Investment Management, Risk & Advisory Services

Financial markets respond to the coronavirus outbreak

2020 GLOBAL OUTLOOK

The coronavirus shock is set to bring the economy to a near standstill – but we see a recovery taking place if policymakers deliver a decisive response. That is starting to happen.

Sizeable policy action takes shape

Sizable fiscal stimulus to bridge the economic impact of the coronavirus is on the way - and underappreciated by markets.

Tools and Resources

Access tools for portfolio construction and more

iShares Core Builder Tool

Forms

Offer Documents

Continuous Disclosure

Fund Information

Access latest fund documents and information

Fund Financial Reports

ETF Liquidity

Using simple illustrations and a metaphor about flowers, this video will help you understand ETF Liquidity and the creation and redemption process that lets ETFs trade even when volume is low.

What type of investor are you?

Individual Investors

I manage my money myself
Financial Advisers

I invest money on behalf of my clients
Institutional Investors

I consult or represent organisations, beneficiaries or institutions

Accept Terms & Conditions

For Individual Investors

The BlackRock Australia website ("Website") including BlackRock Accounts Online and Gateway are owned and operated by BlackRock Investment Management (Australia) Limited (ABN 13 006 165 975) having its registered office at Level 26, 101 Collins Street, Melbourne, VIC, 3000.

The Website including BlackRock Accounts Online and Gateway covers the products and services of BlackRock Investment Management (Australia) Limited ("BlackRock Australia").

By using and accessing the Website or any of its pages, you agree to be legally bound by these Terms of Use (including the Privacy Policy) detailed below.

We may change the content or services on the Website without notice including the Terms of Use and the Privacy Policy. Your continued access to, or use of, the Website means that you agree to and accept the changes we make. We recommend that you periodically review the Terms of Use and Privacy Policy for changes.

The information provided on the Website is prepared for residents of Australia only and should not be relied upon by residents of any other jurisdiction.

Click on a topic title below to jump directly to the relevant section.

Alternatively, use the scroll-bar to browse the document.

Use of BlackRock Accounts Online
Use of Gateway
No Financial Product Advice
Accuracy and Currency of Information
Performance and Returns
Investing on Current Offer Documents
IDPS Accessible Funds
iShares ETFs
Return of Capital and Performance
Important Information from index providers
Distribution Summary and Fund Payment Information
Indemnity
Password
Copyright and Trademarks
Interactive Data Real Time Services
Morningstar web tools
Loss or Damage to your Systems
Links to, and from, other Sites

Use of BlackRock Accounts Online

Users of BlackRock Accounts Online ("User") will be able to access information, which will be controlled by a Unique Identifier and Password. This is to allow us to implement measures to preserve the security of this information.

Use of BlackRock Accounts Online is subject to specific terms and conditions in addition to the general Terms of Use. By accessing BlackRock Accounts Online you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in BlackRock Accounts Online relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to BlackRock Accounts Online may be revoked by BlackRock at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of BlackRock Accounts Online against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of BlackRock Accounts Online may experience arising from:
(a) my use of BlackRock Accounts Online,
(b) my failure to keep my Password confidential, and
(c) the use of BlackRock Accounts Online by any other person on my behalf.

Use of Gateway

Users of Gateway ("User") will be able to access information on Gateway, which will be controlled by a Unique Identifier and Password selected by the User. This is to allow us to implement measures to preserve the security of this information. BlackRock Australia will not have access to the Password selected by the User.

Use of Gateway is subject to specific terms and conditions in addition to the general Terms of Use. By accessing Gateway you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy.
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in Gateway relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to Gateway may be revoked by BlackRock Australia at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of Gateway against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of Gateway may experience arising from:
(a) my use of Gateway;
(b) my failure to keep my Password confidential; and
(c) the use of Gateway by any other person on my behalf.

No Financial Product Advice

The material on the Website provides general information only and has not been prepared having regards to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation or needs. Any potential investor should consider the latest disclosure document or PDS in deciding whether to acquire, or to continue to hold, an investment in any BlackRock fund. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision.

Accuracy and Currency of Information

BlackRock Australia, its officers, employees, agents and associates believe that the information and material provided on the Website is correct at the time of compilation but do not warrant the accuracy, reliability or currency of that information and material. You should carefully check the date of compilation of the information and material (where relevant) to determine its currency. Save for statutory liability which cannot be excluded, BlackRock Australia, its officers, employees, agents, related body corporate and associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on the information and material on the Website or any opinion, conclusion or recommendation in the information and material whether the loss or damage is caused by any fault or negligence on the part of BlackRock Australia (including its officers, employees, agents, related body corporate and associates) or otherwise.

Performance and Returns

All performance figures contained in the Website are sourced from internal and other sources as appropriate. Past performance is not a reliable indicator of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed.

Investing on Current Offer Documents

BlackRock Investment Management (Australia) Limited ABN 13 006 165 975 (AFS Licence No 230523) ("BlackRock Australia") is the responsible entity for the Australian managed investment funds (including the Australian iShares ETFs, see section titled “iShares ETFs” below for further information) registered under the Corporations Act 2001 offered by BlackRock Australia. BlackRock Australia is the local agent and intermediary for the international iShares ETFs (see section titled “iShares ETFs” below for further information), issued by iShares, Inc. ARBN 125632 279 formed in Maryland, USA and iShares Trust ARBN 125 632 411 organised in Delaware, USA ("International iShares ETFs”). The international iShares ETFs are registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940.

Investments into any fund detailed on the Website may only be made on the basis of an application form contained in, or accompanying a current Product Disclosure Statement (PDS), Disclosure Document/Information Memorandum or Prospectus (collectively “Offer Documents”). Offer Documents for any BlackRock Australia fund detailed on the Website are available from BlackRock Australia, or, in certain circumstances, can be downloaded from the Website as a PDF file. You should consider the relevant Offer Document in deciding whether to acquire or to continue to hold the product. If you would like a printed paper copy of an Offer Document, please call us on 1300 366 100 or alternatively, where available, you can download an electronic PDF copy from the website.

Offer Documents on this website are only intended for use by Australian residents. They have been prepared under Australian law and do not directly or indirectly amount to an offer in any other place other than Australia.

IDPS Accessible Funds

Interests in certain funds are accessible through investor directed portfolio services ("IDPS Accessible Funds") and are offered in a PDS available on the Website. Please read and consider the relevant PDS carefully before deciding to invest. Please note that persons intending to invest in the IDPS Accessible Funds will need to complete the applicable forms for the relevant service.

iShares ETFs

Generally, units/shares of iShares ETFs may only be created or redeemed directly from an iShares ETF by authorised participants (typically large institutional investors) in very large creation/redemption sizes. Other investors wishing to access iShares ETFs may do so via each fund’s listing on a market of the Australian Securities Exchange ("ASX") through a brokerage account. Transaction costs are incurred when buying or selling iShares ETF securities on ASX markets and brokerage commissions if such trades are done through a broker. iShares securities trade on ASX at market price (not at net asset value ("NAV")). Before investing in an iShares ETF, you should carefully consider whether such products are appropriate for you, read the applicable Offer Document, which are available from BlackRock Australia or can be downloaded from the Website in PDF format, and consult a financial or other professional adviser.

In respect of information relating to iShares ETFs listed on a market of the ASX, ASX takes no responsibility for any aspect of the Website or any decision to invest in an iShares ETFs. The admission by ASX of an issuer of an iShares ETF is in no way an endorsement by ASX of the issuer or of iShares ETF securities.

BlackRock Fund Advisors ("BFA") serves as an advisor to the International iShares ETFs. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A. ("BTC"). BTC is a wholly-owned subsidiary of BlackRock, Inc^®. Information regarding foreign companies is provided solely to inform Australian residents of the role each of these foreign companies have in the International iShares ETFs listed on the ASX. Content is general in nature only.

Trades on the ASX in the shares of International iShares ETFs are settled using CHESS Depositary Interests. An investment in an International iShares ETF involves investing in international markets. In addition to the normal investment risks associated with investment type products, international investments may involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. An investment in emerging markets and single countries may also involve heightened other risks such as increased volatility and the possibility of lower trading volume.

Return of Capital and Performance

None of BlackRock Australia, their associates, related body corporate and subsidiaries guarantees the success of any fund, or repayment of capital nor any particular rate of return on income or of capital. Investment type products are subject to investment risk, including delays in repayment.

Important Information from Index Providers

BlackRock funds are not sponsored, endorsed, issued, sold or promoted by ASX Operations Pty Limited (including its affiliates), Bloomberg Finance L.P. and its affiliates (“Bloomberg”), Barclays Capital Inc., FTSE International Limited (“FTSE”), JPMorgan Chase & Co., MSCI Inc. ("MSCI"), Markit Indices Limited, Morningstar, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Russell Investment Group ("Russell"), Standards & Poor’s ("S&P"), S&P Dow Jones Indices LLC, or The McGraw-Hill Companies, Inc. ("McGraw-Hill"). None of these companies make any representation or warranty regarding the advisability of investing in any BlackRock fund. BlackRock group of companies are not affiliated with the companies listed above. Index data related to the underlying indices are provided by the respective index companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA. The FTSE China 50 Index is calculated by FTSE.

“FTSE^®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license. MSCI and the MSCI Index are trademarks and servicemarks of MSCI. Standard & Poor's^® and S&P^® are registered trademarks of S&P, a division of McGraw-Hill. ASX^® is a registered trademark of ASX Operations Pty Limited and has been licensed for use to S&P. The "Russell Index" is a trademark of Russell. Each of these companies has licensed the use of their respective trademarks and servicemarks to BlackRock Institutional Trust Company, N.A.

Bloomberg is not affiliated with BlackRock Australia and do not approve, endorse, review, or recommend iShares Composite Bond ETF, iShares Government Inflation ETF or iShares Treasury ETF. BLOOMBERG and the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠ are trademarks or servicemarks of Bloomberg and have been licensed to BlackRock Australia. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠.

The relevant product disclosure document or prospectus contains a more detailed description of the limited relationship the companies mentioned above have with BlackRock group of companies and any related funds.

Distribution Summary and Fund Payment Information

BlackRock Australia is required to disclose certain information to comply with the new withholding tax rules in relation to non-residents. Please consult your tax advisor to understand if and how the new disclosures may apply to you. The distribution details contained in these documents are estimates only.

Actual distribution information will be forwarded shortly after 30 June each year. The estimates are provided to you in good faith and have been derived from sources, materials and systems believed to be accurate and the best available at the time of the distribution. BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimate. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimate by the recipient. A recipient must not provide distribution estimates to any third party unless consent is obtained from BlackRock Australia and they are accompanied by this disclaimer.

This information does not constitute general or personal financial product advice, nor does it constitute taxation advice. Investors should seek professional financial and taxation advice before making any investment decision. Please note that past distributions are not indicative of future distributions.

Indemnity

Where a claim is brought against BlackRock Australia or its related body corporate by a third party in relation to your use of the Website, you hereby agree to fully reimburse BlackRock Australia or its related body corporate for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock Australia or its related body corporate as a consequence of improper use of the Website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.

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Password

You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.

Copyright and Trademarks

Copyright in all the material, works, software, design, text, graphics and code contained on or used to produce the Website and in the information and material and in its arrangement or layout, is owned or licensed by BlackRock Australia or its related body corporate or its associates unless otherwise indicated. Other than as permitted below, your use of anything in which BlackRock Australia or its related body corporate or its associates own copyright is governed by the copyright laws of Australia and its international treaties with other countries, as applicable.

You are permitted to save or print a copy of the Website solely for your own information, research or study, but only if you do not modify the copy and you include the copyright notice "© BlackRock Investment Management (Australia) Limited" on the copy. You may not copy, publish, distribute, create works from or commercially exploit the content of the Website for any other purpose.

iShares® and BlackRock® are registered trademarks of BlackRock, Inc., or its subsidiaries. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners. Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on the Website without the written permission of BlackRock Australia or such other third party that may own the trademark displayed on this website. Your use of the trademarks displayed on the Website, except as provided herein, is strictly prohibited.

Interactive Data Real Time Services

Certain information relating to iShares ETFs provided by Interactive Data Real Time Services ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates. You are only permitted to use such Interactive Data Information for your own personal use. In no event shall you publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and you shall not use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of an iShares ETF security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INTERACTIVE DATA INFORMATION NOR WILL THEY BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

The estimated NAV is indicative only, and the iShares ETFs are not open for transactions based on this price estimate. BlackRock Australia, its officers, employees and agents believe that the estimated NAV is correct as at its date of publication. While every care has been taken in the provision of the estimated NAV, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimated NAV. Except where contrary to law, in no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimated NAV.

Morningstar Web Tools

The Website includes certain web pages that provide access to information, data, analyses, reports, tools, and opinions (defined as “material”) that are provided by Morningstar Australasia Pty Limited ABN: 95 090 665 544, AFSL: 240892 and/or Morningstar Research Pty Ltd ABN 83 062 096 342, AFSL 243161 (both subsidiaries of Morningstar, Inc.). BlackRock Australia, its officers, employees and agents believe that the material is correct as at its date of publication. While every care has been taken in the provision of the material, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the material. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with your use of, or reliance upon, the material.

The material is only for use by financial adviser and institutional users. In accessing and using the material, you have registered and certified that you are an Australian Financial Services (AFS) Licensee or the representative of an AFS Licensee or a wholesale client within the meaning of the Corporations Act 2001. You assume full responsibility in determining the appropriateness of each fund, security, account or model chosen by you when using the material. The material is provided on an "as is" basis and for illustrative purposes only.

You cannot rely on the material as a guarantee against loss of capital nor as an assurance that an investment approach based on the material will be successful. BlackRock Australia does not provide financial advice.

This material is general in nature, and has been prepared without taking into account any individual’s objectives, financial situation, or needs. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision. The material may include past performance. Past performance is not a reliable indicator of future performance.

Loss or Damage to your Systems

BlackRock Australia or its related body corporate will not be liable for any loss or damage from any cause to your system or website, or to people linking to this material from your website, caused by or in connection with the use or link to this material. Any such loss or damage will be your responsibility. BlackRock Australia advises you to take your own precautions in relation to protecting your system or website from malfunction or viruses.

Links to, and from, other Sites

When you use a link to go from the Website to another site, none of these links comprise or imply support, endorsement or recommendation of any other company, product or service by us. We do not control and are not responsible for the information on any other site found through the Website. Linking to and framing of the Website is not permitted without our express written consent.

Accept Terms & Conditions

For Financial Advisors

The BlackRock Australia website ("Website") including BlackRock Accounts Online and Gateway are owned and operated by BlackRock Investment Management (Australia) Limited (ABN 13 006 165 975) having its registered office at Level 26, 101 Collins Street, Melbourne, VIC, 3000.

The Website including BlackRock Accounts Online and Gateway covers the products and services of BlackRock Investment Management (Australia) Limited ("BlackRock Australia").

By using and accessing the Website or any of its pages, you agree to be legally bound by these Terms of Use (including the Privacy Policy) detailed below.

We may change the content or services on the Website without notice including the Terms of Use and the Privacy Policy. Your continued access to, or use of, the Website means that you agree to and accept the changes we make. We recommend that you periodically review the Terms of Use and Privacy Policy for changes.

The information provided on the Website is prepared for residents of Australia only and should not be relied upon by residents of any other jurisdiction.

Click on a topic title below to jump directly to the relevant section.

Alternatively, use the scroll-bar to browse the document.

Use of BlackRock Accounts Online
Use of Gateway
No Financial Product Advice
Accuracy and Currency of Information
Performance and Returns
Investing on Current Offer Documents
IDPS Accessible Funds
iShares ETFs
Return of Capital and Performance
Important Information from index providers
Distribution Summary and Fund Payment Information
Indemnity
Password
Copyright and Trademarks
Interactive Data Real Time Services
Morningstar web tools
Loss or Damage to your Systems
Links to, and from, other Sites

Use of BlackRock Accounts Online

Users of BlackRock Accounts Online ("User") will be able to access information, which will be controlled by a Unique Identifier and Password. This is to allow us to implement measures to preserve the security of this information.

Use of BlackRock Accounts Online is subject to specific terms and conditions in addition to the general Terms of Use. By accessing BlackRock Accounts Online you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in BlackRock Accounts Online relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to BlackRock Accounts Online may be revoked by BlackRock at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of BlackRock Accounts Online against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of BlackRock Accounts Online may experience arising from:
(a) my use of BlackRock Accounts Online,
(b) my failure to keep my Password confidential, and
(c) the use of BlackRock Accounts Online by any other person on my behalf.

Use of Gateway

Users of Gateway ("User") will be able to access information on Gateway, which will be controlled by a Unique Identifier and Password selected by the User. This is to allow us to implement measures to preserve the security of this information. BlackRock Australia will not have access to the Password selected by the User.

Use of Gateway is subject to specific terms and conditions in addition to the general Terms of Use. By accessing Gateway you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy.
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in Gateway relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to Gateway may be revoked by BlackRock Australia at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of Gateway against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of Gateway may experience arising from:
(a) my use of Gateway;
(b) my failure to keep my Password confidential; and
(c) the use of Gateway by any other person on my behalf.

No Financial Product Advice

The material on the Website provides general information only and has not been prepared having regards to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation or needs. Any potential investor should consider the latest disclosure document or PDS in deciding whether to acquire, or to continue to hold, an investment in any BlackRock fund. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision.

Accuracy and Currency of Information

BlackRock Australia, its officers, employees, agents and associates believe that the information and material provided on the Website is correct at the time of compilation but do not warrant the accuracy, reliability or currency of that information and material. You should carefully check the date of compilation of the information and material (where relevant) to determine its currency. Save for statutory liability which cannot be excluded, BlackRock Australia, its officers, employees, agents, related body corporate and associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on the information and material on the Website or any opinion, conclusion or recommendation in the information and material whether the loss or damage is caused by any fault or negligence on the part of BlackRock Australia (including its officers, employees, agents, related body corporate and associates) or otherwise.

Performance and Returns

All performance figures contained in the Website are sourced from internal and other sources as appropriate. Past performance is not a reliable indicator of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed.

Investing on Current Offer Documents

BlackRock Investment Management (Australia) Limited ABN 13 006 165 975 (AFS Licence No 230523) ("BlackRock Australia") is the responsible entity for the Australian managed investment funds (including the Australian iShares ETFs, see section titled “iShares ETFs” below for further information) registered under the Corporations Act 2001 offered by BlackRock Australia. BlackRock Australia is the local agent and intermediary for the international iShares ETFs (see section titled “iShares ETFs” below for further information), issued by iShares, Inc. ARBN 125632 279 formed in Maryland, USA and iShares Trust ARBN 125 632 411 organised in Delaware, USA ("International iShares ETFs”). The international iShares ETFs are registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940.

Investments into any fund detailed on the Website may only be made on the basis of an application form contained in, or accompanying a current Product Disclosure Statement (PDS), Disclosure Document/Information Memorandum or Prospectus (collectively “Offer Documents”). Offer Documents for any BlackRock Australia fund detailed on the Website are available from BlackRock Australia, or, in certain circumstances, can be downloaded from the Website as a PDF file. You should consider the relevant Offer Document in deciding whether to acquire or to continue to hold the product. If you would like a printed paper copy of an Offer Document, please call us on 1300 366 100 or alternatively, where available, you can download an electronic PDF copy from the website.

Offer Documents on this website are only intended for use by Australian residents. They have been prepared under Australian law and do not directly or indirectly amount to an offer in any other place other than Australia.

IDPS Accessible Funds

Interests in certain funds are accessible through investor directed portfolio services ("IDPS Accessible Funds") and are offered in a PDS available on the Website. Please read and consider the relevant PDS carefully before deciding to invest. Please note that persons intending to invest in the IDPS Accessible Funds will need to complete the applicable forms for the relevant service.

iShares ETFs

Generally, units/shares of iShares ETFs may only be created or redeemed directly from an iShares ETF by authorised participants (typically large institutional investors) in very large creation/redemption sizes. Other investors wishing to access iShares ETFs may do so via each fund’s listing on a market of the Australian Securities Exchange ("ASX") through a brokerage account. Transaction costs are incurred when buying or selling iShares ETF securities on ASX markets and brokerage commissions if such trades are done through a broker. iShares securities trade on ASX at market price (not at net asset value ("NAV")). Before investing in an iShares ETF, you should carefully consider whether such products are appropriate for you, read the applicable Offer Document, which are available from BlackRock Australia or can be downloaded from the Website in PDF format, and consult a financial or other professional adviser.

In respect of information relating to iShares ETFs listed on a market of the ASX, ASX takes no responsibility for any aspect of the Website or any decision to invest in an iShares ETFs. The admission by ASX of an issuer of an iShares ETF is in no way an endorsement by ASX of the issuer or of iShares ETF securities.

BlackRock Fund Advisors ("BFA") serves as an advisor to the International iShares ETFs. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A. ("BTC"). BTC is a wholly-owned subsidiary of BlackRock, Inc^®. Information regarding foreign companies is provided solely to inform Australian residents of the role each of these foreign companies have in the International iShares ETFs listed on the ASX. Content is general in nature only.

Trades on the ASX in the shares of International iShares ETFs are settled using CHESS Depositary Interests. An investment in an International iShares ETF involves investing in international markets. In addition to the normal investment risks associated with investment type products, international investments may involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. An investment in emerging markets and single countries may also involve heightened other risks such as increased volatility and the possibility of lower trading volume.

Return of Capital and Performance

None of BlackRock Australia, their associates, related body corporate and subsidiaries guarantees the success of any fund, or repayment of capital nor any particular rate of return on income or of capital. Investment type products are subject to investment risk, including delays in repayment.

Important Information from Index Providers

BlackRock funds are not sponsored, endorsed, issued, sold or promoted by ASX Operations Pty Limited (including its affiliates), Bloomberg Finance L.P. and its affiliates (“Bloomberg”), Barclays Capital Inc., FTSE International Limited (“FTSE”), JPMorgan Chase & Co., MSCI Inc. ("MSCI"), Markit Indices Limited, Morningstar, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Russell Investment Group ("Russell"), Standards & Poor’s ("S&P"), S&P Dow Jones Indices LLC, or The McGraw-Hill Companies, Inc. ("McGraw-Hill"). None of these companies make any representation or warranty regarding the advisability of investing in any BlackRock fund. BlackRock group of companies are not affiliated with the companies listed above. Index data related to the underlying indices are provided by the respective index companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA. The FTSE China 50 Index is calculated by FTSE.

“FTSE^®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license. MSCI and the MSCI Index are trademarks and servicemarks of MSCI. Standard & Poor's^® and S&P^® are registered trademarks of S&P, a division of McGraw-Hill. ASX^® is a registered trademark of ASX Operations Pty Limited and has been licensed for use to S&P. The "Russell Index" is a trademark of Russell. Each of these companies has licensed the use of their respective trademarks and servicemarks to BlackRock Institutional Trust Company, N.A.

Bloomberg is not affiliated with BlackRock Australia and do not approve, endorse, review, or recommend iShares Composite Bond ETF, iShares Government Inflation ETF or iShares Treasury ETF. BLOOMBERG and the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠ are trademarks or servicemarks of Bloomberg and have been licensed to BlackRock Australia. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠.

The relevant product disclosure document or prospectus contains a more detailed description of the limited relationship the companies mentioned above have with BlackRock group of companies and any related funds.

Distribution Summary and Fund Payment Information

BlackRock Australia is required to disclose certain information to comply with the new withholding tax rules in relation to non-residents. Please consult your tax advisor to understand if and how the new disclosures may apply to you. The distribution details contained in these documents are estimates only.

Actual distribution information will be forwarded shortly after 30 June each year. The estimates are provided to you in good faith and have been derived from sources, materials and systems believed to be accurate and the best available at the time of the distribution. BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimate. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimate by the recipient. A recipient must not provide distribution estimates to any third party unless consent is obtained from BlackRock Australia and they are accompanied by this disclaimer.

This information does not constitute general or personal financial product advice, nor does it constitute taxation advice. Investors should seek professional financial and taxation advice before making any investment decision. Please note that past distributions are not indicative of future distributions.

Indemnity

Where a claim is brought against BlackRock Australia or its related body corporate by a third party in relation to your use of the Website, you hereby agree to fully reimburse BlackRock Australia or its related body corporate for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock Australia or its related body corporate as a consequence of improper use of the Website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.

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Password

You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.

Copyright and Trademarks

Copyright in all the material, works, software, design, text, graphics and code contained on or used to produce the Website and in the information and material and in its arrangement or layout, is owned or licensed by BlackRock Australia or its related body corporate or its associates unless otherwise indicated. Other than as permitted below, your use of anything in which BlackRock Australia or its related body corporate or its associates own copyright is governed by the copyright laws of Australia and its international treaties with other countries, as applicable.

You are permitted to save or print a copy of the Website solely for your own information, research or study, but only if you do not modify the copy and you include the copyright notice "© BlackRock Investment Management (Australia) Limited" on the copy. You may not copy, publish, distribute, create works from or commercially exploit the content of the Website for any other purpose.

iShares® and BlackRock® are registered trademarks of BlackRock, Inc., or its subsidiaries. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners. Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on the Website without the written permission of BlackRock Australia or such other third party that may own the trademark displayed on this website. Your use of the trademarks displayed on the Website, except as provided herein, is strictly prohibited.

Interactive Data Real Time Services

Certain information relating to iShares ETFs provided by Interactive Data Real Time Services ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates. You are only permitted to use such Interactive Data Information for your own personal use. In no event shall you publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and you shall not use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of an iShares ETF security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INTERACTIVE DATA INFORMATION NOR WILL THEY BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

The estimated NAV is indicative only, and the iShares ETFs are not open for transactions based on this price estimate. BlackRock Australia, its officers, employees and agents believe that the estimated NAV is correct as at its date of publication. While every care has been taken in the provision of the estimated NAV, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimated NAV. Except where contrary to law, in no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimated NAV.

Morningstar Web Tools

The Website includes certain web pages that provide access to information, data, analyses, reports, tools, and opinions (defined as “material”) that are provided by Morningstar Australasia Pty Limited ABN: 95 090 665 544, AFSL: 240892 and/or Morningstar Research Pty Ltd ABN 83 062 096 342, AFSL 243161 (both subsidiaries of Morningstar, Inc.). BlackRock Australia, its officers, employees and agents believe that the material is correct as at its date of publication. While every care has been taken in the provision of the material, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the material. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with your use of, or reliance upon, the material.

The material is only for use by financial adviser and institutional users. In accessing and using the material, you have registered and certified that you are an Australian Financial Services (AFS) Licensee or the representative of an AFS Licensee or a wholesale client within the meaning of the Corporations Act 2001. You assume full responsibility in determining the appropriateness of each fund, security, account or model chosen by you when using the material. The material is provided on an "as is" basis and for illustrative purposes only.

You cannot rely on the material as a guarantee against loss of capital nor as an assurance that an investment approach based on the material will be successful. BlackRock Australia does not provide financial advice.

This material is general in nature, and has been prepared without taking into account any individual’s objectives, financial situation, or needs. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision. The material may include past performance. Past performance is not a reliable indicator of future performance.

Loss or Damage to your Systems

BlackRock Australia or its related body corporate will not be liable for any loss or damage from any cause to your system or website, or to people linking to this material from your website, caused by or in connection with the use or link to this material. Any such loss or damage will be your responsibility. BlackRock Australia advises you to take your own precautions in relation to protecting your system or website from malfunction or viruses.

Links to, and from, other Sites

When you use a link to go from the Website to another site, none of these links comprise or imply support, endorsement or recommendation of any other company, product or service by us. We do not control and are not responsible for the information on any other site found through the Website. Linking to and framing of the Website is not permitted without our express written consent.

Accept Terms & Conditions

The BlackRock Australia website ("Website") including BlackRock Accounts Online and Gateway are owned and operated by BlackRock Investment Management (Australia) Limited (ABN 13 006 165 975) having its registered office at Level 26, 101 Collins Street, Melbourne, VIC, 3000.

The Website including BlackRock Accounts Online and Gateway covers the products and services of BlackRock Investment Management (Australia) Limited ("BlackRock Australia").

By using and accessing the Website or any of its pages, you agree to be legally bound by these Terms of Use (including the Privacy Policy) detailed below.

We may change the content or services on the Website without notice including the Terms of Use and the Privacy Policy. Your continued access to, or use of, the Website means that you agree to and accept the changes we make. We recommend that you periodically review the Terms of Use and Privacy Policy for changes.

The information provided on the Website is prepared for residents of Australia only and should not be relied upon by residents of any other jurisdiction.

Click on a topic title below to jump directly to the relevant section.

Alternatively, use the scroll-bar to browse the document.

Use of BlackRock Accounts Online
Use of Gateway
No Financial Product Advice
Accuracy and Currency of Information
Performance and Returns
Investing on Current Offer Documents
IDPS Accessible Funds
iShares ETFs
Return of Capital and Performance
Important Information from index providers
Distribution Summary and Fund Payment Information
Indemnity
Password
Copyright and Trademarks
Interactive Data Real Time Services
Morningstar web tools
Loss or Damage to your Systems
Links to, and from, other Sites

Use of BlackRock Accounts Online

Users of BlackRock Accounts Online ("User") will be able to access information, which will be controlled by a Unique Identifier and Password. This is to allow us to implement measures to preserve the security of this information.

Use of BlackRock Accounts Online is subject to specific terms and conditions in addition to the general Terms of Use. By accessing BlackRock Accounts Online you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in BlackRock Accounts Online relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to BlackRock Accounts Online may be revoked by BlackRock at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of BlackRock Accounts Online against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of BlackRock Accounts Online may experience arising from:
(a) my use of BlackRock Accounts Online,
(b) my failure to keep my Password confidential, and
(c) the use of BlackRock Accounts Online by any other person on my behalf.

Use of Gateway

Users of Gateway ("User") will be able to access information on Gateway, which will be controlled by a Unique Identifier and Password selected by the User. This is to allow us to implement measures to preserve the security of this information. BlackRock Australia will not have access to the Password selected by the User.

Use of Gateway is subject to specific terms and conditions in addition to the general Terms of Use. By accessing Gateway you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy.
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in Gateway relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to Gateway may be revoked by BlackRock Australia at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of Gateway against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of Gateway may experience arising from:
(a) my use of Gateway;
(b) my failure to keep my Password confidential; and
(c) the use of Gateway by any other person on my behalf.

No Financial Product Advice

The material on the Website provides general information only and has not been prepared having regards to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation or needs. Any potential investor should consider the latest disclosure document or PDS in deciding whether to acquire, or to continue to hold, an investment in any BlackRock fund. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision.

Accuracy and Currency of Information

BlackRock Australia, its officers, employees, agents and associates believe that the information and material provided on the Website is correct at the time of compilation but do not warrant the accuracy, reliability or currency of that information and material. You should carefully check the date of compilation of the information and material (where relevant) to determine its currency. Save for statutory liability which cannot be excluded, BlackRock Australia, its officers, employees, agents, related body corporate and associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on the information and material on the Website or any opinion, conclusion or recommendation in the information and material whether the loss or damage is caused by any fault or negligence on the part of BlackRock Australia (including its officers, employees, agents, related body corporate and associates) or otherwise.

Performance and Returns

All performance figures contained in the Website are sourced from internal and other sources as appropriate. Past performance is not a reliable indicator of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed.

Investing on Current Offer Documents

BlackRock Investment Management (Australia) Limited ABN 13 006 165 975 (AFS Licence No 230523) ("BlackRock Australia") is the responsible entity for the Australian managed investment funds (including the Australian iShares ETFs, see section titled “iShares ETFs” below for further information) registered under the Corporations Act 2001 offered by BlackRock Australia. BlackRock Australia is the local agent and intermediary for the international iShares ETFs (see section titled “iShares ETFs” below for further information), issued by iShares, Inc. ARBN 125632 279 formed in Maryland, USA and iShares Trust ARBN 125 632 411 organised in Delaware, USA ("International iShares ETFs”). The international iShares ETFs are registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940.

Investments into any fund detailed on the Website may only be made on the basis of an application form contained in, or accompanying a current Product Disclosure Statement (PDS), Disclosure Document/Information Memorandum or Prospectus (collectively “Offer Documents”). Offer Documents for any BlackRock Australia fund detailed on the Website are available from BlackRock Australia, or, in certain circumstances, can be downloaded from the Website as a PDF file. You should consider the relevant Offer Document in deciding whether to acquire or to continue to hold the product. If you would like a printed paper copy of an Offer Document, please call us on 1300 366 100 or alternatively, where available, you can download an electronic PDF copy from the website.

Offer Documents on this website are only intended for use by Australian residents. They have been prepared under Australian law and do not directly or indirectly amount to an offer in any other place other than Australia.

IDPS Accessible Funds

Interests in certain funds are accessible through investor directed portfolio services ("IDPS Accessible Funds") and are offered in a PDS available on the Website. Please read and consider the relevant PDS carefully before deciding to invest. Please note that persons intending to invest in the IDPS Accessible Funds will need to complete the applicable forms for the relevant service.

iShares ETFs

Generally, units/shares of iShares ETFs may only be created or redeemed directly from an iShares ETF by authorised participants (typically large institutional investors) in very large creation/redemption sizes. Other investors wishing to access iShares ETFs may do so via each fund’s listing on a market of the Australian Securities Exchange ("ASX") through a brokerage account. Transaction costs are incurred when buying or selling iShares ETF securities on ASX markets and brokerage commissions if such trades are done through a broker. iShares securities trade on ASX at market price (not at net asset value ("NAV")). Before investing in an iShares ETF, you should carefully consider whether such products are appropriate for you, read the applicable Offer Document, which are available from BlackRock Australia or can be downloaded from the Website in PDF format, and consult a financial or other professional adviser.

In respect of information relating to iShares ETFs listed on a market of the ASX, ASX takes no responsibility for any aspect of the Website or any decision to invest in an iShares ETFs. The admission by ASX of an issuer of an iShares ETF is in no way an endorsement by ASX of the issuer or of iShares ETF securities.

BlackRock Fund Advisors ("BFA") serves as an advisor to the International iShares ETFs. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A. ("BTC"). BTC is a wholly-owned subsidiary of BlackRock, Inc^®. Information regarding foreign companies is provided solely to inform Australian residents of the role each of these foreign companies have in the International iShares ETFs listed on the ASX. Content is general in nature only.

Trades on the ASX in the shares of International iShares ETFs are settled using CHESS Depositary Interests. An investment in an International iShares ETF involves investing in international markets. In addition to the normal investment risks associated with investment type products, international investments may involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. An investment in emerging markets and single countries may also involve heightened other risks such as increased volatility and the possibility of lower trading volume.

Return of Capital and Performance

None of BlackRock Australia, their associates, related body corporate and subsidiaries guarantees the success of any fund, or repayment of capital nor any particular rate of return on income or of capital. Investment type products are subject to investment risk, including delays in repayment.

Important Information from Index Providers

BlackRock funds are not sponsored, endorsed, issued, sold or promoted by ASX Operations Pty Limited (including its affiliates), Bloomberg Finance L.P. and its affiliates (“Bloomberg”), Barclays Capital Inc., FTSE International Limited (“FTSE”), JPMorgan Chase & Co., MSCI Inc. ("MSCI"), Markit Indices Limited, Morningstar, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Russell Investment Group ("Russell"), Standards & Poor’s ("S&P"), S&P Dow Jones Indices LLC, or The McGraw-Hill Companies, Inc. ("McGraw-Hill"). None of these companies make any representation or warranty regarding the advisability of investing in any BlackRock fund. BlackRock group of companies are not affiliated with the companies listed above. Index data related to the underlying indices are provided by the respective index companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA. The FTSE China 50 Index is calculated by FTSE.

“FTSE^®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license. MSCI and the MSCI Index are trademarks and servicemarks of MSCI. Standard & Poor's^® and S&P^® are registered trademarks of S&P, a division of McGraw-Hill. ASX^® is a registered trademark of ASX Operations Pty Limited and has been licensed for use to S&P. The "Russell Index" is a trademark of Russell. Each of these companies has licensed the use of their respective trademarks and servicemarks to BlackRock Institutional Trust Company, N.A.

Bloomberg is not affiliated with BlackRock Australia and do not approve, endorse, review, or recommend iShares Composite Bond ETF, iShares Government Inflation ETF or iShares Treasury ETF. BLOOMBERG and the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠ are trademarks or servicemarks of Bloomberg and have been licensed to BlackRock Australia. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠.

The relevant product disclosure document or prospectus contains a more detailed description of the limited relationship the companies mentioned above have with BlackRock group of companies and any related funds.

Distribution Summary and Fund Payment Information

BlackRock Australia is required to disclose certain information to comply with the new withholding tax rules in relation to non-residents. Please consult your tax advisor to understand if and how the new disclosures may apply to you. The distribution details contained in these documents are estimates only.

Actual distribution information will be forwarded shortly after 30 June each year. The estimates are provided to you in good faith and have been derived from sources, materials and systems believed to be accurate and the best available at the time of the distribution. BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimate. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimate by the recipient. A recipient must not provide distribution estimates to any third party unless consent is obtained from BlackRock Australia and they are accompanied by this disclaimer.

This information does not constitute general or personal financial product advice, nor does it constitute taxation advice. Investors should seek professional financial and taxation advice before making any investment decision. Please note that past distributions are not indicative of future distributions.

Indemnity

Where a claim is brought against BlackRock Australia or its related body corporate by a third party in relation to your use of the Website, you hereby agree to fully reimburse BlackRock Australia or its related body corporate for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock Australia or its related body corporate as a consequence of improper use of the Website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.

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Password

You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.

Copyright and Trademarks

Copyright in all the material, works, software, design, text, graphics and code contained on or used to produce the Website and in the information and material and in its arrangement or layout, is owned or licensed by BlackRock Australia or its related body corporate or its associates unless otherwise indicated. Other than as permitted below, your use of anything in which BlackRock Australia or its related body corporate or its associates own copyright is governed by the copyright laws of Australia and its international treaties with other countries, as applicable.

You are permitted to save or print a copy of the Website solely for your own information, research or study, but only if you do not modify the copy and you include the copyright notice "© BlackRock Investment Management (Australia) Limited" on the copy. You may not copy, publish, distribute, create works from or commercially exploit the content of the Website for any other purpose.

iShares® and BlackRock® are registered trademarks of BlackRock, Inc., or its subsidiaries. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners. Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on the Website without the written permission of BlackRock Australia or such other third party that may own the trademark displayed on this website. Your use of the trademarks displayed on the Website, except as provided herein, is strictly prohibited.

Interactive Data Real Time Services

Certain information relating to iShares ETFs provided by Interactive Data Real Time Services ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates. You are only permitted to use such Interactive Data Information for your own personal use. In no event shall you publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and you shall not use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of an iShares ETF security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INTERACTIVE DATA INFORMATION NOR WILL THEY BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

The estimated NAV is indicative only, and the iShares ETFs are not open for transactions based on this price estimate. BlackRock Australia, its officers, employees and agents believe that the estimated NAV is correct as at its date of publication. While every care has been taken in the provision of the estimated NAV, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimated NAV. Except where contrary to law, in no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimated NAV.

Morningstar Web Tools

The Website includes certain web pages that provide access to information, data, analyses, reports, tools, and opinions (defined as “material”) that are provided by Morningstar Australasia Pty Limited ABN: 95 090 665 544, AFSL: 240892 and/or Morningstar Research Pty Ltd ABN 83 062 096 342, AFSL 243161 (both subsidiaries of Morningstar, Inc.). BlackRock Australia, its officers, employees and agents believe that the material is correct as at its date of publication. While every care has been taken in the provision of the material, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the material. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with your use of, or reliance upon, the material.

The material is only for use by financial adviser and institutional users. In accessing and using the material, you have registered and certified that you are an Australian Financial Services (AFS) Licensee or the representative of an AFS Licensee or a wholesale client within the meaning of the Corporations Act 2001. You assume full responsibility in determining the appropriateness of each fund, security, account or model chosen by you when using the material. The material is provided on an "as is" basis and for illustrative purposes only.

You cannot rely on the material as a guarantee against loss of capital nor as an assurance that an investment approach based on the material will be successful. BlackRock Australia does not provide financial advice.

This material is general in nature, and has been prepared without taking into account any individual’s objectives, financial situation, or needs. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision. The material may include past performance. Past performance is not a reliable indicator of future performance.

Loss or Damage to your Systems

BlackRock Australia or its related body corporate will not be liable for any loss or damage from any cause to your system or website, or to people linking to this material from your website, caused by or in connection with the use or link to this material. Any such loss or damage will be your responsibility. BlackRock Australia advises you to take your own precautions in relation to protecting your system or website from malfunction or viruses.

Links to, and from, other Sites

When you use a link to go from the Website to another site, none of these links comprise or imply support, endorsement or recommendation of any other company, product or service by us. We do not control and are not responsible for the information on any other site found through the Website. Linking to and framing of the Website is not permitted without our express written consent.

Complaint Resolution
Investor Type Definitions
Terms and Conditions
Privacy Policy

This Complaint Resolution Statement sets out the policy of BlackRock Investment Management (Australia) Limited ("BlackRock Australia") for dealing with your complaints. We are committed to the standards contained within the Australian Standard (AS ISO 10002-2006) on Complaints Handling and ASIC Regulatory Guide 165 on Internal and External Dispute Resolution.

BlackRock principles of complaint resolution

You have the right to complain or comment, and you will be treated with courtesy, respect and confidentiality;
We are committed to the efficient and fair resolution of complaints;
Our complaints process is accessible to all;
Complaints shall be dealt with as quickly and efficiently as possible;
There will be no fee charged to complainants for our complaint resolution process; and
You will be promptly informed of our decision and reason.

What is a complaint?

A complaint is any expression of dissatisfaction with a product or service provided or offered by us or the complaints handling process itself, where a response or resolution is explicitly or implicitly expected.
A complaint may be written or verbal and may be delivered in person, by mail, by telephone, by facsimile or by e-mail.
A complaint can be made to any staff member of BlackRock Australia, and will be referred immediately to a BlackRock Representative for consideration.

Our complaint resolution process

Upon receipt of a complaint, our internal complaint resolution procedure will be activated. You should receive an acknowledgement to your written complaint within three business days. An internal review will be undertaken by a Complaints Officer, and we shall endeavour to provide you with a written response within 14 business days.

A number of remedies are available in response to complaints/disputes to ensure we resolve complaints in an appropriate manner.

Complaints received are recorded on an internal Complaints Register, are escalated to senior management as appropriate, and are reviewed quarterly by our Compliance Committee (principally comprising external members).

Periodic analysis of complaints received is also undertaken to enable identification and resolution of any systemic trends or issues, and implement focussed enhancements to our processes and systems.

What can you do if you remain unsatisfied by our treatment of your complaint?

We are a member of the Australian Financial Complaints Authority (AFCA), an ASIC approved external dispute resolution scheme which provides fair and independent financial services complaint resolution that is free to consumers. You have the right to pursue resolution of your complaint with AFCA if you are not satisfied with our response. AFCA can be contacted by telephone on 1800 931 678 or by email at info@afca.org.au.

What should you do if you wish to obtain further information or lodge a complaint?
Complaints can be lodged with, and enquiries directed to:

Tel: 1800 367 287
Fax: 1300 366 107
International Tel: +61 3 9657 3100
Email: clientservices.aus@blackrock.com

Client services manager
Level 26, 101 Collins Street
Melbourne VIC 3000

The BlackRock Australia website ("Website") including BlackRock Accounts Online and Gateway are owned and operated by BlackRock Investment Management (Australia) Limited (ABN 13 006 165 975) having its registered office at Level 26, 101 Collins Street, Melbourne, VIC, 3000.

The Website including BlackRock Accounts Online and Gateway covers the products and services of BlackRock Investment Management (Australia) Limited ("BlackRock Australia").

By using and accessing the Website or any of its pages, you agree to be legally bound by these Terms of Use (including the Privacy Policy) detailed below.

We may change the content or services on the Website without notice including the Terms of Use and the Privacy Policy. Your continued access to, or use of, the Website means that you agree to and accept the changes we make. We recommend that you periodically review the Terms of Use and Privacy Policy for changes.

The information provided on the Website is prepared for residents of Australia only and should not be relied upon by residents of any other jurisdiction.

Click on a topic title below to jump directly to the relevant section.

Alternatively, use the scroll-bar to browse the document.

Use of BlackRock Accounts Online
Use of Gateway
No Financial Product Advice
Accuracy and Currency of Information
Performance and Returns
Investing on Current Offer Documents
IDPS Accessible Funds
iShares ETFs
Return of Capital and Performance
Important Information from index providers
Distribution Summary and Fund Payment Information
Indemnity
Password
Copyright and Trademarks
Interactive Data Real Time Services
Morningstar web tools
Loss or Damage to your Systems
Links to, and from, other Sites

Use of BlackRock Accounts Online

Users of BlackRock Accounts Online ("User") will be able to access information, which will be controlled by a Unique Identifier and Password. This is to allow us to implement measures to preserve the security of this information.

Use of BlackRock Accounts Online is subject to specific terms and conditions in addition to the general Terms of Use. By accessing BlackRock Accounts Online you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in BlackRock Accounts Online relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to BlackRock Accounts Online may be revoked by BlackRock at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of BlackRock Accounts Online against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of BlackRock Accounts Online may experience arising from:
(a) my use of BlackRock Accounts Online,
(b) my failure to keep my Password confidential, and
(c) the use of BlackRock Accounts Online by any other person on my behalf.

Use of Gateway

Users of Gateway ("User") will be able to access information on Gateway, which will be controlled by a Unique Identifier and Password selected by the User. This is to allow us to implement measures to preserve the security of this information. BlackRock Australia will not have access to the Password selected by the User.

Use of Gateway is subject to specific terms and conditions in addition to the general Terms of Use. By accessing Gateway you are deemed to have read, understood and agreed to the following terms and conditions:

1. I acknowledge that I have read these Terms of Use and the Privacy Policy.
2. I agree not to disclose my Unique Identifier and Password to any other person and notify BlackRock Australia immediately of any unauthorised access to, or use of my Unique Identifier and Password.
3. I agree to be responsible for the use by others of my Unique Identifier and Password.
4. I acknowledge that information in Gateway relating to me or my clients (where relevant) will be disclosed to any User using a valid Unique Identifier and Password whether or not such use is authorised by me. Once access is granted, all actions will be deemed to be made by me.
5. I warrant that any information entered by me using my Unique Identifier and Password is accurate.
6. I acknowledge that my access to Gateway may be revoked by BlackRock Australia at any time without notice.
7. I agree to indemnify BlackRock Australia and its related body corporate and all other Users of Gateway against any claim, loss, cost, damage, action or expense which BlackRock Australia or its related body corporate, or any other User of Gateway may experience arising from:
(a) my use of Gateway;
(b) my failure to keep my Password confidential; and
(c) the use of Gateway by any other person on my behalf.

No Financial Product Advice

The material on the Website provides general information only and has not been prepared having regards to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation or needs. Any potential investor should consider the latest disclosure document or PDS in deciding whether to acquire, or to continue to hold, an investment in any BlackRock fund. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision.

Accuracy and Currency of Information

BlackRock Australia, its officers, employees, agents and associates believe that the information and material provided on the Website is correct at the time of compilation but do not warrant the accuracy, reliability or currency of that information and material. You should carefully check the date of compilation of the information and material (where relevant) to determine its currency. Save for statutory liability which cannot be excluded, BlackRock Australia, its officers, employees, agents, related body corporate and associates disclaim all responsibility for any loss or damage which any person may suffer from reliance on the information and material on the Website or any opinion, conclusion or recommendation in the information and material whether the loss or damage is caused by any fault or negligence on the part of BlackRock Australia (including its officers, employees, agents, related body corporate and associates) or otherwise.

Performance and Returns

All performance figures contained in the Website are sourced from internal and other sources as appropriate. Past performance is not a reliable indicator of future performance. The value of investments and the income from them may go down as well as up and are not guaranteed.

Investing on Current Offer Documents

BlackRock Investment Management (Australia) Limited ABN 13 006 165 975 (AFS Licence No 230523) ("BlackRock Australia") is the responsible entity for the Australian managed investment funds (including the Australian iShares ETFs, see section titled “iShares ETFs” below for further information) registered under the Corporations Act 2001 offered by BlackRock Australia. BlackRock Australia is the local agent and intermediary for the international iShares ETFs (see section titled “iShares ETFs” below for further information), issued by iShares, Inc. ARBN 125632 279 formed in Maryland, USA and iShares Trust ARBN 125 632 411 organised in Delaware, USA ("International iShares ETFs”). The international iShares ETFs are registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940.

Investments into any fund detailed on the Website may only be made on the basis of an application form contained in, or accompanying a current Product Disclosure Statement (PDS), Disclosure Document/Information Memorandum or Prospectus (collectively “Offer Documents”). Offer Documents for any BlackRock Australia fund detailed on the Website are available from BlackRock Australia, or, in certain circumstances, can be downloaded from the Website as a PDF file. You should consider the relevant Offer Document in deciding whether to acquire or to continue to hold the product. If you would like a printed paper copy of an Offer Document, please call us on 1300 366 100 or alternatively, where available, you can download an electronic PDF copy from the website.

Offer Documents on this website are only intended for use by Australian residents. They have been prepared under Australian law and do not directly or indirectly amount to an offer in any other place other than Australia.

IDPS Accessible Funds

Interests in certain funds are accessible through investor directed portfolio services ("IDPS Accessible Funds") and are offered in a PDS available on the Website. Please read and consider the relevant PDS carefully before deciding to invest. Please note that persons intending to invest in the IDPS Accessible Funds will need to complete the applicable forms for the relevant service.

iShares ETFs

Generally, units/shares of iShares ETFs may only be created or redeemed directly from an iShares ETF by authorised participants (typically large institutional investors) in very large creation/redemption sizes. Other investors wishing to access iShares ETFs may do so via each fund’s listing on a market of the Australian Securities Exchange ("ASX") through a brokerage account. Transaction costs are incurred when buying or selling iShares ETF securities on ASX markets and brokerage commissions if such trades are done through a broker. iShares securities trade on ASX at market price (not at net asset value ("NAV")). Before investing in an iShares ETF, you should carefully consider whether such products are appropriate for you, read the applicable Offer Document, which are available from BlackRock Australia or can be downloaded from the Website in PDF format, and consult a financial or other professional adviser.

In respect of information relating to iShares ETFs listed on a market of the ASX, ASX takes no responsibility for any aspect of the Website or any decision to invest in an iShares ETFs. The admission by ASX of an issuer of an iShares ETF is in no way an endorsement by ASX of the issuer or of iShares ETF securities.

BlackRock Fund Advisors ("BFA") serves as an advisor to the International iShares ETFs. BFA is a subsidiary of BlackRock Institutional Trust Company, N.A. ("BTC"). BTC is a wholly-owned subsidiary of BlackRock, Inc^®. Information regarding foreign companies is provided solely to inform Australian residents of the role each of these foreign companies have in the International iShares ETFs listed on the ASX. Content is general in nature only.

Trades on the ASX in the shares of International iShares ETFs are settled using CHESS Depositary Interests. An investment in an International iShares ETF involves investing in international markets. In addition to the normal investment risks associated with investment type products, international investments may involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. An investment in emerging markets and single countries may also involve heightened other risks such as increased volatility and the possibility of lower trading volume.

Return of Capital and Performance

None of BlackRock Australia, their associates, related body corporate and subsidiaries guarantees the success of any fund, or repayment of capital nor any particular rate of return on income or of capital. Investment type products are subject to investment risk, including delays in repayment.

Important Information from Index Providers

BlackRock funds are not sponsored, endorsed, issued, sold or promoted by ASX Operations Pty Limited (including its affiliates), Bloomberg Finance L.P. and its affiliates (“Bloomberg”), Barclays Capital Inc., FTSE International Limited (“FTSE”), JPMorgan Chase & Co., MSCI Inc. ("MSCI"), Markit Indices Limited, Morningstar, Inc., National Association of Real Estate Investment Trusts (“NAREIT”), Russell Investment Group ("Russell"), Standards & Poor’s ("S&P"), S&P Dow Jones Indices LLC, or The McGraw-Hill Companies, Inc. ("McGraw-Hill"). None of these companies make any representation or warranty regarding the advisability of investing in any BlackRock fund. BlackRock group of companies are not affiliated with the companies listed above. Index data related to the underlying indices are provided by the respective index companies listed above.

Neither FTSE nor NAREIT makes any warranty regarding the FTSE NAREIT Real Estate 50 Index, FTSE NAREIT All Residential Capped Index or FTSE NAREIT All Mortgage Capped Index; all rights vest in NAREIT. Neither FTSE nor NAREIT makes any warranty regarding the FTSE EPRA/NAREIT Developed Real Estate ex-U.S. Index, FTSE EPRA/NAREIT Developed Europe Index or FTSE EPRA/NAREIT Global REIT Index; all rights vest in FTSE, NAREIT and EPRA. The FTSE China 50 Index is calculated by FTSE.

“FTSE^®” is a trademark of London Stock Exchange Group companies and is used by FTSE under license. MSCI and the MSCI Index are trademarks and servicemarks of MSCI. Standard & Poor's^® and S&P^® are registered trademarks of S&P, a division of McGraw-Hill. ASX^® is a registered trademark of ASX Operations Pty Limited and has been licensed for use to S&P. The "Russell Index" is a trademark of Russell. Each of these companies has licensed the use of their respective trademarks and servicemarks to BlackRock Institutional Trust Company, N.A.

Bloomberg is not affiliated with BlackRock Australia and do not approve, endorse, review, or recommend iShares Composite Bond ETF, iShares Government Inflation ETF or iShares Treasury ETF. BLOOMBERG and the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠ are trademarks or servicemarks of Bloomberg and have been licensed to BlackRock Australia. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg AusBond Composite Index℠, Bloomberg AusBond Inflation Government Index℠ and Bloomberg AusBond Treasury Index℠.

The relevant product disclosure document or prospectus contains a more detailed description of the limited relationship the companies mentioned above have with BlackRock group of companies and any related funds.

Distribution Summary and Fund Payment Information

BlackRock Australia is required to disclose certain information to comply with the new withholding tax rules in relation to non-residents. Please consult your tax advisor to understand if and how the new disclosures may apply to you. The distribution details contained in these documents are estimates only.

Actual distribution information will be forwarded shortly after 30 June each year. The estimates are provided to you in good faith and have been derived from sources, materials and systems believed to be accurate and the best available at the time of the distribution. BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimate. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimate by the recipient. A recipient must not provide distribution estimates to any third party unless consent is obtained from BlackRock Australia and they are accompanied by this disclaimer.

This information does not constitute general or personal financial product advice, nor does it constitute taxation advice. Investors should seek professional financial and taxation advice before making any investment decision. Please note that past distributions are not indicative of future distributions.

Indemnity

Where a claim is brought against BlackRock Australia or its related body corporate by a third party in relation to your use of the Website, you hereby agree to fully reimburse BlackRock Australia or its related body corporate for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by BlackRock Australia or its related body corporate as a consequence of improper use of the Website. Neither party should be liable to the other for any loss or damage which may be suffered by the other party due to any cause beyond the first party's reasonable control including without limitation any power failure.

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Password

You acknowledge and agree that it is your responsibility to keep secure and confidential any passwords that we issue to you and your authorised employees and not to let such password(s) become public knowledge. If any password(s) become known by someone other than you and your authorised employees, you must change those particular password(s) immediately using the function available for this purpose on the Website.

Copyright and Trademarks

Copyright in all the material, works, software, design, text, graphics and code contained on or used to produce the Website and in the information and material and in its arrangement or layout, is owned or licensed by BlackRock Australia or its related body corporate or its associates unless otherwise indicated. Other than as permitted below, your use of anything in which BlackRock Australia or its related body corporate or its associates own copyright is governed by the copyright laws of Australia and its international treaties with other countries, as applicable.

You are permitted to save or print a copy of the Website solely for your own information, research or study, but only if you do not modify the copy and you include the copyright notice "© BlackRock Investment Management (Australia) Limited" on the copy. You may not copy, publish, distribute, create works from or commercially exploit the content of the Website for any other purpose.

iShares® and BlackRock® are registered trademarks of BlackRock, Inc., or its subsidiaries. All other trademarks, servicemarks, or registered trademarks are the property of their respective owners. Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on the Website without the written permission of BlackRock Australia or such other third party that may own the trademark displayed on this website. Your use of the trademarks displayed on the Website, except as provided herein, is strictly prohibited.

Interactive Data Real Time Services

Certain information relating to iShares ETFs provided by Interactive Data Real Time Services ("Interactive Data") and its affiliates (the "Interactive Data Information") is owned by or licensed to Interactive Data and its affiliates. You are only permitted to use such Interactive Data Information for your own personal use. In no event shall you publish, retransmit, redistribute or otherwise reproduce any Interactive Data Information in any format to anyone, and you shall not use any Interactive Data Information in or in connection with any business or commercial enterprise, including, without limitation, any securities, investment, accounting, banking, legal or media business or enterprise.

Prior to the execution of an iShares ETF security trade based upon the Interactive Data Information, you are advised to consult with your broker or other financial representative to verify pricing information.

THE INTERACTIVE DATA INFORMATION IS PROVIDED TO THE USERS "AS IS." NEITHER INTERACTIVE DATA NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND REGARDING THE INTERACTIVE DATA INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. NEITHER INTERACTIVE DATA NOR ITS AFFILIATES GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INTERACTIVE DATA INFORMATION NOR WILL THEY BE LIABLE TO ANY USER OR ANYONE ELSE FOR ANY INTERRUPTION, INACCURACY, ERROR OR OMISSION, REGARDLESS OF CAUSE, IN THE INTERACTIVE DATA INFORMATION OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY) RESULTING THEREFROM.

The estimated NAV is indicative only, and the iShares ETFs are not open for transactions based on this price estimate. BlackRock Australia, its officers, employees and agents believe that the estimated NAV is correct as at its date of publication. While every care has been taken in the provision of the estimated NAV, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the estimated NAV. Except where contrary to law, in no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with the use of, or reliance upon, the estimated NAV.

Morningstar Web Tools

The Website includes certain web pages that provide access to information, data, analyses, reports, tools, and opinions (defined as “material”) that are provided by Morningstar Australasia Pty Limited ABN: 95 090 665 544, AFSL: 240892 and/or Morningstar Research Pty Ltd ABN 83 062 096 342, AFSL 243161 (both subsidiaries of Morningstar, Inc.). BlackRock Australia, its officers, employees and agents believe that the material is correct as at its date of publication. While every care has been taken in the provision of the material, BlackRock Australia makes no representations and disclaims all express, implied and statutory warranties of any kind to you or any third party, including but not limited to, representations, and warranties regarding accuracy, timeliness or completeness of the material. In no event shall BlackRock Australia or any member of the BlackRock group of companies be liable for any damages, losses or expenses arising in connection with your use of, or reliance upon, the material.

The material is only for use by financial adviser and institutional users. In accessing and using the material, you have registered and certified that you are an Australian Financial Services (AFS) Licensee or the representative of an AFS Licensee or a wholesale client within the meaning of the Corporations Act 2001. You assume full responsibility in determining the appropriateness of each fund, security, account or model chosen by you when using the material. The material is provided on an "as is" basis and for illustrative purposes only.

You cannot rely on the material as a guarantee against loss of capital nor as an assurance that an investment approach based on the material will be successful. BlackRock Australia does not provide financial advice.

This material is general in nature, and has been prepared without taking into account any individual’s objectives, financial situation, or needs. You should seek independent professional legal, financial, taxation, and/or other professional advice before making an investment decision. The material may include past performance. Past performance is not a reliable indicator of future performance.

Loss or Damage to your Systems

BlackRock Australia or its related body corporate will not be liable for any loss or damage from any cause to your system or website, or to people linking to this material from your website, caused by or in connection with the use or link to this material. Any such loss or damage will be your responsibility. BlackRock Australia advises you to take your own precautions in relation to protecting your system or website from malfunction or viruses.

Links to, and from, other Sites

When you use a link to go from the Website to another site, none of these links comprise or imply support, endorsement or recommendation of any other company, product or service by us. We do not control and are not responsible for the information on any other site found through the Website. Linking to and framing of the Website is not permitted without our express written consent.

Last revised: 19 December 2019

Introduction

BlackRock is committed to processing personal information (“PI”), including sensitive personal information (“SPI”)¹, in line with all applicable privacy and data protection laws. Most of our offices are located in countries with laws governing the processing of PI. “BlackRock”, “we”, “us” or “our” means BlackRock, Inc., and each of the direct or indirect subsidiaries of BlackRock, Inc. (the “BlackRock Group”). BlackRock, Inc., BlackRock Group functions and the entity you contract with are the controllers of your PI. If your contract with the BlackRock Group is in connection with an investment in a BlackRock managed vehicle, the management company of the fund, together with the fund entity and, in circumstances where the investment manager is part of the BlackRock Group, that investment manager, will be the controller.

References to “you” or “your” refers to individuals whose PI is processed by BlackRock, including clients with direct or indirect relationships (such as those who invest through an intermediary); employees, contingent workers, officers, agents (together “Representatives”); and beneficial owners of an organization or entity in connection with:

the provision of services to potential and actual clients;
transactions to which we are party (including those which we effect on behalf of clients); or
services provided to us by a third-party vendor.

This Privacy Notice sets out the purposes for which we collect, use and disclose (collectively “processing”) PI and how it is protected. It also sets outs individuals’ rights in relation to the processing of their PI.

There may be additional terms, conditions and commitments that also govern how we collect, use and disclose your PI, which should be read in conjunction with this Privacy Notice.

Please click on the links below for further details:

PI we collect about you
Purpose and legal basis for processing your PI
To whom we disclose your PI
International transfers and transfers to service providers
Marketing and exercising your right to opt-out of marketing
Third party marketing/sale of PI
PI retention
PI security
Your rights
Contacting us
Complaints
Cookie Notice
Linked websites
Changes to this Privacy Notice

PI we collect about you

PI is information relating to an individual, which can be used either alone or with other sources of information to identify that individual. PI does not include information where the identity of the individual or the specific detail of the information has been removed and is therefore anonymous. SPI is a sub-category of PI that includes PI relating to race or ethnicity, religious or philosophical beliefs, sex life, sexual orientation, political opinions, trade union membership, information about health and genetic and biometric data.

The nature of the information that we collect will depend on the services we provide and our relationship with you. We categorize PI we process as follows (the PI listed for each category are non-exhaustive examples):

Identification data
Full name, title, gender, marital status, date of birth, passport number, driving licence number, national identification number, signature
Contact data
Personal address, telephone number, email address
Electronic Monitoring data
To the extent permitted by law, we may record and monitor your electronic communications with us
Financial data
Bank account number; credit card number
Marketing and Communications data
Marketing and communication preferences; tracking data relating to whether you have read marketing communications from us
Professional Information data
Position/job title, work address; telephone number; email address
Profile data
Username and password for our online services that you have access to; investments made by you; services requested; marketing communications responded to; survey responses
Services data
Payment details to and from you; details of services you have provided to us or we have provided to you
BlackRock Building and Assets Security data
Records of visits to our premises; CCTV recordings
Technical data
Your use of and interaction with our online services; your IP address; browser type and version; browser plug in types and versions; operating system
SPI
In limited circumstances, and where allowed by law, we may collect information about criminal convictions and offences, when legally required; dietary requirements if we are arranging catering; disability so that we can make reasonable accommodations for you in our buildings; sexual orientation if you provide details of your spouse or partner; political affiliations for us to determine whether you are a politically exposed person.

We collect PI in relation to you in a number of ways, including:

when you provide it to us in connection with a BlackRock product or service, such as a completed investment application form
if you are Representative of an organization or entity that is a client or vendor of BlackRock and that organization or entity provides us with your PI
throughout the course of our relationship with you, including where you change your details, provide additional PI, or where the services we are providing to you change
from public sources where you have manifestly chosen to make your PI public, including via public profiles on social media
from third parties such as credit reference agencies
from visits to our websites or through logging into any of our online services

We may also create or derive PI such as creating records of your interactions with us, subject to applicable law.

Unless we otherwise indicate that the provision of specific PI is optional, any PI we request is necessary for us to provide you or your organization or entity with the products and services requested. If you do not provide the PI requested, we may not be able to provide those products and services.

Purpose and legal basis for processing your PI

The below table sets out the purposes and basis for which we process PI.

Processing Purpose	Category of PI	Basis of Processing
To consider opening an account, or entering into a relationship at your request, including performing anti-money laundering, anti-terrorism, sanction screening, fraud and other due diligence checks	Identification data Contact data Financial data Professional Information data Services data SPI	Performance of a contract Legal or regulatory obligation Legitimate interests: ensuring we do not accept the proceeds of criminal activities or assist in fraudulent or any unlawful activities, such as terrorism
To deliver the services you have requested, including liaising with third parties (e.. brokers for the purposes of executing transactions) and to provide access to our technology solutions services (e.. Aladdin)	Identification data Contact data Financial data Profile data Services data Technical data Marketing and Communications data Professional Information data	Performance of a contract Legal or regulatory obligation Legitimate interests: ensuring that you are provided with the best client services and visitor services we can offer, and securing a prompt payment of any fees, costs and debts in respect of our services
To manage payments, fees and charges and to collect and recover money owed to us	Identification data Contact data Financial data Professional Information data Services data	Performance of a contract Legitimate interests: ensuring we can manage payments, fees and charges and to collect and recover money owed to us
To manager our relationship with you which will include notifying you about changes to our terms of business or this privacy notice	Identification data Contact data Profile data Marketing and Communications data Professional Information data	Performance of a contract Legal or regulatory obligation Legitimate interests: ensuring we can notify you about changes to our terms of business or this notice
To interact with governmental or regulatory bodies or other competent national authorities	Identification data Contact data Financial data Services data Professional Information data	Legal or regulatory obligation Public interest
To detect or prevent fraud and/or other criminal activity and to protect our employees and assets	Identification data BlackRock Building and Assets Security data Contact data Electronic Monitoring data Financial data Professional Information data Profile data Services data Technical data	Legal or regulatory obligation Public interest Legitimate interests: protecting BlackRock and client assets; detecting, and protecting against breaches of our policies and applicable laws; protecting BlackRock employees
To manage and protect our business, including improving data security, troubleshooting data and systems, system maintenance and testing, data hosting, managing our offices and other facilities	Identification data Contact data Profile data Technical data Marketing and Communications data Professional Information data	Legal or regulatory obligation Legitimate interests: ensuring the efficient and secure running of our business, including through office and facilities administration, maintaining information technology services, network and data security and fraud prevention
To invite you to take part in market insight or other events, or client seminars or similar events, and to manage your participation in them	Identification data Contact data Profile data Technical data Marketing and Communications data Professional Information data	Legitimate interests: ensuring our client records are up-to-date; promoting our client services; receiving feedback; improving our services; identifying ways to expand our business
To send you marketing (including by paper and electronic channels) communications and service updates.	Identification data Contact data Profile data Technical data Marketing and Communications data Professional Information data	Legitimate interests: reviewing how clients use, and what they think of, our services; identifying ways to improve and expand our business

In relation to vendor services:

Purpose and/or activity	Type of data	Legal basis for processing
To engage you or the organization or entity you work for as a new supplier, including performing anti-money laundering, anti-terrorism, sanctions, fraud and other background checks	Identification data Contact data Financial data Services data Professional Information data	Performance of a contract Legal or regulatory obligation Legitimate interests: ensuring we do not deal with proceeds of criminal activities or assist in any other unlawful or fraudulent activities for example terrorism Public interest
To manage payments, fees and charges and to collect and recover money owed to us	Identification data Contact data Financial data Professional Information data Services data	Performance of a contract Legitimate interests: ensuring we can manage payments, fees and charges; to collect and recover money owed to us
Where we provide you access to our systems we need to manage and protect our business, including improving data security, troubleshooting data and systems, system maintenance and testing, and data hosting	Identification data Contact data Profile data Technical data	Legal or regulatory obligation Legitimate interests: ensuring the efficient and secure running of our business, including maintaining information technology services, network and data security

To whom we disclose your PI

In connection with one or more of the purposes outlined in the section ‘Purpose and Legal basis for processing your PI’ above, we may disclose PI in any jurisdiction to:

other members of the BlackRock Group;
professional advisors, third parties, agents or independent contractors that provide services to any member of the BlackRock Group (such as IT systems providers, platform providers, financial advisors, brokers, consultants (including lawyers and accountants);
goods and services providers (such as providers of marketing services where we are permitted to disclose your personal information to them); intermediaries, brokers, and other individuals and entities that partner with us;
competent authorities (including any national and/or international regulatory or enforcement body, agency, court or other form of tribunal or tax authority) or their agents where BlackRock is required or allowed to do so under applicable law or regulation;
a potential buyer, transferee, merger partner or seller and their advisers in connection with an actual or potential transfer or merger of part or all of BlackRock’s business or assets, or any associated rights or interests, or to acquire a business or enter into a merger with it;
credit reference agencies or other organizations that help us to conduct anti-money laundering and anti-terrorist financing checks and to detect fraud and other potential criminal activity; or
any person to whom disclosure is allowed or required by local or foreign law, regulation or any other applicable instrument.

International transfers and transfers to service providers

To provide global services and in the course of running our business, we may transfer PI to a location outside of the country where you reside or where services are provided to you or the organization or entity you work for, including BlackRock processing centers in the USA, Hungary, India and Singapore. Although the country to which PI may be transferred may not have the same level of privacy and data protection laws, we apply the same level of security and organizational controls to the processing of PI wherever it is processed. We require by contract that our third party service providers processing PI on our behalf to comply with BlackRock’s criteria for PI processing.

If we transfer PI out of the EEA, we ensure a similar level of protection for your PI by ensuring the country to which the PI is transferred is considered by the EU Commission to provide an adequate level of protection, putting in place contractual clauses the EU Commission consider to provide the same level of protection. For third party service providers in the US, we may rely on the EU-US Privacy Shield certification.

Marketing and exercising your right to opt-out of marketing

We will not process your PI for marketing purposes if you have informed us you do not wish to receive marketing materials. You can request that we stop processing your PI for marketing purposes at any time by clicking on marketing opt-out links in any electronic marketing materials we send you, by making a request to your usual BlackRock contact or by using the contact details set out in the “Contacting Us” section of this Privacy Notice.

Third-party marketing/sale of PI

We do not share or sell your PI to third parties for the third party to use for their own marketing or other purposes.

PI retention

We will process your PI for as long as is necessary to fulfil the purpose for which it was collected or to comply with legal, regulatory, accounting, reporting, internal policy requirements or for the establishment or defense of legal claims.

PI security

We use a range of physical, electronic and managerial measures to ensure a level of security appropriate to the risk of PI processing. These measures include:

education and training of relevant staff to ensure they are aware of our privacy obligations when processing PI as well as training around social engineering, phishing, spear phishing, and password risks;
the ability to ensure the ongoing confidentiality, integrity, availability and resilience of processing systems and services;
the ability to restore the availability and access to PI in a timely manner in the event of a physical or technical incident;
administrative and technical controls to restrict access to PI;
technological security measures, including fire walls, encryption (industry standard SSL encryption with 128-bit key lengths), and anti-virus software;
physical security measures, such building access controls;
external technical assessments, security audits and vendor due diligence;
perimeter security;
segregation of networks;
application security;
endpoint security;
real-time monitoring of data leakage controls;
layered and comprehensive cybersecurity defences; and
security incident reporting and management.

The security of data transmitted over the internet (including by e-mail) cannot be guaranteed and carries the risk of access and interception. You should not send us any PI by open/unsecure channels over the internet. We endeavour to protect personal information but cannot guarantee the security of data transmitted to us or by us.

Your rights

In certain circumstances you may have the following rights in relation to the processing of your PI:

Access
To request a copy of the PI we process in relation to you and to be informed about how we use and share your PI.
Object
To object to the processing of your PI if (i) we are processing your PI on the grounds of legitimate interests or for the performance of a task in the public interest (including profiling); or (ii) if we are processing your PI for direct marketing purposes
Correction
To request that we update the PI we process in relation to you, or to correct PI that you think is incorrect or incomplete.
Erasure
To ask that we delete PI that we process in relation to you where we do not have a legal or regulatory obligation or other valid reason to continue to process it.
Restriction
To request that we restrict the way in which we process your PI, for example, if you dispute the accuracy of your PI or have raised an objection which is under consideration.
Portability
To request a copy of your PI that you have provided to us in a commonly used electronic format such as through the completion of an application form.
Automated decision making
To request manual intervention if you are subject to automated decisions where the decision results in a legal or similar effect to you.

You may exercise your rights at any time by using the details set out in the Contacting us section. To the extent permitted by applicable law or regulation we reserve the right to charge an appropriate fee in connection with you exercising your rights.

We may need to request specific information from you to help us confirm your identity and ensure your right to access to the PI requested, or to exercise any of your other rights. This is to ensure that PI is not disclosed to any person who does not have authority to receive it. We may also request further information in relation to your request to help us to locate the PI processed in relation to you, including, for example, the nature and location of your relationship with us.

We aim to respond to all legitimate requests within one calendar month. If we think it may take us longer than one calendar month, (such as where your request is particularly complex or you have made a number of requests), we will notify you and keep you updated.

You will not be disadvantaged in any way by exercising your rights in relation to the processing of your PI.

Contacting us

The Global Head of Privacy and Data Protection oversees compliance with privacy and data protection at BlackRock. If you wish to exercise any of your rights, or have questions concerning this notice, please contact:

The Global Head of Privacy and Data Protection

BlackRock
12 Throgmorton Avenue
London
EC2N 2DL
Email: GroupPrivacy@BlackRock.com

If you are a California resident, you may also call us on +1 855 371 0019.

Complaints

If you have any concerns or complaints about the way your PI is processed, please contact the Global Head of Privacy and Data Protection at GroupPrivacy@BlackRock.com. You also have a right to complain to a data protection or other competent authority with jurisdiction over privacy and data protection law in the country you live or work, or in the country where you believe an issue in relation to the processing of your PI has arisen. Please contact GroupPrivacy@BlackRock.com for further details.

Cookie Notice

Please see our separate Cookie Notice.

Linked websites

This Privacy Notice is not applicable to third party websites that we do not own or control, or to any third-party website where BlackRock advertisements are displayed.

Changes to this Privacy Notice

We may modify or amend this Privacy Notice from time to time and you are advised to visit our website regularly to check for any amendments. Any material changes will be communicated to you through an appropriate channel, depending on how we normally communicate with you.

BlackRock Cookie Notice

Last revised: 11 May 2018

What are cookies?

Cookies are small text files that are stored in your computer’s memory and hard drive, in your mobile device or tablet when you visit certain web pages. They are used to enable websites to function or to provide information to the owners of a website, or other third parties which receive data obtained from that website.

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience.

Why do we use cookies?

Cookies help us to provide customized services and information. We use cookies on our Website to tell us, in general terms, how and when pages on our Website are visited, what our users’ technology preferences are – such as what type of video player they use – and whether our Website is functioning properly. Depending on their purpose, some cookies will only operate for the length of a single browsing session, whilst others have a longer life span to ensure that they fulfil their longer-term purposes (as explained in more detail below). Please note that, however long the cookies’ active life may be, you can delete cookies (and therefore stop any further data collection by them) as further described below.

If you are using one of our password-protected sites, then the Website may use cookies or other technology to help us authenticate you, store and recognize your configuration and user attributes, facilitate your navigation of the website and customize its content so that the information made available is likely to be of more interest to you.

In broad terms, we use cookies on our Website for the following purposes:

Analytical purposes
Analytical cookies allow us to recognize, measure and track visitors to our Website and compile a record of this usage information. This helps us to improve and develop the way our Website works, for example, by determining whether site visitors can find information easily, or by identifying the aspects of websites that are of the most interest to them.
Usage preferences
Some of the cookies on our Website are activated when visitors to our sites make a choice about their usage of the site. Our Website then ‘remembers’ the settings preferences of the user concerned. This allows us to tailor aspects of our sites to the individual user.
Terms and conditions
We use cookies on our Website in order to record when a site visitor has seen a policy, such as this one, or provided consent, such as consent to the terms and conditions on our Website. This helps to improve the user’s experience of the site – for example, it aids in avoiding a situation where a user is asked repeatedly to consent to the same terms. We also track whether a user has seen other similar documents (such as an online survey) before – again, to ensure that a user’s experience of our Website is a smooth one.
Session management
The software that runs our Website uses cookies for technical purposes needed by the internal workings of our servers. For instance, we use cookies to distribute requests among multiple servers, to authenticate users, and to determine what features of the site they can access, verify the origin of requests, keep track of information about a user’s session and determine which options or pages to display in order for the site to function.
Functional purposes
Functional purpose cookies store information that is needed by our applications to process and operate. For example, where transactions or requests within an application involve multiple workflow stages, cookies are used to store the information from each stage temporarily, in order to facilitate completion of the overall transaction or request.
Advertising
Advertising cookies allow us (or third parties) to monitor the behaviour of users of our Website. This information is used to ensure that products and services highlighted to those individuals are targeted in a focused and relevant manner – e.g. through advertisements on BlackRock websites or through advertisements on third party websites (e.g., Bloomberg, Agefi.com, Handlesblatt.de, etc) which are based on your experience with our Website; or to monitor the effectiveness of those digital marketing campaigns. We also monitor whether the adverts displayed on our Website are of interest to users and retain this information to ensure that adverts seen by users of our Website over a period of time are appropriate.

Please note that third parties may use cookies. The kind of cookies and the consequent data processing carried out by such third parties are regulated by their privacy policies. Please see below for more information about third party cookies.

Your cookie preferences

Cookies are necessary in order for you to be able to make full use of BlackRock’s Website. In addition, cookies help us provide you with personalized features on our Website. If you chose to disable cookies, some of BlackRock’s Website’s functionality might be impaired.

Local Flash Storage

On certain pages of our Website, we include content designed for display using Adobe Flash Player, such as animations, videos and tools. Local flash storage (often referred to as “Flash cookies”) can be used to help improve your experience as a user. Flash storage is retained on your device in much the same way as standard cookies but is managed directly by your Flash software.

If you wish to disable or delete information stored locally in Flash, please see the documentation for your Flash software, located at www.adobe.com. Please note that, if you disable Flash cookies, some site functionality may not work.

Third party cookies

When you visit our Website, you may receive cookies that are set by third parties. These may include cookies set by Google, Bizo, LinkedIn, AppNexus, Xaxis, MediaMind and/or Rocketfuel. These cookies are used for the purposes described in the “Why Do We Use Cookies?” section of this policy. We do not control the setting of these third-party cookies, so we suggest you might wish to check the third party websites for more information about their use of cookies and how to manage them.

Host	Type	Third Party	Privacy Policy
Doubleclick.net	Advertising	Google	Google
Google.com	Advertising	Google	Google
universal.iperceptions.com	Advertising	Iperceptions	Iperceptions
survey.efmfeedback.com	Advertising	Verint Inc	Verint
serving-sys.com	Advertising	Sizmek	Sizmek
bs.serving-sys.com	Advertising	Sizmek	Sizmek
Xasis.com	Advertising	Xaxis	Xaxis

Amending cookie preferences

If you wish to remove cookies set by our Website from your browser in the future, you may delete them. The instructions for removing cookies from your computer or mobile device depend on the operating system and web browser you use. Please note, however, that withdrawing your agreement to the use of cookies on our sites will impair the functionality of the sites.

The site www.allaboutcookies.org includes instructions for managing cookies on many commonly used browses, or you may consult the vendor documentation for your specific software.

Further information about cookies

If you would like to find out more about cookies in general and how to manage them, please visit www.allaboutcookies.org.

¹ Please note not all privacy laws define SPI, for example Hong Kong, Singapore and Canada

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