrestMining 7.77% Gold Australia Growth Assetconcentration
AgnicoEagleMines 7.71% Gold Canada Growth Projectexecution
FrancoNevada 4.93% Gold Canada Growth
Lackofleverageinrising
market
WheatonPrecious
Metals
4.84% Gold Canada Growth M&A
AnglogoldAshanti 4.36% Gold Global Growth Executionrisk
B2Gold 3.85% Gold Canada Growth Mexicanpolitics
EndeavourMining 3.57% Gold Ghana Growth M&A/Geopoliticalrisk
Polyus 3.31% Gold Global Growth
Political /Jurisdictional
risk
Total 59.39%

24. Sector and company type exposure
Source: BlackRock, 30 November 2019. For illustrative purposes only. Weightings as of date shown and not necessarily represent current or future portfolio holdings. Not a recommended allocation. Due
to rounding, the total may not be equal to 100%.
Sector exposure Exposureto different companytypes
91.7%
3.6%
1.6%
1.4%
1.8%
Silver
Platinum GroupMetals
Gold
Diversified
Cash
3.3%
30.4%
15.2%
11.7%
32.1%
1.8% 2.4% 1.8%
Devel opers
Diversified
Explorers
Intermediate producers
Junior producers
Royalty / streaming
Senior producers
26FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)

25. 2018 portfolio activity and positioning
27
Sectorlevel
• Modestlydecreasedgoldexposure(86% asatendDec-17versus8 4 % as atendDec-18) andsilver
exposure(11% asatendDec-16versus1 0 % as atendDec-18)
• Addedbasketofdiversifiedminersin January(~5%) of theportfolio to takeadvantageof
whatwesaw as anattractive risk-reward opportunity
• AddedadirectPGM playfor thefirst time in over threeyears,whichweviewedasan
interestingcontrarian play
Largestadditions,
newpositions,
reductions
andsalesin2018
• Newpositions:BHP Billiton,Glencore,TeckResources,ImpalaPlatinumandEquinoxGold
• Addedto:AngloGoldAshanti,FresnilloandEndeavour
• Reduced:BarrickGold,NorthernStar andNewcrest Mining
• Sold:Polymetal,NewGoldandNevsunResources (postbeingacquired)
Beta
• Maintainedportfoliobetabelowoneversus ourbenchmark
• However,increasedbetain Q3 2018 aswebecamemore constructive ontheoutlookfor the goldprice
Positioningin2019
• Retain aqualitybias
• Continuetofocusoncompanieswithstrong growthprofiles
• Avoiding/ underweightthosecompanieswithreservereplenishmentissues
• Shouldwebecomemoreconstructive onthegoldprice wewilladdbetaviamidcapsand
selectedSouthAfricannames,rather thanbuyingsmall-caps
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: BlackRock, 31 December 2018.

26. BGF World Gold Fund: Performance to 30 November 2019
Performance(AShareClass,Net,USD)
YTD 2018 2017 2016 2015 2014
BGF WorldGold Fund 23.14% -17.58% 2.68% 50.92% -21.88% -5.19%
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, 30 November 2019. Performance shown as at 30 November 2019 in 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 return of your investment may increase or decrease as a result of currency fluctuations.
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
28
F T S E Gold MinesIndex 28.36% -11.31% 9.11% 59.59% -21.42% -15.20%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
Return(%)

27. BGF World Gold Fund: Performance since inception
Rebasedto100
800
700
600
500
400
300
200
100
0
Rebasedto100
BGF World Gold Fund(A share class in USD) FTSE Gold MinesIndex
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Source: BlackRock, 30 November
2019. Performance shown as at 30 November 2019 in 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 return of your investment may increase or
decrease as a result of currency fluctuations.
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
29

28. H1 2018 Q3 2018 Q4 2018
Fund: -10.5% Fund: -13.9% Fund: +9.8%
FTSE Gold Mines Index: -6.8% FTSE Gold Mines Index: -17.9% FTSE Gold Mines Index: +15.9%
Gold price: -4.0% Gold price: -4.8% Gold price: +7.5%
Absolutedrivers:
• US dollar strengththemainheadwind forgold
• Averagedaily trading volumes forgold equities well
below 2017 and 2016 levels indicating limited
buyinginterest
• Goldequities exhibit betatogold price
downside
Absolutedrivers:
• US dollar strengthpersists
• Investment demandforgold very weak
• Netlength in theCOMEXgold futures
marketfalls tolowest levelin over10 years
• Physically-backedgold ETFs experience
outflows
• Goldequities exhibit significant betatogold
pricedownside
Absolutedrivers:
• Broaderequity marketweaknessdrives‘safe- haven’
demand forgold
• Global growth expectationssoften
• Expectations aroundUS interest ratehikes are
lowered
• Goldequities exhibit betatogoldpriceupside
Relativedrivers:
• Selling in gold equities appearsindiscriminate
• High quality holdings, that aretypically more
defensive (e.g.FrancoNevada),fall in line with the
broadergold equity market
• Overweight positions in Pretium Resources and
TMAC Resources weigh on relative performance as
both companies experience projectrampup delays. We
conductsitevisits toboth companies’ assets
Relativedrivers:
• Quality begins tohold up betterthanthe broader
gold equity market and weare rewardedfor
maintaining ourquality bias
• PretiumResources announces operational
improvements andbenefit from having
maintained ourposition as thestock is our
largest individualcontributor
• WehadsomeM&A-related successas
Nevsun Resourcesis bid forby Zijin Mining
Relativedrivers:
• Announcement of merger between Barrick Goldand
Randgold Resources. Barrick Gold performs well on
the news and our structural underweight is our
largest individual detractor
• Mexicanelection result is seenas anegative for
Mexico-exposed mining companies. Fresnillo, Mag
Silver and Endeavour all appearin our largest
detractors.Weviewthe underperformance of these
stocks as overdoneandbegin toincrease exposure
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
30
2018 performance review
The figures shown relate to past performance. Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy. 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. Sources: BlackRock and Datastream, 31 December 2018.

29. Calendar year performance
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
31
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, 31 December 2018. Performance shown in 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 return of your
investment may increase or decrease as a result of currency fluctuations.

30. 30
Annexures

31. Integrating
sustainability-related
insights anddata into the
investment process
Engagingcompanies on
sustainability- related
issues that impactlong-
term performance
MSCI ESG metrics
incorporated into Aladdin
toenable portfolio
reportingand analytics
NaturalResources
Investment Processes
Investment
Stewardship
Data &Tools
“For Natural Resources
companies, having a‘social
licence to operate’ mitigates
risksand is akey pillar for
generating long- term
investment performance.
Environment, Social and
Governance (ESG)analysis is
systematically incorporated
into our investment process
together with more traditional
metrics, sector and industry
research.”
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
33
Source: Blackrock, 30 September 2019.

32. Integrating ESG into the FAE Investment Process
Ideagenerationcomesfrom a
combinationof:
Sector analyst views
andfund manager
conviction
Filtering of the
investmentuniverse;
ESG factors canbe
considered atthis
stage
Internalresearch
andexternal market
insights
In-depthcompanyanalysis
includes:
Fundamental
analysis and
financial
modelling
TheESG Risk Window
highlightsanyESG issues
Company
meetings
Teamdiscussionofstock
under review and stock
ratingappraised:
ESGconclusions embeddedin
researchtemplate
Portfolio
construction
UseofRQA’s
sophisticated
risksystems
Continuous review and
engagementthroughoutthe
investmentlifecycle:
Quarterlyportfolioreviewof
MSCI ESG scores and quarterly
Ethix portfolio screen
Investment
Stewardshipand/or
FAE analysts engage
with companies on key
ESG issues
IdeaGeneration Due Diligence DecisionMaking Continuous Review
FAE refers to “Fundamental Active Equity”. RQA refers to the Risk & Quantitative Analysis team of BlackRock. Source: BlackRock, 2018. For illustrative purposes only. This information should not be relied upon
as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This is for illustrative and informational purposes and is subject to change. It has not been
approved by any regulatory authority or securities regulator. The environmental, social and governance (“ESG”) considerations may affect an investment team’s decision to invest in certain companies or
industries from time to time. Results may differ from portfolios that do not apply similar ESG considerations to their investment process.
FOR DSP ONLY - NOT FOR PUBLIC DISTIRBUTION (PLEASE READ IMPORTANT DISCLOSURES)
34

33. Environmental, social and corporate governance (ESG)
We believe there is a positive correlation betweenstrong ESG and investment
performance
ESG is particularly relevant for investing in the extractive industries includingthegold
miningsector
ESG considerations are embedded into the research process - evaluating operating risks
andsocial license; almost all managementmeetings includediscussionsofESGfactors
ESG screens, external ESG data incorporated into ALADDIN, ESG section on our research
template, engagement with management, collaboration with BlackRock Investment
Stewardship
There are certain companies wedo not currently ownas wesee the ESG risks as too high
relativetothereturnspotential
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D
35
Source: BlackRock, 30 June 2019. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This is for
illustrative and informational purposes and is subject to change. It has not been approved by any regulatory authority or securities regulator. The environmental, social and governance (“ESG”)
considerations discussed herein may affect an investment team’s decision to invest in certain companies or industries from time to time. Results may differ from portfolios that do not apply similar ESG
considerations to their investment process.

34. 34
Why BlackRock for active equities?
Combineshumaninsight andinnovativetechnologyin seekingto generatealpha Continually
developsandattractstalentwith enhancedtechnological skills
Finds newwaysto use technologyin seekingto drive alphaandserve client needs
(e.g.ESG criteria)
There is no guarantee that a positive investment outcomewill be achieved. Source: BlackRock, as of end Dec, 2018. While proprietary technology platforms may help manage
risk, risk cannot be eliminated.
Globalresearch connectivity andcross-asset classcollaboration Local
footprints worldwide,80offices globally
Real-timeeconomicinsights from BlackRockInvestmentInstitute
Two complementaryalpha-seeking approaches:fundamentalandsystematic
Seeks touse scaleandscopetobenefitclients in all BlackRockdoes
Specializesin risk managementwith aclient focus using Aladdin® platform,Risk & Quantitative
Analysisteams
Prime accessto companiesandmarketparticipants
Weareafiduciary to ourclients
Apure asset manager,avoiding the potential conflicts of interestthat couldresult from custodial,
proprietary trading andinvestmentbankingservices
(Human)machine
Differentiated
Perspectives
Personalized
Scale
Fiduciary
Trust

35. BlackRock’s active equity suites provide a full range of solutions
Source: BlackRock, as of 30 April, 2019. This information is for illustrative purposes only. It is not to be interpreted as investment advice or as a recommendation to
invest in any of the BlackRock products or strategies. * As compared to other active funds.
Consistent, risk-
managedalpha
potentialdriven by
innovative
technologies
Broad,diversified
coreexposures
Low cost*
Systematic
Alpha
Concentrated,high
conviction long- only
Unconstrained
strategies
Absolute Return
High
Conviction
Alpha
Seek steadyincome
through dividend
strategies
Capitalappreciation
potential
Sustainable
investing through
ESG strategies
Specialized
Outcomes
Specific sector and
specialtyexposures
Easy wayto express
atactical investment
view
Thematic
Country/Region
specific
F
O
R
D
S
P
O
N
L
Y
-
N
O
T
F
O
R
P
U
B
L
I
C
D
I
S
T
I
R
B
U
T
I
O
N
(
P
L
E
A
S
E
R
E
A
D
I
M
P
O
R
T
A
N
T
D

36. 36
Disclaimer
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (“AMC”) has used information that is publicly available, including information developed in-house or basis information received
from its affiliates. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should
not be construed as any research report/research recommendation.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are
“forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to,
exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
Neither the DSP Mutual Fund nor any of its schemes are registered in any jurisdiction except in India, under SEBI (Mutual Fund) Regulations, 1996; except for DSP Equity Opportunities Fund and DSP Dynamic Asset Allocation
Fund, which are also registered with the Securities and Commodities Authority, UAE. The distribution of this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons
who come into possession of this material in such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
Asset Allocation
1. Units of BGF – WGF# 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 – WGF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or may not have any future position in these
sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of its Offer document. Past performance may or not sustain in future and should not be used as a basis for
comparison with other investments.
All figures and other data given in this document are dated and the same may or may not be relevant in future and the same should not be considered as solicitation/recommendation/guarantee of future investments by DSP
Investment Managers Pvt. Ltd. or its affiliates.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of the DSP Mutual Fund (“Fund”).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/ capital guarantee to the investors in the Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
Scheme Product Suitability Riskometer
DSP World Gold Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – World Gold Fund
(BGF – WGF)
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 gold
mining Companies
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.

37. INVESTMENT MANAGERS