DSP World Mining Fund - An Open Ended Fund Of Funds Scheme investing in Mining Companies through International Funds This Open-ended Fund of Funds Scheme is suitable for investors who are seeking*: 1. Long-term capital growth 2. Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies 3. High Risk** *Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them. **Risk may be represented as: Low: Investors understand that their principal will be at low risk Moderately Low: Investors understand that their principal will be at moderately low risk Moderate: Investors understand that their principal will be at moderate risk Moderately High: Investors understand that their principal will be at moderately high risk High: Investors understand that their principal will be at high risk

1. DSP World Mining Fund
An Open Ended Fund Of Fund Scheme investing in BlackRock
Global Funds – World Mining Fund (BGF – WMF)
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 mining
companies
*Investors should consult their financial advisors if in doubt
about whether the product is suitable for them.

2. DSP World Mining Fund: Product Structure
BlackRock Global Funds
(BGF) World Mining Fund
(WMF)
USD 6.08 billion
Source: BlackRock; AUM of BGF – WMF as on end-June, 2018
Indian Investors
2
An Open Ended Fund Of
Fund Scheme investing in
BlackRock Global Funds –
World Mining Fund (BGF –
WMF)

3. Where are we in the mining cycle?
3
100
300
500
700
900
1,100
1,300
May-02
Sep-02
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
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
Indexlevel
Euromoney Global Mining Index
As at end December, the
index is up 255% from the
lows and
would have to rise ~70%
to reach the peak of 2011
Mining sector peak in Q2
2011. Fuelled by China
stimulus post the Global
Financial Crisis
China’s economic
growth rate slows and
sector comes under
significant pressure
Mining sector faces
perfect storm of China
fears plus concerns
around debt levels
China stimulus
eases market
concerns and
commodities
start to recover
Global Financial
Crisis
Rising demand from
emerging markets,
particularly China resulted in
a boom in commodity prices
Current level…
Appearance of strong
signals that
commodity markets
are going into deficit
Performance (%) Apr-17 - Apr-18 Apr-16 - Apr-17 Apr-15 - Apr-16 Apr-14 - Apr-15 Apr-13 - Apr-14
Euromoney Global Mining Index 20.40% 12.23% -17.21% -20.48% -3.43%
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 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. Source: DataStream, 30 April 2018.

4. Mined commodity prices have performed well based on market
dynamics
Mined commodity performance
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, 31 July 2018.
4
227%
11%
6%
-27%
-2%
-10%
9%
13%
4%
-6%
-24%
-9%
-19%
9%
-42%
13%
28%
33%
10%
-19%
2%
-14%
4%
-18%
14%
32%
11%
-9%-7%
6%
-35%
-19%
-12%
16%
6%
-3%
-8%
-21%
4%
-7%
-14%
-26%
17%
30%
11%
-13%
-25%
12%
0%
6%
-26%
61%
30%
10%
-20%
-18%
-3% -3%
-47%
-39%
83%
-8%
-1%
-7%
7%
-20%
-10%
-30%
-34%
0%
0% 0%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2011 2012 2013 2014 2015 2016 2017 Average price
YTD 2018 vs.
average in 2017
YTD to end July
2018
Gold Nickel Aluminium Silver Copper Zinc Iron Ore Coking coal

5. Despite stellar performance in the last 2 years, investors remain
underweight
5
Bank of America Merrill Lynch European Fund Managers Survey
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 returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Mining
shares typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining
securities. Source: Left: Datastream, 31 December 2017. Right: Bank of America Merrill Lynch Global Fund Manager Survey, 31 March 2018. Data refers to 2003-2018.
Euromoney Global Mining Index calendar year performance
-37.54%
2.10%
-22.63%
-18.10%
-40.32%
62.67%
32.27%
-60%
-40%
-20%
0%
20%
40%
60%
80%
2011 2012 2013 2014 2015 2016 2017
The sector’s recent outperformance has caused pain to the relative performance of investors who were underweight the
mining sector

6. Value opportunity in the mining sector
6
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 returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Mining shares
typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities.
Source: Bloomberg and Datastream, charts show data to 31 December 2017. Tables show data to 31 July 2018.
EV/EBITDA multiples Relative P/B ratios indicate further upside potential
The sector is attractively valued versus broader equity markets
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
EV/EBITDA
FTSE 350 Mining Index MSCI World Index
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
Jun-83
Jun-85
Jun-87
Jun-89
Jun-91
Jun-93
Jun-95
Jun-97
Jun-99
Jun-01
Jun-03
Jun-05
Jun-07
Jun-09
Jun-11
Jun-13
Jun-15
Jun-17
Pricetobook
Mining Mining average
Performance (%)
Jul-17 - Jul-
18
Jul-16 -
Jul-17
Jul-15 - Jul-
16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
FTSE 350 Mining Index
(GBP)
12.11% 42.40% 2.99% -36.82% 13.40%
MSCI World Index (USD) 9.79% 13.90% -2.48% 2.99% 13.69%
Performance (%)
Jul-17 - Jul-
18
Jul-16 -
Jul-17
Jul-15 - Jul-
16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
Euromoney Global Mining
Index
7.62% 14.67% 18.16% -43.79% 16.80%

7. High levels of free cash flow being generated by the miners
7
Source: Bank of America Merrill Lynch, 6 June 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. Spot prices as at 6 June 2018. Base case based on Bank of America Merrill
Lynch estimates.
9.2%
7.1%
10.4%
11.8%
6.8%
7.9%
6.2%
11.3%
15.5%
9.7% 9.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
BHP
RioTinto
Anglo
Glencore
Antofagasta
Hydro
Randgold
Vale
South32
Fortescue
GROUP
2018FCFYield(percent)
2018-2022EcumulativeFCFas%ofEV
Base case spot 2018 FCF Yield Using Spot Prices

8. A) China worries

9. A) China worries
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 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. Source: DataStream, data to 31 July 2018.
9
China PMI remaining above 50, indicating expansionEuromoney Global Mining Index
300
400
500
600
700
800
900
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
EuromoneyGlobalMiningIndexlevel
Performance (%)
Jul-17 - Jul-
18
Jul-16 -
Jul-17
Jul-15 - Jul-
16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
Euromoney Global Mining
Index
7.62% 14.67% 18.16% -43.79% 16.80%
Dips in China sentiment happen at least once a year and every time have represented buying opportunities
42
44
46
48
50
52
54
56
58
60
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
PMIIndex(50isneutral)
“China’s economy is on the verge of a
painful credit crunch” Market Watch: March 2017
“Are we finally
seeing a hard
economic landing
in China?”
Fortune.com: August 2015
“Scared of China hard
landing? You should be”
South CNBC: December 2015

10. China’s supply side reform is increasing deficits
10
Source left: OECD and Morgan Stanley, 17th October 2017. The chart illustrates net capacity reductions (the amount shuttered minus new additions). This is based on an estimate from
Morgan Stanley on 25th September 2017.
Source right: Goldman Sachs, 30 September 2017. There is no guarantee that any forecasts made will come to pass.
We are unlikely to see closed capacity reopened, and with China still needing the supply, seaborne
markets will tighten further
China’s government is shutting
down factories to fight air
pollution and to increase
productivity efficiency
Coal
-16.2%/-800mt 5 year (2016-
2020) capacity reduction target
Steel
-12.3%/-140mt 5 year (2016-
2020) capacity reduction target
Aluminium
Shut down all illegal capacity
built without permits after May
2013
0
50
100
150
200
250
EU-28 China cuts
2016-2017
Japan India United States
Milliontonnes
Steel capacity Cuts to capacity

11. 4000
4500
5000
5500
6000
6500
7000
7500
8000
0
20
40
60
80
100
120
140
160
CopperpriceU$/MT
IronOrepriceU$/MT
Iron Ore Copper (RHS)
-500
0
500
1000
1500
2000
2500
3000
3500
0
5
10
15
20
25
30
35
Jan-2004
Nov-2004
Sep-2005
Jul-2006
May-2007
Mar-2008
Jan-2009
Nov-2009
Sep-2010
Jul-2011
May-2012
Mar-2013
Jan-2014
Nov-2014
Sep-2015
Jul-2016
May-2017
Mar-2018
BillionsChineseYuan
YOY%Change
Money Supply M2 China New Loans (RHS)
0
5
10
15
20
25
Jan-00
Nov-00
Sep-01
Jul-02
May-03
Mar-04
Jan-05
Nov-05
Sep-06
Jul-07
May-08
Mar-09
Jan-10
Nov-10
Sep-11
Jul-12
May-13
Mar-14
Jan-15
Nov-15
Sep-16
Jul-17
May-18
Annualchange(%)
Chinese economic transition sees data stabilising rather than
falling
11
China real GDP growth breakdown China’s Industrial Production
Money supply slows as the country continues to delever Commodities have reacted positively
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 and BlackRock Investment Institute, 30 June 2018. Data refers to 01/01/10-31/12/17 (top left), 01/01/00-31/07/18 (top right), 01/01/04-31/07/18 (bottom left), 01/01/13-
31/07/18 (bottom right).

12. B) Mistrust in management

13. Value over volume
13
Capex in the mining sector slashed through the down-cycle
Source: Morgan Stanley, 19th March 2018. There is no guarantee that any forecasts made will come to pass.
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
A
E
0
8
1
8
E
-
5
6
7
6
7
9
-
1
7
7
8
8
6
6
0
50,000
100,000
150,000
200,000
250,000
USDmillion

14. Net debt to EBITDA now 0.2x having been ~3x 3 years ago
Will capital discipline prevail?
14
Rhetoric from management teams now points to capital disciplineChanging of the guard: New management teams, board
turnover e.g. new chairman at BHP, Rio and Anglo
Changing dividend policies: Progressive to pay-out ratios
Companies don’t have projects ready to be sanctioned
Sector aware of the history of value destruction via M&A
Source: Rio Tinto website, accessed 6th February 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. 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. Figures shown in USD.
Banks have been repaid, now for shareholders to be repaid
‘I’m not interested in being the largest or
the biggest’.
‘All assets are available for sale at any time,
it’s just a question of value…bring your
credit card’.
‘What you should expect from us is to keep
delivering on our promises’.
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
A
E
0
8
1
8
E
-
5
6
7
6
7
9
-
1
7
7
8
8
6
6

15. C) Low confidence margins will be maintained

16. Demand outlook: stable and synchronous growth expected
16
BlackRock GPS vs. G7 consensus Global manufacturing activity displaying continued expansion
Source: BlackRock Investment Institute, with data from Consensus Economics and
Thomson Reuters, 31 July 2018. Notes: The GPS shows where the 12-month consensus
gross domestic product (GDP) forecast may stand in three months’ time for G7 economies.
The blue line shows the current 12-month economic consensus forecast as measured by
Consensus Economics.
Source: Datastream, 31 July 2018. Note: PMI stands for Purchasing Managers’
Indexes. PMI is an economic indicator that is derived from monthly surveys of private
sector companies. An Index level above 50 indicates an improvement in
manufacturing activity.
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
A
E
0
8
1
8
E
-
5
6
7
6
7
9
-
1
7
7
8
8
6
6
30
35
40
45
50
55
60
65
PMILevel
China US Eurozone World
In periods of synchronous global growth, we don’t see bear markets for commodities
1.5
1.6
1.7
1.8
1.9
2
2.1
2.2
2.3
2.4
Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18
12mAheadGDPGrowth
G7 GPS G7 12m Forward Consensus GDP

17. Company focus remains on keeping costs low
17
Example: BHP
• BHP is targeting US$11 billion in productivity gains
from FY12 to FY16.
• Further cost reductions supports a 10% value uplift
Source: Left: Rio Tinto investor presentation, accessed 6th February 2018. Right: BHP investor presentation, accessed 6th February 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.
There is no guarantee that any forecasts made will come to pass. Figures shown in USD.
Values at analyst 2017 consensus price forecasts. Valuation date 1st July 2017
$8.2bn
Reduced costs:
operating, exploration and
evaluation cost reductions
achieved by 30th June 2017 vs
2012
$8.2bn
Reduced net debt:
Since net debt peaked at 30th
June 2013
By 40%
Increased cash returns:
Dividends and buybacks in 2017
compared to 2012
Productivity improvements to continue to deliver
cash benefits to shareholders
Example: Rio Tinto

18. Portfolio themes

19. 0
10
20
30
40
Jan-03
Nov-03
Sep-04
Jul-05
May-06
Mar-07
Jan-08
Nov-08
Sep-09
Jul-10
May-11
Mar-12
Jan-13
Nov-13
Sep-14
Jul-15
May-16
Mar-17
Jan-18
Price
Vale share price performance
Unlocking Value: Vale’s Value Vision
19
Peak Capex in 2011 was $18bn. Capital expenditures now set to
remain low
Vale is projected to generate substantial cash flow
Free Cash Flow accumulated (2018-2020), US$ billion
Resulting in significant shareholder return
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:
Vale Company presentation, accessed: 18th January 2018. Share price performance: Datastream as at 31 July 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. There is no guarantee
that any forecasts made will come to pass. The figures shown relate to past performance. Past Performance is not a reliable indicator of current and future results. Figures shown in USD.
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
A
E
0
8
1
8
E
-
5
6
7
6
7
9
-
1
7
7
8
8
6
6
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2017E 2018E 2019E 2020E 2021E 2022E
US$billion
Growth Sustaining Replacement Growth non-approved
Performance
(%)
Jul-17 - Jul-
18
Jul-16 - Jul-
17
Jul-15 - Jul-
16
Jul-14 - Jul-
15
Jul-13 - Jul-
14
Vale 46.16% 74.43% 9.32% -63.34% 4.59%

20. Theme: Growth in a constrained environment
20
Source: First Quantum Company presentation, accessed: 18th January 2018. *First Quantum includes an estimated 300k tonnes of production from Cobre Panama. 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.
Projected unrivalled growth in copper production
First production for Cobre Panama
project scheduled for Q4 2018
As the company delevers and remains
disciplined, the opportunity for
shareholder returns rises
The company has now passed its point
of peak annual capex and deleveraging
should start in H2 2018.
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
Milliontonnes
2019E Copper Production

21. Theme: Electric vehicles providing opportunities for the mining sector
21
Incremental commodity demand assuming electric
vehicles represent 24% of total passenger vehicle
sales (UBS 2030 assumption) - % of today’s global
production
686%
463%
Source: Left: IHS Goldman Sachs Global Investment Research, 2017. Right: UBS estimates, 31 October 2017. There is no guarantee that any forecasts made will come to pass.
BlackRock has not acquired any rights or license to reproduce the images set out in this document. The images set out in this document are used only for the purposes of this
presentation.
-13%
0%
0
3%
3%
5%
25%
126%
157%
-50% 0% 50% 100% 150% 200%
PGM
Steel
Silicon
Aluminum
Manganese
Copper
Nickel
Graphite
Rare earths
Cobalt
Lithium
Enhanced ICE Hybrid Electric (HEV) Electric Drive
0%
5%
10%
15%
20%
25%
2015 2020 2025
Electric vehicles as a % of global auto sales
Electric Vehicles Plug In Hybrid Electric Vehicle Hybrid Electric Vehicles

22. Attractive supply and demand fundamentals: Copper
22
Copper supply and demandCopper faces wage talks in Chile
Source: Top Left: Citi Bank, 31 January 2018. Bottom left: BlackRock, 1 January 2018. Top right: Datastream, 31 July 2018. Bottom right: Wood Mackenzie Metals Markets Service, 31
December 2017. There is no guarantee that any forecasts made will come to pass.
• The fundamentals of copper are supportive for robust
long term prices:
- Production CAGR is 2.2% until 2020 (with no disruption
allowances)
- Supply is expected to fall as capacity is curtailed, with
consistent supply deficit beginning in 2021
- Demand continues to expand for copper
- The sector will generate $62bn of cumulative Free cash
flows in 2018-20
Producers benefitting from an improved trading range for copper
-300
-200
-100
0
100
200
300
400
500
600
700
kt
Surplus / Deficit
Mines negotiating
in 2018
Chilean mines will
negotiate contracts with
32 unions next year,
representing ~75% of
Chile’s copper output
and 20% of world
production
4000
4500
5000
5500
6000
6500
7000
7500
Jan-2016
Feb-2016
Mar-2016
Apr-2016
May-2016
Jun-2016
Jul-2016
Aug-2016
Sep-2016
Oct-2016
Nov-2016
Dec-2016
Jan-2017
Feb-2017
Mar-2017
Apr-2017
May-2017
Jun-2017
Jul-2017
Aug-2017
Sep-2017
Oct-2017
Nov-2017
Dec-2017
Jan-2018
Feb-2018
Mar-2018
Apr-2018
May-2018
Jun-2018
Jul-2018
PriceUS$/tonne
Copper U$/tonne

23. Precious metals update

24. Macroeconomic backdrop: political uncertainty being ignored by
markets?
24
Key considerations for 2018 BlackRock Geopolitical Risk Indicator
Global Financial
Crisis
Eurozone
sovereign
debt crisis Crimea
invasion
US election
Russia
Presidential
elections:
• Mar. 18
UK
EU deadline for UK-
EU agreement on
Brexit deal: October
Eurozone
Key ECB meetings
• Jan. 25 June 14 Oct. 25
• Mar. 8 July 26 Dec. 13
• Apr. 26 Sept. 13
US
Key Fed meetings:
• Mar. 20-21
• June 12-13
• Sept. 25-26
• Dec. 18-19
Senate and house
elections:
• Nov. 6
Italy
Elections:
• By May
Japan
Key BoJ meetings:
• Jan. 22-23
• Apr. 26-27
• July 30-31
• Oct. 30-31
Sources: BlackRock Investment Institute, with data from Thomson Reuters and Dow Jones, November 2017. Notes: The BGRI is based on text analysis of our top 10 risks within the Dow Jones
Global Newswire database and Thomson Reuters Broker Report database. We then assign a score based on the frequency of words that relate to the risks. The index is still under development
and is meant for illustrative purposes only.
Political risk looks elevated and is potentially not being priced in
-2
-1
0
1
2
3
2005 2007 2009 2011 2013 2015 2017
BGRIreading

25. 25
Are US Fed rate hikes a negative for gold?
2004-06 saw significant monetary tightening, meanwhile the US
dollar drifted lower
Gold’s inverse relationship with the US dollar
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, 31 July 2018
Vs.
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
A
E
0
8
1
8
E
-
5
6
7
6
7
9
-
1
7
7
8
8
6
6
0
1
2
3
4
5
6
80
82
84
86
88
90
92
94
96
98
100
Aug-03
Nov-03
Feb-04
May-04
Aug-04
Nov-04
Feb-05
May-05
Aug-05
Nov-05
Feb-06
May-06
Aug-06
Nov-06
FedFundsrate(percent)
DXYIndex
USD Index Fed Funds rate - RHS
The US dollar weakens when the US economy is doing well, if other regions are doing even better
Performance
(%)
Jul-17 -
Jul-18
Jul-16 -
Jul-17
Jul-15 - Jul-
16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
DXY Index 1.76% -2.79% -1.86% 19.49% 0.01%
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400
88
90
92
94
96
98
100
102
104
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Goldprice(USDperoz.)
DXYIndex
USD Index Gold price - RHS

26. 60
80
100
120
140
160
180
Jan-75
Jan-76
Jan-77
Jan-78
Jan-79
Jan-80
Jan-81
Jan-82
Jan-83
Jan-84
Jan-85
Jan-86
Jan-87
Jan-88
Jan-89
Jan-90
Jan-91
Jan-92
Jan-93
Jan-94
Jan-95
Jan-96
Jan-97
Jan-98
Jan-99
Jan-00
Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
DXY Index
26
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, 31 July 2018
USD is down 7% from peak, but previous cycles have seen >40%
6 yrs
+67%
10 yrs
-47%
7 yrs
+42%
9.5 yrs
-39%
5.5 yrs
+43%
Indexlevel
A
D
M
A
S
T
E
R
-
S
T
A
M
P
!
A
E
0
8
1
8
E
-
5
6
7
6
7
9
-
1
7
7
8
8
6
6
Performance (%) Jul-17 - Jul-18 Jul-16 - Jul-17 Jul-15 - Jul-16 Jul-14 - Jul-15 Jul-13 - Jul-14
DXY Index 1.76% -2.79% -1.86% 19.49% 0.01%

27. US 10 year government bond yields
27
Source: Datastream, 31 July 2018.
0
2
4
6
8
10
12
US10yeargovernmentbondyields–Percent(%)

28. 28
Inflation, real rates and gold
Deflation concerns have faded Mixed inflationary outlook
Structural headwinds Cyclical tailwinds
Technology
Demographics US tax reform / changes
Oil price increase
Technology keeping a lid on
inflation
Source left: Datastream, 31 July 2018. Right: various news sources, May 2018. Figures shown in USD.
-3
-2
-1
0
1
2
3
4
5
6
7
Jan-08
Sep-08
May-09
Jan-10
Sep-10
May-11
Jan-12
Sep-12
May-13
Jan-14
Sep-14
May-15
Jan-16
Sep-16
May-17
Jan-18
Percent
Global inflation rates (CPI)
UK China Eurozone US Japan

29. Gold market: supply and demand
29
Source: World Gold Council, data as at 30 June 2018, accessed: 2 August 2018
Overall supply and demand picture 2010 2011 2012 2013 2014 2015 2016 2017
YTD
2018
Demand (tonnes)
Jewellery 2,054 2,096 2,140 2,704 2,504 2,421 2,061 2,182 1,031
Technology 460 429 381 356 349 332 323 333 165
Electronics 327 316 288 279 278 262 256 266 132
Other Industrial 88 76 65 54 51 51 50 51 25
Dentistry 46 36 28 23 20 19 18 17 8
Investment 1,633 1,733 1,615 814 878 961 1,615 1,248 570
Total bar and coin 1,204 1,501 1,309 1,726 1,062 1,086 1,068 1,042 509
Physical Bar
demand
921 1,189 1,013 1,355 777 787 794 779 376
Official Coin 196 228 186 270 205 224 207 188 101
Medals/Imitation
Coin
87 84 111 101 80 75 67 75 32
ETFs & similar
products
430 232 306 -912 -184 -125 547 206 61
Central banks & other
inst.
79 481 569 624 584 577 390 375 193
Total demand 4,227 4,738 4,706 4,498 4,314 4,290 4,389 4,138 1,960
Supply (tonnes)
Mine production 2,744 2,846 2,911 3,072 3,150 3,216 3,279 3,305 1,630
Net producer hedging -109 23 -45 -28 105 13 33 -26 22
Recycled gold 1,680 1,656 1,677 1,255 1,194 1,129 1,291 1,168 575
Total supply 4,316 4,524 4,543 4,298 4,448 4,358 4,603 4,447 2,227
-6000
-4000
-2000
0
2000
4000
6000
2010 2011 2012 2013 2014 2015 2016 2017 YTD
2018
Tonnes
Jewellery Technology
Investment Central banks & other inst.
Mine production Net producer hedging
Recycled gold

30. Outlook for mined production
30
The industry is finding less gold Capital expenditure has collapsed
Source: Left: SNL Mining and Metals, 28 February 2017. Right: Scotiabank, 10 April 2018. There is no guarantee that any forecasts made will come to pass. Data refers to annual data,
1990-2015 (LHS), and annual data, 2006-2016 and annual forecasts, 2017-2019 (RHS).
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
164
166
168
170
172
174
176
178
180
Goldprice(US$/oz)/GoldExplorationBudgets
(US$m)
Goldinmajordiscoveries(Moz)
Gold in reserves,
resources and past
production (Moz)
Gold price
(US$/oz)
Discovery-orientated
gold budgets (US$m)
0
50
100
150
200
250
300
350
400
450
US$/oz

31. How is the BGF World Mining Fund positioned?

32. BGF World Mining Fund
32
Top 10 holdings Sub-sector breakdown
Top 5 overweights at the stock level Top 5 underweights at the stock level
Source: BlackRock, 31 July 2018. The specific companies identified and describe 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. Subject to change. The benchmark is the Euromoney Global Mining Constrained Weight Index.
Stock Sector Theme Fund Benchmark
Vale Diversified Deleverage 10.51% 6.50%
BHP Diversified Deleverage 10.07% 9.69%
Rio Tinto Diversified Deleverage 9.77% 9.05%
Glencore Diversified Deleverage 8.69% 6.24%
First Quantum Copper Grow th 5.15% 1.55%
Teck Resources Diversified Deleverage 4.82% 1.93%
Newmont Mining Gold Deleverage 4.04% 2.85%
South32 Diversified Deleverage 3.29% 1.89%
Randgold
Resources
Gold Grow th 3.27% 1.02%
Newcrest Mining Gold Grow th 2.93% 1.79%
Overweight holding Fund Benchmark Active
Vale 10.51% 6.50% 4.00%
First Quantum 5.15% 1.55% 3.60%
Teck Resources 4.82% 1.93% 2.89%
Glencore 8.69% 6.24% 2.45%
Randgold Resources 3.27% 1.02% 2.25%
Underweight holding Fund Benchmark Active
Freeport McMoran 0.00% 3.49% -3.49%
Anglo American 0.94% 3.38% -2.44%
Norilsk Nickel 0.00% 1.98% -1.98%
Barrick Gold 0.00% 1.91% -1.91%
Goldcorp 0.00% 1.58% -1.58%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Portfolio Benchmark

33. 66.65%
9.46%
9.02%
5.95%
4.42%
2.09%
0.96% 0.62% 0.50%
0.33%
Global Latin America Australasia Africa ex SA
North America Europe Asia ex China cash
Russia South Africa
BGF World Mining Fund portfolio breakdown
33
Fund breakdown by country of listing Fund breakdown by risk region
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. Allocations are subject to change.
Numbers may not add up to 100% due to rounding. Source: BlackRock, 31 July 2018

34. BlackRock Natural Resources Team
Source: BlackRock as at 1 August 2018
34
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

35. 35
#InvestForGood

36. 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 Fund nor any of its schemes are registered in any jurisdiction except with SEBI (in line with SEBI (Mutual Fund) Regulations, 1996). 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 – WMF# 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 – WMF, 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 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 stated otherwise and the same may or may not be relevant in future.
Please refer to the Scheme information document for investment pattern, strategy and risk factors of the Scheme.
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
Disclaimer
36