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 aims to provide a return on your investment by tracking closely the performance of the MSCI World Select Multiple Factor ESG Low Carbon Target Index, the Fund's benchmark index. The Fund invests in equity securities of companies that make up the Benchmark Index. The Fund may use derivatives to help achieve its investment objective or for efficient portfolio management purposes (EPM). The use of derivatives is expected to be limited. The Fund may engage in short-term secured lending of its investments to certain eligible third parties to generate additional income and offset costs. The Benchmark Index is constructed using individual stock exposures to the target factors along with specific environmental, social and governance ("ESG") score and carbon exposure criteria. The Benchmark Index aims to achieve relatively high exposure to the target "style" factors (as described in the paragraph below) while improving the ESG profile and reducing the carbon exposure (carbon emissions relative to sales and potential carbon emissions per dollar of market capitalisation) relative to that of the MSCI World Index (the "Parent Index"). The Fund may obtain indirect exposure (through including but not limited to, derivatives and units in collective investment schemes) to securities considered not to satisfy the ESG criteria. The Benchmark Index aims to reflect the performance characteristics of a factor investing strategy that seeks systematic integration of ESG signals and two dimensions of carbon exposure (as described in the Fund’s prospectus). The Benchmark Index measures the performance of equity securities of large and midcapitalisation companies across developed countries globally. The Benchmark Index is derived from the Parent Index by selecting companies on account of their higher aggregate exposure to four 'style' factors compared to other companies in the Parent Index. These 'style' factors are: Value (i.e. companies selected based on indicators of good value, including forward share price to estimated future earnings, share price relative to book value and enterprise value Momentum (i.e. shares which outperformed the market in the last 2 years and increased in price over the last 6 and 12 months (with a month lag)), Low Size (i.e. companies with a lower market capitalisation relative to other companies in the same country); and Quality (i.e. companies selected based on high return-on-equity, low levels of debt and low earnings variability). The constituents of the Benchmark Index are selected from the Parent Index using the index provider's screening model to achieve relatively high exposure to the four targeted style factors while maintaining market risk similar to the Parent Index.