Key features/terms and conditions

Transcription

1 BLACKROCK INVESTMENT TRUST SAVINGS PLAN & STOCKS AND SHARES NISA 6 APRIL 2016 Key features/terms and conditions Helping you decide This is an important document which you should read carefully and keep safe for future reference. It provides summary information on the BlackRock Investment Trust Savings Plan and BlackRock Investment Trust stocks and shares NISA to help you decide whether to invest. The Financial Conduct Authority ( FCA ) The FCA is a financial services regulator. It requires us, BlackRock Investment Management (UK) Limited, to give you this important information to help you to decide whether the BlackRock Investment Trust Savings Plan and stocks and shares NISA is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.

2 CONTACT INFORMATION Telephone: Our lines are open from 8.30 a.m. to 6.00 p.m. Monday to Friday In writing: BlackRock, P.O. Box 9036, Chelmsford CM99 2XD Visit: If you are in any doubt as to the suitability of any of the Investment Trusts for your investment needs, please contact your Financial Adviser. [2] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

3 Contents Aims 2 Your investment 3 Risk factors 3 Key facts: questions & answers 4 Other information 11 BlackRock Investment Trust Savings Plan: Terms and conditions 12 BlackRock Investment Trust stocks and shares NISA: Terms and conditions 16 Schedule to the terms and conditions for the BlackRock Investment Trust Savings Plan and BlackRock Investment Trust stocks and shares NISA 20 Throughout this document the icon will direct you to where you can find further information on a particular topic relating to your investment in the BlackRock Investment Trusts. The literature referred to can either be downloaded from blackrock.co.uk/its or you can telephone us on Our lines are open from 8.30 a.m. to 6.00 p.m., Monday to Friday. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [1]

4 AIMS The BlackRock Investment Trust Savings Plan ( the Savings Plan ) offers a flexible and cost effective way of investing in the BlackRock range of Investment Trusts. The BlackRock Investment Trust stocks and shares NISA ( the Stocks and Shares NISA ) offers a flexible, cost effective and tax efficient way of investing in the BlackRock range of Investment Trusts. Both schemes seek to provide you with the opportunity to make investments that aim to grow over the medium to longer term which you can add to at any time (subject to staying within your annual NISA limit) and withdraw your money when you need it. Investing in this way may deliver better returns than by simply keeping your money in a bank or building society account. However, with this opportunity you need to be prepared that there is a risk that you may not get back the money you originally invested. There are 11 Investment Trusts you can choose to invest in via the Savings Plan or Stocks and Shares NISA. Each has a different aim and invests in different types of financial securities such as shares or bonds and/or other instruments based on financial securities, stock markets, industries and/or geographic regions. You should be aware that there are general risks that apply to all of the Investment Trusts and specific risks which only apply to some of them. The table below shows each of the Investment Trusts, their individual investment objectives and a key to enable you to find the specific risk factors that apply in each case. Investment Trust BlackRock Commodities Income Investment Trust plc BlackRock Emerging Europe plc BlackRock Frontiers Investment Trust plc BlackRock Greater Europe Investment Trust plc 1 BlackRock Income and Growth Investment Trust plc BlackRock Latin American Investment Trust plc BlackRock North American Income Trust plc BlackRock Smaller Companies Trust plc BlackRock Throgmorton Trust plc BlackRock World Mining Trust plc BlackRock Income Strategies Trust plc Investment Objective To seek to achieve an annual dividend target and, over the long term, capital growth by investing primarily in securities of companies operating in the mining and energy sectors. To achieve long-term capital growth principally by investing in companies that do business in primarily Eastern Europe, Russia, Central Asia and Turkey. To achieve long-term capital growth from investment in companies listed or operating in Frontier Markets or whose stocks are listed on the stock markets of such countries. To achieve capital growth primarily through investment in a focused portfolio constructed from a combination of the securities of large, mid and small capitalisation European companies, together with some investment in the developing markets of Europe. To provide growth in capital and income over the long term through investment in a diversified portfolio of principally UK-listed equities. To secure long-term capital growth and an attractive total return primarily through investing in quoted securities in Latin America. To provide an attractive and growing level of income return with capital appreciation over the long term, predominantly through investment in a diversified portfolio of primarily large cap US equities. To achieve long-term capital growth for shareholders through investment primarily in smaller UK quoted companies. To provide shareholders with capital growth and an attractive total return by investing primarily in UK smaller companies and mid-capitalisation companies listed on the main market of the London Stock Exchange. To provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company s investment policy includes investing in royalties derived from the production of metals and minerals, as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments. The Company s investment objective is, over the medium term (5-7 years), to aim to preserve capital in real terms and grow the dividend at least in line with inflation. The Company will target a total portfolio return of UK Consumer Price Index ( CPI ) plus 4 per cent per annum over a 5 to 7 year cycle, before ongoing charges. There are no guarantees that this target will be met. Specific Risk Factors (see opposite) 1,3,4,13 1,2,3,5,7,13 1,2,5,6,13 1,2,3,7,8, ,3,5,13 1,5,13 2 2,5,13 1,3,4,13 1,2,5,9,10,11,12,13 1 Subscription shares expire on the last Business Day in April [2] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

5 ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (2011/61/EU) ( AIFMD ) BlackRock Fund Managers Limited ( BFM ) was appointed as the Alternative Investment Fund Manager ( AIFM ) for each of the Investment Trusts, other than BlackRock Income Strategies Trust plc, on 2 July BFM was appointed as the AIFM for BlackRock Income Strategies Trust plc on 27 February Accordingly, BFM is responsible for the portfolio management of the Investment Trusts and for exercising the risk management functions in respect of the Investment Trusts. BFM has delegated certain day-to-day portfolio and risk management services in respect of the Investment Trusts assets and other ancillary services to BlackRock Investment Management (UK) Limited ( Investment Manager ). YOUR INVESTMENT In either the Savings Plan or the Stocks and Shares NISA, you must invest 500 or more as a lump sum or 50 as a regular monthly investment per Investment Trust. Please note that for the Stocks and Shares NISA you can invest up to 15,240 in the 2016/2017 tax year. You will not be able to open another stocks and shares NISA during this tax year. BlackRock does not offer a cash NISA. There is no commitment to maintain this investment and if you wish to sell your investment or stop paying into the Savings Plan you can do so at any time. However, as with all investments in the stock markets, you should regard this as a long-term investment. SEE THE QUESTIONS & ANSWERS SECTION OF THIS DOCUMENT ON PAGE 4. RISK FACTORS You should read this section together with the table under Aims. General risk factors All financial investments involve an element of risk which is greater than putting your money in a bank or building society. The value of your investment will vary and your initial capital investment cannot be guaranteed. When you sell your investment, or if you cancel your investment, you may get back less than you invested if the value of your investment has fallen. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. The total value of an investment trust s assets (Net Asset Value) is not normally the same value at which you buy and sell shares. Shares in investment trusts may trade at a discount or a premium to their net asset value. This means that the value of your investment is not the same as the net asset value per share of the investment trust. See the BlackRock Investment Trust Brochure for more information. Investment trusts can borrow money to purchase additional investments which is known as gearing. Gearing works by magnifying the company s performance. If a company gears up and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Specific risk factors (See the table on page 2 for whether a specific risk factor applies to an Investment Trust): 1. Currency risk Investment may be made in assets which are valued in currencies other than the Investment Trusts base currency. As a result movements in exchange rates will affect the value of your investment. 2. Liquidity risk Investments held in the portfolio may be subject to liquidity constraints which means that securities may trade infrequently and/or in low volumes, for instance shares in smaller companies. Investment may be made in markets or sectors which are known to experience a sudden loss of liquidity. As a result, changes in the value of investments may be more extreme. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered by the Investment Manager or the AIFM, as appropriate, to be the most reasonable. 3. Emerging markets Stockmarkets in developing countries can be subject to greater risk as they are less well regulated and may be affected by political and social instability and other factors. These markets do not generally operate as efficiently as those in developed countries. The value of investments can be subject to greater positive or negative movements than developed stock markets as a result of these factors. 4. Commodities investments Investments in commodities, including gold and other precious metals, agriculture and other produce, or companies involved in these sectors, do not typically behave in the same way as the broader stockmarkets and the value of investments can be more unpredictable. 5. Complex derivatives strategies Derivatives may be used substantially for complex investment strategies. These include the creation of short positions where the Investment Manager or the AIFM artificially sells an investment it does not physically own. Derivatives can also be used to generate exposure to investments greater than the Net Asset Value of the investment trusts. Investment managers refer to this practice as obtaining leverage or gearing. As a result, a small positive or negative movement in stockmarkets will have a larger impact on the value of these derivatives than owning the physical investments. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [3]

6 The use of derivatives will lead to exposure to finance sector companies, as a service provider or as counterparty for financial contracts. 6. Frontier markets Frontier markets tend to be more volatile than more established markets and therefore present a higher degree of risk as they are less well regulated and may be affected by political and social instability and other factors. These markets do not generally operate as efficiently as those in developed countries. Corruption remains a significant issue across frontier markets and the effects of corruption could have a material adverse effect on the value of your investment. The value of investments can be subject to greater positive or negative movements than developed stockmarkets as a result of these factors. 7. Political Risk Investment in securities of issuers in Eastern Europe (including Ukraine), Russia, Central Asia and Turkey involves a high degree of political risk. This may entail sudden changes in political leadership, disputes over territorial sovereignty and political interference in the business environment and the rights of shareholders. Sanctions imposed either by, or on, these countries arising from political events may have a substantial impact at times upon these countries and their economies, which in turn could have a material adverse effect on the value of your investment. 8. Subscription shares Subscription shares confer the right (but not the obligation) to subscribe for one ordinary share upon exercise of the subscription share rights and on payment of the subscription price. Subscription shares represent a geared investment, so a relatively small movement in the market price of the ordinary shares may result in a disproportionately large movement, unfavourable or favourable, in the market price of the subscription shares. There is also the risk that the subscription shares may become worthless if, at expiry, the share price of the company is at or below the exercise price. In the event that the trust is put into liquidation the subscription shareholders may be entitled to receive a payment out of the assets of the trust which will be determined in accordance with the trust s Articles of Association. 9. Fixed income securities Investments in debt securities may be affected by changes in interest rates and credit quality considerations which could decrease the value and liquidity of the security. The prices of fixed income securities generally increase when interest rates decline and decrease when interest rates rise. Non-investment grade debt may be highly leveraged and carry a greater risk of default. 10. Sovereign debt Debt obligations issued by or guaranteed by Government entities may involve a degree of risk. The Government entity that is responsible for the repayment of sovereign debt may be unable or unwilling to meet its obligation when due in accordance with the terms of the debt. 11. Delayed delivery transactions To Be Announced securities (TBAs) may be bought at a fixed price for a future date. At the time of purchase the exact security is not known but the main characteristics are specified. TBAs involve a risk of loss if the value of the security to be purchased declines in value prior to settlement date. Risks may also arise from the potential inability of counterparties who enter into the TBA meeting the terms of the contract. 12. Investment in Exchange Traded Funds and Collective Investment Schemes The company can invest in Exchange Traded Funds and Collective Investment Schemes that may also be managed by BlackRock. 13. Distributions from capital The company may make distributions from capital as well as income or pursue certain investment strategies in order to generate income. Whilst this might allow more income to be distributed, it may also have the effect of reducing capital and the potential for long-term capital growth. QUESTIONS AND ANSWERS This section should answer any questions you may have about investing in the BlackRock Investment Trust Savings Plan or the BlackRock Investment Trust stocks and shares NISA. Remember, the icon will direct you to where you can find further information on a particular subject. You can also contact us directly for further information on VISIT BLACKROCK.CO.UK/ITS FOR THE BLACKROCK INVESTMENT TRUST BROCHURE AND OTHER INFORMATION ON INVESTMENT TRUSTS. What are the key characteristics of the products? The BlackRock Investment Trust Savings Plan You can invest lump sums, or make regular monthly investments, or both. You can also transfer shares held in any BlackRock managed investment trust. You can also choose whether you would like your dividend income paid out to you or reinvested to purchase more shares. There are no tax benefits on Savings Plan investments. The initial minimum lump sum investment is 500 per trust, and the minimum regular contribution is 50 per trust per month. There is no maximum. Accounts can also be held jointly or designated to a child. The BlackRock Investment Trust stocks and shares NISA ( the Stocks and Shares NISA ) The BlackRock Investment Trust NISA is a stocks and shares NISA. We do not offer a cash NISA. You can invest lump sums, or make regular monthly investments, or both. [4] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

7 You can also choose whether you would like your dividend income paid out to you or reinvested to purchase more shares. The initial minimum lump sum investment is 500, and the minimum regular contribution is 50 per month. The maximum NISA allowance for 2016/2017 is 15,240 per person for the tax year. You can transfer an existing NISA to BlackRock and invest in our range of Investment Trusts without losing the tax benefits. No Capital Gains Tax is payable, no matter how much your investment increases in value; and No Income Tax is payable on dividend income. What is an Investment Trust? Investment trusts are companies which are listed and traded on the London Stock Exchange. They pool investors money which they then invest in financial securities and other investments. How is the market price of shares determined? An investment trust, as a closed-ended fund, has a fixed number of shares in issue and the value of these depends not only on how well the trust s underlying investments are performing but also on the level of minimum supply and demand for the shares in the marketplace. As a result, the price of a share may be higher or lower than the proportion of the asset value of the trust s portfolio that it represents. If the share price is lower than the net asset value per share then it is said to be trading at a discount and if it is higher then it is said to be trading at a premium. What are my investment options? You can invest a lump sum amount and/or a regular monthly amount in the ordinary shares of the Investment Trusts. You can choose one or more Investment Trusts. Subscription shares received as a result of a bonus issue can also be held in the Savings Plan and the Stocks and Shares NISA. The minimum and maximum investment limits are as follows: Investment Trust Savings Plan Stocks & Shares NISA Minimum Initial Lump Sum Subsequent Lump Sum Maximum Lump Sum Minimum Monthly Investment Maximum Monthly Investment 500 per Investment Trust 100 per Investment Trust 500 per Investment Trust 100 per Investment Trust None 2016/2017: 15, per Investment Trust 50 per Investment Trust None 2016/2017: 1,270* *Assuming you invest the same amount each month during any one tax year. NISA transfers You can also transfer all or part of any previous tax year s cash NISA or a stocks and shares NISA with another provider to a BlackRock Investment Trust stocks and shares NISA. However, if you wish to transfer your current tax year NISA, you must transfer the full amount. You can also transfer monies held in a Cash only NISA to BlackRock for investment in the Stocks and Shares NISA. We do not offer a cash NISA. Dividend Income The BlackRock Investment Trusts pay out income received as a dividend. You can ask us to pay any income directly into your bank account or to have it reinvested to buy further shares of the investment trust you hold. You must elect to receive the dividend in cash on the application form, otherwise we will automatically reinvest this amount for you. SEE YOUR INCOME IN THE TERMS AND CONDITIONS. The total amount of the dividends declared over the previous 12 months is stated as a percentage (%) of the share price of each of the Investment Trusts. This is known as the Dividend Yield and is shown on the website at blackrock.co.uk and also in the Financial Times. 2016/2017 NISA Allowances From 1 July 2014 the annual subscription limit for the NISA can now be fully invested either as cash or stocks and shares or a combination of the two. Please note that BlackRock only offers the stocks and shares variant. Each tax year runs from 6 April in one year to 5 April in the next. There are three ways in which you can invest in a NISA: You could contribute up to 15,240 for the 2016/2017 tax year and invest in stocks and shares with one provider, for example an investment into a selection of BlackRock Investment Trusts. Our range of Investment Trusts is set out on page 2; or You can invest up to 15,240 for the 2016/2017 tax year into cash although this is not currently available through BlackRock; or You can invest in a combination of the two (stocks and shares and cash) provided the overall amount invested does not exceed 15,240 for the 2016/2017 tax year although the cash option is not currently available through BlackRock. If you decide to invest with different providers it is then your responsibility to ensure that you do not invest more than the annual allowance. You should also note that you can only open a maximum of two NISAs for each tax year, one for an allocation to stocks and shares and a further NISA for any allocation to cash. If you are in any doubt as to the suitability of any of the Investment Trusts for your investment needs, please contact your Financial Adviser. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [5]

8 Who can invest? Anyone aged 18 years or over can invest in the Savings Plan. Children may not invest in their own name, although you can invest in a designated account on their behalf. You must be aged 18 years or over to invest in the Stocks and Shares NISA and resident in the UK for tax purposes, except if you are a Crown employee (typically a serving member of the armed forces or a diplomat). NISAs cannot be held in joint names. How do I invest? All the instructions on how to invest are set out in the relevant Application Form. There are different forms for the Savings Plan, Stocks and Shares NISA and for transfers. Simply complete the appropriate form, sign and then return it to us at the address shown on the form. FURTHER INFORMATION IS CONTAINED IN THE TERMS AND CONDITIONS. VISIT BLACKROCK.CO.UK/ITS TO DOWNLOAD THE RELEVANT APPLICATION FORMS WHICH ALSO CONTAIN INSTRUCTIONS FOR INVESTING OR CALL FOR MORE INFORMATION. Lump sum investments: Remember to enclose your cheque payable to BlackRock Investment Management (UK) Limited. Please note that we do not accept debit card transactions. Regular monthly investments: You must provide your bank details in the relevant section of the Application Form. NISA transfers: BlackRock will contact your current NISA manager to arrange the transfer. Shares held in any of the BlackRock managed investment trusts may be transferred from your current NISA manager or they will arrange to sell your holdings and transfer the cash to BlackRock. This should be within a period set out in the Terms and Conditions provided by your current NISA manager. If you sell your holdings and transfer cash to BlackRock then you will not be invested during this time until we receive this amount. Share transfers: If you hold any BlackRock Investment Trusts on the main share register you can transfer these directly to your BlackRock Investment Trust Savings Plan without selling the shares and buying these back in your new plan. You can also transfer shares held in any BlackRock managed investment trust from another provider, if your provider allows this. What happens next? Lump sum investments If we receive your application and cheque before 12 noon on a Business Day, we will invest the money on the same day. If we receive your application and cheque after 12 noon or on a non-business Day, we will invest the money on the next Business Day. We will send you a contract note/ confirmation on the next Business Day after we have invested your money. Regular monthly investments We will send you a letter acknowledging receipt of your application. We will then set up a direct debit to collect and invest the amount specified on the 25th day of each month. If the 25th day is not a Business Day, then we will collect and invest the money on the next Business Day. As banks typically require up to 10 working days to set up a direct debit, we will need to receive your application before the 13th day of the month you wish to start investing in. If your application is received after this date, we will normally collect the first amount on the 25th day of the next month. NISA or Savings Plan transfer shares If you hold shares in a BlackRock managed investment trust then they may be transferred to the BlackRock Investment Trust Stocks & Shares NISA or Savings Plan, if your current provider permits this, without selling the shares and buying them back in your new NISA or Savings Plan. NISA transfers in cash Your current NISA manager will arrange to sell your holdings and transfer the cash to BlackRock. SEE TIMING OF TRANSACTIONS IN THE TERMS AND CONDITIONS. Can I change my mind? Stocks and Shares NISA If you have received advice on your investment or NISA transfer from an authorised Financial Adviser you will normally be able to cancel your investment. You will need to write to us within 14 days of receiving the contract note or confirmation letter. We will then return your money to you, although you should be aware that if the value of your investment has fallen since the date you invested, you will not get back the full amount. SEE CONTACT INFORMATION. We can return money or shares relating to your NISA transfer to your current provider if you decide, although you must ensure your instruction is clear, otherwise money may be paid directly to you and will no longer be subject to the tax benefits of a NISA. You should also ensure that your current provider is able to take the money or shares back. Savings Plan You do not have a right to cancel investments in the Savings Plan, however, you can withdraw your money as explained overleaf. SEE CANCELLATION RIGHTS IN THE TERMS AND CONDITIONS. [6] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

9 How do I make further investments? Lump sum investments You can invest additional lump sum amounts by writing to us and providing a cheque payable to BlackRock Investment Management (UK) Limited. If you wish to invest a lump sum in a Stocks and Shares NISA for a new tax year, we will require a new Application Form to be completed. Regular monthly investments If you do not already have a direct debit set up, you should complete, sign and return the direct debit instruction on the relevant Application Form. Alternatively, if you wish to increase or decrease your current regular monthly investment, please just let us know in writing. How will I be kept informed about my investment? We will send you a statement every six months which shows the valuation of your holding(s) as at 5 April and 5 October and details of all transactions carried out during the previous six months. We will also arrange for you to receive, or we will make available to you on our website at blackrock.co.uk, the annual and interim report and accounts in respect of each Investment Trust and any additional information issued to shareholders. Share prices are also published daily in the Financial Times. VISIT BLACKROCK.CO.UK/ITS FOR SHARE PRICES AND REGULAR UPDATES ON THE INVESTMENT TRUSTS AND GLOBAL STOCK MARKETS. What happens if I want to take my money out? You can withdraw amounts of 250 or more from your investment by writing to us. We do not take instructions via telephone, fax or . We will need to receive the instruction by 12 noon in order to sell your investment on that Business Day otherwise we will sell your investment on the following Business Day. We will send the cash proceeds (net of charges) to you within three Business Days after the sale. You must always keep a minimum holding of 500 per investment trust with BlackRock. If a withdrawal leaves less than this amount we retain the right to sell the remaining shares and send the proceeds to you. Please note that if we are unable to complete our antimoney laundering checks we may write to you requesting independent documentary verification of your identity and your permanent address. Until we have received this information we will not be able to pay out any sales proceeds. We will not be liable for any loss incurred by you during this process. You can instruct us to stop collecting regular monthly investments but we require one month s notice to stop your direct debit instruction. Alternatively, you can contact your bank/building society and cancel the direct debit immediately. From 6 April 2016, following changes to the NISA rules, NISA providers are able to offer the flexibility to permit investors to replace cash that they have withdrawn from their NISA during the same tax year without this replacement counting towards the investor s annual NISA subscription limit for that year ( 15,240 for the 2016/2017 tax year). This is more generally known as a Flexible NISA. It is important that you are aware that the Stocks and Shares NISA does not currently offer this flexibility. If you wish to replace cash that you have withdrawn from the Stocks and Shares NISA during the same tax year, it will count towards your annual NISA subscription limit as a new, further subscription. Please note that if you withdraw money from your Stocks and Shares NISA and you have already used your allowance of 15,240 for the 2016/2017 tax year you will be unable to reinvest in your Stocks and Shares NISA or another NISA in the same tax year. For the avoidance of doubt, this does not prohibit the BlackRock Investment Trusts from being included in a Flexible NISA offered by another NISA provider. SEE WITHDRAWALS IN THE TERMS AND CONDITIONS. Can I switch my investments or transfer to another NISA provider? a) into another BlackRock Investment Trust? Yes, you can switch 500 or more from each investment trust by writing to us. In the Savings Plan a switch may be regarded as a disposal for UK capital gains tax purposes, although this is not the case if you are switching in the Stocks and Shares NISA. A sale for a switch will be executed on the Business Day we receive your instruction and the purchase will be undertaken on the next Business Day. Please be aware that you will not be invested for the period between the sale and purchase. b) into cash within the BlackRock Cash Holding Facility? If you have a Stocks and Shares NISA you can switch 500 or more temporarily into cash pending your instructions to reinvest into one or more Investment Trusts or unit trusts managed by the Manager or BlackRock Fund Managers Limited, or to withdraw your cash from the Cash Holding Facility. It is not possible for you to hold cash in the Cash Holding Facility indefinitely. Please remember that the Cash Holding Facility is not a Cash NISA. Any cash held in this facility must be for the purpose of investment in qualifying NISA funds and should not be maintained as cash for long periods of time. No interest is credited on money held within the Cash Holding Facility. SEE CASH IN YOUR PLAN IN THE TERMS AND CONDITIONS. PLEASE NOTE THAT CHARGES WILL APPLY. SEE CHARGES SECTION IN THIS DOCUMENT. c) transfer to a stocks and shares NISA with another provider? Yes. We would normally wait for instructions from the new provider and transfer your investments or cash as you have agreed with them. SEE TRANSFERS OUT IN THE TERMS AND CONDITIONS. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [7]

10 What happens if I move abroad? If you move abroad you can continue to hold your Savings Plan or Stocks and Shares NISA, although your tax status may be affected by the laws of the country you move to. You will not be able to make any further investments into your Stocks and Shares NISA if you are no longer resident in the UK for tax purposes, except if you are a Crown employee (typically a serving member of the armed forces or a diplomat). However, you can still switch between Investment Trusts at BlackRock or transfer your Investment Trusts or Stocks and Shares NISAs to another provider. CONTACT US FOR FURTHER INFORMATION OR SPEAK TO YOUR TAX ADVISER. What happens if I die? Your investments will either be transferred to the personal representatives of your estate or as directed by them once grant of probate or confirmation (if in Scotland) has been obtained. We can produce probate valuations on request. Please note that stocks and share NISAs automatically lose their tax-free status on death. What about tax? Savings Plan Dividends are treated as income. There is no longer a notional tax credit of 10% available, instead there is now a tax-free allowance of 5,000. Dividends received above this amount will be liable to tax. Any gains arising on the sale of your shares (including switches) are potentially subject to tax on the capital gain. For individuals, the first 11,100 of chargeable gains from all sources is exempt from UK tax in 2016/2017. Thereafter, capital gains are taxed at 10% or 20% depending on whether the individual is a basic or higher rate/additional tax payer. Stocks and Shares NISA and NISA transfers Whatever your tax status you should have no UK liability for income or capital gains tax on your NISA investments. Please note that tax assumptions may change if the law changes and the value of tax relief (if any) will depend upon your individual circumstances. Investors should consult their own tax advisers in order to understand any applicable tax consequences. What charges will I pay? Purchases, regular savings, switches-in, NISA transfers-in (made in cash) You will pay a Dealing Charge of 0.75% subject to a maximum charge of 15 per trust. In addition you are liable to pay 0.5% Government Stamp Duty which is levied on all equity purchases. This will be deducted from your investment amount which will reduce the money invested. Sales and NISA transfers-out (made in cash) You will pay a Dealing Charge of 0.75% subject to a maximum charge of 15 per trust. This will be deducted from the value of your holding when we sell some or all of your shares which will reduce the amount received by you. There is no stamp duty payable on sales. Investment Trust BlackRock Commodities Income Investment Trust plc BlackRock Emerging Europe plc BlackRock Frontiers Investment Trust plc BlackRock Greater Europe Investment Trust plc BlackRock Income and Growth Investment Trust plc BlackRock Latin American Investment Trust plc BlackRock North American Income Trust plc BlackRock Smaller Companies Trust plc BlackRock Throgmorton Trust plc BlackRock World Mining Trust plc BlackRock Income Strategies Trust plc Dealing Charge (NISA & Savings Plan) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max. of 15) 0.75% (up to a max of 15) Annual Plan Charge (NISA Only) 0.50% + VAT Annual Management fee 1 Ongoing Charges/Ongoing charges plus performance fee (NISA & Savings Plan) % on first 250m and 0.9% thereafter 3 1.4% 0.50% + VAT 1.0% 4 1.3% 0.50% + VAT 1.1% 3 1.5%/1.6% 0.50% + VAT 0.85% 3 0.9%/1.2% 0.50% + VAT 0.6% 4 1.0% 0.50% + VAT 0.85% 3 1.1% 0.50% + VAT 0.75% 3 1.2% 0.50% + VAT 0.65% on first 50m and 0.5% thereafter 3 0.7%/1.0% 0.50% + VAT 0.7% 3 1.1%/2.3% 0.50% + VAT 0.8% 3 1.2% 0.50% + VAT 0.4% % 1 Excluding any performance fee. 2 These are estimates only based on the last financial year (as at 31 December 2015) and the actual expenses may be higher or lower. Calculated in accordance with AIC guidelines. Ongoing charges include the annual management fee. 3 Based on the company s assets under management. 4 Based on market capitalisation. [8] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

11 NISA transfers (in shares) and re-registrations Transfers of shares in a BlackRock Investment Trust to or from your own name within the Savings Plan or to or from a different NISA provider will be completed free of charge. Dividend Reinvestment You will pay a Dealing Charge of 0.75% on all dividend reinvestments subject to a maximum charge of 15 per trust. In addition you are liable to pay 0.5% Government Stamp Duty which is levied on all equity purchases. This will be deducted from your investment amount which will reduce the money invested. Please note there is no charge if you choose to accept your dividend income as cash. Note: If you switch between Investment Trusts, you will only pay a dealing charge of 0.75% (excluding any stamp duty on purchases) for the purchase of shares in your new holding. Bid/offer spread This is the difference between the buying ( offer ) price and selling ( bid ) price of the shares quoted on the stockmarket which is typical for UK listed shares. The spread can vary but is typically 1%. Annual Plan charge (Stocks and Shares NISA only) This is a charge for managing the Stocks and Shares NISA plan which is subject to additional administration and reporting requirements. It is calculated on 15 March and 15 September each year and collected by selling an equivalent amount of shares from your Stocks and Shares NISA or by deducting this amount from your nominated account by Direct Debit. If you wish to pay by Direct Debit please complete the appropriate section of the Application Form. If you close your NISA before the collection date the charge will be collected on a pro rata basis by selling an equivalent amount of shares from your Stocks and Shares NISA. There is no Annual Plan Charge for the Savings Plan. SEE ALSO OUR CHARGES IN THE TERMS AND CONDITIONS. Annual Investment Trust expenses BlackRock charges an investment management fee for managing the assets of the Investment Trusts. In addition, a performance fee for outperformance compared to a benchmark or other measure is charged for BlackRock Latin American Investment Trust plc, BlackRock Smaller Companies Trust plc, BlackRock Throgmorton Trust plc and BlackRock Frontiers Investment Trust plc only. Other operating costs include payments to the directors, audit fees, registrar s fees, depositary fees and custodian fees. Annual expenses are charged directly to each Investment Trust. These can vary each year and are set out in full in each Investment Trust s Report & Accounts. For each Investment Trust a proportion of the investment management fees and finance costs is charged to capital. In addition all performance fees are charged to capital. This will reduce capital growth, full details are disclosed in each Investment Trust s annual report and accounts. How much will I have to pay for advice? BlackRock is not permitted to provide advice on whether these investments are suitable or appropriate for your needs. If you require advice you may purchase the products through a Financial Adviser for which a charge may be payable to the adviser. As a result of the FCA s Retail Distribution Review, BlackRock is no longer permitted to pay authorised Financial Advisers commission in respect of investments made as a result of advice given on or after 31 December Please speak to your Financial Adviser regarding Adviser Charging arrangements. How will charges and expenses affect my investment? The following tables illustrate the effect of charges on an investment of 5,000 and compares this to what you might get back when you sell your holding. The tables assume that you do not make any withdrawals and that any dividends are reinvested. Since the price at which the shares are bought and sold is different, the illustration includes the Bid/Offer Spread (see opposite) in addition to the initial Dealing Charge and Annual Expenses. Annual expenses are calculated in line with the Association of Investment Companies guidelines and include management fees and operating expenses, but exclude performance fees, finance costs and taxation. We use an assumed growth rate of 6%, although this is not an indicator of future performance. The illustrations exclude performance fees. Information is correct as at 31 December The yield for each Investment Trust is based on dividends that have been declared in the last 12 months as at 31 December BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [9]

12 BLACKROCK WORLD MINING TRUST PLC Savings Plan: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.2%. At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,390 7,560 The last line in the table shows that over 10 years the effect of the total charges and expenses could amount to 1,390. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 4.2%. Stocks and Shares NISA: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.78% (including the NISA Plan Charge). At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,850 7,100 For the Stocks and Shares NISA over the same 10-year period the effect of the total charges and expenses could amount to 1,850. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 3.6%. BLACKROCK INCOME STRATEGIES TRUST PLC Savings Plan: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 0.68%. Stocks and Shares NISA: Total buying costs include the bid/offer spread of 1%, government stamp duty of 0.5% and dealing charges of 0.75% (capped at 15 per transaction); estimated total annual expenses are 1.26% (including the NISA Plan Charge). At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,350 7,590 For the Stocks and Shares NISA over the same 10-year period the effect of the total charges and expenses could amount to 1,350. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 4.3%. The table below summarises the potential effect of charges and expenses over 10 years for the other BlackRock Investment Trusts shown in reduced % growth on the same assumed growth rate of 6.0%. Investment Trust BlackRock Commodities Income Investment Trust plc Reduced % Growth (Savings Plan) Reduced % Growth (NISA) BlackRock Emerging Europe plc BlackRock Frontiers Investment Trust plc BlackRock Greater Europe Investment Trust plc BlackRock Income and Growth Investment Trust plc BlackRock Latin American Investment Trust plc BlackRock North American Income Trust plc BlackRock Smaller Companies Trust plc BlackRock Throgmorton Trust plc At end of year Investment to date Effect of deductions to date What you might get back 1 5, , , , ,060 The last line in the table shows that over 10 years the effect of the total charges and expenses could amount to 891. Putting it another way, this would have the same effect as bringing investment growth down from 6.0% to 4.9%. [10] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

13 OTHER INFORMATION RIGHTS RELATING TO YOUR BLACKROCK INVESTMENT TRUST We will endeavour to provide or make available on our website all company circulars and offer documents relating to any corporate events arising on the BlackRock Investment Trusts held within your Savings Plan or Stocks and Shares NISA. You may be required to take action and should read carefully any documentation we send to you. We will notify you of any rights or corporate actions relating to your shares held in your Plan. We will only arrange for these rights to be exercised provided we have received from you unambiguous instructions and any monies due in sufficient time for the exercise of your rights to take place. Bonus issues of shares will normally be credited to your plan. If you hold the shares in the Stocks and Shares NISA, you may only take up rights equivalent to the amount remaining in your annual NISA allowance, otherwise you may take up the rights outside your Stocks and Shares NISA. Alternatively, you may sell a sufficient amount of your existing NISA holdings to take up the rights issue subject to the annual NISA allowance. Full details will be communicated to you when announced by the relevant Investment Trust. You will also be entitled to vote at any shareholder meetings relating to the BlackRock Investment Trust held within your Savings Plan or Stocks and Shares NISA. SEE VOTING IN THE TERMS AND CONDITIONS. HOW TO COMPLAIN If you are not entirely satisfied with any aspect of the service you have received and you wish to complain, please contact: the Compliance Officer, BlackRock Investment Management (UK) Limited, 12 Throgmorton Avenue, London EC2N 2DL. We will deal with your complaint in accordance with our internal complaints procedures. We may also have to bring your complaint to the attention of our regulators. In line with the rules of the FCA we will investigate any complaint immediately. If this is not resolved to your satisfaction you may also complain directly to the Financial Ombudsman Service whose address is Exchange Tower, London E14 9SR or you can send an to complaint.info@financialombudsman.org.uk. Tel: or or visit the website at financial-ombudsman.org.uk BlackRock Investment Management (UK) is covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. The maximum compensation is 50,000 per claimant. Further information about compensation arrangements is available from the Financial Services Compensation Scheme, whose address is 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU, telephone contact details are or and the website address is fscs.org.uk. MONEY LAUNDERING AND FRAUD PREVENTION As a result of any applicable laws and regulations, including but not limited to, relevant anti-money laundering legislation, tax laws and regulatory requirements, investors may be required, in certain circumstances, to provide additional documentation to confirm their identity or provide other relevant information pursuant to such laws and regulations, as may be required from time to time, even if an existing investor. Any information provided by investors will be used only for the purposes of compliance with these requirements and all documentation will be duly returned to the relevant investor. Until the Manager receives the requested documentation or additional information, there may be a delay in processing any subsequent sales request and the Manager reserves the right in all cases to withhold sales proceeds until such a time as the required documentation or additional information is received. Any such monies will be held by the Manager in accordance with FCA rules on client money with a third party bank. No interest will be paid during the period such monies are treated as client money. Alternatively, the Manager may employ a search of electronic data reference sources in order to access information held electronically concerning the identity of an investor, including information held by certain government and consumer agencies. By completing the relevant application forms or entering into a contract with the Manager, investors acknowledge that the Manager may at any time initiate a search of information held electronically in order to verify investor identity. SAVINGS PLAN OPERATOR The Operator of the Savings Plan is BlackRock Investment Management (UK) Limited (company number ). Registered office: 12 Throgmorton Avenue, London EC2N 2DL (FCA Registered No ). STOCKS AND SHARES NISA MANAGER The Manager of the Stocks and Shares NISA is BlackRock Investment Management (UK) Limited (company number ). Registered Office: 12 Throgmorton Avenue, London EC2N 2DL. (FCA Registered No ). BlackRock Investment Management (UK) Limited is authorised and regulated by the Financial Conduct Authority whose address is 25 The North Colonnade, Canary Wharf, London E14 5HS. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [11]

14 TERMS AND CONDITIONS FOR THE BLACKROCK INVESTMENT TRUST SAVINGS PLAN 1. Definitions Agreement has the meaning given In Clause 2. Application means a valid application for a Plan made in accordance with Clause 2. Application Form means the prescribed application form, which must be completed in writing by an applicant. Associate means any company in the group of companies of which BlackRock, Inc., and the PNC Financial Services Group, Inc. is the holding company (together, the Group ). Bank means The Royal Bank of Scotland plc, or another company within The Royal Bank of Scotland group, or any successor to their business from time to time. The Bank is not our Associate. Business Day means any day normally treated as a bank business day in England, and on which the London Stock Exchange is open for trading. Cash Subscription means a subscription to your Plan made in the form of cash as described in Clause 3. Custodian means The Bank of New York Mellon (International) Limited, or any successor to its business from time to time. The Custodian is not our Associate. Cut Off Time means 12 noon (UK time). FCA means the Financial Conduct Authority, and the FCA Rules means the rules and regulations of the Financial Conduct Authority, as in force from time to time. Instructions means a clear and unambiguous instruction validly given in accordance with both this Agreement and any prescribed form(s) required to deal in Shares. Nominee means Nutraco Nominees Ltd or its successor. Nutraco Nominees Ltd is an associate of the Custodian. Operator, we and us all refer to BlackRock Investment Management (UK) Limited (or our replacement under Clause 22). We are regulated and authorised by the FCA. Plan means a Savings Plan outside of an ISA or NISA, to purchase Shares in a Trust. Revenue means H.M. Revenue & Customs. Shares means the ordinary shares or subscription shares (where applicable) of any Investment Trust. Subscription shares do not carry the right to receive any dividends nor the right to attend and vote at shareholder meetings. Trust or Investment Trust means investment trusts held in your Plan and which have been or will be made available by us as investment trusts that are eligible for inclusion in the Plan. All eligible Investment Trusts are managed by us or an Associate. Terms and Conditions means the terms and conditions set out in this document or any updated version thereof made available at Words and phrases defined in the FCA Rules will bear the same meanings in these Terms and Conditions. Plurals will include singulars and vice versa. 2. Starting a Plan Client classification Under the FCA Conduct of Business rules we classify you as a retail client. However, if you are a nominee we classify you as a professional client. Subscriptions In order to subscribe to a Plan you must provide a valid Application and Cash Subscription. A valid Application must be made by completing and sending to us the prescribed Application Form. All Plans By completing the Application Form you accept that the Plan will consist of the information whether supplied by us or you (including but not limited to personal details, declarations and authorities) contained on the Application Form, together with these Terms and Conditions, and the Key Features (the Agreement ) as amended from time to time. You also agree to the appointment by you of the Bank and the Custodian to provide banking and custodial services required to ensure the operation of your Plan, and you authorise us to provide instructions to the Bank and the Custodian on your behalf insofar as they are required to carry out duties as manager of your Plan. We will be responsible for ensuring that the Bank and the Custodian properly carry out their duties in respect of your Plan. In the event of any conflict in interpretation between the Application Form, the Terms and Conditions and the Key Features, the Terms and Conditions will take precedence. Where Shares are held through a Plan on behalf of more than one person we will only act on the instructions of all such holders and will send notices and other documents to the holder named first on the Application Form. We reserve the right not to accept Applications. Transfers You may transfer your existing holdings of Shares into your Plan, free of charge (other than the nominal stamp duty payable on the transfer), provided that the value of the Shares (together with any cash payment) exceeds the minimum requirements, such minima to be waived at our discretion. Gifting Where the gift facility is used, Shares may not be held in the name of a minor although you can invest in a designated account on their behalf. The donee (or, where applicable, the adult who is to hold Shares on the minor s behalf) (the Beneficiary ) will be our customer and this Agreement will be binding on the Beneficiary and will apply (except as regards contributions to the Plan) as if he or she were referred to in your place. Eligibility Only adults may apply for a Plan. You must provide satisfactory evidence of identity and provide details of any other beneficial owners of your Plan. We may request further verification of identity from you before investing on your behalf in your Plan or before making any withdrawals or transfers. The Plan is intended for UK investors although Applications may be accepted from non-uk investors. We may close or restrict Plans that in our opinion could require the Investment Trusts to comply with non-uk regulatory or tax obligations. This facility is not available to US persons. We may restrict or terminate your Plan in the event that you become a US person. 3. Form of subscription, transfer or gift Subscription Before your Plan can be opened a valid Application and valid Cash Subscription must have been received by us. For regular monthly investments, direct debits will normally be made on or shortly after the 25th day of each month. Investment will be made on the same day, or the next Business Day. You may invest in more than one Investment Trust. You must indicate on your Application Form how much you wish to invest in each, and you may subsequently vary your Instructions by giving us notice in writing, so long as in all cases the minimum requirements are satisfied in relation to each Investment Trust. If your payment by cheque subsequently fails to clear, or your direct debit is returned unpaid, we may cancel the Application and any transactions carried out up to that date, and you agree to indemnify us against any losses, costs or expenses incurred directly or indirectly as a result of investment and subsequent cancellation. Transfer You should complete the Share Transfer form and return it to us together with any share certificate(s). Gifting If you wish to make a gift of Shares to a Plan, you should specify on the Application Form the name of the person(s) on whose behalf you wish the Shares to be purchased. 4. Management Your Plan will be managed by us in accordance with your instructions provided in the Application Form and this Agreement. You will also be notified by us of any rights or corporate actions relating to your Shares held in your Plan. We will only arrange for these rights to be exercised provided we have received from you unambiguous instructions and any monies due in sufficient time for the exercise of your rights to take place. If you do not give us your instruction by the deadline we set, we will normally apply the default option as detailed in the corporate action. We will credit any Shares issued on a capitalisation issue to your Plan. [12] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

15 5. Your income If you have requested distribution of income in your Application Form, all dividends received will be paid into your nominated bank account on the next Business Day following receipt. Payments are made net of charges and tax. If you have not elected for the distribution of income, it will be automatically reinvested (net of any transaction charges and stamp duty) in further Shares of the relevant Trust on the next Business Day following receipt. We will send you a written advice of your dividend reinvestment and details will also be included in your next transaction statement. You should note that subscription shares do not carry the right to receive any dividends. 6. Share switches Your Shares can be switched for Shares of other eligible Investment Trusts. An Instruction to switch will be carried out in accordance with Clause 9. All subsequent monthly investments following a switch transaction will be invested in the Investment Trust(s) you have switched into unless you notify us otherwise. 7. Cash in your Plan You may instruct us to sell Shares and hold the proceeds in cash pending reinvestment within your Plan. Cash held in your Plan will be held by an appropriate institution in our name in trust for the benefit of your Plan in accordance with the FCA Rules on client money. If your cash falls below the 500 minimum holding limit we reserve the right to reinvest this amount, back into Shares of the Trust which you then hold. We, our Associates and the Bank may benefit from the aggregation of client balances held as stated above. 8. Interest We will not pay you any interest on cash held within your Plan, including cash representing a cheque issued by us which you have not yet cashed. You agree to waive the right to receive interest (if any) which you would otherwise have received under the FCA rules on client money. 9. Timing of transactions Subject to Clause 2, we will invest your Cash Subscription in the Investment Trust(s) as specified in your Application Form. When investing in Investment Trusts on behalf of your Plan, we will buy whole Shares and any residual cash amount after we purchase such Shares will be held for you within your Plan in a non-interest bearing client money account. A. Transactions to purchase Shares Instructions to purchase Shares will be carried out as follows: 1. Where we receive the cash and your Instruction before the Cut Off Time on a Business Day, your Instruction will be carried out on that Business Day. 2. Where we receive both the cash and your Instruction after the Cut Off Time on a Business Day or on a day that is not a Business Day, your Instruction will be carried out on the next Business Day. B. Transactions to sell Shares Instructions to sell Shares will be carried out as follows: 1. Where we receive your Instruction before the Cut Off Time on a Business Day, your Instruction will be carried out on that Business Day. 2. Where we receive your Instruction after the Cut Off Time on a Business Day or on a day that is not a Business Day, your Instruction will be carried out on the next Business Day. C. Transactions to switch between Shares Instructions to sell Shares and to buy Shares with the proceeds (a switch ), will be carried out as follows: 1. Where we receive your Instruction before the Cut Off Time on a Business Day, your Instruction will be carried out in the case of a sale of Shares, on that Business Day with the purchase of Shares taking place on the next Business Day. 2. Where we receive your Instructions after the Cut Off Time on a Business Day or on a day that is not a Business Day, your Instructions will be carried out in the case of a sale of Shares, on the next Business Day with the purchase of Shares taking place on the second Business Day. Timing in relation to any of the above transactions will remain subject to prevailing market conditions and liquidity constraints. 10. Residual Cash in Investment Trusts Residual cash held (as per Clause 9) will be added to the next valid Cash Subscription or dividend reinvestment which you may make into the relevant Investment Trust. Where you instruct us to sell a specific monetary value of Shares, any existing residual cash will be added to the sale proceeds paid to you and the aggregate amount shall be reflected in your contract note. Where you instruct us to sell a specific number of Shares (and do not specify a monetary amount), we will be unable for operational reasons to include any existing residual cash in the sale of such Shares. Therefore the contract note for this transaction will only reflect the value of the Shares sold. The balance of any residual cash will be added to future redemption proceeds which you receive if you sell your entire holding of Shares. Residual cash will be held in accordance with Clause 7 and Our charges We are entitled to the following charges in respect of your Plan. Transaction charge A charge of 0.75% (described as a dealing charge on contract notes) will be payable to us on all dealings in Shares, capped at 15 per transaction per Investment Trust. This charge is exclusive of stamp duty (currently charged at 0.5%), any broker commission and similar charges, where applicable. Transaction charges are only applied to the purchase transaction of a switch. Shareholder information We may charge you for providing the shareholder information described below but currently do not do so. We may rebate or waive some or all of our fees and charges and we may pay commissions to brokers or agents, where permissible under FCA Rules. We are entitled to deduct and retain from your Plan all charges, fees or commissions payable under this Agreement, and may apply any cash or sell any Shares to pay such charges, fees or commissions, including tax liabilities and VAT relating to your Plan. We will give you 30 calendar days prior notice of any change to the charges or where a new charge is introduced. 12. Valuations, Investment Trust reports and other shareholder information A valuation and transaction statement will normally be sent to you at six monthly intervals within 25 Business Days of 5 April and 5 October, respectively or on a date otherwise notified to you. We will also arrange for you to receive or we will make available to you the annual and interim report and accounts in respect of each Investment Trust and any additional information issued to shareholders. We will arrange for you to be able to attend meetings of shareholders if you so wish. Contract notes will be issued for each lump sum investment, switch, transfer, purchase or sale of Shares but not in respect of regular monthly investments. For dividend reinvestments, we will send you a written advice. 13. Voting You will receive forms to enable you to direct us how to vote on your behalf at any shareholder meeting. If you wish us to vote on your behalf, these forms must be completed and returned to by the date specified to allow voting to take place. You should note that subscription shares do not carry the right to attend and vote at shareholder meetings other than class meetings of subscription shareholders. 14. Complaints procedure If you wish to complain about your Plan please contact the Compliance Officer at BlackRock Investment Management (UK) Limited, 12 Throgmorton Avenue, London EC2N 2DL. If you would like to receive written details of how we handle complaints, please contact us. If you are not entirely satisfied with the way we handle your complaint, you may be able to complain to the Financial Ombudsman Service Ltd, Exchange Tower, London E14 9SR or you can send an to complaint.info@financial-ombudsman.org.uk Tel: or or visit the website at financialombudsman.org.uk. Making a complaint will not prejudice your right to take legal proceedings. We are also covered by the Financial Services Compensation Scheme and you may be entitled to compensation from the scheme if we cannot meet our obligations to you. Information on the Financial Services Compensation Scheme is available on request, or by contacting FSCS Limited at 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [13]

16 15. Withdrawals and transfers out You may at any time request in writing the withdrawal of cash or Shares from your Plan to be made to you. Any withdrawal must have a value of at least 250, and the remaining value of your Plan after the withdrawal must not be less than 500. If the remaining value of your Plan would be less than 500, then you may be required to sell the whole amount in your Plan. We reserve the right not to accept an instruction to withdraw shares from our Plan if the Trust is in the midst of a corporate action. Withdrawal of cash Withdrawal of cash will normally be completed by selling an appropriate number of Shares. You must inform us of the Shares you wish to be sold. If your instruction is ambiguous or unclear it will need to be clarified before your request can be processed. Please see Clause 10 above for further information relating to the sale of Shares. Following receipt of your Instruction(s), we will sell the relevant Shares in accordance with Clause 9 and 10 above and transfer the cash proceeds (net of charges) to you within three Business Days after the sale. Between sale and payment to you, cash proceeds will be held in accordance with FCA Rules on client money. However no interest will be paid on such monies. Withdrawal of Shares Alternatively, you may request that we transfer the Shares specified in your withdrawal request directly into your name instead of selling them, in which case the transfer will be effected as soon as reasonably practicable. 16. Termination You may request at any time that we terminate your Plan, such termination to be effective upon our receipt of your written request (see Clause 26). We may terminate your Plan by giving you one month s written notice, effective upon the expiry of the notice period. Once termination is effective, we will normally sell all your Shares and pay you the cash proceeds (net of charges), or where you request us to, we will transfer the Shares in the terminated Plan to you instead of selling them in accordance with Clause 9 and 15 above. We reserve the right to delay the termination of your Plan if the Trust is in the midst of a corporate action. We will terminate this Agreement if and insofar as the Investment Trust in which you hold Shares within the Plan is wound up or ceases to be managed by an Associate and you do not elect to switch your holding into another Investment Trust. In such a case you will be paid the appropriate liquidation or sale proceeds or Shares will be transferred to you (as appropriate) relating to that Investment Trust s Shares held in your Plan. The Agreement may be terminated automatically by us on receipt of notice of your insolvency. Upon termination of your Plan you may crystallise a tax gain or loss which you may need to account for. 17. Consequences of withdrawal, transfer or termination Any withdrawal, transfer or termination of your Plan will be subject to the completion of outstanding transactions and any deductions we may be entitled or bound to make in respect of our fees or charges. We are also entitled to close out, terminate or reverse any transaction or enter into any other transaction if it reduces or eliminates any liability existing as a result of a commitment entered into by us for your Plan. Cash will not be transferred in respect of a withdrawal or termination to a third party except where you have specifically instructed us to make such transfer to your authorised financial adviser. On the death of the holder, the Shares comprised in the Plan will be transferred to the personal representatives or as directed by them upon production of a grant of probate (or equivalent). The total value of the Plan forms part of the deceased s estate for inheritance tax purposes. Where upon the withdrawal from or termination of your Plan, the proceeds are transferred to you by cheque and you subsequently fail to present the cheque for payment, the proceeds will be held in a client money account in accordance with Clause 7 or Clause 8, as applicable. Reasonable efforts will be made to contact you at the address reflected in our records in order to facilitate payment of any outstanding balance due to you. However, if we are unable to contact you, after a period of 6 years, such amount may cease to be treated as client money and may be paid way to a charity of our choice. By completing the relevant Application Form(s), you consent to this course of action. We will produce probate valuations on request. On the death of any joint holder of a Plan we may (upon receipt of the grant of probate (or equivalent) or death certificate) treat the remaining holder(s) as solely entitled to the relevant Shares and will continue to operate the Plan unless notified otherwise by the survivor(s). 18. Ownership and administration Shares in your Plan will be registered in the name of the Nominee, but you will at all times be the beneficial owner. We will not lend your Shares to anyone else or use them as security for a loan or require you to supplement subscriptions to your Plan. Where title to Shares is registered in the Nominee s name, they are held collectively in a pool and your entitlements may not be identifiable by separate certificates or other physical documents of title. Should the Custodian default, any shortfall in your investments may be shared pro-rata among all the Custodian s customers whose investments are also held in this way. If you do not give us your instruction by the deadline we set we will normally apply the default option as detailed in the corporate action. 19. Best execution We are required to seek to achieve the best possible result for you when dealing with any order to buy or sell financial instruments and to set out arrangements for this purpose in an order execution policy. We are required to consider various factors when deciding how best to deal with orders from clients. These include price, cost, speed, likelihood of execution and settlement, size, nature and other relevant matters. As we have classified you as a retail client we will usually consider price and cost to be the most important factors for you. When it is necessary to buy or sell shares in Investment Trusts for you, these orders will generally be transmitted to, or executed with, Winterflood Securities Limited, JPMorgan Cazenove Limited, Canaccord Genuity Ltd, Stifel Nicolaus Europe Limited, Cenkos Securities Limited ( the Brokers ) or any other market maker as deemed appropriate. Individual security trades of Shares may be combined with other investor orders. You should note that the effect of combining orders may sometimes work to your disadvantage. We will review the arrangements we have in place with our Brokers to assess their ability to provide best execution on a consistent basis and will implement any necessary changes to our order execution policy from time to time. This will involve reviewing whether using other means to route orders would be feasible (which would allow us to comply with our obligations to you under the rules of the FCA and the Revenue) and would generate a better result for you. Please note, any specific instructions from you as to how your orders are dealt with may prevent us from taking the steps that we have designed to obtain the best possible result in the circumstances. By agreeing to these Terms and Conditions, you will be giving: `` your prior express consent to the execution of orders outside a regulated market or a multilateral trading facility (as those terms are defined in the FCA Rules) where this is appropriate; and `` your consent to our order execution policy as summarised above. We are not required to assess the suitability or appropriateness of the investment or service provided or offered to you and, as a result, you will not benefit from the protection of the FCA Rules on assessing suitability. Therefore, we will not assess whether: `` investment in a Trust meets your investment objectives; `` you are able, financially, to bear the risk of any loss that the investment or service may cause; or `` you have the necessary knowledge and experience to understand the risks involved. If you are in any doubt about the suitability or appropriateness of investment in a Trust we recommend that you consult an authorised financial adviser. 20. Potential conflicts of interest We have the right, without giving you prior notice, to effect transactions in which we or an Associate or the Custodian has a material interest or duty without accounting to you for any commission, profit, or other remuneration received by us or any Associate or the Custodian. A summary of our Conflicts of Interest Policy is set out in the schedule to these Terms and Conditions. [14] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

17 21. Other disclosures We, or any Associate, may act for you as either principal or as agent, including in respect of transactions in which we are also acting as agent for the account of other customers and Associates. The Custodian will attend to the settlement of all transactions undertaken at our direction. The settlement of transactions is conditional upon the receipt of all necessary documents or funds. In addition, delivery or payment by the other party to any such transaction shall be at your risk and our obligation to account to you for any investment or the proceeds of sale of any investment shall be conditional upon receipt by us of the relevant documents or sale proceeds from the other party to the transaction. Your account will be debited with the purchase cost or credited with the proceeds of sale on the usual settlement (or subscription) day for the market concerned subject to settlement with the counterparty being effected. This may result either in a benefit or a loss to us or the Custodian where payment is made to or received from the Broker or other counterparty at other times. We reserve the right to cancel any debit or credit if there are any unreasonable delays or difficulties arising in settling with the counterparty. Subject to the FCA Rules, we may aggregate transactions for you with those of other customers and of our Associates and employees without prior reference to you or such other customers. You will be charged the pro-rated amount of any broker s commission payable. 22. Delegation and assignment This Agreement is personal to you and you cannot assign or transfer it to anyone else. We may delegate any of our functions and responsibilities under this Agreement to another party (including an Associate) without your prior consent provided we are satisfied that the delegate is competent to carry out the functions and responsibilities delegated to it. We may also appoint an Associate to replace us as your Operator under this Agreement (prior notice to be given to you if reasonably practicable) and employ other agents to perform, or advise us in relation to the performance by us, of any of our functions and responsibilities. 26. Your instructions All of your instructions or authorities in connection with this Agreement must be made in writing. Instructions will be deemed to have been given to us only when we have received them. We may acknowledge instructions verbally or in writing. 27. Events outside our control We have no responsibility or liability to you for any loss or damage caused by us or suffered by you as a consequence of our failure to perform our obligations resulting from any breakdown, failure or malfunction of any telecommunications or computer services or systems, industrial disputes, acts or regulations of any governmental or supranational bodies or authorities, or any acts or circumstances not reasonably within our control. 28. Amendments and Governing Law All communications between us shall be in English. We may make amendments to this Agreement without your consent but we will notify you at least 30 calendar days in advance in writing of such amendments. Amendments will take effect on the date specified in the written notice (and not less than 30 calendar days of the written notice we will provide to you). Wherever we make an amendment to this Agreement you will have the right to terminate this Agreement In accordance with Clause 16. However you can view the most up to date version of the Terms and Conditions on the BlackRock website at This Agreement is governed by and construed in accordance with English Law and is subject to the exclusive jurisdiction of the courts of England and Wales. 23. Liability We, or any Associate or the Bank or the Custodian, will not be liable in respect of any acts or omissions of any person, firm or company through whom transactions are effected for your account. We, or any Associate or the Bank or the Custodian, will not be liable for any loss incurred by you except to the extent that any such loss is directly caused by our respective negligence, wilful default or fraud. Nothing under this Agreement shall restrict any liability we, or any Associate or the Bank or the Custodian, may have under the regulatory system established under the Financial Services and Markets Act No warranty is given by us as to the performance or profitability of the Shares. 24. Confidentiality We will not disclose without your written authority any confidential information relating to your Plan received from you or from third parties during the course of this Agreement to any person other than an Associate or its or our agents or an intermediary appointed by you. However, we will disclose confidential information relating to your Plan if so required under any applicable law or regulation, or if required to do so by the FCA or by the Revenue. 25. Data protection Certain information is needed to carry out our agreement with you. Your personal data will be held by us in accordance with the Data Protection Act, 1988 and any other applicable regulation ( Data Protection Laws, as updated) for the purposes of carrying out our agreement with you. This may include the transfer of such data (i) to other members of the BlackRock group or the PNC group and (ii) to other businesses (in both cases including their offices based in countries having different standards of protection for personal data outside the European Economic Area) where the transfer is necessary for the provision of services in relation to any of the BlackRock group s investment products or services. If you wish to exercise your rights to receive a copy of the information that we hold about you, please write to us at 12 Throgmorton Avenue, London EC2N 2DL. If you invest via an agent, we may pass details of your Plan to your agent from time to time. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [15]

18 TERMS AND CONDITIONS FOR THE BLACKROCK INVESTMENT TRUST STOCKS AND SHARES NISA 1. Definitions Agreement has the meaning given In Clause 2. Application means a valid application for a Plan made in accordance with Clause 2. Application Form means the information contained in the prescribed application form completed in writing by an applicant for a Plan. Associate means any company in the group of companies of which BlackRock, Inc., and the PNC Financial Services Group, Inc. is the holding company (together, the Group ). Bank means The Royal Bank of Scotland plc, or another company within The Royal Bank of Scotland group, or any successor to their business from time to time. The Bank is not our Associate. Business Day means any day normally treated as a bank business day in England, on which the London Stock Exchange is open for trading. Cash Subscription means a subscription to your Plan made in the form of cash as described in Clause 3. Custodian means The Bank of New York Mellon (International) Limited or any successor to the business from time to time. The Custodian is not our Associate. Cut Off Time means 12 noon (UK time). FCA means the Financial Conduct Authority, and the FCA Rules means the rules and regulations of the Financial Conduct Authority, as in force from time to time. Instructions means a clear and unambiguous instruction validly given in accordance with both this Agreement and any prescribed form(s) required to deal in Shares. Investment Trust or Trust means investment trusts held in your Plan and which have been or will be made available by us as investment trusts which are eligible for inclusion in the Plan. All eligible Investment Trusts are managed by us or an Associate. ISA means an Individual Savings Account. From 1 July 2014 all existing ISAs became NISAs under the Regulations and the NISA changes introduced by the Revenue will apply to your NISA from this date. Manager, we and us all refer to BlackRock Investment Management (UK) Limited, the manager of your Plan (as applicable) (or our replacement under Clause 25). We are authorised and regulated by the FCA. NISA means a New Individual Savings Account. Nominee means Nutraco Nominees Ltd or its successor. Nutraco Nominees Ltd is an associate of the Custodian. Plan means your stocks and shares NISA (including any previous year Mini ISA, Maxi ISA or Personal Equity Plan with us) which has been reclassified as a NISA in accordance with the Regulations. Regulations means the Revenue regulations and guidance notes for NISAs (as may be amended and as applicable in the context). Revenue means H.M. Revenue & Customs. Shares means the ordinary shares or subscription shares (where applicable) of any Investment Trust. Subscription shares do not carry the right to receive any dividends nor the right to attend and vote at shareholder meetings. Terms and Conditions means the terms and conditions set out in this document or any updated version thereof made available at Units means the units of any BlackRock authorised unit trust or other authorised fund held in your Plan, which has been made available by us as an eligible investment for your Plan. Words and phrases defined in the FCA Rules will bear the same meanings in these Terms and Conditions. 2. Application procedure Client classification Under the FCA Rules we classify you as a retail client. Subscriptions In order to subscribe for a NISA you must provide a valid Application and Cash Subscription. A valid Application must be made by completing and sending to us the prescribed application form. Your Application is subject to the annual subscription limits for the current tax year as set out in the application form. Transfers If you wish to transfer a stocks and shares ISA or NISA held with another manager to us, you must first complete the relevant transfer Application Form. In order to effect the transfer, your other manager will sell the investments held in the ISA or NISA being transferred, and will transfer the net cash proceeds to us. We will then invest these cash proceeds in accordance with Clause 8 below. You cannot transfer a cash account ISA or NISA to us. Subject to your previous plan manager s terms and conditions and Revenue rules, should you elect to do so, you may transfer your existing holding of Shares in your ISA or NISA to us, free of charge (other than the any applicable stamp duty payable on the transfer), provided that the value of the Shares (together with any cash amount) exceeds the minimum requirements (such minima to be waived at our discretion). All Plans By making an Application you accept that the Plan will consist of the information whether supplied by us or you (including but not limited to personal details, declarations and authorities) contained in the Application Form, together with these Terms and Conditions, and the Key Features (the Agreement ) as amended from time to time. You also agree to the appointment by you of the Bank, and the Custodian to provide banking and custodial services required to ensure the operation of your Plan, and you authorise us to provide instructions to the Bank and the Custodian on your behalf insofar as they are required to carry out our duties as manager of your Plan. We will be responsible for ensuring that the Bank and the Custodian properly carry out their duties in respect of your Plan. In the event of any conflict in interpretation between the Application Form, the Terms and Conditions and the Key Features, the Terms and Conditions will take precedence. We reserve the right to transfer your Shares into other funds within the BlackRock range in certain circumstances, for example, as a result of a scheme of arrangement, corporate action or a termination affecting the Investment Trusts in which your Plan is invested. We shall write to let you know in advance of any such proposals, giving you as much notice as we reasonably can in the circumstances. We reserve the right not to accept your application to us for a Plan. You must provide satisfactory evidence of identity and we may request further verification of identity from you before investing on your behalf in your Plan or before making any withdrawal or transfer. 3. Form of subscription or transfer Subscription Before your NISA can be opened a valid Application and valid Cash Subscription must have been received by us. For regular investors, Cash Subscriptions must be made by direct debit. Subscriptions will be debited on or shortly after the 25th day of each month. For lump sum investors Cash Subscriptions must be made by cheque. Payments made by cheque are valid from the date we receive and accept the cheque (provided that it subsequently clears). If your cheque subsequently fails to clear, or your direct debit instruction is returned unpaid, we may cancel the Application and any transactions carried out up to that date. You agree to indemnify both us and the Custodian against any losses, costs or expenses incurred directly or indirectly as a result of investment and subsequent cancellation of the transaction in such circumstances. Transfers Before your Plan can be opened we must have received either a valid cash transfer and/or a valid in specie transfer from your existing plan manager. Any cash will be invested in the Trust(s) specified in your Application Form. 4. Commencement of your Plan Subject to the Regulations, the commencement date will be the date your Application and Cash Subscription or cash transfer is accepted by us. [16] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA

19 5. Management of your Plan Your Plan will be managed by us in accordance with the Instructions provided in your Application Form, this Agreement and the Regulations. You will also be notified by us of any rights or corporate actions relating to your Shares held in your Plan. We will only arrange for these rights to be exercised provided we have received from you unambiguous instructions and any monies due in sufficient time for the exercise of your rights to take place. If you do not give us your instruction by the deadline we set, we will normally apply the default option as detailed in the corporate action. We will credit any Shares issued on a capitalisation issue to your Plan. 6. Cash in your Plan You may instruct us to sell Shares and hold the proceeds in cash pending reinvestment within your Plan. Cash held in your Plan will be held by an appropriate institution in our name in trust for the benefit of your Plan in accordance with the FCA Rules on client money. If your cash falls below the 500 minimum holding limit we reserve the right to reinvest this amount, back into Shares of the Trust which you then hold. We, our Associates and the Bank may benefit from the aggregation of client balances held as stated above. 7. Interest We will not pay you any interest on cash held within your NISA, including cash representing a cheque issued by us which you have not yet cashed. You agree to waive the right to receive interest (if any) which you would otherwise have received under the FCA rules on client money. 8. Timing of transactions Subject to Clause 4, we will invest your Cash Subscription in the Investment Trust(s) as specified in your Application Form. When investing in Investment Trusts on behalf of your Plan, we will buy whole Shares and any residual cash amount after we purchase such Shares will be held for you within your Plan in a non-interest bearing client money account. D. Transactions to purchase Shares Instructions to purchase Shares will be carried out as follows: 1. Where we receive the cash and your Instruction before the Cut Off Time on a Business Day, your Instruction will be carried out on that Business Day. 2. Where we receive both the cash and your Instruction after the Cut Off Time on a Business Day or on a day that is not a Business Day, your Instruction will be carried out on the next Business Day. E. Transactions to sell Shares Instructions to sell Shares will be carried out as follows: 1. Where we receive your Instruction before the Cut Off Time on a Business Day, your Instruction will be carried out on that Business Day. 2. Where we receive your Instruction after the Cut Off Time on a Business Day or on a day that is not a Business Day, your Instruction will be carried out on the next Business Day. F. Transactions to switch between Shares and Units Instructions to sell Shares and to buy either Shares or Units with the proceeds (a switch ), will be carried out as follows: Where the switch is between Shares: 1. Where we receive your Instruction before the Cut Off Time on a Business Day, your Instruction will be carried out in the case of a sale of Shares, on that Business Day with the purchase of Shares taking place on the next Business Day. 2. Where we receive your Instructions after the Cut Off Time on a Business Day or on a day that is not a Business Day, your Instructions will be carried out in the case of a sale of Shares, on the next Business Day with the purchase of Shares taking place on the second Business Day. Where the switch is from Shares to Units: 1. Where we receive your Instruction before the Cut Off Time on a Business Day, the sale of Shares shall be carried out on that Business Day and the purchase of Units shall be carried out using the following Business Day s Unit prices; or 2. Where we receive your Instruction after the Cut Off Time on a Business Day or on a day that is not a Business Day, the sale of Shares shall be carried out on the next Business Day and the purchase of Units shall be carried out using the Unit prices on the second Business Day after you gave the Instruction. Timing in relation to any of the above transactions will remain subject to prevailing market conditions and liquidity constraints. 9. Residual Cash in Investment Trusts Residual cash held (as per Clause 8) will be added to the next valid Cash Subscription or dividend reinvestment which you may make into the relevant Investment Trust. Please note that any residual cash received as part of a subscription into a NISA product will be held within the NISA wrapper and will count towards your ISA allowance. You should consider the residual cash balance on your account when making any future subscriptions as we are not able to accept subscriptions which would mean your NISA limit would be exceeded Where you instruct us to sell a specific monetary value of Shares, any existing residual cash will be included in the sale proceeds paid to you and the aggregate amount shall be reflected in your contract note. Where you instruct us to sell a specific number of Shares (and do not specify a monetary amount), we will be unable for operational reasons to include any existing residual cash in the sale of such Shares. Therefore the contract note for this transaction will only reflect the value of the Shares sold. The balance of any residual cash will be added to future redemption proceeds which you receive if you sell your entire holding of Shares. Residual cash will be held in accordance with Clause 6 and Clause Our charges We are entitled to the following charges in respect of your Plan. Transaction charge A charge of 0.75% (described as a dealing charge on contract notes) will be payable to us on all dealings in Shares, capped at 15 per transaction per Investment Trust. This charge is exclusive of stamp duty (currently charged at 0.5%), any broker commission and similar charges, where applicable. Transaction charges are only applied to the purchase transaction of a switch. Annual Plan Charge We charge an Annual Plan Charge of 0.5% (plus VAT) in respect of the Shares in your Plan which is calculated and accrued daily. This Annual Plan Charge is payable on 15 March and 15 September each year. We can collect this charge by either selling an appropriate number of your Shares and deducting this charge from the sale proceeds, or, pursuant to your Instructions, by deducting this amount from your nominated account by direct debit. There will be no transaction charge levied on either method of payment of this charge, If you partially sell, terminate or transfer your Plan, or if a Trust in which you are invested holds a tender offer or is wound up, any outstanding Annual Plan Charges will be collected by either selling an appropriate number of Shares, or, if you have requested cash, by deducting the appropriate amount from your proceeds. More information on the charges within each Trust is provided in the Key Features Document for that Trust. Shareholder information We may charge you for providing the shareholder information described below but currently do not do so. We may rebate or waive some or all of our fees and charges and we may pay commissions to brokers or agents, where permissible under FCA Rules. We are entitled to deduct and retain from your Plan all charges, fees or commissions payable under this Agreement, and may apply any cash or sell any Shares to pay such charges, fees or commissions, including tax liabilities and VAT relating to your Plan. We will give you 30 calendar days prior notice of any change to the charges or where a new charge is introduced. 11. Your income If you have requested distribution of income in your Application, all dividends received will be paid into your nominated bank account on the next Business Day following receipt. If you have not elected for the distribution of income, it will be automatically reinvested (net of any transaction charges and stamp duty) in further Shares of the relevant Trust on the next Business Day following receipt. Details of the reinvestment of your dividends will be included in your next transaction statement. You should note that subscription shares do not carry the right to receive any dividends. BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA [17]

20 12. Valuations, Investment Trust reports and other shareholder information A valuation and transaction statement will normally be sent to you at six monthly intervals within 25 Business Days of 5 April and 5 October, respectively or on a date otherwise notified to you. We will also arrange for you to receive or we will make available to you the annual and interim report and accounts in respect of each Investment Trust and any additional information issued to shareholders. We will arrange for you to be able to attend meetings of shareholders if you so wish. Contract notes will be issued for each lump sum investment, switch, transfer, purchase or sale of Shares but not in respect of regular monthly investments. We will send you a written advice of your dividend reinvestment and details will also be included in your next transaction statement. 13. Voting You will receive forms to enable you to direct us how to vote on your behalf at any shareholder meeting. If you wish us to vote on your behalf, these forms must be completed and returned to us by the date specified to allow voting to take place. We will arrange for you to be able to attend meetings of shareholders if you wish. You should note that subscription shares do not carry the right to attend and vote at shareholder meetings other than class meetings of subscription shareholders. 14. Complaints procedure If you wish to complain about your Plan please contact the Compliance Officer at BlackRock Investment Management (UK) Limited, 12 Throgmorton Avenue, London EC2N 2DL. If you would like to receive written details of how we handle complaints, please contact us. If you are not entirely satisfied with the way we handle your complaint, you may be able to complain to the Financial Ombudsman Service Ltd, Exchange Tower, London E14 9SR or you can send an to complaint.info@financial-ombudsman.org.uk. Tel: or or visit the website at financial-ombudsman.org.uk. Making a complaint will not prejudice your right to take legal proceedings. We are also covered by the Financial Services Compensation Scheme and you may be entitled to compensation from the scheme if we cannot meet our obligations to you. Information on the Financial Services Compensation Scheme is available on request, or by contacting FSCS Limited at 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU. 15. Taxation We may make all appropriate claims, conduct appeals and agree on your behalf liabilities for and reliefs from tax in respect of your Plan, and we may account to the Revenue for any tax arising. The tax efficiency of NISAs is based on current Revenue rules. The current tax situation may not be maintained. The benefit of the tax treatment depends on individual circumstances. 16. Withdrawals You may at any time request in writing the withdrawal of cash or Shares from your Plan to be made to you. Any withdrawal must have a value of at least 250, and the remaining value of your Plan after the withdrawal must not be less than 500. If the remaining value of your Plan would be less than 500, then you may be required to sell the whole amount in your Plan. We reserve the right to delay your withdrawal of your Plan if the Trust is in the midst of a corporate action. Withdrawal of cash Withdrawal of cash will normally be completed by selling an appropriate number of Shares. You must inform us of the Shares you wish to be sold. If your Instruction is ambiguous or unclear it will need to be clarified before your request can be processed. Please see Clause 9 above for further information relating to the sale of Shares. Following receipt of your Instruction(s), we will sell the relevant Shares in accordance with Clause 8 and 9 above and send the cash proceeds (net of charges including any accumulated Annual Plan Charge) to you within three Business Days after the sale. Between sale and payment to you, cash proceeds will be held in accordance with the FCA Rules on client money. However no interest will be paid on such monies. Withdrawal of Shares Alternatively, you may request that we transfer the Shares (less such number as may be required to be sold to cover any accumulated Annual Plan Charge) which are specified in your withdrawal request into your name instead of selling them. This process may take up to a maximum of 30 calendar days. 17. Transfers Transfers out You may at any time request in writing, using an appropriate form of transfer that complies with the Regulations, that we transfer your Plan to another manager who has consented to such transfer. This transfer can be made in cash or by transferring your Shares. For the transfer of subscriptions received by us in the current tax year, we may only transfer cash or Shares representing the whole value of your NISA subscriptions. However, you may transfer investments in your NISA representing previous tax year s subscriptions in whole or in part. You may transfer a stocks and shares ISA or NISA to a cash ISA or NISA under the Regulations. Any partial transfer of your NISA must have a value of at least 250, and the remaining value of your Plan after the withdrawal must not be is less than 500. If the remaining value of your Plan would be less than 500, then you may be required to sell the whole amount in your Plan. Transfers of cash You must inform us of the Shares you wish to be sold to effect the transfer. If your Instruction is ambiguous or unclear it will need to be clarified before your request can be processed. Following receipt of your valid transfer instruction(s) we will sell the Shares in accordance with Clauses 8 and 9 above and transfer the cash proceeds (net of charges including any accumulated Annual Plan Charge) to your new plan manager within three Business Days after the sale. Between sale and payment to your other plan manager, net cash proceeds will be held in accordance with the FCA Rules on client money. However no interest will be paid on such monies. Transfer of Shares You may request that we transfer any Shares directly to your new plan manager (less such number as may be required to be sold to cover any accumulated Annual Plan Charge) instead of selling them. Any transfer will be effected within a maximum of 30 calendar days subject to receipt of the information from your new plan manager required to complete the transfer. We reserve the right to delay the transfer of your Plan if the subject of the transfer is an Investment Trust which is in the midst of a corporate action. 18. Termination of your Plan You may request at any time that we terminate your Plan, such termination to be effective upon our receipt of your written request (see Clause 29). We may terminate your Plan by giving you one month s written notice, effective upon the expiry of the notice period. Once termination is effective, we will normally sell all your Shares and pay you the cash proceeds (net of charges including any accumulated Annual Plan Charge), or, where you request us to, we will transfer the Shares (less such number as may be required to be sold to cover any accumulated Annual Plan Charge) to you in accordance with Clause 8 and Clause 16 above. If you instruct us to transfer all the Shares in your Plan to another NISA manager in accordance with Clause 17 above, your Plan with us will be terminated once we have effected the transfer. We reserve the right to delay the termination of your Plan if it includes a Trust which is in the midst of a corporate action. 19. Consequences of withdrawal, transfer or termination Any withdrawal, transfer or termination of your Plan will be subject to the completion of outstanding transactions and any deductions we may be entitled or bound to make under the Regulations or in respect of our fees or charges. We are also entitled to close out, terminate or reverse any transaction or enter into any other transaction if it reduces or eliminates any liability existing as a result of a commitment entered into by us for your Plan. Cash in respect of a withdrawal or termination will not be transferred to a third party except where you have specifically instructed us to make such transfer to your authorised financial adviser or new NISA manager. Your Plan will cease to qualify for tax exemption under the Regulations from the date of your death. The investments will be transferred to your personal representatives once a sealed grant of probate (or equivalent) has been obtained. The total value of your Plan forms part of your estate for inheritance tax purposes. [18] BLACKROCK INVESTMENT TRUST SAVINGS PLAN AND STOCKS AND SHARES NISA