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 Mining Fund

2. 2
DSP World Mining Fund: Product Structure
Source: Internal; ^AUM as at end-Nov 2019
BlackRock Global Funds
(BGF) World Mining Fund
(WMF)
USD 4.65 billion
Indian Investors
An Open Ended Fund Of
Fund Scheme investing in
BlackRock Global Funds –
World Mining Fund (BGF –
WMF)

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 alphabetical order 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. Outlook - Mining

6. Key Points
Mining sector companies are available at attractive valuations today. The mining
sector is generating close to record free cash flow today, whilst balance sheets are
in strong shape and companies remain focused on capitaldiscipline.
Supply is tight in most mined commodity markets and, given the cuts inmining
sectorspending since2012(down ~66%)weexpect it to remainso.
BGF World Mining provides diversified, active exposure to the
mining sector
Source: BlackRock, December 2019. Diversification may not fully protect you from market risk. Any opinions and/or 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. There is no guarantee that any forecasts made will come to pass.

7. Mining sector: a new era
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 7
Boom: Commodity super-cycle
Bust:China
growth
slowing
Era of theshareholder
Capital
discipline
Dividends +buybacks
Value accretivegrowth
Sustainablemetals
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. Indices are unmanaged and one cannot invest directly in an index. Source: DataStream, 29 November
2019. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have any future position in these
sector(s)/stock(s)/issuer.
Performance (%) Nov-18 - Nov-19 Nov-17 - Nov-18 Nov-16 - Nov-17 Nov-15 - Nov-16 Nov-14 - Nov-15
Euromoney Global
Mining Index
16.30% -8.58% 15.14% 54.15% -43.56%
0
200
400
600
800
1,000
1,200
1,400
1,600

8. 2018: most commodities averaged higher year-on-year, whilst physically-traded
outperformed financially-traded
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 7
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 January. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have any
future position in these sector(s)/stock(s)/issuer.
2 6 %
2 1 %
1 7 %
1 1 %
9 %
7 %
6 %
1 % 1 % 0 %
- 3 % - 3 %
-7 %
-10%
-5%
0 %
5 %
1 0 %
1 5 %
2 0 %
2 5 %
3 0 %
Percent
80
85
90
95
100
105
110
115
120
125
Rebasedto100
Iron Ore (63.5% fe)
Copper
Thermal Coal
Aluminium
Averageprices- 2018versus2017 Performanceofminedcommoditiesin2018

9. Mining sector pull-back in Q4 2018: moderating global growth outlook
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 7
Sources: Left: BlackRock Investment Institute and Consensus Economics, 29 November 2019. Notes: The GPS shows where the GDP weighted G7 12- month consensus GDP forecast may stand in three
months' time. The green line shows the current 12-month economic consensus forecast, as measured by Consensus Economics. The nowcast shows the GDP forecast based on BlackRock’s composite of
traditional macroeconomic indicators. Any opinions and/or 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. Right: Datastream, November 2019.
Outlookforglobaleconomicgrowth ChinamanufacturingPMIstatistics
Basecase:global economic growthhas slowed but wedo not expect arecession in the next 12 months
55
54
53
52
51
50
49
48
47
46
45
PMIlevel
PMI NewOrders
PMI New Export Orders
Manufacturing PMI
1.2
1.4
1.6
1.8
2
2.2
2.4
Percent
G7 GPS Level G7 Consensus

10. Central banks / governments supporting growth
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 7
Sources: Left: Datastream and BlackRock Investment Institute, 3 December 2019. Right: Bloomberg, 31 March 2019. 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.
2019stimulus
Monetary
Policy
Tax
Cuts
Infrastructure
Spending
1/0/1900
6/22/1905
12/13/1910
6/4/1916
11/25/1921
5/18/1927
11/7/1932160
140
120
100
80
60
40
20
0
US$/MT
Indexlevel
China monetary conditions index - L H S
Copper Price (US$/MT)- RHS
Interestrateexpectationsforend2019
Chinamonetaryconditionsindexversusthe MSCI
WorldMetalsandMiningIndex
-1
-0.5
0
1
0.5
1.5
2
2.5
3
3.5
Interestrate(%)
3-monthrate expextationsimpliedbyfutures
Euro S terling Dollar Yen

11. Current state of commodity markets
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 7
Marginsarehealthydespitethepullbackin
commoditypricesinQ42018
Visiblecommodityinventoriesbelowlong run
averagesinmostcases
0
10
20
30
40
50
60
Copper Aluminium Nickel Iron ore Thermal
Coal
Zi nc
DaysofConsumption Historical Average
87%
67%
27%
8%
3%
0%
-6%
-8%
-20%
0%
20%
40%
60%
80%
100%
Iron ore Coking coal
(seaborne)
Copper Zinc Nickel Platinum Thermal Aluminium
coal
Spot prices abovemarginal cost(%)
Source: Morgan Stanley, June 2019. For illustrative purposes only. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund
may or may not have any future position in these sector(s)/stock(s)/issuer.

12. Supportive commodity supply side action
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 7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Capextodepreciation(x)
US$million
8 8 %
5 %
4 %
3 %
1 2 %
7 2 %
5 %
3 %
1 8 %
1 0 %
Capex - L H S Capexto depreciation - RHS
Total coal capacity as of 2015
Reduction in 2016
Reduction in 2017
To beimplemented by 2020
Source: Left: Bank of America Merrill lynch, January 2019. Right: CEIC and Vox China, January 2019. There is no guarantee that any forecasts made will come to pass.
Total steel capacityas of 2015:
1,200 milliontonnes
Total steel capacity as of 2015
Reduction in 2016
Reduction in 2017
To beimplemented by 2020
Total coalcapacityas of 2015:
5,700 milliontonnes
Miningindustrycapexbreakdown China’scapacityreductionprogress

13. Mining companies: balance sheet strength
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 7
0
0.5
1
1.5
2
2.5
3
Netdebt/EBITDA(x)
EV compositionshouldreducevolatility Theminingsectorislowlylevered
0
50
100
150
200
250
300
350
400
450
2015 Now
US$Bn
Market
cap
Net
debt
Minority
Interest
Source: Left: Bank of America Merrill Lynch, as at 30 June 2019. Right: Credit Suisse, as at 31 January 2019.

14. Mining companies: Returning capital to shareholders
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 7
Supportfromdividendsandbuybacks Dividendyield
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2000
2001
2002
2003
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
US$(millions)
1.0%
2.0%
3.0%
5.0%
4.0%
6.0%
7.0%
8.0%
10.0%
9.0%
Percent
World Datastream MiningIndex- Dividend Yield
Source: Left: Bank of America Merrill Lynch, 30 June 2019. There is no guarantee that any forecasts made will come to pass. Companies included Anglo American, Antofagasta, BHP, Glencore, RIO
Tinto & Mittal. Right: Datastream, 5 December 2019. Indices are unmanaged and one cannot invest directly in an index. 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. The sector(s)/stock(s)/issuer(s) mentioned in this
note do not constitute any recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer.
World Datastream Market Index- Dividend Yield

15. Mining sector valuation
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 7
RelativeEV/EBITDAoftheminingsector Freecashflowyields
7.0%
10.5%
7.7%
8.4%
4.9%
-2.7%
-4%
-2%
0 %
2 %
4 %
6 %
8 %
1 0 %
1 2 %
0 %
1 0 %
2 0 %
3 0 %
4 0 %
5 0 %
6 0 %
7 0 %
8 0 %
BHP*
RioTinto
Anglo
Glencore
NHY
South32*
2019FCFyieldonspot
2018-2022eCumulativeFCFas%ofMarketCap
Base Case SpotCase 2019 FCFyield on spot
0
0.5
1
1.5
2
2.5
Dec-81
Dec-83
Dec-85
Dec-87
Dec-89
Dec-91
Dec-93
Dec-95
Dec-97
Dec-99
Dec-01
Dec-03
Dec-05
Dec-07
Dec-09
Dec-11
Dec-13
Dec-15
Dec-17
Dec-19
Relative EV/EBITDA Long-run average
Source: Left: Datastream, 5 December 2019. Right: Morgan Stanley, 3rd June 2019. There is no guarantee that any forecasts made will come to pass.

16. 16
Outlook - Gold

17. 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)

18. 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%

19. 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

20. Consolidation in the gold equity market
Newmont Mining Corporation enters stock agreement
withGoldcorp
ColoradoSpringsGazette,29th January2019
Potentialfor truevalue oflarger reserve bases to
be realized
 Barrick Gold completes US$18.3bn merger
with Randgold Resources
MiningGlobal,3rd January2019
 Considerations
 Minimum marketcap to be relevant for generalist
investors
 Requirements to replacereserve
 Potential for value destructionfrom those forced
intoM&A
BGF World Mining Fund
Positioning- endNovember2019
Fund Benchmark
Barrick 5.6% 4.2%
Newmont
Goldcorp
5.5% 4.4%
Source: BlackRock, November 2019. 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. For illustrative purposes only.

21. 21
Portfolio Characteristics & Performance

22. BGF World Mining: Portfolio themes
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
Source: BlackRock, November 2019. 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. For illustrative purposes only and subject to change. The companies shown here are examples of companies which fit into each theme.
BlackRock has not acquired any rights or license to reproduce the trademarks, logos and images set out in this document. The trademarks, logos and images set out in this document are used only for
the purposes of this presentation.
Free cash flow
generators
Growth stories Sustainable metals

23. Portfolio theme: Sustainable metals
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
8Source: Left: Morgan Stanley, March 2018. References to specific securities and their issuers are for illustrative purposesonly and are not intended and should not be
interpreted as recommendations to purchase or sell such securities. There is no guarantee that any forecasts made will come to pass. For illustrative purposes only.
1 8 %
1 6 %
1 4 %
1 2 %
1 0 %
8 %
6 %
4 %
2 %
0 %
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
Percent
Tonnes
Lithiu m demandfrom electric vehicles
Other lithium demand
EV penetration as apercentage of total sales -RHS
Average internal
combustionengine
vehicle
Average batteryelectric
vehicle
83kgsof
copper
23kgsof
copper
Lithiumdemandexpectations Umicore’srecyclingprocess

24. BGF World Mining Fund
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 8
Source: BlackRock, 30 November 2019. 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. Indices are unmanaged and
one cannot invest directly in an index.
Top5overweightsatthestocklevel Top5underweightsatthestocklevel
Top10holdings Sub-sectorbreakdown
Overweightholding Fund Benchmark Active
AgnicoEagle Mines 4.8% 2.1% 2.8%
WheatonPreciousMetals 4.0% 1.8% 2.1%
Bradespar 2.1% 0.0% 2.1%
EroCopper 2.2% 0.2% 2.0%
CerroVerde 2.0% 0.0% 2.0%
Underweightholding Fund Benchmark Active
Rio Tinto 7.0% 9.4% -2.4%
Glencore 2.7% 4.8% -2.1%
Fortescue Metals 0.0% 1.7% -1.7%
NorilskNickel 1.1% 2.6% -1.6%
SumitomoMetal 0.0% 1.3% -1.3%
Stock Sector Theme Fund Benchmark
BHP Diversified
Free CashFlow
Generator
9.1% 9.3%
Rio Tinto Diversified
Free CashFlow
Generator
7.0% 9.4%
Vale Diversified Deleverage 6.5% 5.1%
AngloAmerican Diversified Growth 5.9% 4.9%
Barrick Gold Gold Deleverage 5.6% 4.2%
NewmontGoldcorp Gold
Free CashFlow
Generator
5.5% 4.4%
AgnicoEagleMines Gold Growth 4.8% 2.1%
FrancoNevada Copper Growth 4.6% 2.7%
WheatonPrecious
Metals
Silver Growth 4.0% 1.8%
NewcrestMining Gold Growth 3.9% 2.4%
4 5 %
4 0 %
3 5 %
3 0 %
2 5 %
2 0 %
1 5 %
1 0 %
5 %
0 %
Portfolio Benchmark

25. BGF World Mining: Performance to 30 November 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 8
Launchdate Structure
Open-endedSICAV
FundManagers
March1997 Evy Hambro/ OliviaMarkham
Performance(AShareClass,Net,USD)
AUM
$4.6billion
-60.0%
November 2018-
November 2019
November 2017-
November 2018
November 2016-
November 2017
November2015-
November2016
November 2014-
November 2015
BGF World Mining Fund - A 11.9% -10.8% 18.5% 48.1% -43.9%
Euromoney Global Mining Constrained Weight Index 19.9% -7.1% 17.7% 62.1% -42.0%
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: 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.
80.0%
60.0%
40.0%
20.0%
0.0%
-20.0%
-40.0%
Return(%)

26. BGF World Mining: Performance to 30 November 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 8
Launchdate Structure
Open-endedSICAV
FundManagers
March1997 Evy Hambro/ OliviaMarkham
Performance(DShareClass,Net,USD)
AUM
$4.6billion
-60%
November 2018-
November 2019
November 2017-
November 2018
November2016-
November2017
November 2015-
November 2016
November 2014-
November 2015
BGF World Mining Fund - D 12.7% -10.1% 19.4% 49.2% -43.4%
Euromoney Global Mining Constrained Weight Index 19.9% -7.1% 17.7% 62.1% -42.0%
The figures shownrelate 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.
80%
60%
40%
20%
0%
-20%
-40%
Return(%)

27. BGF World Mining Fund 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 8
Launchdate Structure
Open-endedSICAV
FundManagers
March1997 Evy Hambro/ OliviaMarkham
AUM
$4.6billion
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. It is not possible to directly invest in an index Please note the benchmark for this Fund transitioned to the Euromoney Global Mining Constrained Weights TR Index in November 2015. This new benchmark is
a version of the previous one but reflects the UCITS concentration limits to which we manage the portfolio and reflects total return performance. Net performance on a NAV pricing basis for the A share class and
the D share class with income re-invested. The return of your investment may increase or decrease as a result of currency fluctuations. Figures shown in USD. Please note the share classes indicated in the slide
may not be available in all the jurisdictions. Please
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
1 2 0 %
1 0 0 %
8 0 %
6 0 %
4 0 %
2 0 %
0 %
-20%
-40%
-60%
-80%
2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Fund Benchmark Active (RHS)
March1997 Evy Hambro/ OliviaMarkham
Netcalendaryearperformance
YTD 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
Fund (Ashareclass) 9.3% -17.1% 30.8% 52.3% -41.3% -23.1% -24.0% -3.1% -28.7% 29.2% 103.9% -64.1% 59.6% 43.6% 41.8% 10.4%
Fund (D shareclass) 10.0% -16.4% 31.8% 53.5% -40.9% -22.5% -23.5% -2.4% -28.1% 30.1% 105.4% -63.8% 61.1% - - -
Euromoney Global Mining Constrained
WeightIndex 16.7% -13.6% 31.2% 66.9% -41.1% -16.8% -25.1% 0.3% -27.9% 32.4% 109.7% -59.1% 56.2% 39.8% 42.0% 10.6%
Active vs Benchmark (Ashareclass) -7.4% -3.5% -0.4% -14.6% -0.2% -6.3% 1.0% -3.4% -0.8% -3.2% -5.8% -5.1% 3.4% 3.7% -0.2% -0.3%
Euromoney Global Mining Index 16.1% -11.7% 31.6% 59.5% -42.6% -20.5% -24.9% -0.7% -28.8% 29.5% 101.7% -59.0% 53.7% 35.5% 38.9% 9.9%

28. 2018 performance review
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 8
YTDtoendSeptember2018 Q42018
Fund: -8.1% Fund: -8.0%
Euromoney Global Mining CW TR
Index:-9.1%
Euromoney Global Mining CW TR
Index:-5.0%
Absolutedrivers:
• After astrong start to the year,
commodity prices andmining equities
cameunder pressure from mid-January
on concerns around tradetensions
• Wesaw an interesting divergence between
morefinancially-traded commodities (e.g.
copper)andmore physically-traded
commodities (e.g. iron ore) as the former
underperformed thelatter
Absolute drivers:
• Concerns grewaround global economic
growth andthe US Fed potentially
raising interest rates toofast
• The mining sector is caughtup in
broader equity marketweakness but
interestingly, holds upbetter than
broadermarkets
Relativedrivers:
• Valewasour largest individual positive
contributor as higher grade ironore traded
atahealthy premium
• Stock selection within the copper names
also benefitted relative returns as not
holding Freeport McMoRan andan off-
benchmark position in EroCopperwere
among the topperformers
Relativedrivers:
• Our position in First Quantum was
the largest individual detractor after
Zambia announcedan increase in
royalty rates andtaxes andgiven the
stock’s higher betato the copper price
• Goldequities outperformed in the
fourth quarter andrelative performance
washeld backby some of our
underweight gold positions (e.g.Barrick)
as aresult
• This was partially offset bya
continued positive impactfrom not
holding FreeportMcMoRan
The figures shown relate to past performance. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Performance in the table is
shown gross of fees and using end of day prices. 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. Results do not reflect the deduction of management/advisory fees and other expenses; management / advisory fees and other
-10
-8
-6
-4
-2
0
2
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Percent
Active return
Relativeperformancein2018

29. BGF World Mining Fund portfolio breakdown
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 8
Geographic exposure relates principally to the domicile of the issuers of the securities heldin 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 upto 100%
due to rounding. Source: BlackRock, 30 November 2019
Fundbreakdownbycountryoflisting Fundbreakdownbyriskregion
21%
26%
4%3%
30%
2%
12%
2%
LatinAmerica
South Africa
USA
Europe exUK
Australasia
Canada
UnitedKingdom
Cash
65%7%
10%
1%
1%
2%
1%
9%
2%
2%
Global
LatinAmerica
Russia
South Africa
Australasia
NorthAmerica
Europe
Africa exSouth Africa
Asia ex China
Cash

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.
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 30th Novemeber, 2019 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
Scheme Product Suitability Riskometer
DSP World Mining Fund
(An open ended fund of fund
scheme investing in BlackRock
Global Funds – World Mining Fund
(BGF – WMF)
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 Scheme is suitable for them.

37. INVESTMENT MANAGERS