Disclaimers for email
& chat communications

NOTICE TO RECIPIENTS: The information contained in and accompanying this communication may be confidential, proprietary and may be subject to legal privilege, or otherwise protected from disclosure, and is intended solely for the use of the intended recipient(s).  If this message was misdirected, BlackRock, Inc. and its affiliates and subsidiaries, (“BlackRock”) does not waive any confidentiality or privilege.  If you are not the intended recipient of this communication, please notify us immediately and delete and destroy all copies in your possession.  Any distribution, use or copying of this communication or the information it contains by other than an intended recipient is unauthorized.  No rights of any kind with respect to any copyright, patent, intellectual and other property rights in connection with the information contained in this communication are licensed, assigned or otherwise passed to persons accessing this information.  The views and opinions expressed in this communication are the author's own and may not reflect the views and opinions of BlackRock, unless the author is authorized by BlackRock to express such views or opinions on its behalf.  All communications sent to or from the address of this communication is subject to electronic storage and review by BlackRock.  Please note that BlackRock reserves the right to intercept, monitor, and retain communications messages to and from its systems as permitted by applicable law.  Although BlackRock operates anti-virus programs, it does not accept responsibility for any damage whatsoever caused by viruses being passed.

Any research in this communication has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. The information and opinions contained in this communication are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This communication is not intended to provide, and should not be relied on for, accounting, legal or tax advice.

This communication is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.  Accordingly, this communication does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.  It is your responsibility to be aware of the applicable laws and regulations of your country of residence.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk.  Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.  Changes in the rates of exchange between currencies may cause the value of investments to go up and down.  Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.  Levels and basis of taxation may change from time to time.

FOR RECIPIENTS IN AUSTRALIA OR NEW ZEALAND: This communication is being distributed/issued in Australia or New Zealand by Blackrock Investment Management (Australia) Limited ABN 13 006 165 975 AFSL 230 523 (“BlackRock Australia”). It contains general information only and does not take into account your individual objectives, financial situation, needs or circumstances. Before making any investment decision you should consult with a financial or other professional adviser. Any investment is subject to investment risk, including delays on the payment of withdrawal proceeds and the loss of income or the principal invested. No guarantee as to the capital value of investments in any fund nor future returns is made by BlackRock Australia or any company in the BlackRock group. BlackRock Australia, its officers, employees and agents believe that the information in this communication is correct as at the date of this communication but no warranty of accuracy or reliability is given and no responsibility for this communication, including arising from any errors or omissions, is accepted by BlackRock Australia, its officers, employees or agents. Except where contrary to law, BlackRock Australia excludes all liability for the information in this communication.

FOR RECIPIENTS IN BAHRAIN, KUWAIT, OMAN, QATAR, SAUDI ARABIA AND UNITED ARAB EMIRATES (GCC COUNTRIES): The information in this communication can be distributed in and from the Dubai International Financial Centre (DIFC) by BlackRock Advisors (UK) Limited – Dubai Branch, which is regulated by the Dubai Financial Services Authority (“DFSA”), and is only directed at “Professional Clients”.  No other person should rely upon the information contained within it.  Neither the DFSA or any other authority or regulator located in the GCC or MENA region has approved this information.

The information in this communication and associated materials have been provided to you at your express request, and for your exclusive use.  This communication is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution would be unlawful under the securities laws of such.  Any distribution, by whatever means, of this communication and related material to persons other than those referred to above is strictly prohibited.

FOR RECIPIENTS IN BRAZIL: ESTA MENSAGEM E EVENTUAIS ANEXOS SÃO CONFIDENCIAIS E RESERVADOS APENAS À PESSOA OU ENTIDADE PARA A QUAL FORAM ENDEREÇADOS. Se você não for o destinatário correto, por favor nos avise imediatamente e apague a mensagem. Qualquer divulgação, distribuição, utilização ou reprodução deste e-mail ou de qualquer informação nele contida por outras pessoas que não sejam os destinatários corretos não é autorizada pela BlackRock Inc., BlackRock Brasil Gestora de Investimentos Ltda. ou outra empresa subsidiária e/ou afiliada. As opiniões expressas neste e-mail pertencem ao próprio autor/remetente e podem não refletir as opiniões da BlackRock, a menos que o autor/remetente seja autorizado pela BlackRock a expressar opiniões em seu nome ou em nome da empresa. Todos os e-mails enviados ou recebidos neste endereço estão sujeitos a armazenamento eletrônico e análise da BlackRock. Embora a BlackRock possua programas anti-vírus, ela não se responsabiliza por qualquer dano causado pela transmissão do mesmo.

Qualquer pesquisa contida nesta mensagem foram requisitadas ou podem ter sido produzidas pela BlackRock para seus próprios usos. Os resultados de tal pesquisa são disponibilizados somente de maneira incidental. As opiniões expressadas nesta mensagem ou em qualquer de seus anexos não constituem aconselhamento de investimento ou de qualquer outra natureza, estando sujeitas a alterações. A informação e opiniões aqui contidas são derivadas de fontes proprietárias e não-proprietárias consideradas pela BlackRock como confiáveis, não sendo necessariamente inclusivas de todos os detalhes e não tem sua precisão garantida. Assim, nenhuma garantia de confiabilidade ou precisão é dada e nenhuma responsabilidade derivada em qualquer maneira por erros ou omissões (incluindo, sem limitação, responsabilidade frente a qualquer pessoa por negligência) será aceita pela BlackRock, seus diretores, empregados, colaboradores ou agentes.

Esta mensagem e/ou quaisquer de seus anexos é somente para fins informacionais e não constituem oferta ou convite para qualquer pessoa investir em qualquer dos fundos da BlackRock, não tendo sido preparada em conexão com oferta ou convite algum. Assim, esta mensagem não constitui oferta de ninguém em qualquer jurisdição onde tal oferta seja ilegal ou na qual a pessoa fazendo esta oferta não seja qualificada para assim fazer. É sua responsabilidade estar consciente das leis e regulamentações aplicáveis a seu país de residência.

Desempenho passado não é garantia nem indicação de resultados futuros, não devendo ser o único fator a ser considerado quando da escolha de um produto de investimento. Todos os investimentos financeiros envolvem algum elemento de risco. Consequentemente, o valor de seu investimento e a renda dele proveniente irá variar e seu investimento inicial não pode ser garantido. Alterações nas taxas de câmbio pode causar diminuição dos valores investidos. A flutuação nos valores de investimentos podem ser acentuadas em caso de um fundo de volatilidade mais alta, causando quedas abruptas e/ou substanciais nestes valores. Níveis e bases de tributação podem mudar de tempos em tempos.

FOR RECIPIENTS IN CANADA: L’information qui figure dans cette communication et qui y est jointe peut être confidentielle, exclusive et protégée par des droits exclusifs ou contre le risque de divulgation, et elle est réservée à l’usage exclusif du ou des destinataires prévus. Si cette communication vous a été transmise par erreur, BlackRock, Inc., les membres de son groupe et ses filiales (« BlackRock ») ne renoncent pas à son caractère confidentiel ni au secret professionnel. Si vous n’êtes pas le destinataire prévu de cette communication, veuillez nous en informer immédiatement ainsi que supprimer et détruire toutes les copies en votre possession. La distribution, l’utilisation ou la copie de cette communication ou de l’information qu’elle contient par une autre personne que son destinataire prévu est interdite. Les droits d’auteur, droits relatifs à des brevets, droits de propriété intellectuelle et autres liés à l’information qui figure dans cette communication ne sont pas concédés sous licence, cédés ou autrement transférés aux personnes qui accèdent à cette information. Les opinions exprimées dans cette communication n’engagent que l’auteur et ne reflètent pas nécessairement les opinions de BlackRock, à moins que l’auteur ait été autorisé par BlackRock à exprimer ces opinions pour le compte de cette dernière. Tous les messages électroniques envoyés à ou de l’adresse de cette communication peuvent être archivés électroniquement et revus par BlackRock. Veuillez noter que BlackRock se réserve le droit d’intercepter, de surveiller et de conserver des messages électroniques envoyés à ou de ses systèmes, comme les lois applicables le permettent. Bien que BlackRock soit dotée de programmes antivirus, elle se dégage de toute responsabilité en cas de dommages causés par des virus transmis avec cette communication.

Toute recherche mentionnée dans cette communication a été obtenue par BlackRock et les recommandations qui y sont formulées pourraient être suivies par BlackRock à ses propres fins. Les résultats d’une telle recherche sont communiqués de manière accessoire. Les opinions exprimées ne constituent pas un conseil en matière de placement ou autre et sont susceptibles de changer. L’information et les opinions contenues dans cette communication proviennent de sources exclusives et autres réputées fiables par BlackRock, ne sont pas nécessairement exhaustives et leur exactitude n’est pas garantie. Ainsi, aucune garantie d’exactitude ou de fiabilité n’est donnée et BlackRock, ses dirigeants, employés ou mandataires se dégagent de toute autre responsabilité en cas d’erreurs et d’omissions (y compris de toute responsabilité envers quiconque par suite de négligence).

Cette communication est fournie à titre informatif seulement et ne constitue pas une offre ni une invitation faite à quiconque d’investir dans des fonds BlackRock et elle n’a pas été préparée dans le cadre d’une telle offre. Par conséquent, cette communication ne constitue pas une offre ou une sollicitation faite par quiconque dans un territoire où une telle offre ou sollicitation est illégale, une offre ou une sollicitation dans un territoire où la personne qui présente une telle offre ou sollicitation n’est pas autorisée à le faire ou une offre ou une sollicitation faite à quiconque à qui il est illégal de faire une telle offre ou une telle sollicitation. Il vous incombe de vous informer des lois et règlements applicables de votre pays de résidence.

Le rendement passé n’est pas indicatif du rendement futur et ne devrait pas constituer l’unique facteur pris en considération au moment de choisir un produit. Tous les placements financiers comportent un élément de risque. Par conséquent, la valeur de votre placement et du revenu qui en découle variera et votre placement initial ne peut être garanti. Les fluctuations des taux de change entre différentes monnaies peuvent faire monter et baisser la valeur de placements. La fluctuation peut être particulièrement marquée dans le cas d’un fonds hautement volatil et la valeur d’un placement peut diminuer soudainement et considérablement. Les niveaux et le régime d’imposition peuvent varier à l’occasion.

FOR RECIPIENTS IN GREECE: ΟΙ ΟΣΕΚΑ ΔΕΝ ΕΧΟΥΝ ΕΓΓΥΗΜΕΝΗ ΑΠΟΔΟΣΗ ΚΑΙ ΟΙ ΠΡΟΗΓΟΥΜΕΝΕΣ ΑΠΟΔΟΣΕΙΣ ΔΕ ΔΙΑΣΦΑΛΙΖΟΥΝ ΤΙΣ ΜΕΛΛΟΝΤΙΚΕΣ.

FOR RECIPIENTS IN HONG KONG: BlackRock is a trading name of BlackRock Asset Management North Asia Limited貝萊德資產管理北亞有限公司.  BlackRock Asset Management North Asia Limited貝萊德資產管理北亞有限公司 is licensed and regulated by the Securities and Futures Commission.  CE No: AAF275.  Registered Office: 15/F, 16/F, 17/F Champion Tower and 17/F ICBC Tower, 3 Garden Road, Central, Hong Kong. Phone: +852 3903 2800

FOR RECIPIENTS IN ISRAEL: BlackRock is not licensed under Israel's Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995 (the “Advice Law”) and does not carry insurance as required under the Advice Law.  This information is being provided to those categories of investors listed in the First Addendum to the Securities Law, who are also qualified clients listed on the First Addendum to the Advice Law; in all cases under circumstances that will fall within the private placement or other exemptions of the Joint Investment Trusts Law, the Securities Law and any applicable guidelines, pronouncements or rulings issued from time to time by the Israel Securities Authority.

FOR RECIPIENTS IN JAPAN: This communication has not been approved for distribution under Japan’s Financial Instruments and Exchange Act.

FOR RECIPIENTS IN SINGAPORE: BlackRock is a trading name of BlackRock (Singapore) Limited.  BlackRock (Singapore) Limited (Registration No: 200010143N) is licensed and regulated by the Monetary Authority of Singapore.  Registered Office: Twenty Anson, 20 Anson Road, #18-01 Singapore 079912.  Tel: +65 6411 3000.

FOR RECIPIENTS IN SOUTH AFRICA: Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Board, FSP No. 43288.

FOR RECIPIENTS IN SOUTH KOREA: BlackRock is a trading name of BlackRock Investment Management (Korea) Limited.  BlackRock Investment Management (Korea) Limited is licensed and regulated by the Financial Supervisory Service.  Registered Office: 23F, Seoul Finance Centre, 84, Taepyungno 1-ga, Jung-gu, Seoul, Korea. Tel: +82 2 751 0500.

국내 수취인 대상: BlackRock은BlackRock Investment Management (Korea) Limited의 상표명입니다. BlackRock Investment Management (Korea) Limited는 금융감독원의 허가 및 규제를 받습니다. 등록 사무소: 대한민국 서울 중구 태평로1가 84 서울파이낸스센터 23층. 전화: 02-751-0500.

수취인 고지사항: 이 문서에 수록되거나 그에 수반되는 정보는 기밀, 비공개이거나 법률적 권한의 대상이거나 기타 다른 방식으로 공개로부터 보호 받으며, 오직 의도된 수취인의 사용만을 목적으로 합니다. 이 메시지가 정확하지 않은 수취인에게 잘못 전달될 경우에도BlackRock, Inc. 및 그 계열사와 자회사(“BlackRock”)는 기밀성 또는 권리를 포기하지 않습니다. 귀하가 이 문서의 의도된 수취인이 아닐 경우에는 즉시 당사에 이를 통보하고, 소지 중인 모든 사본을 삭제 및 파기하시기 바랍니다. 의도된 수취인이 아닌 자에 의한 이 문서 또는 그에 포함된 정보의 배포, 사용 또는 복사는 금지됩니다. 이 문서에 포함된 정보와 관련한 일체의 저작권, 특허권, 지적재산권 및 기타 재산권과 관련한 어떠한 종류의 권리도 이 정보에 접근하는 자에게 허가, 양도 또는 기타 방식으로 이전되지 않습니다. 이 문서에 표시된 견해 및 의견은 저자 고유의 것이며, BlackRock이 자사를 대신하여 당해 견해 또는 의견을 표시하도록 저자에게 승인하지 않는 한 BlackRock의 견해 및 의견을 반영하지 않은 것일 수 있습니다. 이 문서의 주소로 수취하거나 그로부터 발송된 모든 전자우편은 BlackRock이 전자적으로 저장하고 검토할 수 있습니다. BlackRock은 관련 법률에 의거 자사 시스템이 주고 받는 전자우편 메시지에 개입, 모니터링, 보관할 권리가 있습니다. BlackRock은 바이러스 방지 프로그램을 운영하지만, 바이러스 감염에 의해 야기되는 어떠한 종류의 손상에 대해서도 책임을 지지 않습니다.

이 문서에 수록된 일체의 리서치는 BlackRock 고유의 목적을 위해 수행한 것이며, BlackRock은 해당 리서치에 기반하여 행동할 수 있습니다. 해당 리서치의 결과는 오직 부수적으로만 제공된 것입니다. 표시된 견해는 투자 또는 기타 자문을 구성하지 않으며, 변경될 수 있습니다. 이 문서에 포함된 정보 및 견해는 BlackRock이 신뢰할 만 하다고 간주하는 사내 외의 sources으로부터 도출한 것으로, 반드시 모든 것을 포함하지는 않으며 그 정확성을 보장하지 않습니다. 따라서 BlackRock, 그 임직원 또는 대리인은 그 정확성 또는 신뢰성을 보장하지 않고, 그 오류 또는 생략(부주의로 인해 제3자에게 발생하는 책임 포함)에 대하여 일체의 방식으로 발생하는 책임을 지지 않습니다.

이 문서는 오직 정보 제공 목적으로 작성하였으며, 특정인에게 BlackRock 펀드에 투자하라는 제안 또는 권유가 아니며, 그러한 제안과 관련하여 작성되지 않았습니다. 따라서 이 문서는 그러한 제안 또는 권유가 불법이거나 그러한 제안 또는 권유를 하는 자가 그러한 제안 또는 권유를 할 자격이 없거나 특정인에게 그러한 제안 또는 권유를 하는 것이 불법인 지역에서 제안 또는 권유를 구성하지 않습니다. 수취인 거주 국가의 관련 법규를 파악하는 것은 수취인의 책임입니다.

과거 성과는 미래 성과의 지침이 아니며 상품 선택 시 유일한 고려대상이 되어서는 안됩니다. 모든 금융투자에는 리스크 요소가 수반됩니다. 따라서 투자자의 투자 및 그로부터 발생하는 수익은 달라지며, 초기 투자금액이 보장되지 않습니다. 환율 변동으로 인해 투자액이 증가 또는 감소할 수 있습니다. 고 변동성 펀드의 경우 특히 변동폭이 클 수 있으며, 투자액이 갑자기 크게 감소할 수 있습니다. 세금 수준 및 기준은 수시로 바뀔 수 있습니다.

FOR RECIPIENTS IN TAIWAN: BlackRock Investment Management (Taiwan) Limited’s collection, process using your personal information is subject to Personal Information Protection Notification.

FOR RETAIL INVESTOR RECIPIENTS IN UNITED KINGDOM: No information contained in and accompanying this communication constitutes, or is intended to replace, any hard copy notice, contract note or statement that BlackRock is required to provide to you under law or regulation.  Your BlackRock contract notes and statements are your only official records of your account.  Reliance upon the material contained in this communication is at the sole discretion of the recipient.  This material is from various proprietary and non-proprietary sources deemed by BlackRock to be reliable, but it is not necessarily comprehensive, its accuracy cannot be assured and it may be subject to change without notice.  Material provided may not have been audited.  The actual return of the fund could differ from any estimated returns presented.  Any intra month and/or ad hoc valuations that you have requested should not be relied upon when making investment decisions.

FOR RECIPIENTS IN THE UNITED STATES FROM REGISTERED REPRESENTATIVE: The information contained in and accompanying this communication may be confidential, proprietary and may be subject to legal privilege, or otherwise protected from disclosure, and is intended solely for the use of the intended recipient(s). If this message was misdirected, BlackRock, Inc. and its affiliates and subsidiaries, (“BlackRock”) does not waive any confidentiality or privilege. If you are not the intended recipient of this communication, please notify us immediately and delete and destroy all copies in your possession. Any distribution, use or copying of this communication or the information it contains by other than an intended recipient is unauthorized. No rights of any kind with respect to any copyright, patent, intellectual and other property rights in connection with the information contained in this communication are licensed, assigned or otherwise passed to persons accessing this information. The views and opinions expressed in this communication are the author's own and may not reflect the views and opinions of BlackRock, unless the author is authorized by BlackRock to express such views or opinions on its behalf. All communications sent to or from the address of this communication is subject to electronic storage and review by BlackRock. Please note that BlackRock reserves the right to intercept, monitor, and retain communications messages to and from its systems as permitted by applicable law. Although BlackRock operates anti-virus programs, it does not accept responsibility for any damage whatsoever caused by viruses being passed.

Any research in this communication has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. The information and opinions contained in this communication are derived from proprietary and non-proprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by BlackRock, its officers, employees or agents. This communication is not intended to provide, and should not be relied on for, accounting, legal or tax advice. This communication is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. Accordingly, this communication does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. It is your responsibility to be aware of the applicable laws and regulations of your country of residence.

Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to go up and down. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time.

Securities offered through a registered representative of BlackRock Investments, LLC (“BRIL”) and/or BlackRock Execution Services (“BES”), both of which are Members of FINRA and SIPC.