0

DSP BlackRock Mutual Fund: Our Prior Product Launches

DSP BlackRock Mutual Fund has a rich history of

innovative product launches at the right time

Identifying the right opportunities at the right time

Feb 2003* May 2004* Oct 2006* Aug 2007* Mar 2008* Jul 2009*

*Includes domestic Equity and Hybrid schemes, PMS

A Disciplined and offshore
Approach advisory mandates
To Investing

*NFO closing period

1
 DSP BlackRock World Mining Fund: Product Structure

BlackRock Global Funds (BGF)

World Mining Fund

Indian Investors

USD 11.5 billion

(Rs 53,769 crore#)

#Source: BlackRock; AUM of BGF – WMF as on Oct 30, 2009; Exchange Rate: USD/INR= 46.96
2
 BlackRock Global Funds (BGF)
World Mining Fund
Sectors in which the fund
typically invests in:
• Iron Ore
• Copper
• Aluminum
• Energy Coal
• Metallurgical Coal
• Gold
• Nickel
• Platinum
• Diamonds

3
 BGF World Mining Fund: Exposures

Sector Exposure Geographical Market Exposure

China 1%
Nickel 1% Others (including cash) 6% Europe ex UK 3% Asia ex China 0.2%
Aluminum 1% Latin America 3%
Iron 2%
Coal 5% Cash 4%

Australasia 8%
Platinum 7% UK 35%

Copper 11% Canada 9%

South Africa 10%

Gold 15%
Diversified 53%
USA 25%

Source: BlackRock Factsheet, Data as on Oct 30,2009, Percentage Total may exceed 100% due to rounding off
4
 BGF - World Mining Fund: Top Ten Stocks

Stock % of Fund Geography Commodity PE 2010

Vale 10.1 Global Diversified 14.3

Rio Tinto 9.7 Global Diversified 12.8

BHP Billiton 8.8 Global Diversified 14.8*

Xstrata 5.8 Global Diversified 11.0

Teck 5.0 Canada Diversified 12.7

Freeport- McMoran C&G 4.4 Indonesia Copper 11.6

Impala 4.4 South Africa Platinum 26.5*

Buenaventura 3.7 Latin America Gold 17.5

Newcrest 3.3 Australasia Gold 29.2*

Anglo American 3.2 Global Diversified 12.4

Total 58.4%
Source: BlackRock, Reuters (consensus estimates as at 5th November 2009).* June 2010 year end.

Number of Holdings: 57

Source: Internal as at end October 2009. Indicative only and subject to change.
5
 BGF - World Mining Fund: Performance

• Launched in 1997
1400
BGF World Mining Fund HSBC Global Mining Index
• AUM of approx US $11.5 bn (INR 53,769 cr)
1200
• Open Ended SICAV
1000

Normalized Values
• AAA rated – OBSR
800
• AAA rated – S&P Fund Research
600
• Elite rated- Morningstar
400

200

0
Mar-97 Apr-99 Jun-01 Jul-03 Aug-05 Sep-07 Oct-09

Since
CAGR in INR Terms (Oct 30, 2009) 1 Yr 3 Yrs 5 Yrs
Inception

BGF World Mining Fund 71.1% 5.7% 19.3% 17.8%

HSBC Global Mining Index 70.9% 6.7% 18.6% 12.7%

Past performance may or may not be sustained in future and should not be used as basis of comparison with other investments

Source: DataStream. Performance in INR terms, as at end October 2009, Source: DataStream, data to 26th October 2009
6
 Introduction To The Investment Theme

7
 Growth In Global GDP

Growth in Global GDP

(Percent-a-year on PPP basis)

Post War Maturing Rise of Emerging

OECD growth OECD Markets

4.8%

3.3%
2.5%

Oil Price Shocks

Financial Crisis

The Great World War II

Depression

Global financial crisis: Biggest shock to World Economy since World War II

PPP= Purchasing Power Parity, Data prior to 1950 excludes Africa, Asia and Former Soviet Union. Source: IMF, Rio Tinto; Oct 15, 2009
8
 Commodity Price Movement Of Some Key Metals

Daily Spot Price Index

(Reverse Indexed; Oct 2, 2009 = 100)

Minus 60-70%

US Dollar has declined 11%

Plus 40-120%

After a record decline in 2008, commodity prices have staged a strong recovery

Source: Metals Bulletin, Reuters Ecowin, Oct 15, 2009

9
 Growth In Commodities Is Directly Related To Growth Of The Economy

Aluminum consumption – Correlation with GDP growth Copper consumption – Correlation with GDP growth
Aluminum consumption (RHS) World GDP Copper consumption (RHS) World GDP
(%) (%)
(MMT) (MMT)
14 Correlation 14 Correlation
China 69%
37 China 70%
12 12
India 69% 31 India 77% 17
10 10
25
8 8 12
19
6 6
13 7
4 4
2 7
2
2
0 0
1 0
-2 -6 -2 -3

2009E

2010E
2007

2008
2000

2001

2002

2003

2004

2006
2005

2009E

2010E
2001

2003

2004

2005

2006

2007

2008
2000

2002
Zinc consumption – Correlation with GDP growth Steel consumption – Correlation with GDP growth
Zinc consumption (RHS) World GDP
Steel consumption (RHS) World GDP
(%) (%)
(MMT) (MMT)
14 Correlation 14
14
China 76% Correlation
12 1350
India 79% 12 China 78%
10 10 10 India 64% 1125

8 8 900

6 6 6 675

4 4 450

2 2 2 225

0 -- 0 0 0

-2 -2 -2 -225

2009E

2010E
2000

2001

2005

2006

2007

2008
2002

2003

2004
2009E

2010E
2008
2000

2001

2002

2003

2005

2006

2007
2004

Source: Vedanta Resources, DB Global Commodities Research

10
 Demand For Commodities From BRICs Is Rising

BRICs demand as a % of global demand

The BRIC nations are now the largest consumers of commodities across the world

Source: WBMS, Brooke Hunt, AME, JM, Reuters, DataStream, World Steel Org, Heinz Parisar, CRU
11
 Global Macro Situation Improving

Global GDP forecasts OECD leading indicator and IP

YoY% Change

OECD Leading Indicator

OECD IP

US Euroland Japan Latin EMEA Asia Global

America (ex Japan) GDP

Outlook
• Global GDP for 2009 forecast at (1.1%)
• Global GDP for 2010 forecast at 3.6%
• Europe and Japan to lag the growth in other regions in 2010
• The OECD leading indicator continues to strongly point to a rapid pick up in Industrial Production

Source: DB Research, Nov 17, 2009

12
 China Has Been Leading The Global Economic Recovery

Growth in China is back already close to average since 2000, but elsewhere it remains well below

Change in GDP (Y-o-Y%)

China

USA

Germany
Japan

Source: Reuters Ecowin, Consensus Economics

13
 Why Is Chinese Commodity Demand So Important?

China: largest consumer of almost all industrial commodities & is the most important growth market

Chinese Share of Global Commodity Consumption

70%

60%

50%

40%

30%

20%

10%

0%
Aluminium Copper Zinc Lead Nickel Crude Steel

2000 2008 Q2 2009

Powerful growth in Chinese consumption continues across commodities

Source: Macquarie
14
 Urbanization in Asia

Outlook for Asia

Urbanization trends in Asia
Population Urban Population Proportion Urban Est. increase in urban population
2005 (mn) 2005 (mn) 2005 (%) 2030 (%) % (2005-30)
World 6454 3172 49 61 56
Asia 3918 1562 40 55 71
Malaysia 25 17 65 78 66
Thailand 64 21 33 47 70
PRC 1322 536 41 61 64
Sri Lanka 19 4 21 30 59
India 1097 315 29 41 86
Pakistan 161 56 35 50 141

Urban population in leading Asian nations like India, China, Pakistan will almost double by 2030

Source: Deutsche Bank, United Nations

15
 Urbanization To Drive Commodity Consumption

Intensifying Urbanization in China

Intensifying urbanization will lead to increasing demand for commodities

Maps show per capita steel consumption (kg/person) in China. Source: WSA, China NBS, Global Insight, RTIO ANalysis
16
 Metals Demand to Double Over Next 15-20 Years

This will require a tremendous supply response

Global Consumption of Commodities

(Indexed; 2000= 100)

Iron Ore

Aluminum

Copper

Brooke Hunt Estimates

CRU Estimates

Note: cf trend of 3-6% for most other metals, Nov 2, 2009. Source: Rio Tinto; Brook Hunt/ CRU Estimates
17
 Factors Affecting Commodity Prices

Factors affecting How they impact Measure of Outlook Future Impact

commodity prices commodity prices Impact
Fiscal Stimulus measures Government funded infrastructure
Unlikely to
announced by projects boost commodity High
continue (-)
governments demand
Tightening credit conditions lead
to significant decline in capex Credit conditions
Credit Conditions
spending in new productive
High
improving (+)
capacity
Commodities act as a hedge
against inflation, hence, Risk of inflation
Risk of Inflation
inflationary expectations pushes
Medium
is high (+)
up commodity prices
Lead to tying up of available
Likely to
Financial Flows warehouse inventory and shores High
continue (+)
up demand for metal
Global GDP growth has high
Outlook
Global Growth degree of correlation with metals High
improving (+)
consumption

Most of the factors point towards a rise in commodity prices in the short and the long term

Source: DB Research
18
 Other Global Demand Drivers For Commodities

•Signs of economic recovery in the Western World

• Some restocking seen in selected areas e.g. steel, but full effect yet to be felt
• US likely to lead with greater concern over Europe
PMIs – suggesting further demand recovery

60

55

50

45

40

35

30
Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09
USA Eurozone China
Source: Macquarie

•Stimulus packages starting to take effect

• “Cash for Clunkers” – accelerated the normalisation of US auto demand
• Construction activity in US beginning to bottom out

19
 Supply Side Response To The Financial Crisis

Copper (mine)
Copper (smelter)

Lead (mine) *
Lead (refinery)

Zinc (mine) *
Zinc (smelter)

Aluminium

Nickel (mine)

0% 5% 10% 15% 20% 25%

Cutbacks still in place Restarts * Excludes China

•Supply side reacted extremely fast to shutdown capacity

• Across most commodities supply was taken offline – some permanently
• Action helped stabilise prices in early 2009

•Signs of idled capacity being selectively restarted

• US steel utilisation rates – up from lows of approx. 40% to approx. 55% in August
• Merafe / Xstrata have restarted ferrochrome smelting capacity in SA to 90% of capacity
• China bringing on aluminium smelting capacity

Source: RBS & company estimates

20
 Future Supply Growth: Constrained By Dramatically Reduced Investment

Capital expenditure for global mining, $bn

US$bn
150 •Significant cuts in capital spending in 2009
and spending on growth projects under
review by mining industry
•Market has begun to increase expectations
Significant
for 2010 capital expenditure, but still
100 reduction in
capital significantly below 2008 forecasts.
expenditure •New credit market environment provides
additional challenges to projected capital
expenditure
50
•Long term consequences for the pricing
environment when demand recovers
•These moves should hasten recovery and
sow the seeds of the next bull market
0
2003 2004 2005 2006 2007 2008 2009e 2010e
Actual reported capital expenditure
Current projected capital expenditure
Pre-crisis projection

Source: McKinsey, Xstrata

21
 Supply Side Under Pressure

Global Copper Mine Supply Breakdown: 2008 - 2020

Mt, Copper contained

Base Case Mine Production
Reactivations, Mine life extensions & expansions 70%
Probable Greenfield projects

Source: Rio Tinto, Brooke Hunt

22
 Implications Of The Demand / Supply Complex For The Sector

• The events of the last 12 months have sowed the seeds for the next leg of the commodity cycle
• Preference for those that are constrained in their ability to increase supply
• These will benefit first from demand recovery
• Copper, platinum, bulk commodities (iron ore and coking coal)
• Focus on long life, low cost assets in sectors that are supply side constrained
• Less prone to opex inflation
• Most of capex already spent
• Low emphasis on pure play explorer/ developers
• Upside exposure through development activity of established producers

Source: BlackRock, Internal

23
 Corporate Activity

• China actively securing long term access to commodities

• CIC took a 17% stake in Teck Resources for US$1.5bn
• Buying up stakes in numerous juniors e.g. Aquila
• Discussing providing finance for projects in exchange
for offtake
• Refinancing balance sheets – an opportunity for the fund
• Anglo American, Rio Tinto, Xstrata, First Quantum
• M & A under distress
• China Minmentals acquires majority of assets from Oz
Minerals as they are unable to refinance short term
debt
• BHP & Rio Tinto iron ore JV
• Kinross stake in Harry Winston

Source: BlackRock, Internal

24
 Summary

URBANIZATION + INDUSTRIALIZATION

Materials intensive growth

Increased Demand for Commodities

Supply-side will be far slower to react

Sustainable Rise In Commodity Prices Possible

25
 DSP BlackRock World Mining Fund:
Scheme Features

26
 DSP BlackRock World Mining Fund: Scheme Features

An Open Ended International Fund of Funds Scheme

Minimum Investment: Regular Plan: Rs. 5,000/- and multiples of Re 1/- thereafter
Institutional Plan: Rs 5 crore and multiples of Re 1/- thereafter

Terms of Issue: Rs 10/- per Unit (during NFO)

Options Available: ; Growth

; Dividend
- Payout
- Reinvest

Load Structure

Regular Plan/ Institutional Plan

Entry Load NIL

Exit Load Holding period < 12 months: 1.00 %

Holding Period > = 12 months: Nil

Recurring expenses: 0.75% of the average weekly net assets of the scheme. Investors shall bear the recurring expenses of the underlying
scheme(s) in which the Scheme will invest, in addition to the recurring expenses of the scheme.

Investor Benefits and General Services

During Continuous Offer, sale (at Purchase Price) and redemption (at Redemption Price) on all Business Days (Redemption normally within 5
Business Days). SIP, SWP, STP (During Continuous Offer) & Nomination facilities available. If the SEBI limits for overseas investments allowed
to the Fund are expected to be exceeded, the NFO may be closed / subscriptions and switches into the Scheme (During Continuous Offer)
may be temporarily suspended / SIP/STP into the Scheme may be terminated. Declaration of NAV for each Business Day by 10 a.m. of the
next Business Day

27
 Disclaimer
DSP BlackRock Top 100 Equity Fund (DSPBRTEF) is an open ended growth Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity
securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. DSP BlackRock India T.I.G.E.R Fund (The Infrastructure Growth and
Economic Reforms Fund) (DSPBRITF) is an open ended diversified equity Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity
securities and equity related securities of corporates, which could benefit from structural changes brought about by continuing liberalization in economic policies by the Government and/or
from continuing investments in infrastructure, both by the public and private sector. DSP BlackRock Small and Mid Cap fund (DSPBRSMF) is an open ended equity growth scheme, primarily
seeking to generate long term capital appreciation from a portfolio substantially constituted of equity and equity related securities, which are not part of top 100 stocks by market
capitalization. DSP BlackRock World Gold Fund (DSPBRWGF) is an open ended fund of funds scheme, investing in gold mining companies through an international fund, and the primary
investment objective is to seek capital appreciation by investing predominantly in units of BGF - WGF. The Scheme may, at the discretion of the Investment Manager, also invest in the units
of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. DSP BlackRock Natural Resources and New Energy Fund (DSPBRNRNEF) is an open
ended equity growth scheme, whose primary investment objective is to seek to generate capital appreciation and provide long term growth opportunities by investing in equity and equity
related securities of companies domiciled in India whose predominant economic activity is in the (a) discovery, development, production, or distribution of natural resources, viz., energy,
mining etc; (b) alternative energy and energy technology sectors, with emphasis given to renewable energy, automotive and on-site power generation, energy storage and enabling energy
technologies. The Scheme will also invest a certain portion of its corpus in the equity and equity related securities of companies domiciled overseas, which are principally engaged in the
discovery, development, production or distribution of natural resources and alternative energy and/or the units/shares of BGF - NEF, BGF - WGF and similar other overseas mutual fund
schemes. DSP BlackRock World Energy Fund (DSPBRWEF) is an open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is to
seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Energy Fund (BGF – WEF) and BlackRock Global Funds – New Energy Fund (BGF – NEF). The
Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The
Scheme may also invest a certain portion of its corpus in money market securities and/or money market/liquid schemes of DSP BlackRock Mutual Fund (Fund), in order to meet liquidity
requirements from time to time. There is no assurance that the investment objective of the Scheme will be realized.

DSP BlackRock World Mining Fund related disclaimers:

Investment Objective: An open ended Fund of Funds Scheme investing in international funds and the primary investment objective of the Scheme is to seek capital appreciation by investing
predominantly in the units of BlackRock Global Funds – World Mining Fund (BGF – WMF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar
overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain portion of its corpus in money market securities and/or money
market/liquid schemes of DSP BlackRock Mutual Fund (Fund), in order to meet liquidity requirements from time to time. There is no assurance that the investment objective of the Scheme
will be realized. Asset Allocation: 1. Units of BGF – WMF# or other similar overseas mutual fund scheme(s): 80% to 100% 2. Money market securities and/or units of money market/liquid
schemes of DSP BlackRock Mutual Fund: 0% to 20% (#in the shares of BGF – WMF, Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.) Statutory Details: DSP
BlackRock Mutual Fund was set up as a Trust and the settlors/sponsors are DSP ADIKO Holdings Pvt. Ltd. & DSP HMK Holdings Pvt. Ltd. (collectively) and BlackRock Inc. (Combined liability
restricted to Rs. 1 lakh). Trustee: DSP BlackRock Trustee Company Pvt. Ltd. Investment Manager: DSP BlackRock Investment Managers Pvt. Ltd. Risk Factors: Mutual funds, like securities
investments, are subject to market and other risks and there can be no assurance that the Schemes’ objectives will be achieved. As with any investment in securities, the NAV of Units issued
under the Schemes can go up or down depending on the factors and forces affecting capital markets. Past performance of the sponsor/AMC/mutual fund does not indicate the future
performance of the Schemes. Investors in the Schemes are not being offered a guaranteed or assured rate of return. Each Scheme/Plan is required to have (i) minimum 20 investors and (ii)
no single investor holding>25% of corpus. If the aforesaid point (i) is not fulfilled within the prescribed time, the Scheme/Plan concerned will be wound up and in case of breach of the
aforesaid point (ii) at the end of the prescribed period, the investor's holding in excess of 25% of the corpus will be redeemed as per SEBI guidelines. DSPBRWMF, DSPBRTEF, DSPBRITF,
DSPBRSMF, DSPBRWGF, DSPBRNRNEF and DSPBRWEF are the names of the Schemes and do not in any manner indicate the quality of the Schemes, their future prospects or returns. For
scheme specific risk factors, please refer the Scheme Information Document. For more details, please refer the Key Information Memorandum cum Application Forms, which are available on
the website, www.dspblackrock.com, and at the ISCs/Distributors. Please read the Scheme Information Document and Statement of Additional Information carefully before investing.

28
 Thank you

29
 Appendices

30
 Why BlackRock Natural Resources Team?

31
 The BlackRock Natural Resources Team Advantage

• Stable team with a long history of managing client’s money in Natural Resources
• Team was formed in 1992
• Current Managing Directors have worked together for 14 years
• Experienced in managing both pooled and segregated institutional accounts

• Team members possess significant natural resources technical expertise

• Geology, Engineering, Geo-physics qualifications

• Benefit from the support provided by the wider BlackRock organisation

• Centralised dealing department
• Additional risk measurement (BRS and RQA)
• Access to other Blackrock fund managers in specialist equities and fixed income markets

• BlackRock’s scale and position in the market generates unique opportunities

32
 BlackRock Natural Resources Team: Fund Range

Natural Resources Team

US$31.9bn

Gold Mining Energy New Energy Agriculture

Natural Resources
US$9.8bn US$13.7bn US$3.7bn US$4.0bn US$0.2bn

Long/Short Income
US$0.1bn US$0.5bn

Source: Internal as at 30th October 2009

33
Source: Internal as at 30th October 2009
 BlackRock’s Natural Resources Team, London

Graham Birch*

Robin Batchelor Evy Hambro

Energy Natural Resources & Agriculture Mining

Poppy Allonby Richard Davis**

Sandy Christie Joshua Freedman Catherine Raw Desmond Cheung**

Energy & New Energy Technology Gold & Diversified Mining

Simon McClure & Greg Bullock Malcolm Smith Thomas Holl

Fund Administrators Product Specialist Analyst: Mining & Agriculture

Source: Internal as at November 2009. * On sabbatical. ** Also cover the agriculture sector.
34
 Why BlackRock for Metals & Mining Equities?

Strength of Research

Strength of Process

Strength of Performance

35
 Natural Resources Team – Investment Philosophy

•We believe in:

• Identifying inefficiencies in the market to generate outperformance
• A mixture of bottom-up research with a strong overlay of macro themes
• Rigorous team debate and a high degree of collaboration
• Portfolio construction that correctly builds portfolios around high conviction ideas
• Risk management as an essential part of our daily routine

“Through a combination of experience

and fundamental research we are able
to identify investment opportunities that generate
long term outperformance”

36
 BlackRock Metals & Mining Equities – 5 stage Investment Process

Investment Universe
Investment Universe

Initial Screening
Screeningbased
basedon
oncompany
companyspecific
specific
research
research

Top-down
Top-down
- macro
macro overlay
overlay

Portfolio Construction
Portfolio Construction

Sell Disciplines
Disciplines

37
 BlackRock Metals & Mining Equities – 5 stage Investment Process

Investment Universe

Multiple sources of idea generation:

• Company relationships and site visits

• Industry specific conferences and publications
• External consultants and analysts

Categorise companies in the universe by:

• Commodity exposure
• Operating status
• Geography

38
 BlackRock Metals & Mining Equities – 5 stage Investment Process

Investment Universe

Initial Screening
Screeningbased
basedon
oncompany
companyspecific
specific
research
research

Use a combination of site visits as well as meetings with

management, consultants and analysts to further determine:

• Asset quality
• Management track record
• Financial strength
• Valuation

39
 BlackRock Metals & Mining Equities – 5 stage Investment Process

Investment Universe
Investment Universe

Initial Screening
Screeningbased
basedon
oncompany
companyspecific
specific
research
research

Top-down macro
Top-down macro overlay
overlay

• Supply and demand outlook for individual

commodities
• Political risk

40
 BlackRock Metals & Mining Equities – 5 stage Investment Process

Investment Universe
Investment Universe

Initial Screening
Screeningbased
basedon
oncompany
companyspecific
specific
research
research

Top-down macro
Top-down macro overlay
overlay

Portfolio Construction
Portfolio Construction

• Market capitalisation balance

• Company specific attributes
• Understanding & controlling risk

41
 BlackRock Metals & Mining Equities – 5 stage Investment Process

Investment Universe
Investment Universe

Initial Screening
Screeningbased
basedon
oncompany
companyspecific
specific
research
research

Top-down macro
Top-down macro overlay
overlay

Portfolio Construction
Portfolio Construction

Sell Disciplines
Disciplines

• Commodity fundamentals
• Politics
• Operating results
• Management direction
• Valuation

42
 Understanding and Controlling Risk in a Mining & Minerals Portfolio

Stock Ideas
BlackRock Solutions (BRS)
BlackRock Natural
Risk and Quantitative
Resources Team
Analysis (RQA)
• Risk management is a core
• Use investment experience to
component of Blackrock’s
capture additional, sector
culture
Portfolio Construction specific risk factors
• Over 380 individuals provide
portfolio managers with in-house
Risk is: For example:
risk systems and models DIVERSIFIED • Geological risk
DELIBERATE • Technical hurdles
• BRS and RQA partner with the
• Political stability
Natural Resources Team to SCALED • Management track-record
improve investment
performance

• Open architecture provides

transparency and facilitates
communication
High Conviction
Portfolio

43
 Blackrock Natural Resources Team Biographies (in alphabetical order)

Poppy Allonby, CFA, Director and portfolio manager, is responsible for co-managing the Team’s energy and alternative
energy portfolios. Ms. Allonby's service with the firm dates back to 2000, including her years with Merrill Lynch Investment
Managers (MLIM), which merged with BlackRock in 2006. Prior to working on the Natural Resources team, Ms. Allonby was
an analyst on the US Equity team, responsible for the Basic Materials, Utilities and Energy sectors.

Ms. Allonby earned a BSc degree in physics, from the Imperial College, London in 2000.

Robin Batchelor, Managing Director and portfolio manager, joined the Natural Resources Team in London in 1996 and
worked initially on the gold and mining funds. Mr. Batchelor subsequently developed the Team’s energy capability and
began managing dedicated energy portfolios in January 1999. Mr. Batchelor is responsible for both traditional oil and gas
investment funds as well as alternative energy portfolios.

Mr. Batchelor earned his BSc in applied geology from Glasgow University and Colorado State University, and his MSc in
investment analysis from Stirling University. In 2001 Mr. Batchelor was named "One of the Top Twenty Fund Managers in
the World" by Forbes magazine.

Graham Birch, PhD, Managing Director and portfolio manager, is head of BlackRock's Natural Resources Equity team. Dr.
Birch is also a member of BlackRock's Leadership Committee. Dr. Birch's service with the firm dates back to 1993,
including his years with Mercury Asset Management and Merrill Lynch Investment Managers (MLIM). Prior to joining
Mercury, Dr. Birch worked as a mining equities analyst with Kleinwort Benson Securities (now Dresdner Kleinwort) and Ord
Minnett (now JP Morgan). He began his career as a mining equity analyst with Panmure Gordon in 1984.

Dr. Birch is a Trustee Director of Rothamsted Research, a scientific research centre in the UK. He earned BSc and PhD
degrees in mining geology from Imperial College, London in 1981 and 1984 respectively.

Dr Birch is currently on sabbatical.

44
 Team Biographies (contd.)

Desmond Cheung, Vice President and portfolio manager, is responsible for covering the agriculture sector and China. Prior
to joining BlackRock in 2007, Mr. Cheung worked at Hang Seng Bank Ltd for five years, a major subsidiary of HSBC Group in
Hong Kong, as a credit and relationship manager specialized in financing metal companies in the Greater China region.

Mr. Cheung earned a BA degree in accounting from the Chinese University of Hong Kong in 2000, and an MBA degree from
Judge Business School, Cambridge University in 2006.

Sandy Christie (Alexander), Associate and portfolio manager, is responsible for covering the global energy and energy
technology sectors. Mr. Christie's service with the firm dates back to 2001, including his years with Merrill Lynch Investment
Managers (MLIM). Prior to joining the Natural Resources Team, he was an intern with MLIM's US Equity and European High
Yield Bond teams, and spent a year on the Asset Allocation & Economics Team.

Mr. Christie earned a BA degree in classics, from St. Anne's College, Oxford in 2002.

Richard Davis, Managing Director and portfolio manager, is responsible for managing gold and mining portfolios. He is also
responsible for the team's income products. Mr. Davis' service with the firm dates back to 1994, including his years with
Mercury Asset Management and Merrill Lynch Investment Managers (MLIM). Prior to joining MLIM, he worked as a geologist for
three years in Ireland and worked on mineral exploration and resource evaluation projects in base metals, gold and
diamonds.
Mr. Davis earned a BA degree in geology from Trinity College, Dublin in 1989, and an MSc degree in mineral exploration from
Imperial College, London in 1990.

Joshua Freedman, Associate and portfolio manager, is responsible for covering the global energy and energy technology
sectors. Mr Freedman's service with the firm dates back to 2005, including his time with Merrill Lynch Investment Managers
(MLIM). Prior to joining the team, he worked on MLIM's Emerging Europe team.

Mr. Freedman earned a BA degree in engineering from Downing College, Cambridge.

45
 Team Biographies (contd.)
Evy Hambro, Managing Director and portfolio manager, is responsible for the management of several gold and mining
portfolios. Mr. Hambro's service with the firm dates back to 1994, including his years with Mercury Asset Management and
Merrill Lynch Investment Managers (MLIM).
Mr. Hambro earned a BSc degree in marketing, from Newcastle University.

Thomas Holl, Associate and research analyst, is responsible for research in the mining and agriculture sectors. Mr. Holl
moved to his current role in 2008. His service with the firm dates back to 2005, including his time with Merrill Lynch
Investment Managers (MLIM). At MLIM, Mr. Holl was a member of the Global Equity Team and the Real Estate Team as a
member of the graduate training program.
Mr. Holl earned a BA degree in Land Economy from Cambridge University in 2006.

Catherine Raw, CFA, Vice President and portfolio manager, is responsible for covering the gold and mining sectors. Ms.
Raw's service with the firm dates back to 2003, including her years with Merrill Lynch Investment Managers. Prior to joining
MLIM, she worked at Anglo American Plc. in London and Johannesburg, and at Boliden's Laisvall mine in Sweden as a
geological field assistant underground.
Ms. Raw earned a MA degree in Natural Sciences from Downing College, Cambridge University in 2002, and an MSc degree in
Mineral Project Appraisal from Imperial College, London in 2003.

Malcolm Smith, Associate and product specialist, is responsible for all product specialist functions for the Natural Resources
Equity products. Mr. Smith's service with the firm dates to 2005, including his time with Merrill Lynch Investment Managers
(MLIM). At MLIM, he worked within the retail business, with a particular focus upon the Luxembourg and UK unit trust fund
ranges. He moved to his current role with the Natural Resources Team in 2006. Prior to joining MLIM, he worked on the
European equity team of a global multi-manager.
Mr. Smith earned an MA degree in accountancy from Aberdeen University in 2004.

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 BGF World Mining Fund: Exposures

Currency Exposure Market Cap Distribution

Small Cap (<USD 1 bn) 2%

HKD 1% Others 5%
BRL 2% GBP 33%
AUD 8% Mid Cap 25%

CAD 9%

ZAR 10%

USD 32% Large Cap (>USD 10 bn) 73%

Source: BlackRock Factsheet, Data as on Oct 30,2009, Percentage Total may exceed 100% due to rounding off
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 Global Trends In Industrialization & Urbanization

Urbanization Rates across Asia, EU and US: 2008

Large portions of leading emerging markets such as India and China are yet to urbanize

Source: Global Insight, CIA Factbook

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 “An equivalent of three cities of London will need to be built every single year for
the next decade across China. That will require a tremendous amount of steel…”
- John Johnson, Chief China Representative, CRU International (June 2007)

49