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Dry cracked earth and a muddy delta seen from above.

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Zebra walking at the edge of a dry lake. Text, BlackRock Bottom line. Troubled waters. The financial risk of water stress. Speaker, Philipp Hildebrand, Vice chairman, BlackRock. What are the causes of water stress?

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Text, Project water stress around the world by 2030. A color coded world map appears on the left of the screen. Index. Water stress zones, 1 to 6, low to high. Source, BlackRock investment institute and Blackrock sustainable investing with data from W R I, Notes, w R I defines water stress as the ratio of total water withdrawals to available renewable surface and groundwater supplies. Higher water stress levels indicate more competition among water users. Water withdrawals include those form irrigation livestock industrial use and domestic sectors. Available supplies capture natural runoff as well as the impact of upstream water use and dam operations on downstream water availability. Water stress is assessed on W R I's five point scale, ranging from low to extremely high.

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A farm. Irrigation sprayers. And a food processing factory.

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Text, What are the financial implications of water stress?

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Tall buildings covered in green plants. Water flowing in ditches.

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A trickle of water in mud. Text, Black Rock Bottom Line. General disclosure, 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 January 2020 and may change. 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. As such no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions including responsibility to any person by reason of negligence is accepted by blackrock its officers employees or agents. This material may contain forward looking information that is not purely historical in nature. Such information may include among other things projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. In the U.S. and Canada, this material is intended for public distribution.

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In the UK and outside the EEA: Until 31 December 2020, issued by BlackRock Investment Management (UK) Limited, authorized and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 2020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorized activities conducted by BlackRock. From 31 December 2020 in the event the United Kingdom and the European Union do not enter into an arrangement which permits United Kingdom firms to offer and provide financial services into the European Union, the issuer of this material is: BlackRock Investment Management (UK) Limited for all outside of the European Union; and BlackRock (Netherlands) B.V. for in the European Union. BlackRock (Netherlands) B.V. is authorized and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311. In Switzerland, this document is marketing material. This document shall be exclusively made available to, and directed at, qualified investors as defined in the Swiss Collective Investment Schemes Act of 23 June 2006, as amended. For investors in Israel: BlackRock Investment Management (UK) Limited is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”), nor does it carry insurance thereunder. In South Africa, please be advised that BlackRock Investment Management (UK) Limited is an authorized financial services provider with the South African Financial Services Board, FSP No. 43288. In the DIFC this material can be distributed in and from the Dubai International Financial Centre (DIFC) by BlackRock Advisors (UK) Limited — Dubai Branch which is regulated by the Dubai Financial Services Authority (DFSA). This material is only directed at 'Professional Clients’ and no other person should rely upon the information contained within it. In the Kingdom of Saudi Arabia this information is only directed to Exempt Persons, Authorized Persons or Investment Institutions, as defined in the relevant implementing regulations issued by the Capital Markets Authority (CMA). In the United Arab Emirates this material is only intended for -natural Qualified Investor as defined by the Securities and Commodities Authority (SCA) Chairman Decision No. 3/R.M. of 2017 concerning Promoting and Introducing Regulations. Neither the DFSA or any other authority or regulator located in the GCC or MENA region has approved this information.

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