Objectives and Approach

The Fund aims to achieve long-term capital growth on your investment and invest in a manner consistent with the principles of environmental, social and governance (“ESG”) investing. The Fund seeks to gain at least 70% of its investment exposure to equity securities (e.g. shares) and equity-related securities in a concentrated portfolio (i.e. less diverse portfolio) of companies domiciled in, or the main business of which is in, Europe. The term Europe refers to all European countries including the United Kingdom, Eastern Europe and the former Soviet Union countries. In selecting the Fund’s investments, the investment adviser (IA) will use fundamental analysis, focusing on a variety of different strategies. The Fund may also, when determined appropriate, invest in fixed income (FI) securities, money market instruments (MMIs) (i.e. debt securities with short-term maturities), deposits and cash. The equity-related securities include financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). The IA may use FDIs for investment purposes). The IA will, in addition to the investment criteria set out above, take into account certain ESG characteristics when selecting the securities to be held directly by the Fund and, in doing so, may use data provided by external ESG research providers and proprietary models. For further details regarding the ESG characteristics (and the applicable levels) please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf The Fund’s total assets will be invested in accordance with its ESG Policy as disclosed in the Prospectus which includes the application of the IA’s proprietary “Fundamental Insights” methodology. For further details please refer to the BlackRock website at https://www.blackrock.com/corporate/literature/publication/blackrock-baseline-screens-in-europe-middleeast-and-africa.pdf The FI securities and MMIs may be issued by governments, government agencies, companies and supranationals and will be investment grade (i.e. meet a specified level of credit worthiness), non-investment grade or unrated at the time of purchase. The Fund is actively managed and the IA has discretion to select the Fund's investments. In doing so, the IA may refer to the MSCI Europe Index (the “Index”) for portfolio construction, and risk management . The IA is not bound by the components or weighting of the Index when selecting investments. The IA may also use its discretion to invest in securities not included in the Index. The Fund’s portfolio holdings are expected to deviate materially from the Index. The Index should be used by shareholders to compare the performance of the Fund. Recommendation: This Fund may not be appropriate for short-term investment.