FOR PROFESSIONAL INTERMEDIARIES ONLY

BlackRock Global Funds (BGF)

World Agriculture Fund
Desmond Cheung & Richard Davis
Portfolio Managers, Natural Resources Team

BlackRock has not acquired any rights or licence to reproduce the trademarks, logos or images set out in this document. International Investment Forum London 2010
The trademarks, logos and images set out in this document are used only for the purposes of this presentation.
BlackRock’s Natural Resources Team, London

Evy Hambro & Robin Batchelor

Joint Chief Investment Officers

Mining / Gold Agriculture Energy / New Energy

Richard Davis Poppy Allonby

Richard Desmond
Catherine Raw Sandy Christie
Davis Cheung
Tom Holl Joshua Freedman

Portfolio Manager Assistants Product Specialists

Simon McClure & Malcolm Smith &
Greg Bullock Fiona Stubbs

BlackRock Offices worldwide BlackRock Solutions & Risk Management

250+ equity analysts, 300+ fixed income analysts 1,410 Professionals

As at January 2010
2
BlackRock Natural Resources Team Fund Range

Natural Resources Team

US$34.4bn

Gold Mining Energy New Energy Agriculture

Natural Resources
US$10.0bn US$16.0bn US$4.0bn US$3.5bn US$0.2bn

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

Source: Internal as at end February 2010

3
Fund Managers of the BlackRock Agriculture Fund

Desmond Cheung, Director and portfolio manager, is a member of BlackRock's Natural Resources
Equity team. He 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.

Richard Davis, Managing Director and portfolio manager, is a member of BlackRock's Natural
Resources Equity team. Mr. Davis' service with the firm dates back to 1994, including his years with
Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a
member of the Natural Resources team. 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 in 1989, and an MSc degree in mineral
exploration from Imperial College in 1990.

• In line with the other funds managed on their team, Desmond and Richard will also be supported by Tom Holl and the broader BlackRock
natural resources team in their analysis and portfolio management. The natural resources team have been investing in many areas of the
Agriculture sector for many years and are able to draw on extensive contacts and experience.

A very experienced and stable Fund Management team

4
Fund Structure

Structure SICAV
UCITS / Non-UCITS UCITS
Domicile Luxembourg
Base Currency USD
Dealing Frequency Daily
Minimum Initial Investment General: US$5,000
Minimum Holding General: US$5,000
Minimum Deal Size US$1,000
Initial charge: 5%
Fees (“A” share class)
Annual management charge: 1.75%
The World Agriculture Fund seeks to maximise total return. The fund invests globally at
least 70% of its total assets in the equity securities of agricultural companies.
Investment Objective Agricultural companies are those which are engaged in agriculture, agricultural chemicals,
equipment and infrastructure, agricultural commodities and food, bio-fuels, crop
sciences, farm land and forestry.

Launched - 9th February 2010

5
I. Why BGF World Agriculture Fund?

II. Why Agriculture?

III. Why Equities?

IV. Investment Universe & Model Portfolio

V. Appendix: Key investment themes in the Agriculture Sector

6
Why BGF World Agriculture Fund?

Managed by award-winning team with many years of sector fund experience

Investment experience in the sector
• Direct investment through BlackRock Agriculture Fund (Launched in October 2007)
• Common investments with Mining and New Energy portfolios

Access to global leading and emerging agricultural companies

7
I. Why BGF World Agriculture Fund?

II. Why Agriculture?

III. Why Equities?

IV. Investment Universe & Model Portfolio

V. Appendix: Key investment themes in the Agriculture Sector

8
Growth Cycle of the Agriculture Sector

Short-Term Long-Term

Rise in Farm Production

&
Reinvestment

Improvement in
Farming Economics

Upward pressure
On
Commodity Price

Rising food demand

Vs.
Low grain inventory

9
What Drives the Increase in Agricultural Commodities Prices?

Sustainable Food Demand Growth Supply Growth Constraints

Global Population Slowdown in

Growth Yield Improvement

Rising affluence
Lead-time and cost
& Dietary
In Farm Investment
Improvement

Biofuels Production Low global grain

inventory

10
Demand Growth: Macro drivers Leading to Acceleration of Agricultural Demand

Growth of demand for agricultural commodities by sectors (1960-2014E)

Billion mt
2.6
2006 - 2015: 2.6%
2.4

2.2 Fuel demand

2.0
1997-2006: 1.9%
1.8
1988-1997: 1.6%
1.6
1979-1988: 1.5%
1.4 Feed
demand
1.2

1.0

0.8

0.6 Food
demand
0.4

0.2

0.0
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14

Source: USDA and Goldman Sachs Commodities Research

11
Food Demand Growth (I): Global Population Growth
• Global population is projected to reach 9 billion by 2050
• Global food production needs to rise by 40%+ by 2030 and 70%+ by 2050 above 2005-07 levels in order to cope with
rising food demand from growing world population

Projected global population growth (1950-2050)

10,000

9,000

8,000

7,000
Population (bn)

6,000

5,000

4,000

3,000

2,000

1,000

0
1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050

More Developed Countries Less Developed Countries

Source: US Census Bureau (http://www.census.gov/ipc/www/idb/) as at 15 December 2009

*Based on UN World Urbanisation prospects 2007
12
Food Demand Growth (II): Rising Affluence Drives Demand for Dietary Improvement
Feeds required for per gram growth of animals
• Rising affluence of urban population leads to demand for
improvement in diet
Fish 1.5g
• Growing protein demand from the developing countries
Poultry 2.0g
requires exponential growth of grains output for livestock
production Pork 3.1g
Beef 8.3g
Source: CME, USDA and Goldman Sachs Commodities Research

Rising protein consumption when income increases

50

Protein consumption per capita

40

30

20

10

500

3,000

5,500

8,000

10,500

13,000

15,500

18,000

20,500

23,000
Japan & Korea Brazil China India

Real GDP per capita

Source: FAO and Goldman Sachs Commodities Research

13

BlackRock has not acquired any rights or licence to reproduce the trademarks, logos or 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.
Food Demand Growth (III): Biofuels Competing for Both Food and Farmland
• Governments around the world have targets to grow Fuel Ethanol Share in Global Grains Supply (2008)
biofuels production in order to achieve fuel diversity 4.49%
• “Food for fuels” is still growing from a low base and
has ample room for growth
• Surge in grains demand as biofuels feedstock requires
substantial increase in cropland, which will provide a
sustainable support to farmland prices

Source: ADM, F.O. Lichts

Projected land use for ethanol production Biodiesel Share in Global Oilseed Supply (2008)

7.63%

Source: ADM, F.O. Lichts

Source: USDA and Goldman Sachs Commodities Research estimates

14
Supply Constraints (I): Slowdown in Yield Improvement
• Global crop production has experienced phenomenal growth over the past few decades
• Rise in production has not led to build-up in grain inventory
• Technological advancement is required to boost production and cope with rise in food demand
• Conventional breeding technology developed since the Green Revolution has increasingly seen diminishing
return in yield improvement

Global Soybean Production & Inventory (1990-2010F) Slowdown in Global Cereal Yield Growth

90 30% 4000 4.0

80 3500 3.5

25%

kilogram per hectare

70 3000 3.0
m metric tons

2500 2.5
60
20% 2000 2.0
50
1500 1.5
40
15% 1000 1.0
30
500 0.5
20 10% 0 0.0
1990/91

1993/94

1996/97

1999/00

2002/03

2005/06

2008/09

1970 1974 1978 1982 1986 1990 1994 1998 2002 2006
Yield growth (% y/y, 10 yr Mav, rhs) World cereal yield (lhs)

Global Soybean Output Global Stock-to-Use Ratio

Source: USDA Source: FAO, ISAAA (International Service for the Acquisition of Agri-biotech
Applications), Credit Suisse research
15
Supply Constraints (II): Land Available – But Requires Investment of Time and Capital

• According to the United Nations, the world currently has

cropland of 1.4B hectares (i.e. 11% of global land)
• Significant potential to increase cropland by 1.6B hectares,
mainly in Africa and South America
• However, substantial investment is required for construction
of logistics. E.g. Transportation costs to deliver grains from
cerrado region to ports in Brazil can cost up to $2/bu of
soybeans (c. 20% of unit price)

GLOBAL ARABLE LAND PER PERSON

Distribution of global land use
Hectares per person of Arable land & Land in Permanent Crops
0.6
Arable Land
11% 0.5

0.4
Pastures
26% 0.3

0.2
Other Uses
62% 0.1

Permanent 0
Crops
1950 1960 1970 1980 1990 2000 2010F
Source: ADM, USDA, ACTI
1%
Source: FAO, Potash Corp

16

BlackRock has not acquired any rights or licence to reproduce the trademarks, logos or 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.
How High are Agricultural Commodity Prices?
• Agricultural commodity prices remain low comparing to other commodities
• Long-term improvement in commodity prices will attract increase in production and derived demand for farm
inputs, capital items and farmland

Value of commodities in real terms

(indexed value in real terms compared to average prices since 1972)

140
114
120 107
95
100
71 72
80
62
60
35 38
40
15
20 5 8 9
0 1 3
0

-20 -12 -10

-18
-40 -31
-37
Aluminium

Palladium

Gold
Platinum
Nickel
Uranium

Lead
Coffee

Tin

Zinc
Sugar

Silver

Copper

Crude Oil
Corn

Cocoa

Soybeans
US Natural Gas
Wheat
Cotton

Source: Deutsche Bank Global Commodities Weekly

17
I. Why BGF World Agriculture Fund?

II. Why Agriculture?

III. Why Equities?

IV. Investment Universe & Model Portfolio

V. Appendix: Key investment themes in the Agriculture Sector

18
Why We Favour Equities Versus Commodities

Equities will benefit from supply-side response

• Maximising crop yield requires more inputs
• Equities will benefit even if commodity prices remain unchanged

Commodity prices will be volatile

• Output is weather-dependant
• Farmers can relatively easily change what they grow

Soft commodities prices tend to be in contango

• Seasonality and the need for storage favour prices being in contango
• This will generate a negative roll yield for an index

Indices give no exposure to fertilizer commodities

• Supply-demand fundamentals are extremely positive
• With no futures market, these can be accessed only via equity market

Potential for M&A

• Industry is fragmented
• Major mining companies are eyeing up fertilizer commodities

19
Investing in Agriculture: Commodities or Equities?
• Agricultural equities and commodities tend to be correlated, but they can diverge from time to time
• Commodities funds rely on rising commodities prices to generate returns
• Equities investment depends on improving farm income & reinvestment into the farming sector

Performance of Agricultural Commodities & Equities (Rebased at end-2008 level)

90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
Jul-09
Dec-08

Jan-09

Feb-09

Jun-09

Sep-09

Nov-09
Oct-09

Dec-09

Jan-10

Feb-10
Apr-09
Mar-09

May-09

Aug-09
S&P GSCI Agriculture Index (Commodities) DAXglobal Agribusiness Index (Equities)

Source: Reuters, as of March 2010

20
Pros and Cons of Commodities Investment

Pros Indexed wheat price (2007- March 2010)

140%
• Most direct exposure to commodity prices
120%
• Equities may not offer pure exposure to certain 100%
commodities (e.g. cotton, cocoa, etc.) 80%
60%
40%
20%
Cons 0%
-20%
• Key value driver is rising commodity price, which may

31/12/06

31/03/07

30/06/07

30/09/07

31/12/07

31/03/08

30/06/08

30/09/08

31/12/08

31/03/09

30/06/09

30/09/09

31/12/09
not always be the case
• More exposed to short-term volatility, e.g. crop failure
Source: Reuters
under adverse weather
• Structural weakness in fighting contango along forward Rebound in wheat production & rising wheat inventory since 2007
curve 700 40%
680
660
35%
640
620
600 30%
580
560
25%
540
520
500 20%

1990/91
1991/92
1992/93
1993/94
1994/95
1995/96
1996/97
1997/98
1998/99
1999/00
2000/01
2001/02
2002/03
2003/04
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
Production (M MT - LHS) Stock-to-Use (% - RHS)

Source: USDA

21
Reasons for Investing in Agricultural Equities

Agricultural equities as a play to sustainable rise in farm income

Gradual Rise in Increase in

Commodity Prices Farm Productivity

Flexibility of Equity Investment

Global investment: Providers of farm Full-cycle investment

to diversity geographical services, inputs and across various sub-sectors
risk in weather & trade technology less exposed that can benefit from
restrictions to yearly swing arising rising and falling
from crop rotation commodity prices

22
Equities – Flexible Exposure to Various Agricultural Sub-sectors

While viewed as a basket, the agricultural sector consists of various sub-sectors that
have different drivers and behave differently at various stages of the cycle
Land & Farming Farm Inputs
• Farm operators benefit from rising value of crops and • Farmers are increasingly investing in
improvement in productivity the application of technology and
• Potential capital gain potential in farmland value optimal agronomical practices to boost
• Emerging investment opportunities yield and benefit from rising crop prices
from vehicles in farmland • Recurrent application of fertilizer and
development in South America and advanced seeds is required
Eastern Europe • Capital investment in equipment and
• Also including forestry land owners / irrigation as a result of sustainable
operators improvement in farm income

Food Processing Agribusiness

• Processed food manufacturers and • Grain handlers buy grains and provide
livestock producers are the counter- logistics services to farmers spread
cyclical beneficiaries if crop prices across wide territories and move grains
fall from farmers to end-consumers
• Biofuel producers would benefit from • Companies can benefit from trading and
lower feedstock prices if crop prices hedging opportunities by capitalizing on
drop their sourcing network & logistics
• Edible oil processors benefit from footprint
strong structural demand growth in • Rising crop production can drive volume
emerging markets of grain throughputs

BlackRock has not acquired any rights or licence to reproduce the trademarks, logos or 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.
23
I. Why BGF World Agriculture Fund?

II. Why Agriculture?

III. Why Equities?

IV. Investment Universe & Model Portfolio

V. Appendix: Key investment themes in the Agriculture Sector

24
Investment Universe

Total market capitalization of companies in the agricultural space: Over $500B

Number of stocks: Over 350 globally

Segmental Breakdown of publicly listed agricultural-related companies

Forestry Ag Equipment
14% 15%

Biofuels
19% Ag Science
22%

Fertilizer
30%

* Source: BlackRock
25
BGF World Agriculture Portfolio – Top 10 Positions
• Approximately 50 holdings
• Market capitalization ranges from US$40B to US$100m

Company Sector Geography

Agrium Fertilizer U.S.

Archer-Daniels Midland Agribusiness U.S.
Bunge Agribusiness U.S.
Deere & Co Agricultural Equipment U.S.
Indofood Agri Resources Edible Oil Singapore
Monsanto Agricultural Science U.S.
Mosaic Fertilizer U.S.
Potash Corp Fertilizer Canada
Syngenta Agricultural Science Switzerland
Wilmar International Edible Oil Singapore

Source: Internal. Data as of mid-March 2010. In alphabetical order.

26
BGF World Agriculture Portfolio – Asset Allocation

Sub-Sector Allocation Geographic Allocation

Sugar
ForestryFood Processors 6% Africa
2% 1% 1%
Asia
Livestock 19%
3% North America
Land & Farming Fertilizer
55%
4% 34%
Ag Equipment Middle East
5% 3%

Australasia
1%
Edible Oil
14% South America
5%

Agribusiness Europe
Ag Science
16% 16%
15%

Source: Internal. Data as of mid-March 2010

27
I. Why BGF World Agriculture Fund?

II. Why Agriculture?

III. Why Equities?

IV. Investment Universe & Model Portfolio

V. Appendix: Key investment themes in the Agriculture Sector

28
Key Investment Themes in the Agricultural Sector

Agricultural Science Companies

• Advanced seed and chemical technologies are increasingly applied by farmers
• Launch of new generation genetic modification (GM) technology in the coming few years can improve farm
productivity and resistance to challenging growing condition
• Developing countries may leapfrog some developed countries in the application or imports of GM crops
• Increased crop value justifies the economic use of crop protection chemicals to protect yield
• Typical holdings: Monsanto, Syngenta

US Average Corn Yield Improvement An example of product pipeline of agro-chemical companies

Source: Syngenta Source: Monsanto

29

BlackRock has not acquired any rights or licence to reproduce the trademarks, logos or 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.
Key Investment Themes in the Agricultural Sector

Fertilizer Increase of farm inputs application with rising farm income in the U.S.
19,000 40,000
• Increasingly sophisticated agronomy recommends
18,000
regular fertilizer application to produce optimal crop 35,000
17,000
yield 16,000 30,000
• Ambition of developing countries to boost domestic 15,000
25,000
production would require sustainable increase in 14,000

fertilizer application to correct the under-fertilized soil 13,000 20,000

12,000
15,000
• Recent cutback in global fertilizer consumption is likely 11,000
to trigger a rebound of demand 10,000 10,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
• Typical holdings: Potash Corp, Mosaic Farm Inputs Spending ($ per farm) - LHS
Source: USDA Net Farm Income ($ per farm) - RHS
Agricultural Equipment
Rising fixed asset investment on farms with decline in leverage
• Increased intensity of cultivation requires the use of
state-of-the-art farming equipment, such as GPS 85 14%
technology 80 13%

• The higher value of crop at stake creates the demand 75 12%

for irrigation equipment 70 11%

• Consolidation of farms in emerging markets gives rise 65 10%

to demand for scalable use of advanced equipment 60 9%

• Typical holdings: Deere & Co, Agco 55 8%

50 7%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Farm Equipment ($'000 per farm) - LHS
Farm Debt-Asset Ratio - RHS
Source: USDA

30
Key Investment Themes in the Agricultural Sector

Agribusiness World Production & Use of Vegetable Oils (in million tonnes)
11 140
• Rising crop production and global food trade gives rise
to opportunities for companies in logistics business 10 130
120
• Companies with global crop sourcing / trading network 9
110
and strategic port and transportation assets set to 8
100
benefit
7 90
• Typical holdings: Bunge, Viterra 6 80

2000/01

2001/02

2002/03

2003/04

2004/05

2005/06

2006/07

2007/08

2008/09

2009/10
Stock (LHS) Production (RHS) Use (RHS)
Food Processors Source: ADM, USDA

• Food processing companies would benefit from higher World Biodiesel Production (in million tonnes)
crop production and lower grain prices
12
• Rising affluence of developing countries drives demand 10
growth for products such as edible oil
8
• Government mandates for production of ethanol and 6
biodiesel lead to a structural increase in vegetable oil
4
demand
2
• Typical holdings: Wilmar, Archer Daniels
0

2004 2005 2006 2007 2008

E.U. S. America U.S. S. Asia Others

Source: ADM, USDA

31
Key Investment Themes in the Agricultural Sector

Land & Farming Land Price in Brazil has been resilient over the financial crisis
9%
• Farm operating companies offer exposure to the 4400 8%
underlying commodity prices 4200 7%
4000 6%
• Farm developers focus on uplift in farm property prices 3800
5%
4%
by converting fallow land into productive farms 3600 3%
2%
• Still a young sector with a pipeline of new companies 3400
1%
starting up globally to capture opportunities in 3200 0%
different geography and crop varieties 3000 -1%
Jan- May- Jul- Sep- Nov- Jan- Mar- May- Jul- Sep- Nov- Jan- Mar-
• Typical holdings: SLC Agricola, Brasilagro Feb Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr
07 07 07 07 07 08 08 08 08 08 08 09 09
Land Price Sequential % Change
Source: FNP, Credit Suisse

Forestry
• Upstream timberland companies offer exposure to both
land value and timber prices
• Some companies have downstream product exposure
and future potential in biomass energy
• Typical holdings: Plum Creek, Rayonier

BlackRock has not acquired any rights or licence to reproduce the trademarks, logos or 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.
32
BlackRock’s Agriculture Funds
• Key differences between BGF World Agriculture Fund and BlackRock Agriculture Fund

BGF World BlackRock

Agriculture Fund Agriculture Fund
Launch date February 2010 October 2007
Domicile Luxembourg SICAV Luxembourg
UCITS compliant Yes No
Equity investments 100% 70%
Land - 15%
Commodity futures - 15%
Ability to trade options No Yes
Ability to short No Yes
Ability to gear No Yes
Management fee 1.75% 1.25%
Performance fee - 12.5%
Liquidity Daily Monthly

33
The following notes should be read in conjunction with the attached document:
1. Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Services Authority. Registered office: 33 King
William Street, London, EC4R 9AS. Tel: 020 7743 3000. Registered in England No. 2020394. For your protection telephone calls are usually recorded.
BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Issued in Switzerland by the representative office, BlackRock Investment
Management (UK) Limited (London), to Claridenstrasse 25, Postfach 2118 CH-8022 Zürich, from where the Company's Prospectus, Simplified Prospectus,
Articles of Association, Annual Report and Interim Report are available free of charge. Paying Agent in Switzerland is JPMorgan Chase Bank, National
Association, Columbus, Zurich Branch Switzerland, Dreikönigstrasse 21, CH-8002 Zurich. For further information, the prospectus, simplified prospectuses,
annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich
AG, A-1030 Vienna, Am Stadtpark 9.
2. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial
investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount
cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be
particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of
taxation may change from time to time.
3. The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a variety of sectors,
share price movements may have a greater affect on the overall value of this fund.
4. The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value
of the investment.
5. BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only.
BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. It is recognised under
Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the
protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A
limited range of BGF sub-funds have a distributor status A sterling share class that seeks to comply with UK Distributor Status requirements.
Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Simplified Prospectus which
are available on our website. Prospectuses, Simplified Prospectuses and application forms may not be available to investors in certain jurisdictions where
the Fund in question has not been authorised. Any research in this document has been procured and may have been acted on by BlackRock Investment
Management (UK) Limited for its own purpose. The results of such research are being made available only incidentally. The views expressed do not
constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group
or any part thereof and no assurances are made as to their accuracy.
6. Unless otherwise specified, all information contained in this document is current as at the date on the front page of this presentation.
7. No part of this material may be reproduced, stored in retrieval system or transmitted in any form or by any means, electronic, mechanical, recording or
otherwise, without the prior written consent of BlackRock.

THIS MATERIAL IS FOR DISTRIBUTION TO PROFESSIONAL CLIENTS AND SHOULD NOT BE RELIED UPON BY ANY OTHER PERSONS.

34