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BlackRock European Equity Team


                               2012 Outlook for European Equities

                               March 2012




FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Year 2011 in Review – Market Moves

                                                                      Local Currency Index Performance 2011 (%)
                                                                        NIKKEI 225
                                                                     HANG SENG
                                                                  SWISS MARKET
                                                              OMX STOCKHOLM 30
• US was the outperformer amongst major markets                        AEX INDEX
                                                                      FTSE MIB £
                                                                           IBEX 35
• Europe outperformed emerging markets                                     DAX 30
                                                                  FRANCE CAC 40
                                                                         FTSE 100
       -MSCI Europe 2011 Total Return (€) -7.5%                STOXX EUROPE 600
                                                                  EURO STOXX 50
                                                                      MEXICO IPC
       -MSCI Emerging Markets 2011 Total Return (€) -15.4%       BRAZIL BOVESPA
                                                                         S&P/TSX
                                                                         NASDAQ
• UK and Switzerland outperformed in Europe                               S&P 500
                                                                     DOW JONES

                                                                               -25.00% -20.00% -15.00% -10.00% -5.00%      0.00%   5.00%   10.00%
• Italy was the worst performer in Europe                                                   MSCI Europe - Tot Return Ind
                                                                   150
                                                                   140
                                                                   130
                                                                   120
                                                                   110
                                                                   100




                                                       A negative year except in USA

                                                                                                                                            2
                              FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Year 2011 in Review – Styles & Sector Moves

                                                             MSCI Europe Sector Performance 2011 (%)




•Defensives best performing sectors



•Financials suffer from Euro crisis



•Cyclicals suffer from worries over global growth
                                                             Style/Size Index Performance 2011 (%)

•Growth outperforms Value                                                                         MSCI Europe

                                                                 Stoxx Small 200

                                                                    Stoxx Mid 200
•Large caps outperformed small caps                                                                Stoxx 200 Large

                                                                                           MSCI Europe Value
                                                                                                                          MSCI Europe
                                                                                                                            Grow th
                                                           -20   -18      -16       -14   -12     -10      -8        -6      -4       -2       0




                           A year of defensives, energy and non-cyclical growth

                                                                                                                                           3
                         FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Year 2011 in Review – Volatility and Risk



European equity market volatility 2011                                        Explanatory Power of the Largest Principal Component


                                                                                                                    60% of returns
                                                                        80%                                         explained by ‘Risk
                                                                                                                    on, Risk off’
                                                                        70%


                                                                        60%


                                                                        50%


                                                                        40%


                                                                        30%


                                                                        20%


                                                                        10%


                                                                        0%




                 A year of elevated volatility dominated by the risk on/risk off trade
Source: BlackRock RQA as at March 2012



                                                                                                                                         4
                                FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Europe remains under owned

Asset Allocation to Europe

  20%

  19%

  18%

  17%

  16%

  15%

  14%

  13%

  12%

  11%

  10%
    Ene-02                    Jul-03                   Ene-05                Jul-06                Ene-08               Jul-09         Ene-11
                          Global funds allocation to Cont Eur, Manager Simple (Germany, France, Spain, Italy, Greece)            Average




                                        Need investor confidence to unlock value
Source: Credit Suisse December 2011


                                                                                                                                                5
                            FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
The two sides of Europe




                                         Which way out of the crisis?
Source: Google images


                                                                                                                 6
                        FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
ECB is offering vital support


ECB Balance sheet (EUR, Billion)                                        Growth of Balance sheets during the crisis




                                                      Crisis has been averted for now
Source: Deutsche Bank February 2012, Barclays/Bloomberg March 2012


                                                                                                                      7
                             FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Ireland - the cost of fiscal austerity


Irish GNP growth turned negative in Q3 2011                           Irish domestic demand continually declining since recession
                                                                       10.0%
   10.0%



    5.0%                                                                5.0%




    0.0%                                                                0.0%




   -5.0%                                                               -5.0%




  -10.0%                                                              -10.0%



  -15.0%                                                              -15.0%




                                                                               Q1 06
                                                                               Q2 06
                                                                               Q3 06
                                                                               Q4 06
                                                                               Q1 07
                                                                               Q2 07
                                                                               Q3 07
                                                                               Q4 07
                                                                               Q1 08
                                                                               Q2 08
                                                                               Q3 08
                                                                               Q4 08
                                                                               Q1 09
                                                                               Q2 09
                                                                               Q3 09
                                                                               Q4 09
                                                                               Q1 10
                                                                               Q2 10
                                                                               Q3 10
                                                                               Q4 10
                                                                               Q1 11
                                                                               Q2 11
                                                                               Q3 11
             Q1 06
             Q2 06
             Q3 06
             Q4 06
             Q1 07
             Q2 07
             Q3 07
             Q4 07
             Q1 08
             Q2 08
             Q3 08
             Q4 08
             Q1 09
             Q2 09
             Q3 09
             Q4 09
             Q1 10
             Q2 10
             Q3 10
             Q4 10
             Q1 11
             Q2 11
             Q3 11



                                       GNP                                                   Domestic demand



                          Nominal Irish GNP has fallen 25% since the end of 2007
Source: Goodbody, as at January 2012


                                                                                                                                8
                            FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Global leading indicators - tentative signs of recovery?




                             Global Leading indicators showing tentative signs of recovery
Source: Barclays as at February 2012, GS as at March 2012



                               FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION   9
Positive signs emerging for Europe’s global leading franchises

Purchasing Manager Indices (PMI’s) inflecting upwards                              MSCI Europe Geographical Revenue Exposure 2012


 65

 60

 55

 50

 45

 40

 35
                                       US           Eurozone              China
 30
    - 08     l-0
                8     - 09     l-0
                                  9     - 10     l-1
                                                    0     - 11     l-1
                                                                      1     - 12
E ne       Ju     E ne       Ju     E ne       Ju     E ne       Ju     E ne




                                Weaker Euro benefits Europe’s international earners
Source: Barclays as at January 2012, GS as at December 2011



                                                                                                                                    10
                              FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
The corporate profit cycle

 Earnings revisions ratio becoming less negative                        Pan-Europe and US net profit margins (%)

                                                                       10.0

                                                                        9.0

                                                                        8.0

                                                                        7.0

                                                                        6.0

                                                                        5.0

                                                                        4.0

                                                                        3.0

                                                                        2.0

                                                                        1.0

                                                                        0.0
                                                                           1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
                                                                                                 US     Europe




                                       Potentially positive, but this is not March 2009
 Source: Morgan Stanley March 2012 Credit Suisse, as at January 2012


                                                                                                                                11
                             FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
European valuation


  Pan-Europe Price to Earnings ratio

  30



  25



  20



  15



  10



    5
     1991             1993               1995       1997    1999        2001    2003       2005       2007       2009      2011

                             Pan Europe PE                    Average                  +1Stdev                   -1Stdev


                                                Valuations cheap relative to history and USA
Source: Citigroup as at December 2011,


                                                                                                                             12
                               FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Equity Yield vs. bond yield

Traditional investments yields                                                                Developed World Dividend Yields


                                                                                              8


                                                                                              7


                                                                                              6




                                                                                          %
                                                                                              5


                                                                                              4


                                                                                              3


                                                                                              2


                                                                                              1


                                                                                              0
                                                                                               1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

                                                                                                                Japan          US       Europe ex UK   UK


                                      Europe offers most attractive dividend yields
 Source: Yield data as at 31 December 2011source Bloomberg, Societe Generale. Cash rate is UK 3M Libor. Citigroup as at December 2011



                                                                                                                                                            13
                            FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Year 2012 Outlook – Key themes



What are we emphasising in portfolios?                           What are we avoiding in portfolios?

 Quality Companies                                               Highly leveraged businesses
   - Strong balance sheet                                         Companies exhibiting signs of financial distress
   - Proven management                                            Large domestic peripheral earnings exposure
   - Reliable business model
                                                                  Overvalued stocks
 Free Cash Flows
   - Dividends
   - Share buyback
   - Capital returns

 International Earnings
   - Undervalued cyclical companies
   - US and Emerging market exposure

 Non-cyclical growth



              Stock selection essential to navigating turbulent environment


                                                                                                                      14
                       FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
Appendix




FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
BlackRock European Equity Team

 Extensive coverage across European markets
   •   Team AUM U$15.6bn as at 29 February 2011
   •   13 sector analysts
   •   Average 19 years experience of senior PMs
                                                                                                               Vincent Devlin            Alice Gaskell
                                                                                                                Consumer /              Other Financials
                                                                                                             Commercial Services

 Bottom-up fundamental investors with macro                                             Michael Constantis
                                                                                          IT – Telecoms,
                                                                                                                                                              Stefan Gries
                                                                                                                                                                Energy
 awareness                                                                                     Media
                                                                  Andreas Zoellinger                                                                                              Brian Hall
   •   All Fund Managers & analysts conduct research                  Insurance                                                                                                 Capital Goods/
                                                                                                                                                                                 Construction
   •   Team produces proprietary research, not reliant on
       broker recommendations                                                                                              Nigel Bolton
                                                                                                                  Head of European Equity Team
   •   Best ideas are delivered through team debate &                                                                      Real Estate
       collaboration
                                                                   Hampus Lundh
   •   Leverage BlackRock’s Global resources                        Materials &                                                                                                    Amy Dey
                                                                      Mining                                                                                                        Banks

                                                                                         Simon Hunter
                                                                                                                                                             Alister Hibbert
                                                                                   Autos, Tobacco, Retailing,
                                                                                                                                                                  Banks
                                                                                           Transport

 Portfolio construction that builds portfolios                                                                  Zehrid Osmani
                                                                                                                Cons Staples &
                                                                                                                                         Anne Osborne
                                                                                                                                          Healthcare
 around high conviction ideas                                                                                   Luxury Goods                Utilities




                                                                                       Kathleen Dickson               Dugal Bain                     Joe Williams               Laurence Gallo
                                                                                       Product Specialist          Product Specialist              Product Specialist          Product Specialist




                       Highly Experienced, Rigorous Approach, Global Reach


                            FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
BlackRock European Equity Team: Investment process overview


      Idea                                       In-Depth Company Analysis                                   Portfolio
   Generation                                                                                              Construction
                                                                 Financial
                                                                 Modelling




Team Sector Analysts                        Fundamental
                                            Analysis                                                       Sophisticated risk
     Screening
                                                                                                           systems to control
 External Research                                                           Company    Recommendation
                        Research Pipeline                                                                  risks & maximise
  Macro/Thematic                                                             Meetings   & Rating                rewards




                                                          Challenge
                                                          Assumptions




                                Structured, disciplined research framework


                                                                                                                                17
                       FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION   16 June 2011   18
FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION

1.   This material is for distribution only to those types of recipients as provided below and should not be relied upon by any other persons. This
     material is provided for informational purposes only and does not constitute a solicitation in any jurisdiction in which such solicitation is
     unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the
     recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement.

2.   This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things,
     projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. Moreover, certain historical performance information
     of other investment vehicles or composite accounts managed by BlackRock, Inc. and/or its subsidiaries (together, “BlackRock”) has been included in this
     material and such performance information is presented by way of example only. No representation is made that the performance presented will be
     achieved, or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance
     information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this
     material could have a material impact on the investment returns that are presented herein by way of example.

3.   This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell
     any securities or to adopt any investment strategy. The opinions expressed are as of March 2012 and may change as subsequent conditions vary. The
     information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not
     necessarily all-inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Any investments named
     within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion
     of the reader. Past performance is no guarantee of future results.

4.   In the UK issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Services Authority). Registered office: 33
     King William Street, London, EC4R 9AS. Registered in England No. 2020394. Tel: 020 7743 3000. Tel: 020 7743 3000. For your protection, telephone
     calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited.

5.   This document contains general information only and is not intended to represent general or specific investment advice. The information does not take into
     account your financial circumstances. An assessment should be made as to whether the information is appropriate for you having regard to your
     objectives, financial situation and needs.

THIS MATERIAL IS HIGHLY CONFIDENTIAL AND IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT.

BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. © 2012 BlackRock, Inc. All rights
    reserved. MX-0572-03/12


                           FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION                                                      19

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Credit suisse mexico breakfast meeting march v22012

  • 1. BlackRock European Equity Team 2012 Outlook for European Equities March 2012 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 2. Year 2011 in Review – Market Moves Local Currency Index Performance 2011 (%) NIKKEI 225 HANG SENG SWISS MARKET OMX STOCKHOLM 30 • US was the outperformer amongst major markets AEX INDEX FTSE MIB £ IBEX 35 • Europe outperformed emerging markets DAX 30 FRANCE CAC 40 FTSE 100 -MSCI Europe 2011 Total Return (€) -7.5% STOXX EUROPE 600 EURO STOXX 50 MEXICO IPC -MSCI Emerging Markets 2011 Total Return (€) -15.4% BRAZIL BOVESPA S&P/TSX NASDAQ • UK and Switzerland outperformed in Europe S&P 500 DOW JONES -25.00% -20.00% -15.00% -10.00% -5.00% 0.00% 5.00% 10.00% • Italy was the worst performer in Europe MSCI Europe - Tot Return Ind 150 140 130 120 110 100 A negative year except in USA 2 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 3. Year 2011 in Review – Styles & Sector Moves MSCI Europe Sector Performance 2011 (%) •Defensives best performing sectors •Financials suffer from Euro crisis •Cyclicals suffer from worries over global growth Style/Size Index Performance 2011 (%) •Growth outperforms Value MSCI Europe Stoxx Small 200 Stoxx Mid 200 •Large caps outperformed small caps Stoxx 200 Large MSCI Europe Value MSCI Europe Grow th -20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0 A year of defensives, energy and non-cyclical growth 3 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 4. Year 2011 in Review – Volatility and Risk European equity market volatility 2011 Explanatory Power of the Largest Principal Component 60% of returns 80% explained by ‘Risk on, Risk off’ 70% 60% 50% 40% 30% 20% 10% 0% A year of elevated volatility dominated by the risk on/risk off trade Source: BlackRock RQA as at March 2012 4 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 5. Europe remains under owned Asset Allocation to Europe 20% 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% Ene-02 Jul-03 Ene-05 Jul-06 Ene-08 Jul-09 Ene-11 Global funds allocation to Cont Eur, Manager Simple (Germany, France, Spain, Italy, Greece) Average Need investor confidence to unlock value Source: Credit Suisse December 2011 5 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 6. The two sides of Europe Which way out of the crisis? Source: Google images 6 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 7. ECB is offering vital support ECB Balance sheet (EUR, Billion) Growth of Balance sheets during the crisis Crisis has been averted for now Source: Deutsche Bank February 2012, Barclays/Bloomberg March 2012 7 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 8. Ireland - the cost of fiscal austerity Irish GNP growth turned negative in Q3 2011 Irish domestic demand continually declining since recession 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% -5.0% -5.0% -10.0% -10.0% -15.0% -15.0% Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 GNP Domestic demand Nominal Irish GNP has fallen 25% since the end of 2007 Source: Goodbody, as at January 2012 8 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 9. Global leading indicators - tentative signs of recovery? Global Leading indicators showing tentative signs of recovery Source: Barclays as at February 2012, GS as at March 2012 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION 9
  • 10. Positive signs emerging for Europe’s global leading franchises Purchasing Manager Indices (PMI’s) inflecting upwards MSCI Europe Geographical Revenue Exposure 2012 65 60 55 50 45 40 35 US Eurozone China 30 - 08 l-0 8 - 09 l-0 9 - 10 l-1 0 - 11 l-1 1 - 12 E ne Ju E ne Ju E ne Ju E ne Ju E ne Weaker Euro benefits Europe’s international earners Source: Barclays as at January 2012, GS as at December 2011 10 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 11. The corporate profit cycle Earnings revisions ratio becoming less negative Pan-Europe and US net profit margins (%) 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 US Europe Potentially positive, but this is not March 2009 Source: Morgan Stanley March 2012 Credit Suisse, as at January 2012 11 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 12. European valuation Pan-Europe Price to Earnings ratio 30 25 20 15 10 5 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Pan Europe PE Average +1Stdev -1Stdev Valuations cheap relative to history and USA Source: Citigroup as at December 2011, 12 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 13. Equity Yield vs. bond yield Traditional investments yields Developed World Dividend Yields 8 7 6 % 5 4 3 2 1 0 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Japan US Europe ex UK UK Europe offers most attractive dividend yields Source: Yield data as at 31 December 2011source Bloomberg, Societe Generale. Cash rate is UK 3M Libor. Citigroup as at December 2011 13 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 14. Year 2012 Outlook – Key themes What are we emphasising in portfolios? What are we avoiding in portfolios?  Quality Companies  Highly leveraged businesses - Strong balance sheet  Companies exhibiting signs of financial distress - Proven management  Large domestic peripheral earnings exposure - Reliable business model  Overvalued stocks  Free Cash Flows - Dividends - Share buyback - Capital returns  International Earnings - Undervalued cyclical companies - US and Emerging market exposure  Non-cyclical growth Stock selection essential to navigating turbulent environment 14 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 15. Appendix FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 16. BlackRock European Equity Team Extensive coverage across European markets • Team AUM U$15.6bn as at 29 February 2011 • 13 sector analysts • Average 19 years experience of senior PMs Vincent Devlin Alice Gaskell Consumer / Other Financials Commercial Services Bottom-up fundamental investors with macro Michael Constantis IT – Telecoms, Stefan Gries Energy awareness Media Andreas Zoellinger Brian Hall • All Fund Managers & analysts conduct research Insurance Capital Goods/ Construction • Team produces proprietary research, not reliant on broker recommendations Nigel Bolton Head of European Equity Team • Best ideas are delivered through team debate & Real Estate collaboration Hampus Lundh • Leverage BlackRock’s Global resources Materials & Amy Dey Mining Banks Simon Hunter Alister Hibbert Autos, Tobacco, Retailing, Banks Transport Portfolio construction that builds portfolios Zehrid Osmani Cons Staples & Anne Osborne Healthcare around high conviction ideas Luxury Goods Utilities Kathleen Dickson Dugal Bain Joe Williams Laurence Gallo Product Specialist Product Specialist Product Specialist Product Specialist Highly Experienced, Rigorous Approach, Global Reach FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 17. BlackRock European Equity Team: Investment process overview Idea In-Depth Company Analysis Portfolio Generation Construction Financial Modelling Team Sector Analysts Fundamental Analysis Sophisticated risk Screening systems to control External Research Company Recommendation Research Pipeline risks & maximise Macro/Thematic Meetings & Rating rewards Challenge Assumptions Structured, disciplined research framework 17 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION
  • 18. FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION 16 June 2011 18
  • 19. FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION 1. This material is for distribution only to those types of recipients as provided below and should not be relied upon by any other persons. This material is provided for informational purposes only and does not constitute a solicitation in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement. 2. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of yields or returns, and proposed or expected portfolio composition. Moreover, certain historical performance information of other investment vehicles or composite accounts managed by BlackRock, Inc. and/or its subsidiaries (together, “BlackRock”) has been included in this material and such performance information is presented by way of example only. No representation is made that the performance presented will be achieved, or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented herein by way of example. 3. This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of March 2012 and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Any investments named within this material may not necessarily be held in any accounts managed by BlackRock. Reliance upon information in this material is at the sole discretion of the reader. Past performance is no guarantee of future results. 4. In the UK issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Services Authority). Registered office: 33 King William Street, London, EC4R 9AS. Registered in England No. 2020394. Tel: 020 7743 3000. Tel: 020 7743 3000. For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. 5. This document contains general information only and is not intended to represent general or specific investment advice. The information does not take into account your financial circumstances. An assessment should be made as to whether the information is appropriate for you having regard to your objectives, financial situation and needs. THIS MATERIAL IS HIGHLY CONFIDENTIAL AND IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT. BlackRock® is a registered trademark of BlackRock, Inc. All other trademarks are the property of their respective owners. © 2012 BlackRock, Inc. All rights reserved. MX-0572-03/12 FOR INSTITUTIONAL AND QUALIFIED INVESTORS IN MEXICO ONLY – NOT FOR PUBLIC DISTRIBUTION 19