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Microsoft Cloud Authors: Jayaram Krishnaswamy, Elizabeth White, Andreas Grabner, Jim Kaskade, Pat Romanski

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Important Information Regarding U.S. Withholding Tax


Seven Canadian iShares® Funds managed by BlackRock Asset Management Canada Limited (the "Funds") invest in one or more U.S. Regulated Investment Companies ("RICs") that earn and distribute qualified interest-related dividends. On January 2, 2013, the U.S. President signed into law the American Taxpayer Relief Act of 2012, (the "Act"). The Act retroactively extended the U.S. withholding tax exemption for qualifying income distributed by the relevant RICs to foreign entities, including the Funds. As a result, the Funds are in a position to reclaim a portion of the taxes withheld in 2012.

The Funds will record a tax reclaim receivable amount on January 21, 2013 which will result in an increase in the net asset value and net asset value per unit of the Funds.

iShares Funds Which Will Record a Tax Reclaim Receivable Amount

Fund Name                                                       Fund Ticker 
iShares Alternatives Completion Portfolio Builder Fund              XAL     
iShares Conservative Core Portfolio Builder Fund                    XCR     
iShares Global Completion Portfolio Builder Fund                    XGC     
iShares Growth Core Portfolio Builder Fund                          XGR     
iShares U.S. High Yield Bond Index Fund (CAD-Hedged)                XHY     
iShares U.S. IG Corporate Bond Index Fund (CAD-Hedged)              XIG     
iShares S&P/TSX North American Preferred Stock Index Fund (CAD-             
Hedged)                                                             XPF     

Prior to the expiration of the previous law in 2012, the Funds benefitted from an exemption from U.S. withholding tax on qualifying income received from investments in RICs. However, this exemption tentatively expired in 2012 and the Funds were subject to withholding at a rate of 15% for a portion of the year. Without further changes in legislation or a further extension of the withholding tax exemption, the U.S. withholding tax exemption on qualifying income will expire with respect to distributions paid by US RICs with fiscal years beginning after December 31, 2013.

Further information on iShares funds can be found at

About BlackRock

BlackRock is a leader in investment management, risk management and advisory services for institutional and retail clients worldwide. At September 30, 2012, BlackRock's AUM was $3.673 trillion. BlackRock offers products that span the risk spectrum to meet clients' needs, including active, enhanced and index strategies across markets and asset classes. Products are offered in a variety of structures including separate accounts, mutual funds, iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors through BlackRock Solutions®. Headquartered in New York City, as of September 30, 2012, the firm has approximately 10,400 employees in 29 countries and a major presence in key global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. For additional information, please visit the Company's website at

About iShares® ETFs

The iShares business is the global product leader in exchange traded funds with over 600 funds globally across equities, fixed income and commodities, which trade on 20 exchanges worldwide. The iShares Funds are bought and sold like common stocks on securities exchanges. The iShares Funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost, tax efficiency and trading flexibility. Investors can purchase and sell shares through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. The iShares customer base consists of the institutional segment of pension plans and fund managers, as well as the retail segment of financial advisors and high net worth individuals.

iShares® Funds are managed by BlackRock Asset Management Canada Limited. Commissions, management fees and expenses all may be associated with investing in iShares Funds. Please read the relevant prospectus before investing. The Funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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