AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED

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1 AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED

2 What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits of both managed funds and shares. They can offer investors a simple and cost effective way to achieve diversification in their investment portfolios. ishares ETFs can be bought and sold on a stock exchange like shares. And, like managed index funds, they typically contain a diversified portfolio of securities designed to track specific indices. Some indices are narrow, tracking a single market sector with minimal holdings, while others are as broad as the entire market with hundreds of holdings. This means investors can use ishares ETFs to gain the exposure and diversification they want, quickly and simply. STOCK TRADABLE DURING THE DAY ETFs DIVERSIFIED FUNDS THAT TRADE LIKE STOCKS LIKE A MUTUAL FUND DIVERSIFIED [2] AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS

3 ETFs a rapid growth story Exchange Traded Funds (ETFs) are one of the fastest growing investment products in the world. Since the launch of the first ETF in 1993, the industry has grown to over US$2.9 trillion in assets with over 5,300 exchange traded products (ETPs) available around the world. ishares is the world s leading ETF provider with over 700 ETFs available globally. ishares is powered by BlackRock; trusted to manage more money than any other asset manager in the world. # ishares launched its first suite of international ETFs in Australia in October ishares is the leading provider of ETFs in Australia, offering the largest range of ETFs on the ASX. ishares gives investors access to a diverse range of investment options, covering a broad range of asset classes, sectors and geographies. ishares ETFs CAN OFFER INVESTORS ALL THE BENEFITS OF INDEX INVESTMENTS The graph below shows the domestic growth of ETPs and ishares ETF assets since EXCHANGE TRADED PRODUCTS TOTAL AUTRALIAN ETPs AUM ($bn) NUMBER OF AUSTRALIAN ETPs Jan 2011 Mar 2011 May 2011 Jul 2011 Sep 2011 Nov 2011 Jan 2012 Mar 2012 May 2012 Jul 2012 Sep 2012 Nov 2012 Jan 2013 Mar 2013 May 2013 Jul 2013 Sep 2013 Nov 2013 Jan 2014 Mar 2014 May 2014 Jul 2014 Sep 2014 Nov 2014 Jan 2015 Mar 2015 May 2015 Jul 2015 Source: S&P, Bloomberg, BlackRock, as of 31st July 2015 Value other Australian ETPs Value ishares ETFs Number of ETPs The graph below shows the global growth of ETPs and ishares ETF assets since EXCHANGE TRADED PRODUCTS 3,500 6,000 TOTAL GLOBAL ETP AUM ($bn) 3,000 2,500 2,000 1,500 1, ,000 4,000 3,000 2,000 1,000 NUMBER OF GLOBAL ETPs Jul Source: S&P, Bloomberg, BlackRock, as of 31 July 2015 ishares AUM Global ETP AUM Number of Global ETPs # Source: BlackRock 30 June AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS [3]

4 What are the benefits of ishares ETFs? Diversification A single ETF trade provides instant exposure to a diversified portfolio of securities. This can be as broad as a few hundred shares in the case of an index like the MSCI Australia 200 Index, or as narrow as 20 holdings in the case of the S&P/ASX 20 Index. This diversification can help reduce concentration risk in portfolios. Performance ishares ETFs have delivered a sustained record of performance through tight tracking, deep liquidity, and institutional-quality indices. Cost efficiency ishares ETFs can be a cost-effective way to gain exposure to a diversified portfolio of securities. They are generally less expensive than investing in actively managed funds and even some index funds. They can also be less costly than purchasing a large number of individual shares, as there are less trading costs. Flexibility Like shares, ishares ETFs provide investors with the flexibility to trade at any time during market hours. Priced throughout the trading day, ishares can be bought or sold like a share, through any broker, investment adviser or online trading platform. And, because ETFs trade like shares, they can be bought on margin and investors can place limit and stop orders. Transparency With holdings published as often as daily, ishares ETFs are highly transparent, so you always know exactly what you own. ETFs are also transparent around costs through upfront fee disclosure, so you know exactly what you are paying for. Liquidity ETFs can be as simple to buy and sell as individual shares. The listed nature of ETFs provides investors with the liquidity to react to changing market conditions quickly and simply. Tax efficiency ETFs may prove tax efficient as a result of low levels of portfolio turnover. Also, trading in and out of ETFs does not increase portfolio turnover within the ETF, which can help keep them tax efficient. [4] AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS

5 A simple way to diversify Diversification through a single trade ishares ETFs in Australia are typically designed to track an index that represents an asset class (such as large or small caps). To do this requires that the ETF holds many different shares, and sometimes dozens from within that asset class. So with a single trade on the ASX, ishares ETFs let you instantly gain index-like diversification over an entire asset class. ishares ETFs such as the ishares S&P/ASX20 ETF (ILC) and the ishares Global 100 ETF (IOO) provide a well diversified representation of the types of asset classes that can be accessed in one simple trade. ishares ETFs OFFERS INVESTORS ACCESS TO A WHOLE WORLD OF INVESTMENT OPTIONS International ETF ishares Global 100 ETF: Top 10 Holdings Apple Microsoft Corp Google Inc Johnson & Johnson Pepsico Inc General Electric JPMorgan Chase & Co Nestle SA Pfizer INC Procter & Gamble Domestic ETF ishares S&P/ASX 20 ETF * : Top 10 Holdings BHP Billiton Commonwealth Bank of Australia Westpac Banking Corp ANZ Banking Group Woolworths Westfield Group Telstra Corp AMP Rio Tinto QBE Insurance Group * Source: BlackRock, as at 30 June Holdings subject to change. For illustrative purposes only. This is not a recommendation to invest in any particular financial product. No analysis of their suitability was conducted and no statement of opinion in relation to their suitability is provided. AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS [5]

6 Building better portfolios using ishares ETFs ishares ETFs cover the investment landscape from all angles. You can invest by asset class, market capitalisation, country and sector. The simple and flexible nature of ishares ETFs means they can play a central role in any investment portfolio. In consultation with your investment adviser, you can adopt any number of strategies using ishares ETFs. Core solutions with ishares ishares ETFs can offer efficient solutions for building the core of your portfolios. Investors can use ishares ETFs based on a broad market index, such as the MSCI Australia 200 Index, as a cost-efficient core component of their portfolio. The aim of the core is to deliver returns in line with the market s performance. Using an ETF to buy a core position can provide cost-effective diversification and may help to reduce overall portfolio risk. Then there are the satellites, which are typically more focused investments aiming to generate returns above those of your core portfolio. Satellites can include ETFs with specific exposure, such as single country or sector ishares ETFs, or individual stock positions. Portfolio rebalancing ishares ETFs can provide a simple, quick and cost effective way to rebalance the exposures in your portfolio. Regularly rebalancing your portfolio helps ensure that your investment portfolio consistently reflects the original asset allocation strategy and investment objectives. Access specific asset classes ishares ETFs can be used to instantly invest (market trading hours permitting) in a specific market sector, country or region that you believe may outperform the overall market. In addition, ishares ETFs allow you to gain exposure to markets that are often difficult to access, such as Brazil, China or India. As part of a long-term investment strategy, ishares ETFs can offer investors the benefits of index investments possibly with increased flexibility. Risk Risk is an inherent part of investing. Every investment portfolio carries some degree of risk and by better understanding the types of investment risk, investors can mange portfolios risk/return balances through market cycles. How ETFs can help manage risk ETFs can help investors diversify across asset classes and risk exposures, customise active risk, and adjust expected portfolio volatility. For example, using ishares ETFs, investors can quickly and easily reduce exposures to equities in times of market volatility, at the same time increasing exposure to fixed income. [6] AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS

7 Income During times of increased market volatility, income investing can serve as a defensive strategy and positively contribute to a portfolio s total return. ishares fixed income ETFs can provide investors with a cost-efficient and flexible way to use income. Specifically, ishares fixed income ETFs can provide a regular income stream that mirrors those of a specific index or a group of securities while attempting to enhance overall portfolio risk-adjusted return. For example, by increasing the proportion of income in the total return, investors can attempt to: ``Enhance risk-adjusted return ``Lower the portfolio s volatility with periodic income cash flows ``Provide downside price protection Fixed income instruments have traditionally formed the core of income strategies. However, investors are increasingly looking to higher yielding equities for income. While it is possible to increase portfolio yield and riskadjusted return within a single asset class portfolio, combining equity and fixed income potentially improves diversification and can attempt to further lower portfolio volatility. A wide range of ishares ETFs aim to allow the implementation of incomeenhancement strategies across equity and fixed income segments. Individual Bonds Broad-based Index-tracking ishares ETFs Hedge Funds Individual Shares Regional ishares ETFs Active Funds Source: BlackRock, for illustrative purposes only. AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS [7]

8 COMPARISON TO OTHER INVESTMENT OPTIONS Know the difference between investing in Australian ETFs, direct shares, bonds and traditional managed funds. Share Bonds ETF Traditional managed fund Diversification of investment within the asset class Pricing Low - Individual securities Continuous on exchange intra-day pricing Low - Individual securities No centralised exchange or trade history High - Basket of securities Continuous on exchange intra-day pricing Liquidity Varies Varies Comparatively higher * Transparency N/A N/A Fund holdings disclosed as often as daily Fees Depends on different funds - Basket of securities Daily quote after market close Varies between daily, monthly and quarterly Varies ``Transaction costs: Varies, according to brokerage Varies, but can have high buy/sell spreads Varies, according to brokerage ``Management fees: N/A N/A Typically less than traditional actively managed funds Varies, according to brokerage and fund manager Active funds generally incur higher management costs Accessibility High Low for many bonds High Various depending on fund Limit order Yes No Yes No * ETFs may be comparatively more liquid than single securities as ETFs are open ended, and can be created and redeemed daily. This allows ETFs to rely on the liquidity of the underlying basket when on-exchange volume is insufficient to accommodate a purchase or sale. Source: BlackRock, for illustrative purposes only. This is not a recommendation to invest in any particular financial product. No analysis of their suitability was conducted and no statement of opinion in relation to their suitability is provided. [8] AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS

9 How to buy ishares ETFs ishares ETFs trade on the Australian Securities Exchange (ASX). Buying and selling ishares ETFs work in the same way as listed shares: ``Can be bought and sold anytime during ASX trading hours through any broker, investment adviser or online trading platform. ``Use the same trading strategies associated with shares (market, limit and stop orders, for example). ``Pricing is daily, meaning you can view the price movements just as you would with shares. ``There is no minimum investment amount. LIKE A SHARE, ishares ETFs CAN BE BOUGHT AND SOLD THROUGH ANY BROKER, INVESTMENT ADVISER OR ONLINE TRADING PLATFORM. AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS [9]

10 Backed by BlackRock The people behind ishares ETFs ishares is the world s leading family of ETFs with over 700 funds trading on 20 exchanges worldwide *. ishares ETFs were first launched in Australia in October ishares ETFs are brought to you by BlackRock, trusted to manage more money than any other asset manager in the world. BlackRock provides investment management, risk management and advisory services for institutional and retail clients worldwide. BlackRock has a commitment to putting clients first, innovative and clear thinking, passion for performance, understanding and managing risk and collaboration. Headquartered in New York City, the firm has over 12,400 employees in 30 different countries and a major presence in key global markets including North and South America, Europe, Asia, Australia, the Middle East and Africa. This presence in every major capital market gives BlackRock vital insights into global financial markets and is a reason behind the company s phenomenal growth in the past decade. TRUSTED ETF LEADER SUSTAINED RECORD OF PERFORMANCE POWERED BY BLACKROCK * As at 30 June [10] AN INTRODUCTION TO i SHARES EXCHANGE TRADED FUNDS

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12 Want to know more? blackrock.com/au/ishares Important Information Before investing in an ishares exchange traded fund, you should carefully consider whether such products are appropriate for you, read the applicable prospectus or product disclosure statement ( PDS ) available at and consult an investment adviser. This document has been issued in Australia by BlackRock Investment Management (Australia) Limited ABN AFSL ( BIMAL ). This document provides general information only and has not been prepared having regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. Any potential investor should consider the latest disclosure document or PDS in deciding whether to acquire, or to continue to hold, an investment in any ishares exchange traded fund. BIMAL, its officers, employees and agents believe that the information in this document and the sources on which the information is based (which may be sourced from third parties) are correct as at the date of this document. While every care has been taken in the preparation of this document, no warranty of accuracy or reliability is given and no responsibility for this information is accepted by BIMAL, its officers, employees or agents. Except where contrary to law, BIMAL excludes all liability for this information. This document includes information that are strictly for illustrative and educational purposes only and is subject to change. Such information does not represent the actual current, past or future holdings or portfolio of any client of BIMAL. Any investment is subject to investment risk, including delays on the payment of withdrawal proceeds and the loss of income or the principal invested. While any forecasts, estimates and opinions in this document are made on a reasonable basis, actual future results and operations may differ materially from the forecasts, estimates and opinions set out in this document. BIMAL does not guarantee the repayment of capital or the performance of any product or rate of return referred to in this document. Past performance is not a reliable indicator of future performance. Transaction costs are incurred when buying or selling shares or units (as the case may be) of an ishares fund ( ishares securities ) on a market of the Australian Securities Exchange ( ASX ) and brokerage commissions may be charged if such trades are done through a broker. ishares securities trade on ASX at market price (not, net asset value ( NAV )). ishares securities may only be redeemed directly by persons called Authorised Participants. An ishares fund is not sponsored, endorsed, issued, sold or promoted by the provider of the index which a particular ishares fund seeks to track. No index provider makes any representation regarding the advisability of investing in the ishares funds. Standard & Poor s and S&P are registered trademarks of Standard & Poor s ( S&P ), a division of The McGraw-Hill Companies, Inc. ( McGraw-Hill ). ASX is a registered trademark of ASX Operations Pty Limited ( ASX Operations ) and has been licensed for use to S&P. Each of these companies has licensed the use of their respective trademarks and servicemarks to BlackRock Institutional Trust Company, N.A. None of these companies make any representation, warranty or condition regarding the advisability of buying, selling or holding shares or units in the ishares funds. Bloomberg Finance L.P. and its affiliates (collectively, Bloomberg ) are not affiliated with BIMAL and do not approve, endorse, review, or recommend the ishares exchange traded funds referred to in this document. BLOOMBERG is the trademark or service mark of Bloomberg and have been licensed to BIMAL. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the ishares exchange traded funds referred to in this document. Australian ishares funds: BIMAL is the responsible entity for the managed investment scheme Australian ishares funds quoted on ASX, and is the issuer of units in those ishares funds. Each fund constitution provides that the liability of each unit holder is limited to its investment in the fund. In addition to the normal risks associated with investing, there may be risks associated with investments made by ishares funds in smaller companies and those whose activities are narrowly focused. International ishares funds: BIMAL is the local agent and intermediary for international ishares funds issued by ishares (ishares, Inc. ARBN formed in Maryland, USA; ishares Trust ARBN organised in Delaware, USA. The liability of shareholders is limited). BlackRock Fund Advisors ( BFA ) serves as an advisor to the ishares funds that are registered with the United States Securities and Exchange Commission under the Investment Company Act of BFA is a subsidiary of BlackRock Institutional Trust Company, N.A ( BTC ). BTC is a wholly-owned subsidiary of BlackRock, Trades on ASX in the shares of an international ishares fund are settled using CHESS Depositary Interests (or CDIs ). An investment in an international ishares fund has different risk, performance and return factors compared to investments in other listed securities that do not have international exposure. This document is not a securities recommendation. This document is not intended as an offer or solicitation with respect to the purchase or sale of any securities in any jurisdiction. No part of this document may be reproduced or distributed in any manner without the prior written permission of BIMAL BlackRock, Inc. All Rights Reserved. BlackRock is a registered trademark of BlackRock, Inc. ish

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