The Fund is a sub-fund of BlackRock Authorised Contractual Scheme I taking the form of a Co-ownership Scheme. As a consequence of this, the Fund may be treated as tax transparent for the purpose of income and/or capital gains by relevant taxing jurisdictions. Each investor should take appropriate professional advice as to the tax treatment of their investment in the Fund. Investors in the Fund must be Eligible Investors as defined in the Fund’s prospectus and must have completed all relevant documentation prior to the purchase of units in the Fund. The Fund seeks to outperform a composite benchmark composed of 70% FTSE Developed World Index (the “Index”) and 30% 3 month SONIA (together the “Benchmark”) (after fees have been deducted) over the long term (on a rolling 5 year basis) whilst seeking to incorporate a set of environmental, social and governance (“ESG”) commitments (as described below). The Fund will seek to achieve its investment objective by investing, directly and indirectly, in the equities (i.e. shares) of selected companies within the Index and may invest in other equities that are proxies (providing similar performance and risk profiles) to the equities of companies within the Index. The Fund applies ESG criteria to the proportion of its portfolio invested directly in equity securities (which is expected to be at least 70% of the Fund’s NAV) and comprises of (i) applying the BlackRock EMEA Baseline Screens; (ii) seeking to reduce the carbon emission intensity score of the direct equity investments relative to the Index; (iii) seeking to increase the proportion of the Fund’s direct equity investments with ‘green revenues’ relative to the Index; and (iv) improving the BSI Intel Score profile of the Fund’s direct equity investments. Further details on the Fund's ESG criteria are set out in the Fund’s prospectus.