India Fund FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY PLEASE READ IMPORTANT DISCLOSURES. Performance. Fund Manager(s):

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FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY PLEASE READ IMPORTANT DISCLOSURES INVESTMENT COMMENTARY MAY 2018 India Fund A sub- fund of BlackRock Global Funds Fund Manager(s): Andrew Swan

The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.

Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.

1 FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY PLEASE READ IMPORTANT DISCLOSURES INVESTMENT COMMENTARY MAY 2018 India Fund A sub- fund of BlackRock Global Funds Fund Manager(s): Andrew Swan Performance The Fund fell by 2.5% over the month, outperforming its benchmark, which was down by 3.6%. The outperformance of the Fund was driven by security selection. Capital at risk. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Past Performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. In May 2018, the S&P BSE Sensex was flat (~+0.46% in Indian rupee terms and ~-0.65% in US dollar terms), to close at ~35,322. There was much news flow this month, with Brent touching $80/bbl, inflation rising, currency weakening by ~1.1% and the Karnataka elections. Fourth-quarter 2018 corporate earnings have been fairly healthy. Key trends include: technology stocks seeing a scaling up of digital projects; fast-moving consumer goods and consumer discretionary companies highlighting improvement in consumer demand, led by rural areas; cement stocks reporting better-than-expected realisation trends; and retail private banks seeing strong loan growth. However, on aggregate, a selected set of companies (corporate banks and pharmaceutical companies) dragged down the overall earnings. While the Nifty 50 reported ~5% profit after tax (PAT) growth year on year (YoY), excluding corporate banks (Axis and SBI reported a combined quarterly loss of ~$1.5 billion because of higher provisioning for bad loans), the PAT growth was a respectable ~15.6%. Nifty 50 revenue growth was a healthy ~16% YoY. India s fourth-quarter FY18 gross domestic product growth came in at 7.7%, at the fastest pace in seven quarters. The improvement was led by a pick-up in consumption (primarily government) and fixed capital formation growth. The BJP emerged as the single-largest party in the Karnataka state elections with 104 seats, below the half-way mark of 112. Its performance was better than the last election and that suggested by opinion and exit polls. However, the two smaller parties, Congress and JD(S), who together secured 115 seats, formed the government by entering into a post-poll alliance. At a sector level, the overweight to financials and the underweights to energy and telecommunications contributed positively. The overweight to industrials and the underweights to the consumer discretionary and materials sectors negatively impacted performance. Reliance Industries (-6.33% active weight): We are concerned about the steady escalation of capital expenditure for the telecommunications/downstream segment. The stock rallied primarily on the start of monetisation of its telecommunications business Jio, a business that is likely to remain in losses for a few years. While Wall Street has been expecting the telecommunications business to take price hikes, this has not yet come about and, in fact, the Prime subscription

2 plan renewal has been made free for another year. We have maintained our underweight to this company. HDFC Ltd (-5.80% active weight): HDFC Ltd is India s largest housing finance company and the most profitable financial conglomerate. The company has a high-quality, conservative management with an exceptional track record. However, expensive valuation is the key reason for the underweight position. Jet Airways (+0.51% active weight): We bought Jet as we believed that the sector was consolidating into these three players (Jet, Indigo and Spicejet), with all operating at high capacity utilisation, that passenger growth will remain strong, that Jet is the most inefficient of the top three and therefore had the highest room for improvement and that the new CEO was impressive and could work on reducing costs. In the near term, things have gone haywire as oil prices have shot up and players have chosen to go for volumes over protecting margins, which hurts Jet more. SRF Ltd (+1.35% active weight): SRF s speciality chemicals business has been facing headwinds because of lower growth in agrochemical consumption globally for the last five quarters. However, the management is now confident of green shoots and expects a revival from the fourth quarter of FY18 onwards. This, coupled with healthy traction in the refrigerant business, would aid overall performance of the chemicals segment of the company. Also, investment in new production lines in the Polyfilm segment over the last year should now start contributing to profitability. The stock probably corrected on slightly weaker-than-estimated numbers for the fourth quarter of FY18. Portfolio Activity The Fund added some exposure to financials and reduced some exposure to materials. At a stock level, the Fund added ICICI Bank and L&T Finance. The Fund reduced exposure to Vedanta, Tata Steel, SRF, Ashok Leyland, Bank of Baroda and Federal Bank. The Fund has ~80 stocks, with ~77% in large caps and ~21% in small and mid caps. There is a tracking error of 3.72% with a beta of The Fund has an overweight position in financials, industrials and utilities. The Fund has an underweight position in consumer discretionary, consumer staples, energy, healthcare, information technology, materials and telecommunications. Outlook and Positioning The Meteorological Department has forecasted normal rainfall for the 2018 monsoon season (June to September), at 97% of the long-period average. If this forecast does play out, India would witness the third successive normal monsoon. National Company Law Tribunal (NCLT) has settled its first case, with Tata Steel buying Bhushan Steel for ~$5.2 billion. Banks, which have taken ~37% haircut on their outstanding loans of $8.4 billion, can now classify the assets as standard, reducing their bad loan burden. SBI had the highest exposure of ~$2 billion to Bhushan Steel, followed by PNB at ~$700 million and ICICI Bank at ~$365 million. Net inflows into equity mutual funds were ~$2.2 billion in April. April flows were lower than the ~$2.8 billion average of the trailing 12 months. A slowdown has been seen in balanced funds, where net flows dropped to a 15-month low of $0.5 billion. Looking ahead, investors will likely focus on the Reserve Bank of India policy meeting (5 and 6 June), goods and service tax collections, NCLT resolutions, domestic fund flows, US Federal Reserve policy meeting (12 and 13 June) and geopolitics.

3 Key Risks Exchange Rate Risk Overseas investment will be affected by movements in currency exchange rates. Emerging market risk Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore the value of these investments may be unpredictable and subject to greater variation. Smaller company investments Smaller company investments are often associated with greater investment risk than those of larger company shares. Concentration Risk Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.

4 Important information Unless indicated the fund information displayed only provides summary information. Investment should be made on the basis of the relevant booklet together with the Prospectus and Key Investor Information Document, which are available from the Manager. Reference to individual investments mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or investment recommendation. The number of shares quoted for each Fund are indicative and actual numbers may fall outside of the ranges shown. 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. Registered in England No Tel: For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Austria: For further information, the prospectus, Key Investor Information Document, annual report and semiannual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9. 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 Investment Management (UK) Limited, German Branch, Frankfurt am Main, Bockenheimer Landstraße 2 4, Frankfurt am Main. The paying agent in Germany is J.P. Morgan AG, CIB / Investor Services Trustee & Fiduciary, Taunustor 1 (Taunus Turm), D Frankfurt am Main. Hong Kong: In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. This material is for distribution to "Professional Investors" (as defined in the Securities and Futures Ordinance (Cap.571 of the laws of Hong Kong) and any rules made under that ordinance.) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong. For Hong Kong investors, please refer to the BlackRock Global Funds Offering Documents for details, including risk factors. Netherlands: The risk indicator shown on this document refers to the A2 share class of the Fund. Higher or lower risk may apply to the other share classes of the Fund. Issued in the Netherlands by the Amsterdam branch office of BlackRock Investment Management (UK) Limited: Amstelplein 1, 1096 HA Amsterdam, Tel: BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial Markets Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and its 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 and its sub funds. The prospectus and EBI of BGF and its sub funds are available on BlackRock's website All financial investments contain a certain risk. The value of the assets managed by BGF and its sub funds may greatly fluctuate as a result of the investment policy and your initial investment is not guaranteed. Poland: BGF has been registered on the official list of the Financial Supervision Commission (Komisja Nadzoru Finansowego) for distribution in Poland. Issued in Poland by the representative office BlackRock Investment Management (UK) Limited, Dubiński, Fabrycki, Jeleński i Wspólnicy Kancelaria Prawna sp.k., ul. Zielna 37, Warszawa. Paying agent in Poland is Bank Handlowy w Warszawie SA, ul. Senatorska 16, Warsaw, Poland.

5 Singapore: In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration number: N) for use only by institutional investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and should not be relied upon by or redistributed to any other persons in Singapore. The above warnings and fund specific risks are explained in greater detail in in the current Prospectus and you should read them before investing. Spain / Portugal: Certain share classes of certain Fund(s) mentioned in this document are registered for public distribution in Spain and Portugal alongside each Prospectus for the Fund. In Spain, BlackRock Global Funds (BGF) is registered with the number 626 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 BLACKROCK INC. products or services 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. Switzerland: For professional clients and qualified investors only. The BlackRock Global Funds (BGF) India Fund is 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 semi-annual 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. 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. It is recognised under Section 264 of the Financial Services and Markets Act BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A limited range of BGF sub-funds have a reporting fund status A sterling share class that seeks to comply with UK Reporting Fund Status requirements. 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. 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 funds and has not been prepared in connection with any such offer BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ishares, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY and the stylised i logo 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.

FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY PLEASE READ IMPORTANT DISCLOSURES. World Mining Fund. A sub- fund of BlackRock Global Funds

FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY PLEASE READ IMPORTANT DISCLOSURES INVESTMENT COMMENTARY NOV 2018 World Mining Fund A sub- fund of BlackRock Global Funds Fund Manager(s): Evy Hambro