dsp blackrock gold fund

DSP BlackRock World Gold Fund

April 2011

2

(US$ 9.0 billion)

Indian Investors

Investing predominantly in Gold Mining companies


Accessing one of the Largest Funds in its category* with a 15 year Performance Track Record

Source: BlackRock; AUM of BGF-WGF on March 31, 2011; *Funds investing in Gold mining companies

4

DSP BlackRock World Gold Fund is a product that gives you • International diversification

• Access to the growth potential of Equities as well as the strong fundamentals of Gold

Access to BlackRock Global Funds - World Gold Fund• One of the largest funds in its category# with a 15 year Performance Track Record

• Out-performance over FTSE Gold mines (cap) Index, Gold Bullion and S&P CNX Nifty Index*

• Managed by a highly regarded Natural Resources Team

Why Invest In DSP BlackRock World Gold Fund?

A Precious GemPrecious Gem for your Investment Portfolio

*Time period under consideration: Dec 30 1994 to May 31, 2010, Source: Bloomberg; #Funds investing in Gold mining companies

5

Gold market

• Gained 29% in 2010 (in US$ terms)

• Gold has been in a bull market since 2001

• Financial crisis accelerated an already upward trend

• Driven by strong supply as well as demand fundamentals

200

400

600

800

1000

1200

1400

1600

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

US$

Source: DataStream, as at 28 March 2011

Gold Price US$/oz

6

Investment Demand – Key Drivers

Portfolio Diversifier Inflationary Concerns Currency Volatility / Dollar Weakness

Low correlation to fixed income and equities

Impact of quantitative easing – risk of inflationary scenario has increased

What will be the next reserve currency?

0

10

20

30

40

50

60

70

80

2003 2004 2005 2006 2007 2008 2009 2010

Mill

ion

ounc

es

300

500

700

900

1100

1300

1500

US$

/oz

GBS (ASX) GBS (LSE) New Gold (JSE) GLD (NYSE) IAU (Amex)

ZKB Gold ETF-SWX ETFS (London) XETRA (DAX) Julius Baer (SWX) ETFS(NYSE)

CS-XMTCH(SIX) UBS-IS Gold ETF Sprott Physical Gold Gold Price (US$/oz)Source: UBS. Data as at 28 March 2011

Amount of gold backed by ETFs

China’s Lion Fund Management launched new gold fund in December 2010 raising $500m to be invested gold-backed ETFs globally

7

Returns of gold and silver in a real interest rate environment

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

-5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9Real short-term FED funds rate (%)

% R

etur

n

Gold Silver

Source: Deutschebank March 2011

Year-on-year returns since 1970

8

Central bank gold holdings – Strategic shift in attitude

Source: Deutschebank, World Gold Council, December 2010 Source: World Gold Council, December 2010. *Estimate

Central Bank Gold Holdings (1958-2010) Change in official sector gold holdings 2000-2010

28000

30000

32000

34000

36000

38000

40000

1958

1963

1968

1973

1978

1983

1988

1993

1998

2003

2008

Tonn

es

-600

-500

-400

-300

-200

-100

0

100

200

300

400

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

Tonn

es

9

Central bank gold holdings

Top 20 Central Bank Gold Holdings as a % of reserves

01,0002,0003,0004,0005,0006,0007,0008,0009,000

Portu

gal

USA

Ger

man

y

Italy

Fran

ce

Aus

tria

Net

herla

nds

Vene

zuel

a

Spai

n

ECB

Leba

non

Switz

erla

nd UK

Indi

a

Rus

sia

Taiw

an

Japa

n

Saud

i Ara

bia

Chi

na IMF

Gol

d H

oldi

ng (T

onne

s)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

% o

f res

erve

s

Gold holding (LHS) % of reserves (RHS)

•

Average Central Bank gold holding as a percentage of foreign reserves ~ 10%

•

Emerging market holding significantly lower than average

Source: World Gold Council, end Q1 2010

10

Jewellery demand

Source: WGC, 2010. *Based on H1 2010 data

Jewellery demand by region - 2009

Indian Sub-Continent

39%

China23%

Europe13%

Middle East9%

CIS3%

Other2%

North America4%

Asia (ex China)7%

• Jewellery demand represents ~40%* of total demand

• Largest markets are India and China

• Demand tends to be price sensitive, acting as a support on price dips

11

Things to think about in 2011:

Official sector activity• IMF sales now complete

• No planned sales from European Central Banks

• Potential for further buying from Emerging Market Central Banks

ETFs• ETFs now own 2,140t of gold*, equivalent to the 6th largest central bank gold holding – the “People’s Bank”

• Drivers for investor demand• Currency volatility

• Inflation

• Low real interest rates

• Market uncertainty

Jewellery• India and China are the largest markets

• Demand will depend on:• Volatility of the gold price

• Rate of wealth increase versus the rise in the gold price (in local currency)

DEMAND

Source: UBS, as at 31st December 2010

12

World Gold Mine Production, 1988-2010

A stagnant industry

0

500

1,000

1,500

2,000

2,500

3,00019

88

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

*

Tonn

es

South Africa North America Australia China RoW H1 2010 H2 2010 ForecastSource: GFMS 2010, *H1 2010, actual data; H2 2010 GFMS forecast dataPrior to 1996, Chinese production is included in Rest of the World

Level of peak production

• Forecast production growth of 2.4% in 2010 vs. 2009, this compares to 6.9% growth in in 2009

• Total mine production only now above previous peak in 2001, despite a gold price rise of over 350%

• Number of world’s largest gold mines are approaching the end of their lives and grades across the industry are falling

• We estimate total cost of production (exploration, development and mining) c.US$950/oz

13

Mine supply – Future supply challenged

0

50

100

150

200

250

300

350

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

Mill

ion

ounc

es

>10 Moz 1-10 Moz 0.1-1 Moz Other Est

Source: Gold Fields, August 2010 Source: Gold Fields, August 2010

World Discovery Trends 3-Year Rolling Average Discover Cost

0

10

20

30

40

50

60

70

80

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

Dis

cove

ry C

ost (

2009

US

$/oz

14

Things to think about in 2011:

Mine Supply

• 2010 is forecast to be the 2nd year of mine production growth, following three years of decline

• Despite a gold price increase of over 350%, production only now to overtake previous peak in 2001

• Industry facing significant challenges that are Iimiting growth:• Cost inflation: price of raw materials, labour and the effect of strengthening currencies

• Declining average grades at existing operations and for new discoveries

• Scarcity – deposits are becoming harder to find

• No significant new mines to come on line until post 2015• These are large capex, low grade bulk mining operations

• Require prices to remain at or above current levels to be economic

Scrap

• The balancing item:• As demand has outpaced mine supply, scrap has balanced the market

• Largest scrap markets are the Middle East and East Asia

SUPPLY

15

0

500

1000

1500

2000

2500

3000

3500

4000

4500

200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400

Gold Price (US$/oz)

FTSE

Gol

d M

ines

Inde

x (U

S$)

Relationship between gold equities & gold price

Source: DataStream. Weekly data January 2001 to 28 March 2011

CurrentValue

Jan ‘01- Dec ‘02

Jan ‘03- June ‘06

May ‘06 – Aug ‘08

Aug ’08 - Present

Gold & Gold Shares

16

Why gold: Diversification from core asset classes

Correlation of gold and other selected commodities to a selection of financial assets – long term view (10 years)

(10 year dataset) MSCI World (Equities) S&P 500

Barclays Global Aggregate

(Bonds)

Trade Weighted US$

% Performance (U$)

Gold Bullion 0.16 0.04 0.40 -0.52 455%

BGF World Gold Fund* 0.44 0.31 0.35 -0.52 1017%

GSCI Commodities Index (Total Return) 0.38 0.29 0.17 -0.34 48%

LME Copper spot 0.41 0.33 0.07 -0.26 467%

WTI Oil spot 0.27 0.21 0.08 -0.22 306%

CBOT Wheat spot 0.19 0.11 0.17 -0.26 72%

• Gold has low correlation with almost all financial assets

• Superior diversification from equities and US$ compared to other commodities

• Exposed to spot rather than futures markets, so not impacted by negative roll yields and usually physically backed

Source: DataStream, data as at 31 March 2011 * BGF World Gold shown here as an example of a gold equity fund

17

Gold Equities – The Sweet Spot

Exploration Companies Mid Tier Growth Companies Gold Majors

Underweight Overweight Underweight

Little / no cashflow generation

Less correlation to moves in today’s gold price

Difficult to identify outperformers / generate alpha

Leverage to current gold price

High quality asset base enables internal funding of future growth

Multi asset reduces risk / increases rating

Development companies with large land packages are attractive

Struggle to maintain / grow production

Difficulty in replacing reserves with new ounces of equal / better quality

Need to see stronger dividend growth to drive a potential re-rating

opportunity

Focus on cashflow exposed to the gold price and ability to grow per share gold production

18

Gold mining production costs$/

Oun

ce

100200300400500600700800900

10001100

0

Cash Costs Gold

79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09

Average annual gold price vs industry cash operating costs

Operating leverage has returned to the gold sector•Mining companies delivering on margin growth in rising gold price environment

02 03 04 05 06 07 08 09 10

$/O

unce

100200300400500600700800900

1000110012001300

Cash Cost Production Cost Gold Price

The price of gold and cash operating costs of productionQuarterly, price through second quarter 2010

CPM Group October 2010

19

Gold companies with large war chests

Cash and Short Term Investments and Dividends Paid by Gold Producers

0

2000

4000

6000

8000

10000

12000

14000

1600012

/31/

2004

6/30

/200

5

12/3

1/20

05

6/30

/200

6

12/3

1/20

06

6/30

/200

7

12/3

1/20

07

6/30

/200

8

12/3

1/20

08

6/30

/200

9

12/3

1/20

09

6/30

/201

0

Tota

l Cas

h +

ST In

vest

men

ts (U

S$ m

illio

n)

0

50

100

150

200

250

300

350

Dividends Paid (U

S$ Million)

Total Cash + ST Investments Dividends Paid (4Q Rolling Average)

Source: Capital IQ

Included Companies:Agnico-Eagle mines LtdAngloGold Ashanti LtdBarrick Gold CorpEldorado Gold CorpGold Fuelds LtdGoldcorp incIAMGOLD CorpKinross Gold CorpNewcrest mining LtdNewmont Mining CorpRandgold Resources ltdYamana Gold Inc

20

10

15

20

25

30

35

40

45

Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11

Silv

er U

S$/o

z

Other precious metals

From being a laggard in 2008, platinum and palladium have started to gain back the relative ground they lost

• Auto catalyst demand recovering

• Supply side issues facing South African producers

• New ETF products

Chinese demand surprises on the upside• Quicker than expected growth in auto sales

• Exceptional demand for white metal jewellery

Silver has outperformed since mid-2010

• Industrial / electronics applications recovering

• Strong investment demand, especially in the US

• Fund exposure – Fresnillo, Hochschild

Platinum Exchange Traded Instruments, oz

Source: DataStream, 7 April 2011

Source: UBS as at 28 March 2011

Silver – Strong Performance continues into 2011

0

500000

1000000

1500000

2000000

May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10

Oun

ces

0

500

1000

1500

2000

2500

US$

/oz

ZKB ETFS (LSE) ETFS (LSE) BasketETFS (NYSE) Julius Baer UBS FundTFS WM Basket Mitsubishi Platinum Price

21

Corporate events in the Gold Sector

• Significant M&A activity in the gold sector as companies start to put the cash on their balance sheets to work by

increasing their gold reserves through acquisitions of high quality mid-cap producers

―

Newcrest Mining bid for Lihir Gold; deal closed end of August

―

Kinross bid for Red Back Mining,

―

Goldcorp bids for Andean Resources

―

Anatolia bids for Avoca

•

Dividends have resumed or increased and debt markets are reopening

—

Barrick increased dividend

—

Newmont increased dividend

—

Goldcorp doubles dividend

—

Alamos issues maiden dividend in March; increase of 17% in September

—

Newcrest continues to increase dividend

—

Centerra maiden dividend

22

50150250350450550650750850950

10501150

Jan-

01

Jul-0

1

Jan-

02

Jul-0

2

Jan-

03

Jul-0

3

Jan-

04

Jul-0

4

Jan-

05

Jul-0

5

Jan-

06

Jul-0

6

Jan-

07

Jul-0

7

Jan-

08

Jul-0

8

Jan-

09

Jul-0

9

Jan-

10

Jul-1

0

Jan-

11

Reb

ased

to 1

00

BGF WG FT Gold Mines Index Gold Bullion

BGF World Gold Performance

• Launched in 1994

• AUM of U$ 9.0 bn

• Open Ended SICAV

• AAA rated – OBSR

• AAA rated – S&P Fund Research

• Elite rated- Morningstar

Source: Datastream. Net performance in USD on a NAV pricing basis with income reinvested as at end March 2011. Past performance is not necessarily indicative of future performance.

US$ YTD 2010 2009 2008 2007 2006 2005 2004

BGF World Gold Fund -3.9 35.7 48.5 -34.4 33.6 27.5 31.1 -6.2

FTSE Gold Mines Index -3.8 29.0 29.6 -19.9 21.1 12.6 27.8 -6.9

Gold Bullion 1.4 29.4 27.1 3.1 31.8 23.8 17.0 5.0

Source: DataStream, data to 4 April 2011

23

BGF World Gold Top Ten

Source: Internal as at end March 2011 Indicative only and subject to change.

Stock % of Fund Geography Commodity

Newcrest Mining 10.2 Australia Gold

Goldcorp 7.4 North America Gold

Kinross Gold 7.1 North America Gold

Fresnillo 6.3 Latin America Silver

Buenaventura 5.5 Latin America Gold

Penoles 4.8 Latin America Silver

Impala Platinum 4.1 South Africa Platinum

Randgold Resources 3.8 Africa Gold

Newmont 3.6 North America Gold

Agnico-Eagle 3.4 Global Gold

Total 56.2%

Number of Holdings: 58

24

DSP BlackRock World Gold Fund is a product that gives you • International diversification

• Access to the growth potential of Equities as well as the strong fundamentals of Gold

Access to BlackRock Global Funds - World Gold Fund• One of the largest funds in its category# with a 15 year Performance Track Record

• Out-performance over FTSE Gold mines (cap) Index, Gold Bullion and S&P CNX Nifty Index*

• Managed by a highly regarded Natural Resources Team

Why Invest In DSP BlackRock World Gold Fund?

A Precious GemPrecious Gem for your Investment Portfolio

*Time period under consideration: Dec 30 1994 to March 31, 2011, Source: Bloomberg; #Funds investing in Gold mining companies

25

Note: As per the SEBI standards, for performance reporting, the “since inception”

returns are

calculated on Rs 10/-

invested at inception. For this purpose the inception date is deemed to be the date of allotment. The ‘returns’

shown are for the Regular Plan -

Growth Option. Performance in INR term.

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

CAGR as on March 31, 2010

DSP BlackRock World Gold Fund FTSE Gold Mines (Cap) Index

Last 1 year 33.30% 27.71%

Last 3 year 9.41% 12.03%

Since Inception Returns 19.03% 14.82%

NAV/ Index Value (Rs) 18.5406 171971.67

Date of allotment Sep 14, 2007

DSP BlackRock World Gold Fund: Performance

26

Minimum Investment and Minimum Additional Purchase

• Regular Plan: Rs. 5000/- and Rs. 1000/- thereafter• Institutional Plan: Rs. 1 cr. and Rs. 1000/- thereafter

• Options available:

Growth(for both plans)

Dividend - Payout- Reinvest

Entry Load (both plans)

Nil

Exit Load (both plans)

For holding period: < 12 months: 1%; holding period >= 12 months: Nil

DSP BlackRock World Gold Fund: Scheme Features

Thank You

28

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. Asset Allocation: Units of BGF – WGF or other similar overseas mutual fund scheme(s): 90% to 100%; Money market securities and/or units of money market/liquid schemes of DSP BlackRock Mutual Fund: 0% to 10%.Features: SIP only in Regular Plan, SWP & STP available in each plan of the scheme. Nomination facility available, subject to applicable conditions as per the Statement of Additional Information (SAI) and Scheme Information Document (SID). Declaration of NAV on all Business Days. Redemption normally within 5 Business Days. Sale and Redemption of Units on all Business Days at Purchase Price and Redemption Price respectively. Minimum investment: Rs. 5,000/- (Reg. Plan)/Rs. 1 crore (Inst. Plan). Entry load: NIL. Exit load: Holding Period < 12 months: 1%, Holding Period >= 12 months: NIL. Investors shall bear the recurring expenses of the Scheme in addition to the expenses of the underlying scheme(s) in which the Scheme will make investment.Statutory Details: DSP BlackRock Mutual Fund (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 Scheme’s objectives will be achieved. As with any investment in securities, the NAV of Units issued under the Scheme 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 Scheme. Investors in the Scheme 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. DSPBRWGF is the name of the Scheme and does not in any manner indicate the quality of the Scheme, its future prospects or returns. If the SEBI limits for overseas investments allowed to the Fund are expected to be exceeded, subscriptions and switches into the Scheme may be temporarily suspended / SIP/STP into the Scheme may be terminated. For scheme specific risk factors, please refer the Scheme Information Document (SID). 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 SID and SAI carefully before investing.

Disclaimer

Appendix

30

BlackRock’s Natural Resources team, London

Agriculture

As at October 2010

Richard DavisCatherine RawClive Burstow

Tom Holl

Poppy AllonbyAlastair Bishop

Joshua Freedman

BlackRock Offices worldwide250+ equity analysts, 300+ fixed income analysts

BlackRock Solutions & Risk Management1,800+ Professionals

Evy Hambro & Robin BatchelorJoint Chief Investment Officers

Portfolio Manager AssistantsSimon McClure &

Greg Bullock

Mining & Gold Energy & New Energy

Richard Desmond Davis Cheung

Product SpecialistsMalcolm Smith

Fiona Stubbs & Alex Ball

31

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 where she was responsible for the basic materials, utilities and energy sectors.

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

Alex Ball, analyst and product specialist for the Natural Resources Equity products, provides a link between the investment teams and the account managers. Mr Ball joined BlackRock in 2009 as part of the graduate scheme. Prior to working on the Natural Resources team, he was a member of the Proprietary Alpha Strategies team.

Mr Ball earned a BA degree, in english literature and language from Oxford University in 2009.

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. He is also joint chief investment officer of the BlackRock Natural Resources Team.

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.

Alastair Bishop, director and portfolio manager is responsible for covering the energy and alternative energy sectors. Mr. Bishop joined BlackRock in 2010 from Piper Jaffray where he was a Senior Research Analyst covering the Clean Technology industry. Prior to joining Piper Jaffray in 2009, he covered the European Renewable Energy and Industrial sectors for 8 years at Dresdner Kleinwort Investment Bank.

Mr. Bishop earned a BSc degree in Economics from the University of Nottingham in 2001.

BlackRock Natural Resources team biographies (in alphabetical order)

32

Team biographies (contd.)

Clive Burstow, vice president and portfolio manager, is responsible for covering the gold and mining sectors. Mr. Burstow joined BlackRock in 2010 from Alliance Bernstein where he was a EMEA Materials Analyst and Growth equities Precious Metals analyst. Prior to joining Alliance Bernstein in 2007, he was with Baring Asset Management as lead analyst for the Global Resources Fund.

Mr. Burstow earned a BEng degree in mining from the Camborne School of Mines in 1993.

Desmond Cheung, director and portfolio manager, is responsible for covering the agriculture sector and China. Prior to joining BlackRock in 2007, Mr. Cheung spent five years at Hang Seng Bank Ltd, a major subsidiary of HSBC Group in Hong Kong, as a credit and relationship manager specializing 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 responsible for managing a range of natural resources portfolios, including agriculture, mining, gold and income strategies. 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.

33


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.

Evy Hambro, managing director and portfolio manager, is responsible for the management of several gold and mining portfolios and is joint chief investment officer of the BlackRock Natural Resources Team. 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, CFA, associate and portfolio manager, is responsible for covering the gold and mining 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.

34


Catherine Raw, CFA, director 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, vice president 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.

Fiona Stubbs, associate and product specialist for the Natural Resources Equity products providing a link between the investment teams and account managers. Ms Stubbs’ time with the firm dates back to 2007. Prior to joining the Natural Resources team she worked in Global Consultant Relations with a number of assigned investment consultancies alongside their lead relationship managers, engaging in a variety of activities designed to support consultants' work with mutual and potential clients.

Prior to joining BlackRock in 2007, Miss Stubbs earned a BSc in Biology at Oxford Brookes University in 2002.