Notification of changes to the benchmark of the underlying fund of P70 Blackrock World Mining.

13 July 2020

We have been notified by BlackRock Global Funds (the “Company”) of the following changes to the benchmark of the underlying fund of P70 Blackrock World Mining. These changes will come into effect from 18 August 2020 (the “Effective Date”).

Please see the below for more details of these changes, which has been extracted from the Shareholder letter of the underlying fund:

“The Fund invests at least 70% of its total assets in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals. The Fund is actively managed and its current benchmark index (the "Current Index"), is representative of the Fund's investable universe and is designed for UCITS compliance. However, in the past 24 months, as a result of market moves, the composition of the Current Index has at times been inconsistent with the UCITS rules on portfolio diversification, and the Current Index has been extraordinarily rebalanced to restore UCITS compliance. This, in turn, creates a need for the Investment Adviser to reassess the level of active risk taken by the Fund (i.e. degree of deviation from the Current Index).

The Directors are of the view that it is in the best interests of investors to change the Fund's benchmark to the MSCI ACWI Metals and Mining Index (the "New Index") from the Effective Date.

MSCI is an established index provider and is likely to be familiar to investors. The design of the New Index means it has a lower likelihood of breaching the UCITS rules, plus it includes a broader selection of companies from the Fund's investible universe.

In addition to better reflecting the Fund's investable universe, the New Index will replace the Current Index as a means of measuring the performance of the Fund, from the Effective Date.

The change described above will have no impact on the Fund's investment objective and policy, and no change to the Fund's existing risk limits.”

Should you have any questions regarding these changes, please contact International Funds & Investments.