DSP BlackRock Gold Fund

1. DSP BlackRock World Gold Fund
April 2011

2. DSP BlackRock World Gold Fund
(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
2

3. DSP BlackRock World Gold Fund

4. Why Invest In DSP BlackRock World Gold Fund?
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
A Precious Gem for your Investment Portfolio
*Time period under consideration: Dec 30 1994 to May 31, 2010, Source: Bloomberg; #Funds investing in Gold mining companies
4

5. Gold market
Gold Price US$/oz
1600
1400
1200
1000
US$
800
600
400
200
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: DataStream, as at 28 March 2011
• 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
5

6. Investment Demand – Key Drivers
Currency Volatility /
Portfolio Diversifier Inflationary Concerns
Dollar Weakness
Low correlation to fixed income and Impact of quantitative easing – risk of What will be the next reserve currency?
equities inflationary scenario has increased
Amount of gold backed by ETFs
80 1500
70
1300
60
Million ounces
1100
50
US$/oz
40 900
30
700
20
500
10
0 300
2003 2004 2005 2006 2007 2008 2009 2010
GBS (ASX) GBS (LSE) New Gold (JSE) GLD (NYSE) IAU (Amex)
ZKB Gold ETF-SWX ETFS (London) XETRA (DAX) Julius Baer (SWX) ETFS(NYSE)
CS-XMTCH(SIX) UBS-IS Gold ETF Sprott Physical Gold Gold Price (US$/oz)
Source: UBS. Data as at 28 March 2011
China’s Lion Fund Management launched new gold fund in December 2010 raising $500m to be invested gold-backed ETFs globally
6

7. Returns of gold and silver in a real interest rate environment
Year-on-year returns since 1970
60
50
40
Gold Silver
30
20
% Return
10
0
-10
-20
-30
-40
-50
-5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9
Real short-term FED funds rate (%)
Source: Deutschebank March 2011
7

8. Central bank gold holdings – Strategic shift in attitude
Central Bank Gold Holdings (1958-2010) Change in official sector gold holdings 2000-2010
40000 400
300
38000
200
100
36000
0
Tonnes
Tonnes
34000
-100
-200
32000
-300
30000 -400
-500
28000
1958
1963
1968
1973
1978
1983
1988
1993
1998
2003
2008
-600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
Source: Deutschebank, World Gold Council, December 2010 Source: World Gold Council, December 2010. *Estimate
8

9. Central bank gold holdings
Top 20 Central Bank Gold Holdings as a % of reserves
9,000 90%
8,000 80%
Gold Holding (Tonnes)
7,000 70%
% of reserves
6,000 60%
5,000 50%
4,000 40%
3,000 30%
2,000 20%
1,000 10%
0 0%
USA
UK
Russia
Venezuela
ECB
India
China
Italy
Austria
Saudi Arabia
Netherlands
Spain
Lebanon
Japan
Portugal
IMF
Switzerland
Taiwan
Germany
France
Source: World Gold Council, end Q1 2010
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
9

10. Jewellery demand
• 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
Jewellery demand by region - 2009
Other
2%
Indian Sub-
CIS Continent
3% 39%
North America
4%
Asia (ex China)
7%
Middle East
9%
Europe China
13% 23%
Source: WGC, 2010. *Based on H1 2010 data
10

11. Things to think about in 2011:
DEMAND
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)
Source: UBS, as at 31st December 2010
11

12. A stagnant industry
World Gold Mine Production, 1988-2010
3,000
Level of peak production
2,500
2,000
Tonnes
1,500
1,000
500
0
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010*
South Africa North America Australia China RoW H1 2010 H2 2010 Forecast
Source: GFMS 2010, *H1 2010, actual data; H2 2010 GFMS forecast data
Prior to 1996, Chinese production is included in Rest of the World
• 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
12

13. Mine supply – Future supply challenged
World Discovery Trends 3-Year Rolling Average Discover Cost
350 80
300 70
Discovery Cost (2009 US$/oz
60
250
Million ounces
50
200
40
150
30
100
20
50
10
0 0
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
>10 Moz 1-10 Moz 0.1-1 Moz Other Est
Source: Gold Fields, August 2010 Source: Gold Fields, August 2010
13

14. Things to think about in 2011:
SUPPLY
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
14

15. Relationship between gold equities & gold price
Gold & Gold Shares
4500
4000
May ‘06 – Aug ‘08
3500
FTSE Gold Mines Index (US$)
3000 Jan ‘03- June ‘06
Current
2500 Value
Jan ‘01- Dec ‘02
2000 Aug ’08 - Present
1500
1000
500
0
200 300 400 500 600 700 800 900 1000 1100 1200 1300 1400
Gold Price (US$/oz)
Source: DataStream. Weekly data January 2001 to 28 March 2011
15

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)
Barclays Global
MSCI World Trade Weighted % Performance
(10 year dataset) S&P 500 Aggregate
(Equities) US$ (U$)
(Bonds)
Gold Bullion 0.16 0.04 0.40 -0.52 455%
BGF World Gold Fund* 0.44 0.31 0.35 -0.52 1017%
GSCI Commodities Index (Total Return) 0.38 0.29 0.17 -0.34 48%
LME Copper spot 0.41 0.33 0.07 -0.26 467%
WTI Oil spot 0.27 0.21 0.08 -0.22 306%
CBOT Wheat spot 0.19 0.11 0.17 -0.26 72%
• Gold has low correlation with almost all financial assets
• Superior diversification from equities and US$ 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
16

17. Gold Equities – The Sweet Spot
Focus on cashflow exposed to the gold price
and ability to grow per share gold production
Exploration Companies Mid Tier Growth Companies Gold Majors
Underweight Overweight Underweight
Leverage to current gold price
Struggle to maintain / grow production
Little / no cashflow generation High quality asset base enables
internal funding of future growth Difficulty in replacing reserves with
Less correlation to moves in
new ounces of equal / better quality
today’s gold price Multi asset reduces risk / increases
rating Need to see stronger dividend growth
Difficult to identify outperformers /
to drive a potential re-rating
generate alpha Development companies with large opportunity
land packages are attractive
17

18. Gold mining production costs
Operating leverage has returned to the gold sector
•Mining companies delivering on margin growth in rising gold price environment
The price of gold and cash operating costs of production
Average annual gold price vs industry cash operating costs
Quarterly, price through second quarter 2010
1100 1300
1000 1200
900 1100
800 1000
900
$/Ounce
$/Ounce
700
800
600
700
500
600
400 500
300 400
200 300
100 200
0 100
79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 02 03 04 05 06 07 08 09 10
Cash Costs Gold Cash Cost Production Cost Gold Price
CPM Group October 2010
18

19. Gold companies with large war chests
Cash and Short Term Investments and Dividends Paid by Gold Producers
16000 350
Included Companies:
Total Cash + ST Investments (US$ million)
Agnico-Eagle mines Ltd
14000 AngloGold Ashanti Ltd
300
Barrick Gold Corp
Eldorado Gold Corp
Dividends Paid (US$ Million)
12000 Gold Fuelds Ltd
Goldcorp inc 250
IAMGOLD Corp
Kinross Gold Corp
10000 Newcrest mining Ltd
Newmont Mining Corp 200
Randgold Resources ltd
8000 Yamana Gold Inc
150
6000
100
4000
2000 50
0 0
12/31/2004
6/30/2005
12/31/2005
6/30/2006
12/31/2006
6/30/2007
12/31/2007
6/30/2008
12/31/2008
6/30/2009
12/31/2009
6/30/2010
Total Cash + ST Investments Dividends Paid (4Q Rolling Average)
Source: Capital IQ
19

20. Other precious metals
From being a laggard in 2008, platinum and Platinum Exchange Traded Instruments, oz
palladium have started to gain back the relative
2000000 2500
ground they lost
2000
• Auto catalyst demand recovering 1500000
Ounces
US$/oz
1500
• Supply side issues facing South African producers 1000000
1000
• New ETF products 500000
500
0 0
Chinese demand surprises on the upside May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10
ZKB ETFS (LSE) ETFS (LSE) Basket
• Quicker than expected growth in auto sales ETFS (NYSE) Julius Baer UBS Fund
TFS WM Basket Mitsubishi Platinum Price
• Exceptional demand for white metal jewellery
Source: UBS as at 28 March 2011
Silver has outperformed since mid-2010 Silver – Strong Performance continues into 2011
45
• Industrial / electronics applications recovering 40
Silver US$/oz
35
30
• Strong investment demand, especially in the US 25
20
15
• Fund exposure – Fresnillo, Hochschild
10
Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Source: DataStream, 7 April 2011
20

21. Corporate events in the Gold Sector
• 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
• 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
21

22. BGF World Gold Performance
• Launched in 1994
1150
• AUM of U$ 9.0 bn
1050
• Open Ended SICAV
950
• AAA rated – OBSR 850
Rebased to 100
• AAA rated – S&P Fund Research 750
• Elite rated- Morningstar 650
550
450
350
250
150
50
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
BGF WG FT Gold Mines Index Gold Bullion
Source: DataStream, data to 4 April 2011
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. 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.
22

23. BGF World Gold Top Ten
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
Source: Internal as at end March 2011 Indicative only and subject to change.
23

24. Why Invest In DSP BlackRock World Gold Fund?
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
A Precious Gem for your Investment Portfolio
*Time period under consideration: Dec 30 1994 to March 31, 2011, Source: Bloomberg; #Funds investing in Gold mining companies
24

25. DSP BlackRock World Gold Fund: Performance
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
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.
25

26. DSP BlackRock World Gold Fund: Scheme Features
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
26

27. Thank You

28. Disclaimer
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.
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29. Appendix

30. BlackRock’s Natural Resources team, London
Evy Hambro & Robin Batchelor
Joint Chief Investment Officers
Mining & Gold Agriculture Energy & New Energy
Richard Davis
Poppy Allonby
Catherine Raw Richard Desmond
Alastair Bishop
Clive Burstow Davis Cheung
Joshua Freedman
Tom Holl
Portfolio Manager Assistants Product Specialists
Simon McClure & Malcolm Smith
Greg Bullock Fiona Stubbs & Alex Ball
BlackRock Offices worldwide BlackRock Solutions & Risk Management
250+ equity analysts, 300+ fixed income analysts 1,800+ Professionals
As at October 2010
30

31. BlackRock Natural Resources team biographies (in alphabetical order)
Poppy Allonby, CFA, director and portfolio manager, is responsible for co-managing the Team’s energy and alternative
energy portfolios. Ms. Allonby's service with the firm dates back to 2000, including her years with Merrill Lynch Investment
Managers (MLIM) which merged with BlackRock in 2006. Prior to working on the Natural Resources team, Ms. Allonby was an
analyst on the US Equity Team 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.
31

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.
32

33. Team biographies (contd.)
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.
33

34. Team biographies (contd.)
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.
34