0

1

Identifying the right opportunities at the right time

DSP BlackRock Mutual Fund has a rich history of innovative product launches at the right time

*Includes domestic Equity and Hybrid schemes, PMS and offshore advisory mandates

DSP BlackRock Mutual Fund: Our Prior Product Launches

Feb 2003* May 2004* Oct 2006* Aug 2007*

*NFO closing period

Mar 2008*

A Disciplined Approach To Investing

Jul 2009*

2

USD 11.5 billion(Rs 53,769 crore#)

Indian Investors

DSP BlackRock World Mining Fund: Product Structure

#Source: BlackRock; AUM of BGF – WMF as on Oct 30, 2009; Exchange Rate: USD/INR= 46.96

BlackRock Global Funds (BGF)World Mining Fund

3

BlackRock Global Funds (BGF)World Mining FundSectors in which the fund typically invests in:

• Iron Ore• Copper• Aluminum• Energy Coal• Metallurgical Coal• Gold• Nickel• Platinum• Diamonds

4

BGF World Mining Fund: Exposures

Source: BlackRock Factsheet, Data as on Oct 30,2009, Percentage Total may exceed 100% due to rounding off

Coal 5%

Gold 15%

Aluminum 1%

Diversified 53%

Iron 2%Others (including cash) 6%

Sector Exposure Geographical Market Exposure

Latin America 3%

Australasia 8%

USA 25%

Cash 4%

China 1%

Platinum 7%

Europe ex UK 3%

UK 35%

South Africa 10%

Canada 9%

Asia ex China 0.2%

Copper 11%

Nickel 1%

5

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%

Number of Holdings: 57

Source: Internal as at end October 2009. Indicative only and subject to change.

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

6

BGF - World Mining Fund: Performance

• Launched in 1997

• AUM of approx US $11.5 bn (INR 53,769 cr)

• Open Ended SICAV

• AAA rated – OBSR

• AAA rated – S&P Fund Research

• Elite rated- Morningstar

Source: DataStream. Performance in INR terms, as at end October 2009, Source: DataStream, data to 26th October 2009

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

0

200

400

600

800

1000

1200

1400

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

Nor

mal

ized

Val

ues

BGF World Mining Fund HSBC Global Mining Index

7

Introduction To The Investment Theme

8

Growth In Global GDP

PPP= Purchasing Power Parity, Data prior to 1950 excludes Africa, Asia and Former Soviet Union. Source: IMF, Rio Tinto; Oct 15, 2009

Growth in Global GDP(Percent-a-year on PPP basis)

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

The Great Depression

World War II

Financial Crisis

Post War OECD growth

Maturing OECD

Rise of Emerging Markets

Oil Price Shocks

2.5%

4.8%

3.3%

9

Commodity Price Movement Of Some Key Metals

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

Daily Spot Price Index(Reverse Indexed; Oct 2, 2009 = 100)

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

Minus 60-70%

Plus 40-120%

US Dollar has declined 11%

10

Copper consumption – Correlation with GDP growth

Steel consumption – Correlation with GDP growth

Aluminum consumption – Correlation with GDP growth

Zinc consumption – Correlation with GDP growth

Growth In Commodities Is Directly Related To Growth Of The Economy

Source: Vedanta Resources, DB Global Commodities Research

-2

0

2

4

6

8

10

12

14

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

E

2010

E

-6

1

7

13

19

25

31

37

Aluminum consumption (RHS) World GDP(%) (MMT)

Correlation China 69%India 69%

0

-2

0

2

4

6

8

10

12

14

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

E

2010

E

-3

2

7

12

17

Copper consumption (RHS) World GDP(%) (MMT)Correlation

China 70%India 77%

-2

0

2

4

6

8

10

12

14

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

E

2010

E

-2

2

6

10

14

Zinc consumption (RHS) World GDP(%) (MMT)

Correlation China 76%India 79%

-- 0-2

0

2

4

6

8

10

12

14

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

E

2010

E

-225

0

225

450

675

900

1125

1350

Steel consumption (RHS) World GDP(%) (MMT)

Correlation China 78%India 64%

11

Demand For Commodities From BRICs Is Rising

BRICs demand as a % of global demand

Source: WBMS, Brooke Hunt, AME, JM, Reuters, DataStream, World Steel Org, Heinz Parisar, CRU

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

12

• 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

Global Macro Situation Improving

Global GDP forecasts OECD leading indicator and IP

Outlook

Source: DB Research, Nov 17, 2009

US Euroland Japan Latin America

EMEA Asia (ex Japan)

Global GDP

YoY% Change

OECD Leading IndicatorOECD IP

13

China Has Been Leading The Global Economic Recovery

Change in GDP (Y-o-Y%)

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

Source: Reuters Ecowin, Consensus Economics

China

USA

GermanyJapan

14

Why Is Chinese Commodity Demand So Important?

0%

10%

20%

30%

40%

50%

60%

70%

Aluminium Copper Zinc Lead Nickel Crude Steel

2000 2008 Q2 2009

Chinese Share of Global Commodity Consumption

Source: Macquarie

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

Powerful growth in Chinese consumption continues across commodities

15

Outlook for Asia

Urbanization in Asia

Population Urban Population Est. increase in urban population2005 (mn) 2005 (mn) 2005 (%) 2030 (%) % (2005-30)

World 6454 3172 49 61 56Asia 3918 1562 40 55 71Malaysia 25 17 65 78 66Thailand 64 21 33 47 70PRC 1322 536 41 61 64Sri Lanka 19 4 21 30 59India 1097 315 29 41 86Pakistan 161 56 35 50 141

Proportion Urban

Urbanization trends in Asia

Source: Deutsche Bank, United Nations

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

16

Urbanization To Drive Commodity Consumption

Intensifying Urbanization in China

Maps show per capita steel consumption (kg/person) in China. Source: WSA, China NBS, Global Insight, RTIO ANalysis

Intensifying urbanization will lead to increasing demand for commodities

17

Metals Demand to Double Over Next 15-20 Years

This will require a tremendous supply response

Global Consumption of Commodities(Indexed; 2000= 100)

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

Iron Ore

Aluminum

Copper

Brooke Hunt Estimates

CRU Estimates

18

Factors Affecting Commodity Prices

Factors affecting commodity prices

How they impact commodity prices

Measure of Impact

Outlook Future Impact

Fiscal Stimulus measures announced by governments

Government funded infrastructure projects boost commodity demand

High Unlikely to continue (-)

Credit Conditions

Tightening credit conditions lead to significant decline in capex spending in new productive capacity

High Credit conditions improving (+)

Risk of Inflation

Commodities act as a hedge against inflation, hence, inflationary expectations pushes up commodity prices

Medium Risk of inflation is high (+)

Financial FlowsLead to tying up of available warehouse inventory and shores up demand for metal

High Likely to continue (+)

Global GrowthGlobal GDP growth has high degree of correlation with metals consumption

HighOutlook

improving (+)

Source: DB Research

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

19

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

•Stimulus packages starting to take effect

• “Cash for Clunkers” – accelerated the normalisation of US auto demand

• Construction activity in US beginning to bottom out

30

35

40

45

50

55

60

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

PMIs – suggesting further demand recovery

Source: Macquarie

20

Supply Side Response To The Financial Crisis

•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

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

Nickel (mine)

Aluminium

Zinc (smelter)Zinc (mine) *

Lead (refinery)Lead (mine) *

Copper (smelter)Copper (mine)

Cutbacks still in place Restarts * Excludes China

Source: RBS & company estimates

21

Future Supply Growth: Constrained By Dramatically Reduced Investment

Capital expenditure for global mining, $bn

Source: McKinsey, Xstrata

0

50

100

150

2003 2004 2005 2006 2007 2008 2009e 2010e

US$bn

Actual reported capital expenditureCurrent projected capital expenditurePre-crisis projection

Significantreduction in

capital expenditure

•Significant cuts in capital spending in 2009 and spending on growth projects under review by mining industry

•Market has begun to increase expectations for 2010 capital expenditure, but still significantly below 2008 forecasts.

•New credit market environment provides additional challenges to projected capital expenditure

•Long term consequences for the pricing environment when demand recovers

•These moves should hasten recovery and sow the seeds of the next bull market

22

Supply Side Under Pressure

Source: Rio Tinto, Brooke Hunt

Global Copper Mine Supply Breakdown: 2008 - 2020

Mt, Copper containedBase Case Mine ProductionReactivations, Mine life extensions & expansions 70% Probable Greenfield projects

23

• 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

Implications Of The Demand / Supply Complex For The Sector

Source: BlackRock, Internal

24

• 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

Corporate Activity

Source: BlackRock, Internal

25

+

Sustainable Rise In Commodity Prices Possible

Increased Demand for Commodities

Materials intensive growth

URBANIZATION INDUSTRIALIZATION

Supply-side will be far slower to react

Summary

26

DSP BlackRock World Mining Fund: Scheme Features

27

An Open Ended International Fund of Funds Scheme

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

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

Options Available: GrowthDividend

- Payout- Reinvest

Load Structure

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 ServicesDuring 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

Regular Plan/ Institutional Plan

Entry Load NIL

Exit Load Holding period < 12 months: 1.00 %Holding Period > = 12 months: Nil

DSP BlackRock World Mining Fund: Scheme Features

28

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.

Disclaimer

29

Thank you

30

Appendices

31

Why BlackRock Natural Resources Team?

32

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

33

BlackRock Natural Resources Team: Fund Range

IncomeUS$0.5bn

Long/ShortUS$0.1bn

Natural ResourcesAgricultureUS$0.2bn

New EnergyUS$4.0bn

EnergyUS$3.7bn

MiningUS$13.7bn

Natural Resources TeamUS$31.9bn

GoldUS$9.8bn

Source: Internal as at 30th October 2009

Source: Internal as at 30th October 2009

34

BlackRock’s Natural Resources Team, London

Gold & Diversified Mining

Poppy Allonby Richard Davis**

Simon McClure & Greg BullockFund Administrators

Malcolm SmithProduct Specialist

Energy & New Energy Technology

Thomas HollAnalyst: Mining & Agriculture

Joshua FreedmanSandy Christie Desmond Cheung**Catherine Raw

Energy Natural Resources & Agriculture Mining

Source: Internal as at November 2009. * On sabbatical. ** Also cover the agriculture sector.

Robin Batchelor Evy Hambro

Graham Birch*

35

Why BlackRock for Metals & Mining Equities?

Strength of Research

Strength of Process

Strength of Performance

36

Natural Resources Team – Investment Philosophy

“Through a combination of experience and fundamental research we are able

to identify investment opportunities that generate long term outperformance”

•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

37

Sell DisciplinesSell Disciplines

Portfolio ConstructionPortfolio Construction

Top-down macro overlay-Top-down macro overlay

Investment UniverseInvestment Universe

Initial Screening based on company specific researchInitial Screening based on company specific research

BlackRock Metals & Mining Equities – 5 stage Investment Process

38

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

Investment Universe

BlackRock Metals & Mining Equities – 5 stage Investment Process

39

Initial Screening based on company specific researchInitial Screening based on company specific 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

Investment Universe

BlackRock Metals & Mining Equities – 5 stage Investment Process

40

Top-down macro overlayTop-down macro overlay

• Supply and demand outlook for individual commodities

• Political risk

Investment UniverseInvestment Universe

Initial Screening based on company specific researchInitial Screening based on company specific research

BlackRock Metals & Mining Equities – 5 stage Investment Process

41

Portfolio ConstructionPortfolio Construction

• Market capitalisation balance• Company specific attributes• Understanding & controlling risk

Top-down macro overlayTop-down macro overlay

Investment UniverseInvestment Universe

Initial Screening based on company specific researchInitial Screening based on company specific research

BlackRock Metals & Mining Equities – 5 stage Investment Process

42

Sell DisciplinesSell Disciplines

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

Portfolio ConstructionPortfolio Construction

Top-down macro overlayTop-down macro overlay

Investment UniverseInvestment Universe

Initial Screening based on company specific researchInitial Screening based on company specific research

BlackRock Metals & Mining Equities – 5 stage Investment Process

43

• Risk management is a core component of Blackrock’s culture

• Over 380 individuals provide portfolio managers with in-house risk systems and models

• BRS and RQA partner with the Natural Resources Team to improve investment performance

• Open architecture provides transparency and facilitates communication

Understanding and Controlling Risk in a Mining & Minerals Portfolio

Stock Ideas

High ConvictionPortfolio

• Use investment experience to capture additional, sector specific risk factors

For example:

• Geological risk• Technical hurdles • Political stability• Management track-record

BlackRock Solutions (BRS) Risk and Quantitative

Analysis (RQA)

BlackRock Natural Resources Team

Portfolio Construction

Risk is:

DIVERSIFIED

DELIBERATE

SCALED

44

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.

45

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.

46

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.

Team Biographies (contd.)

47

BGF World Mining Fund: Exposures

Source: BlackRock Factsheet, Data as on Oct 30,2009, Percentage Total may exceed 100% due to rounding off

AUD 8%

ZAR 10%

BRL 2%

USD 32%

GBP 33%

Currency Exposure Market Cap Distribution

Large Cap (>USD 10 bn) 73%

Small Cap (<USD 1 bn) 2%

CAD 9%

Mid Cap 25%

HKD 1% Others 5%

48

Global Trends In Industrialization & Urbanization

Urbanization Rates across Asia, EU and US: 2008

Source: Global Insight, CIA Factbook

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

49

“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)