BFM Brown to Green Materials Fund (BlackRock)

Sustainable, Responsible &/or ESG Policy:

Objectives and Investment Policy

The Fund aims to maximise total returns (over 5 rolling year periods) through investment in the equity securities of companies globally that contribute to the transition towards a low-carbon global economy with a focus on the materials sector.

The Fund’s sustainability objective is to invest in companies that the Investment Manager of the Fund (“IM”) identified as having the potential to reduce their contribution to climate change, where such companies are expected to demonstrate significant progress towards decarbonizing their operations.

The Fund will invest a minimum of 70% of its total assets in the equity securities (i.e. shares) of companies globally that contribute to the transition towards a lowcarbon global economy as part of the transitioning materials theme. The transitioning materials theme covers the need for materials to build lower carbon technologies and efforts to reduce the emissions intensity of the materials sector.

The Fund will invest in a portfolio of companies with large, medium, or small market capitalisation, across all industry sectors, that contribute to the advancement of the transition materials theme (as determined by the IM in accordance with the principles detailed in the prospectus) and through the application of the IM’s proprietary 'SDR Improver Assessment' methodology. This assessment requires that at least 70% of the total assets held by the Fund have been assessed by the IM as “Transition Improvers” – i.e. companies which demonstrate they are making progress towards reducing their carbon emission profile by meeting certain specified criteria (as detailed in the prospectus).

The IM also applies a screening process to all Fund investments to manage the potential for any material negative environmental and/or social outcomes from its investments.

The Fund has the flexibility to invest in other asset classes that may not be consistent with the transitioning materials theme to give the Fund the best chance of achieving its investment objective and/or for liquidity purposes, but this will not exceed 30% of the total assets held by the Fund and such investments will not conflict with the Fund’s sustainability objective.

The IM may use derivatives (i.e., investments the price of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or for efficient portfolio management purposes (EPM) (i.e. to reduce risk within the Fund’s portfolio, reduce investment costs or generate additional income).

Although it is likely that most of the Fund’s investments will be in companies located in developed markets globally, the Fund may also invest in emerging markets.

The Fund is actively managed and the IM has discretion to select the Fund’s investments. In the opinion of the IM, the MSCI All Countries World Index is a fair representation of the Fund’s investment universe and should be used by unitholders to compare the performance of the Fund. The Index measures the performance of large and mid-capitalisation stocks across developed and emerging markets countries.

In addition, the IM has selected the MSCI ACWI Materials Index as an appropriate benchmark for investors to compare short term (1-2 years) performance.

(Source: KIID, as at January 2026)

SDR Labelling:

Sustainability Improvers label

SDR Literature:

• Consumer Facing Disclosure