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Sustainable Energy FundA sub-fund of BlackRock Global Funds
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-1/38
2
Why Thematics?
AEM0320E-1114365-2/38
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Thematics by BlackRock
1. Structural growthTargeted exposure tolong-term disruptive trends
2. Driven by megatrendsDesigned to harness the effects of 5 megatrends, key drivers of change in the world
3. Unconstrained approachStrategies that are able to allocate to wherever the theme is most prevalent
Source: BlackRock thematic strategies, March 2020. For illustrative purposes only.
Active Index
One BlackRock platform providing Active and Passive Solutions for clients
Climate change and
resource scarcity
Demographics and social
change
Technological Breakthrough
Rapid Urbanisation
Changing economic
power5Global
Megatrends
Next Generation Technology
FinTech
Sustainable Energy
Future of Transport
Inclusion & Diversity
Water
EM consumer growth Agribusiness
Nutrition
Circular Economy
AgeingPopulation
Automation & Robotics
Electric Vehicles &
Driving Technology
Timber & Forestry
Digital Security
Healthcare Innovation
Digitalisation
Clean Energy
3AEM0320E-1114365-3/38
4FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Sustainable Energy Thematic
Why
Sustainable Energy Thematic?
AEM0320E-1114365-4/38
The Energy Transition
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
702040E
+725%
-37%
(tonnes of oil equivalent /US$)
DecarbonisationGlobal renewable energy consumption
Energy EfficiencyGlobal energy intensity*
5712017
4,7082040E
1192017
Source: BP Energy Outlook, 2019. There is no guarantee that any forecasts made will come to pass. *Energy intensity is a measure of the energy inefficiency of an economy. It is calculated as units of energy per unit of GDP.
(million tonnes of oil equivalent /US$)
5AEM0320E-1114365-5/38
Why invest in the Sustainable Energy theme?
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
The pace of change is accelerating
A multi-faceted growth opportunity
Source: BlackRock 2020. For illustrative purposes only.
A climate change hedge with ESG embedded in the investment process
6AEM0320E-1114365-6/38
Climate Change has environmental, financial & regulatory implications
7FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
For illustrative purposes only. Source: various newspaper articles, accessed May 2019.
AEM0320E-1114365-7/38
Dramatic changes are likely to happen in the next 10 years, creating opportunities for investment
BlackRock, 2020
8FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-8/38
Climate Change: An increasingly important consideration for investors
9FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Technological disruption to reduce carbon emissions is affecting all industries
Climate change will impact the value of assets - risk of stranded assets
Regulatory pressures on investors
Source: Left: Mercer, accessed January 2019. Right: BlackRock, 2019.
-6,0%
-4,0%
-2,0%
0,0%
2,0%
4,0%
6,0%
Me
dia
n a
dd
itio
na
l a
nn
ua
l re
turn
s
Minimum Impact Additional Variability
The BGF Sustainable Energy fund has a carbon risk rating of 10.33- the lowest in its sector
(Source: City A.M, 30 April 2019)
Climate Change Impact on Returns (35 years)
AEM0320E-1114365-9/38
The shift to a lower carbon economy is supported by global regulations
10FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Submitted climate pledge
Yet to submit climate pledge
Submitted but exiting the deal
For illustrative purposes only. Source: Left: Carbon Brief, accessed January 2019. Right: Credit Suisse and ACEA, April 2019. There is no guarantee that any forecasts made will come to pass.
China launched an emissions trading
scheme, the world’s largest mechanism
to reduce carbon
EU targets at least 40% cut in
greenhouse gas emissions by 2030
compared with 1990
8 African cities pledged to cut emissions to
zero by 2050
Norway pledges to become carbon-neutral by 2030
India is targeting 175GW green power
capacity by 2022
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CO
2/
km
European New Car Average European Target
The Paris Climate Agreement: country emissions pledges Regulatory Targets in Europe for New Cars
AEM0320E-1114365-10/38
Lower carbon alternatives are increasingly moreeconomic
11FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
For illustrative purposes only. Sources: Left: EIA, 2018. Right: Bloomberg New Energy Finance, May 2018. There is no guarantee that any forecasts made will come to pass.
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ar
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co
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us
tio
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urb
ine
So
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PV
Hyd
roe
lec
tric
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win
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US
$/
mW
H
2014 2017
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1.000
2010 2013 2016 2019 2022 2025 2028
$/
kW
h
Observed price 18% learning rate
BNEF observed
values: annual
lithium-ion battery
price index
2010-17.
2030
average
lithium-
ion
battery
price:
$70/kWh
2025 average
lithium-ion
battery price:
$96/kWh
Average Levelised Costs of Electricity Lithium-ion battery prices
AEM0320E-1114365-11/38
Electric vehicle sales are expected to grow at an
annualised rate of
20% between now
and 2040
Climate change mitigation represents a multi-faceted growth opportunity
12FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Revenues for the smart home market are expected to grow annually by
14% to US$44.8bn in 2023
An expected
2.7x Increase in Global installed renewable energy
projects by 2050
For illustrative purposes only. Left: Energy Efficiency and Conservation Authority (EECA), April 2018. Centre: Next green car, accessed January 2019. Right: Energy Information Administration, 2017. There is no guarantee that any forecasts made will come to pass.
AEM0320E-1114365-12/38
The pace of adoption continues to be underestimated
13FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Source: Left: BP Energy outlook, 2018. Right: IEA, IRENA, Bloomberg, Goldman Sachs Global Investment Research, 2018.The chart shows IEA annual projections for global solar capacity. Forecasts may not come to pass.
0
1
2
3
4
5
6
7
8
9
Energy Outlook2015
Energy Outlook2018
Th
ou
sa
nd
TW
h
Change to the projected level of renewable power in 2035
Solar Wind Other
+59%
0
200
400
600
800
1.000
1.200
1.400 Actual& 2017forecasts2006
2007
2008
2008
2009
2010
2011
2012
Shift to renewables continues to accelerate The pace of transition continues to be under-estimated
AEM0320E-1114365-13/38
14
Fund overview
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY AEM0320E-1114365-14/38
Power: Pace of decarbonisation continues to upside surprise
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Investment continues to
accelerate
RegulationCosts are falling
Source: Bloomberg New Energy Finance, 2018
64% of investment in new power
generation through to 2050 is expected to be on
renewables
PV module prices have fallen 83% since 2010 and
wind turbine prices are down 32%
since 2010
Governments are having to change
their power generation mix to
be more renewables
focused, in order to meet emissions
targets
15AEM0320E-1114365-15/38
Power stock example: NextEra
16FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Description:• Based in USA• The World’s largest producer of wind and solar energy• Expects to grow its current 28 GW renewables
pipeline to 40 GW by 2020
Source: NextEra investor presentation, accessed March 2019. References to specific securities and their issuers are for illustrative purposes only and are not intended and shouldnot be interpreted as recommendations to purchase or sell such securities. This example is used as the largest position within the power sub-sector of the Fund.
Power research in action
Alastair Bishop, Solar Farm, China
AEM0320E-1114365-16/38
Energy efficiency: Doing more with less
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Consumers are more energy
conscious
Technology Economics
Source: Left: NRDC, 14th August 2018. Centre: The Energy Saving Trust, 2017. Right: BlackRock, 2019.
U.S. energy use is about the same now as it was in 2000, despite
economic growth of about 30 percent
Changing your boiler from a G efficiency
rating to an A rating can save you £340 a year on your gas bill.
Improvements in technology are making
appliances more energy efficient,
ultimately reducing energy wastage. These new technologies are
now becoming the conventional choice.
17AEM0320E-1114365-17/38
Energy Efficiency
18FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
• Market leader in manufacturing premium insulationproducts for buildings.
• In 2011, Kingspan set the target of becoming a Net ZeroEnergy company by 2020.
Stock Example: Kingspan
Source: Kingspan investor presentation, accessed 21st February 2019. References to specific securities and their issuers are for illustrative purposes only and arenot intended and should not be interpreted as recommendations to purchase or sell such securities.
Consumers are becoming more energy conscious
Consumers are switching to energy efficient appliances
~65% energy saving if you reduce washing temperature from 40C to 20C
(Source: US Dept. of Energy, Which, Energy Savings Trust, December 2015)
Smart homes are reducing wasted power
Evidence shows around a 6-7% saving in household gas consumption (Source: Nest,
November 2017)
LED light bulbs are now the conventional choice
They use more than 75% less energy than incandescent bulbs and last 25 times longer (US dept. of energy, 2018)
AEM0320E-1114365-18/38
Transportation: On the cusp of a multi-decade transformation
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Source: BlackRock, 2020.
19
China EconomicsTechnologyEuropean Regulation
Due to license plate restrictions, consumers in Beijing had a 0.1% chance of success when applying for a Internal Combustion Engine (ICE) vehicle in 2017 but a 50% chance of success for an EV.
European auto manufacturers must reduce average CO2 emissions for new cars sold to 95 g/km by 2021 or face hefty fines. The average in 2017 was 119 g/km.
The Tesla Model S can accelerate from 0 to 60 miles per hour in as little as 2.4 seconds. That’s faster than any Ferrari currently available.
The battery accounts for most of the cost differential between an EV and an ICE vehicle. However, costs are falling rapidly, with battery costs having fallen 79% in the last 7 years.
AEM0320E-1114365-19/38
Transportation stock example: Infineon
20FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Description:• Germany-listed technology company• Second-largest producer of automotive semiconductors,
largest producer of power semiconductors and largestproducer of smart card ICs
Automotive applications
Source: Infineon investor presentation, accessed 23rd February 2018. References to specific securities and their issuers are for illustrative purposes only and arenot intended and should not be interpreted as recommendations to purchase or sell such securities.
Transportation research in action
Alastair BishopBattery factory, China
Lindsay SinclairGeneva Motor Show
Charlie LilfordCES conference, Las Vegas
AEM0320E-1114365-20/38
Investment Team, Philosophy & Process
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-21/38
BGF Sustainable Energy Fund- Strategy overview
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
BlackRock offering:
Strong-track record in Thematics
Specialists
Benefit of BlackRock community
Researching:
Equities enabling or benefitting from the transition to a lower carbon economy.
Approach:
Active fundamental analysis
Concentrated portfolio
Investing in business fundamentals and valuation; avoiding “hype” stocks
ESG* embedded
Past performance is not a reliable indicator of current or future results. Source: BlackRock, March 2020. For illustrative purposes only. *ESG refers to environmental, social and governance.
22AEM0320E-1114365-22/38
BlackRock Active Equity Thematics Resourcing
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 23
Portfolio managers
Vasco Moreno:FinTech
24 years’ experience
Tony KimNext Generation
Technology22 years’ experience
Hannah JohnsonFuture of Transport
10 years’ experience
Charlie LilfordFuture of TransportSustainable Energy
16 years’ experience
Alastair BishopFuture of TransportSustainable Energy
17 years’ experience
Products
Additional resources
Industry Super-Groups
Thematic Research
Investment Group
Risk & Quantitative
Analysis division
Global equity
research platform
Dedicated analysts
Dedicated product
strategists
Source: BlackRock, March 2020. For illustrative purposes only and subject to change.
BlackRock Investment
Stewardship team
Tom HollNutrition
13 years’ experience
Sumana Manohar, Head of Thematic Research for Fundamental Active Equities
Evy Hambro, Head of Thematic & Sector Investing
Next
Generation
Technology
FinTech Future of
Transport
Sustainable
EnergyNutrition
AEM0320E-1114365-23/38
BGF Sustainable Energy: Investment process
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Source: BlackRock 2020. Investment process subject to change and provided here for illustrative purposes only.*RQA refers to Risk & Quantitative analysis.
24
Investment Universe
Macro and Industry View
Company Template
PortfolioReview trigger
Data packs
Weekly meeting
BIIInsights
Industry Super-Groups
Meetings with management
Site visits
Financial modelling and
ESG
Devil’s advocate
Portfolio construction
RQA*
Rejected ideas
AEM0320E-1114365-24/38
5 globes for Sustainability by Morningstar
ESG embedded in the investment process
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Formal Exclusions AnalysisScreening
A company’s ability to manage environmental, social, and governance matters demonstrates the leadership and good governance that is so essential to sustainable growth, which is why we are increasingly integrating these issues into our
investment process. Larry Fink, 2018 Letter to CEOs
BlackRock, 2020. For illustrative purposes only. Formal exclusions from the Fund include no fossil fuel producers, tobacco, firearms, gaming, brewery/ vitners.
MSCI coverage for 95%of portfolio
77% of portfolio rated
A or above by MSCI
25AEM0320E-1114365-25/38
Portfolio Characteristics & Performance
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-26/38
BGF Sustainable Energy Fund looks to capture these growth opportunities
27FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Source: BlackRock, 28 February 2020. Percentages shown relate to the Fund’s current position in each sector. For illustrative purposes only. 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.
Power Energy efficiency Transport
Building & Consumer
Example:
Industrial Efficiency
Example: Automotive Technology
Example:
Materials
Example:
Components & Systems
Example:
19.2%
11.4% 18.6%
3.1%
4.0%
25.9%
8.8%
6.3%
Clean Power
Example:RenewableEnergy Technology
Example:
Energy Storage &
Infrastructure
Example:
AEM0320E-1114365-27/38
BGF Sustainable Energy: Performance to 29 February 2020
28
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration whenselecting a product or strategy.Performance shown as at 29 February 2020 in USD on a NAV prices basis with income re-invested. Performance figures are calculated net of annual fees. The Fund does not havean official performance benchmark.
FOR PROFESSIONAL CLIENTS, INSTITUTIONAL AND QUALIFIED INVESTORS ONLY - NOT FOR PUBLIC DISTRIBUTIONFOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Launch date
April 2001
Structure
Open-ended SICAV
Fund Managers
Alastair Bishop
Charlie Lilford
AUM
$ 1.3 billion
Performance (A Share Class, Net, USD)
February 2019-February 2020
February 2018-February 2019
February 2017-February 2018
February 2016-February 2017
February 2015-February 2016
BGF Sustainable Energy Fund - A 7.80 -2.53 17.49 11.48 -9.63
-15
-10
-5
0
5
10
15
20
Ret
urn
(%
)
AEM0320E-1114365-28/38
29
The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration whenselecting a product or strategy. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than thatused in the past performance calculation. Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannotinvest directly in an index. Source: Datastream, 29 February 2020. Performance shown in USD.
BGF Sustainable Energy: Performance to 29 February 2020
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
Launch date
April 2001
Structure
Open-ended SICAV
Fund Managers
Alastair Bishop
Charlie Lilford
AUM
$ 1.3 billion
10-year relative performance vs. S&P Clean energy Index
Performance (%) Feb 19-Feb 20 Feb 18-Feb 19 Feb 17-Feb 18 Feb 16-Feb 17 Feb 15-Feb 16
BGF Sustainable Energy Fund
(Net of fees for A share class)7.80% -2.53% 17.49% 11.48% -9.63%
S&P Global Clean Energy 30.78% 7.07% 11.78% 5.20% -21.75%
-10
0
10
20
30
40
50
60
70
80
Dez 09Apr 10Aug 10Dez 10Apr 11Aug 11Dez 11Apr 12Aug 12Dez 12Apr 13Aug 13Dez 13Apr 14Aug 14Dez 14Apr 15Aug 15Dez 15Apr 16Aug 16Dez 16Apr 17Aug 17Dez 17Apr 18Aug 18Dez 18Apr 19Aug 19Dez 19
Rel
ativ
e p
erfo
rman
ce r
ebas
ed t
o 1
00
AEM0320E-1114365-29/38
25.9%
6.3%
8.8%
3.1%18.6%
4.0%
19.2%
11.4%2.6%
Clean Power
Energy Storage & Infrastructure
Renewable Energy Technology
Components & Systems
Automotive Technology
Materials
Building & Consumer
Industrial Efficiency
Cash
BGF Sustainable Energy Fund
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 30
Top 10 holdings Sector Exposure by GICs and Sustainable Energy Sectors
Listing country allocation
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. Datashown above is for illustrative purposes only and does not necessarily represent the current or future allocation of the fund. Geographic exposure relates principally to the domicile of the issuers of the securities held in theproduct, 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. Due torounding, the total may not be equal to 100%. Holdings are subject to change. Source: BlackRock as at 29 February 2020.
Company Sector Country of assets % of Fund
Nextera Energy Clean Power USA 6.4%
Enel Clean Power Europe 5.3%
EDP Renovaveis Clean Power Global 5.2%
RWE Clean Power Germany 4.2%
Schneider Electric Building & Consumer Global 3.9%
Vestas Wind SystemsRenewable Energy
TechnologyGlobal 3.9%
First SolarRenewable Energy
TechnologyUSA 3.5%
Eaton Corporation Building & Consumer Global 3.4%
Quanta ServicesEnergy Storage &
InfrastructureUSA 3.2%
ON Semiconductor Automotive Technology USA 3.2%
Total: 42.26%
31.1%
29.0%
24.5%
12.7%
2.6%Information Technology
Utilities
Industrials
Materials
Cash
38.1%10.2%
9.4%
5.6%
5.3%
5.2%5.1% 3.9% 2.6% 2.6%
2.3%
2.2%2.2%
1.4%
2.6%
United States France
Germany United Kingdom
Italy Portugal
Switzerland Denmark
Ire land South Korea
Sweden Hong Kong
Japan Belgium
Cash
AEM0320E-1114365-30/38
Active Equities Platform
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-31/38
Combines human insight and innovative technology in seeking to generate alpha
Continually develops and attracts talent with enhanced technological skills
Finds new ways to use technology in seeking to drive alpha and serve client needs (e.g. ESG criteria)
There is no guarantee that a positive investment outcome will be achieved.Source: BlackRock, as of end Feb, 2020. While proprietary technology platforms may help manage risk, risk cannot be eliminated.
Why BlackRock for active equities?
Global research connectivity and cross-asset class collaboration
Local footprints worldwide, 80 offices globally
Real-time economic insights from BlackRock Investment Institute
Two complementary alpha-seeking approaches: fundamental and systematic
Seeks to use scale and scope to benefit clients in all BlackRock does
Specializes in risk management with a client focus using Aladdin® platform, Risk & Quantitative Analysis teams
Prime access to companies and market participants
We are a fiduciary to our clients
A pure asset manager, avoiding the potential conflicts of interest that could result from custodial, proprietary trading and investment banking services
(Human)machine
DifferentiatedPerspectives
PersonalizedScale
FiduciaryTrust
32FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-32/38
BlackRock’s active equity suites provide a full range of solutions
Source: BlackRock, as of February 28, 2020. 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 activefunds.
Consistent, risk-managed alpha
potential driven by innovative
technologies
Broad, diversified core exposures
Low cost*
Systematic
Alpha
Concentrated, high conviction long-
only
Unconstrained strategies
Absolute Return
High
Conviction
Alpha
Seek steady income through dividend
strategies
Capital appreciation potential
Sustainable investing through
ESG strategies
Specialized
Outcomes
Specific sector and specialty exposures
Easy way to express a tactical investment view
Thematic
Country/Region
specific
33FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-33/38
Risks
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 34
Capital at risk. The value of investments and the income from them can fall as well as rise and isnot guaranteed. The investor may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the solefactor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments todiminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fundand the value of an investment may fall suddenly and substantially. Levels and basis of taxationmay change from time to time.
AEM0320E-1114365-34/38
35FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY
BGF Sustainable Energy Fund:
Concentration Risk: Investment risk is concentrated in specific sectors, countries, currencies orcompanies. This means the Fund is more sensitive to any localised economic, market, political orregulatory events.
Equity Risk: The value of equities and equity-related securities can be affected by daily stockmarket movements. Other influential factors include political, economic news, company earningsand significant corporate events.
- Investments in the new energy securities are subject to environmental concerns, taxes,government regulation, price and supply fluctuations.
Counterparty Risk: The insolvency of any institutions providing services such as safekeeping ofassets or acting as counterparty to derivatives or other instruments, may expose the Fund tofinancial loss.
Fund Specific Risks
AEM0320E-1114365-35/38
• This material is for distribution to Professional Clients (as defined by the FCA or MiFID Rules) and Qualified Investors only and should not be relied upon by any other persons.
• Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited.
• When this document is issued in the EEA, it is issued by BlackRock (Netherlands) B.V.: Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Trade Register No. 17068311. For more information, please see the website: www.blackrock.com. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock (Netherlands) B.V.
• BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled 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. BlackRock Investment Management (UK) Limited is the Principal Distributor of BGF. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on our website. Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised.
• Austria: For further information, the prospectus, Key Investor Information Document, annual report and semi-annual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen ZentralbankÖsterreich AG, A-1030 Vienna, Am Stadtpark 9.
• Switzerland: The BlackRock Global Funds (BGF) are domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss Representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich, the Swiss Paying Agent. The Prospectus, Key Investor Information Document, the Articles of Incorporation, the latest and any previous annual and semiannual reports are available free of charge from the Swiss Representative. Investors should read the fund specific risks in the Key Investor Information Document and the Prospectus.
Important Information
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 36AEM0320E-1114365-36/38
• Spain/Portugal/Andorra: Certain funds mentioned here are registered for distribution in Spain. Additionally, certain funds are registered for distribution in Portugal. In Spain, BlackRock Global Funds (BGF) is registered with the number 140 in the Comisión Nacional del Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the CNMV. In Portugal, certain share classes of certain BGF funds are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with the CMVM. This document contains products or services of BlackRock, Inc. (or affiliates thereof) that might be offered directly or indirectly within the Andorran jurisdiction, and it should not be regarded as solicitation of business in any jurisdiction including the Principality of Andorra.
• Any research in this document has been procured and may have been acted on by BlackRock 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.
• This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock Group funds and has not been prepared in connection with any such offer.
• © 2020 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, iSHARES, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
• THIS MATERIAL IS FOR DISTRIBUTION TO PROFESSIONAL CLIENTS AND SHOULD NOT BE RELIED UPON BY ANY OTHER PERSONS.
Important Information
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 37AEM0320E-1114365-37/38
• Netherlands: The risk indicator shown on this document refers to the A share class of the Fund. Higher or lower risk may apply to the other share classes of the Fund.
• BGF is a UCITS (icbe) as defined in section 1:1 Financial Markets Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and the sub funds are listed in the register as defined in section 1:107 FMSA. Please refer to the Key Investor Information Document (essentiële beleggersinformatie; "EBI") for further information about BGF, BSF and their sub funds. The prospectus and EBI of BGF and the sub funds are available on BlackRock's website, www.blackrock.nl. All financial investments contain a certain risk. The value of the assets managed by BGF and the sub funds may greatly fluctuate as a result of the investment policy and your initial investment is not guaranteed.
• Germany: This is a financial promotion. For further information, the prospectus, Key Investor Information Document, annual report and semi-annual report can be obtained free of charge in hardcopy form from the German information centre: BlackRock (Netherlands) B.V., German Branch, Frankfurt am Main, Bockenheimer Landstraße 2–4, 60306 Frankfurt am Main.The paying agent in Germany is J.P. Morgan AG, CIB / Investor Services – Trustee & Fiduciary, Taunustor 1 (Taunus Turm), D-60310 Frankfurt am Main.
• Sweden: The prospectus and KIID are available at BlackRock (Netherlands) B.V., Stockholm branch, Norrlandsgatan 16, 111 43 Stockholm, Sweden. Investors should read the KIID before making an investment decision.
• Finland: The prospectus (in English language) and KIID (in Finnish language) are available at BlackRock (Netherlands) B.V.
• Norway: The prospectus and KIID are available at BlackRock (Netherlands) B.V.
• Poland: BGF has been registered on the official list of the Financial Supervision Commission (Komisja Nadzoru Finansowego) for distribution in Poland. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16, 00-950 Warsaw, Poland.
Important Information
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY 38AEM0320E-1114365-38/38