Sustainable Energy Fund...Global renewable energy consumption Energy Efficiency Global energy...

Sustainable Energy FundA sub-fund of BlackRock Global Funds

FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLYAEM0320E-1114365-1/38

2

Why Thematics?

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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

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4FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY

Sustainable Energy Thematic

Why

Sustainable Energy Thematic?

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The Energy Transition


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$)

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Why invest in the Sustainable Energy theme?


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

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Climate Change has environmental, financial & regulatory implications


For illustrative purposes only. Source: various newspaper articles, accessed May 2019.

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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


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

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dd

itio

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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)

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The shift to a lower carbon economy is supported by global regulations


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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38

E

Gra

ms

CO

2/

km

European New Car Average European Target

The Paris Climate Agreement: country emissions pledges Regulatory Targets in Europe for New Cars

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Lower carbon alternatives are increasingly moreeconomic


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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US

$/

mW

H

2014 2017

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800

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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

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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


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.

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The pace of adoption continues to be underestimated


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.

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Energy Outlook2015

Energy Outlook2018

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Change to the projected level of renewable power in 2035

Solar Wind Other

+59%

0

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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

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14

Fund overview

FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS ONLY AEM0320E-1114365-14/38

Power: Pace of decarbonisation continues to upside surprise


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

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Power stock example: NextEra


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

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Energy efficiency: Doing more with less


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.

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Energy Efficiency


• 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)

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Transportation: On the cusp of a multi-decade transformation


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.

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Transportation stock example: Infineon


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

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Investment Team, Philosophy & Process


BGF Sustainable Energy Fund- Strategy overview


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.

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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


Charlie LilfordFuture of TransportSustainable Energy


Alastair BishopFuture of TransportSustainable Energy


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


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

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BGF Sustainable Energy: Investment process


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

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5 globes for Sustainability by Morningstar

ESG embedded in the investment process


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

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Portfolio Characteristics & Performance


BGF Sustainable Energy Fund looks to capture these growth opportunities


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:

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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





BGF Sustainable Energy Fund - A 7.80 -2.53 17.49 11.48 -9.63

-15

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-5

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10

15

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Ret

urn

(%

)

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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


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%

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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

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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


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

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Active Equities Platform


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


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


Risks


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.

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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

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• 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.



• 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.



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