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

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 .

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.

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).

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.

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.

I declare that I am a wholesale client, as defined by the Corporations Act 2001 and that I satisfy the requirements of section 761G of the Corporations Act.

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 34, Olderfleet, 447 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.

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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.