DSP World Agriculture Fund - An open ended Fund of Funds Scheme investing in Agricultural companies through International funds This Open-ended Fund of Funds Scheme is suitable for investors who are seeking* : 1. Long-term capital growth 2. Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the agriculture value chain 3. High Risk** *Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them. **Risk may be represented as: Low: Investors understand that their principal will be at low risk Moderately Low: Investors understand that their principal will be at moderately low risk Moderate: Investors understand that their principal will be at moderate risk Moderately High: Investors understand that their principal will be at moderately high risk High: Investors understand that their principal will be at high risk

1. DSP World Agriculture Fund
An Open Ended Fund Of Fund Scheme investing in BlackRock
Global Funds – World Agriculture Fund
July 31, 2018
This Scheme is suitable for investors who are seeking* :
• Long-term capital growth
• Investment in units of overseas funds which invest
primarily in equity and equity related securities of
companies in the agriculture value chain
*Investors should consult their financial advisors if in doubt
about whether the product is suitable for them.

2. DSP World Agriculture Fund: Product Structure
BlackRock Global Funds
(BGF) World Agriculture
Fund
USD 73 million
Source: BlackRock; AUM of BGF – WAF as on end-July, 2018
Indian Investors
2
An Open Ended Fund Of
Fund Scheme investing in
BlackRock Global Funds –
World Agriculture Fund

3. BlackRock Natural Resources Team
BlackRock as at 1 August 2018
Names are displayed in alphabetical order by surname.
3
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Chief Investment Officer
Evy Hambro
Cailey Barker
Hannah Gray
Tom Holl
Olivia Markham
Aidan McGuckin
Mining & Gold
Alastair Bishop
Ruth Brooker
Mark Hume
Charlie Lilford
Lindsay Sinclair
Energy & New Energy
Greg Bullock
Portfolio Manager
Assistant
Alex Foster
Titania Hanrahan
Courtney O’Shea
Nicole Vettise
Fred Wood
Product Strategists
Simon McClure
Business Manager
David Huggins
Skye Macpherson
Agriculture

4. Investment philosophy and style
“
We invest through the natural resources cycle, combining bottom-up, fundamental analysis
of companies with a top-down macro and industry overlay.
We believe that markets are not efficient and through our detailed knowledge of natural
resources companies, we can generate alpha over the long-term.
”
Seeking
differentiated
sources of return
• Growth potential
• Relative value
• Sustainable
businesses
• Turnarounds
• Commodity / macro
tilts
Maintaining a
flexible style in
cyclical industries
Utilising
sophisticated risk
management tools
Integrating
Environmental,
Social and
Corporate
Governance
We believe in…
4
BlackRock, 1 July 2018. While this is our belief, no investment is risk free. Proprietary technology platforms may help manage risk but risk cannot be eliminated.

5. Our investment process
Bottom up
Research
Top down
Research
Investment Universe
Liquidity
Financial health
Governance
Company meetings
Financial modelling
Site visits
ESG
Commodity analysis
Macro trends
Industry analysis
Risk Oversight (RQA)
Portfolio Construction
Diversification
Relative valuation
Active risk
Review process
Screening:
Investment
Ideas
BlackRock, 1 July 2018. ESG: Environmental, Social and Governance. RQA: Risk & Quantitative Analysis Team. Current process for selecting investments in the portfolio is in accordance with
its stated investment objective and policies. Process subject to change based on market conditions, portfolio manager's opinion and other factors.
5

6. Company research
6
What we look for in a company
 Strategy to grow shareholder value
Sustainable growth
Turnaround/capital discipline
Re-rating/valuation
 Quality factors
Asset quality
Management
Capital structure
Capital allocation
ESG
P
P
P
P
P
P
P
P
BlackRock 1 July 2018
Hard hat research
Tom Holl in Peru

7. Portfolio construction: position sizing
CONVICTION RISK ADJUSTED
BlackRock, 1 July 2018. Portfolio construction process explained for illustrative purposes only, subject to change.
7
>2% 1-2% 0-1%
TIER 1 TIER 2 TIER 3
Well established
businesses
Stock specific catalysts
Liquid & typically less
volatile
Large-to-mid caps
Thematic plays (FX,
commodity bias)
Valuation support
Mid-to-small caps
Single asset, developer,
exploration company
Material upside, but risk &
liquidity adjusted
Active weight
Deliberate Diversified Scaled
Active risk

8. Risk management: interaction with Risk & Quantitative Analysis
Team (RQA)
8
Sophisticated desktop risk analytics
Risk management is a core
component of Blackrock’s
culture
The team maintains a
constant dialogue with
RQA and meets with them
on a monthly basis for
Portfolio Review meetings
+380 individuals in
BlackRock’s RQA division
The Natural Resources
team utilises BlackRock’s
sophisticated in-house risk
management tools
Independent risk oversight of portfolios by RQA
Stress Tests: 99.9th Percentile, 1 Month move
E_WEFNR
E_NEFNR
BR_GR
E_WGFNR
E_WMFNR
E_WAF
E_WREI
World Market -31% -84 -646 -167 202 -91 161 393
Local Market -31% -84 -646 -167 202 -91 161 393
Credit Spread +4% -67 -771 27 124 -52 260 448
VIX +37% -90 -361 -108 93 -143 155 239
Oil -43% -172 -303 -112 44 -133 26 46
Gold -21% 117 2 54 618 90 -40 14
Interest Rates +130 (bps) 49 181 -20 456 276 -33 -11
Inflation 82(bps) 122 365 -78 -100 104 -81 -114
EUR weakens vs USD -11% 0 -149 6 -50 -87 -122 -79
Decoupling +20% 17 -35 77 -526 -335 -219 -297
StoRM Active Beta 0.10 0.20 0.07 -0.17 0.00 -0.09 -0.09
BlackRock, 1 July 2018. Screenshots are for illustrative purposes only.
Portfolio construction: risks are deliberate, diversified and scaled

9. Continuous Investment review process
Highest frequency Lowest frequency
BlackRock, 1 July 2018. For illustrative purposes only.
9
Company
Commodity /
Macro
Portfolio
Stock news Research pipeline and
investment ideas
Stock screens
(Deep Blue)
Stock and sector post-mortem
Ethix (ESG)
Research template
Review
trade report
Portfolio
review
Risk /
portfolio
Top / bottom performers Cross sector
allocation
Portfolio post-
mortem
Commodity super-groups
External speaker
Macro pack
Commodity pack

10. Agriculture market review

11. Major indices ignore agriculture, meaning you are underexposed
11
FTSE 100 MSCI World IndexS&P 500
Market cap relative to other sectors
Agriculture represents a small portion of key indices so there is little overlap
Agricultural equities has a meaningful universe relative to other recognised sectors
Source: Bloomberg, 31st December 2016. Indexes are unmanaged and one cannot invest directly in an index.
0.65
1.36
2.43
4.79
7.53
-
1
2
3
4
5
6
7
8
MSCI Metals & Mining Agriculture* MSCI World Energy MSCI Healthcare MSCI Financials
US$Trillion
Agriculture stocks (%) Other Agriculture stocks (%) Other Agriculture stocks (%) Other

12. 0
100
200
300
400
500
600
700
800
900
DAXglobal Agribusiness Index
MSCI World Index
S&P 500 Index
Agricultural equities have delivered superior returns
12
-40%
-20%
0%
20%
40%
60%
80%
100%
DAXglobal Agribusiness Index relative to MSCI
World Index
18% pa
outperformance
3% pa
underperformance
Outperformed over 70% of the time in last 15 years
We’ve excluded GFC
years given their
extraordinary nature
Past performance may not sustain in future and should not be used as a basis for comparison with other investments. Source: Left: Bloomberg, 31 December 2016. Top right and
bottom right: Datastream, 31 July 2018. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest
directly in an index.
Long-term outperformance
Performance (%)
Jul-17 -
Jul-18
Jul-16 -
Jul-17
Jul-15 -
Jul-16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
DAXglobal
Agribusiness Index
6.04% 13.65% -5.73% -1.19% 11.89%
MSCI World Index 9.79% 13.90% -2.48% 2.99% 13.69%
S&P 500 Index 14.01% 13.65% 3.32% 8.97% 14.53%

13. Agricultural equities do not behave like other commodity sectors
13
Equity returns are skewed to upside Can benefit from BOTH rising or falling commodity prices
Past performance may not sustain in future and should not be used as a basis for comparison with other investments. Source for both charts: Bloomberg, 30th November 2016.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Up-cycle shows 2004 -
2011
Down-cycle shows
2011 - 2016
100
125
150
175
200
225
250
275
300
0 6 12 18 24 30 36 42 48 54 60 66
Indexreturns(rebasedto100)
Months
Ag Equity Returns
Up-cycle Down-cycle
151%
25%
10%
-24%
-50%
-25%
0%
25%
50%
75%
100%
125%
150%
175%
200%
Ag Equities Ag Commodity Basket
Return(%)
Equities vs commodities returns
Up-cycle Down-cycle
Attractive asymmetric return profile for long-term investors

14. The great misconception: the unimportance of crop prices
14
Yet US Net Real Farm Incomes have grown
Real crop prices have declined since the
70’s
Past performance may not sustain in future and should not be used as a basis for comparison with other investments. Source: Bloomberg 30th September 2017, USDA Economic
Research Service. Crop Price Index: 1/3 wheat, corn and soybean prices. S&P 500 Index performance: Datastream, 31 July 2018. You cannot invest directly in an index. Reference to the names of
each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those
companies.
Agriculture stocks across the value
chain outperform the S&P 500
-
100
200
300
400
500
600
700
800
900
1,000
1970 1980 1990 2000 2010
Long Term Crop Prices:
Real & Nominal
Nominal Real
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
1986-1995 1996-2005 2006-2015
Decadal Average Net Real
Farm Income Growth
The agriculture industry thrives thanks to efficiency & production growth
0% 5% 10% 15% 20%
1986-1995
1996-2005
2006-2015
Real CAGR Returns
S&P 500 ADM
Tyson Foods Deere & Co
Jul-17 -
Jul-18
Jul-16 -
Jul-17
Jul-15 -
Jul-16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
S&P 500
Index
14.01% 13.65% 3.32% 8.97% 14.53%

15. The sector benefits from long-term structural demand drivers
15
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
2.3
2.5
BillionMetricTonnes
Global Grain & Oilseed Production &
Consumption
Gap Global Production Global Consumption
Sustainable and persistent consumption growth of 2.3%pa
since 1960
Equity returns are amplified above demand growth by the
following factors:
 Innovation
 M&A
 Capital spending
 Leverage
 Market share gains
Source: USDA, 2017; Grain & Oilseed defined as the aggregate of: barley, corn, oats, rye, sorghum, wheat, rapeseed, soybean and sunflower seed.

16. Part 3: cheap valuation attracts further deals
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
Price to Book: Ag Equities to
MSCI World Ratio
DXAG v MSCI World P/B ratio
Average
Changing landscape is creating investment opportunities
16
Data: Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment
recommendation of those companies. Bloomberg data to 31st August 2017. BlackRock has not acquired any rights or license to reproduce the trademarks, logos and images set out in this document.
The trademarks, logos and images set out in this document are used strictly for illustrative purposes in this presentation.
Part 2: asset purchases and spin-offs
DuPont
crop protection
JBS ex-Brazil
meatpacking
Wirtgen
Lithium business
Vale
phosphate assets
JBS Moy Park
AgCo
US Keystone
business
One Foods
Asset purchases
Spin-offs
Part 1: characterised by mega M&A

17. In an environment where grain and oilseed prices have
normalised we are making decisions based primarily on stock
specific catalysts
We are focused on companies that have unappreciated
transformation stories.
We have exposure to long-term health and wellness trends
such as organics and protein packed diets
Agriculture portfolio themes
17
BlackRock, 1 July 2018. Represents BlackRock's opinion as of 1 July 2018, subject to change.

18. BGF World Agriculture Fund

19. Investment
Universe
BGF World Agriculture Fund – a through-cycle investment
19
All companies around the world engaged in agricultural activities
Actively allocates across value chain from upstream co.’s (e.g. fertiliser) to downstream co.’s (e.g. protein)
Does not invest as far downstream as supermarkets, preferring to stay true to label
BlackRock as at 31st May 2017. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as
investment advice or investment recommendation of those companies.
Upstream Downstream
Fertiliser
Example: Potash Corp
Protein Producers
Example: Tegel
Food Processing
Example: Synlait
Health / Wellness
Example: Glanbia Plc
Supply Chain
Example: Archer Daniels Midland
Edible Oil
Example: First Resources
Farming / Plantations
Example: Adecoagro
Agriculture Science
Example: Monsanto
Agriculture Equipment
Example: Deere & Co
Forestry Agricultural
pricing cycle

20. Carbon footprintsWater footprints
20
PureCircle: the leading sustainable sugar substitute provider
Chart data from PureCircle’s sustainability report, 2016. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not
be construed as investment advice or investment recommendation of those companies.
1,410
785
968
1,258
65
0
400
800
1,200
1,600
Cane sugar Beet sugar High
fructose
corn syrop
Other
stevia
estimate
PureCircle
stevia
Litres/kgSE
What does the company do?
• Emerging food ingredient company focused on stevia.
• Stevia is a sweetener and non-calorific sugar substitute.
• Over 800 products launched in last 5 years using stevia
• PureCircle’s stevia is significantly more water and carbon
efficient than other alternatives
1.30
0.65
0.50
0.38
0.32
0.27
0.0
0.4
0.8
1.2
1.6
High
fructose
corn syrop
Other
stevia
estimate
Beet
sugar
Cane
sugar
PureCircle
stevia
(2012)
PureCircle
stevia
(2013)
KgCo2-e/kgSE

21. Investment rationale:
• Powerful combination of crop price improvement and cost reduction supports EPS growth
• Brazil farm equipment demand in particular looks primed for a year-on-year improvement
• Farm equipment demand appears to have reached an inflection point
• Deere is targeting $500m of cost savings
Deere – rising prices combined with cost cutting has driven strong
returns
Source: Goldman Sachs, 30th November 2016. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be
construed as investment advice or investment recommendation of those companies.
21
North America Farm Equipment Unit Sales, indexed in 1990
175
155
135
115
95
75
55
35
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016E
2017E
2018E
30 year low
Row-crop tractors 4-wheel drive tractors Combine sales
Unitsales

22. Appendix

23. 8.96%
4.57%
3.51%
2.25%
1.42% 1.17%
0.00%
-1.18%
-2.25%
-7.76%
-10.63%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
Positioning & Characteristics
Positioning versus the benchmark
34 15.6XUS$ 18,619million 1.8X
Number of holdings
Price to earnings ratio
(FY+1)
Weighted average market
cap
Price to book ratio (FY+1)
23
Source: BlackRock as 31 July 2018. Subject to change. Positioning is as of 31 May 2018 and does not necessarily represent current or future portfolio holdings.

24. Sector Allocation Geographic Allocation
BGF World Agriculture Fund: Asset allocation
Source: BlackRock. Data as at 31 July 2018. Indicative only and subject to change. Geographic exposure shown by listing. Data shown above is for illustrative purposes only and does not
necessarily represent the current or future allocation of the fund. Numbers may not add up to 100% due to rounding.
24
22.01%
19.53%
19.22%
11.49%
10.83%
7.60%
6.88%
2.25% 0.24%
Fertilizer Agriculture Equipment
Supply Chain Health & Wellness
Protein Producers Food Processing
Agriculture Science Cash
Farming & Plantations

25. 25
#InvestForGood

26. Disclaimer
26
In the preparation of the material contained in this document, DSP Investment Managers Pvt. Ltd. (“AMC”) has used information that is publicly available, including
information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy, reasonableness and / or
completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should not be construed as any research
report/research recommendation.
We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar
expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking
statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political
conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
The distribution of this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons who come into possession of
this material in such jurisdictions are required to inform themselves about, and to observe, any such restrictions.
ASSET ALLOCATION
1. Units of BGF – WAF# or other similar overseas mutual fund scheme(s): 95% to 100%
2. Money market securities and/ or units of money market/liquid schemes of DSP Mutual Fund: 0% to 5%
#in the shares of BGF – WAF, an Undertaking for Collective Investment in Transferable Securities (UCITS) III fund.
The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any recommendation/opinion of the same and the Underlying Fund may or
may not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the Underlying Fund is subject to changes within the provisions of its Offer
document. Past performance may not sustain in future and should not be used as a basis for comparison with other investments.
All figures and other data given in this document are as on 31st July, 2018 unless stated otherwise and the same may or may not be relevant in future. For scheme
specific risk factors, asset allocation and more details, please read the SID, Statement of Additional Information and Key Information Memorandum of the Schemes
available on ISC of AMC and also available on www.dspim.com.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of
subscribing to the units of the DSP Mutual Fund (“Fund”).
There is no guarantee of returns/ income generation in the Scheme. Further, there is no assurance of any capital protection/capital guarantee to the
investors in the Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully